Founded in 2007, International Capital Markets Pty Ltd (IC Markets) was incorporated in Sydney and obtained the Australian Financial Services License (AFSL) from the Australian Securities and Investment Commission (ASIC) in 2009. Currently, IC Markets offers a range of trading applications from MetaQuotes Software Corporation, including MetaTrader 4 (MT4) and MetaTrader 5 (MT5), as well as a range of cTrader trading applications from Spotware Systems. In addition to offering trading on 63 currency pairs, and 41 CFDs on indices, metals, cryptocurrencies, and futures contracts, IC Markets also provides copy trading services through Myfxbook and ZuluTrade. In addition, perhaps you want to visit http://www.vixbrokers.com/minimumdeposit/icmarkets.html if you need to read more information about IC Markets.
IC Markets’ overall rating on one of the largest broker review portals is good. However, what do disgruntled ICMarket traders complain about? Allegations of spread manipulation have always been a problem in online trading operations, apart from being denied traders profits on unfounded grounds. Although it requires a minimum deposit of $200, which makes traders expect excellent services, some of its clients are unhappy with the bureaucracy regarding deposits and withdrawals, which are often denied due to the strict anti-money laundering policies imposed by their regulators (ASIC and FCA UK). Another client complained about the lack of negative balance protection for retail clients.
The majority of its clients from Europe and Australia are satisfied with this broker, while Asian clients complain about the registration process, and especially regarding deposits and withdrawals. Several other clients were unhappy with negative balances due to the lack of protections for retail clients imposed by local regulators.
IC Markets can attract algorithmic traders who use the MT4, MT5, or cTrader applications, and who require fast execution coupled with competitive spreads and low commissions.
IC Markets charges low transaction fees. They also have an easy and fast account opening process while deposits and withdrawals are free and user-friendly too. For traders outside the EU and AU, it may be a bit bureaucratic because there are many document requirements and proof of ownership of funds that must be met. IC Markets does not provide negative balance protection to its investors. They have a limited portfolio selection, offering only forex, some CFDs, and cryptocurrencies.