There are a lot of things to learn about IC Markets deposits. To prevent any problems during your account funding, take a look into this article.
Among Australian brokers, IC Markets is probably one of the most well-known. This broker was created by a team of professionals in the financial service industry with the idea of bridging the gap between retail and institutional clients. Like any other trading service provider, IC Markets aims to offer an excellent experience for its clients. While this broker is mostly known as a CFDs provider, it also comes with many other benefits.
One of the most popular features of IC Markets is probably their raw spread. In fact, they claim that it has some of the lowest spreads available in the market. It's true that raw spread always comes with commission fees and because of this, traders tend to think twice before using it. However, IC Markets only charges a small number of commission fees for this account, around $3.5 per lot payable per side.
IC Market's features and benefits don't stop here; there are plenty of other useful benefits traders can access by becoming a client. But before that, traders are required to deposit some money in order to activate their trading account. Now, deposit is an important factor to decide whether a broker is reliable or not, even for IC Markets deposits.
Things to Consider in a Broker's Deposit
Deposit is where the whole thing begins. This is also how a trader funds their account. Each broker has different policies when it comes to trading and it might affect how much money traders have to prepare. These are some aspects to consider regarding deposits:
- Payment Methods
There are many different ways to fund a trading account. The classic one is western union, but there are also other popular methods such as wire transfers, credit cards, and even e-payment like PayPal. Some brokers even allow broker-to-broker funding which is practical for traders who wish to switch or are trading with two brokers. Another interesting payment method would be via cryptocurrencies.
Hands down one of the most important aspects of a broker deposit. Unfortunately, a lot of novice trader doesn't realize the existence of broker deposit fees. What traders should realize is that deposit fees don't always come from the brokers themselves. Most of the time it comes from the payment method. As such, the fee deducted by intermediaries can be very high. For alternatively low-fee payment options, try credit cards. Some e-payments like PayPal and Skrill also have lower fees compared to wire transfers.
- How Long It Takes
A lot of traders wonder why their funds don't immediately arrive after transferring. Well, it's not uncommon that broker deposits can take a while, especially if the bank and the brokers are located in different countries or continents. The general duration is around 2-3 business days for bank transfers, while credit cards and e-payments may only take hours or even minutes.
- Minimum Deposits
Each broker might have a different amount of minimum deposits according to their policies. It can range from only a few dollars up to thousands. In some cases, brokers might assign different minimum deposits for each payment method or account type. Make sure to read the deposit rules clearly before deciding which account to open.
See Also: Forex Brokers with $10 Minimum Deposit
How About IC Markets Deposits?
There are many things to learn regarding IC Markets deposits. One thing that traders should know is that IC Markets deposits focus on the traders' safety before anything else. When funding, traders' money will be held in Segregated Client Trust Accounts with top-tier International Banks. It's to make sure that the clients' funds will always be safe and separated from the broker's own funds. Other than that, here are some important details on IC Markets deposits.
1. Where You Can Pay
Aside from accepting Australian traders, IC Markets also provide services for global traders. For this particular reason, IC Markets supports different funding methods. To start with, they allow deposits via credit and debit cards, wire transfers, and different kinds of e-payments which include, PayPal, Neteller, Skrill, and many more. Interestingly, there's also a feature for broker-to-broker transactions. All of these various payment methods ensure that all kinds of traders have enough options to fund their accounts.
2. Deposit Fees
Luckily, IC Markets deposits are free of changes. This applies to all of their funding methods. However, traders should be aware that there might be some fees or payments to and from some international banking institutions. In this case, IC Markets does not bear any responsibility regarding bank fees.
3. Minimum Deposit
A broker's minimum deposit means that traders will have to transfer a certain amount of money to a broker in order to start trading. The minimum amount for IC Markets deposits is pretty low. All traders are allowed to open an account with as little as $200 or their equivalent currency. Perhaps it's not one of the lowest in the market, but it's relatively low for its class.
See Also: Raw Spread Brokers with Low Deposits
4. Instant Deposit for Certain Payments
Another thing that traders should know about IC Markets deposits is that the payment durations are different according to the methods. Some of them might take days or hours. For example, if traders choose to deposit their funds using a credit card or e-payment account, the process would be instantaneous. But, wire transfers and broker-to-broker payments could take up to 3-5 business days.
Besides deposit, withdrawal is another important factor to determine a broker's reliability, including IC Markets. Explore the information on All You Need to Know about IC Markets Withdrawal.