IC Markets cTrader Review
We like IC Makers because they are by far one of the cheapest cTrader brokers in the business, a major factor contributing to them being one of the best cTrader brokers.
They don’t do a lot of aggressive marketing as some other brokers do and this clearly keeps their operational costs down enough to be more competitive on their commissions. It seems like their business model works for them as the company’s reported trading volumes for May 2018 was $447 billion and is confirmed to be the largest FX broker in the world by volumes in Q1 and Q2 of 2017 according to the well known Finance Magnates Quarterly Intelligence Report.
- The cheapest commission and the tightest spreads out of all of the early adopters of the cTrader platform.
- The 24-hour support which really is available around the clock. Response times don’t drop during certain times of the day.
- Stable pricing and good trading conditions very consistently.
- A wide range of payment methods is available.
To give a very quick summary before we dive into more details on what specifically stands out, IC Markets is a bit of a no thrills service, but also no deadly flaws. Ideal if you are a regular trader who doesn’t care what football team they sponsor or what causes they stand by and just want to trade or run your expert advisors or cBots with a reliable and trusted broker.
About the Company
IC Markets has been around for a long time and has been at the top of the leaderboard of Australian brokers for almost as long. Recently IC Markets updated their website and it’s a lot more user-friendly, largely being much clearer about the important points you need to know before you start trading with them.
|Year Started Offering cTrader:||2013|
|Regulation:||Australia (ASIC) - Since 2009|
|Number of Employees:||100+|
|Banking Partners:||Commonwealth Bank, Westpac, Nab|
As stated before, we are impressed with IC Markets trading conditions, all the major forex trading pairs, low commissions, reasonable margin stop out level and really tight spreads. Ideal if that fits what you want to trade!
|Asset Classes:||Forex, Metals, Indices and BTC/USD|
|Total Number of Trading Pairs:||79|
|Trading Commissions:||$30 per million|
|Stop Out Level:||50%|
The new IC Markets website is very good, however, a lot of improvement could be made to the client area and we really hope that’s next on their to-do list. The client area is the place where you manage your trading accounts, deposits and withdrawals.
|Countries Excluded:||USA, Canada, Israel, Iran|
Wire Transfer Visa, Mastercard, PayPal, Netteler, Qiwi, Skrill, Union Pay, Web Money, Bpay, FasaPay, Poli
USD, AUD, EUR, GBP, SGD, HKD NZD, JPY, CHF & CAD
|Withdrawal Fees:||AUD20 for Wire Transfers (Free inside Australia)|
You Pay Cost Price for Other Payment Methods
|Social Trading (cTrader Copy):||Yes!|
Unfortunately, on IC Markets cTrader there is a shortfall on symbols compared to their MT4 and MT5 offering. The range of Forex pairs is still very good, they include a lot of exotic pairs. However, they are only offering Bitcoin versus US Dollar on cTrader. Whereas on Metatrader 4 and Metatrader 5 they offer CFDs against US Dollar for Ethereum (ETH/USD), Litecoin (LTC/USD), Bitcoin Cash (BCH/USD), Dash (DASH/USD and Ripple (XRP/USD). Similarly, they don’t seem to offer Natural Gas, Platinum and Palladium against USD on cTrader. This is a shame, especially for the cryptocurrencies!
Tool, Education and Support
IC Markets Forex Glossary is certainly extensive, maybe even exhaustive. It has definitions for all the words you need to know and also a lot you don’t need to know! In any case, while you are browsing through the forums you will struggle to find a word that isn’t nicely explained in IC Markets Forex Glossary. A very good effort from the team, we learned a few words.
IC Markets Blog
The IC Markets Blog is an oracle of information for any trader, whatever your experience or trading style. Fundamental analysis and technical analysis posts are added daily. These posts go into a lot of depth. For newer traders, the blog offers a comprehensive archive of educational material. For new and experienced traders (it’s always good to brush up regardless of your skills) there is an archive of previous webinars hosted by IC Markets. Whether you are an active trader with IC Markets or not, it’s worth staying informed about their regular webinars.
cTrader FIX API Trading
Kudos to IC Markets for promoting this awesome cTrader feature. They offer both cTrader FIX API trading and OneZero FIX API trading options, clearly defining the benefits of trading with FIX API and the differences between the two options. Essentially, cTrader FIX API is available for everyone, without any minimum requirements (thanks to those smart guys at Spotware). The option from oneZero, is not targeted at retail traders. The option requires a monthly commitment of $100 million trading volume and a minimum balance of $50,000. This makes cTrader the better choice!
cTrader Product Page
With IC Market’s recent revamp of their website, they made a lot of positive changes. A big change is how they promote their cTrader product offering. They have a strong and clear description of the cTrader platform and its advantages for traders, including the cTrader Smart Stop-Out feature. Some more attention could be paid to cAlgo (cTrader Automate) and the web and mobile version of cTrader product pages.
Volume, Volume, Volume
There is a lot that can be said for the massive volumes generated by IC Markets. It proves that a lot of traders trust IC Markets for all the platforms they offer. Not only cTrader, but also Metatrader 4 and Metatrader 5.