IC Markets Account Types Revealed, How to Choose the Right Account

Broker	IC Markets
Regulated by	ASIC, CYSEC
Min. Deposit	$100
Tradable Instruments	Forex, Commodities CFDs,Indices, Bonds, Digital Currency.Stock, Futures
Trading Platforms	MetaTrader 4, MetaTrader 5, MetaTrader WebTrader, MetaTrader iPhone/iPad.MetaTrader Android, MetaTrader Mac
Trading Costs	Raw Spread ( cTrader): spreads from 0.0 pips, commissions at $3Raw Spread ( MetaTrader): spreads from 0.0 pips, commissions at $3.5Standard ( MetaTrader): spreads from 0.8 pips, no commissions charged.
Account Types	cTrader Account, Raw Spread Account (MetaTrader), Standard Account (MetaTrader)
Max. Leverage	500:1
Demo accounts	✅
Copy Trading	✅
Bonus	❌
Payment Methods	Bank/Wire transfer, Paypal, Credit Card, Skrill, Neteller, UnionPay, Bpay, FasaPay and Poli
Customer Support	7/24

IC Markets, founded in Sydney, Australia, in 2007, is a highly commended broker recognized globally for its superior trading services. Registered with the Australian Securities and Investments Commission (ASIC), it also enforces strict regulatory compliance, assuring reliability and security. IC Markets, renowned for its wide assortment of tradable instruments, gives traders access to forex pairs, commodities, indices, bonds, and cryptocurrencies, among others. By offering both the MetaTrader and cTrader platforms, the broker cares about more traders, facilitating sophisticated charting, algorithmic trading, and more. IC Markets is celebrated for its competitive trading costs, notably for its low spreads and affordable commissions. With customer service held in high regard, you can expect prompt, multilingual assistance 24/7 via live chat, email, and phone. The recognition IC Markets boasts is solidified by its global reputation, network of international clients, and high recognization from professional traders.

✅ Where IC Markets shines:

•Heavily regulated by ASIC, and CYSEC, operating in a transparent and secure way.

• IC Markets worldwide presence, supported by a diverse global client base, solidifying its reliable reputation.

• Grantingaccess to a broad range of tradable instruments from forex, commodities, to indices, giving traders more trading fexiblity.

• Recognized for offering some of the lowest spreads in the industry, starting from 0.0 pips on major Forex pairs.

• For oil traders, IC Markets' competitive edge lies in the low fees for oil trading supported by their raw spread accounts.

• With MetaTrader and cTrader on offer, traders can benefit from the detailed charting and algorithmic trading capabilities.

❌Where IC Markets Shorts :

• IC Markets primarily focuses on forex and CFDs, and may not be suitable for traders seeking to invest in other financial instruments such as stocks and ETFs.

• For certain CFD trades, IC Markets require a higher margin which might be intimidating to novice traders or those with limited capital.

Account Types of IC Markets

IC Markets set different types of trading accounts based on two major trading software it provides: MetaTrader Platforms and cTrader.

cTrader Account: This account is best suited for day traders and scalpers, leveraging the cTrader and TradingView platforms. It features a commission of $3.0 per $100k round turn and offers spreads starting from 0.0 pips. The minimum deposit required is $200, with leverage up to 1:1000. Traders can execute up to 2000 position orders, benefit from server locations in London, and trade 61 currency pairs. This account supports micro lot trading, index CFD trading, and provides a 50% stop-out level. All trading styles are allowed without any order distance restrictions, using C# as the programming language.

Raw Spread Account (MetaTrader): Designed for Expert Advisors (EAs) and scalpers, this account utilizes the MetaTrader platform. It comes with a slightly higher commission of $3.5 per lot roundturn and offers spreads from 0.0 pips. The minimum deposit, leverage, currency pairs, stop-out level, and server location in New York mirror the cTrader account, but the maximum number of position orders is limited to 200. This account also supports micro lot trading, index CFD trading, and welcomes all trading styles without order distance restrictions, utilizing MQL4 as the programming language.

Standard Account (MetaTrader): Tailored for discretionary traders, this account operates on the MetaTrader platform without any commission, featuring spreads starting from 0.8 pips. The starting deposit, leverage, number of position orders, currency pairs, and stop-out level are consistent with the Raw Spread account. Similarly, it supports micro lot trading, index CFD trading, allows all trading styles without restrictions, and uses MQL4 programming language, with server locations based in New York.

Demo Trading

IC Markets offers demo account options, allowing traders to practice trading in a risk-free environment using virtual funds. This feature is especially beneficial for new traders looking to familiarize themselves with the trading platform and for experienced traders wanting to test new strategies without financial risk.

Regarding the expiry time of the demo account, it's common for brokers like IC Markets to set a period of inactivity after which the demo account might expire. This period can vary, but often, demo accounts may expire if not used for 30 days or another specified timeframe. However, users can usually open a new demo account if their current one expires, or they may contact the broker's support team to extend the validity of their existing demo account.

How to open a demo account

There are 4 simple steps for you to open a demo account:

Step 1:

Click the “Free Demo” button on the IC Markets homepage Then, you will be directed to a registration form. Fill out the form with your details, including your first name, last name, email address, and phone number. You may also be asked to choose a partner ID if applicable.

Step 2:

Next up, you will be directed to a registration form. Fill out the form with your details, including your first name, last name, email address, and phone number. You may also be asked to choose a partner ID if applicable.

Step 3:

Once you've filled out the form and chosen your settings, click on the button to submit your application. IC Markets will then send you a confirmation email with your login details for your demo account.

How do I add funds into my demo account？

To add funds to your demo account, go to “Account Summary” link (https://secure.icmarkets.com/Finance/AccountSummaryPage) under “Accounts” section of your secure client area. Scroll down the page to go to your “Demo Accounts” section. You can now add virtual money to your demo account by clicking on the green colored dollar ($) icon option available in the last column of the table.

Comparing IC Markets Account Types

At the heart of IC Markets account offerings is a commitment to versatility and performance. The Standard Account appeals to those new to trading or those who prefer simplicity and no commission fees.

In contrast, the Raw Spread and cTrader accounts are tailored for the more experienced trader who demands precision and lower spreads. If you're a scalper who thrives on executing a high volume of trades to capture small price movements, the Raw Spread Account's feature of near-zero spreads and a nominal commission fee maximizes your potential returns.

Standard Account: For the Budding Trader

Features and Benefits:

• No Commission: Ideal for beginners, this feature means you don't have to worry about additional costs per trade.

• Higher Spreads: Compared to Raw Spread and cTrader accounts, expect slightly higher spreads starting from 1 pip.

• User-friendly: Offers a straightforward trading experience without the need for complex calculations.

Like youre trading EUR/USD with a 1 pip spread. On a Standard Account, if you trade one lot, you only contend with the spread as your trading cost, making it easier to calculate your costs upfront.

Raw Spread Account: For the High-Volume Trader

Features and Benefits:

• Low Commission: A small fee per lot traded, offering clarity and control over trading costs.

• Ultra-Low Spreads: Spreads start from 0.0 pips, appealing to those aiming to exploit minimal price movements.

• High-Speed Execution: Perfect for strategies that rely on quick entry and exit.

A scalper trading the AUD/USD pair might enjoy spreads as low as 0.1 pips. Even after accounting for a low commission fee, the cost savings compared to a standard account can be significant over time, especially with a high number of trades.

cTrader Account: For the Technology-Savvy Trader

Features and Benefits:

• Platform-Specific: Designed for users of the cTrader platform, known for its advanced trading capabilities.

• Raw Spreads: Offers the same ultra-low spreads as the Raw Spread Account.

• Commission Based: Like the Raw Spread account, it charges a commission but tailored to the cTrader platforms nuances.

An algorithmic trader using cTrader for its advanced API might choose this account for the combination of raw spreads and the platform's superior execution speeds, enhancing the effectiveness of automated trading strategies.

Overall, choosing the right IC Markets account hinges on understanding your trading strategy and preferences. If you're new to trading, the Standard Account offers a simple, no-frills entry point. For traders focusing on high volume or scalping, the Raw Spread Account's minimal costs and tight spreads can enhance profitability. Technology-driven traders, especially those fond of cTraders features, will find the cTrader Account aligns perfectly with their needs.

How to Choose the Right Account？

Choosing the right account type with IC Markets—or any trading platform, for that matter—requires a careful assessment of your trading style, experience level, financial goals, and the specifics of each account type available. This decision can significantly impact your trading experience, influencing factors like transaction costs, access to certain financial instruments, and even the trading platform you use. Below are key considerations to guide you through selecting the account that best suits your needs.

Understand Your Trading Style

Your trading style is a critical determinant in choosing the right account. Different styles have varying requirements in terms of speed, costs, and platform features.

For scalpers and day Traders, they can benefit from accounts with the lowest possible spreads and commissions because they open numerous trades in a single day. IC Markets' Raw Spread Account, for example, offers ultra-low spreads starting from 0.0 pips, making it an ideal choice.

While for swing and position traders, if you hold positions for several days or weeks, the spread and commission costs might be less significant compared to the overall price movement. A Standard Account, with no commissions and slightly wider spreads, might be more appropriate.

Evaluate Your Experience Level

Beginner traders might prefer a more straightforward, less complex account like the Standard Account, which doesn't involve calculating commission costs and generally offers a simpler fee structure. While more seasoned traders might opt for the Raw Spread or cTrader accounts, which offer more transparency in pricing and are suitable for strategies requiring precision.

Consider the Trading Platform

Different IC Markets account types are tailored to specific platforms. Your comfort and preference for a particular trading platform should influence your account type decision.

For MetaTrader Users lovers, if you prefer using MetaTrader 4 or 5, both the Standard and Raw Spread accounts are compatible and might suit your needs. While for cTrader enthusiasts, if you favor cTrader for its advanced interface and features, the cTrader account is the obvious choice.

Assess Minimum Deposit

The minimum deposit requirement, although generally low across IC Markets accounts, might still be a consideration for some traders. Assess what you're comfortable investing initially and choose accordingly.

Consider the Instruments You Trade

While all IC Markets accounts offer access to vast markets, the specifics of how these instruments are priced can vary. Ensure the account you choose offers the best conditions for the instruments you trade most frequently.

Look Beyond Just the Costs

While costs are a significant factor, we also need to consider the value of additional services, educational resources, customer support, and the regulatory environment of the broker. These can all contribute to a more supportive and successful trading experience.

Conclusion

Overall, the decision on which IC Markets account to choose is a personal one, deeply tied to your individual trading strategy, experience, and preferences. By carefully considering each of these aspects, you can select an account that not only complements your trading approach but also enhances your overall trading performance.

FAQs

Q: What are the main differences between the IC Markets Standard Account and the Raw Spread Account？

A: The Standard Account offers no commission trading with slightly higher spreads, making it ideal for beginners or those who prefer a simpler cost structure. The Raw Spread Account, on the other hand, provides access to raw spreads starting from 0.0 pips with a low commission fee, suited for scalpers and high-volume traders who seek the tightest spreads available.

Q: Can I switch between IC Markets account types after I've made my choice？

A: Yes, IC Markets allows you to switch between account types. This process might involve opening a new account of the desired type and transferring funds from your existing account. Its recommended to contact IC Markets customer support for guidance on this process.

Q: How do I know which IC Markets account type is best for my trading strategy？

A: To determine the best account type for your trading strategy, consider factors like your trading volume, preferred trading instruments, experience level, and sensitivity to spreads and commissions. For high-volume or scalping strategies, a Raw Spread or cTrader account might be best. For longer-term trading or if you're a beginner, a Standard Account may be more suitable.