‘Top 5’ IC Markets Australia Review
Our IC Market Australia review explored the following give areas:
- Trading Platforms – The choices of MT4, MT5 or cTrader
- Execution Speeds – Adoption of data centres with fast servers
- Trading Fees – Low commissions and spreads from 0.0 pips
- Leverage – The maximum of 500:1 leverage is available
- Customer Service – Australian based call centre and education
Forex Trading Platform Offered By IC Markets
IC Markets offers the three most popular forex trading platforms in Australia including:
1) MetaTrader 4
MetaTrader 4 is Australia’s most popular platform due to it’s user-friendly and feature-rich interface. Australian forex traders can customise their trading environment to suit their needs.
MT4 with the IC Markets ECN account allows traders to access institutional liquidity. This is from dark pool liquidity, hedge funds and investment banks. These liquidity providers provide live executable streaming prices without a dealing desk allowing direct-to-market trading with no re-quotes or price manipulation. This is ideal for those who use robots or scalping strategies with minimal spreads.
MT4 has inbuilt one-click trading for IC Markets Australia customers. This allows fast and easy order execution with a single click leading to a buy or sell. Pre-defined order templates can also be executed with just two clicks maximising speed execution.
A Plethora Of Tradables
Over 60 currencies and metals plus 15 contract for difference items can be traded through MT4. Also, indices from the Dow Jones, FTSE to the ASX can be traded. Bitcoin is also the latest addition to be traded with leverage to amplify changes to the market.
Support For The Largest Currencies
The eight largest currency bases are supported including AUD, USD, GBP, EUR, NZD JPY, GBP, CHF.
2) MetaTrader 5
MetaTrader 5 was released after the most popular MT4 with some enhancements for those looking to trade more than just forex and those looking to program bots.
Strategy Testing Environment
MT5 has as standard a strategy tester facility where automated programs can be simulated based on past market conditions. These automated programs (called Expert Advisors) can be tested against multiple currencies with graphic displays to indicate performance.
Flexible Position Sizing
MT5 allows for micro lots to be traded (0.01 of a lot) increasing flexibility to suit traders trading style, risk management and position sizes.
Enhanced Tools And Charting
MT5 has analytics tools with 80+ tools available when trading. Analytics objective and technical indicates can be added to price charts to enhanced analysis. Other indicator data including construct charts are also available to maximise technical analysis of the markets.
MT5 isn’t just about technical analysis. They have enhanced fundamental analysis features from an economic calendar to built-in financial news. A newsletter to all traders also helps them each day learn about the elements that may impact the market.
Our IC Markets Australia review found that cTrader was the choice platform for the most advanced forex traders. This was due to the platform performing strong with the forex brokers Electronic Communication Network (ECN) producing superior speed and advanced liquidity.
While the platform may be less user friendly, it has enhanced functionality with inbuilt DoM (depth of market) and VWAP trading. As mentioned earlier, traders are executed in the LD5 data centre in London and is ideal for day traders.
No Trading Restrictions
cTrader with IC Markets Australia has no restrictions. Scalping is allowed and the environment through cTrader is catered for high frequency trading with minimal spreads. Stop-loss order in this environment can be near perfect market prices with no first in, first out rule applying.
There is also a smart stop out logic that IC Markets has developed to replace cTrader ‘fiar stop out logic’ maximising trader benefits through advanced algorithmic logic and technology.
Overall IC Markets Australia Trading Recommendation
The choice of the three most forex trading platforms with some advanced platforms is why the broker is recommended for forex trading with:
- MT4 recommended for those looking to trade forex
- MT4 recommended for those looking to trade a plethora of financial products
- cTrader recommended for those looking for advanced technical analysis and automation.
How IC Markets Has Superior Technology & Execution Speeds
IC Markets has gained it’s reputation due to unique partnerships with the worlds best technology companies. This has allowed tools to be introduced including:
- DoM (Depth of Markets)
- Inbuilt Spread Monitoring
- Ladder Trading
- Automatic Close Of Traders
Optic Fibre from Sydney to Equinix New York Facility (just next door to Wall Street) ensures that execution speeds are maximised and latency is minimised for those using the MetaTrader platform. For those who prefer cTrader the LD5 data centre is in London which is ideal for traders with other Europe liquidity providers.
Both the LD5 Data Centres used by cTrader in London and the Equinix NY4 used by MetaTrader are home to over 60 exchanges & trading platforms, 150+ financial service providers, 400+ buy and sell side firms, 675+ network bandwidth options.
What Leverage Does IC Markets Offer?
This high level of forex is critical for expert Australian forex traders who want to maximise their profit from market movements. A $500 deposit for example would result in $250,000 being traded on the market at this leverage level. Naturally, with this level of leverage is a currency pairing moves in the wrong direction you can lose your deposit or even go into negative balance. Therefore, if you trade at this level you should be an advanced trader and understand the risks that high leverage presents. If your less confident you may want to choose a lower leverage level and implement stop/loss orders to pre-set the amount your willing to lose on a trade.
IC Markets Forex Trading Account Spreads & Commissions
IC Markets does not have a dealing desk (known as a market maker). This means no interference what what could be termed ‘wholesale’ spreads.
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Three different accounts are offered:
1) Standard Account
This account is for MetaTrader 4 traders with zero commission charges. Spread start from 1 pip and for the popular USD/EUR pairing the average is just 1.1 pip. This is widely used by beginner to intermediate traders who prefer to avoid commissions.
2) True ECN Account
Like the ‘Standard Account’ this is designed for MetaTrader 4 but charges a commission of $3.50 per lot. This though is used by more advanced brokers due to some of the lowest spreads starting at just 0.0! As highlighted above the average USD/EUR for a ‘Standard Account is 1.1 pip whereas for an ‘ECN Account’ its 0.1 pip.
3) cTrader ECN Account
The most advanced traders often prefer cTrader and IC Markets has created an account just for them. At an extreme, spreads have actually been seen at -0.3 pips but on average spreads are similar to the ‘true ECN Account’. Commission levels are also comparable to the True ECN Account at $3.00 per USD $100,000 traded.
Customer Service Levels
IC Markets has their customer service based out of Sydney with a team of experienced experts. The unique difference of IC Markets team is the customer service team are all currency traders themselves which helps them understand their customers. You can contact them 24 hours a day during weekdays.
Our IC Markets Forex Trading review though found the help available for those new to training for somewhat limited with the broker clearly targeting more experienced brokers.
For those who trade less frequently (or with more modest liquidity) a customer service individual is assigned who is located in Australia and has years of experiance in currency markets. This level of service should be sufficient unless your new to trading and need training on how to trade for which another broker may be more ideal.
About This IC Markets Forex Trading Review
All reviews and comparisons compiled on this website take weeks sometimes even months to finalise. First we explore information available on the brokers we review’s websites. We then corroborate that information with anything we might find on other review sites. Finally we experiment with the broker’s software and keep a close eye on their customer service during our interactions with their company. Once we put together all the data, we benchmark the Forex broker against competitors in the industry. As this is all a very manual process, mistakes do pop up from time to time. If you notice any inconsistencies please don’t hesitate to let us know. We take much pride in the accuracy of information available on Compare Forex Brokers. As a result we update our website frequently so we can promote quality FX broker information at all times.
IC Markets holds the financial services licence number 335692 under the official trading name ‘International Capital Markets Pty Ltd’. This means you can trade with confidence with the forex broker needing to obey by regulations such as clients account being segregated in a separate Australian account and a requirements to meet a set training threshold.
Our IC Markets Forex Trading Review Conclusion
IC Markets is an ideal forex broker for those expert or advanced forex traders who want low spreads and commissions, high leverage and an advanced forex trading platform. The only downside of the forex broker is that they don’t offer the best training for new traders and don’t offer ‘guaranteed stops’ to limit losses in volatile markets. It’s these factors which is why beginner traders should view some other forex trading Australia options on our comparison tables.
This IC Markets forex trading review was updated on the 20/05/2018 based on our forex trading Australia comparison table and the our forex broker tables. The data came from the forex brokers websites and other third party sources. Feel free to provide feedback if you feel this review or the comparison tables could be updated through our contact us form.