IC Markets Kenya Review

Regulation - 10/10

IC Markets activities in Kenya are regulated by the Capital Markets Authority (CMA) which is a statutory body created to oversee capital markets in Kenya.

Kenyan traders will have their IC Markets accounts domiciled under local Kenyan laws & can complain to the CMA id they feel dissatisfied with IC Markets.

Funding & Withdrawal - 10/10

Minimum Deposit

IC Markets minimum deposit is a flat 10 KES across all their account types.

This means you can open the Standard, Raw Spread, & cTrader Account types with any amount you have.

IC Markets accepts deposits in your local KES currency but will convert your KES deposit to USD & charge you a currency conversion fee.

Payment Methods

IC Markets accepts deposits that come in through Mpesa, Local Kenyan Bank Transfer,Visa/Mastercard (instant), Skrill (instant), Neteller (instant), & Bank Wire (5 days).

To initiate a deposit, login to your secure client area (client login) on the IC Markets Kenya website, click on deposit & select your preferred method.

Minimum Withdrawal

IC Markets minimum withdrawal is 100 KES.

Your withdrawal will be accepted as far as the requested amount is not higher than your account balance.

Withdrawal Time

Visit the IC Markets website, login to your secure client area, click on withdraw, select preferred method & fill out the withdrawal form.

Account Types - 7/10

There is a Standard Account for beginners, and this account does not charge commission per trade; you only pay the spread.

There is also a MetaTrader Raw Account for high volume experienced traders, and with this account you get lower spreads but pay a commission on every trade.

There is also another Raw Account for cTrader users, and you get lower spreads and also lower commission per trade.

Account Management - 8/10

Base Currency

IC Markets does not have KES base currency so your account will have to be opened in the default USD base currency.

Margin Call & Stop Out

You will get a margin call when your margin level falls to 100%, and stop out happens when your margin level falls to 50%

Negative Balance Protection

Your account cannot go into negative balance due to trading volatility or network errors. If it does, IC Markets will offset the negative balance and restore your account balance back to zero.

Account Opening Process

The first step is to visit the IC Markets Kenya website & click on ''start trading now''

The second step is to fill in your personal details.

The third step is to configure your account by choosing a trading platform, account type, base currency, etc.

After configuring your account, review the information for correctness, accept the IC Markets declaration & submit.

Your login details will be sent to the email address you used to signup.

The final step is to click on the link in the verification email, change your password again, then you will be redirected to login to your client area to upload your Kenyan government ID

After your ID is uploaded & confirmed authentic, IC Markets will activate your live trading account & you can make your first deposit.

Fees - 8/10

1. Spread & Commission

IC Market spreads are not high. The spreads are slightly lower than the industry averages.

EUR/USD average spread is 0.83 pips on the Standard Account & 0.03 pips on the Raw Spread Account.

However, the 0.03 pip spread on the Raw Account comes with a condition that you pay a commission of $3.5 per side per 100,000 units traded.

2. Overnight Fee

IC Markets charges you a fee for leaving your trades open overnight and over the weekend.

Range of Markets - 9/10

Forex (61 pairs), Commodities (20), Indices (25), Bonds (9), Shares (2,100), & Futures are available for trading and the total number of trading symbols are around 2,200+.

Platforms - 8/10

In Kenya, IC Markets offers the MT4, MT5 & cTrader platforms for trading.

MetaTrader

MT4 & MT5 platforms are available at IC Markets. They also come with free upgrade EA plugins.

cTrader

cTrader is also available to IC Markets clients in Kenya, but it only works with the Raw Spread Account.

Tools - 8/10

1. MT4 Upgrade Toolkit

IC Markets provides free EA tools that help you upgrade the performance of MT4. These tools add more functionality such as alarms, market sentiment etc. to MT4.

2. Calculators

You also get trading calculators to help you estimate your lot size, profit/loss, required margin etc. for a trade.

3. Economic Calendar

IC Markets provides their own custom economic calendar, to help you keep track of dates when important news will be released.

Support - 9/10

IC Markets has a business office in Nairobi, Kenya.

IC Markets communication channels are open 24/7 via live chat, email & telephone.

IC Markets also has beginner education videos for traders who are new.

Final Verdict - 8.6/10

IC Markets is one of the best forex brokers in Kenya for beginners.