IC Markets – What Should You Learn Before Investing?
Do you wish to know about the IC markets? Here is a detailed outline to help you make a sound decision if you invest with the IC Markets. Understandably, IC Markets is famous and offers various trading opportunities and features.
Understanding Its Deposit Requirement – Things to Note
First, you need a minimum hundred-dollar deposit to begin trading. Such a low entry point makes it accessible to traders initiating their trading journey or those who wish to try out smaller investments. This amount is standard among many IC market brokers and lets you initially consider various trading strategies without significant commitment.
Understanding the Different Account Types
Let’s find out the different types of IC Market accounts from here:
Account Types at IC Markets
IC Markets offers three types of trading accounts (each suited for different trading styles and platforms).
cTrader Account
This account is great for day traders who use the cTrader and TradingView platforms. It features a commission of three-dollars-per-one-hundred-thousand-dollars round turn and spreads starting from 0.0pips. You need a minimum deposit of two hundred dollars and can use leverage up to 1:1000. This account allows up to 2000 position orders, and you can trade 61 currency pairs. It supports micro lot trading or index CFDs.
Standard Account
This account suits traders using MetaTrader. It does not charge any commission and features spreads starting from 0.8 pips. The deposit, leverage, number of position orders, currency pairs, and stop-out level match those of the Raw Spread account. Its server is in New York and uses MQL4 for programming.
Raw Spread Account
This account is for traders who use Expert Advisors and prefer the MetaTrader platform. The minimum deposit and leverage are the same as the cTrader account (but the maximum number of position orders is 200). It has a slightly higher commission of $3.50 per lot round turn and offers spreads from 0.0 pips. Its server is based out of New York and uses MQL4 for programming.
These accounts may suit different trading preferences – whether you are a discretionary trader or an EA user.
Available tradable markets
IC Markets has a wide range of tradable markets for its traders, as listed below:
- Forex
- Commodities
- Indices
- Bonds
- Stocks
- Futures
- Cryptocurrency CFDs
The financial tool that can be utilized on the forex instruments is up to-1:1000. The broker offers more than sixty currency pairs (ranging from majors to minors).
A Few Steps to Create a Successful Trading Plan
Simply put, investing can help you build wealth and achieve financial success. But it would be best to start smartly by following the proper steps. On that note, mentioned below are the steps you can undertake to create a successful trading plan:
Set Clear Investment Goals
First, start by defining the results you wish to achieve from trading. You may want to diversify your portfolio or use trading to lessen the risk in other investments. So, reviewing your goals regularly and adjusting your plan to stay on track is better.
Conduct Market Research
Successful trading depends on excellent marketing research. So, you must monitor economic parameters such as:
- GDP
- Inflation and
- Interest rates
Different market sectors (like technology or financials) react differently to these indicators. Thus, you must stay informed and use fundamental and technical analysis to select stocks wisely.
Manage Your Emotions
Emotions can affect your trading decisions. Avoid trading based on fear or greed. Stick to your trading plan and only trade when you feel calm. Keep a trading journal to track your decisions.
Use Orders to Reduce Risk
A market order lets you sell/buy immediately at the current price. However, it does not ensure any specific price. You can use a market-to-limit order for more control. It combines the market order’s immediacy with a limit order’s price control. This strategy also helps protect your investments.
Review Your Performance
Track your performance by looking at your win percentage and risk-reward ratio. The risk-reward ratio helps you see if the potential profit justifies the risk.
Keep Learning
The markets change all the time. Keep improving by attending trading courses, reading market analysis, or finding a mentor. Constant learning will make you a better trader.
IC Markets presents an excellent collection of more than sixty currency pairs. Traders can trade popular currency pairs such as majors and minors.
IC Markets offers an array of trading opportunities and instruments. You can trade twenty-eight options for commodities (including gold and silver).
So, IC Markets offers a unique trading experience with various account types and platforms. It is for both beginner and experienced traders as it has a low minimum deposit and an excellent range of options. Thus, considering the abovementioned factors, you can determine whether the IC Markets meets your trading needs.
