IC Markets Nigeria Review 2023
IC Markets is an ASIC regulated broker that offers attractive spreads to traders in Nigeria. Read our analytical review on IC Markets for Nigerian clients Before opening your account.
IC Markets is an Australian CFD broker that offers forex and CFD trading services globally, including in Nigeria. It was launched in 2007 and is among the oldest & largest brokers in the industry. Regulation with 2 top-tier regulators makes it safe for traders in Nigeria.
IC Markets offer a lower spread with the standard account and allow traders to choose from a wide variety of trading instruments. However, they do not have a local office in Nigeria and traders cannot open an NGN-based trading account.
Read our detailed review of IC markets. We have discussed 9 important factors, pros and cons of IC Markets especially for Nigerian clients.
IC Markets Nigeria Pros
- IC Markets offer a lower spread than many of the regulated brokers in Nigeria.
- MT4, MT5, as well as, cTrader trading platforms are available.
- It is regulated by top tier ASIC.
- The minimum deposit for all account types is $200.
- Traders can choose from 60 currency pairs and 200+ CFDs.
- Negligible non-trading fees.
IC Markets Nigeria Cons
- IC Markets do not have a local office in Nigeria.
- IC Markets does not accept local bank transfer option for deposit & withdrawals in Nigeroa.
- It doesn’t support the Naira (NGN) based trading account.
- It does not have a local phone number for customer support.
- It does not offer any bonus to the traders.
IC Markets Nigeria – A quick look
|👌 Our verdict on IC Markets||#6 Forex Broker in Nigeria|
|🏦 Broker Name||IC Markets Nigeria|
|💵 Typical EURUSD Spread||0.62 pips (with Standard MT4 Account)|
|📅 Year Founded||2007|
|💰 IC Markets Minimum Deposit||$200|
|⚙️ Maximum Leverage||1:500|
|⚖️ IC Markets Regulation||CySEC & ASIC|
|🛍️ Trading Instruments||60 currency pairs, 200+ CFDs on Indices, Cryptos, Metals, etc|
|📱 Trading Platforms||MT4, MT5, & cTrader for desktop, web & mobile|
Is IC Markets Safe?
IC Markets is a well regulated forex broker. It is regulated by the following regulatory authorities:
- Australian Securities and Investments Commission (Australia)
IC Markets is regulated by ASIC as an investment firm with the name of International Capital Markets Pty Ltd under license number 335692. ASIC is a top-tier regulatory authority that ensures the safety and welfare of traders and regulates the activities of investment firms. ASIC is based in the Australian jurisdiction and Nigerian clients are not registered under ASIC regulation.
- Cyprus Securities and Exchange Commission (Cyprus)
IC Markets is regulated by CySEC as an investment firm with the name of IC Markets EU Ltd under license number 362/18. CySEC is a tier 2 regulatory authority based in Cyprus that ensures compliance with European regulations on investment firms.
IC Markets can be considered safe for traders in Nigeria due to ASIC and CySEC regulatory licenses. The broker claims to execute more than 500,000 trades per day. We found the clients’ reviews to be decent. Although, IC Market does not have a banking license and does not have any parent banking firm.
The money deposited to IC Markets is kept in segregated client trust accounts at third-party banking firms namely Westpac Banking Corporation and National Australia Bank (NAB). Both of them are AA-rated banks based in Australia. Hence, considered safe.
Compared to other available forex and CFD brokers in Nigeria, IC market deserves fair safety ratings due to ASIC and CySEC regulation.
IC Markets Fees
The fee structure at IC markets is attractive to the traders in Nigeria, and IC Markets is among the most cost effective forex and CFD brokers. We have divided the money charged from the traders into trading and non-trading fees for a better understanding.
This includes the money incurred to traders for executing trade orders at IC Markets. Spreads and commissions are the major constituents of trading fees. The spreads at IC Markets are variable for every instrument and each account type as IC Markets does not offer fixed spreads.
IC Markets provides 3 different types of accounts and the trading fees are different for each account type. The standard account involves no commission and the spreads start from 0.6 pips per lot and are different for each trading instrument. The average typical spread for the EUR/USD currency pair was 0.62 pips per lot for the standard account type.
The Raw Spread account is available with MetaTrader as well as the cTrader trading platform and the trading fees are different for both versions of the account. The spreads for both versions of the Raw Spread account start from 0 pips.
The commission for the MetaTrader Raw Spread account type is 3.5$ while the same is 3$ for the cTrader version of the Raw Spread account. The commission for round trade is 7$ and 6$ respectively for the MetaTrader and cTrader versions of the Raw Spread accounts. This commission is charged for each trade order per lot. The average typical spread on EUR/USD for both variants of the raw spread account was found to be 0.1 pips per lot.
The following table compares the average typical spreads in pips with the commission-based Raw Spread and commission-free Standard account types for major currency pairs at IC Markets.
|Trading Instrument||Average Spread with Raw Spread Account||Average Spread with Standard Account|
|US Crude Oil||0.034||0.034|
|US Tech 100||2.133||2.133|
Swap Rates: Swap fees are also known as rollover rate or overnight charges. It is the fee that is incurred when any position is kept open overnight. The swap rates are different for each instrument for the long and short positions. We found the swap rates at IC Markets to be average when compared with other regulated forex and CFD brokers in Nigeria.
Non Trading Fees
The non-trading fees are almost negligible at IC markets as the broker does not charge any fees for account opening, inactivity, deposits, and withdrawals. However, transactions through some of the methods may incur additional charges on the banks’ side.
The trading, as well as non-trading fees at IC markets, are lesser than most of the regulated forex and CFD brokers in Nigeria. We found IC markets to be very attractive for Nigerian traders in terms of trading and non-trading fees.
IC Markets Trading Platforms
IC Markets offer the most widely used MetaTrader 4, MetaTrader 5, and cTrader trading platform. These trading platforms are available for web, tablet, PC, iOS, and Android devices.
The Raw spread account type is available with MetaTrader as well as the cTrader platform but the standard account type is only available with the MetaTrader platform.
Metatrader 4 is the most widely used trading platform incorporated by MetaQuotes Software in 2005. It has a simple interface similar to that of windows 98 and is the most chosen forex and CFD trading plaltform globally. MetaTrader 5 was introduced in 2010 by MetaQuotes Software. It is an upgraded version of MT4 with more charting tools and indicators.
cTrader has a modern looking interface with lesser number of indicators and time frames compared to MT5. It was launched in 2011 by Spotware Systems and uses #C language for automation.
The trading platforms at IC Markets are user-friendly, customizable, and resourceful. Charting and analysis tools can be very useful in making better trading decisions. Most of the brokers in Nigeria offer MetaTrader trading platforms. The availability of the cTrader trading platform is an advantage for traders in Nigeria.
IC Markets Customer Support
The customer support services at IC Markets is user friendly but decent when compared to other forex brokers in Nigeria. Clients can raise their query anytime through multiple available methods for customer support:
- Live Chat Window: The live chat feature is available to everyone 24/7 on the official website of IC Markets. This means that the service is also available on the weekends. We raised multiple queries through a live chat window at different times and received a helpful and relevant reply. The waiting time is generally less than 10 seconds for each query.
- Email Support: Clients and potential traders in Nigeria can also raise their queries through email at any time of the day. They generally revert within 24 hours on working days. IC Markets has different email ids for each segment for specific assistance.
- Phone Support: IC Markets does not have a local phone number for customer support in Nigeria. Although they do offer an international phone number for customer support. Traders can connect through +61 (0)2 8014 4280 which is an Australian number. Hence international calling charges will be applicable to Nigerian clients.
The customer support service at IC Markets is decent. The live chat support is very helpful but the unavailability of local Nigerian phone number is a disadvantage to the traders in Nigeria.
IC Markets Account Types
IC markets allow traders to choose from 3 live account types. It also provides a demo account where traders can gain experience regarding forex and CFD trades with virtual currency.
The two account types namely standard and raw spread do not have a major difference but only differ on the basis of spreads and commission. The standard account type is commission free while the raw spread accounts involve commission with low spreads.
The commission-free standard account incurs variable spreads starting from 1 pip per lot.
With the commission-based Raw Spread account, traders have to pay a commission of 3$ and 3.5$ for the cTrader and MetaTrader variants respectively. This commission is charged for each trade order and becomes 6$ and 7$ for round trade respectively. The variable spreads are minimal with this account type and start from 0 pips per lot. Each of the accounts can be opened with 10 different base currencies but an NGN-based trading account is not offered by IC Market.
All the other features and offerings are similar for all three of the account types. The minimum deposit for all the account types at IC Markets is 200$. Traders can trade with all the available 60 currency pairs with a maximum leverage of 1:500 from every account type. The CFDs on some of the instruments are exclusively available for the MetaTrader platform only.
Overall, we appreciate the availability of all the trading instruments and fee differences in the account types at IC Market. However, the similarity in the minimum deposit and lot size may not be ideal for all types of traders. The unavailability of Naira (NGN) as base currency can also be a major concern for Nigerian traders.
IC Markets Research and Education
There are a few research and analysis tools available at IC Markets but the education tools are quite useful for the traders in Nigeria.
IC Markets Research Tools
IC Markets has an information hub where market analysis reports are published on daily basis. This includes the price movement prediction according to various patterns. Apart from this, fundamental and technical analyses of forex and CFD markets are also published regularly. This can be very helpful for experienced traders in their research and analysis of the market trends.
The blogs for technical and fundamental analysis are limited and do not cover most of the forex pairs. The data for stock dividend and earning reports can be useful for the stocks CFD traders.
There is a forex calendar available at the IC Markets website and app that covers the schedule for important events affecting the forex market. Apart from this, there is no other research tool available that can assist the traders in Nigeria.
IC Markets Education Tools
There is detailed coverage of all the basics required to learn forex and CFD trading. The “Technical Analysis 101” and “Fundamental Analysis 101” section separately guide the traders in the analysis of the forex market. It covers multiple types of indicators, patterns, and strategies used by professional traders.
There is also a separate guide at IC Markets for risk management, trading psychology, and trading plans under the education section. There are video tutorials for account opening, market analysis, and platform usage. New traders can learn to use every feature of the platform through these educational videos.
IC Markets organizes webinars on daily basis covering different topics and market updates. A monthly podcast is also published on the website, Apple Podcast, Spotify, and Amazon Music. Third-party financial research provider ‘trading central’ provides regular updates on the market under the ‘Web TV’ section.
Compared to other regulated forex and CFD brokers in Nigeria, we found the IC market at below average in terms of research assistance. The education material however is sufficient enough to enhance the skillset of Nigerian traders.
Trading Instruments offered by IC Markets
IC Markets offer a rich variety of trading instruments to traders in Nigeria. All the available instruments can be traded with any of the available account types. Following are the instruments available at IC Markets:
- 60 Currency Pairs: IC markets offers the commonly traded major, minor, and exotic currency pairs. A total of 60 currency pairs can be traded 24 hours on 5 days in a week at IC markets with a maximum leverage of 1:500.
- 23 CFDs on Indices: IC markets offer CFDs on major global indices which are also available to trade 24 hours on 5 working days of the week. The spreads on the Indices CFD starts from 0.4 pips per lot with a maximum leverage of 1:200.
- 19 CFDs on Commodities: IC Markets offer spot and futures CFDs on various energy, agriculture, and metal commodities. Traders can trade with CFDs on commodities with a maximum leverage of up to 1:500.
- 120+ Stock CFDs: IC Markets allow traders to trade with CFDs on major Australian and American stocks traded on ASX, NYSE, and NASDAQ. These CFDs also payout dividends to the traders.
- 6 Bonds CFD: Traders in Nigeria can speculate the interest rates of international economies through CFDs on Bonds. The available bonds are issued by the governments of Japan, UK, Europe, UK, and US.
- 10 Cryptocurrency CFD: IC Markets offer CFDs on major cryptocurrencies of the world. Traders can go long as well short on their favorite cryptocurrency through CFDs. The maximum leverage is 1:5.
- 4 Futures CFD: The CFDs on futures is exclusively available on the MetaTrader trading platform. Traders can choose from ICE Dollar Index Futures, CBOE VIX Index Futures, Brent Crude Oil Futures, and WTI Crude Oil Futures.
The number of available trading instruments at IC Markets is slightly higher when compared to the majority of regulated brokers in Nigeria.
Deposits and Withdrawals
IC Markets does not accept deposits and withdrawals through local banks in Nigeria which is a major disadvantage for traders in Nigeria. Following is the description of available methods to transact at IC Markets in Nigeria. The minimum deposit amount for all the methods is 200$.
IC Markets Deposit Methods
Credit/Debit Cards: IC markets allow deposits through VISA and Mastercard with no added commission and instant processing. The NGN deposits will be converted to base account currency as NGN is not available as the base currency.
Bank Wire Transfer: Deposits through bank wire transfer are processed within 3-5 days and there is an additional commission for each deposit.
E-Wallets: IC Markets accept several third e-wallets for deposit including Skrill, Neteller, PayPal, FasaPay, etc. The payments are processed instantly but the charges incurred from the e-wallet’s side will not be covered by IC Markets.
IC Markets Withdrawal Methods
12:00 AEST/AEDT is the standard cut-off time for withdrawal requests at IC Markets. Requests made before this time are processed on the same day while all the requests after this time are processed on the next business day.
E-Wallets: If the deposits are made with E-Wallets, then the withdrawal will be processed only with the same wallet. No additional commissions are charged for this from the broker’s side.
Bank Wire Transfer: For International bank wire transfer in Nigeria, an additional commission of 20 AUD or equivalent is incurred. This method can take 3-5 days to process the withdrawal.
Credit/Debit Cards: Withdrawals with this method are free of the additional commission but the bank may charge a commission from their side. It takes 3-5 days to process the withdrawal.
IC Markets Bonus
We couldn’t find any bonus or promotional program to reward the clients at IC Markets. Most of the competitors in Nigeria offer attractive bonuses to traders which puts IC Markets on the back foot in terms of bonuses offered.
Do we Recommend IC Markets?
Yes, IC Markets offer tight spreads on major currency pairs and can be considered safe due to multiple regulatory licenses.
The broker offers an impressive variety of trading instruments. And their customer support is also reliable. They accept payments through multiple sources but not via local bank transfers in Nigeria. Also, there is no Nigeria phone number for support.
Frequently asked questions: IC Markets Nigeria
Is IC Markets Safe for Nigerian forex traders?
Yes. IC Markets is an Australian-based forex and CFD broker that is regulated by ASIC in Australia and CySEC in the EU. It does not have a local office in Nigeria but can still be considered safe for Nigerian traders due to ASIC and CySEC regulatory license.
What is the minimum deposit at IC Markets?
The minimum deposit requirement for all the account types at IC Markets is 200$. It does not support NGN-based accounts or NGN deposits.
Can I change my leverage ratio at IC Markets?
Yes. The leverage ratio at IC Markets ranges from 1:1 to 1:500 for all the 3 types of accounts. It can be changed anytime by the trader from the ‘client area’.