IC Markets Accounts and Withdrawal Explained

IC Markets Quick Guide

IC Markets Global is an Australian online forex and CFD broker established in 2007, regulated by ASIC in Australia and CySEC in Cyprus.

IC Markets offers over 2,250 CFDs, all available through advanced trading platforms such as MetaTrader 4, MetaTrader 5, cTrader, and TradingView.

The broker offers a wide range of account types, including demo accounts for beginners and Islamic accounts with no swap fees.

In addition, there are various deposit and withdrawal options. We will provide a detailed explanation of the available account types and how to withdraw funds from IC Markets in the following sections.

IC Markets Accounts Analysis

IC Markets offers three account types—cTrader, Raw Spread, and Standard.

cTrader Account

The cTrader account is ideal for active day traders and scalpers, especially those who value low spreads and high-frequency trading. This account offers 0 pip spreads and a high maximum order limit of 2000 positions, allowing for more flexible and frequent trading. However, it charges a $3.0 commission per round turn (for every 100k round trip), which may not be suitable for those who prefer to avoid additional costs.

Raw Spread Account

The Raw Spread account is very similar to the cTrader account, with the main difference being the slightly higher commission of $3.5 per round turn (or $7 per lot). It also offers 0 pip spreads, making it suitable for day traders and scalpers. Although it has a lower maximum order limit of 200 positions (compared to cTraders 2000), it still provides an efficient and low-spread environment, especially for those looking to maximize trading frequency and take advantage of spread differences.

Standard Account

The Standard account is more suited to discretionary traders who don‘t rely on extremely low spreads or commissions. Although the spread starts at 0.8 pips, which is higher than the cTrader and Raw Spread accounts, it comes with no commission fees, making it a good choice for those looking to avoid extra trading costs. The Standard account offers more flexible trading for users who don’t engage in high-frequency or scalping trades.

Editor‘s Comment

The choice of account type depends on the trader’s style and requirements.

For traders who prefer high-frequency, low-spread trading and are willing to pay commissions, the cTrader and Raw Spread accounts are ideal options.

For those who prefer to avoid extra costs and dont require extremely low spreads, the Standard account is more suitable.

Accounts Comparison

IC Markets Islamic accounts

IC Markets Global offers Islamic accounts (also known as swap-free accounts) for clients who cannot earn or pay interest due to their religious beliefs. The swap-free option is available on both the Raw Spread and Standard account types across the MetaTrader 4, MetaTrader 5, and cTrader platforms.

IC Markets Demo Account Opening: Step-by-Step

Follow these simple steps to log into your IC Markets demo account in about 30 seconds. After registration, you can add demo accounts through the back office, which stay active if used once every 30 days.

Here's how to open an IC Markets demo account:

1. Click “Try a Free Demo” on the IC Markets homepage.
2. Enter your country, name, valid email, and phone number.
3. Set up your account with the same settings as your planned live portfolio. IC Markets will send a confirmation email, and the demo account will appear in your back office.

Deposit Methods

IC Markets Withdrawal Methods- Which Payment Methods are Available for Withdrawal?

1. Important Notes:
1. Cut-off time: 12:00 AEST/AEDT. Requests before this time are processed the same day; after this time, they are processed the next business day.
2. IC Markets Global doesnt charge extra fees, but your bank may.
3. Trading account funds not used for trading may incur a processing fee for withdrawals.
4. International Bank Wire: May take up to 14 days with additional fees.
5. Credit Card Withdrawals: Free, processed in 3-5 business days (may take up to 10 days).
6. Paypal/Neteller/Skrill: Free and instant, withdrawals must come from the original account.
2. Card-Related Notes:
1. If your card expired, upload the new one in your Secure Client Area.
2. Withdrawals exceeding the amount deposited via Visa/MasterCard need a different method or bank wire.
3. Specific Payment Methods:
1. Webmoney: Withdraw via bank transfer, 3-5 days, may incur fees.
2. Fasapay: Same as Webmoney.
3. Poli/Bpay: Domestic transfers in Australia, no extra fees, 2-3 business days.
4. Rapidpay/Klarna: Withdraw via bank transfer, 3-5 business days.
4. First-Time Withdrawals:
1. Bank Wire: Provide bank statement.
2. Vietnamese/Thai Banking: Provide bank statement or bank book scan/photo.
5. Withdrawal Restrictions:
1. Withdrawals must be to an account in your name (joint accounts allowed if youre a party).
2. No third-party payments.

Withdrawing Money from IC Markets - A Step-by-Step Guide

How do you withdraw money from IC Markets?

1. Once logged in to your account, go to 'Transfers'.
2. Select 'Withdraw Funds' from the drop-down menu.
3. Add your bank account information if you have not done so already.
4. Select the amount you wish to withdraw and click 'Submit'.

Withdrawal Issues and Delays in Payment

Some common issues and delays with IC Markets withdrawals include:

• Up to 14 business days for funds to arrive with certain payment methods (delay).
• Withdrawal requests to a different payment processor than the one used for deposit (delay).
• Incomplete or outdated account verification with IC Markets (issue).
• Insufficient free margin available in the clients account (issue).
• Mismatch between the name on the payment processor or beneficiary account and the IC Markets trading account (issue).
• Minimum and maximum withdrawal limits imposed by some payment processors (issue).

IC Markets Problem with Withdraw

According to comments on Reddit, some traders have experienced bank withdrawals taking up to 60 days. However, aside from that, there haven't been any major issues reported with withdrawals.

Conclusion

IC Markets is a well-rounded broker offering a comprehensive range of services. It provides various account types and withdrawal methods to satisfy different investors' needs. Whether you're a day trader, a scalper, or an investor who values low commissions and flexible trading, you'll find an account type that suits you.

The platform supports multiple withdrawal options, including bank transfers, credit cards, and PayPal, making the process convenient and quick. While some withdrawal methods may encounter delays or fees, IC Markets overall offers a robust account management and withdrawal service.

In summary, IC Markets is a broker suitable for various trading styles, with stable trading experience and efficient fund management services.