Below is my review of the Forex broker, IC Markets...
They are well regulated
IC Markets is registered and regulated by the Australian Securities and Investment Commission (ASIC). If you are looking to trade with a broker outside the US, having an account with a Forex broker that is regulated by the ASIC or the FCA is a must. IC Markets has a strong regulatory body and meets strict capital requirements.
They are a true ECN broker
This is IC Markets real selling point and the pivotal moment of this Forex broker review. IC Markets are a true ECN broker. They are not a market maker. They are not an STP broker. They are pure ECN. Perhaps one of the only true ECN brokers available to retail traders. There is no minimum deposit and they offer very high leverage (1:500), uncommon for a ECN broker. Because IC Markets is a true ECN broker, scalpers and short-term traders are not penalised.
If you are looking for the real trading experience, IC Markets may be what you are looking for.
IC Markets do offer market maker CFDs (FX, indices, commodities and futures), as well as their ECN service.
You will not get tighter spreads
Because IC Markets are a true ECN broker, their spreads are extremely tight (the broker charges a commission per trade rather than earning through wide spreads). The following are typical spreads on my live IC Markets trading account...
AUDUSD 0.1-0.2 pips
EURUSD 0.0-0.2 pips
GBPUSD 0.1-0.4 pips
USDCAD 0.2-0.4 pips
USDCHF 0.3-0.5 pips
USDJPY 0.0-0.4 pips
Their customer service team is fantastic
I have had to contact their customer service team a few times. Each time I have used their chat service. Responses were quick and always got the desired result.
I have never had issues with depositing or withdrawing funds.
They offer a wide-range of trading platforms
Most Forex brokers offer only MT4 or cTrader. IC Markets offer both trading platforms and a range of other trading platforms, including a copy trader feature.
Their trading execution can freeze
The only issue I have had with IC Markets is that trades are sometimes frozen when executed. I always get a good price and the platform does not freeze for long but this is something worth noting. If you are an extremely short-term scalper, this may be a real issue.
I have traded with a number of Forex brokers over the last 6-7 years. IC Markets is defiantly one of the best Forex brokers in the industry. I highly rate them and think you should give them a go. They offer the real Forex trading experience at a minimum price and with easy access to the market.
To open a demo account with IC Markets, please click here.