IC Markets has begun to get involved in social trading by launching the IC Social app. How's the service and what are the features? Is it worth a try?

IC Markets Social Trading App

The financial industry has seen quite a significant acceleration in technology in the past few years. With the development of mobile applications and online brokerages, the role of mobile trading has grown noticeably among traders worldwide, further supported by affordable internet plans and smartphone devices.

This undoubtedly makes financial markets more accessible than ever, allowing anyone to trade on the go from practically anywhere in the world. Because of such advantages, mobile trading has started to become a part of the everyday lives of the next generation of traders.

IC Markets is one of the leading brokers that offer mobile social trading apps for its clients. Apart from the platform device, the broker has launched the IC Social app.

 

Introduction to IC Social

IC Social is a new social trading app offered by IC Markets. The app itself is powered by Pelican Trading, a London-based social trading platform provider. To begin with, we must take into account that this app is still fresh, so it may have some flaws and the base of signal providers is still in its early stage. However, considering that IC Markets is one of the most popular brokerage solutions in the trading industry, we can expect that the app will improve significantly in the near future.

In a nutshell, IC Social is an all-in-one mobile application that allows traders to execute trades, copy professional traders, and seamlessly interact with other users. To use the app, you'll need to open a live MT4 trading account. The account type doesn't matter. It can be Standard or Raw accounts, although the latter is typically more favored by retail traders due to the low commission structure.

At the moment, the app is available for mobile devices only. You can download the app from Google Play for Android or App Store for Apple users. At the time of this writing, it's only been several months since the release day, but the app has been downloaded by more than 1000 users on Google Play.

🌐 Website
www.icmarkets.com
Leverage
1:1000
💼 Regulation
💲 Min Deposit
$200
Year Established
2007

Interest rate on funds
Free education
PAMM
MAM
Segregated accounts
Managed accounts
Islamic accounts available
Compensation scheme
Swap
Low spread eur/usd
VPS
Copy trading
FasaPay
Neteller
PayPal
Skrill
Wire transfer

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.

 

Main Features and Benefits

IC Markets claims that IC Social is the solution to enhance one's trading experience. The biggest advantage is that it allows you to trade, chat, and learn in one simple platform. There is no need to install separate software to access a range of functionalities and perform different trading activities. The main features of the app are as follows:

 

Copy Trading

Copy trading is the act of copying someone else's strategy and using it as your own. You can determine the amount that you'd like to risk and choose the expert whose strategy you'd want to replicate. Once the trade is active, you'll automatically copy everything they do in real-time; when that trader opens a position, your account will make the same trade as well. To start copying, you need to choose a trader and click "Copy".

Copy trading

 

Interactive Profiles

The key to successful copy trading is to choose reliable signal providers. In IC Social, you can check each trader's profile and interact with them. The data displayed on the profile includes the trader's open positions, pending orders, closed trades, monthly returns, profitability, markets traded, and more. Thanks to this, it becomes easier to observe other traders' behaviors before you start copying and risking your money.

Traders profiles

 

Signal Trading

If you are confident enough with your trading skills and experience, you can opt to provide trade signals such as price entry, entry date, and time. In other words, you can become a signal provider and let other traders copy your strategy in exchange for a small commission.

 

Activity and Feed

IC Social allows you to join a trading community and learn from it. On the Activity tab, you can see other users' real-time updates and activities. For a relatively new service, the space is already quite active and more traders are joining every day. This is not quite surprising as IC Markets is extremely popular among global retail traders today.

By default, your group list would be empty, so you'll need to join a trading group or you create your own and build your portfolio. You can also follow other traders and see their updates in real time.

 

Instant Messaging and Sharing

Aside from viewing other trader's profiles, you can also interact with them through instant messages. You can chat with them and share trading ideas with them so you can gain new insights, trading advice, or recommendations. The app allows users to share strategies, leave a comment on someone else's update, and post questions either to your group chats or send them privately to expert traders.

 

Inverse Trading

There is an option to challenge a friend's trading strategy or inverse each other's trade in real time. This means you can open a new trade using the same instrument but on the opposite side. So, for instance, if the original position is a Buy trade, you'll go short instead and open a Sell trade.

Where to Find the Information on the Official Broker Site?

  • This information is reported per Feb 22 2024.
  • We can not ensure if this offering is still available or remain the same in future.
  • The broker announcement page may or may not exist anymore, You may explore IC Markets homepage and try to find "Promotion" section on the menu, footer, etc, to ensure the availability and validity of this promotion.

 

Risk Copy Management

Last but not least, the IC Social app offers multiple risk management tools that are aimed to help you avoid losses when copy trading. These tools include warning level, soft stop level, hard stop level, and current level. All of these tools can define the levels of capital drawdown in the form of percentages to give you information about different aspects of your trade.

Risk copy management

 

How to Start Trading with IC Social

  1. Create an IC Markets account (if you haven't already). Simply visit the broker's website and make a new live trading account. Enter your personal information, then complete the verification process.
  2. Connect your live MT4 trading account to IC Social. Install the IC Social app and log in using your MT4 account credentials.
  3. Make deposit. To start trading, you'll need to fund your account. Simply choose your preferred payment method and specify the amount that you'd like to deposit.
  4. Start your copy trading experience. Browse through various signal providers and choose your preferred trader to copy. Make sure to check the trader's profile to see their reliability and past trading performance.

 

The Bottom Line

Social trading can be a great idea to improve your trading performance since it offers fast access to valuable trading insights without having to spend hours and hours studying. Through social trading platforms, you can observe other traders' behaviors and interact with them easily. The best thing about it is that you can both earn and learn at the same time.

While still relatively new, it's pretty clear that IC Social has so much potential to be one of the best mobile social platforms out there. We can expect more features and updates in the upcoming months, especially considering that the app is supported by Pelican Trading, which is known for its exceptional copy trading technology.

 


IC Markets is a raw spread brokerage that puts all clients' funds in segregated trust accounts supported by well-known Australian banks such as Westpac and NAB. On top of that, IC Markets offers various trading instruments like Forex, Indices, Bonds, Crypto, and many more.