IC Markets Review
Overall, IC Markets is very competitive in terms of its trading fees and spreads. IC Markets has over 50 000 active Rwandan 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.
- 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 / 205 900 RWF
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 – 23 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 Rwanda
- IC Markets Vs LiteFinance Vs TD Ameritrade – 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 Bonuses and Promotions
- How to open an Affiliate Account with IC Markets
- IC Markets Affiliate Program Features
- IC Markets Customer Support
- 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 Rwandan 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.
👉 Since it was established in 2007, IC Markets has become one of the most well-known non-dealing desk (NDD) brokers in Australia, particularly among traders who use algorithmic and automated trading tactics.
👉 Along with three other regulatory organizations, IC Markets is subject to oversight from the Australian Securities and Investments Commission (ASIC), widely regarded as one of the most stringent financial regulatory agencies in the world.
👉 Additionally, IC Markets provides a selection of account types, some of which include access to the cTrader and Meta Trader platforms.
👉 Active traders recognize IC Markets as a leading online trading platform and broker since it offers some of the most competitive commissions and spreads in the industry. This IC Markets review for Rwanda 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 – 11.7%
➡️ Brazil – 8.9%
➡️ United Kingdom – 6.5%
➡️ Poland – 5.6%
➡️ Australia – 3.9%
Popularity among traders who choose IC Markets
🥇 IC Markets is an Australian-based broker that provides worldwide trading solutions to clients. Although IC Markets does not have a significant market share in Rwanda, the broker is still in the Top 30 brokers for Rwandan traders.
IC Markets at a Glance
| 🏙 Headquartered | Sydney, Australia |
| 🏛 Global Offices | Australia |
| 💻 Local Market Regulator in Rwanda | The National Bank of Rwanda (BNR) |
| 💸 Foreign Direct Investment in Rwanda | 99.92 USD Million in 2020 |
| 🔄 Foreign Exchange Reserves in Rwanda | 1,806 million US dollars in 2020 |
| 🏛 Local office in Kigali? | No |
| 👨⚖️ Governor of SEC in Rwanda | None, John Rwangombwa is the Governor of the National Bank of Rwanda |
| ✔️ Accepts Rwandan Traders? | Yes |
| 🗓 Year Founded | 2007 |
| ☎️ Rwandan 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 |
| ⚖️ BNR Regulation | None |
| 🏛 Global 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 an RWF Account? | No |
| 👥 Dedicated Rwandan Traders Account Manager? | No |
| 📊 Maximum Leverage | 1:500 |
| 📈 Leverage Restrictions for Rwanda? | None |
| 💵 Minimum Deposit (RWF) | 200,000 RWF or an equivalent to $200 |
| ✔️ Rwandan franc Deposits Allowed? | No |
| 📊 Active Rwandan Traders Trader Stats | 50,000+ |
| 👥 Active Rwandan Traders-based IC Markets customers | Unknown |
| 🔄 Rwanda Daily Forex Turnover | Unknown, the overall trading volume of over $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 Rwandan Traders Banks? | No |
| 💻 Trading Platforms | • MetaTrader 4 • MetaTrader 5 • cTrader |
| 💵 Tradable Assets | • Forex • Commodities • Indices • Bonds • Cryptocurrencies • Stocks • Futures |
| 💸 Offers USD/RWF currency pair? | No |
| 📊 USD/RWF Average Spread | N/A |
| ✅ Offers Rwandan Traders 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 |
| 📞 Rwandan Traders-based customer support? | No |
| 💰 Bonuses and Promotions for Rwandan Traders | None |
| 📚 Education for Rwanda beginner traders | Yes |
| 📱 Proprietary trading software | No |
| 🏅 Most Successful Rwandan Trader | Unknown |
| ✔️ Is IC Markets a safe broker for Rwandan Traders? | Yes |
| 🎖 Rating for IC Markets Rwanda | 9/10 |
| 🥇 Trust score for IC Markets Rwanda | 86% |
| 👉 Open An Account | 👉 Open Account |
IC Markets Regulation and Safety of Funds
IC Markets Regulation in Rwanda
👉 IC Markets is a broker that deals in contract for difference (CFD) and foreign currency (Forex), and the company was founded in 2007. Its headquarters are in Sydney, which is in Australia.
👉 Currently, IC Markets is not regulated in Rwanda; however, they are regulated by several other market authorities throughout the world.
IC Markets Global Regulations
👉 Currently, IC Markets is responsible for processing more than 500,000 transactions each day, which comes to a total daily volume of 15 billion USD. IC Markets follows the rules and licenses required by the following market regulators:
➡️ A Tier-1 Regulator in Australia, namely the Australia Securities and Investment Commission (ASIC), regulates and oversees International Capital Markets Pty Ltd (ACN 123 289 109) under AFSL number 335692.
➡️ A Tier-2 Regulator in Cyprus, namely the Cyprus Securities and Exchange Commission (CySEC) oversees and regulated IC Markets EU Ltd. under 362/18.
➡️ A Tier-3 Regulator in Seychelles, namely the Financial Services Authority (FSA) oversees and regulates IC Markets under the name Raw Trading Ltd., or IC Markets Global, under license number SD018.
➡️ A Tier-3 Regulator in the Bahamas, the Securities Commission of the Bahamas (SCB) authorizes IC Markets Ltd. under SIA-F214.
IC Markets Client Fund Security and Safety Features
Australian Funds
👉 Whenever monies are placed into an ASIC-registered trading account, IC Markets AU guarantees that they are held in separate customer accounts with Australian banks.
👉 The Australian Client Money Handling Rules have concluded that IC Markets is a reliable company that meets its requirements. Furthermore, IC Markets enforces strict rules and processes for the administration and operation of these accounts to guarantee compliance with these requirements.
Global Customer Funds
👉 When it comes to clients located all over the globe, IC Markets Global ensures that their financial information and funds are always kept secure. When a trader deposits into their trading account via IC Markets Global, the funds are kept in separate customer accounts that are managed by reputable financial organizations.
👉 Traders in Rwanda are needed to be aware that IC Markets Global is in full compliance with the terms of the Securities (Conduct of Business) Regulations 2018, which came into effect in 2018.
👉 These regulations came into effect in 2018. In addition, when it comes to the management and administration of these accounts, IC Markets strictly abides by all the relevant standards and rules in the industry.
European Funds
👉 Regarding IC Markets EU, according to the requirements of the legislation enacted by the CySEC, IC Markets EU places the monies belonging to its clients in separate trust accounts held at the most famous financial institutions in Europe.
👉 These funds are administered in a manner that is compliant with the regulations of MiFID II, and they are kept distinct from the EU corporate funds that IC Markets maintains for its own use.
👉 IC Markets puts the money that is paid by its customers into a separate bank account from the money that it uses for its own operations, and the firm does not use either of these funds to pay for the company’s expenses or achieve its objectives.
IC Markets Awards and Recognition
👉 The fact that IC Markets has received multiple industry awards throughout the years adds to its credibility as a reliable broker. The Best Forex MT5 Broker 2020 award from FX Scouts was presented to IC Markets because of the exceptional execution speeds and trading flexibility it provides on the MT5 platform.
IC Markets Account Types and Features
👉 Each of the basic account kinds offered by IC Markets has been designed to meet the requirements and stipulations that are associated with a certain mode of trading. These accounts, in addition to being compatible with MetaTrader 4, MetaTrader 5, and cTrader, provide raw spread conditions as well as commission rates per transaction.
👉 IC Markets’ multi-currency accounts are handled by a customer support staff that is fluent in many languages and are kept separate from the company’s operating money.
👉 In addition, traders who abide by the Sharia law may make use of IC Markets’ Swap-free or Islamic account option. Traders can also take advantage of IC Markets’ risk-free trial account on MetaTrader 4, MetaTrader 5, and cTrader, which enables the use of a sample account.
| 💻 Live Account | 💰 Minimum Dep. | 📊 Average Spread | 💸 Commissions | 💵 Average Trading Cost |
| ➡️ cTrader | 200,000 RWF or $200 | 0.0 pips | $3 or $6 per side | 6.02 USD |
| ➡️ Raw Spread | 200,000 RWF or $200 | 0.0 pips | $3.5 or $7 per side | 7.02 USD |
| ➡️ Standard | 200,000 RWF or $200 | 0.0 pips | None | 6.30 USD |
IC Markets Live Trading Accounts
cTrader Account
👉 The cTrader Account can only be accessed through the cTrader trading platform. This account type is great for scalpers and day traders who need some of the best trading conditions available.
👉 Spreads on important instruments, such as the EUR/USD pair, begin at 0.0 pips, and a commission charge of 6 USD (round turn) is levied on each lot traded.
👉 The highest leverage on this account is 1:500, and the typical minimum deposit is 718,000 UGX ($200). Traders utilizing the cTrader platform should be aware that some IC Markets trading tools are incompatible with the platform.
| Account Features | Value |
| 💻 Trading Platform | cTrader |
| 💵 Commission | $3 per side and $6 per round turn |
| 📊 Typical Average Spreads | 0.0 pips |
| 💰 Minimum Deposit Requirement | 200,000 RWF or an equivalent to $200 |
| 💸 Leverage | 1:500 |
| 📈 Maximum positions per account | 2,000 |
| 📍 Server Location | London |
| ✔️ Micro trading allowed? | Yes |
| 📉 Currency Pairs | 64 |
| 💵 Index CFD Trading | Yes |
| 📞 Margin Call | 100% |
| 🛑 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 requires a minimum investment of 718,000 UGX ($200) USD and is designed for high-volume traders or professional market players.
👉 Spreads on the EUR/USD pair are tight, average 0.10 pips but ideally starting at 0.0 pips. Rwandans, on the other hand, are liable to a commission fee of 7 USD round turn for each lot on this account type. Rwandan traders should be aware that this account is available on MetaTrader 4 and 5.
| Account Features | 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 | 200,000 RWF or an equivalent to $200 |
| 💸 Leverage | 1:500 |
| 📈 Maximum positions per account | 200 |
| 📍 Server Location | New York |
| ✔️ Micro trading allowed? | Yes |
| 📉 Currency Pairs | 64 |
| 💵 Index CFD Trading | Yes |
| 📞 Margin Call | 100% |
| 🛑 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
👉 The Standard Account is a commission-free account with spreads on the EUR/USD currency pair starting at 0.6 pips. These spreads are lower than those supplied by other brokers offering similar trading solutions and conditions.
| Account Features | Value |
| 💻 Trading Platform | MetaTrader 4 and 5 |
| 💵 Commission | None |
| 📊 Typical Average Spreads | 0.6 pips |
| 💰 Minimum Deposit Requirement | 200,000 RWF or an equivalent to $200 |
| 💸 Leverage | 1:500 |
| 📈 Maximum positions per account | 200 |
| 📍 Server Location | New York |
| ✔️ Micro trading allowed? | Yes |
| 📉 Currency Pairs | 64 |
| 💵 Index CFD Trading | Yes |
| 📞 Margin Call | 100% |
| 🛑 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
👉 IC Markets provides Rwandan traders these options for the base currency of a trading account:
➡️ 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.
👉 There is a certain degree of risk involved when trading financial markets and IC Markets offers its clients a risk-free platform where they can test strategies, practice trading, and explore what the broker offers in a safe trading environment with real market conditions.
👉 Demo accounts with IC Markets are kept alive for one month after the account has been dormant. Demo accounts used by Rwandan traders are financed with fictitious money that may have more virtual cash added to them at any moment.
👉 Demos are accessible on all account types and trading platforms, and they provide traders with the opportunity to explore the market under circumstances that are identical to those that exist.
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.
👉 IC Markets offers Islamic accounts to customers who, according to their religious views, are unable to receive or pay interest. These accounts, which are also known as swap-free accounts, have an Islamic name as well.
👉 Rwandan Muslim traders have access to the swap-free option on the MT4, MT5, and cTrader platforms. Moreover, Rwandan traders can use the Islamic option on IC Markets regardless of the type of account they have.
👉 As a method of compensating for the lack of overnight charges, Rwandan Muslim traders will be obliged to pay a nightly set commission fee ranging from five to eighty dollars each lot, depending on the kind of financial instrument they choose to trade.
How to open an Account with IC Markets in Rwanda
👉 To register an account with IC Markets, Rwandan Traders can follow these steps:
➡️ To get access to the Client Area on the website, select the “Sign Up Now” option first, then just submit your email address and a password when prompted to do so.
➡️ You are required to provide your personal information at this point, including your date of birth, physical address, and any other pertinent information about yourself.
➡️ After that, choose the kind of account that you want to use, as well as the primary currency that will be associated with the account.
➡️ After that, you will be given a brief questionnaire to fill out on the overall degree of experience you have in the trading industry.
➡️ As the last step, you are required to verify your account by submitting a photo ID along with a utility bill or other similar document showing your current address (a bank or utility statement with your full name and address dated in the last three months).
➡️ Before you start trading, you are required to go through the risk information, client agreement, and terms of business that have been provided by IC Markets.
➡️ After a representative of the customer service team has verified that your papers are acceptable, you can log in and use any one of the available deposit methods to put money into your account.
IC Markets Vs LiteFinance Vs TD Ameritrade – Broker Comparison
| 🥇 IC Markets | 🥈 LiteFinance | 🥉 TD Ameritrade | |
| ⚖️ Regulation | ASIC, CySEC, FSA, SCB | CySEC | FINRA, CFTC, SEC, SFC |
| 💻 Trading Platform | • MetaTrader 4 • MetaTrader 5 • cTrader | • MetaTrader 4 • MetaTrader 5 • LiteFinance Social • Trading Platform • LiteFinance Trading App | • TD Ameritrade • thinkorswim |
| 💵 Withdrawal Fee | No | No | No |
| ✔️ Demo Account | Yes | Yes | Yes |
| 💰 Min Deposit | 200,000 RWF | 51,000 RWF | 1,000 RWF |
| 📊 Leverage | 1:500 | 1:500 | 1:2 |
| 📈 Spread | From 0.0 pips | From 0.3 pips | None |
| 💸 Commissions | From $3 to $3.5 | $0.25 per share on Stock Indices | From $0 |
| 🛑 Margin Call/Stop-Out | 100%/50% | 100%/20% | None |
| 📲 Order Execution | Market | Market | None |
| ✔️ No-Deposit Bonus | No | No | No |
| ✅ Cent Accounts | No | No | Yes |
| 💻 Account Types | • cTrader Account • Raw Spread Account • Standard Account | • ECN Account • Classic Account | • Standard Accounts • Retirement Accounts • Education Accounts • Speciality Accounts • Managed Profiles • Margin Trading Account |
| ⚖️ BNR Regulation | No | No | No |
| 💵 RWF Deposits | No | No | No |
| ✔️ Rwandan franc Account | No | No | No |
| 📞 Customer Service Hours | 24/7 | 24/5 | 24/7 |
| 🛍 Retail Investor Accounts | 3 | 2 | 2 |
| ☪️ Islamic Account | Yes | Yes | No |
| 📉 Minimum Trade Size | 0.01 pips | 0.01 lots | 0.01 lots |
| 📈 Maximum Trade Size | Unlimited | 100 lots | None indicated, depends on account balance |
| 📊 Minimum Withdrawal Time | Instant | Instant | 5 minutes |
| ⏱ Maximum Estimated Withdrawal Time | Up to 14 business days | Up to 5 working days | 7 working days |
| ✔️ Instant Deposits and Instant Withdrawals? | Yes, on PayPal, Neteller, and Skrill | Yes | No |
Overall Rating
- 4.7/5
Min Deposit
USD 200 / 205 900 RWF
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 offers Rwandan Traders a choice between these trading platforms:
➡️ MetaTrader 4
➡️ MetaTrader 5
➡️ cTrader
Desktop Platforms
➡️ MetaTrader 4
➡️ MetaTrader 5
➡️ cTrader
MetaTrader 4
👉 Customers of IC Markets have access to the acclaimed trading platform MetaTrader 4, which has received several honours from the financial trading sector. Because of its user-friendliness, feature-rich environment, and capacity for automated trading, MetaTrader 4 (MT4) is without a doubt the most widely utilized platform for trading foreign currency anywhere around the globe.
👉 The MT4 trading platform has developed into a global community that allows many technology providers to attend to the requirements of a diverse range of traders.
👉 IC Markets wants to make the most current version of the MetaTrader 4 platform, which was developed specifically to assist Rwandan traders in honing their trading methods, accessible to Rwandan traders. This will be done by making the platform available to Rwandan traders through IC Markets.
MetaTrader 5
👉 IC Markets is certain that, with the newly launched MetaTrader 5 trading platform, they provide Rwandan traders with all they want for effective market trading.
👉 The improved charting technology and order management tools included in MetaTrader 5 make it possible for traders to monitor and manage open positions more efficiently.
👉 Traders can make more educated decisions because of this. It is a powerful trading platform that comes packed with a wide variety of brand-new features that are designed to make the trading experience more enjoyable.
cTrader
👉 Customers have access to the cTrader trading platform, which is notable for its ability to combine two of the most coveted characteristics, speed, and liquidity, in a single environment. When Rwandan traders make use of this tried-and-true technology, they will be able to elevate their operations to a whole new level.
👉 The innovative nature of cTrader can be seen in several ways, including the cIAgo interface and platform. It is possible to build individualized technical indications that can then be used in technical analysis by making use of the source code editor and the programming language C#.
👉 The basic indicators that are included with cTrader will be supplemented by any custom indicators that are developed by users in Rwanda.
WebTrader Platforms
➡️ MetaTrader 4
➡️ MetaTrader 5
➡️ cTrader
MetaTrader 4 and 5
👉 MetaTrader is available in two different versions: 4 and 5. WebTrader is an online trading platform that incorporates MetaTrader’s capabilities while retaining the speed and accessibility of a web-based program. WebTrader is accessible over the internet.
👉 MetaTrader WebTrader is a web-based trading platform that allows users to trade inside the IC Markets environment without the need for a dealing desk.
👉 On the MetaTrader WebTrader platform, you can trade with just one click, take advantage of reasonable spreads and Level II pricing, and personalize your trader dashboard so that you can track your open positions.
cTrader
👉 An application that can be launched on a web browser is known as cTrader Web. This program combines the expediency of web-based software with the speed of order execution. The web-based trading tool known as cTrader Web is user-friendly and makes IC Markets trading more accessible than it has ever been before.
👉 You have access to a greater depth of market research and data thanks to the highly customisable user interface that cTrader provides. In addition to delivering one of the most original trading experiences available in the industry, it provides improved order execution while simultaneously eliminating the need for dealing desk intervention.
👉 cTrader is recognized for being user-friendly and beginner-friendly. It has innovative risk management technologies together with an intuitive user interface. In addition, the costs associated with the IC Markets cTrader Raw Spread Account are lower than those associated with the other two accounts that are provided by the broker.
Trading App
➡️ MetaTrader 4
➡️ MetaTrader 5
➡️ cTrader
MetaTrader 4 and 5
👉 Both MetaTrader 4 and MetaTrader 5 are downloadable applications that can be installed on mobile devices that run the Android or iOS operating systems. Because of these programs, traders may now access their accounts from any location in the globe, regardless of where they are physically located.
👉 By utilizing the mobile MetaTrader application from IC Markets, users of iOS and Android smartphones can change between the landscape and portrait viewing modes (a simple rotation of the device).
👉 The MetaTrader mobile app contains the following extra capabilities in addition to those that enable traders to execute trades with a single click, customize the user interface, and have access to thorough charting and analysis.
👉 Because of the nature of IC Markets’ mobile MetaTrader applications, Rwandan traders are not needed to make any sacrifices in terms of the execution speed or quality of their trades.
cTrader
👉 Users of the Android and iOS mobile operating systems have access to IC Markets cTrader, a mobile app that offers the highest possible degree of capability for trading foreign exchange. For traders to successfully do technical analysis, they can easily make use of the built-in trend indicators, oscillators, volatility measures, and line drawings on the chart.
👉 Traders can carry out trading activities from any location in the globe because of IC Markets’ tight spreads and lightning-fast execution. Users of cTrader for Mobile can anticipate a quicker start-up time and an enhanced user experience because of this robust trading platform.
IC Markets Range of Markets
👉 Rwandan 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 | 📈 Maximum 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 | 🥈 LiteFinance | 🥉 TD Ameritrade | |
| ➡️️ Forex | Yes | Yes | Yes |
| ➡️️ Precious Metals | Yes | Yes | Yes |
| ➡️️ ETFs | No | No | Yes |
| ➡️️ CFDs | Yes | Yes | No |
| ➡️️ Indices | Yes | Yes | Yes |
| ➡️️ Stocks | Yes | Yes | Yes |
| ➡️️ Cryptocurrency | Yes | Yes | Yes |
| ➡️️ Options | No | No | Yes |
| ➡️️ Energies | Yes | Yes | No |
| ➡️️ Bonds | No | No | Yes |
IC Markets Trading and Non-Trading Fees
Spreads
👉 IC Markets provides Rwandan investors with the opportunity to choose their own spreads, and the fees they are required to pay will vary according to the kind of account they use, the financial instrument that is being traded, and the environment of the market when the transaction takes place.
👉 When trading the currency pair EUR/USD, the following spreads are some of the most common ones that are used:
➡️ cTrader Account – 0.0 pips
➡️ Raw Spread Account – 0.0 pips
➡️ Standard Account – 0.6 pips
Commissions
👉 Account holders with zero-price spread trading accounts at IC Markets are liable to fees to mitigate the costs connected with their broker. These fees are designed to cover IC Markets’ operating expenses.
👉 Customers based in Rwanda who are interested in creating a live trading account with IC Markets need to be informed that the following commissions will apply to their trades if they do register an account with the company:
➡️ cTrader Account – $3 per side and $6 per round turn
➡️ Raw Spread Account – $3.5 per side and $7 per round turn
👉 Furthermore, IC Markets clients who choose the Islamic Account option must be prepared to pay commission fees depending on the products they keep open in their accounts. The prices for these goods are displayed in the table below.
👉 Muslim traders should be informed that, in addition to higher commissions, quadruple charges are levied every Friday night to compensate for the weekend gap.
👉 Traders who are Muslim and utilize the Islamic Account should be informed that IC Markets has the right to seek further documentation from traders before granting swap-free rights. This is something Muslim traders using Islamic accounts should be aware of.
👉 The following commission costs apply to Islamic Accounts:
| 🔨 Instrument | 💰 Commission Fee |
| AUD/SGD, EUR/DKK, EUR/HKD, NOK/SEK, NOK/JPY, SEK/JPY, SGD/JPY, USD/HKD, USD/SEK, USD/THB, USD/CZK | 5 USD |
| CHF/SGD, EUR/NOK, EUR/PLN, EUR/SEK, EUR/SGD, GBP/DKK, GBP/NOK, GBP/SEK, GBP/SGD, USD/CNH, USD/DKK, USD/HUF, USD/NOK, USD/PLN, XBR/USD, XTI/USD | 10 USD |
| EUR/ZAR, USD/MXN, USD/ZAR | 20 USD |
| USD/RUB | 30 USD |
| GBP/TRY, EUR/TRY, USD/TRY, XNG/USD | 50 USD |
Overnight Fees, Rollovers, or Swaps
👉 The overnight interest added or removed to keep an open agreement overnight is referred to as a swap rate or rollover. Traders can either receive or pay a swap fee, depending on the position that they hold when they trade with IC Markets.
👉 Trading platforms employ a point system to calculate swaps, which are subsequently converted to the account’s base currency. Each financial instrument has its own swap rate, which is usually expressed in lots of 100,000 units of the base currency. IC Markets typically charges the following overnight fees:
➡️ 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
👉 When you make deposits into or withdraw funds from a trading account with IC Markets, none of these actions will result in any fees being levied to you. However, Rwandan traders could be subject to paying processing fees to their payment providers to receive funds from customers.
Inactivity Fees
👉 When a live account becomes inactive, other brokers often charge an inactivity fee. This is not the case with IC Markets, and Rwandans will not be charged an inactivity fee if their accounts are inactive for a lengthy period.
Currency Conversion Fees
👉 Rwandan traders could be subject to currency conversion fees if they make deposits in currencies other than AUD, USD, EUR, CAD, GBP, SGD, NZD, JPY, HKD, or CHF.
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 | 🥈 LiteFinance | 🥉 TD Ameritrade | |
| Minimum Withdrawal Time | Instant | Instant | 5 minutes |
| Maximum Estimated Withdrawal Time | Up to 14 business days | Up to 5 working days | 7 working days |
| Instant Deposits and Instant Withdrawals? | Yes, on PayPal, Neteller, and Skrill | Yes | 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, USD, JPY, EUR, NZD, SGD, GBP, CAD, HKD, CHF | Instant | 3 to 5 working days |
| Paypal | USD, 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 | USD, ZAR | 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 | 15 to 30 minutes | 3 to 5 working days |
| POLi | AUD | Instant | 2 to 3 working days |
| Thai Internet Banking | USD | Instant | 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, Rwandan Traders can follow these steps:
➡️ Log into your Client Area and find the option to make a deposit.
➡️ Select your preferred deposit method and choose a deposit currency from the supported list.
➡️ Indicate the size of your initial investment and complete any further steps that your payment provider requires to confirm and finalize the deposit.
IC Markets Fund Withdrawal Process
👉 To withdraw funds from an account with IC Markets, Rwandan Traders can follow these steps:
➡️ If Rwandans want to make a withdrawal from the trading account, they can log into the Client Area and select the relevant option to “Withdraw.”
➡️ This will prompt a withdrawal request that traders can complete and submit to IC Markets.
➡️ If withdrawal requests are made before noon AEST/AEDT, they will be processed the next business day.
IC Markets Education and Research
Education
👉 IC Markets offers the following Educational Materials:
➡️ Trading Knowledge
➡️ Advantages of Forex
➡️ Advantages of CFDs
➡️ Video Tutorials
➡️ Web TV
➡️ Webinars
➡️ Podcasts
➡️ Getting Started – which contains 10 lessons
Research and Trading Tool Comparison
| 🥇 IC Markets | 🥈 TD Ameritrade | 🥉 LiteFinance | |
| Economic Calendar | Yes | Yes | Yes |
| VPS | Yes | No | No |
| AutoChartist | Yes | No | No |
| Trading View | No | No | No |
| Trading Central | Yes | Yes | Yes |
| Market Analysis | Yes | Yes | Yes |
| News Feed | Yes | Yes | Yes |
| Blog | Yes | Yes | Yes |
👉 IC Markets offers Rwandan Traders the following Research and Trading Tools:
➡️ Economic Calendar
➡️ Market Analysis Blog
➡️ Forex Calculators
➡️ Forex Glossary
IC Markets Bonuses and Promotions
👉 IC Markets does not currently offer any bonuses or promotions to Rwandan traders.
How to open an Affiliate Account with IC Markets
👉 To register an Affiliate Account, Rwandan Traders can follow these steps:
➡️ Users in Rwanda can access the “Partners” link on the IC Markets website by heading to the top of the homepage after visiting the site.
➡️ After a new page has loaded, prospective affiliates may continue reading on that page about what IC Markets has to offer.
➡️ Prospective affiliates may begin the application process by clicking on the “Join Now” banner on the webpage.
➡️ IC Markets welcomes potential affiliates to complete the application and submit it for consideration as an affiliate.
➡️ A member of the IC Markets team, if permitted, will teach the new affiliate how to begin referring consumers once their application is approved.
IC Markets Affiliate Program Features
👉 IC Markets is a dynamic and enticing affiliate network that compensates partners in a competitive and rewarding way based on the trading volume of their referrals. The affiliate program of IC Markets is a perfect illustration of the company’s dedication to its partners. To qualify for the IC Markets affiliate program, partners must recruit new active traders.
👉 Partners of IC Markets have access to a few tools and capabilities, in addition to specialist customer assistance. Affiliates that cooperate with IC Markets may earn in several ways, including the following:
➡️ Access to the most profitable trading results.
➡️ The capacity to develop and expand a business while maintaining exceptional customer service.
➡️ Converting leads with IC Markets’ specialist assistance.
➡️ You will have access to expansion opportunities for your business.
➡️ Profit from the advice and help of an experienced affiliate team in the financial industry.
➡️ Preserve a competitive edge.
➡️ You will get comprehensive reports and observations.
➡️ Utilize IC Markets to have access to a choice of adaptable funding solutions.
IC Markets Customer Support
👉 With IC Markets, you can get access to multilingual support 24/7 in different languages.
| Customer Support | IC Markets’ Customer Support |
| ⏰ Operating Hours | 24/7 |
| 🗣 Support Languages | Portuguese, English, Vietnamese, Chinese |
| 🗯 Live Chat | Yes |
| 📧 Email Address | Yes |
| 📞 Telephonic Support | Yes |
| ✔️ Local Support in Rwanda? | No |
| 🥇 Overall quality of IC Markets Support | 4.3/5 |
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 / 205 900 RWF
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
👉 Sydney, Australia-based IC Markets is a recognized and established internet trading firm (Regulated by ASIC).
👉 The trading costs at IC Markets are quite competitive and better than the industry average. The Forex and Stock costs are competitive and inexpensive, while the commodity fees are standard for the sector.
👉 IC Markets offers three professional trading platforms – MetaTrader 4, MetaTrader 5, and cTrader for mobile, web, and desktop – with a high learning curve.
👉 IC Markets offers an extensive selection of research that exceeds the industry average and includes live analysis sessions, technical and fundamental analysis articles, plus predictions and suggestions from Trading Central and AutoChartist.
👉 IC Markets provides access to high-quality educational products. This contains trading videos, platform training videos, articles, and trading courses that are appropriate for both novice and experienced traders.
👉 In addition, IC Markets provides a variety of payment options, including bank wire, credit/debit cards, PayPal, Neteller, Skrill, and many more e-wallets. These factors, along with several other components are why IC Markets has a high trust score and an overall rating of 9/10.
IC Markets Pros and Cons
| ✔️ Pros | ❌ Cons |
| IC Markets has regulations and authorization with four market regulators in Australia, Cyprus, Seychelles, and the Bahamas | Rwandan traders are not given an RWF-denominated account |
| There are social trading opportunities offered to Rwandan social traders | There are currency conversion fees charged on RWF deposits and withdrawals |
| There are no hidden costs and inactivity fees are not applied to a dormant account | There are no fixed spread trading accounts offered by IC Markets |
| IC Markets accepts and accommodates all types of trading strategies, including scalping, hedging, auto trading, and more. | |
| IC Markets accepts and accommodates all types of trading strategies, including scalping, hedging, auto trading, and more. | |
| There is a range of trading tools offered to more advanced Rwandan traders | |
| Beginner traders can expect a range of educational materials and tools | |
| IC Markets offers a genuine ECN model with a superior trading environment |
FAQ
Does IC Markets allow scalping?
Yes, IC Markets allows scalping along with a range of other trading strategies.
How many accounts can I have with IC Markets?
You are permitted to establish several trading accounts with IC Markets. Through your Client Area, you can register additional accounts.
Does IC Markets have Volatility 75?
Yes, IC Markets offers Volatility 75 as a Futures CFD under VIX.
Does IC Markets have Nasdaq?
Yes, IC Markets has Nasdaq, and it forms part of the comprehensive trading solutions offered by IC Markets, with competitive spreads and zero hidden trading or non-trading fees.
Is IC Markets regulated?
Yes, IC Markets is regulated by the ASIC (AFSL 335692), CySEC (362/18), Seychelles (SD018), and the Bahamas (SIA-F214).
Is IC Markets safe or a scam?
IC Markets is a safe broker. IC Markets has an overall trust rating of 86 out of 100 and regulations through Tier-1, Tier-2, and Tier-3 regulators.
What is a standard account with IC Markets?
The standard account offered by IC Markets has higher spreads than other accounts but offers commission-free trading. In addition, the standard account also offers access to either MetaTrader 4 or 5 on desktop, web, or mobile devices.
How do I deposit into an IC Markets account?
IC Markets provides many methods for you to fund your trading account. Bank wire transfer, PayPal, credit card, Skrill, Neteller, UnionPay, Bpay, FasaPay, and Poli are common deposit options offered by IC Markets.
What is the withdrawal time for IC Markets?
The withdrawal time that you can expect ranges from instant withdrawals with electronic payment gateways, to 14 days with a bank wire transfer.
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.
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