Forex trading on IC Markets

IC Markets offers 61 available Forex pairs to its clients. Pairs vary from majors (EUR/USD, USD/JPY, GBP/USD, etc.) to exotic ones (USD/TRY, USD/SEK, USD/NOK, etc.). The broker provides high liquidity, but it’s important to note that the major pairs are usually the most liquid, and therefore, spreads for majors are minimal. In case you are a novice trader, it is recommended to avoid trading exotic pairs due to low liquidity and high spreads. 

The broker offers up to 1:500 leverage for global traders and up to 1:30 leverage for Australian traders. The difference between leverage numbers is caused by ASIC’s strict regulations. High leverage can help you make bigger profits using borrowed money but it can easily increase your losses as well. 

IC Markets offers tight spreads and low commissions. Spreads for cTrader and Raw accounts start from 0 pips ($3-$3.5 commission). As for the Standard account, spreads start from 0.6 pips ($0 commission). It’s important to note that the number 0.6 is just a markup from the broker and in a live trading environment spreads can increase.

The broker utilizes a 50% Stop Out level. The trading software available includes MetaTrader 4, MetaTrader 5, and cTrader. These are all well-respected and are widely used among professional traders. These platforms can give you the opportunity to automate your trading. As stated before, 60% of trades with this broker are made by algorithms.

Stock CFD trading on IC Markets

As mentioned before, stock CFDs are preferred for speculators due to their accessibility and lower short-term brokerage fees. It’s worth mentioning that some Forex brokers fail to provide market depth and advanced stock trading platforms. With IC Markets, you can only use MetaTrader 5 (MT5) to trade stock CFDs. While MT5 is a great software for trading multi-asset markers, you can find better platforms for trading stocks.

The broker gives its clients opportunities to trade over 1800 large-cap stock CFDs across the Australian Securities Exchange, New York Stock Exchange, and NASDAQ. What’s more, you can receive dividends by purchasing certain stocks. 

Indices trading on IC Markets

Certain indices consist of a certain basket of stocks and show the collective performance of an industry. A stock index is a good measure of market performance. For instance, the US 500 or S&P 500 consists of 500 top American companies that are represented in the stock market. Whenever the US 500 is in a bull market, we have an indication of a healthy American economy. You can trade the US 500 index or use it as an indicator for stock or currency trading. 

IC Markets offers 23 indices on MetaTrader 4, MetaTrader 5, and cTrader platforms. Spreads are starting from 0.4 pips ($0 commission). Keep in mind that the leverage goes up to 1:200.

Crypto CFD trading on IC Markets

As already mentioned, crypto CFD trading can take a lot of weight off your shoulders. When trading crypto CFDs, you don’t think about difficulties related to cashing out or crypto wallets. In addition, you get better liquidity and tighter spreads. 

IC Markets offers 18 cryptocurrency CFDs. Including Bitcoin, Ethereum, Litecoin, Dash, Ripple, EOS, Emercoin, Dogecoin, and more. 

By using different trading platforms, you’ll get different amounts of maximum leverage. MT4 and MT5 offer up to 200:1 leverage. On cTrader, the maximum available leverage to trade crypto CFDs is 5:1. 

What’s more, traders can trade crypto CFDs during weekends as well. Just keep in mind that this option is only available on MT 4 and MT 5 platforms and the number of crypto CFDs is limited.

Commodity CFD trading on IC Markets

Commodities are raw materials such as crude oil, Brent oil, gold, wheat, sugar, corn, cotton, etc. Companies mine or grow them. There are several ways you can invest in commodities. You can directly trade them or trade the mining or production company’s stocks. Commodity prices are affected by supply and demand. 

IC Markets offers over 22 tradable commodities across energy, agriculture, and metals. Spreads are starting from 0 pips and the leverage is up to 500:1. 

Commodity CFD trading is accessible using MetaTrader 4, MetaTrader 5, and cTrader platforms. 

Account Types

IC Markets offers 3 types of accounts, namely cTrader, Raw, and Standard. Each account type is designed to meet the needs of a specific trader. 

If you have clear answers to these questions, choosing will be much easier for you:

• Are you a day trader/scalper?
• Are you a position trader?
• Which trading software do you prefer, cTrader or MetaTrader?

We’ll break down and analyze in detail each account type to aid you in picking the one that best suits your needs.

Pros & cons of IC Markets account types

Demo Account

IC Markets offers free demo versions of each of its 3 account types. Demo trading is a great way to get familiar with using the platforms. In order to avoid unnecessary losses, novice traders should only go live after they get comfortable with using the software. 

Most brokers offer free demo accounts. One more benefit of using demo accounts is to compare broker policies, experience fees, and check asset classes. 

Demo accounts are super useful not only for beginners but for professional traders as well. Market conditions often change. Strategies and indicators that have worked before might become redundant over time. Demo trading is widely used in developing, testing and backtesting trading strategies.

cTrader account

IC Markets cTrader account is suitable for day traders, scalpers, and high-frequency traders. The account uses the cTrader software and enables traders to use cAlgo robots to automate trading. 

When it comes to trading fees, the account type truly shines. Spreads for the cTrader account start from 0 pips. However, in the live trading environment spreads can increase due to decreased liquidity. The broker manages to provide the average spread of 0.1 pips on EUR/USD, which is an industry-leading average spread globally. The commission per lot (round-turn) for this account type is only $6. 

Tight spreads make this account type ideal for intraday and algorithmic traders that open trades more frequently than position traders do. The maximum number of positions you can trade at the same time is 2000. Keep in mind that the Stop Out level is 50%.

The minimum initial deposit required to open a live account is $200 and leverage goes up to 500:1. You can trade 61 currency pairs, indices, crypto CFDs, and commodities using cTrader. But keep in mind the cTrader trading software does not offer stock CFDs. 

Raw Spread account

The Raw Spread account is aimed at intraday traders and algorithmic traders that use Expert Advisors (EAs). There are lots of similarities between the cTrader account and the Raw Spread account types:

• Spreads for both start from 0 pips.
• 61 available currency pairs.
• Leverage of up to 500:1.
• The minimum initial deposit is $200.

Now let’s talk about the differences. Note that the commission for this account type is $7 per lot (round-turn). The biggest reason why traders are choosing one account type over the other is trading software. The Raw Spread account offers MetaTrader 4 (MT4) and MetaTrader 5 (MT5 ) only, whereas cTrader software is only available for the cTrader account. MT5 gives access to trading stock CFDs in addition to trading other asset classes. On the other hand, cTrader is more user-friendly and modern looking. 

Standard account

The Standard account is a preferred choice for novice traders and position traders. Position traders open fewer orders than scalpers and high-frequency traders do, therefore Standard account fees are more attractive for them.

The account charges 0 commission. On the other hand, spreads start from 0.6 pips. It should be noted that 0.6 is just the broker markup and spreads can increase in low liquidity. 

The leverage offered is 500:1, the minimum initial deposit is $200, and the account type only offers MetaTrader 4 and MetaTrader 5 software. 

Islamic Accounts

Most brokers offer Islamic accounts and IC Markets is no exception. The broker offers Islamic versions of all 3 account types. Islamic accounts are also known as swap-free accounts. Brokers charge no fees for keeping overnight positions in accordance with the Quran’s teachings, in order to make trading available for Muslims. 

Please note that Islamic accounts offer a limited number of tradable instruments. You can trade over 90 instruments using cTrader and MetaTrader platforms. What’s more, keeping an open position for longer than a day is charged with flat fees.