IC Markets Review
Overall, IC Markets is very competitive in terms of its trading fees and spreads. IC Markets has over 50 000 active Tanzanian traders and offers an average spread from 0.0 pips. IC Markets offers three retail accounts and has a Trust Score of 85% out of 100. IC Markets is currently not regulated by the Bank of Tanzania.
- Louis Schoeman
Jump to:
Regulation and Safety of Funds
Account Types and Features
Account Registration
Trading Platforms
Range of Markets
Fees
Deposits and Withdrawals
Education and Research
Affiliate Program
Final Verdict
Pros and Cons
FAQ
Overall Rating
- 4.7/5
Min Deposit
USD 200
Regulators
ASIC
Trading Desk
Metatrader 4
Crypto
Yes
Total Pairs
65
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
IC Markets Review – 19 key points quick overview:
- ✅ IC Markets Overview
- ✅ IC Markets At a Glance
- ✅ IC Markets Regulation and Safety of Funds
- IC Markets Awards and Recognition
- IC Markets Account Types and Features
- How to open an account with IC Markets in Tanzania
- IC Markets Vs FXTM Vs NinjaTrader – Broker Comparison
- IC Markets Trading Platforms
- IC Markets Range of Markets
- Broker Comparison for Range of Markets
- IC Markets Trading and Non-Trading Fees
- IC Markets Deposits and Withdrawals
- How to Deposit Funds with IC Markets
- IC Markets Fund Withdrawal Process
- IC Markets Education and Research
- IC Markets Corporate Social Responsibility
- Our Verdict on IC Markets
- IC Markets Pros and Cons
- FAQ
IC Markets Overview
👉 Overall, IC Markets is considered low-risk, with an overall Trust Score of 86 out of 100. IC Markets is licensed by one Tier-1 Regulators (high trust), one Tier-2 Regulator (average trust), and two Tier-3 Regulators (low trust). IC Markets offers three different retail trading accounts namely a cTrader Account, Raw Spread Account, and Standard Account.
👉 IC Markets accepts Tanzanian clients and has an average spread from 0.0 pips with $6 or $7 commission round turn. IC Markets has a maximum leverage ratio up to 1:500 and there is a demo and Islamic account available. MT4, MT5, and cTrader platforms are supported. IC Markets is headquartered in Australia and is regulated by ASIC, CySEC, FSA, and SCB.
👉 IC Markets is well-regulated around the globe, giving traders access to an incredibly competitive offering. IC Markets’ trading fees, such as spreads and commissions, are more favourable than the average offered by other brokers in the trading sector.
👉 The fact that everything is done digitally, and that IC Markets has customer service available round the clock made creating an account a breeze. In addition to this, the broker is quite clear and honest about the variations that exist between creating an account with their worldwide organizations that are regulated in a variety of jurisdictions.
👉 IC Markets takes great satisfaction in the fact that their product is the go-to option for high-volume traders, scalpers, and robots. Based on our studies and tests in real life, we have reason to think that this is the case.
👉 There are three professional trading platforms available to Tanzanian traders, each of which is designed specifically for experienced traders.
👉 However, the service that IC Markets offers also caters to novice traders by providing them with access to trading classes, market research, webinars, customer support, and demo trading accounts, which can be used to sharpen trading abilities and practise new strategies.
👉 This IC Markets review for Tanzania will provide local retail traders with the details that they need to consider whether IC Markets is suited to their unique trading objectives and needs.
IC Markets Distribution of Traders
👉 IC Markets currently has the largest market share in these countries:
➡️ Vietnam – 12.04%
➡️ United Kingdom – 6.12%
➡️ Australia – 5.68%
➡️ Poland – 5.10%
➡️ Brazil – 4.89%
Popularity among traders who choose IC Markets
🥇 IC Markets, which has its operations based in Australia and several other regions, has a market share of less than 5% in the Tanzanian derivatives market. Despite this, IC Markets maintains a place among the top 40 brokers that are accessible to traders in Tanzania.
IC Markets At a Glance
| 🏛 Headquartered | Sydney, Australia |
| 🏙 Global Offices | Australia |
| 🌃 Local Market Regulator in Tanzania | Bank of Tanzania (BoT) |
| ✅ Foreign Direct Investment in Tanzania | $0.99B in 2019 |
| ✔️ Foreign Exchange Reserves in Tanzania | 6.714 billion US dollars in 2021 |
| 🏛 Local office in Dodoma? | No |
| ✅ Governor of SEC in Tanzania | None, Benno Ndulu is the Central Bank Governor in Tanzania |
| ✔️ Accepts Tanzanian Traders? | Yes |
| 🗓 Year Founded | 2007 |
| 📞 Tanzanian Traders Office Contact Number | None |
| 📱 Social Media Platforms | • Facebook |
| ⚖️ Regulation | ASIC, CySEC, FSA, SCB |
| 1️⃣ Tier-1 Licenses | • Australian Securities and Investments Commission (ASIC) |
| 2️⃣ Tier-2 Licenses | • Cyprus Securities and Exchange Commission (CySEC) |
| 3️⃣ Tier-3 Licenses | • Financial Services Authority (FSA) • Securities Commission of the Bahamas (SCB) |
| 🪪 License Number | • Seychelles – SD018 • Australia – AFSL 335692 • Cyprus – 362/18 • Bahamas – SIA-F214 |
| ⚖️ BoT Regulation | None |
| 💸 Regional Restrictions | United States, Canada, Iran, Yemen, and OFAC countries |
| ☪️ Islamic Account | Yes |
| 💻 Demo Account | Yes |
| 🛍 Retail Investor Accounts | 3 |
| ✔️ PAMM Accounts | MAM Accounts |
| 📊 Liquidity Providers | 25 |
| 💰 Affiliate Program | Yes |
| 📉 Order Execution | Market |
| 📈 Starting spread | 0.0 pips |
| 📉 Minimum Commission per Trade | From $3 to $3.5 |
| 💸 Decimal Pricing | 5th decimal pricing after the comma |
| 📞 Margin Call | 100% |
| 🛑 Stop-Out | 50% |
| 📊 Minimum Trade Size | 0.01 lots |
| 📉 Maximum Trade Size | Unlimited |
| 📈 Crypto trading offered? | Yes |
| ✅ Offers a TZS Account? | No |
| ✔️ Dedicated Tanzanian Traders Account Manager? | No |
| ⬆️ Maximum Leverage | 1:500 |
| 📈 Leverage Restrictions for Tanzania? | No |
| 📉 Minimum Deposit (TZS) | 460,000 TZS or an equivalent to $200 |
| 💵 Tanzanian Shilling Deposits Allowed? | No |
| 📱 Active Tanzanian Trader Stats | 50,000+ |
| 👥 Active Tanzanian-based IC Markets customers | Unknown |
| 🔄 Tanzania Daily Forex Turnover | Unknown, Forex overall is $6.6 Trillion |
| 💰 Deposit and Withdrawal Options | • Credit Card • Debit Card • PayPal • Neteller • Neteller VIP • Skrill • UnionPay • Bank Wire Transfer • Bpay • FasaPay • Broker to Broker • POLi • Thai Internet Banking • Vietnamese Internet • Banking • Rapidpay • Klarna |
| 📉 Minimum Withdrawal Time | Instant |
| 📈 Maximum Estimated Withdrawal Time | Up to 14 business days |
| 💵 Instant Deposits and Instant Withdrawals? | Yes, on PayPal, Neteller, and Skrill |
| ✔️ Segregated Accounts with Tanzanian Banks? | No |
| 💻 Trading Platforms | • MetaTrader 4 • MetaTrader 5 • cTrader |
| 📉 Tradable Assets | • Forex • Commodities • Indices • Bonds • Cryptocurrencies • Stocks • Futures |
| 💰 Offers USD/TZS currency pair? | No |
| 📊 USD/TZS Average Spread | N/A |
| ✅ Offers Tanzanian Stocks and CFDs | No |
| ✔️ Languages supported on the Website | English, Spanish, Russian, Thai, Malay, Vietnamese, Italian, Portuguese, and several others |
| 📱 Customer Support Languages | Multilingual |
| ✔️ Copy Trading Support | Yes |
| 👥 Customer Service Hours | 24/7 |
| 📞 Tanzanian-based customer support? | No |
| 💵 Bonuses and Promotions for Tanzanian Traders | Yes |
| 📚 Education for Tanzania beginner traders | Yes |
| 📱 Proprietary trading software | No |
| 🗣 Most Successful Tanzanian Trader | Unknown |
| ✅ Is IC Markets a safe broker for Tanzanian Traders? | Yes |
| ✔️ Rating for IC Markets Tanzania | 9/10 |
| 🥇 Trust score for IC Markets | 86% |
| 👉 Open An Account | 👉 Open Account |
IC Markets Regulation and Safety of Funds
IC Markets Regulation in Tanzania
👉 IC Markets is not locally regulated in Tanzania by any known market regulators.
IC Markets Global Regulations
👉 Since IC Markets began operations in 2007, they have a long history of reliability. The fact that IC Markets has been in business for such a long time and that they have successfully navigated the changes that have occurred in the financial markets during that time indicates that they are serious about the business and the services that they offer to the company’s customers.
👉 IC Markets manages a total of four distinct bodies around the globe, including one Tier-1 regulator, one Tier-2 regulator, and two Tier-3 regulators as follows:
➡️ The Financial Services Authority (FSA) of Seychelles, which is classified as a Tier-1 regulator, has granted Raw Trading Ltd. authorization and regulation.
➡️ The Australian Securities and Investments Commission (ASIC), which is a tier 1 regulator, has granted authorization to and is the regulatory body for International Capital Markets Pty Ltd.
➡️ IC Markets (EU) Ltd is a Tier-2 regulator that has been granted authorization and regulation by the Cyprus Securities and Exchange Commission (CySEC).
➡️ IC Markets Ltd. is a third-tier financial services provider that is authorized and regulated by the Securities Commission of the Bahamas (SCB).
IC Markets Client Fund Security and Safety Features
👉 When it comes to its business operations, IC Markets is quite open and honest. Every one of its organizations will offer you accurate information on the safeguards you have or do not have. This is significant because the broker is being forthright with you about how they intend to handle your business as a customer, which is always beneficial information to have.
👉 IC Markets will go above and above what is necessary to protect and secure you, which demonstrates that they place a high priority on your client fund and overall trading safety.
Raw Trading Ltd. – FSA
👉 Even though the Financial Services Authority of Seychelles (FSA of Seychelles) is ranked as a tier 3 financial regulator, this organization has included additional protections for its customers, such as the following:
➡️ Coverage of up to one million dollars per customer is provided by the insurance.
➡️ Storing customer funds with top tier banks and keeping it separate from operational funds.
➡️ Offering insurance to safeguard against having a negative balance.
👉 The licenses offered to Raw Trading Ltd. can be confirmed on the FSA register under license number SD018.
International Capital Markets Pty Ltd (ASIC)
👉 The Australian Securities and Investments Commission (ASIC), which is ranked as a tier 1 financial regulator, has granted authorization to the business known as International Capital Markets Pty Ltd, operating as IC Markets.
👉 There is no compensation system available if the broker declares bankruptcy, even though the scrutiny from the regulator is often more stringent than in offshore countries. When dealing with this organization, customer funds are kept in separate accounts in banks in Australia with ratings of AA or above.
👉 IC Markets’ regulation through the ASIC can be confirmed on the register under AFSL 335692.
IC Markets (EU) Ltd (CySEC)
👉 Known as IC Markets (EU) Ltd, the broker is authorized and controlled by CySEC, which is regarded as a Tier-2 financial regulator.
👉 When dealing with this entity, it is a regulatory requirement for the broker to keep the funds of their clients separate from their own funds, to provide a policy that protects negative balances, and to participate in an investor compensation fund to safeguard the interests of their customers in the event of a default.
👉 Traders can visit the register of CySEC to confirm IC Markets’ license under 362/18.
IC Markets Ltd (SCB)
👉 The Securities Commission of the Bahamas (SCB) is a Tier-3 regulator that oversees and regulates IC Markets Ltd in the Bahamas. With this regulation, IC Markets is required to keep funds in segregated accounts and to ensure that there is a safe, fair, and transparent trading environment provided to all clients under this regulation.
👉 In addition, traders can view and verify SCB regulations by visiting the register and searching for IC Markets under reference number SIA-F214.
Overall Rating
- 4.7/5
Min Deposit
USD 200
Regulators
ASIC
Trading Desk
Metatrader 4
Crypto
Yes
Total Pairs
65
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
IC Markets Awards and Recognition
👉 IC Markets is a trustworthy broker that has been recognized with many accolades during the years that it has been in business. One of these accolades is the award for “Best Forex MT5 Broker,” which was presented to IC Markets in 2020 by FX Scouts.
IC Markets Account Types and Features
👉 IC Markets allows retail investors to choose from three separate account options, each of which comes with a unique collection of features and trading conditions that are geared toward a certain kind of trader. The account types offered are:
➡️ cTrader Account
➡️ Raw Spread Account
➡️ Standard Account
| 💻 Live Account | 📉 Minimum Dep. | 📊 Average Spread | 💸 Commissions | 💰 Average Trading Cost |
| ➡️ cTrader | 460,000 TZS or 200 USD | 0.0 pips | $3 or $6 per side | 6.02 USD |
| ➡️ Raw Spread | 460,000 TZS or 200 USD | 0.0 pips | $3.5 or $7 per side | 7.02 USD |
| ➡️ Standard | 460,000 TZS or 200 USD | 0.6 pips | None | 6.30 USD |
IC Markets Live Trading Accounts
cTrader Account
👉 cTrader is a significant trading platform designed specifically for CFD trading. It provides traders with a wide range of sophisticated trading tools, charting choices, and other features. Tanzanian traders who utilize this account may take benefit from the following special features: cTrader was built to cater to CFD trading.
| Account Feature | Value |
| 💻 Trading Platform | cTrader |
| 💵 Commission | $3 per side and $6 per round turn |
| 💳 Typical Average Spreads | 0.0 pips |
| 📉 Minimum Deposit Requirement | 460,000 TZS or an equivalent to $200 |
| 📈 Leverage | 1:500 |
| 💻 Maximum positions per account | 2,000 lots |
| 📍 Server Location | London |
| ✅ Micro trading allowed? | Yes |
| 💵 Currency Pairs | 64 |
| 💰 Index CFD Trading | Yes |
| 🛑 Stop-Out (%) | 50% |
| 💻 One-Click Trading offered? | Yes |
| ☪️ Islamic Accounts | Yes |
| ✅ Trading Styles accepted | Scalping, hedging, expert advisors, algorithmic strategies, etc. |
| 📱 Programming Language | C# |
| ✔️ Suitable for | Day traders, scalpers, active traders |
| 💻 Demo Account offered? | Yes |
Raw Spread Account
👉 The Raw Spread Account offers the industry’s most competitive spreads and charges just a little fee on transactions. This account is also well-known for its broad liquidity and regular execution speeds.
👉 Tanzanian day traders, expert advisor traders, high-frequency traders, and scalpers would benefit from this account.
| Account Feature | Value |
| 💻 Trading Platform | MetaTrader 4 and 5 |
| 💵 Commission | $3.5 per side and $7 per round turn |
| 💳 Typical Average Spreads | 0.0 pips |
| 📉 Minimum Deposit Requirement | 460,000 TZS or an equivalent to $200 |
| 📈 Leverage | 1:500 |
| 💻 Maximum positions per account | 200 lots |
| 📍 Server Location | New York |
| ✅ Micro trading allowed? | Yes |
| 💵 Currency Pairs | 64 |
| 💰 Index CFD Trading | Yes |
| 🛑 Stop-Out (%) | 50% |
| 💻 One-Click Trading offered? | Yes |
| ☪️ Islamic Accounts | Yes |
| ✅ Trading Styles accepted | Scalping, hedging, expert advisors, algorithmic trading, etc. |
| 📱 Programming Language | MQL4 |
| ✔️ Suitable for | Expert advisers, scalpers |
| 💻 Demo Account offered? | Yes |
Standard Account
👉 Traders with an IC Markets Standard Account get access to fast execution times, all-inclusive spreads, and no fees. This account normally serves many Tanzanian traders, regardless of their trading demands or aims.
| Account Feature | Value |
| 💻 Trading Platform | MetaTrader 4 and 5 |
| 💵 Commission | None |
| 💳 Typical Average Spreads | 0.6 pips |
| 📉 Minimum Deposit Requirement | 460,000 TZS or an equivalent to $200 |
| 📈 Leverage | 1:500 |
| 💻 Maximum positions per account | 200 lots |
| 📍 Server Location | New York |
| ✅ Micro trading allowed? | Yes |
| 💵 Currency Pairs | 64 |
| 💰 Index CFD Trading | Yes |
| 🛑 Stop-Out (%) | 50% |
| 💻 One-Click Trading offered? | Yes |
| ☪️ Islamic Accounts | Yes |
| ✅ Trading Styles accepted | Scalping, hedging, expert advisors, algorithmic trading, etc. |
| 📱 Programming Language | MQL4 |
| ✔️ Suitable for | Discretionary Traders |
| 💻 Demo Account offered? | Yes |
IC Markets Base Account Currencies
👉 When dealing with IC Markets, Tanzanians can register a live trading account in the following currencies:
➡️ EUR
➡️ USD
➡️ GBP
➡️ AUD
➡️ SGD
➡️ NZD
➡️ JPY
➡️ CHF
➡️ HKD
➡️ CAD
IC Markets Demo Account
👉 A demo account is a practice account that offers traders a certain amount of virtual funds that they can use, allowing them to enter the live market without risking their capital.
👉 Tanzanian traders are highly advised to use it before trading with real money since it gives a 1:1 reproduction of the experience of trading with real money. Furthermore, the demo account is the most efficient instrument for becoming acquainted with different trading strategies and market settings.
👉 Tanzanians can open a demo account with IC Markets on MetaTrader 4, MetaTrader 5, or cTrader.
IC Markets Islamic Account
👉 Depending on the trading style and the trading strategy of the forex trader, they may keep their trading positions open for longer than 24 hours on a trading day.
👉 This means that the trader could incur an overnight or rollover fee. This is a type of interest that is prohibited by Riba principles of Sharia law, which means that Muslim traders are often restricted in forex trading.
👉 If you are a Sharia-compliant CFD and FX trader, the business provides an Islamic Account with cTrader, Raw or Standard pricing, and no interest-based swap rates.
👉 While CFD and FX transactions that are kept open for more than one day pay or receive a swap rate (also known as an overnight financing charge) derived from interest rates, Islamic accounts adhere to Islamic finance requirements by paying flat-rate admin fees rather than swap rates.
How to open an Account with IC Markets in Tanzania
👉 To register an account with IC Markets, Tanzanian Traders can follow these steps:
➡️ Go to the official IC Markets website and click on the green “Start Trading” banner on the homepage.
➡️ The first step in creating an account is to provide basic personal information such as your country of residence, first and surname name, and so on. If you want, you can have this portion completed automatically by using your Google or Facebook credentials.
➡️ After that, you may go to “Tell us more about yourself.” In this area, you may pick your account type from Individual, Joint, or Corporate, as well as an Islamic account (for Muslim traders), and then provide your date of birth and residence address.
➡️ The “Configure your trading account” part follows, where you may pick your trading platform, account type, and account base currency from EUR, USD, GBP, AUD, SGD, NZD, JPY, CHF, HKD, and CAD.
➡️ Following that, you must identify your total trading experience as beginner, moderate, or advanced. After that, you may provide a security question and answer that will be used when you contact IC Markets by phone, email, or live chat.
➡️ After answering the security questions, you must affirm that you fully understand and accept the IC Markets Islamic account Terms and Conditions if you chose the Islamic Account option, and the standard Terms and Conditions if you registered without picking the Islamic Account option.
➡️ After submitting your application, you must show verification of your identity and address. These papers must attest to the accuracy of the information you supplied in your application. Your account will be validated once accepted, and you will be able to deposit the required amount to begin trading.
IC Markets Vs FXTM Vs NinjaTrader – Broker Comparison
| 🥇 IC Markets | 🥈 FXTM | 🥉 NinjaTrader | |
| 📱 Trading Platform | ASIC, CySEC, FSA, SCB | CySEC, FSCA, FCA, FSC Mauritius | NFA |
| 💵 Withdrawal Fee | • MetaTrader 4 • MetaTrader 5 • cTrader | • MetaTrader 4 • MetaTrader 5 • FXTM Trader | • NinjaTrader Desktop • NinjaTrader Mobile • CQG Mobile |
| 💻 Demo Account | No | Yes | Yes |
| 💸 Min Deposit | Yes | Yes | Yes |
| 📉 Leverage | 460,000 TZS | 230,000 TZS | 110,000 TZS |
| 📊 Spread | 1:500 | 1:2000 | 1:50 |
| 💰 Commissions | From $3 to $3.5 | From $0.4 to $2 | From $0.09 |
| 🛑 Margin Call/Stop-Out | 100%/50% | • 40% to 50% (M) • 60% to 80% (S/O) | None |
| 📱 Order Execution | Market | Market, Instant | Instant, Market |
| ✔️ No-Deposit Bonus | No | No | None |
| 💵 Cent Accounts | No | No | No |
| 💻 Account Types | No | No | • Brokerage Account • Cash Management Account • Brokerage and Cash Management • The Fidelity Account for Businesses • Fidelity Go, and several others |
| ⚖️ BoT Regulation | • cTrader Account • Raw Spread Account • Standard Account | • Micro Account • Advantage Account • Advantage Plus Account | • Forex Account • Futures Account |
| 💰 TZS Deposits | No | No | No |
| ✔️ Tanzanian Shilling Account | No | Yes | No |
| 📞 Customer Service Hours | No | Yes | No |
| 🛍 Retail Investor Accounts | 3 | 3 | 1 |
| ☪️ Islamic Account | Yes | Yes | No |
| 💵 Minimum Trade Size | 0.01 lots | 0.01 lots | 1 lots |
| 📈 Maximum Trade Size | Unlimited | 100 lots | 100 lots |
| 📉 Minimum Withdrawal Time | Instant | Instant up to 24 hours | Within 24 hours |
| 💸 Maximum Estimated Withdrawal Time | Up to 14 business days | Up to 5 working days | Between 5 to 7 working days |
| 💰 Instant Deposits and Instant Withdrawals? | Yes, on PayPal, Neteller, and Skrill | Yes, instant deposits | No |
Overall Rating
- 4.7/5
Min Deposit
USD 200
Regulators
ASIC
Trading Desk
Metatrader 4
Crypto
Yes
Total Pairs
65
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
IC Markets Trading Platforms
👉 IC Markets’ clients have unfettered access to the MetaTrader 4, MetaTrader 5, and cTrader platforms. These three trading platforms are the most well-known and user-friendly on the market right now. The True ECN trading method is accessible to all traders on all platforms at no extra cost.
Desktop Platforms
➡️ MetaTrader 4
➡️ MetaTrader 5
➡️ cTrader
MetaTrader 4
👉 MetaTrader 4 (MT4) is the most popular trading platform for forex traders worldwide due to its user-friendliness, feature-rich environment, and automated trading capacity. The MT4 trading platform has developed into a worldwide community where technology providers can cater to the requirements of different types of traders.
👉 IC Markets plans to make accessible to Tanzanian traders the most current version of the MetaTrader 4 platform, which was designed specifically to help Tanzanian traders hone their trading methods.
👉 Among the features of IC Markets’ MT4 platform are:
➡️ 50+ technical indicators that are preinstalled
➡️ 24 charting tools for analysis
➡️ Three kinds of charts
➡️ Nine different timeframes.
➡️ The ability to trade within a single click
➡️ Traders can create their own indicators and Expert Advisors using MetaTrader’s MQL
MetaTrader 5
👉 IC Markets is certain that the recently launched MetaTrader 5 trading platform offers Tanzanian traders all they want for effective market trading. The enhanced charting technology and order management facilities of MetaTrader 5 allow traders to monitor and manage open positions more effectively.
👉 This helps traders to make more informed trading decisions. It is a sophisticated trading platform with several brand-new features designed to improve the trading experience.
cTrader
👉 Traders in Tanzania also have access to cTrader, a comprehensive trading platform that integrates the most desired aspects of speed and liquidity. Utilizing tried-and-true technology, enables Tanzanian traders to take their trading to a whole new level.
👉 cIAgo’s interface is another of cTrader’s many distinctive innovations. Using the source code editor and the programming language C#, bespoke technical indicators for use in technical analysis may be generated.
WebTrader Platforms
➡️ MetaTrader 4
➡️ MetaTrader 5
➡️ cTrader
MetaTrader 4 and 5
👉 MT4 is the principal trading platform for millions of traders worldwide. Traders who do not like to download or install extra software may perform it straight from a web browser without downloading or installing anything.
👉 Traders may use MetaTrader 5 as a unified trading platform to access the complete range of IC Markets’ instruments. Moreover, because of the broker’s raw spreads, IC Markets’ MetaTrader 5 has become one of the most potent trading platforms for aggressive traders.
cTrader
👉 cTrader Web blends the speed and simplicity of web-based software with cTrader’s order execution capabilities. This application is meant to operate in a web browser and is available for free download.
👉 With the introduction of cTrader Web, an intuitive web-based trading interface, trading with IC Markets is now simpler than ever.
Trading App
➡️ MetaTrader 4
➡️ MetaTrader 5
➡️ cTrader
MetaTrader 4 and 5
👉 MetaTrader 4 (MT4) and MetaTrader 5 (MT5) are both available for free download from the respective Google Play Store and Apple App Store.
👉 On these trading platforms, there are various built-in tools that traders may use for chart analysis to locate prospective trading opportunities that are distributed over a variety of marketplaces.
cTrader
👉 cTrader is a high-speed trading program that was built particularly for online trading in marketplaces all over the globe. Its target audience is everywhere internet trading is conducted.
👉 It is preferred over other platforms by Tanzanian traders who trade on their own time because it has an appealing design, an interface that is easy to understand, and a vast variety of advanced features.
👉 With the mobile app for cTrader, users can trade even while they are away from their desks. Traders can manage their open positions regardless of their physical location if they have access to the internet and can connect to their trading accounts.
IC Markets Range of Markets
👉 Tanzanian Traders can expect the following range of markets from IC Markets:
➡️ Forex
➡️ Commodities
➡️ Indices
➡️ Bonds
➡️ Cryptocurrencies
➡️ Stocks
➡️ Futures
Financial Instruments and Leverage offered by IC Markets
| 🔨 Instrument | ✔️ Number of Assets Offered | 📈 Max Leverage Offered |
| ➡️ Forex | 64 | 1:500 |
| ➡️ Commodities | 22 | 1:100 |
| ➡️ Indices | 25 | 1:200 |
| ➡️ Stocks | 1,600 | 1:20 |
| ➡️ Cryptocurrency | 18 | 1:5 |
| ➡️ Futures | 4 | 1:200 |
| ➡️ Bonds | 11 | 1:200 |
Broker Comparison for Range of Markets
| 🥇 IC Markets | 🥈 FXTM | 🥉 NinjaTrader | |
| ➡️️ Forex | Yes | Yes | Yes |
| ➡️️ Precious Metals | Yes | Yes | No |
| ➡️️ ETFs | No | No | No |
| ➡️️ CFDs | Yes | Yes | No |
| ➡️️ Indices | Yes | Yes | No |
| ➡️️ Stocks | Yes | Yes | No |
| ➡️️ Cryptocurrency | Yes | No | No |
| ➡️️ Options | No | No | No |
| ➡️️ Energies | Yes | Yes | No |
| ➡️️ Bonds | No | No | No |
IC Markets Trading and Non-Trading Fees
Spreads
👉 Variable spreads are available via IC Markets; the costs that are incurred will vary according to the kind of account that is used, the financial instrument that is being traded, and the market circumstances on the day that the deal is performed. When trading EUR/USD, the following is a rundown of the common spreads that investors might anticipate:
➡️ cTrader Account – 0.0 pips
➡️ Raw Spread Account – 0.0 pips
➡️ Standard Account – 0.6 pips
Commissions
👉 Tanzanian traders with zero-spread accounts are required to pay commissions when trading with IC Markets. This is so that the company can pay the broker’s charge for arranging the deal. The following is a list of the commissions that retail traders from Tanzania might anticipate receiving from IC Markets for their live trading accounts:
➡️ cTrader Account – $3 per side and $6 per round turn
➡️ Raw Spread Account – $3.5 per side and $7 per round turn
👉 In addition, Islamic accounts at IC Markets are subject to commission fees; these fees are intended to make up for the lack of overnight charges. These commissions are withdrawn from the remaining balance in the account, and their amounts might vary anywhere from $5 to $80.
Overnight Fees, Rollovers, or Swaps
👉 In futures trading, the interest that is added to or subtracted from a deal overnight to keep it open is known as a swap rate or rollover. When evaluating whether a financial instrument is long or short, the changes in overnight interest rates associated with the instrument must be considered, like that between two currencies.
👉 If positions are held until the following forex trading day, swaps will be implemented. Tanzanian traders must remember that some financial instruments can have negative swap rates on both sides of the transaction.
👉 The value of a swap is established in points, and the trading platform will convert these points to the account’s base currency immediately. Typical overnight fees levied by IC Markets include the following:
➡️ EUR/USD – a long swap of 3.9 and a short swap of 0.75
➡️ GBP/USD – a long swap of -1.82 and a short swap of -3.91
➡️ USD/JPY – a long swap of 1.75 and a short swap of -4.6
➡️ XAU/USD – a long swap of -3.5 and a short swap of -0.8
➡️ XAG/USD – a long swap of -0.98 and a short swap of -0.2
➡️ USTEC – a long swap of -1.12 and a short swap of -1.06
➡️ XBR/USD – a long swap of 7.04 and a short swap of -10.9
➡️ XTI/USD – a long swap of 6.01 and a short swap of -8.82
Deposit and Withdrawal Fees
👉 At IC Markets, neither deposits nor withdrawals are subject to fees. however, Tanzanian IC Markets customers could incur processing costs from their payment providers.
Inactivity Fees
👉 IC Markets does not charge any inactivity fees on dormant accounts that are not being used by Tanzanian traders.
Currency Conversion Fees
👉 Tanzanian traders may be subject to currency translation fees if they make deposits in currencies other than AUD, USD, EUR, CAD, GBP, SGD, NZD, JPY, HKD, or CHF.
Overall Rating
- 4.7/5
Min Deposit
USD 200
Regulators
ASIC
Trading Desk
Metatrader 4
Crypto
Yes
Total Pairs
65
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
IC Markets Deposits and Withdrawals
👉 IC Markets offers the following deposit and withdrawal methods:
➡️ Credit Card
➡️ Debit Card
➡️ PayPal
➡️ Neteller
➡️ Neteller VIP
➡️ Skrill
➡️ UnionPay
➡️ Bank Wire Transfer
➡️ Bpay
➡️ FasaPay
➡️ Broker to Broker
➡️ POLi
➡️ Thai Internet Banking
➡️ Vietnamese Internet Banking
➡️ Rapidpay
➡️ Klarna
Broker Comparison: Deposit and Withdrawals
| 🥇 IC Markets | 🥈 FXTM | 🥉 NinjaTrader | |
| Minimum Withdrawal Time | Instant | Instant up to 24 hours | Within 24 hours |
| Maximum Estimated Withdrawal Time | Up to 14 business days | Up to 5 working days | Between 5 to 7 working days |
| Instant Deposits and Instant Withdrawals? | Yes, on PayPal, Neteller, and Skrill | Yes, instant deposits | No |
IC Markets Deposit Currencies, Deposit and Withdrawal Processing Time
| 💸 Payment Method | 💵 Deposit Currencies | 💰 Deposit Processing | 💳 Withdrawal Processing |
| Credit Card | AUD, USD, JPY, EUR, NZD, SGD, GBP, CAD | Instant | 3 to 5 working days |
| Debit Card | AUD, GBP, EUR, CAD, SGD, JPY | Instant | 3 to 5 working days |
| PayPal | AUD, GBP, EUR, CAD, SGD, JPY | Instant | Instant |
| Neteller | AUD, GBP, EUR, CAD, SGD, JPY | Instant | Instant |
| Neteller VIP | AUD, GBP, EUR, CAD, SGD, JPY | Instant | Instant |
| Skrill | AUD, USD, JPY, EUR, SGD, GBP | Instant | Instant |
| UnionPay | RMB | Instant | Instant |
| Bank Wire Transfer | AUD, USD, JPY, EUR, NZD, SGD, GBP, CAD, CHF | 2 to 5 working days | Up to 14 days |
| Bpay | AUD | 12 to 48 hours | 2 to 3 working days |
| FasaPay | USD | Instant | 3 to 5 working days |
| Broker to Broker | AUD, USD, JPY, EUR, NZD, SGD, GPB, CAD, CHF, HKD | 2 to 5 working days | 3 to 5 working days |
| POLi | AUD | Instant | 2 to 3 working days |
| Thai Internet Banking | USD | 15 to 30 minutes | One business Day |
| Vietnamese Internet Banking | USD | Instant | One business Day |
| Rapidpay | EUR, GBP | Instant | 3 to 5 working days |
| Klarna | EUR, GBP | Instant | 3 to 5 working days |
How to Deposit Funds with IC Markets
👉 To deposit funds to an account with IC Markets, Tanzanian Traders can follow these steps:
➡️ Traders must first link their IC Markets account before choosing a deposit method and currency to fund their IC Markets account.
➡️ Traders can then indicate the amount of money they intend to deposit and complete any further steps required by their payment provider to confirm and complete the deposit process.
IC Markets Fund Withdrawal Process
👉 To withdraw funds from an account with IC Markets, Tanzanian Traders can follow these steps:
➡️ To withdraw cash from their IC Markets account, traders must make a withdrawal request.
➡️ This request may be found in the trader’s Client Area as a filled-out web form.
➡️ Traders can submit their withdrawal request before noon AEST/AEDT, allowing the withdrawal to be processed on the same business day.
👉 IC Markets would prefer to utilize the same mode of payment for withdrawals as was used for deposits. If monies were placed through bank transfer, they will likewise be withdrawn via bank transfer.
👉 IC Markets could request extra documentation from you before approving a withdrawal. For instance, if you want to withdraw to a new bank account, IC Markets will request a bank statement to validate the account.
IC Markets Education and Research
Education
👉 IC Markets offers the following additional Educational Materials:
➡️ Trading Knowledge
➡️ Advantages of Forex
➡️ Advantages of CFDs
➡️ Video Tutorials
➡️ Web TV
➡️ Webinars
➡️ Podcasts
➡️ Getting Started (includes 10 lessons)
Research and Trading Tool Comparison
| 🥇 IC Markets | 🥈 FXTM | 🥉 NinjaTrader | |
| Economic Calendar | Yes | Yes | Yes |
| VPS | Yes | No | No |
| AutoChartist | Yes | No | No |
| Trading View | No | No | No |
| Trading Central | Yes | No | Yes |
| Market Analysis | Yes | Yes | Yes |
| News Feed | Yes | Yes | Yes |
| Blog | Yes | Yes | Yes |
👉 IC Markets offers Tanzanian Traders the following Research and Trading Tools:
➡️ Economic Calendar
➡️ Market Analysis Blog
➡️ Forex Calculators
➡️ Forex Glossary
IC Markets Corporate Social Responsibility
👉 There is currently no information on IC Markets’ CSR initiatives or projects.
Overall Rating
- 4.7/5
Min Deposit
USD 200
Regulators
ASIC
Trading Desk
Metatrader 4
Crypto
Yes
Total Pairs
65
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Our Verdict on IC Markets
👉 Despite what type of trader you are, you can find everything you need at IC Markets, including inexpensive commissions and a wide selection of trading platforms. There is a lot of assistance for novice traders on the three trading platforms as well, attributable to plugins like AutoChartist, which gives trading indications.
👉 Research and education materials including articles, videos, courses, and real-time market analysis are also available to novice traders.
👉 Inexperienced traders will find that the variety of trading platforms and customisations they provide is a welcome relief. In addition, cheap fees and direct access to raw spreads are provided.
👉 Information Hub for Serious Traders is a specialized Market Analysis Blog on the broker’s website, and his section contains a wide variety of resources for both novice and experienced traders.
👉 The sections relating to educational articles are well-written and include extensive graphics and text explanations. Beginners and experts alike will find a plethora of information to go through when they consul the education and research sections on the IC Markets website.
IC Markets Pros and Cons
| ✔️ Pros | ❌ Cons |
| IC Markets has a global presence and is known as one of few true ECN brokers | The minimum deposit charged by IC Markets is slightly higher than the industry standard |
| Based in Australia, IC Markets is regulated and licensed by four market regulators globally | There are currency conversion fees for deposits and withdrawals in currencies other than AUD, USD, EUR, CAD, GBP, SGD, NZD, JPY, HKD, and CHF |
| All client funds are kept in segregated accounts and IC Markets provides investor protection | IC Markets does not provide fixed spreads |
| There is a choice between dynamic accounts offered by IC Markets | IC Markets does not have a proprietary trading platform or an app |
| Tanzanians can choose between three powerful trading platforms on desktop, the web, and mobile apps | |
| There are a plethora of educational materials offered to beginners | |
| There is an unlimited demo account if traders use it frequently | |
| There is an Islamic Account offered that provides halal trading conditions to Muslim traders |
FAQ
Is IC Markets regulated?
Yes, IC Markets is regulated by the ASIC in Australia (Tier-1), CySEC in Cyprus (Tier-2), FSA in Seychelles (Tier-3), and SCB in the Bahamas (Tier-3).
Is IC Markets safe or a scam?
Based on IC Markets’ verified regulatory status, transparent fees, and safe, fair trading environment, the broker can be declared a safe broker.
Does IC Markets have Nasdaq?
Yes, IC Markets offers Nasdaq as a part of its comprehensive Index CFD product portfolio.
Does IC Markets have a demo account?
Yes, IC Markets has an unlimited demo account that remains open if traders use it frequently. If the demo account becomes inactive, it will be closed automatically after 30 days of inactivity.
What is the minimum amount to deposit in IC Markets?
460,000 TZS or an equivalent to 200 USD.
What is the withdrawal time for IC Markets?
The withdrawal time is between instant and up to 14 days, depending on the payment method that is being used.
Is IC Markets good for Cryptocurrency?
Yes, the Cryptocurrency CFD products from IC Markets allows traders to go long or short without owning the crypto coins.
This implies that traders can get exposure to the crypto prices without worrying about the security concerns involved with keeping it or the counterparty risk posed by the exchange.
Does IC Markets have bonuses?
No, IC Markets does not currently offer any bonuses or promotions to any traders.
Does IC Markets have Volatility 75?
Yes, IC Markets is one of few brokers that include Volatility 75 (VIX) as part of its product portfolio. With IC Markets, Tanzanians can trade VIX as a futures CFDs.
Conclusion
👉 Now it is your turn to participate:
➡️ Do you have any prior experience with IC Markets?
➡️ What was the determining factor in your decision to engage with IC Markets?
➡️ Was it because of the minimum deposit, regulation, retail trading accounts, or any other factors?
➡️ Have you experienced any issues with IC Markets such as difficulty withdrawing funds, inability to verify regulations, irresponsive customer support, etc.?
👉 Regardless, please share your thoughts in the comments below.
Addendum/Disclosure:
👉 No matter how diligently we strive to maintain accuracy, the forex market is a volatile environment that may change at any time, even if the information supplied is correct at the time of going live.
