This IC Markets India review is for you if you’re scratching your head about which forex broker to choose. I get it – picking the right broker to start forex trading in India can feel like a maze. Is IC Markets the way to go? Let’s break it down together.
In this review, we’ll cover:
- Services Offered to Indian Traders
- Getting Started with IC Markets
- Depositing and Withdrawing Funds
- Trading on IC Markets
- Fees and Commissions
- Regulatory Compliance and Security
- Customer Support for Indian Traders
- Tax Implications for Indian Traders
By the end, you’ll have a clear picture of whether IC Markets fits your trading needs. Let’s dive in!
What Is IC Markets?
IC Markets launched in 2007 in Sydney, Australia. Founded by Andrew Budzinski, it’s now one of the top forex brokers in India. They offer forex, CFDs, and crypto trading to folks worldwide, including us here in India.
As an Indian trader, I’ve found IC Markets to be a solid choice. They use top-notch platforms like MetaTrader 4, MetaTrader 5, and cTrader. What I like is their fast trade execution and tight spreads, which matter a lot when you’re trying to make money in the markets.
Services Offered to Indian Traders
IC Markets gives us Indian traders a bunch of options:
- Forex trading: All major pairs, plus some exotic ones
- CFD trading: Stocks, indices, commodities
- Crypto CFDs: Bitcoin, Ethereum, and more
Sadly, they don’t offer INR-paired options right now. That’s a bummer for us Indians who want to trade directly in rupees.
Getting Started with IC Markets
To start using IC Markets, you need create a personal account for trading. How do you go about this?
Creating an Account
Opening an account with IC Markets is pretty straightforward. Here’s how you do it:
- Go to the IC Markets website
- Click on the “Create Account” or “Open Live Account” button
- Fill in your personal details (name, email, phone number)
- Choose your account type (more on this later)
- Set a password
- Agree to the terms and conditions
- Click “Create Account”
Once you’ve done this, you’ll need to verify your account. This is where the KYC (Know Your Customer) process comes in. As an Indian trader, you’ll need to provide:
- A valid government ID (like your Aadhaar card or passport)
- Proof of address (a recent utility bill or bank statement)
- PAN card
These documents are required to prevent fraud and money laundering. It’s a bit of a hassle, I know, but it’s for everyone’s safety and it’s standard practice in the industry.
In my experience, the verification process took about 1-2 business days. It was faster than I expected, honestly. Some of my trader friends had it done in just a few hours.
Once your account is verified, you’re all set to start funding your account and trading.
Account Types
IC Markets offers three main account types:
- Standard Account: Good for beginners, with market execution
- Raw Spread Account: For more active traders, with tighter spreads
- cTrader Account: Uses the cTrader platform, great for scalping
I started with the Standard Account, but switched to Raw Spread once I got more comfortable.
- Depositing Funds
The minimum deposit at IC Markets is $200 (about ₹15,000). It’s a bit high compared to some others, but you get what you pay for with their tight spreads.
For us Indians, we can deposit via:
- Bank wire transfer
- Credit/debit cards
- E-wallets like Neteller and Skrill
Sadly, no UPI option yet. That would’ve been nice.
Here’s a quick guide to deposit:
- Log in to your IC Markets account
- Click on ‘Deposit Funds’
- Choose your method
- Enter the amount and follow the prompts
IC Markets doesn’t offer deposit bonuses. Personally, I’m okay with that. Bonuses often come with strings attached.
Trading on IC Markets
Let’s say you want to trade EURUSD:
- Open your trading platform (MT4, MT5, or cTrader)
- Find EURUSD in the market watch window
- Click to open a new order
- Choose buy or sell, set your lot size
- Add stop loss and take profit if you want
- Click ‘Place Order’
Trading Platforms and Features
IC Markets offers MT4, MT5, and cTrader. I prefer MT4 for its simplicity, but MT5 is great for stocks and cTrader for its modern interface.
They also have copy trading. It’s a cool feature where you can automatically copy pro traders. I’ve tried it, and it’s not bad for learning, but don’t rely on it completely.
Educational Resources for Indian Traders
IC Markets has a decent education section. They offer:
- Video tutorials
- Trading guides
- Webinars
The content is good, but it’s not tailored specifically for us Indians. I found myself looking up some India-specific info elsewhere.
That’s my take on getting started and trading with IC Markets. Want me to dive deeper into anything?
Fees and Commissions
IC Markets keeps things simple with their fee structure. Here’s what you need to know:
- No deposit fees (but your bank might charge you)
- No inactivity fees (thank goodness!)
- Spreads from 0.0 pips on Raw Spread accounts
- $3.50 per lot (round turn) commission on Raw Spread accounts
- Standard accounts have no commission but wider spreads
Compared to other brokers, IC Markets is pretty competitive. Here’s a quick comparison:
Broker |
Spread From |
Commission |
|---|---|---|
IC Markets |
0.0 pips |
$3.50 per lot |
Octa |
0.0 pips |
$0-$7 per lot |
Exness |
0.0 pips |
$0-$3.5 per lot |
XM |
0.6 pips |
No commission |
As you can see, IC Markets holds its own. I’ve found their combination of tight spreads and reasonable commissions to be a good deal.
Withdrawing Funds
Getting your money out of IC Markets is straightforward, but it could be faster. Here’s what you need to know:
Available methods for us Indians:
- Bank wire transfer
- Credit/debit cards
- E-wallets (Neteller, Skrill)
Step-by-step withdrawal guide:
- Log into your IC Markets account
- Click on ‘Withdraw Funds’
- Choose your withdrawal method
- Enter the amount
- Confirm and submit
In my experience, withdrawals usually take 1-3 business days. Bank transfers can take up to 5 days, which is a bit long when you’re eager to get your profits!
There are no withdrawal fees from IC Markets’ side, but your bank might charge for incoming international transfers. Keep that in mind.
Regulatory Compliance and Security
Now, this is important. IC Markets is regulated by some big names:
- Australian Securities and Investments Commission (ASIC)
- Cyprus Securities and Exchange Commission (CySEC)
- Seychelles Financial Services Authority (FSA)
But here’s the catch – they’re not directly regulated in India. That’s not uncommon for foreign brokers, but it’s something to be aware of.
For security, they use:
- SSL encryption
- Segregated client funds
- Negative balance protection
Compared to Indian brokers, the regulatory setup is different. Local brokers are overseen by SEBI, which gives us more local protection. But IC Markets’ international regulation is solid.
Here’s how they stack up:
Broker |
Main Regulators |
Indian Regulation |
|---|---|---|
IC Markets |
ASIC, CySEC, FSA |
No |
Octa |
CySEC, FSC |
No |
Exness |
CySEC, FCA, FSCA |
No |
XM |
ASIC, CySEC, IFSC |
No |
As you can see, none of these international brokers have direct Indian regulation. It’s a trade-off we make for access to global markets and often better trading conditions.
From my experience, IC Markets has been reliable and secure. But always remember, forex trading carries risks, no matter how well-regulated the broker is.
Customer Support for Indian Traders
IC Markets’ support is decent, but not perfect for us Indians. Here’s the scoop:
- 24/5 support via live chat, email, and phone
- No Hindi support (bummer for some of us)
- Response times are okay, usually within an hour
I’ve used their live chat a few times. The agents know their stuff, but sometimes there’s a language barrier. It’d be great if they had Indian staff.
One thing I like: they have an Indian phone number. It’s not toll-free, but it’s better than calling Australia!
Pros and Cons
Let’s break it down:
Pros:
- Super tight spreads
- Good platform choices (MT4, MT5, cTrader)
- Reliable trade execution
- No dealing desk intervention
Cons:
- No INR trading pairs
- Not regulated in India
- Minimum deposit is a bit high (₹15,000 ish)
- No local bank transfers
The lack of INR pairs is a real pain. I have to deal with currency conversion fees every time I deposit or withdraw.
Why IC Markets is Reliable for Indian Traders
Despite some drawbacks, IC Markets has earned my trust. Here’s why:
- They’ve been around since 2007 – that’s stability
- Huge trading volumes (over $1 trillion monthly)
- Strict international regulation
I’ve been using them for two years now, and I’ve never had issues with withdrawals or trade execution. That’s huge in my book.
They’ve won some awards too, like “Best CFD Broker” at the UK Forex Awards. Nice, but I care more about actual performance.
As for Indian users, I’ve chatted with fellow traders on forums. Most seem happy, especially those who prioritize tight spreads and fast execution.
One last thing: they’re not flashy with promos or unrealistic promises. To me, that’s a good sign. They’re focused on doing the basics right.
Comparing IC Markets vs Octa vs Exness vs XM
As an Indian trader, I’ve checked out both local and international options. Here’s how IC Markets stacks up against
Octa, Exness, and XM:
Feature |
IC Markets |
Octa |
Exness |
XM |
|---|---|---|---|---|
Min Deposit |
$200 |
$100 |
$1 |
$5 |
Spreads from |
0.0 pips |
0.0 pips |
0.0 pips |
0.6 pips |
INR pairs |
No |
Yes |
Yes |
No |
Indian support |
Limited |
Yes |
Yes |
Limited |
Deposit methods |
Bank wire, cards, e-wallets |
Bank wire, cards, e-wallets, local transfers |
Bank wire, cards, e-wallets, local transfers |
Bank wire, cards, e-wallets |
IC Markets still shines with tight spreads, but both Octa and Exness have an edge with INR pairs and local support. Exness stands out with its incredibly low minimum deposit of just $1, which is great for beginners or those wanting to start small.
Personally, I stick with IC Markets for their rock-bottom spreads and solid execution. But I can see the appeal of Exness, especially for new traders or those who prioritize trading in INR. The low entry point and local support are definitely attractive features.
Tax Implications for Indian Traders
Alright, let’s talk taxes. It’s not the most exciting topic, but it’s crucial for Indian traders.
First off, forex trading profits are taxable in India. The exact rate depends on how often you trade:
- Occasional trading: Taxed as capital gains
- Frequent trading: Taxed as business income
Here’s the tricky part with IC Markets: Since they don’t offer INR pairs, you’re always dealing in foreign currency. This means you might have to deal with:
- Currency conversion charges
- Potential forex gains/losses on your account balance
IC Markets doesn’t help much with tax reporting for India. You’re pretty much on your own here. I keep detailed records of all my trades and consult with a tax pro at year-end.
One tip: If you’re serious about trading, consider registering as a business. It can make your tax situation clearer and might even save you some money.
Remember, I’m not a tax expert. Always check with a qualified accountant for your specific situation.
Conclusion
Look, after using IC Markets for a while and comparing it with other options, I can say it’s a solid choice for us Indian traders. Sure, it’s not perfect – the lack of INR pairs is a bummer. But if you’re after tight spreads and slick execution, IC Markets delivers.
Don’t let the fact that they’re not based in India scare you off. They’ve got a track record that speaks for itself. If you decide to give them a shot, I reckon you’ll be pleasantly surprised.
Trading forex is a journey, and choosing the right broker is a big part of that. So whether you go with IC Markets or not, just remember to trade smart and stay safe out there. Here’s to your success in the markets!
FAQs
- Is IC Markets legal in India?
Yes, IC Markets is legal for Indian traders to use. While they’re not based in India, there’s no law preventing Indians from trading with international brokers.
- Is IC Markets registered with SEBI?
No, IC Markets isn’t registered with SEBI. They’re an international broker and don’t have direct Indian regulation.
- Is IC Markets a regulated broker?
Absolutely. IC Markets is regulated by some big names in the financial world: the Australian Securities and Investments Commission (ASIC), the Cyprus Securities and Exchange Commission (CySEC), and the Seychelles Financial Services Authority (FSA).
- What’s the minimum deposit for IC Markets?
The minimum deposit is $200, which is about ₹15,000 depending on the exchange rate. It’s a bit higher than some others, but you get access to their tight spreads.
- Is IC Markets better than Octa?
That’s not a simple yes or no. IC Markets has tighter spreads, but Octa offers INR pairs. It really depends on what you need. For a detailed comparison between Octa and other brokers, check out our Octa vs IC Markets review. It’ll give you a good idea of how these brokers stack up.
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