IC Markets review: Not safe, operating as a scam
The trading market is more significant than any broker or trader. It has rules, regulations, principles, doctrines, and policies to adhere to and perform your selling and buying accordingly. However, some brokers are vehemently flouting the set guidelines and resorting to a misdemeanor. IC Markets review broker is one of them. Read more about it:-
Why not use IC Markets?
It has been more than fourteen years since the establishment of IC Markets Review, but you do not see a good website in place. Once you board it, there’s a feeling of untidiness written all over the place. More than helping, you will find the broker is confusing the visitors. It is all disarray and does not help people willing to trade with it at all.
So, there is a massive void among traders trying to use its services. They have to waste a lot of time before understanding the operation of the website itself, let alone making amends to do any transaction.
The broker could have kept things simple and classified everything. But it takes a different route because IC Markets does not want people to know many things. The transparency factor gets lost in it. So, faith and trust go kaput. How else are investors going to support such a broker?
Honestly, the broker attempts to mock market players by keeping things hidden. But the first step to winning the hearts of people is to keep everything in the open and then let them decide.
But IC Markets Review lacks that and raises doubts in a trader’s mind. If someone cannot provide an environment of belief, then what’s the point of the whole exercise of trading? How can you entrust your funds with a broker? So, first of all, the broker must come clean on that aspect.
The broker offers a risk warning to its traders. Hence, the last hope you have also gets cut away from the market.
If a broker itself cannot convince a trader to trade with it, then what is the use of its existence. Thus, IC Markets once again leaves you disappointed and wanting for another broker.
And you can witness, many people are quitting its service after acknowledging the dark truth behind the curtains that IC Markets is hiding.
So, in the debate of ‘IC Markets safe or not’, you can safely say it is not safe.
Commission on Accounts
Anyone who burdens you with a commission is undoubtedly not doing a trader any favor, but thinking of pocketing money for accumulating personal wealth.
The broker charges $ 3 to $ 3.5 as extra charges from every trader. Think about newbie traders who would feel dejected after knowing it. Their aspirations might get a setback, and they may not be able to bounce back after it.
So, the broker should at least think about those people who are trying to build a career out of trading. Instead, IC Markets should initiate an idea of providing a platform with no extra cost to talented and skillful beginner traders. Alas, there seems to be no such attempt going in the fray.
Types of account: A confusion
When you pay a visit to IC Markets Review, it seems the broker has not learned anything about catering a potential trader. It looks like some stock website or an imposter one. Icons are not in symmetry. You cannot get hold of the information that you require the most. How else would one know about the broker and its deals?
The broker does not seem to be making any effort to show up the features it has. Instead, it feels that it wishes to shoo away everyone who lands up there in the guise of celebrating financial trading.
That attitude is completely bizarre and baffling. Why would some brokers behave in that manner?
Firstly, you struggle to find the location of the accounts. And somehow when you manage to do that, it shocks you completely to see some unnamed accounts. You make guesswork; one is cTrader called Raw Spread, another account, second in the line is also Raw Spread account and the third one is Standard.
A non-specialist would find it impossible to decipher among the three. If a broker is so lethargic even to decipher the account name correctly, what else do you expect from the services rendered by it? It would be a bigger disappointment. Clarity on these sensitive and pivotal properties is the case of utmost importance.
On top of it, the broker has the temerity to call it the best possible account in the radar. Who would lie so much even after leaving plenty of loopholes to cheat people?
Cares only about forex traders
Accounts on IC Markets cater to only forex traders and care about other investors lower than a second fiddle. That aches the heart to see people being meted out with such discrimination. It has information about the currency pairs mentioned with all account types but never does it care to slip into the knowledge regarding other instruments and assets.
Furthermore, their server locations pan through different areas of the world, including New York and London. And once again, the broker does not care to explain why?
What’s the reason to have servers in different locations? Is there some conspiracy behind it? The broker must come clean on it as well.
You do not know whether you can trade with multiple instruments or not for creating a decent portfolio. Else, you might have to look for other brokers who can help you with different financial transactions in myriad assets and instruments.
If you cannot find all products at the same place, it will probably amount to financial losses. So, if you’ve boarded the broker accidentally, you should quit it and look around for someone who does justice to your requirement.
Too high deposit
You can find several brokers that are asking for as low as $1 as deposits and allowing you to trade with them without hassles. But the IC Markets is displaying arrogance by putting up a pre-requisite of $200 as a minimum deposit.
Think about a newbie trader. If that person can make that investment, why else would he or she be interested in the broker first of all? Such archaic and shallow attempt to wither away beginner traders should be condemned. No sane broker would ask for such a massive amount in the beginning when the average deposit scheme is USD 100 across the globe.
So, avoiding such brokers is better. You can also ask your friends and colleagues to stay away from the broker for its charlatan behavior.
Process of withdrawal is convoluted
If the client does not find ease in drawing out money after depositing, what is the control one can have in trading IC Markets, which dictates the terms of depositing and withdrawal.
The power of letting a trader withdraw the hard-earned money rests completely in the hands of the broker. That is absurd, and such rules must be outlawed as soon as possible. It takes away the fundamental civil right of any trader who wishes to register with IC Markets.
The brokerage firm asks you to submit a form for accessing a secured client area. Instead, it should be available to everyone without any issues.
But it looks like the broker has some other plans for not providing a secured facility to every trader. It is available to only those who comply with its rigid rules.
The broker has offered a button of withdrawal form too, which is a cringefest overall.
Also, there are specific timings when you can withdraw your money, and after that, your requests won’t be entertained. So, the broker is trying to operate as a bank. How irresponsible does that sound?
Furthermore, if you get charged by a bank while withdrawing or depositing, IC Markets does not hold any responsibility. The website mentions it categorically. So, if it does not want to deliver any service to a trader, then why would a person want to be with the broker in the first place?
Isn’t that blasphemous from an investors’ point of view? If you do not get help from the one you rely on and deposit your money with, who else will you seek support from?
High processing fee
Moreover, if you are doing wire transfers through an international bank, then you’ll have to pay an extra commission from your pocket, which will be around USD 20 at least. Above that, intermediary fees will also apply and the process of withdrawal will take a minimum of fourteen days.
What if someone requires the fund for some urgent work? There is no such grievance redressal facility offered by the broker.
Likewise, credit card withdrawals may take longer, and the facility is not available in all countries.
If someone asks you whether IC Markets is ‘safe or not’ then pick the latter. The kind of information the broker is hiding is a sham on its existence. It is there for more than fourteen years, yet needs to work on lots of loopholes and major errors to sponsor better facilities to traders of all strata of society. Besides, it should offer equal opportunities for beginners. You can instead choose TradeATF, ETFinance, ROinvesting are some of the top-rated and leading best online brokers available in the market.
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