Question 1

Is IC Markets safe and well-regulated for South African traders?

Accepted Answer

IC Markets is considered very safe for South African traders, regulated globally by tier-1 authorities ASIC (Australia) and CySEC (Cyprus), and tier-3 regulators including the Seychelles FSA and Bahamas SCB. Client funds are held in segregated accounts with top-tier banks such as National Australia Bank and Westpac, providing strong protection against broker insolvency. Negative balance protection is offered, ensuring traders cannot lose more than their account balance. IC Markets also has indemnity insurance up to $1 million and follows strict AML and KYC procedures. However, it is not regulated by South Africa’s FSCA.

Question 2

What are the trading fees and typical spreads at IC Markets?

Accepted Answer

IC Markets offers highly competitive trading fees with spreads starting from 0.0 pips on Raw Spread and cTrader accounts, making it ideal for scalpers and high-frequency traders. Commissions range from $3 to $3.5 per side per lot on Raw Spread accounts, while the Standard account charges no commissions but has slightly wider spreads from about 0.8 pips. There are no deposit or inactivity fees, and withdrawal fees are generally absent though third-party fees may apply. Swap (overnight) fees exist and tend to be higher than average, which may affect overnight trading strategies.

Question 3

What is the minimum deposit at IC Markets and are there ZAR accounts available for South African traders?

Accepted Answer

The minimum deposit to open any IC Markets account (Standard, Raw Spread, or cTrader Raw) is $200 USD, approximately 3,700 ZAR. While IC Markets does not offer accounts denominated directly in ZAR, South African traders can deposit and withdraw funds in ZAR using various methods like credit/debit cards, PayPal, Skrill, Neteller, and wire transfers, with conversions handled by banks or payment providers. No deposit or withdrawal fees are charged by IC Markets, enhancing cost efficiency.

Question 4

Is IC Markets beginner-friendly for new traders in South Africa?

Accepted Answer

Yes, IC Markets is beginner-friendly due to its extensive educational resources including videos, eBooks, webinars, tutorials, and a comprehensive Forex Trading Education Hub. It offers free demo accounts that simulate live market conditions for practice without risk, helping beginners develop skills. The broker provides multiple user-friendly platforms (MetaTrader 4, MetaTrader 5, cTrader) that support social and copy trading, which are valuable for new traders learning from experienced peers. Customer support is accessible 24/7 via live chat, email, and phone, assisting traders at all skill levels effectively.

Question 5

What deposit and withdrawal methods does IC Markets support for South African traders, and how fast are transactions processed?

Accepted Answer

IC Markets supports numerous deposit and withdrawal methods for South African clients including credit/debit cards, PayPal, Neteller, Skrill, UnionPay, wire transfers, POLi, and several local internet banking options. Deposits are mostly processed instantly or within 24 hours, with no fees from IC Markets though third-party provider fees may apply. Withdrawals are typically processed within one business day for e-wallets and cards, and between 2 to 7 business days for bank wire transfers. No withdrawal fees are charged by IC Markets itself, supporting smooth fund management.

Question 6

What trading platforms and tools does IC Markets offer to its traders?

Accepted Answer

IC Markets supports popular trading platforms including MetaTrader 4, MetaTrader 5, and cTrader, accessible via desktop, web, and mobile applications. Each platform offers advanced charting, multiple order types, one-click trading, and support for automated trading with Expert Advisors (EAs). Additional tools available include TradingView integration, Autochartist, Trading Central, VPS hosting for low latency automated trading, and social-copy trading platforms like ZuluTrade and IC Social. These platforms cater to a variety of trading styles and experience levels from beginners to advanced algorithmic traders.

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