A Forex Broker is a firm that provides foreign exchange trading services to traders. Such a firm enables the Forex traders to have an access to trading platforms so that they can sell or buy foreign currencies. There are many such firms, some have been operating for some time, are well established and reputable, while some are not. This review covers one of the best of such firms by the name IC Markets- Forex Broker.
IC Markets can be termed as one of the world’s most authentic and first ECN forex broker. It was founded in the year 2007 in Australia and has hence grown very fast into a large and reputable forex broking firm. The firm has the full mandates to operate as a broking firm and is fully regulated by the Australian Securities & Investments Commission. It has met all the strict requirements of the regulatory body including the capital standing.
To fund clients trading account the firm will hold funds in segregated-client trust accounts usually with reputable Australian banks. The funds are strictly not used for any other purpose apart from maintaining any margins needed for covering positions that are opened by customers. The firm strictly ensures that it trades in a true and ethical ECN environment without any dealing desk or illegal price manipulations. That’s what distinguishes IC Markets from other lesser forex broker firms.
IC MARKETS-FOREX TRADING PLATFORM
IC Markets offers the client a number of convenient platforms to carry out currency trading such as:
MetaTrader 4- One of the most popular trading platforms in the world offering the client very unique features. These include the charting function and innovated order-management tools that enables you to monitor positions better and with speed.
cTrader– An innovative ECN platform built specifically for metals and forex trading. It is powerful; user-friendly platform used on online trading with harnessed ECN speed, multi-banking liquidity, and advanced functions.
Multi Account Manager – Comes with a combination of flexible-allocation methods that has a real-time performance reporting and commissions. It has a well designed to use interface. It is built to communicate all allocations settings directly with the firms MetaTrader 4-server
Fix API- A platform that is best suited for traders dealing in high volumes. It gives them an integrated-trade environment and an access to deep liquidity
Trading Servers– The firm’s two servers, the MT4, and cTrade are well located in NY4 and LD5-IBX Equinix-data centres. They are known to be very secure and reliable.
IC MARKETS-ACCOUNT TYPES
The IC markets firms offer you tailor-made accounts that suit your individual needs. The following is a list of some of the accounts.
Forex Demo Accounts– The MT4 and cTrader-demo accounts are tailor-made for customer practice. They make the clients become conversant with all trading platforms in an environment that is risk-free. The demo accounts just bear the same features as the real forex trading accounts to make practice look like the real thing.
Commodities Trading Account- (Gold and Silver)-The firm offers the lucrative gold and silver trading for the exchange with dollars and euros i.e. XAG/USD, XAG/EUR, XAU/USD, and XAU/EUR.
Index CFD Trading-The firm offers a diversified range comprised of index CFDs to cover indices for 13 of the major markets plus Brent, Natural gas, and WTI. The CFDs can undergo trading directly from the client’s MT4.
The brokerage firm gives clients 8 funding options that are flexible and in nine different major base currencies. The options will include debit and credit cards, Skrill, eBay, Web Money, bank transfers and deposits. All funding has to be in the following currencies i.e. USD, CHF, NZD, SGD, JPY, GBP.EUR, HKD, and AUD.
Withdrawals– The firm offers 3 flexible-withdrawal methods that include Domestic (Australia), Credit cards and wire transfers. The maximum period for processing from the request is 48 hours. You can download the MT4 or the trade platforms to your computer or smart mobile or alternatively use the cTrade web trader that enables you to access your account from anywhere.
Manage Your Account- You can be able to manage all your account functions including deposits, withdrawals, forex trading, demo accounts and more.
Deposits– To enable the firm offer better services, it is recommended clients to deposit funds into the respective trading account that is inside their secure area. The funds are held in segregated trust accounts with National Australian Bank or Westpac-Banking Corp. All electronic payments use Secure Socket Layer technology for security.
There are no additional fees which are charged for withdrawals or deposits. The client should be aware of fees that can be incurred while transacting with some of the international banks. The firm does not welcome any payments from other parties apart from the clients.
The firm offers you leverage in that in every account to a range of 10:1 to 100:1. The first one means that for each of the $1 in the account you have tradable $10. It is both bad and good in that you can either make losses or gains.
PROS AND CONS OF USING IC MARKETING
- The firm gives the chance of trading in an ECN environment with no quote manipulations
- IC Markets has a wide range of online and banking transaction tools to withdraw and deposit funds
- All transactions are processed in a timely manner and according to rules
- A regulated broker
- Closely cooperates with some of the world’s largest insurance and banking institutions.
- No special programs or bonuses
- They do not have a well-developed hotline for support services
In terms of service quality and overall technical features, the firm is well ahead of the competition. Many reviews on the firm’s operations have given it an average A- grade rating. The minus is brought about by the support factor that the company is currently looking into.
In terms of transparency and trust, the company cannot be faulted as it places a lot of value in them. The fact that it is a trustworthy ECN broker means that you are dealing with a real interbank forex market partner.