Summary: Tutorial for beginners of the Forex and CFD broker ICMarkets of Australia, where we explain how to open a trading account and deposit funds with this company.

ICMarkets is one of the best brokers to trade in Forex through different trading platforms and is currently one of the brokers that offer the lowest spreads and commissions to its clients.

In today’s article, we are going to talk about ICMarkets, an ideal broker for people who like to use scalping strategies, operate in the currency market, with precious metals and CFD (Contracts for Difference) from different markets. We highly recommend it because the spreads and commissions they apply are very, very low compared to other online brokers

You can get more information about the Forex broker ICMarkets and its brokerage services in the following guide about this broker: Review of ICMarkets

What is ICMarkets?

ICMarkets was founded in Sydney, Australia during 2007 by a group of professionals from the financial world, making this company one of Australia’s leading CFD brokers. This broker works in different areas worldwide, including CFD markets in Asia, Europe, and North America, but its customers are even more varied, with investors from Latin American and Hispanic countries such as Mexico, Colombia, Argentina, and Spain.

ICMarkets is authorized and regulated by the Australian Securities and Investment Commission (ASIC), one of the agencies responsible for protecting consumers and investors, through the regulation of financial laws, This broker also has offices in Sydney and Limassol. All transactions are carried out directly through the ECN and LPs systems, so nobody else intervenes, not even the broker (there is no dealing desk), creating a real and reliable interbank currency market.

On the other hand, as we mentioned at the beginning of this article, this is one of the brokers that charge the lowest commissions and spreads reaching 0.0 pips depending on the type of account. This is very advantageous for traders who use scalping strategies and/or use high leverage.

Main features of ICMarkets

BrokerICMarkets
Broker typeECN/STP
Trading instrumentsForex, precious metals and CFD
Trading platformsMetatrader 4, Metatrader 5 and cTrader
SpreadsLow and variable spreads from 0.0 pips
Maximum leverage1:500
Minimum trade size0.01 lots
Minimum deposit$200
Deposit methodsBank wire transfer, credit cards (VISA and Mastercard), Skrill, Neteller, Paypal and Bitcoin
Withdrawal methodsBank wire transfer, credit cards (VISA and Mastercard), Skrill, Neteller, Paypal and Bitcoin

You can get more information and open an account with ICMarkets at the following link:

Visit ICMarkets Broker website

How to open a trading account with ICMarkets?

Next, we will see the steps to create an account correctly in ICMarkets and verify it to start trading without any problem. The first thing will be to click on the previous link to go directly to the website. Then we will click on the button where it says “START TRADING“.

ICMarkets website

Then we will have to complete the following form with our personal data such as First Name, Last Name, Email, Country and Mobile.

Registration form in ICMarkets

We continue to complete our registration, and now we will have to select the type of account we will use. We will select the “Individual” account. Then we write our date of birth, address, city, state or province, zip code.

If you were referred by another person you must select the box that says “I was referred by an introducing Broker“.

Now we will have to select the trading platform that we will use in our trade. In this broker, we can choose between cTrader, Metatrader 5 or Metatrader 4. In our case, we will select «Metatrader 4».

Then we will choose the type of account and select the option “Standart Account” or “True ECN” (according to your interests). In currency type we will leave it in USD (dollars), select the box to receive special offers and continue clicking on the “NEXT” button.

configure trading account in ICMarkets

We are already in the last steps, now ICMarkets will ask us about our level of experience in Forex, if you are a newbie you select «Beginner», or the one that suits you best. Now we must place an answer for our security question and we finish by clicking on the green button that says “ACCEPT DECLARATION & SUBMIT“.

 

Important: Once the registration is finished, they will send us an email with our access data as our username and password. Do not forget to write them down.

Account verification at ICMarkets

Verifying our account at ICMarkets is a very important step that we must take before starting to trade since the company needs to check our identity to confirm that they are working with real people. For that, we can upload a photo of our ID (identity card), Driver’s License or Passport. We must also upload a proof of residence to confirm our address.

Account verification in ICMarkets

To upload the files, we just have to go down a little and select the option that says “Browse“, and then we must click on a green button that says UPLOAD and that’s it. Once the files are sent, we will have to wait for the ICMarkets staff to approve them and verify our account. They usually give an answer by mail in less than 24 hours.

Account verification ICMarkets

To see the status of our documents sent, we just have to lower the screen a little more, at the bottom of the page we can see something like the following image.

Note: In my case, they approved my ID but no my proof of residence, since I sent a very old one and it should not be more than 3 months old.

If we have done everything correctly and ICMarkets approves our documents and verifies the new account we have opened with them, on the left side of our screen we will see something like what is shown in the following image. That will confirm that our account is fully verified and we can start trading without problems.

How to make a deposit of funds in ICMarkets?

To make a deposit at ICMarkets and start trading, we must go to the menu where it says Transfers >> Deposit Funds. Remember that the minimum amount to fund our account is $200.

deposit methods offered by ICmarkets

Opening an account with ICMarkets and other important aspects

Opening a demo account: If we are beginners and we want to start practicing on the platform without risking our money, we have the option of opening a demo account. For that, from the menu we will go to Accounts >> Open A New Demo Account.

We only have to complete the form with the trading platform of our choice, type of account, currency, leverage and amount of the initial deposit. Once complete, we will receive an email with the demo account, and the login details.

Trading platforms of ICMarkets

MetaTrader 4: The most popular Forex trading platform during 2019, since its technology and design provide the customer with fast and easy-to-use service, with fast and efficient trade execution and with a constant innovation that takes its trading service to the next level.

This platform has multiple market analysis tools, including dozens of built-in technical indicators. Not only that, it has modules designed for the design, evaluation, and application of automated trading systems (Expert Advisors).

cTrader: It is another trading platform offered by ICMarkets and it is an electronic trading platform or Electronic Communication Network which is specifically designed to trade with Forex and precious metals.

This platform gives the customer great liquidity with up to 64 currency pairs, plus 13 stock indexes, combining streaming prices with a wide variety of banks worldwide. In addition, cTrader does not have minimum spreads as it has very low spreads from 0.0 pips for major currency pairs. In addition to all this, the cTrader platform has no trading restrictions, as it offers the possibility of linking and trading with large liquidity providers globally.

MetaTrader 5: This trading platform has been becoming a trend during the year 2019, is an improved version of the popular MetaTrader 4 platform, and was created by MetaQuotes. It basically includes all the benefits that its predecessor MetaTrader4, but with access to a greater variety of markets and more investment features than the previous one did not possess.

Well, dear traders, that’s all with respect to this ICMarkets Tutorial. We hope you choose this broker to start trading and any questions can be left in the comments section of this article.

You can get more information and open an account with ICMarkets at the following link:

Visit ICMarkets Broker website