IC Markets Review

Regulation & Trust - 5/10

Is IC Markets Available in South Africa?

Yes, IC Markets is available in South Africa but is not regulated by the FSCA. Instead IC Markets activities in South Africa is regulated by the FSA Seychelles. .

IC Markets also holds a tier 1 license from the Australian Securities & Investment Commission.

Range of Markets - 9/10

IC Markets leverage is up to 1:1000 in South Africa.

• 61 Forex CFDs
• 25 Index CFDs
• 20 Commodity CFDs
• 2,100 Stock CFDs
• 9 Bond CFDS
• 21 Crypto CFDs
• 4 Futures CFDs

Forex CFDs

At IC Markets, South Africans can trade 61 FX pairs including the major ones, plus exotics like EUR/ZAR & USD/ZAR. Available leverage for FX trading is up to 1:1000 at IC Markets SA.

Index CFDs

With up to 1:200 leverage, South Africans can trade CFDs on 25+ Indices such as Nas100, South African 40 Index (SA40), AUS200 etc.

Commodity CFDs

With up to 1:1000 leverage, South Africans can trade agricultural commodities (spot), precious metal (futures) & energies (spot).

The only precious metal they have is gold futures. When it comes to energies, they have crude oil & natural gas spot/futures.

For soft commodities they have futures on Cocoa, Coffee, Sugar, Wheat, etc.

Crypto CFDs

With up to 1:200 leverage, South Africans can trade21 Crypto pairs 24/7 at IC Markets.

All the Crypto assets are paired against the USD, and none of them is paired against the South African Rand.

Futures CFDs

With up to 1:200 leverage, Indices on VIX Futures, US Dollar Index Futures & Brent/WTI Crude Oil Futures; can be traded at IC Markets.

Stock CFDs

With leverage up to 1:2, you can trade CFDs on 2100+ stocks listed on global exchanges such as NYSE, Nasdaq, ASX, LSE, Europe stock exchange, Germany stock exchange, etc.

You can also earn dividend on stocks if you hold a long position as at the time of dividend payment.

Range of Accounts - 6/10

1. Standard Account

The IC Markets Standard Account is a zero-commission account that is designed for beginners. Here spread is the only major trading fee you pay.

2. MT4/5 Raw Spread Account

This is a raw spread account meant for the MetaTrader platforms. You must pay commissions on every trade since you will be getting near zero spread pricing on majors.

3. cTrader & TradingView Raw Spread Account

This is a raw spread account meant for the TradingView & cTrader platforms. You must pay commissions on every trade since you will be getting near zero spread pricing on majors.

The commission on the cTrader/TradingView raw account is usually lower than that on the MetaTrader account.

Funding & Withdrawals - 6/10

What is IC Markets Minimum Deposit in ZAR?

IC Markets minimum deposit is 3,600 ZAR or $200 on your first deposit then 18 ZAR or $1 on subsequent deposits..

This means you can open the Standard, Raw Spread, & cTrader Account types with $200.

Can I Deposit $10 on IC Markets?

Yes, you can deposit $10 on IC Markets but your first deposit when opening your account has to be $200.

How Do I Make A Deposit?

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

How Do I Withdraw From IC Markets?

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

How Long Does IC Market Withdrawals Take?

What is the Minimum Withdrawal from IC Markets?

IC Markets minimum withdrawal is $0.

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

Account Management - 8/10

Account Currency

IC Markets does not have ZAR account currency so if you deposit/withdraw in ZAR you will be charged a currency conversion fee. IC Markets has USD, EUR, GBP account currency available.

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 Procedure

The first step is to visit the IC Markets 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 government ID

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

IC Markets Fees - 7.8/10

Spread & Commission

IC Markets spread is from 0.8 pips on the Standard Account & from 0.0 pips on the Raw Spread Account.

IC Markets 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.

Inactivity Fees

IC Markets does not charge inactivity fees on dormant accounts, but any dormant account will be archived after a while.

Overnight Fees

Overnight fees will be charged if you leave your trade open till the next day.

IC Markets Platforms - 9/10

MetaTrader

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

TradingView

Although IC Markets has TradingView, it is only accessible to those who open a cTrader Raw Spread Account.

cTrader

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

How To Connect IC Markets To TradingView

Log in to TradingView

Visit the TradingView website, click on sign in and you get the option to sign in with your Google Account, Apple Account, LinkedIn Account, X Account, or email. elect any sign in method to proceed.

Choose an instrument to trade

To select an instrument to trade on TradingView, click on Markets and then select any instrument of choice.

Navigate To Super Charts

After choosing an instrument to trade, opt to view the instrument on Super Charts by clicking on the "see on super charts" button.

Open Trading Panel

To see a list of brokers on TradingView, click on Trading Panel.

Proceed to expand the trading panel by clicking on the expand icon by the bottom far right hand side.

Choose Your Broker

After the trading panel opens, you will see a list of all the forex brokers on TradingView.

Select IC Markets from the list of brokers and connect with your IC Markets account details.

Trading Tools - 9/10

1. MT4 Upgrade Kit

IC Markets offers free Expert Advisor tools which you can download and plugin to your MT4 to enhance its features.

2. Virtual Private Server (VPS)

IC Market offers VPS which is basically an internet connection where you can link your Expert Advisor so it runs uninterrupted & at maximum speed.

3. Calculators

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

4. Economic Calendar

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

Customer Support - 9/10

1. Live Chat

IC Markets live chat is available 24/7 so you can chat with an agent even on weekends. Live chat wait times are short and agents are knowledgeable and polite.

2. Telephone Support

Help lines are available 24/7 but they are not toll-free.

3. Email Support

You can reach IC Markets via dedicated email available on their website. Email responses come within one day.

4. IC Markets Demo Account

IC Markets offers a demo account where you can learn how to trade with virtual funds. The demo account is available on MetaTrader, cTrader & TradingView.

5. Education

IC Markets offers beginner education in the form of how to videos, webinars & podcasts.

However, IC Markets educational courses lack depth and are basically an introduction; there is no comprehensive learning academy.

Final Verdict - 8/10

IC Markets is one of the best forex brokers in South Africa for scalpers. IC Markets is also good for experienced traders pursuing raw spread ECN pricing.

Beginner forex traders can also enroll with IC Markets because of their excellent customer support & low spread standard accounts; but beginners may have to look elsewhere for educational material.