IC Markets Review

3.622 · 1478 REVIEWS

International Capital Markets

Raw Trading Ltd

Updated: Apr 14, 2021 · ICMarkets.com  · Is this your company?

ICMarkets is a forex broker. IC Markets offers the MT4, MT5 and cTrader trading currency platforms. ICMarkets.com offers over 60 currency pairs, cryptocurrencies, indices, futures, stocks, gold, silver, commodities and cfds for your personal investment and trading options.

IC Markets
2020-10-08:  CONSOB of Italy has issued a warning against and blocked internet access to Raw Trading LTD - ICMarkets.com.  CLICK HERE to verify.

January-February 2015:  A large number of suspicious and fake positive reviews have been submitted for IC Markets.

Other websites of this company include ICMarkets.com.au and ICMarkets.eu

Broker Details

Minimum Trade Size: 0.01
Maximum Leverage: 500:1
Minimum to Open Live: $200
Established: 2007
Address: Level 4, 50 Carrington Street, Sydney, NSW 2000, NSW 2000, Australia
Contact: info@icmarkets.com, +61 (0)2 8014 4280
Regional offices:
Regulators: ASIC #AFSL No. 335692, CySEC #362/18, FSA-S #SD018
Prohibited countries:
Trading platforms: MT4, MT5, cTrader
Web Trading: Yes
Mobile Trading: Yes
Currencies: (60+)
Cryptocurrencies: (10+) Bitcoin, Litecoin, Ethereum
CFD: (215+) Gold, Silver, Other Precious Metals, Stocks, Stock Indexes, Bonds, Oil, Other Commodities
EAs/Robots: Yes
News Spike Trading: Yes
Scalping: Yes
MAM: Yes
PAMM: Yes
ZuluTrade: Yes
Deposit Methods: Bank Wire, VISA, MasterCard, BPAY, ePayments, FasaPay, Klarna, Local Bank Transfers, Neteller, PayPal, Poli, Rapid Pay, Skrill, Transfer from Existing Broker, UnionPay
Withdrawal Methods: Bank Wire, VISA, MasterCard, Local Bank Transfers, Neteller, PayPal, Skrill

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3.622 · 1478 REVIEWS
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Traders Reviews

bbenjiii94,
europe, Netherlands,
Apr 9, 2021,
Guest

TOP BROKER

Service use: Live

Length of use: 3-6 Months

Very good spreads and also a really great customer service ! very easy to use.
tried multiple brokers but this one is the best in overall. dont look any further if ur still searching for a broker :) 10/10 broker
 
Antofagasta, Chile,
Apr 9, 2021,
Registered user

Great service

Service use: Live

Length of use: over 1 Year

IC Markets is a great broker, low spreads, good trading conditions, great customer services, amazing platform/website and you can find many different options to deposit and withdraw your funds!
 
Daniel,
Somerset, United Kingdom,
Apr 8, 2021,
Guest

Excellent broker

Service use: Live

Length of use: over 1 Year

Very good spreads, everything works perfectly - withdrawals / deposits - all excellent. Highly recommend this broker.
 
Simz Cele,
Sandton, South Africa,
Apr 7, 2021,
Guest

Very Good

Service use: Live

Length of use: over 1 Year

Very Good Company good withdrawals, very quick, trustworthy, have never let me down ever
 
study room, Singapore,
Apr 7, 2021,
Registered user

Changes that took place without informing

Service use: Live

Length of use: over 1 Year

Since last year i was a certified Pro customer on ICmarkets, aussie branch and has been in aussie branch since I started with them

In Mar 2021, they needed to follow Asic Product Intervention. what happen next was a chaotic, inconsiderate short sightedness

1) ALL my demo acct whether its mt4/mt5 (ctrader not affected) were INTERNALLY reduced to 50 although on the mt4/mt5 accoount login info, it was 500 leverage. I was also told by support that due to this change, in future ALL my demos even if i created them in my client profile (which is that of a Pro client) will be 50 and that i needed chat with support to set the leverage back to 500

2) I requested an urgent fix but was left for 24hours with many back and forth. Later these demos were indeed fix to 500 leverage which they were created with. ICmarkets also did some fixes to the demo account creation

a) ICMarkets did not reply to my ticket that leverage was fix with 500 and i had to start another chat to realised that

b) ICMarkets also did not communicate that fix was done such that in future any demos I created will be whatever leverage i had selected. I had just created another demo and was on chat again to ask to change the internal leverage when the support staff told me that its already 500 internally

c) support staff showed me the email communication which was sent earlier that stated the changes to demo accounts but I didnt receive such an email and certainly its not in my spam either. I requested a re send of email, but did not received it

I also requested an account manager to call me and was promised that this request was forwarded but did not received a call (I was given to understand from ICMarkets site that an account manager will be available for pro client). Obviously i failed to understand that ICmarkets only intend it in writing and nothing more

ICMarkets failed in considering this change that now affects a pro customer and on top of it failed to communicate the resolution of issues and the followup of issues.

Although its a demo account, I used this to run EA to test their functionality and its important for me to adjust as such

===
After this matter, i thought thats the last of my issues, and i raise a ticket to RM department to create a new ctrader account which will serve as a signal account.
The ctrader account was created with a logical leverage of 500. From the top of the ctrader screen its 500 leverage but internally was also set to 30

I was monitoring the trading and realised that i could not open another trade of 0.02lot (1st trade was 0.02 and there were no further trades on the account as this account was new). Message was not enough margin

I created a ticket from 4.59am (GMT+3) or about 9.59am SG time (GMT+8) to have this fix to 500 leverage. Earlier a support staff told me that my ctrader accounts are not affected when i ask to investigate all my live mt4/mt5/ctrader accout internal leverage settings

After waiting till 1.15pm SG Time (GMT+8) Matthew Hancock reply to my ticket to tell me that my leverage was set to 30 and i needed to transfer my accts to Global branch as per Asic regulations. This reply was obviously without checking my client status of Pro settings

I also failed to understand how RM department can create a ctrader account whereby the status show 500 leverage and internally set to 30.

I raise another ticket for this matter as its urgent that I get it resolved before trading tomorrow as this is also a signal account.

Again not surprisingly I didnt get a call from an account manager which i even raise a form to get a call back and to request a call back in my ticket. I waited more than 6 hours and this was pushed to the back burner, all due to a staff that did not check my client status and the absence of the account manager which could have help me resolve this issue faster
=======================================================
3rd major issue: My client login password and username
========================================================
All along i login to ICmarket client portal using my username eg abc
All of a sudden ICmarket made a change to this by using email login instead. As usual ICmarket again FAILED to communicate with me that this was changed

I could NOT login despite giving correct password as the internal system does not verify against username but by email instead. After 3x, I click on reset password. The system generated a reset password email that stated my username, abc and new password.

I tried with this temporarily created password and my username and got rejected again despite I used copy and paste to ensure password i entered was correct as per the reset password email. I use reset password 2x and got rejected 2x and these 2 emails stated clearly my username = abc, not my email as username

After this i got on chat, and thanks to a support staff that helped with online tools Teamviewer, I showed hiim what happened and he ask that I click forgot password. I show him the previous 2nd email and he realised immediately after I typed my username that it was wrong. I should have used email to login instead of username. In order to login, I had to follow his instructions to click forgot password and finally system decided that i am all ready to burn down ICmarkets and stated username=my email with a temporarily password

That worked. The support staff told me from now onwards i needed to use email to login. When i ask why i never received communication on this important matter, his reply was "We didnt realised that its affected for those using username"
=====
ICmarket has very poor planning and very poor execution of services to clients. They have grown too large to care or be considerate before they execute any plans

This year alone,
1) ICmarket change client login to email instead of username, there is NO communication whatsoever. The 2 emails for the reset password stated my username and not my email thus it confused and frustrated me further. Even email generated for this reset password cant get it correct

2) ICmarkets change my demos internally to 30 leverage failed again to communicate despite my Pro client status

3) ICmarkets fix my demo leverage failed to communicate until i chatted with support to learn of it

4) Icmarkets fix the system such i could create a demo and it will have the leverage i choose but failed to communicate such changes

5) Icmarkets has now changed my new ctrader acct internal leverage to 30 failed to fix this process for Pro customer and failed in training staff like Matthew to check before reply

6) ICMarkets failed to ask an account manager to call me and to understand the issues i faced despite their promise of an account manager
 
Reply by IC Markets submitted Apr 13, 2021:
Hi Beth,

Thank you for taking the time to leave a review.

We are aware that our Customer Service team have spoken to you yesterday regarding the misunderstanding about the communication on your account and the email addresses being used. We appreciate you taking our call and we are glad that this situation has been clarified.

We understand the regulatory changes meant some disruption to your accounts and we appreciate that this may have been frustrating. We apologise for any delays you may have experienced. We are on hand to answer any questions you may have and we look forward to hearing from you.

Kind regards,
The IC Markets Team
Ho Chi Minh, Viet Nam,
Apr 7, 2021,
Registered user

Good Broker

Service use: Live

Length of use: over 1 Year

Service good
Commission Fee low
Spread low with Rawspread account
Processing Fund and Withdrawal good
 
Vietnam, Viet Nam,
Apr 6, 2021,
Registered user

excellent spreads, good service

Service use: Live

Length of use: over 1 Year

this company has very good spreads, but widened greatly at end of US session for an hour so be careful. Service is reasonably good, tracking was easy. Deposit, withdrawal...no problem at all. I have been with them for 1+ years, and am fairly happy with the service. I just worry about bigger money account and how they would handle it, especially now that my account is being moved offshore due to ASIC new rulings. I will report if there's negative experience.
 
Candaba, Pampanga, Philippines,
Apr 6, 2021,
Registered user

Service use: Live

Length of use: 0-3 Months

My to on USDCAD yesterday was closed even if the SL is 17 pips away from the acctual price, good thing i was able to move my stop loss to profit before it was closed.

Also the USDCAD chart was different in 1H timeframe that to those charts from other broker.

I can provide screenshot upon request
 
Reply by IC Markets submitted Apr 14, 2021:
Hi Gerald,

Thank you for your review and for contacting us regarding your trade investigation.

We understand our Trade Investigations team has been in contact with you to explain that the issue you're referring to is due to confusion between Bid and Ask prices. We understand that the trade in question has been clarified for you, please do not hesitate to contact us should you require anything further.

Kind regards,
The IC Markets Team
Julius,
London, United Kingdom,
Apr 5, 2021,
Guest

Excellent provider

Service use: Live

Length of use: 3-6 Months

excellent spreads and range, excellent user interface and easy to use. Has good tools to help with trading. Very good service 10/10
 
Helder Estrela,
Lisbon, Portugal,
Apr 5, 2021,
Guest

Recommend

Service use: Live

Length of use: 0-3 Months

I recommend icmarkets, for the following:
low spreads
easy to take the money from the account
customer service team, friendly and very helpful in resolving issues
 

Frequently Asked Questions

👉 What is the minimum deposit for IC Markets?

IC Markets minimum deposit is $200 USD for all available account types.

👉 Is IC Markets a good broker?

The the best way to answer if IC Markets is a good broker is to read the unbiased traders reviews on Forex Peace Army. https://www.forexpeacearmy.com/forex-reviews/8264/icmarkets-forex-brokers.

Please come back often as broker services are very dynamic and can improve or deteriorate rapidly.

Additionally, we'd recommend to check recent IC Markets community discussions: https://www.forexpeacearmy.com/community/tags/icmarkets/

👉 Does IC Markets have negative balance protection?

IC Markets does not offer Negative Balance Protection and your loss may exceed your account balance.

However, to try to protect you from situations like this, IC Markets accounts have stop-out level set at 50%.

This means that when margin falls below this level the system will start closing positions automatically.

In nearly all cases this should prevent the account balance going negative.

👉 Where is IC Market based and where are its servers located?

IC Markets headquarters are based at Level 4, 50 Carrington Street, Sydney, 2000 NSW, Australia.

IC Markets Trading servers are located at the Equinix data centers in New York and London also known as home of multiple exchanges and trading platforms.

👉 Is IC Market regulated?

IC Makets holds regulatory licenses from:

  • ASIC in Australia (AFSL No. 335692)
  • CYSEC in Cyprus (362/18)
  • Seychelles Financial Service Authority (SD018)

👉 Does IC Markets allow scalping?

IC Markets welcomes all trading styles including:

  • Scalping
  • News trading
  • Hedging.