IC Markets: What Do Consumers Say about it?

When choosing a broker, various factors may be considered, and user reviews are one of the key references. Although some trading conditions can be reached through public channels, it is difficult for them to deeply experience and understand a company before actually opening an account. In this case, user reviews provide an opportunity for potential investors to get a full picture of the company.

BrokersView has collected recent user reviews of IC Markets, a leading Forex broker, to provide investors with references.

About IC Markets

Founded in 2007, IC Markets is one of the world's True ECN forex brokers providing trading solutions for active day traders and scalpers as well as traders that are new to the market. Regulated by several financial regulators such as CySEC, the company offers services in Asia, Europe, and North America.

Mostly good reviews

Most ratings given to IC Markets are favorable, while a few 3-star ratings and below exist. Many customers praise the broker's customer service for its prompt, efficient, and patient responses. The users who encountered problems with their demo accounts, trading accounts, withdrawals, logins, etc. solved the problems successfully with the help of customer service and gave the broker positive ratings.

For example, one user whose demo account was blocked addressed the problem shortly after communicating with customer service. However, another user whose demo account was banned does not seem to have received a satisfactory response yet, and the user believes that he did not breach any rules. While there is no update on the resolution of the issue, review sites indicate that IC Markets has replied to the user and is willing to offer to resolve the issue.

Some of the users who commented said that they have used several trading platforms besides IC Markets and consider it to be one of the better platforms among the brokers they have chosen.

Areas for improvement

Some customers found nothing wrong with IC Markets in general but also mentioned some points that could be improved. For example, one client believes that IC Markets is more suited to scalpers than swing traders, as slippage rules may affect overnight positions. And sometimes stop-loss execution issues can cause investors to have to close other open positions to cover margin losses. The client also added that losses due to these reasons will not be compensated by the company, but traders also expect brokers to have a more responsible attitude, so they may feel dissatisfied.

IC Markets did not respond directly to these trading conditions and problems, but said that the company would like to know more information and investigate. It also asked for the customer's account information at IC Markets to determine if he/she was a real customer of the platform.

Another user, while praising the customer service, said that the withdrawal process was a bit complicated.

Problems with withdrawals and others

However, investors don't make their choice of trading platforms based on positive reviews alone. Sometimes, bad reviews may better indicate the problems a broker have, as well as the broker's attitude and efficiency in solving the problems, so that the investor has a full understanding of the problems and risks they may face.

There are some customers who have expressed even stronger dissatisfaction with IC Markets and have given the broker even lower scores.

For example, a user from Italy had an unpleasant experience when withdrawing funds from IC Markets. The broker requires that the withdrawal method must be the same as the deposit.  However, when the customer tried to withdraw, he realized that his deposit method was "missing" and the withdrawal failed. The client also believes that the company did not promptly and effectively address the issue and disclosed his sensitive information without his permission.

Another client, who travels between the US and Germany, also had a withdrawal issue with the company: IC Markets refused to allow the client to withdraw his funds through a US bank account because it does not conduct business in the US. Though the client learned about the situation and provided the broker with a bank account in German to withdraw, he is still furious that he has not received the funds after a long time.

In addition to this, a number of Vietnamese Introducing Brokers (IBs) gave IC Markets some bad reviews last week. The dispute between the broker and the IBs started from the end of last year, when IC Markets reportedly blocked the accounts of the IBs, believing that they had violated the company's rules. The Vietnamese brokers, however, believe that they have not violated any rules and the company has not provided any evidence to prove its claims, calling the company "shameless robbers." We haven't seen any public response from IC Markets to this issue yet.

The above reviews were collected from the Internet on August 1.

If you have any questions about your potential broker or would like to know reviews about it, please ask us a Question. BrokersView will review it for free.