IC Markets Review

IC Markets – Step by Step Live Account Opening Guide

Opening a live trading account with IC Markets is simple. The very first thing to do on the road to open a live account is to navigate to IC Markets website. On the homepage click on the Start Trading button which is going to lead you to the application form. Like most of the other forex brokers, there are two major steps in order to open the live account. Those are submitting your personal information and uploading documents for Proof of ID and Proof of Address.

Step 1 – Submit Your Personal Information

The first step requires you to submit your basic personal information such as country, first name, last name, e-mail address and mobile phone number. Once it is finished, you will be directed to the second step.

Step 2: Complete Your Live Account Profile

More detailed basic information including your date of birth and full address. You need to make sure that the address you submit on this screen is identical to the address as it appears on your utility bill / bank statement.

Step 3 – Configure Your Trading Account

Third step allows you to configure your live trading account and choose the trading platform. There are two options for trading platform; MetaTrader 4, MetaTrader 5 and cTrader. IC Markets provides three account types for its clients. Standard Account comes with higher spreads but no commission while Raw Spread Account (ECN) offers much lower forex spreads but charges certain commission for each executed trade. In terms of account currency, you are able to choose among eleven different currencies including USD, EUR, GBP and AUD.

Raw Spread Account (ECN) and Standard Account are set with leverage up to 1:500. The minimum deposit required by IC Markets to open a live trading account is $200.

The Raw Spread Account is different from Standard account in a couple of ways. Firstly, it is only uses MetaTrader. Besides, it charges a commission of $3.50 per lot with spreads strating from 0 pips. On the other hand, Standard Account is commission free and spreads start from 1.0 pips.

Step 4: Verify Your Live Account by Uploading Required Documents

In order to start trading, you have to validate your IC Markets live account. To do this, you will need to submit a document for Proof of ID and another one for Proof of Address. This is very easy and can be done electronically through client panel.

The required documents are;

• ID document such as passport, government ID or driver’s license. You should submit only one of those, not all three.
• Proof of Address such as a utility bill or a bank statement. Note that the utility bill must be issued within 90 days prior to your application.

Submit those documents by simply clicking the upload button. Make sure the copies are in proper format and the information is clearly visible.

Once you upload the required documents, validation will be proceed by the compliance team. It is generally a very swift and seamless process given that you have submitted the documents in the instructed way.

Following validation, you can fund your trading account through one of the several deposit methods provided by IC Markets. Remember that minimum deposit requirement is $200.