Trade safely and get full access to IC Markets services by getting your account verified. Here's what you need to do.
IC Markets is one of the most popular brokers that has been around since 2007. The Australian-based company is known for supporting a bunch of tradable assets like forex, precious metals, and CFDs, making it suitable for traders with various different strategies such as scalping, day trading, and more. IC Markets also offers low commissions and spreads in comparison to other brokers in the market. Aside from operating in Australia, the business is also quite popular in Asia, Europe, and North America.
In terms of security, IC Markets is considered safe as it operates under the regulation of several financial authorities, including CySEC and ASIC. Being a regulated broker means that IC Markets needs to comply with a long list of policies. This includes implementing client identity verification to prevent fraud and scams.
See Also: Is IC Markets Good for Beginners?
Client Verification on IC Markets
As a financial service provider, IC Markets aims to create a safe trading space for all of its customers. In order to do that, the broker needs to know who they are dealing with first. This is why client identity verification is needed.
Basically, after you created an account, the broker would ask for certain information regarding your identity. You'll need to upload certain documents to prove that you're a legit person and not a scam. The broker will then assess those documents in order to verify your account. Once the process is complete, you can start trading on your account and enjoy the broker's full service.
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.
How to Verify Your Account
Client identity verification process may vary in different brokers. Some might take several days to complete and involve multiple approval steps. Thankfully, identity verification on IC Markets is very easy to do. You'll only need to upload two types of documents, namely the government photo ID (national ID, international passport, or driving license) and proof of residence (utility bill or bank statement). Then, the broker will process them and notify you in 24 hours.
Here are the steps that you should follow to get started:
1. Head over to IC Markets' website and log in to your trading account. Simply enter your username and password, then click "Login".
2. Click your profile on the top right of the screen and click "Upload Documents" in the drop-down menu. You'll then be taken to the upload page.
3. Click on the "Government Photo ID" to upload your photo identity documents, which can either be your national ID card, international passport photo, or your driving license.
4. Click "Browse File" to find a copy of the document on your device, then click "Upload". Make sure to read the requirements first on the left side of the screen.
5. Then you'll need to upload your proof of residence. You can use your utility bill or a bank statement to complete the procedure. Make sure that it has your full name and address and is dated within the last 3 months.
Just like the previous step, click "Browse File" to find a copy of the document on your device, then click "Upload".
6. Once completed, you'll see a message on the screen confirming that your documents are successfully submitted and will be processed immediately.
The identity verification process on IC Markets typically takes about 1 business day. You will be notified through your email once your account is ready to use.
The Bottom Line
Identity verification is crucial to ensure the safety of the broker and its clients. Due to the heightened risk of scams and money laundering cases, brokers need to implement such procedures in order to know who they are dealing with and ensure that the other clients are completely protected. However, the process is not always simple. It can even take up to several days in certain online brokers due to low efficiency. Not only does this create unnecessities, but it also delivers a relatively poor experience for new clients.
If you are searching for a reliable broker with speedy verification process, try IC Markets. Just simply submit your documents and wait for 24 hours to start trading with your account.