It can be difficult to stand out In a highly competitive industry, and it is nowhere as obvious as it is with IC Markets. Remember the phrase “jack of all trades, master of none”? If there ever was a living embodiment of this phrase it would be this brokerage. In my IC Markets review I tried to dig deep to find out how this company was able to operate for more than a decade.
IC Markets was established back in 2007 in Australia, and it soon became very popular with the locals. It started to expand in time, and it is now operating on a global scale. Does this mean that IC Markets is the best place to trade? Well…. no. Even though there were a lot of people raising questions whether IC Markets is scam, my biggest gripe was that the company failed to excel at any given feature. Why should any of us settle for something that doesn’t excite us?
Platform and Execution SCORE: 60%
IC Markets can offer MetaTrader4/5 and the cTrader platform across computers, smartphones and tablets. There is no doubt these are the most well-known platforms in the trading world, however my experience was far from perfect. During my two months trading with them, I encountered two very annoying issues.
Every once and a while, as I was trying to execute a trade, I kept getting the message “trade disabled”. This wasn’t a daily occurrence by any mean, but it happened just often enough to make me wonder if that hassle was really worth it. I was getting little help from their support system. As engaging and helpful as they were, we weren’t able to resolve this issue.
Occasionally I even had server issues. Quotes stopped working, even though I had no similar problems on other platforms. Ok, fine, things like that happen from time to time. The annoying part was that the only solution I got from support was to uninstall the app and try all over again. I did help, but I ended up fixing a problem that shouldn’t have been there in the first place.
Withdrawal Speed SCORE: 45%
We have all heard horror stories when it comes to withdrawal time. Like in many aspects before, IC Markets is a mixed bag in this category. My request to collect my remaining funds wasn’t as painful as so many other brokerages make it out to be. Within several emails everything was sorted out, however, it took nearly 10 days before my funds were transferred. We all know the inconvenience of having our money stuck in limbo, so IC Markers was a huge disappointment in this area. It falls well behind the industry standard. With these kinds of practices, no wonder so many people are wondering whether IC Markets is scam.
Support and Assistance SCORE: 70%
My experience was surprisingly good with their customer support. Whatever my issues was, they were quick to respond – I doubt I waited more than 15 minutes in any given case. I happy to report all channels are efficient, so you can choose email, Skype, phone or live chat. The only downside is that IC Markets support is available only 24/5. Like I mentioned in one of my previous reviews of 24option, I do a lot of my trades late at night and especially during the weekend, so not having a helping hand during those times was frustrating. However, when they are there, they are very helpful, which needs to be commended once again.
Education and Tools SCORE: 55%
This is yet another part of IC Markets review that was polarising. On the plus side, there is an extensive free education hub available for all, regardless of you having an account or not. Similar to FXVC, IC Markets has invested heavily into educating its new clients. There is an abundance of helpful tools that are meant to guide the beginners through the initial steps. On the downside, there is little of substance for those experienced traders. On paper, there are webinars intended for more advanced users, but they fail to cover any topic in depth. As much as this library will be useful to beginners, If you have traded before, there isn’t much here for you.
In the end, I was left asking myself one question: was this a waste of time? For every good quality IC Markets possesses, another issue pops up just as fast. They offer a somewhat smooth experience that will be riddled with tiny annoyances every step of the way. None of those will make you rage quit, but those do add up in the long run. The inconsistency of user experience is the main reason I will recommend you skip IC Markets. Until all those wrinkles are ironed out, you are best investing elsewhere.