IC Markets Review
Overall, IC Markets is very competitive in terms of its trading fees and spreads. IC Markets is regulated by one Tier-1 (High-Trust), one Tier-2 (Medium-Trust) and four Tier-3 (Low-Trust) regulators. IC Markets offers three retail investor accounts as well as a demo and Islamic Account. IC Markets has a Trust Score of 86% out of 100. IC Markets is currently not regulated by the MFED, BoB, or NBFIRA of Botswana
- Louis Schoeman
Jump to:
Regulation and Safety of Funds
Account Types and Features
Account Registration
Trading Platforms
Range of Markets
Fees
Deposits and Withdrawals
Education and Research
Affiliate Program
Final Verdict
Pros and Cons
FAQ
Overall Rating
- 4.7/5
Min Deposit
USD 200
Regulators
ASIC
Trading Desk
Metatrader 4
Crypto
Yes
Total Pairs
65
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
IC Markets Review – 23 key points quick overview:
- ✅ IC Markets Overview
- ✅ IC Markets At a Glance
- ✅ IC Markets Regulation and Safety of Funds
- IC Markets Awards and Recognition
- IC Markets Account Types and Features
- How to open an account with IC Markets in Botswana
- IC Markets Vs HF Markets Vs FP Markets – Broker Comparison
- IC Markets Trading Platforms
- IC Markets Range of Markets
- Broker Comparison for Range of Markets
- IC Markets Trading and Non-Trading Fees
- IC Markets Deposits and Withdrawals
- How to Deposit Funds with IC Markets
- IC Markets Fund Withdrawal Process
- IC Markets Education and Research
- IC Markets Bonuses and Promotions
- How to open an Affiliate Account with IC Markets
- IC Markets Affiliate Program Features
- IC Markets Customer Support
- IC Markets Corporate Social Responsibility
- Our Verdict on IC Markets
- IC Markets Pros and Cons
- FAQ
IC Markets Overview
👉 Overall, IC Markets is considered low-risk, with an overall Trust Score of 86 out of 100. IC Markets is licensed by one Tier-1 Regulators (high trust), one Tier-2 Regulator (average trust), and two Tier-3 Regulators (low trust). IC Markets offers three different retail trading accounts namely a cTrader Account, Raw Spread Account, and Standard Account.
👉 IC Markets accepts Botswanan clients and has an average spread from 0.0 pips with $6 or $7 commission round turn. IC Markets has a maximum leverage ratio up to 1:500 and there is a demo and Islamic account available. MT4, MT5, and cTrader platforms are supported. IC Markets is headquartered in Australia and is regulated by ASIC, CySEC, FSA, and SCB.
👉 In 2007, a group of financial industry experts based in Sydney, Australia established IC Markets to provide trading solutions to both retail and institutional clients. IC Markets achieves this by bridging the gap between the two types of customers.
👉 In recent years, IC Markets has grown to become one of the major trading providers in Australia. Additionally, they have expanded beyond as they now service international and European entities, as well as established a Chinese Support centre and present truly competitive trading terms.
👉 IC Markets is the largest true electronic communication network (ECN) trading broker in the world. The company gives its customers access to the most popular trading platforms and a wide variety of trading goods that can be used to trade in a variety of markets.
👉 In addition to providing you with access to trade with low spreads beginning at 0.0 pips, IC Markets also provides you with access to deep liquidity from a wide selection of liquidity providers. This ensures that you are always able to achieve quick transaction execution speeds at the best prices that are currently accessible.
👉 This IC Markets review for Botswana will provide local retail traders with the details that they need to consider whether IC Markets is suited to their unique trading objectives and needs.
IC Markets Distribution of Traders
👉 IC Markets currently has the largest market share in these countries:
➡️ Vietnam – 11.7%
➡️ Brazil – 8.9%
➡️ United Kingdom – 6.5%
➡️ Poland – 5.6%
➡️ Australia – 3.9%
Popularity among traders who choose IC Markets
👉 IC Markets is a broker that has its operations based in Australia, with a <5% market share in the Botswanan derivatives market. Subsequently, IC Markets holds a position in the top 40 brokers available to traders in Botswana.
IC Markets At a Glance
| 🏛 Headquartered | Sydney, Australia |
| 🌎 Global Offices | Australia |
| 🏛 Local Market Regulators in Botswana | • Ministry of Finance and Economic Development (MFED) • Bank of Botswana (BoB) • Non-Bank Financial Institutions Regulatory Authority (NBFIRA) |
| 💳 Foreign Direct Investment in Botswana | 115.89 BWP Million in 2021 |
| 💰 Foreign Exchange Reserves in Botswana | 5270 USD Million in 2021 |
| ✔️ Local office in Gaborone? | No |
| 👨⚖️ Governor of SEC in Botswana | None, Moses Dinekere Pelaelo is the Governor of the Bank of Botswana |
| ✔️ Accepts Botswana Traders? | Yes |
| 📊 Year Founded | 2007 |
| 📞 Botswana Office Contact Number | None |
| 📱 Social Media Platforms | • Facebook |
| ⚖️ Regulation | ASIC, CySEC, FSA, SCB |
| 1️⃣ Tier-1 Licenses | • Australian Securities and Investments Commission (ASIC) |
| 2️⃣ Tier-2 Licenses | • Cyprus Securities and Exchange Commission (CySEC) |
| 3️⃣ Tier-3 Licenses | • Financial Services Authority (FSA) • Securities Commission of the Bahamas (SCB) |
| 🪪 License Number | • Seychelles – SD018 • Australia – AFSL 335692 • Cyprus – 362/18 • Bahamas – SIA-F214 |
| ⚖️ MFED, BoB, or NBFIRA Regulation | No |
| ✔️ Regional Restrictions | United States, Canada, Iran, Yemen, and OFAC countries |
| ☪️ Islamic Account | Yes |
| 💻 Demo Account | Yes |
| 🛍 Retail Investor Accounts | 3 |
| ✔️ PAMM Accounts | MAM Accounts |
| 💻 Liquidity Providers | 25 |
| ✔️ Affiliate Program | Yes |
| 📱 Order Execution | Market |
| 📊 Starting spread | 0.0 pips |
| 📉 Minimum Commission per Trade | From $3 to $3.5 |
| 💰 Decimal Pricing | 5th decimal pricing after the comma |
| 📞 Margin Call | 100% |
| 🛑 Stop-Out | 50% |
| 📉 Minimum Trade Size | 0.01 lots |
| 📈 Maximum Trade Size | Unlimited |
| ✅ Crypto trading offered? | Yes |
| ✔️ Offers a BWP Account? | No |
| 📉 Dedicated Botswana Account Manager? | No |
| 📈 Maximum Leverage | 1:500 |
| 📊 Leverage Restrictions for Botswana? | No |
| 💳 Minimum Deposit (BWP) | 2,400 Botswanan Pula or an equivalent to $200 |
| ✔️ Botswana Pula Deposits Allowed? | No |
| 📊 Active Botswana Trader Stats | 250,000+ |
| 👥 Active Botswana-based IC Markets customers | Unknown |
| 🔁 Botswana Daily Forex Turnover | Unknown, Forex overall is $6.6 Trillion |
| 💰 Deposit and Withdrawal Options | • Credit Card • Debit Card • PayPal • Neteller • Neteller VIP • Skrill • UnionPay • Bank Wire Transfer • Bpay • FasaPay • Broker to Broker • POLi • Thai Internet Banking • Vietnamese Internet • Banking • Rapidpay • Klarna |
| 💻 Minimum Withdrawal Time | Instant |
| ⏰ Maximum Estimated Withdrawal Time | Up to 14 business days |
| 💳 Instant Deposits and Instant Withdrawals? | Yes, on PayPal, Neteller, and Skrill |
| 🏛 Segregated Accounts with Botswana Banks? | No |
| 📱 Trading Platforms | • MetaTrader 4 • MetaTrader 5 • cTrader |
| 💻 Tradable Assets | • Forex • Commodities • Indices • Bonds • Cryptocurrencies • Stocks • Futures |
| ✔️ Offers USD/BWP currency pair? | No |
| 📊 USD/BWP Average Spread | N/A |
| ✅ Offers Botswana Stocks and CFDs | No |
| 💻 Languages supported on the Website | English, Spanish, Russian, Thai, Malay, Vietnamese, Italian, Portuguese, and several others |
| ☎️ Customer Support Languages | Multilingual |
| 👥 Copy Trading Support | Yes |
| ⏰ Customer Service Hours | 24/7 |
| 📞 Botswana-based customer support? | No |
| 💸 Bonuses and Promotions for Botswanans? | No |
| 📚 Education for Botswanan beginner traders | Yes |
| 📱 Proprietary trading software | No |
| 🤝 Most Successful Trader in Botswana | Unknown |
| ✔️ Is IC Markets a safe broker for Botswana Traders? | Yes |
| 🎖 Rating for IC Markets Botswana | 9/10 |
| 🥇 Trust score for IC Markets Botswana | 86% |
| 👉 Open Account | 👉 Open Account |
IC Markets Regulation and Safety of Funds
IC Markets Regulation in Botswana
👉 IC Markets has regulations from around the world but not that of Botswanan regulators. However, IC Markets is still a trusted option for Botswanan traders.
IC Markets Global Regulations
👉 IC Markets is a worldwide provider of CFDs and operates offices in several different jurisdictions to better serve your requirements. When you sign up for an account, you will be given the option to select which company you would want to have your trading account held with.
👉 The primary distinctions between the broker organizations are who regulates them and the kinds of financial instruments to which their clients have access. Your decision will be influenced by whatever factors are most important to you, whether that be leverage, regulation, or the instruments that are accessible.
👉 You need to assess the necessity of regulation against the freedom to trade whenever you see fit because some authorities place restrictions on the services that brokers can provide for their clients.
👉 In terms of IC Markets, the following market regulators oversee and authorize the broker to operate globally:
➡️ Tier-1 – The Australian Securities and Investments Commission (ASIC).
➡️ Tier-2 – The Cyprus Securities and Exchange Commission (CySEC).
➡️ Tier-3 – The Seychelles Financial Services Authority (FSA).
➡️ Tier-3 – The Securities Commission of The Bahamas (SCB).
IC Markets Client Fund Security and Safety Features
👉 Because of stringent regulations, you should be able to have the confidence that the broker you are working with is trustworthy, reputable, and transparent. In terms of IC Markets, the broker is among the most regulated brokers that are now available.
👉 IC Markets is required to comply with stringent financial criteria because it is an entity that is regulated by ASIC, which means that the regulator guidelines include capital adequacy and audit requirements.
👉 In compliance with the regulations governing the handling of client money in Australia, client funds are kept in separate bank accounts in Australia.
👉 Because of this, customer payments are kept in a separate account from the finances of the company and therefore cannot be utilized for any other reason. They additionally employ independent external auditors to ensure that all regulatory requirements are met.
👉 IC Markets welcomes customers from all over the world, apart from some nations on the OFAC list as well as the United States of America, Canada, Israel, New Zealand, Japan, and Iran. Because of US CTFC legislation, US customers are unable to trade with brokers located in other countries.
IC Markets Awards and Recognition
👉 Over the years, IC Markets has received various industry awards, including Best Forex MT5 Broker 2020 (FX Scouts) for its exceptional execution speeds and trading flexibility on the MT5 platform, further enhancing its reputation as a reputable broker.
IC Markets Account Types and Features
👉 IC Markets provides retail investors with the option to choose from three various accounts, each of which comes with a distinctive set of features and trading conditions that are tailored to a specific type of trader.
➡️ cTrader Account
➡️ Raw Spread Account
➡️ Standard Account
| 💻 Live Account | 📉 Minimum Dep. | 📊 Average Spread | 💰 Commissions | 💸 Average Trading Cost |
| ➡️ cTrader | 2,400 BWP/$200 | 0.0 pips | $3 or $6 per side | 6.02 USD |
| ➡️ Raw Spread | 2,400 BWP/$200 | 0.0 pips | $3.5 or $7 per side | 7.02 USD |
| ➡️ Standard | 2,400 BWP/$200 | 0.6 pips | None | 6.30 USD |
IC Markets Live Trading Accounts
cTrader Account
👉 cTrader is a major trading platform that was developed to cater to CFD trading. It offers traders a variety of advanced trading tools, charting options, and more. cTrader was developed to cater to CFD trading and Botswanan traders who use this account can take advantage of the following unique features:
| Account Feature | Value |
| ✔️ Full Account Verification Needed? | No, not for account deposits under 100,000 BWP or an equivalent to $9,000 |
| 📊 Average Spreads | Variable, from 1 pip |
| 💸 Commissions (Per 1 mil traded) | None |
| 📈 Maximum Leverage | 1:200 |
| 📉 Minimum lot size | 0.01 lots |
| 🔨 Instruments | 81 |
| 🛑 Stop-Out (%) | 50% |
| 📱 One-Click Trading offered? | Yes |
| ✅ Strategies allowed | All |
| 💰 Base Account Currency | USD, EUR, HKD, SGD |
Raw Spread Account
👉 The Raw Spread Account features the industry’s most competitive spreads and only levies a little commission cost on trades. Additionally, this account is well-known for its extensive liquidity as well as its consistent execution speeds.
👉 Botswanan day traders, expert adviser traders, high-frequency traders, and scalpers will find that this account meets their needs.
| Account Feature | Value |
| 💻 Trading Platform | MetaTrader 4 and 5 |
| 💳 Commissions | $3.5 per side and $7 per round turn |
| 📊 Average Spreads | 0.0 pips |
| 📉 Minimum Deposit Requirement | 2,400 Botswanan Pula equivalent to $200 |
| 📊 Leverage | 1:500 |
| 📈 Maximum positions per account | 200 lots |
| 📍 Server Location | New York |
| ➡️ Micro trading allowed? | Yes |
| 📈 Currency Pairs | 64 |
| 📉 Index CFD Trading | Yes |
| 🛑 Stop-Out (%) | 50% |
| 📱 One-Click Trading offered? | Yes |
| ☪️ Islamic Accounts | Yes |
| ✔️ Trading Styles accepted | Scalping, hedging, expert advisors, algorithmic strategies, etc. |
| 💻 Programming Language | MQL4 |
| ✅ Suitable for | Expert advisers, scalpers |
| ✔️ Demo Account offered? | Yes |
Standard Account
👉 High execution speeds, all-inclusive spreads, and the absence of commissions are available to traders with an IC Markets Standard Account. This account typically caters to most Botswanan traders despite their trading needs or objectives.
| Account Feature | Value |
| 💻 Trading Platform | MetaTrader 4 and 5 |
| 💳 Commissions | None |
| 📊 Average Spreads | 0.6 pips |
| 📉 Minimum Deposit Requirement | 2,400 Botswanan Pula equivalent to $200 |
| 📊 Leverage | 1:500 |
| 📈 Maximum positions per account | 200 lots |
| 📍 Server Location | New York |
| ➡️ Micro trading allowed? | Yes |
| 📈 Currency Pairs | 64 |
| 📉 Index CFD Trading | Yes |
| 🛑 Stop-Out (%) | 50% |
| 📱 One-Click Trading offered? | Yes |
| ☪️ Islamic Accounts | Yes |
| ✔️ Trading Styles accepted | Scalping, hedging, expert advisors, algorithmic strategies, etc. |
| 💻 Programming Language | MQL4 |
| ✅ Suitable for | Discretionary Traders |
| ✔️ Demo Account offered? | Yes |
IC Markets Base Account Currencies
👉 IC Markets provides Botswanan traders with these options for the base currency of a trading account:
➡️ EUR
➡️ USD
➡️ GBP
➡️ AUD
➡️ SGD
➡️ NZD
➡️ JPY
➡️ CHF
➡️ HKD
➡️ CAD
IC Markets Demo Account
👉 A demo account is a practice account that offers traders a certain amount of virtual funds that they can use, allowing them to enter the live market without risking their capital.
👉 There is a certain degree of risk involved when trading financial markets and IC Markets offers its clients a risk-free platform where they can test strategies, practice trading, and explore what the broker offers in a safe trading environment with real market conditions.
👉 Traders have access to an unlimited and free demo account through IC Markets. You can create as many different demo accounts as you like within the trader’s dashboard of the IC Markets site.
👉 Botswanan traders are strongly encouraged to utilize it before beginning to trade with real money since it provides a 1:1 simulation of the experience of trading with real money. In addition, the demo account is the most effective tool for gaining familiarity with new trading tactics and market environments.
👉 IC Markets also allows Botswanans to register a demo account on either MetaTrader 4, MetaTrader 5, or cTrader.
IC Markets Islamic Account
👉 Depending on the trading style and the trading strategy of the forex trader, they may keep their trading positions open for longer than 24 hours on a trading day.
👉 This means that Botswanan traders could be subject to an overnight or rollover fee. This is a type of interest that is prohibited by Riba principles of Sharia law, which means that Muslim traders are often restricted in forex trading.
👉 If you are a CFD and forex trader who adheres to Sharia Law, IC Markets offers an Islamic Account with cTrader, Raw or Standard pricing and no interest-based swap rates.
👉 While CFD and forex trades held open for more than one day pay or receive a swap rate (also known as an overnight financing fee) generated from interest rates, Islamic accounts conform with Islamic finance standards by paying flat-rate admin fees instead of swap rates.
How to open an account with IC Markets in Botswana
👉 To register an account with IC Markets, Botswana Traders can follow these steps:
➡️ Navigate to the official website for IC Markets and select the green “Start Trading” banner on the homepage.
➡️ The first step to registering an account involves providing some personal details such as your country of residence, first name, last name, and so on. If you prefer, you can use your Google or Facebook credentials to complete this part automatically.
➡️ Once complete, you can move on to “Tell us more about yourself.” In this section, you can choose your account type between Individual, Joint, or Corporate and select the option for an Islamic account (for Muslim traders) and proceed by providing your date of birth and residential address.
➡️ The next step involves the “Configure your trading account” section where you can choose your trading platform, and your account type, and select your account base currency from EUR, USD, GBP, AUD, SGD, NZD, JPY, CHF, HKD, and CAD.
➡️ Next, you will be required to select your overall trading experience between beginner, intermediate, or advanced. Once complete, you can provide a security question and answer which will be used when you contact IC Markets via telephone, email, or live chat.
➡️ Once you have completed the security question section, you must confirm that you fully understand and accept the IC Markets Islamic account Terms and Conditions if you have selected the option for an Islamic Account, and the typical Terms and Conditions if you have registered without selecting the Islamic Account option.
➡️ Once you have submitted your application you must provide proof of your identity and residential address. These documents must confirm the information that you provided in your application. Once approved, your account will be verified, and you can deposit the minimum amount to start trading.
IC Markets Vs HF Markets Vs FP Markets – Broker Comparison
| 🥇 IC Markets | 🥈 HF Markets | 🥉 FP Markets | |
| ⚖️ Regulation | ASIC, CySEC, FSA, SCB | FSCA, CySEC, DFSA, FSA, FCA, FSC, and CMA with registration in ACPR, BaFin, MNB, CONSOB, CNMV, FI, FMA, FSC, and other regions | ASIC, CySEC |
| 📱 Trading Platform | • MetaTrader 4 • MetaTrader 5 • cTrader | • MetaTrader 4 • MetaTrader 5 • HF App | • MetaTrader 4 • MetaTrader 5 • Myfxbook AutoTrade • FP Markets App |
| 💰 Withdrawal Fee | No | No | Yes |
| 📊 Demo Account | Yes | Yes | Yes |
| 📈 Minimum Deposit | 2,400 BWP | 60 BWP | 850 BWP |
| 📊 Leverage | 1:500 | 1:1000 | 1:500 |
| 📊 Spread | From 0.0 pips | 0.0 pips | 0.0 pips |
| 💰 Commissions | From $3 to $3.5 | $3 to $4 | From US$3 |
| ✴️ Margin Call/Stop-Out | 100%/50% | • 40%/10% • 50%/20% | 100%/50% |
| 💻 Order Execution | Market | Market | Market |
| 💳 No-Deposit Bonus | No | No | No |
| 📊 Cent Accounts | No | No | No |
| 📈 Account Types | • Standard Account • GO+ Account | • Micro Account • Premium Account • Nigeria HFcopy Account • Nigeria Zero Spread Account • Auto Account | • Standard Account • Premium Account • VIP Account |
| ⚖️ CBN Regulation | No | No | No |
| 💳 BWP Deposits | No | No | No |
| 📊 Botswana Pula Account | No | No | No |
| 👥 Customer Service Hours | 24/7 | 24/5 | 24/7 |
| 📊 Retail Investor Accounts | 3 | 5 | 4 |
| ☪️ Islamic Account | Yes | Yes | Yes |
| 📉 Minimum Trade Size | 0.01 lots | 0.01 lots | 0.01 lots |
| 📈 Maximum Trade Size | Unlimited | 60 lots | 50 lots |
| 💰 Minimum Withdrawal Time | Instant | 10 Minutes | Instant |
| 📊 Maximum Estimated Withdrawal Time | Up to 14 business days | 10 business days | Up to 5 working days |
| 💸 Instant Deposits and Instant Withdrawals? | Yes, on PayPal, Neteller, and Skrill | No | Yes, Sticpay wallet withdrawals |
IC Markets Trading Platforms
👉 Clients of IC Markets have unrestricted access to MetaTrader 4, MetaTrader 5, and cTrader. These three trading platforms are currently the most well-known and easiest to use on the market. The True ECN trading mechanism is available at no additional cost to all traders on all platforms.
Desktop Platforms
➡️ MetaTrader 4
➡️ MetaTrader 5
➡️ cTrader
MetaTrader 4
👉 Because of its ease of use, feature-rich environment, and automated trading capability, MetaTrader 4 (MT4) is the world’s most popular trading platform for forex traders. The MT4 trading platform has evolved into a global community where technology vendors may cater to the needs of all sorts of traders.
👉 IC Markets intends to make available to Botswana traders the most recent version of the MetaTrader 4 platform, which was created expressly to aid Botswana traders in sharpening their trading strategies.
👉 Among the features of IC Markets’ MT4 platform are:
➡️ 50+ technical indicators that are preinstalled
➡️ 24 charting tools for analysis
➡️ Three kinds of charts
➡️ Nine different timeframes.
➡️ The ability to trade within a single click
➡️ Traders can create their own indicators and Expert Advisors using MetaTrader’s MQL
MetaTrader 5
👉 IC Markets is confident that the newly released MetaTrader 5 trading platform provides Botswanan traders with all they need for profitable market trading. MetaTrader 5’s improved charting technology and order management tools enable traders to monitor and manage their open positions more efficiently.
👉 This enables traders to make better trading judgments. It is a sophisticated trading platform that includes a slew of brand-new features meant to enhance the trading experience.
cTrader
👉 Botswanan traders also have access to cTrader, a complete trading platform that is distinguished by its ability to integrate the most desirable characteristics of both speed and liquidity. It employs tried-and-true technologies that will allow Botswanan traders to take their trading to a whole new level.
👉 Another of cTrader’s many original features is the cIAgo interface and platform. Using the source code editor and the programming language C#, you can generate customized technical indicators that can be used for technical analysis.
WebTrader Platforms
➡️ MetaTrader 4
➡️ MetaTrader 5
➡️ cTrader
MetaTrader 4 and 5
👉 Millions of traders worldwide use MT4 as their primary trading platform. If traders do not want to download or install any additional software, they can execute it directly from a web browser without downloading or installing anything.
👉 Traders can use MetaTrader 5 as an all-in-one trading platform to access the full array of instruments offered by IC Markets. Furthermore, due to the broker’s raw spreads, MetaTrader 5 has become one of the most powerful trading platforms for aggressive traders via IC Markets.
cTrader
👉 cTrader Web is a program that combines the speed and simplicity of web-based software with the order execution capabilities of cTrader. This program is designed to run in a web browser and may be downloaded for free.
👉 Trading with IC Markets is now easier than it has ever been because of a new trading tool called cTrader Web, which is a web-based trading platform that is straightforward to use.
Trading App
➡️ MetaTrader 4
➡️ MetaTrader 5
➡️ cTrader
MetaTrader 4 and 5
👉 The MetaTrader 4 (MT4) and MetaTrader 5 (MT5) mobile trading applications are both available for free download from the Google Play Store and the Apple App Store, respectively. On these trading platforms, several built-in tools may be utilized for chart analysis to identify potential trading opportunities that are dispersed throughout a diverse selection of markets.
cTrader
👉 cTrader is a high-speed trading software that was developed specifically for internet trading in marketplaces all over the world. Botswanan traders who trade on their own time favour it over other platforms since it has an eye-catching design, an interface that is simple to navigate, and an enormous range of sophisticated capabilities.
👉 Using the cTrader mobile app, it is now possible to trade while travelling. If traders have access to the internet, they can log into their trading accounts and handle their open positions regardless of where they are physically located.
IC Markets Range of Markets
👉 Botswana Traders can expect the following range of markets from IC Markets:
➡️ Forex
➡️ Commodities
➡️ Indices
➡️ Bonds
➡️ Cryptocurrencies
➡️ Stocks
➡️ Futures
Financial Instruments and Leverage offered by IC Markets
| 🔨 Instrument | 💰 Number of Assets Offered | 📈 Max Leverage Offered |
| ➡️ Forex | 64 | 1:500 |
| ➡️ Precious Metals | 22 | 1:100 |
| ➡️ ETFs | 25 | 1:200 |
| ➡️ Stocks | 1,600 | 1:20 |
| ➡️ Cryptocurrency | 18 | 1:5 |
| ➡️ Futures | 4 | 1:200 |
| ➡️ Bonds | 11 | 1:200 |
Broker Comparison for Range of Markets
| 🥇 IC Markets | 🥈 HF Markets | 🥉 FP Markets | |
| ➡️️ Forex | Yes | Yes | Yes |
| ➡️️ Precious Metals | Yes | Yes | Yes |
| ➡️️ ETFs | No | No | No |
| ➡️️ CFDs | Yes | Yes | Yes |
| ➡️️ Indices | Yes | Yes | Yes |
| ➡️️ Stocks | Yes | Yes | Yes |
| ➡️️ Cryptocurrency | Yes | Yes | Yes |
| ➡️️ Options | No | No | No |
| ➡️️ Energies | Yes | Yes | Yes |
| ➡️️ Bonds | No | Yes | No |
IC Markets Trading and Non-Trading Fees
Spreads
👉 IC Markets offers variable spreads, and the charges will differ depending on the type of account that is utilized, the financial instrument that is being traded, and the conditions of the market on the day that the deal is executed. The following is a rundown of the typical spreads that investors can anticipate while trading EUR/USD:
➡️ cTrader Account – 0.0 pips
➡️ Raw Spread Account – 0.0 pips
➡️ Standard Account – 0.6 pips
Commissions
👉 To cover the broker’s fee for arranging the trade, IC Markets requires customers with zero-spread accounts to pay commissions. The following is a list of the live trading account commissions that retail traders from Botswana could anticipate from IC Markets:
➡️ cTrader Account – $3 per side and $6 per round turn
➡️ Raw Spread Account – $3.5 per side and $7 per round turn
👉 In addition, to compensate for the absence of overnight costs, IC Markets applies commissions to Islamic accounts. These commissions can range anywhere from $5 to $80 and are deducted from the account balance.
Overnight Fees, Rollovers, or Swaps
👉 In derivatives trading, the interest that is added to or withdrawn from trade to keep it open overnight is referred to as a swap rate or rollover. The variations in the interest rates that apply overnight between two currencies are considered when determining whether a currency pair is long or short.
👉 Traders need to be aware that swaps will be applied to their positions if they hold on to them until the next forex trading day. There is the possibility that certain financial instruments could have swap rates that are negative on both sides of the deal.
👉 The value of a swap is determined in points, and the trading platform will automatically convert those points into the base currency of the account. Some of the usual overnight costs charged by IC Markets are as follows:
➡️ EUR/USD – a long swap of 3.9 and a short swap of 0.75
➡️ GBP/USD – a long swap of -1.82 and a short swap of -3.91
➡️ USD/JPY – a long swap of 1.75 and a short swap of -4.6
➡️ XAU/USD – a long swap of -3.5 and a short swap of -0.8
➡️ XAG/USD – a long swap of -0.98 and a short swap of -0.2
➡️ USTEC – a long swap of -1.12 and a short swap of -1.06
➡️ XBR/USD – a long swap of 7.04 and a short swap of -10.9
➡️ XTI/USD – a long swap of 6.01 and a short swap of -8.82
Deposit and Withdrawal Fees
👉 Neither deposits nor withdrawals are subject to fees at IC Markets. Botswanan traders, on the other hand, could be charged processing fees by their payment providers.
Inactivity Fees
👉 There are no inactivity fees indicated for IC Markets when a live trading account goes dormant after an extended time.
Currency Conversion Fees
👉 Non-trading costs are not charged by IC Markets, but Botswanan traders may incur currency conversion if they deposit in a currency other than AUD, USD, EUR, CAD, GBP, SGD, NZD, JPY, HKD, or CHF. These are the accepted base account currencies, and BWP deposits and withdrawals must be converted at an extra cost.
IC Markets Deposits and Withdrawals
👉 IC Markets offers the following deposit and withdrawal methods:
➡️ Credit Card
➡️ Debit Card
➡️ PayPal
➡️ Neteller
➡️ Neteller VIP
➡️ Skrill
➡️ UnionPay
➡️ Bank Wire Transfer
➡️ Bpay
➡️ FasaPay
➡️ Broker to Broker
➡️ POLi
➡️ Thai Internet Banking
➡️ Vietnamese Internet Banking
➡️ Rapidpay
➡️ Klarna
Broker Comparison: Deposit and Withdrawals
| 🥇 IC Markets | 🥈 HF Markets | 🥉 FP Markets | |
| Minimum Withdrawal Time | Instant | 10 Minutes | Instant |
| Maximum Estimated Withdrawal Time | Up to 14 business days | 10 business days | Up to 5 Days |
| Instant Deposits and Instant Withdrawals? | Yes, on PayPal, Neteller, and Skrill | No | Yes, Sticpay wallet withdrawals |
IC Markets Deposit Currencies, Deposit and Withdrawal Processing Time
| 💳 Payment Method | 💰 Deposit Currencies | 🔁 Deposit Processing | 💳 Withdrawal Processing |
| Credit Card | AUD, USD, JPY, EUR, NZD, SGD, GBP, CAD | Instant | 3 to 5 working days |
| Debit Card | AUD, USD, JPY, EUR, NZD, SGD, GBP, CAD, HKD, CHF | Instant | 3 to 5 working days |
| PayPal | USD, AUD, GBP, EUR, CAD, SGD, JPY | Instant | Instant |
| Neteller | AUD, GBP, EUR, CAD, SGD, JPY | Instant | Instant |
| Neteller VIP | AUD, GBP, EUR, CAD, SGD, JPY | Instant | Instant |
| Skrill | AUD, USD, JPY, EUR, SGD, GBP | Instant | Instant |
| UnionPay | RMB | Instant | Instant |
| Bank Wire Transfer | AUD, USD, JPY, EUR, NZD, SGD, GBP, CAD, CHF | 2 to 5 working days | Up to 14 days |
| Bpay | AUD | 12 to 48 hours | 2 to 3 working days |
| FasaPay | USD | Instant | 3 to 5 working days |
| Broker to Broker | AUD, USD, JPY, EUR, NZD, SGD, GPB, CAD, CHF, HKD | 2 to 5 working days | 3 to 5 working days |
| POLi | AUD | Instant | 2 to 3 working days |
| Thai Internet Banking | USD | 15 to 30 minutes | One business Day |
| Vietnamese Internet Banking | USD | Instant | One Business Day |
| Rapidpay | EUR, GBP | Instant | 3 to 5 working days |
| Klarna | EUR, GBP | Instant | 3 to 5 working days |
How to Deposit Funds with IC Markets
👉 To deposit funds to an account with IC Markets, Botswana Traders can follow these steps:
➡️ Traders are required to first connect their trading account to their IC Markets account before selecting a deposit method and currency to deposit into their IC Markets account.
➡️ After that, traders can specify the quantity of money they wish to deposit and carry out any extra procedures demanded by their payment provider to confirm and finish the deposit process.
IC Markets Fund Withdrawal Process
👉 Traders must file a withdrawal request to remove funds from their IC Markets account. This request may be in the trader’s Client Area and consists of a completed online form. Once finished, traders can submit a withdrawal request before noon AEST/AEDT, which means the withdrawal can be handled the same business day.
👉 When traders seek a withdrawal, they must keep the following in mind:
➡️ Withdrawal requests received after noon AEST/AEDT will be handled the next business day.
➡️ There is no processing charge for credit and debit card withdrawals, and these transactions can take up to 5 business days.
➡️ If traders utilize International Bank Wire Transfers, a processing fee of AU$20 will be paid and subtracted from the withdrawal amount.
➡️ If traders use Paypal, Neteller, or Skrill for withdrawals, they will be made to the same account from where funds were initially received.
➡️ If the trader’s credit or debit card has expired, a new and valid copy of the new card must be uploaded to the client area so that details can be updated.
IC Markets Education and Research
Education
👉 IC Markets offers the following Educational Materials:
➡️ Trading Knowledge
➡️ Advantages of Forex
➡️ Advantages of CFDs
➡️ Video Tutorials
➡️ Web TV
➡️ Webinars
➡️ Podcasts
➡️ Getting Started (includes 10 lessons)
Research and Trading Tool Comparison
| 🥇 IC Markets | 🥈 HotForex | 🥉 FP Markets | |
| ➡️ Economic Calendar | Yes | Yes | Yes |
| ➡️ VPS | Yes | Yes | Yes |
| ➡️ AutoChartist | Yes | Yes | No |
| ➡️ Trading View | No | No | No |
| ➡️ Trading Central | Yes | No | No |
| ➡️ Market Analysis | Yes | Yes | Yes |
| ➡️ News Feed | Yes | Yes | Yes |
| ➡️ Blog | Yes | Yes | Yes |
👉 IC Markets offers Botswana Traders the following Research and Trading Tools:
➡️ Economic Calendar
➡️ Market Analysis Blog
➡️ Forex Calculators
➡️ Forex Glossary
IC Markets Bonuses and Promotions
👉 IC Markets does not currently offer any bonuses or promotions to Botswanan traders.
How to open an Affiliate Account with IC Markets
👉 To register an Affiliate Account, Botswana Traders can follow these steps:
➡️ At the top of the IC Markets homepage is a “Partners” link that Botswanans can access.
➡️ Affiliates can peruse IC Markets’ offerings on a new page that loads.
➡️ Prospective affiliates can begin the application process by clicking on the green “Join Now” banner.
➡️ Interested affiliates can apply to IC Markets for consideration by filling out the form and providing the necessary information.
➡️ Once an affiliate’s application has been approved, an IC Markets representative will contact them with instructions on how to begin referring customers.
IC Markets Affiliate Program Features
👉 Referrals are paid based on the volume of trades they make. IC Markets’ affiliate program necessitates that partners recommend the firm to other active traders.
👉 Botswanans who become affiliates of IC Markets get access to several tools and services as well as personalized customer service.
👉 For affiliates who join forces with IC Markets, there are numerous opportunities to take advantage of market-leading trading performance, expand their businesses while guiding customers, and stay one step ahead of the competition thanks to expert financial advice and guidance from a dedicated team.
IC Markets Customer Support
👉 IC Markets provides customers with a dedicated support team that is available through live chat, email, and phone around the clock. Support through live chat and the phone is available to assist with all frequent questions and problems.
👉 Email is the sole method that may be used to communicate with inquiries that are aimed at departments, such as the department of accounts. In addition, the frequently asked questions (FAQ) part of IC Markets is comprehensive and provides answers that are related to the most common concerns.
| Customer Support | IC Market’s Customer Support |
| ⏰ Operating Hours | 24/7 |
| 🗣 Support Languages | Portuguese, English, Vietnamese, Chinese |
| 🗯 Live Chat | Yes |
| 📧 Email Address | Yes |
| ☎️ Telephonic Support | Yes |
| 📞 Local Support in Botswana? | No |
| 🥇 Overall quality of IC Markets Support | 4.3/5 |
IC Markets Corporate Social Responsibility
👉 There is currently no information on IC Markets’ CSR initiatives or projects.
Our Verdict on IC Markets
👉 When it comes to traders searching for a broker with cheap fees, IC Markets is the finest option. IC Markets is one of the finest forex brokers for intermediate or experienced forex traders since they provide the choice of trading platforms, including MT4, MT5, and the cTrader platform.
👉 IC Markets, in contrast to most other providers, has genuine direct market access. Therefore, there is the potential for endless gains depending on the trading strategy, risk management and tolerance, and the overall trading plan of Botswanan traders.
👉 IC Markets continues to be a fantastic choice for algorithmic techniques, high-frequency traders, and scalpers since the execution speed is excellent. Traders may acquire maximum leverage of 1:500 in one of the safest trading settings with a deposit of only 2,400 BWP or an equivalent to $200.
IC Markets Pros and Cons
| ✔️ Pros | ❌ Cons |
| IC Markets is a multi-regulated forex and CFD broker with a decent trust score and a low-risk reputation | There is a higher minimum deposit requirement charged than other brokers |
| There is real raw spread trading offered across several asset classes | Botswanan traders could face currency conversion fees |
| IC Markets offers some of the best spreads in the industry | There is no BWP-denominated account offered |
| Botswanans can choose between MetaTrader 4, MetaTrader 5, and cTrader as their preferred platform | There are no fixed spreads offered by IC Markets |
| There is a choice between three different account types that suit different types of traders | There is no proprietary trading platform, or an app offered by IC Markets |
| There are no hidden fees and IC Markets is one of the best options for high volume trading because it has a long list of liquidity providers | |
| There is a free demo account offered | |
| There is an Islamic account option offered to Muslim traders |
FAQ
Is IC Markets regulated?
Yes, IC Markets is well-regulated by the ASIC, CySEC, FSA, and SCB under these verified license numbers:
- Seychelles – SD018
- Australia – AFSL 335692
- Cyprus – 362/18
- Bahamas – SIA-F214
What is the withdrawal time with IC Markets?
IC Markets’ withdrawal time ranges from instant withdrawals on PayPal, Neteller, Neteller VIP, Skrill, and Union pay and up to a maximum of 14 days on Bank Wire Transfer. All other payments have a withdrawal time that ranges from 2 to 5 working days depending on when the withdrawal request is received.
What leverage does IC Markets have?
The leverage that you can expect from IC Markets ranges from 1:1 up to 1:500 depending on the financial instrument that you trade.
Is IC Markets an offshore broker?
Yes, for Botswanans IC Markets is an offshore broker based in Australia, but with regulations and authorization through ASIC, CySEC, FSA, and SCB which makes it a trusted broker.
Is IC Markets safe or a scam?
IC Markets is a safe broker that has a high trust score of 85 out of 100. In addition, IC Markets is well-regulated by Tier-1, Tier-2, and Tier-3 regulators that have stringent demands and procedures to keep brokers like IC Markets in check.
Does IC Markets have Nasdaq?
Yes, IC Markets offers Nasdaq along with several other Index CFDs that can be traded across accounts and trading platforms.
Does IC Markets have Volatility 75?
Yes, IC Markets has Volatility 75 (CBOE Volatility Index, or VIX) that Botswanans can trade as a Futures CFD.
How can I change IC Markets’ leverage?
You can log into your IC Markets account and navigate to your “Client Area.” From here you can select the account number and you can request a new leverage level by submitting the request.
Is IC Markets a CFD broker?
Yes, IC Markets is a forex and CFD broker that offers a wide range of contracts for difference on Indices, Energies, Metals, Forex, and several other financial markets.
Conclusion
👉 Now it is your turn to participate:
➡️ Do you have any prior experience with IC Markets?
➡️ What was the determining factor in your decision to engage with IC Markets?
➡️ Was it because of the minimum deposit, regulation, retail trading accounts, or any other factors?
➡️ Have you experienced any issues with IC Markets such as difficulty withdrawing funds, inability to verify regulations, irresponsive customer support, etc.?
👉 Regardless, please share your thoughts in the comments below.
Addendum/Disclosure:
👉 No matter how diligently we strive to maintain accuracy, the forex market is a volatile environment that may change at any time, even if the information supplied is correct at the time of going live.
