A broker's withdrawal is one of the most important factors to determine its reliability. How about IC Markets withdrawal?
Among many other Australian brokers, IC Markets is probably one of the most renowned. A team of professionals in the financial service industry created this broker. There are many things that traders can enjoy in IC Markets.
One of the most popular is their raw spread offers. In addition to providing 0.0 pips spread for MT4 and MT5, IC Markets hosts the same raw spread for the cTrader trading platform. IC Markets also provides free VPS for certain requirements.
However, having low spreads and sophisticated tools won't cut it if a broker can't guarantee a reliable withdrawal process. One of the most important factors in determining whether a broker is trusted is how they handle the withdrawal process.
Here is a glimpse of IC Markets' withdrawal details:
- Payment options: IC Markets allows withdrawal from International Bank Wires, Visa or MasterCard, and other secure credit and debit cards.
- Time spent: Common withdrawals in IC Markets normally take 1 to 2 business days.
- Withdrawal fees: Most IC Markets withdrawal methods don't charge any fees.
- Minimum withdrawal: IC Markets has no minimum withdrawal.
To get more insight into each IC Markets withdrawal aspect, let's get to the next part.
1. Payment Options
Why are withdrawal options so important? There are many reasons for this, but one of the most obvious ones is ensuring that the methods are available in the country where the traders live. The most popular withdrawal method is probably through bank transfers.
But, some traders might prefer something simpler such as PayPal or any other third-party options. The most important thing is ensuring the broker provides various options.
For IC Markets withdrawal, there are plenty of choices to choose from. IC Markets allows withdrawal from International Bank Wires, Visa or MasterCard, as well as other secure credit and debit cards. For traders who are looking for easier withdrawal, the best options are PayPal, Neteller, UnionPay, Bpay, FasaPay, POLI, Rapidpay, Klarna, Qiwi, and Skrill.
Most importantly, the withdrawal must be made from the same account the traders use as a deposit method. Also, traders' countries may affect the payment options.
2. Time Spent for IC Markets Withdrawal
Unlike deposits, broker withdrawals are rarely instant. That being said, it is understandable that traders want to find a broker with the shortest withdrawal time.
For IC Markets, common withdrawals normally take 1 to 2 business days, while credit/debit card withdrawals took around 3-5 business days. Unfortunately, international bank wire transfers might take up to 14 days and might cost traders additional intermediary and beneficiary fees.
It's understandable if traders prefer to use e-wallets as a withdrawal option. For the most part, this method is probably the fastest way to withdraw. However, there might be times when the withdrawal process takes a lot longer than usual even with this payment option. In that case, traders are welcome to contact the customer support service.
3. IC Markets Minimum Withdrawal
Usually, brokers would establish a minimum withdrawal amount for their traders. But that is not the case with IC Markets' withdrawal. No minimum withdrawal amount gives traders more flexibility when withdrawing their profits.
That being said, IC Markets remind traders to be mindful when making withdrawals. The banking fees might be higher than the traders expected, depending on the withdrawal amount.
4. IC Markets Withdrawal Fees
Another thing to consider when withdrawing money from brokers is the fees. It is not uncommon for a broker to charge a few amount of money from a withdrawal. The amount can be varied according to what methods the traders use. Luckily, most IC Markets withdrawal methods don't charge any fees for traders.
This includes domestic bank withdrawals, credit and debit cards, and other electronic wallets (PayPal, Neteller, Skrill). That being said, not all IC Markets withdrawals are free of charge. The international bank withdrawal will charge AUD20 or equivalent per withdrawal. As for additional charges from the third party, IC Markets is not responsible for covering them.
How to Withdraw From IC Markets
Although the process is very simple, new traders might have trouble doing it. For recurring clients, there's no harm in learning the tutorial every now and then. To withdraw from IC Markets, traders need to:
2. Choose to withdraw or withdraw funds from the menu.
3. Go to the desired withdrawal method.
4. Enter the amount to withdraw. Sometimes, traders must write down their withdrawal reason here, so write it down accordingly.
5. Submit the request and then wait until the money arrives.
As a side note, the IC Markets withdrawal request cut-off time is 12:00 AEST/AEDT. Therefore, if traders submit a withdrawal request before the time, it will be processed on the same day as the receipts. However, if the withdrawal request was submitted after it, the withdrawal will be processed on the following business day.
Is IC Market Reliable?
There are many reasons to determine whether a broker is reliable or not. One of the most obvious ones is through their regulations. Considering IC Markets is incorporated in Australia, they are regulated by the Australian Securities and Investments Commission (ASIC), one of the most reputable authorities when it comes to forex and CFD brokerages.
In addition to that, IC Markets is a member of the Financial Ombudsman Service (FOS). This approved Australian external dispute resolution scheme independently resolves conflicts between consumers and financial providers.
This broker applies client money segregation and insurance coverage as extra protection to ensure the trader's funds are well protected. The insurance will cover up to US$1,000,000 per trader. It's available for all IC Markets raw traders and will be triggered only in the unlikely event of insolvency.
IC Markets is an online forex broker operating under the company of International Capital Markets Pty Ltd. Traders under the Australian jurisdiction are provided with the trading service of IC Markets AU that is headquartered in Australia and licensed by the Australian Securities and Investments Commission (ASIC).
On the other hand, non-Australian traders who open an account in this broker are registered under IC Markets SEY that is based in Seychelles, and regulated under the Seychelles Financial Services Authority (SFSA). The dual operation is a result of the relatively new rules from ASIC that prohibit their regulated broker to offer trading services outside Australia.
Classified as an ECN broker, IC Markets provide clients with MetaTrader 4, MetaTrader 5, cTrader as platform trading options. This broker also follows market trends to include Cryptocurrencies as one of its products, enriching its already wide selection of trading assets that include Currencies, Indices, Metals, Energies, Softs, Stocks, as well as Bonds.
The minimum deposit in IC Markets is in the middle range compared to other ASIC-regulated brokers, as it reaches $200 for every client. Market analysis materials are also prepared regularly for trading insights on IC Markets's official website, proving their competence to serve their traders with important contents created by market experts that work specifically for them.
For payment methods, IC Markets allows funding and withdrawal via wire transfer, credit card, PayPal, Skrill, Neteller, FasaPay, UnionPay, as well as Bitcoin via BitPay. The more interesting aspect from this broker is its multi-base currencies that include USD, AUD, EUR, GBP, SGD, NZD, JPY, CHF, HKD, and CAD.
As the trading technology in IC Markets is highly equipped with co-located servers and extremely low latency (especially on cTrader), the broker is widely known for its capability in hosting traders with the special needs for high-frequency trading as well as scalping.
To sum up, IC Markets is a fitting destination for active traders looking for a well-regulated broker. IC Markets is also flexible in terms of base currency and payment methods, signaling their commitment to welcome traders beyond their home country. As of late 2019, IC Markets provided their website in 18 international languages including English, Korean, Indonesian, French, Spanish, Italian, Malay, German, and Chinese.
For the longest time, a lot of traders feel unsafe when withdrawing their accounts due to fear of being scammed. Still, withdrawing errors are more common than most people thought.