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IC Markets Account Types
IC Markets Account Types provides 3 different account types, the cTrader account, a Raw Spread account, and a Standard account. The Islamic account and demo account options are also available. Each account type has its own set of conditions. Overall, IC Markets has a Trust Score of 85% out of 100.
- Louis Schoeman
Jump to:
Account Types Overview
Account Types
Account Features
Pros and Cons
Final Verdict
FAQ
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) | 3850 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 Account Types Overview
IC Markets was established in Australia in 2007 and has licenses from some of the most stringent regulatory agencies in the world. IC Markets is renowned for its inexpensive trading fees, variety of trading platforms, and extensive selection of trading tools.
The broker establishes a transparent trading environment by providing retail customers, and institutional investors access to premium pricing and improved liquidity. Traders at IC Markets have many asset types from which to select.
A practice account with IC Markets is free to create and use. Signing up takes about 30 seconds, and you are not required to provide any financial information. IC Markets’ fee structure is straightforward. There are no costs associated with account deposits or withdrawals.
IC Markets provides traders with all three industry-standard, popular platforms: cTrader (with optional cAlgo plugin and cTrader Web), MetaTrader 4, and MetaTrader 5, each of which supports MT Web and applications for iOS/Apple and Android.
IC Markets is a completely automated broker perfect for both novices and professionals. In addition, scalpers and high-volume traders may benefit from the platform’s attractive spreads and reduced fees.
The broker is particularly advantageous for traders who depend on sophisticated algorithms and high-volume trading systems. In addition, its straightforward registration procedure and automated deposit and withdrawal mechanism make it the ideal trading platform for busy day traders.
IC Markets includes several convenience-enhancing features, from providing a choice of tradable assets to integrating modern trading tools. For example, the broker permits using social trading platforms, such as ZuluTrade and MyFXbook, for trading purposes.
Simply accessing the website is required to create an account at IC Markets. First, your full name, email address, and phone number will be required. You must then enter your financial details and trading history.
Lastly, sending a copy of your proof of identification and residence papers completes the verification. IC Markets has clients from around the world, and these areas have the largest distributions:
Vietnam – 11.7%
Brazil – 8.9%
United Kingdom – 6.5%
Poland – 5.6%
Australia – 3.9%
What are the different account types available at IC Markets, and how do they differ?
IC Markets offers several account types designed to cater to a variety of trading preferences. The primary account types include the Standard Account, Raw Spread Account, and cTrader Account.
Can I switch between different account types at IC Markets?
Yes, IC Markets allows traders to switch between different account types if they wish to do so.
IC Markets Account Types
Investors at IC Markets have three account options to choose from. Each of these account kinds has its own set of advantages and disadvantages for traders. Traders with varying levels of expertise, skills and trading needs can benefit either of the three.
Muslim Botswana traders who adhere to Sharia law may convert live accounts to an Islamic Account, providing them with the benefit of being exempt from paying/receiving swaps, but for an additional commission on some financial instruments.
The demo account offered by IC Markets may be utilized by traders for a variety of objectives, including learning how to navigate the competitive financial markets while utilizing the educational resources, research tools, and trading tools that IC Markets provides.
➡️ cTrader Account
➡️ Raw Spread Account
➡️ Standard Account
Can I have multiple trading accounts with IC Markets, and do they offer any demo accounts?
Yes, IC Markets allows traders to have multiple trading accounts. Traders can open multiple live accounts with different account types to diversify their trading strategies or explore various trading conditions offered by the broker.
What account types does IC Markets offer, and how do they differ?
IC Markets provides traders with a selection of account types to suit various trading preferences. The primary account types include the Standard Account and the Raw Spread Account. The Standard Account typically offers zero commissions with slightly wider spreads, making it suitable for traders who prioritize competitive spreads. On the other hand, the Raw Spread Account features ultra-low spreads with a commission fee per lot traded, which is preferred by scalpers and traders who seek direct market access.
IC Markets Account Features
cTrader Account
Trading CFDs has never been easier with cTrader, a premier trading platform that offers a wide range of sophisticated trading tools, charting options, and much more.
| Account Feature | Value |
| 💻 Trading Platform | cTrader |
| 💰 Commission | $3 per side and $6 per round turn |
| 📈 Typical Average Spreads | 0.0 |
| 💳 Minimum Deposit Requirement | USD 200 / 2 685 BWP |
| 📈 Leverage | 1:500 |
| 📈 Maximum positions per account | 2,000 |
| 🏛️ Server Location | London |
| ✴️ 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 | C# |
| 👍 Suitable for | Day traders, scalpers, active traders |
| 📊 Demo Account offered? | Yes |
Raw Spread Account
EA traders and scalpers both will find the MetaTrader Raw Spread Account appropriate for their needs. The following are the account’s specifications.
| Account Feature | Value |
| 💻 Trading Platform | MetaTrader 4 and 5 |
| 💰 Commission | $3.5 per side and $7 per round turn |
| 📈 Typical Average Spreads | 0.0 |
| 💳 Minimum Deposit Requirement | 3850 Botswanan Pula, equivalent to $200 |
| 📈 Leverage | 1:500 |
| 📈 Maximum positions per account | 200 |
| 🏛️ 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
Discretionary Botswana traders should choose the MetaTrader Standard Account because of its high execution speeds, all-inclusive spreads and zero commission trading.
| Account Feature | Value |
| 💻 Trading Platform | MetaTrader 4 and 5 |
| 💰 Commission | None |
| 📈 Typical Average Spreads | 0.6 |
| 💳 Minimum Deposit Requirement | 3850 Botswanan Pula, equivalent to $200 |
| 📈 Leverage | 1:500 |
| 📈 Maximum positions per account | 200 |
| 🏛️ 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 Demo Account
The IC Markets demo account seeks to replicate actual market circumstances, but the trader’s real cash is not at risk. In a demo account, there is no reliance on real-time market liquidity to fulfil orders, but in a live trading account, there is.
The price of certain items may be delayed, and traders may be unable to purchase them. The broker that provides the sample account has the option to include or omit items or offers.
Traders should be aware that some circumstances, such as the absence of rejected orders and slippage, may not apply to a demo account. In addition, demo accounts may have different margin requirements than live trading accounts.
Beginner traders may utilize IC Markets’ trial account to test their trading skills. Inexperienced traders may also utilize it to test their trading techniques and see what IC Markets has to offer in terms of trading conditions.
IC Markets Islamic Account
Botswana traders, based on their trading style and approach, can retain open positions for more than 24 hours. Because of this, an overnight or rollover fee can be charged or paid to the trader. The Riba principles of Sharia law forbid all forms of interest, which is why Islamic accounts exist.
The Islamic Accounts, also known as Swap-Free Accounts, provide Muslim investors with the ability to trade more than 90 securities without incurring any interest charges or earning any income. There are no interest or swap fees on swap-free accounts while trading currencies, metals, or indices – except for exotic currency pairings, Brent, Natural Gas and WTI’s.
Any transactions that are open for more than one day will be charged flat-rate financing costs. To adapt to market conditions, rates and holding periods may be changed by IC Markets.
Depending on the financial instruments being traded, the charges imposed on Islamic Accounts run anywhere from $5 to $80 for each lot. In addition, there is also a three-fold increase on Friday evenings.
IC Markets Botswana Pros and Cons
| ✔️ Pros | ❌ Cons |
| IC Markets is a reputable broker that offers transparent and competitive trading conditions | Currency conversion fees apply when Botswanans deposit or withdraw funds in BWP |
| There is a demo, and an Islamic account offered | The Islamic account has a commission fee when traders hold positions open overnight |
| IC Markets does not charge any fees on deposits or withdrawals | |
| IC Markets does not charge an inactivity fee when the trading account goes dormant | |
| Botswanans can expect some of the best ECN execution on trades | |
| IC Markets offers a choice between three powerful trading platforms, namely MT4, MT5, and cTrader | |
| There is a plethora of educational materials for beginner traders |
IC Markets Final Verdict
Overall, IC Markets is considered a low-risk and can be summarized as trustworthy and reliable. IC Markets is regulated by the top-tier ASIC and is very competitive in terms of its trading fees, (against major currency pairs), with spreads that are very low.
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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.
Frequently Asked Questions
Is IC Markets a safe broker?
IC Markets is regulated by one Tier-1, one Tier-2, and two Tier-3 regulators in Australia, Cyprus, Seychelles, and the Bahamas.
Which trading accounts can I register with IC Markets?
You can choose between a cTrader, Raw Spread, and Standard Account.
Is there a holding fee when I use the IC Markets Islamic Account?
Yes, the commission fee is between 5 and 80 USD depending on your trade instrument.
How long can I use the IC Markets demo account?
You can use the IC Markets demo account for 30 days.
What are the average spreads with IC Markets?
You can expect spreads from 0.0 pips on EUR/USD.
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.
