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IC Markets demo account reviewed

IC Markets Demo Account

IC Markets Demo offers a free demo account. The Demo account is suitable for traders who want to test their trading tactics. IC Markets is a reliable and competitive broker with a Trust Score of 85% out of 100

Updated : September 18, 2023

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005 regulations book

Demo Account Overview

005 feature selection

Demo Account Features

001 cash withdrawal

How to set up a demo account

004 review

Pros and Cons

008 auction

Final Verdict

001 question

FAQ

IC Markets at a Glance

🏛 HeadquarteredSydney, Australia
🌎 Global OfficesAustralia
🏛 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 Botswana115.89 BWP Million in 2021
💰 Foreign Exchange Reserves in Botswana5270 USD Million in 2021
✔️ Local office in Gaborone?No
👨‍⚖️ Governor of SEC in BotswanaNone, Moses Dinekere Pelaelo is the Governor of the Bank of Botswana
✔️ Accepts Botswana Traders?Yes
📊 Year Founded2007
📞 Botswana Office Contact NumberNone
📱 Social Media Platforms• Facebook
• Twitter
• Instagram
• LinkedIn
⚖️ RegulationASIC, 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 RegulationNo
✔️ Regional RestrictionsUnited States, Canada, Iran, Yemen, and OFAC countries
☪️ Islamic AccountYes
💻 Demo AccountYes
🛍 Retail Investor Accounts3
✔️ PAMM AccountsMAM Accounts
💻 Liquidity Providers25
✔️ Affiliate ProgramYes
📱 Order ExecutionMarket
📊 Starting spread0.0 pips
📉 Minimum Commission per TradeFrom $3 to $3.5
💰 Decimal Pricing5th decimal pricing after the comma
📞 Margin Call100%
🛑 Stop-Out50%
📉 Minimum Trade Size0.01 lots
📈 Maximum Trade SizeUnlimited
✅ Crypto trading offered?Yes
✔️ Offers a BWP Account?No
📉 Dedicated Botswana Account Manager?No
📈 Maximum Leverage1:500
📊 Leverage Restrictions for Botswana?No
💳 Minimum Deposit (BWP)3850 Botswanan Pula or an equivalent to $200
✔️ Botswana Pula Deposits Allowed?No
📊 Active Botswana Trader Stats250,000+
👥 Active Botswana-based IC Markets customersUnknown
🔁 Botswana Daily Forex TurnoverUnknown, 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 TimeInstant
⏰ Maximum Estimated Withdrawal TimeUp 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 SpreadN/A
✅ Offers Botswana Stocks and CFDsNo
💻 Languages supported on the WebsiteEnglish, Spanish, Russian, Thai, Malay, Vietnamese, Italian, Portuguese, and several others
☎️ Customer Support LanguagesMultilingual
👥 Copy Trading SupportYes
⏰ Customer Service Hours24/7
📞 Botswana-based customer support?No
💸 Bonuses and Promotions for Botswanans?No
📚 Education for Botswanan beginner tradersYes
📱 Proprietary trading softwareNo
🤝 Most Successful Trader in BotswanaUnknown
✔️ Is IC Markets a safe broker for Botswana Traders?Yes
🎖 Rating for IC Markets Botswana9/10
🥇 Trust score for IC Markets Botswana86%
👉 Open Account👉 Open Account

 

IC Markets Overview

 

A forex demo account is also referred to as a practice account, which is used for practicing trading or to test a new trading strategy without any risk to actual money. A forex demo account is also intended for beginners to get familiar with the various aspects of trading.

 

As such, a demo account will allow traders to learn how to place orders, and manage existing trade positions as well as more advanced functions such as testing or fine-tuning a trading strategy.

 

If you are new to trading, then it is highly recommended that you first open a forex demo account until you are comfortable with both your trading strategy as well as the intended trading platform itself.

 

What is IC Markets, and what services does it offer to traders?

IC Markets is a globally recognized online forex and CFD broker that provides a wide range of financial trading services to clients worldwide.

 

Is IC Markets a regulated broker, and is it considered a safe and reliable choice for trading?

Yes, IC Markets is a regulated broker and is considered a reputable and reliable choice for trading.

IC Markets Features

IC Markets Demo Features

 

There is a demo account at IC Markets that can be utilized by novice traders who have no prior expertise in the financial markets. Demo accounts, however, aren’t only for beginners; seasoned traders and even professionals can also make use of them.

 

A demo account can be used as a tool to test and develop trading methods before they are employed in a real trading environment where the trader’s money is at risk. Traders can also practice their trading on IC Markets’ demo platform before they make a real-money investment with the broker.

 

The demo account from IC Markets will allow traders to practice the trade features of the MetaTrader 4 platform within the context of the broker’s unique trading conditions. As such, demo account users will have access to the following features:

  • Raw Pricing
  • Fast Order Execution
  • No Restrictions on Trading
  • Spreads from 0.0 Pips
  • Flexible Lot Sizing

 

However, it is important for users to remember that although demo accounts attempt to replicate real markets, they operate in a simulated market environment.

 

As such, there are key differences that distinguish them from real accounts; including but not limited to, the lack of dependence on real-time market liquidity, a delay in pricing, and the availability of some products which may not be tradable on live accounts.

 

What features does IC Markets offer to traders?

IC Markets provides traders with a range of features designed to enhance their trading experience. These include a diverse selection of trading instruments, including forex, commodities, indices, cryptocurrencies, and more.

 

Does IC Markets offer any advanced trading features for experienced traders?

Yes, IC Markets caters to both novice and experienced traders by offering advanced trading features. Experienced traders can take advantage of the broker’s Raw Spread accounts, which provide ultra-low spreads and direct market access.

How to set up a Demo Account – Step by Step for Botswana

To open your IC Markets Demo Account, follow these steps: 

 

Step 1: Select “Try Demo Account”

Once ready to start trading, make your way to the website and select the Demo Account option.

 

IC Markets Demo Account Registration Step 1 Botswana

 

Step 2: Complete information

Navigate to the demo account registration portal on the broker’s website. Provide your personal details in the online registration form. This will include your first and last name, country of residence, email address, and telephone number.

 

IC Markets Demo Account Registration Step 2 Botswana

 

Step 3: Verification

Security verification to be completed

Upon submitting this document, your registration will be checked and confirmed. After this, you can configure your account details to finalize the demo account.

 

IC Markets Demo Account Registration Step 3 Botswana

IC Markets Botswana Pros and Cons

✔️ Pros❌ Cons
Botswanans can use IC Markets’ practice account to get acquainted with live marketsThe demo account expires after 30 days of inactivity
IC Markets is one of the best brokers for beginners based on its demo account and educational materialThe demo account does not reflect accurate market conditions, and this could be misleading for beginners
There is a range of tools that traders can use to refine their trading strategies

IC Markets Final Verdict

IC Markets offers a free advanced demo trading account for beginner traders to practice on. The Demo account expires in 30 days. The interface is user-friendly, and intuitive and is an exact carbon copy of the live trading dashboard.

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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

Does IC Markets provide beginner-level educational materials?

Yes, IC Markets provides video lessons, Web TV, webinars, podcasts, and other instructional resources and tools.

 

How long is the duration of the IC Markets demo account?

The demo account will expire after 30 days of inactivity if it becomes inactive.

 

Does IC Markets provide demo trading accounts?

Yes, IC Markets provides a demo account for practice trading, evaluating the platforms and IC Markets’ offering, and testing trading methods.

 

Which platforms can I utilize for the IC Markets practice account?

To access your practice account, you can use either cTrader or MetaTrader 4/5.

 

How can I access and use the IC Markets demo account?

You may access the demo account by login into your preferred trading platform using the credentials you provided to create the demo account.

 

In addition to the platform’s tools, charts, and other components, you may access the financial instruments provided by IC Markets.

 

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.

9.5/10 - (2 votes)

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