To get the most out of ICMarkets, you need to understand the different types of ICMarkets Accounts and how they can impact your trading experience and profits. This Forex Trading article will delve into every aspect of ICMarkets accounts , from an introduction to the account types, detailed instructions on how to open an account, the deposit/withdrawal process, to an analysis of the trading platforms and the exclusive benefits that ICMarkets offers.
ICMarkets and the Importance of Choosing the Right Account
Who is ICMarkets?
ICMarkets is a global Forex and CFD (Contract for Difference) broker, founded in Australia in 2007. With over a decade of experience, ICMarkets has quickly grown to become one of the world’s largest brokers by trading volume. Their mission is to provide a fair, transparent and efficient trading environment, allowing traders to access global financial markets at low costs and with fast execution speeds.
ICMarkets stands out for its commitment to low spreads , super-fast execution speeds , and a wide range of trading products . They are constantly improving their technology and customer service to meet the ever-increasing demands of the trading community.
Why is choosing the right ICMarkets account important?
Choosing the right ICMarkets Account type is more than just an administrative decision; it directly affects your trading costs, trading style and ultimate profitability. Each account type is designed to suit different audiences and strategies. A wrong choice can lead to unnecessary costs or limit your ability to execute your trading strategy.
ICMarkets Account Types: Detailed Comparison
Broker ICMarkets offers three main account types, each with its own unique features to cater to different groups of traders. Understanding the differences between them is key to making an informed decision.
Standard Account
Who it’s for: The Standard account is ideal for beginner traders who want simplicity and don’t want to bother with separate commission fees. It’s also suitable for those who trade small volumes or don’t have a high-frequency trading strategy.
Features: The highlight of the Standard account is that there is no commission fee per lot traded. Instead, the transaction cost is “bundled” into the spread. The average spread for EUR/USD on the Standard account usually ranges from 0.6 pips and up, depending on market conditions.
Advantage:
- Simple, accessible: No complicated commission calculations.
- Newbie Friendly: Makes it easy for newbies to get familiar with trading without the pressure of fee structures.
- Flexible Spreads: Spreads vary with the market, but there are no additional fixed fees.
Disadvantages:
- Spreads may be higher than Raw Spread accounts, especially during times of high market volatility.
- Not optimal for strategies that require extremely low spreads like scalping.
Raw Spread Account
Who it’s for: The Raw Spread account is designed for professional traders , scalpers , and those using high-frequency trading (HFT) or algorithmic trading (EA) strategies . These traders prioritize extremely low spreads to maximize profits per pip.
Features: This is ICMarkets’ most popular account type, offering extremely low spreads , typically starting from 0.0 pips on major currency pairs under normal market conditions. However, in exchange for these low spreads, traders will have to pay a commission per lot traded. The typical fee is $3.5/lot one way ($7/lot round trip) for every 100,000 currency units traded.
Advantage:
- Ultra-low spreads: Helps optimize profits for trading strategies that require the lowest possible transaction costs.
- Cost transparency: Spreads closely reflect real market prices, and commissions are clearly calculated.
- Ideal for scalping and EAs: Helps these strategies work more effectively.
Disadvantages:
- Total costs may be higher than Standard accounts if you trade very small or very large volumes (due to cumulative commission fees).
- Requires more detailed transaction cost calculations.
See more: Learn Dow theory for trading beginners
cTrader Raw Spread Account
Who it’s for: This account is aimed at traders who prefer the cTrader platform for its modern interface, fast execution speeds, and advanced features. It’s also suitable for professional traders and those who want to take advantage of the maximum market depth.
Features: In terms of fee structure, the cTrader Raw Spread account is similar to the regular Raw Spread account: extremely low spreads (usually from 0.0 pips) and commissions . The commission on cTrader is typically $3.0/lot one way ($6/lot round trip) per 100,000 currency units traded, which is slightly lower than the Raw Spread on MT4/MT5.
Advantage:
- Modern cTrader platform: Intuitive, user-friendly interface, and offers a wide range of advanced analytical tools.
- Superior order execution speed: cTrader is renowned for its lightning-fast order execution.
- Real Depth of Market: Allows traders to see more clearly the supply and demand in the market.
- cBots: Powerful trading automation with C# language.
Disadvantages:
- The cTrader platform may be less popular than MetaTrader 4/5 for some traders who are already familiar with it.
- Requires a learning curve if you have never used cTrader before.
Overview comparison of ICMarkets account types
For ease of visualization, the following table summarizes the main features of the three ICMarkets Account types :
Deposit and Withdraw with ICMarkets Account
The deposit and withdrawal process on ICMarkets Account is designed to be convenient and secure, with a wide range of options for traders globally.
Popular deposit methods
ICMarkets supports a variety of deposit methods, most of which are free and instant, allowing you to start trading quickly.
- Bank Wire Transfer: Suitable for large amounts of money. Processing time can take 1-5 business days depending on the bank.
- Credit/Debit Cards (Visa/Mastercard): Popular and instant processing.
- E-wallets: Skrill, Neteller, PayPal, FasaPay, UnionPay. These methods are usually instant and very convenient.
- Other Methods: Local deposit methods may be available depending on your geographic area.
Note:
- Min/Max Deposit Limits: ICMarkets usually does not have a maximum deposit limit, but may have a minimum limit depending on the method (e.g. $200 for first deposit).
- Fees: ICMarkets does not charge any deposit fees, but your bank or payment provider may apply foreign currency conversion or processing fees.
Withdrawal process
Withdrawing funds from your ICMarkets Account is also simple but there are some important rules to ensure financial security.
General rules: ICMarkets complies with anti-money laundering (AML) policies, so withdrawals must be made to the same source from which they were deposited. For example, if you deposit using a Visa card, you must withdraw to the same Visa card (up to the amount deposited). Profits exceeding the initial deposit can be withdrawn to another (verified) bank account or e-wallet.
Processing time:
- E-Wallets: Usually processed within a few business hours.
- Credit/Debit Card: It may take 3-5 business days for funds to be posted to your account.
- Bank Transfer: May take 3-7 business days, depending on bank and country.
Fees: ICMarkets does not charge any withdrawal fees. However, your intermediary bank or bank may apply transfer fees.
Common problems and solutions when depositing/withdrawing money
- Transaction delay: Double check the information entered, contact ICMarkets customer support and your bank/e-wallet.
- Additional Information Request: ICMarkets may occasionally request additional verification documents (e.g. proof of card ownership, bank statements) for security purposes. Please provide complete and timely information.
- Transaction Error: Note down the error code or message and contact ICMarkets support for instructions.
Trading Platform on ICMarkets Account
ICMarkets offers a range of world-leading trading platforms, ensuring that every trader can find an environment that suits their style and needs.
MetaTrader 4 (MT4)
MT4 is the world’s most popular Forex trading platform and the top choice of many ICMarkets traders.
Introduction: Developed by MetaQuotes Software, MT4 is famous for its friendly, easy-to-use interface.
Advantage:
- Ease of use: Intuitive interface, easy to get used to even for beginners.
- Huge Community: Millions of users and developers worldwide, providing a huge repository of indicators and trading robots (Expert Advisors (EA).
- Diverse tools: Provides a full range of charting tools, technical indicators and analysis tools.
- Customization: Allows traders to customize the interface and functionality to their liking.
- Key Features: Interactive charts, 30 built-in technical indicators, 9 timeframes, EA backtesting functionality, MQL4 for developing custom EAs and indicators.
MetaTrader 5 (MT5)
MT5 is an upgraded version of MT4, designed to provide more features and support a wide range of financial products.
Introduction: Also developed by MetaQuotes Software, MT5 brings many improvements in features and performance.
Advantage:
- More timeframes: Offers 21 different timeframes.
- More pending order types: Including buy stop limit and sell stop limit.
- Depth of Market (DOM): Provides deeper insight into market supply and demand.
- Support for diverse products: In addition to Forex, MT5 also supports direct trading of stocks, indices and commodities.
- Built-in economic calendar: Helps traders keep track of important economic events.
Main differences with MT4: MT5 has more analytical tools, supports more asset classes, and uses the MQL5 programming language (more powerful than MQL4). However, some EAs and indicators written for MT4 will not be compatible with MT5.
cTrader
cTrader is a modern trading platform, highly regarded for its speed, transparency and user-friendly interface.
Introduction: Developed by Spotware Systems, cTrader focuses on optimal user experience and true ECN order execution.
Advantage:
- Intuitive and beautiful interface: Easy to navigate and customize.
- Ultra-fast order execution: Designed to optimize order execution speed, perfect for scalpers.
- Real Market Depth (Level II pricing): Full visibility of bid/ask prices and corresponding volumes from liquidity providers, providing high transparency.
- Advanced Charting Tools: Provides a wide range of charts, analysis tools and indicators.
- cBots (Automated Trading): Allows developing and running trading robots in C# language.
Suitable for: Professional traders, scalpers and those who appreciate transparency, speed and cutting-edge technology.
Mobile and WebTrader platforms
In addition to desktop versions, ICMarkets also offers mobile and web browser trading platforms:
- Mobile Apps (iOS & Android): Both MT4, MT5 and cTrader have powerful mobile apps, allowing you to manage your accounts, monitor the markets and make trades on the go.
- WebTrader: Web browser-based versions of MT4, MT5 and cTrader allow you to trade directly from any computer with an internet connection without downloading software.
Outstanding features and benefits when using ICMarkets Account
When you decide to open an ICMarkets Account , you will enjoy a range of exclusive benefits and features that will enhance your trading experience.
Super low spreads and fast execution speed
This is one of ICMarkets’ biggest competitive advantages. Thanks to its connection to over 50 of the world’s largest liquidity providers, ICMarkets can offer extremely low spreads , especially on Raw Spread accounts (usually from 0.0 pips). Order execution speeds are also very fast, averaging under 40ms, which helps to minimize slippage and optimize profits for high-frequency trading strategies.
Diversified trading products
ICMarkets is not limited to Forex. With an ICMarkets Account , you can trade a wide range of other financial products, including:
- Forex: More than 60 currency pairs.
- Index: The world’s leading stock indexes (S&P 500, Dow Jones, DAX, Nikkei…).
- Commodities: Crude oil, gold, silver, natural gas…
- Cryptocurrencies: Bitcoin, Ethereum, Ripple, Litecoin… (CFD trading).
- CFD Stocks: Hundreds of stocks from major markets.
This diversity provides great opportunities to diversify your portfolio and seek profit opportunities in different markets.
See more: Together XM Forex: Master the game, increase income
Conclude
ICMarkets has built a solid reputation in the Forex industry thanks to its commitment to low spreads, fast execution, diverse platforms and professional customer support. Choosing the right ICMarkets Account type is an important step to optimize your trading costs and achieve your financial goals.
FAQ
What types of trading accounts does IC Markets offer?
IC Markets offers account types such as Standard, Raw Spread (for MT4/MT5), and cTrader Raw Spread, suitable for different trading strategies.
How do I open an account with IC Markets?
You can open an account online on the IC Markets website, requiring personal information and identity/address verification documents.
What is the minimum deposit for an IC Markets account?
The minimum deposit for most trading account types at IC Markets is $200 USD.
