CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
IC Markets is a True ECN forex broker which means you've got access to the same market that the big institutions are trading, while spreads can be zero (really 0 pips).
As you can expect from a true ECN broker: IC Markets has no dealing desk, so they will not trade against you. Hence IC Markets is not a scam but a very trustworthy broker. The ECN environment means that you can trade whatever style you want, even scalping or automatic trading is possible at IC Markets.
IC Markets was launched in Australia in 2007 by financial professionals. They wanted to offer retail clients a unique experience by giving them access to the same trading solutions as the big banks. This means your orders get a fast execution, the spreads are very tight and there's always a lot of liquidity, so practically no requotes. IC Markets is built by traders for traders and is regulated by the Australian Securities and Investment Commission (ASIC), so it's absolutely legit.
As we all know, Europe has introduced new regulation in 2018 which has made an end to extreme high leverage. Australia has followed suit and will have more or less the same regulation.
As a client, you can choose the IC Markets entity you want to trade with. Ofcourse there's IC Markets AU in Australia and IC Markets EU, located in Cyprus in Europe. For both of these entities, there is negative balance protection for clients and a maximum leverage on instruments. For major currencies, that's a maximum leverage of 30. For minor currencies, gold and major stock markets indices, it's 20. For other commodities or a minor stock market index, it's 10. For stocks, a maximum leverage of 5 is allowed and for cryptocurrencies it's only 2.
There's also a new Seychelles entity, IC Markets Global, also known as Raw Trading Ltd. Since this is located outside of the EU and Australia, more leverage (up to 500) is allowed. However, you will have no negative balance protection, so choose wisely.
IC Markets has a few simple choices in platforms and account types. It is possible to use the cTrader platform on your desktop, smartphone or even the browser based version. cTrader is a easy to use platform with a lot of extra's such as Level II pricing, clear charts, indicators,... You can also add indicators like in Metatrader. On top of that, you can open new trades with just one click.
Placing an order is easy in cTrader. In the screen below you can see that you can decide the amount of pips for your stoploss and take profit.
You can also trade via the popular MT4 or MT5 software. Metatrader 4 is a well known and hugely popular trading platform. It is easy to use and has a lot of technical indicators installed, but you can also install others or even write your own indicators. MT4 supports EA trading (expert advisors for automatic trading). It has a sort of app shop where you can buy indicators, extra functionalities or expert advisors.
You can also trade with MetaTrader 5, Myfxbook AutoTrade, Signal Trader, MAM / PAMM,...
Withdrawing funds from IC Markets is easy and fast. First make sure that you are withdrawing to the account you used to deposit. In our case, we prefer using our Skrill account. You can also withdraw to a bank account, but this costs money and withdrawing to Skrill is free. You can always add a Skrill account by depositing some money. Once you have made a deposit, the Skrill account will be available as a withdrawal method.
Withdrawals are processed on the same day as the request. However, there is a cut off time. If you submit a withdrawal before 12:00 AEST/AEDT, it will be processed the same day. Otherwise it will be processed the next business day.
After submitting a withdrawal request, you also have to confirm this by clicking on a link in a confirmation email. When that's done, you only have to wait a few hours and the money will arrive in your Skrill account.
Visit the IC Markets website and learn to trade on the cTrader or MT4 / MT5 platform with a free demo account.
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