This article is the first in a cycle of three dedicated to showing how the IC Markets broker works .
Through this series of articles based on the feelings caused by working with the Forex broker and CFDs IC Markets , we will show the detailed aspects of their operation and services . This text corresponds to the first one: open a real account . Next, we propose to make a deposit of funds in this trading account, to end with an operation in the market and the subsequent withdrawal of all money.
All actions are based on our real experience (real account, real money and real trading ). Only in this way can we truly calibrate and expose what it is like to work with IC Markets .
Before starting the first account opening process, we look at one basic aspect: your security. IC Markets is a broker based in Australia and is duly regulated by the Australian Securities and Investments Commission (ASIC) . This regulatory body, despite not being European, is one of the best rated worldwide .
Additionally, IC Markets has more than a decade of experience in the sector and is one of the preferred brokers for short-term traders (scalpers and day traders). It is characterized by its tight spreads and by offering the maximum speed in the execution of its clients’ trading orders . It is an ECN (Electronic Communication Network) broker , which means that it does not act as a counterparty to the trader.
Without further delay, what will the process of opening a real trading account look like with an ASIC-regulated broker, such as IC Markets?
You can find out below:
How to open a real trading account with IC Markets?
STEP 1- Request for account opening
As it is an online Forex and CFD broker , the contact and the application to open an account with IC Markets are made via the Internet . You can access the broker’s website by clicking here .
We can see in the following image what the home of your website looks like . In it there is a green button with the name “Start trading” . We press on it and the broker directs us to the screen destined to do these procedures .
STEP 2- Personal data form
It is usually usual when opening a trading account, both in this real experience and in others, to start the process by filling out a first form with the necessary data to carry out the contracting.
The screen for opening a live account with IC Markets is divided into several tabs or sections. The first of them is intended to request the most basic contact information , through the aforementioned form. IC Markets is a regulated broker, all the steps to follow must be in accordance with the guidelines established by the regulations on financial matters . Therefore, all the data is necessary for security and for the formalization of a legal contract for brokerage services in the markets.
In this first part of the form the following information must be entered :
- Country of residence.
- Name and surname.
- Contact E-Mail.
- Phone number.
When going to the next tab of the screen , we must expand the personal information . In this second form (with the name “tell us more about yourself”) we will have to enter:
- Account type: Individual (personal), joint (several people) or corporate (if it is in the name of a company).
- Date of birth: logically, to verify that the client is of legal age and full capacity to carry out the contract.
- Data relating to the place of residence (address, city, province and postal code)
STEP 3- Account setup
Following the form, the IC Markets platform to open an account invites us to select the options on the account that we want to open with this broker:
- Choice of trading platform.
- Choose the type of account.
- Determine the currency in which the funds will be nominated.
For our real experience, we have opted for the MetaTrader 4 platform . Although the trader also has at his disposal the MetaTrader 5 version and the reputed cTtrader (a very complete tool that allows direct access to the market).
In the same way, our interest is in opening a Standard account that does not have a fixed commission and the broker’s fees come from the differential between the purchase price of an asset and its sale price (the so-called spread) . The difference with the Raw account is that IC Markets applies a fixed commission for trading operations in exchange for lower spreads (even 0 pips).
To finish, we select the euro as the currency in which the funds that we deposit in the account will be (the deposit of funds will be discussed in the following article of this real experience with IC Markets), as it is our local currency.
We continue with the process to open the real trading account with IC Markets by clicking on the button below.
STEP 4- Hiring questionnaire
At this point we must fill out some important questions to carry out the formal hiring :
The questionnaire is very basic, the information requested is:
- Experience as a trader.
- Establish a security question to reinforce the security of our account.
- Confirm the statement that you have read the terms of the contract and the IC Markets service guide.
We simply press the bottom button , once the fields are filled out and we accept the contracting of the services as an IC Markets broker.
In theory, the account is already open, the contract has been made . However, the process is not over: we still have some important procedures pending , such as account verification and answering a second questionnaire about the suitability of these products for our profile as investors.
At this point, we note that the broker has sent us an email with the security details of access to the client area to manage our new trading account:
- Username (the email provided).
- Password (provided by the broker itself).
We verify that IC Markets forwards the email to us in English . This broker has its website translated into , but as we will see throughout this real experience, both the emails we receive and the client area are in English , at least for the moment. If this is a problem for you, you can check here other brokers that do offer service : Brokers in .
STEP 5- Verification of our trading account
The verification process, in addition to being an obligation of the broker by legal imperative , supposes a security system for both parties .
By accrediting through documentation that the data provided is true, fraud fraud will be avoided for identity theft. It is natural in the (legal) contracting of financial services that we must demonstrate our identity, our address and that we are indeed holders of the means of payment that we are going to use for the deposits and withdrawals of funds. This is something that happens in any broker regulated by the demands of the organisms that supervise its activity.
IC Markets redirects us to the corresponding screen to perform these tasks, as part of the account opening process.
This screen is integrated into the client area , to which we have access after completing the contract and opening an account. However, until we have verified our trading account, it will not be activated.
Despite observing the possibility of depositing funds , a task that we will discuss in more detail in the next article in this cycle dedicated to IC Markets, these will not be available if the trading account is not active.
Some brokers do allow to deposit before sending the documentation. Our recommendation is that, whenever possible, we leave the account 100% verified before depositing to avoid possible delays or inconveniences when we want to withdraw our money.
At the bottom of this screen we have the precise information on the documents that the broker requests from us and the possibility of loading them.
We see that it asks us for two fundamental documents :
- Accreditation of our identity by DNI, Passport or similar document.
- Proof of residence (a recent utility bill in our name such as electricity, water, gas, …) will suffice.
As an extra, it may be that IC Markets requires documentation about the ownership of the payment method that we are going to use to deposit funds in our trading account.
Documents are uploaded and forwarded through the same screen . These are the supported formats (the maximum size is 12 Mb):
We proceed to this task, loading a copy of the DNI and a proof of residence . As an additional element, we also introduce a photograph of the front of our credit card , since it is the means of payment that we plan to use in this real experience.
Once the documents are loaded on the page , the broker must check and validate them to activate our real trading account . We note that they appear to us as pending approval in the IC Markets client area.
Meanwhile, we decided to complete another of the necessary actions to activate the trading account: fill in the suitability test.
STEP 6- Suitability test
One of the requirements that regulations usually impose for an effective contracting of financial services is to categorize the client according to their knowledge (as a retailer or professional, for example). All these issues are based on ensuring transparency and protecting the interests of traders.
That is why IC Markets is obliged to carry out a questionnaire in order to provide us with the appropriate service . And it does so, as we can see in the upper left part of the customer area (we are shown the status of the account and pending tasks).
We access the suitability questionnaire and see that it is based on some questions to check our knowledge of trading with derivative products . It is simply a small test of whether we are prepared to manage risk . In case of not being prepared, it does not imply the rejection of the client; just give us an express notice that we must exercise extreme caution in our operations.
In the following image we can see how the questions that IC Markets asks us in this questionnaire (we have used the Google translator).
STEP 7- Verified account
After completing the suitability test, we are awaiting the approval of the submitted documents .
In our case, the verification process has taken about 4 hours . In this time the broker has checked the documentation and has given it the go-ahead : our trading account is verified and fully active. This period of time will vary depending on when you send the documentation (for example, it is not the same during the broker’s working hours as on the weekend).
We can see in the previous image that the broker has approved our identity document, proof of residence and the copy of the credit card.
IC Markets also sends us an email when the documentation has been approved and the account verified. In this same email, you also provide us with the access credentials to use the selected platform , MetaTrader 4, in order to start trading.
The account opening process itself has been quick and easy . IC Markets is a broker regulated by ASIC, a regulatory body outside the European territory but the requirements we have found are identical to those of other regulated brokers here in Europe.
Personally I have had the feeling that the interface of the client area is a bit strange (it looks somewhat obsolete in my opinion) but surely it is because it is different from other brokers that I have managed.
As a negative point we must highlight the fact that IC Markets does not provide the client area . Emails sent are also in English .
As for safety , the truth is that, in our experience, we are aware that the regulatory body is technically solvent . We are not shy about contracting with an ASIC-regulated broker since it has a sufficient reputation. The reliability of this broker is not in question.
In general, the actual experience of opening a trading account with IC Markets can be classified as satisfactory . It has not caused us any problem or inconvenience . The process has run smoothly.
So far the process of opening a trading account with IC Markets . We turn to the next article in the series to see how the deposit of funds develops:
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