As with most Forex and CFDs brokers traders can set up a demo account to start trading virtual money in order to see how things work. In our case, since the broker offers two kinds of platforms, we selected the cTrader platform which we believe is more exotic for most readers. Other platform, naturally being – the MetaTrader4.
We opened the demo account pretty fast. After entering our info, it took us 3 clicks and we had our demo account number and password in our email inbox. Make sure to thoroughly take a look at the website while opening the demo since the last screen puts a lot of emphasis on the Live account offer, almost causing us to sign up for the live account before trying the demo. The demo account notification was on top, in smaller letters, so read carefully in case you are only hunting for the demo account.
One thing we did not like was just 200 in virtual money we got to use as the demo account. Usually brokers award 5000 or 10000, and many are replenishable. Since microlots can be traded, this is not an issue per se, however, it just felt a bit stingy for no reason, from the side of the broker.
IC Markets Standard Account
Is probably one of the cheapest ECN accounts on the market. The only comparable we know of may be the FXTM Cent ECN account, however, many can argue this is the totally different offer, especially in the world where regular ECN accounts start from $2000. So this is definitely a good offer in our opinion. The account is based on Metatrader4, using the best liquidity pool to deliver the lowest spreads for this class of account. We know this sounds like an add, but technically this is what is being offered here.
- Some more advantages is the fact that Scalping is allowed and lots start from 0.01 as it is industry standard.
- Leverage is maximum at 1:500, which will definitely make happy some of less risk averse traders.
- Spreads start from 1 pip for EURUSD which is tight as promised.
- The account supports trading 64 FX pairs and 15 indices CFDs and can be opened in 10 currencies, which is also some sort of “best” when compared to European competition.
IC Markets True ECN
True ECN crosses that magic boundary from some spreads to zero spread ECN world and IC Markets does it decently. Most features remain similar as with the Standard account, however, this one is for the volume traders.
- The leverage is up to 1:500 again, as are other features like assets and lot sizing.
- Difference is the zero spread and $3.5 commission per $100.000 traded.
IC Markets cTrader ECN
If you still want the same features, however, Metatrader 4 is too “oldskool” for you, you can trade using cTrader platform on IC Markets. This means that you get many of the features presented before, however in a different platform.
Zero spread, 1:500 leverage and no restrictions policy are there. Only difference is lack of 2 of 15 indices offered as CFDs assets.
Overall if you prefer ECN, but with less initial investment and less barriers, IC Markets might be right for you, however, one drawback is the existence of negative balances with this broker – so be mindful with that leverage!
