ICG Markets Forex Broker provides real users with * positive reviews, 1 neutral reviews and * exposure review!
Business
License
Great trading platform, it supports auto trading, and you don’t need to invest a lot of money to get started. However, it is not regulated at the moment, making me feel unsafe…
ICG Markets has garnered mixed reviews in the trading community, with some users praising its user-friendly platform and diverse asset offerings, while others express concerns about regulatory compliance and customer service. This review synthesizes various sources to provide a comprehensive overview of ICG Markets' strengths and weaknesses.
Note: The regulatory landscape varies across different regions, which is a critical factor in assessing ICG Markets. The following evaluation aims to present a fair and accurate representation based on available information.
| Category | Rating (out of 10) |
|---|---|
| Account Conditions | 6 |
| Tools and Resources | 7 |
| Customer Service and Support | 5 |
| Trading Setup (Experience) | 6 |
| Trustworthiness | 4 |
| User Experience | 5 |
| Additional Criteria | 6 |
How We Rated the Broker: The ratings are derived from a combination of user experiences, expert opinions, and factual data.
Founded in 2016, ICG Markets operates as an online forex and CFD broker, offering a range of trading instruments, including forex, commodities, and cryptocurrencies. The broker provides access to popular trading platforms such as MetaTrader 4 (MT4) and MetaTrader 5 (MT5), allowing traders to utilize advanced trading tools and strategies. However, it is important to note that ICG Markets lacks robust regulatory oversight, which raises concerns about the safety of client funds.
ICG Markets operates in various regions but is not considered fully regulated by major financial authorities. This lack of regulation could expose traders to higher risks compared to brokers with stringent oversight. According to WikiFX, ICG Markets does not possess valid regulatory information, which is a significant red flag for potential clients.
ICG Markets supports several deposit and withdrawal methods, including bank transfers, credit/debit cards, and e-wallets like Skrill and Neteller. However, the absence of a clear fee structure for withdrawals and deposits can lead to confusion among users. Some sources indicate that international transfers may incur fees, which could affect traders' bottom lines.
The minimum deposit required to open an account with ICG Markets is relatively low, set at $100. This accessibility can attract beginner traders, but the low barrier to entry may also lead to inexperienced traders facing significant risks. According to Scam Robot, traders should be cautious when engaging with unregulated brokers, as they may not provide the necessary protections.
Currently, ICG Markets does not offer any bonuses or promotional incentives. While this may deter some traders looking for additional perks, it also indicates a level of transparency, as bonuses often come with complicated terms that can be misleading.
ICG Markets provides a diverse range of tradable assets, including major and minor forex pairs, commodities, and cryptocurrencies. The availability of various asset classes allows traders to diversify their portfolios effectively. However, the overall selection may not be as extensive as some competitors, which could limit trading strategies.
The cost structure at ICG Markets varies based on account types. The basic account offers spreads starting at 1.4 pips, while the ECN account provides tighter spreads but incurs a commission of $7 per lot. According to WikiFX, the commissions and spreads are competitive but not the lowest in the industry, which may affect cost-conscious traders.
ICG Markets offers leverage of up to 1:300, which is considerably higher than many regulated brokers. While this can amplify potential profits, it also significantly increases the risk of substantial losses. New traders should exercise caution and consider their risk tolerance before utilizing such high leverage.
ICG Markets supports popular trading platforms such as MT4 and MT5, which are favored for their extensive features and user-friendly interfaces. However, the absence of a proprietary trading platform may be a drawback for some traders who prefer a more tailored experience.
ICG Markets does not accept clients from several countries, including the United States, Canada, and certain European nations. This limitation could restrict access for many potential traders, making it crucial for interested individuals to verify their eligibility before signing up.
ICG Markets offers customer support in multiple languages, catering to a diverse clientele. However, user reviews indicate that response times can vary, and some customers have reported issues with the quality of assistance received.
| Category | Rating (out of 10) |
|---|---|
| Account Conditions | 6 |
| Tools and Resources | 7 |
| Customer Service and Support | 5 |
| Trading Setup (Experience) | 6 |
| Trustworthiness | 4 |
| User Experience | 5 |
| Additional Criteria | 6 |
In conclusion, ICG Markets presents a mixed bag for potential traders. While it offers a user-friendly platform and a diverse range of assets, the lack of regulation and inconsistent customer service are significant drawbacks. Traders should carefully weigh these factors before deciding to engage with ICG Markets.
