What Is IC Markets & its Pros and Cons in 2021?

What Is IC Markets & its Pros and Consin

It is a forex broker company headquartered in Sydney. Forex brokers are organizations that offer investors facilities through which they can purchase and sell foreign currency.

Retail currency traders employ these brokers to acquire access to the financial market 24 hours a day, seven days a week for speculation. Corporate clients and major corporations, like financial institutions, can also use forex broker services.

IC Markets was founded in 2007 by a group of finance experts who joined together intending to bridge the gap that existed among retail and institutional clients. This market is currently working like an (ECN) broker, implying there are no trading desks or other types of trading involvement between the trader and the market. 

Who Can Participate in IC Markets?

This is an entirely automated broker that is suitable for both novices and experienced traders. Scalpers and high-volume dealers will benefit from the system’s competitive spreads and minimal fees. The broker is especially advantageous to people who conduct transactions using sophisticated analytics and high-volume trading platforms.

It also includes a straightforward signup process and a pre-programmed deposit and transaction method, making it the ideal trading platform for professional traders.

Pros and Cons of IC Markets

Pros

  • A simple registration procedure
  • Low commissions and spreads
  • Regular accounts and raw spread
  • Demonstration profile
  • A wide range of assets
  • There are no fees for deposits or transactions.
  • Stability of institutional quality
  • Completely monitored
  • Research and educational resources

Cons

  • Customer service isn’t up to standard.
  • There is no security for businesses outside the European Union that have a negative balance.
  • There are a limited number of resources with which to trade.

How can I sign up for an IC Markets account?

It’s simple to open an account with IC Markets. Go to the official website and submit your details. After that, you must enter your financial information as well as your past transactions. Submitting a printout of your proof of identification and citizenship papers completes the verification process.

IC Markets offers three account types via which you can buy the most famous assets 24 hours a day, seven days a week. IC Markets now features a demonstration account, which allows you to get a feel for the broker without risking any actual cash. Each new version has its pricing model and trading system.

Is IC Markets legal?

IC Markets is, without a doubt, a legitimate forex broker. The Australian Securities and Investments Commission (ASIC) which,h is considered one of the world’s most potent authorities, has granted the company license. The Cyprus Securities and Exchange Commission (CySEC) has also permitted them.

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