OVERVIEW OF IC MARKET
IC Forex broker is an attractive option for forex and CFD traders and it encourage us to do icmarket review. IC broker is reputed for valuing easy account opening and providing clients free deposit/withdrawal services. If we talk about fees, IC Markets has low as well as non-trading fees, but no fee is charged on either withdrawal or inactivity. One thing that can be seen as a huge disappointment in trading with IC Markets is its astronomical financing rates for CFDs.
Trading with Forex brokers about whom you know next to nothing could be risky. The forex market is saturated with brokers who promise the moon but fail to deliver on their promise. IC Market is realistic in its ambition and doesn’t indulge in any accounting forgery to show huge profits. They are genuine and are regulated by several financial authorities of repute globally. A top-tier regulatory body like ASIC is one of the top-notch watchdogs regulating IC Markets. On the flip side, IC Market is not listed on any stock exchange in any part of the world and is reticent about publicizing its financial information. Though their work is transparent, their financial position is difficult to ascertain.
If we move on and talk about deposit and withdrawal, it is worth mentioning that IC Market’s Meta Trader 4 platform is, by and large, similar to the web trading platform. One big difference we could spot is that here, on IC Market’s MT4 platform, a client can set price alerts that make charting future plans easier.
IC MARKET REVIEW
Based on technical tools such as indicators and price levels, IC Markets makes numerous trading ideas available to its traders. These simple-to-use research tools can be accessed with a simple click on ‘Trading Central’ or ‘Featured Ideas’. The ideas a trader get is simple yet effective. IC Markets believes in keeping things simple. You, as a trader, will never come across jargon or technical concepts that become impossible to comprehend.
Though IC Markets doesn’t provide fundamental data, it does makeup with their in-house OK charting tools. Here one can use more than thirty technical indicators and many other technical tools such as trendlines and Fibonacci retracement. But all is not as rosy as it seems and sounds: the design is obsolete, and some features are too difficult to use. We have had difficulty understanding how to remove an indicator from the chart. In our view, IC Markets offers its traders many interesting and exciting features, but it is also riddled with inconsistency and a lackluster customer support system.
On the other hand, the design is outdated, and some features are hard to use. For example, we had difficulty figuring out how to remove an indicator from the chart.
OUR ASSESMENT ON IC MARKET
If we look closely at the strength and weaknesses of IC Markets, one thing becomes amply clear. There are many things about IC Markets that are unique and great. But this uniqueness of service is under threat of being undone by flaws that chip away at a trader’s confidence to put his money in the hands of IC markets. Forex fees at IC Markets are low, and the account opening experience is seamless. In our experience, we didn’t face a single hurdle – technical or otherwise – while opening an account with this company.
But these advantages provided to traders are offset by some worrying drawbacks: an investor from outside the European zone is not covered under any IC Markets investor protection scheme. Though deposits and withdrawals are not charged, the customer care service is slow and often doesn’t provide a satisfactory answer to your questions. The education content developed by the IC Market is great, but products offered by IC Markets are limited to just two: CFDs and Forex. These are the contradictions that make it difficult to decide whether to trade or not with the IC markets.
IC MARKET ACCOUNT TYPES:
Table of Contents
IC MARKET REVIEW
IC Markets defy all conventions and have established their reputation as being unconventional. After due diligence and long brainstorming, we have concluded that we can suggest you try IC Markets as their strength outweighs their drawbacks. You can open your account with them in a day and commence trading without hassle. There is no inactivity fee as well. This makes your account opening safe, as even if you are dormant, you won’t be charged even a shilling for being inactive. Keeping all the things we have discussed at length, we recommend you try IC Markets. However, we can’t bring ourselves to give this company more than 4 and a half stars on a scale of 5.
(1) The most significant upside of trading with IC Markets is its low forex fees. Compared to its competitors, IC Markets provide its services at considerably lower prices without compromising on the quality of its services. Low Forex fees help the company attract new clients and motivate new traders without deep pockets to trade in forex.
(2) The second strength we observed in IC Markets is its ability to provide a seamless experience to its clients in account opening. Account opening is the first step in Forex trading, yet this is the most important of all other steps. A hassle-free experience in account opening works like a massive motivation for new traders. In contrast, a cumbersome process in account opening can put a seasoned and a newbie trader off the trading.
(3) Withdrawal and depositing are achieved without any roadblocks. The free withdrawal and depositing service is a massive boon for traders. The user-friendly digital platform provided by IC Markets is another of their strength.
(1) The biggest drawback of trading with IC Market is the lack of options this company provides to its clients. Besides CFDs and forex, IC Markets has no other product portfolio to offer its traders.
(2) Regarding customer support service, IC markets come across as unprofessional and clueless. The live chat service advertised by IC Markets is not what it appears to be. The live chat service is slow and tardy, and the answers to clients’ questions are out of context. This shows that the algorithm being used by IC Markets is either flawed or outdated.
(3) Another big problem that we are associating with IC Markets after deep and thorough research is this company’s inability to provide a safety net to its investors outside the European Union. Everything is fine as long as you are a resident of the European Union, a political and economic bloc comprising 27 nations. But if you are from outside the European Union, no investor protection is available.