Singapore Dollar Forex Trading Accounts
IC Markets Review
IC Markets offers traders over 2,250 instruments plus benefits that they can use leverage up to 1:1000. IC Markets is known for its razor-thin spreads and ultra-fast execution speeds. IC Markets offers 24/7 customer support.
- Candice Barnes
Jump to:
Overview
Regulation and Safety of Funds
Awards and Recognition
Account Types and Features
Account Registration
Broker Comparison
Trading Platforms
Range of Markets
Fees
Deposit and Withdrawals
Education and Research
Bonuses and Promotions
Affiliate Programs
Customer Support
Social Responsibility
Final Verdict
Pros and Cons
FAQ
Overall Rating
- 4.7/5
Min Deposit
USD 200
Regulators
ASIC, CySEC, FSA, SCB
Trading Platform
MT4, MT5, WebTrader
Crypto
Yes
Total Pairs
61
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
Overview
We’ve searched various platforms to find the best brokers, especially for our South Korean audience, and IC Markets captured our interest. They’ve been in the game since 2007, starting in Sydney, Australia, and have built a great name among traders worldwide.
Why does IC Markets stand out? We were particularly impressed with their raw spread offering, which could result in cheaper trading costs for you.
They are well-suited to high-volume trading, making them an excellent choice for those who want to remain active in the market. Furthermore, they offer a selection of platforms, including the popular MetaTrader 4 and 5, which are versatile tools for South Korean traders.
For our South Korean audience, IC Markets has something special. They provide their services in Korean, understanding the value of trading in your language.
Although we couldn’t locate specific information about targeted offerings for South Korean traders during our review, their multilingual support is a plus.
However, based on our experiences with the broker, IC Markets isn’t perfect. Their instructional resources may be more extensive. However, if low pricing and a diverse set of platform options are important to you, IC Markets could be a viable option for your trading needs.
How many trading instruments does IC Markets offer?
IC Markets provides over 2,250 trading instruments, catering to a wide range of trading preferences.
What leverage does IC Markets offer to South Korean traders?
IC Markets provides leverage up to 1:500 for South Korean traders, giving them great control over larger positions.
IC Markets at a Glance
| 📊 Year Founded | 2007 |
| 🏛 Local Market Regulators in South Korea | ASIC, BaFin, CMA, CySEC, DFSA, FCA and SCB |
| 🌎 Ease of Use Rating | 5/5 |
| 💻 Bonuses | None |
| 📞 South Korean -based customer support? | 24/7 |
| 📱 Trading Platforms | MetaTrader 4, MetaTrader 5, cTrader, IC Social, Signal Start, ZuluTrade, TradingView |
| 🛍 Account Types | cTrader, Raw Spread, Standard |
| ✔️ Base Currencies | AUD, USD, JPY, EUR, NZD, SGD, GBP, CAD |
| 📈 Maximum Leverage | 1:500 |
| 📊 Starting spread | From 0.0 pips EUR/USD (Raw Spread Account) |
| 📊 Currency Pairs | 64+ |
| 💳 Minimum Deposit (KRW) | 272,000 KRW ($200) |
| 💻 Languages supported on the Website | English, Spanish, Russian, Chinese, Vietnamese, Arabic, Indonesian, Italian, French, Laotian, German, Polish |
| ⏰ Fees and Commissions | Spreads from 0.0 pips, commissions from $3.5 |
| ✔️ Regional Restrictions | United States, Canada, Iran, Yemen, and OFAC countries |
| 💻 Tradable Assets | Forex, Commodities, Indices, Bonds, Cryptocurrencies, Stocks, Futures |
| ☪️ Islamic Account | Yes |
| ✔️ Affiliate Program | Yes |
| 📊Scalping | Yes |
| 📈Hedging | Yes |
| 💻 Inactivity Fee | None |
| 👉 Open Account | 👉 Open Account |
Regulation and Safety of Funds
Regulation in South Korea
South Korea’s Financial Services Commission (FSC) does not regulate IC Markets. However, IC Markets’ global regulations are listed in the table below.
Global Regulations
| 📱Registered Entity | 🌎Country of Registration | ✔️Regulatory Entity | 🔎Regulatory Entity | 📊Tier | 💳License Number/Ref |
| Raw Trading Ltd | Seychelles | – | FSA | 3 | SD018 |
| Capital Markets Pty Ltd. | Australia | CAN 123 289 109 | ASIC | 1 | AFSL 335692 |
| IC Markets EU Ltd | Cyprus | – | CySEC | 2 | 362/18 |
| IC Markets Ltd | Bahamas | 76823 C | SCB | 3 | SIA-F214 |
Protection of Client Funds
| 🔎Security Measure | 📱Information |
| Segregated Accounts | Yes |
| Compensation Fund Member | No, in-house insurance |
| Compensation Amount | $1 million |
| SSL Certificate | No |
| 2FA (Where Applicable) | No |
| Privacy Policy in Place | Yes |
| Risk Warning Provided | Yes |
| Negative Balance Protection | Yes |
| Guaranteed Stop-Loss Orders | No |
How does IC Markets protect its clients’ funds?
IC Markets employs segregated accounts to keep client funds separate from business funds.
Does IC Markets offer negative balance protection?
Yes, IC Markets provides negative balance protection, which prevents traders from losing more than their initial investment.
Awards and Recognition
While evaluating IC Markets, we found that the broker has won a few of the following most recent awards:
- 2023: IC Markets, Best Customer Service, FxScouts Annual Broker Awards
- 2023: IC Your Trade (ICYT) podcast, Branded Business Show and Advertising, Signal Awards
IC Markets Account Types and Features
| 💻 Live Account | 📉 Minimum Dep. | 👉 Open Account | 📊 Leverage | 💰 Commissions |
| ➡️ cTrader | 272,000 KRW ($200) | 👉 Open Account | 1:500 | $3 per side, $6 per round turn |
| ➡️ Raw Spread | 272,000 KRW ($200) | 👉 Open Account | 1:500 | $3.5 per side, $7 per round turn |
| ➡️Standard | 272,000 KRW ($200) | 👉 Open Account | 1:500 | None; only the spread is charged |
Demo Account
IC Markets offers an excellent demo account tailored exclusively for South Korean traders. This demo account functions similarly to a practice field, allowing traders to become acquainted with trading and try their tactics without risking real money.
It’s fascinating since it feels like trading on the actual market but with virtual money. And get this: you start with a large sum, often as much as $100,000, allowing you enough leeway to experiment and determine what works best for you.
Even better, there is no rush with this demo account. You can use it for as long as you like, which is ideal for beginners who want to learn the ropes at their own pace.
cTrader Account
The IC Markets cTrader Account may then be exactly what you need if you’re a trader who wants cutting-edge tools to improve your overall trading.
Exclusively accessible on the cTrader platform, renowned for its intuitive design and potent charting capabilities, this account serves traders of all skill levels.
It provides accessibility and flexibility with transaction sizes ranging from 0.01 to 2,000 lots, a modest commission of $3 per side ($6 per round turn), and leverage of up to 1:500.
A minimum deposit of 272,000 KRW (about $200) allows novices and experienced traders to join easily.
Raw Spread Account
IC Markets Raw Spread Account is made to satisfy the needs of active traders, scalpers, and day traders in South Korea. Featuring incredibly low spreads beginning at 0.0 pips, this account is compatible with MetaTrader 4 and MetaTrader 5.
It’s a top alternative for South Koreans looking for tight spreads and fast execution, with trade sizes ranging from 0.01 lots to 200 lots and a $3.5 per side ($7 per round turn) commission fee.
Standard Account
This account is the perfect ticket into the foreign exchange market for more casual and beginner traders. This account, which is available on MetaTrader 4 and MetaTrader 5 platforms, does away with commissions so South Koreans can only concentrate on spreads, which begin at 1.0 pip.
Another benefit is that South Koreans can trade position sizes from 0.01 lots to 200 lots and use leverage up to 1:500.
Furthermore, we found that for both novice and casual traders, it’s an affordable choice with a minimum investment of 272,000 KRW ($200).
Islamic Account
Now, let’s talk about something unique: the Islamic account. IC Markets provides this alternative to South Korean traders who adhere to Islamic financial standards, prohibiting them from dealing with interest.
The Islamic Account has no overnight interest charges or payments. This is ideal for traders who want to trade forex while adhering to religious values.
The best aspect is that you can access the Islamic Account from all major platforms, including MetaTrader 4, MetaTrader 5, and cTrader.
So, you don’t have to worry about going against your faith, whether you’re trading forex, indices, or commodities. The account offers a variety of trading tactics, so whether you prefer scalping or high-frequency trading, you’re set to go.
Opening an Islamic account is simple. Simply complete a basic application process, which may include confirming your beliefs.
Once accepted, you’ll have the same trading conditions as other accounts, less the swap costs. It’s an excellent choice for faithful Muslim traders looking to trade with peace of mind in South Korea.
Professional Account
We looked into the Professional Account at IC Markets and found that it’s tailored to South Korean traders with extensive trading experience. Certain requirements must be considered, such as a certain level of trading activity and a test of your financial understanding.
Higher leverage is available to Professional Account holders, increasing their potential profits (or losses). In addition, you will get access to special market research and priority customer service.
Be warned, though, that you might not be able to enjoy the same regulatory protections that retail customers enjoy, like negative balance protection.
What is the minimum trade size for IC Markets’ cTrader account?
The minimum trade size for the cTrader account is 0.01 lots.
Is there any commission on the Standard account?
No, the Standard account is commission-free, with costs covered by spreads beginning at 1.0 pips.
How To Open an IC Markets Account step by step
IC Markets offers South Koreans a convenient online registration form that must be completed to register an account. To get to this form, complete it, and start trading in no time, traders can follow these steps:
Step 1: “Start Trading”
The first step is to visit the official IC Markets website and find the “Start Trading” or “Open a Live Account” option.
Step 2: Registration
After deciding on your preferred account type, click the “Start Trading Now” banner beneath the account description to begin the registration process. Please enter your full name, email address, phone number, and country of residence (South Korea). Then, create a strong password for your account.
After completing the registration form, check your email for a verification link from IC Markets.
Click the verification link to validate your email address and activate your account.
Log in to your IC Markets account and complete your profile by entering additional personal information such as your birth date, address, and identification number. Ensure that all information is correct to avoid problems during the verification process.
Upload the necessary identification documents to verify your identity and residence. To ensure that the verification process runs smoothly, make sure that the documents are clear and visible.
Answer several questions about your financial background, trading experience, and knowledge. This is done to determine your trading appropriateness and meet regulatory regulations.
During the account setup procedure, choose your favorite trading platform (MetaTrader 4, MetaTrader 5, or cTrader). Download and install the platform onto your device, or utilize the web-based version if accessible.
Go to the “Deposit” area of your account dashboard.
Choose your preferred payment method (bank transfer, credit/debit card, or e-wallets) and follow the instructions to deposit the minimum amount (272,000 KRW, or around $200).
How do traders validate their email addresses during registration?
After submitting the registration form, traders will receive an email with a verification link to confirm their address.
What documents are required to establish identity with IC Markets?
Traders must provide a government-issued ID and a current utility bill or bank statement with their address.
Broker Comparison
| 🔑Broker | 🥈IC Markets | 🥉 Exness | 🥇AvaTrade |
| 📈Regulation | ASIC, CySEC, FSA, SCB | FSA, CBCS, FSC, FSC BVI, FSCA, CySEC, FCA, CMA | Central Bank of Ireland (CBI), BVI FSC, ASIC, FSCA, JFSA, FFAJ, ADGM, CySEC, ISA, KNF, IIROC |
| 📉Trading Platform | MetaTrader 4 MetaTrader 5 cTrader TradingView | MetaTrader 4 MetaTrader 5 Exness App Exness Terminal | AvaTrade WebTrader AvaTradeGO AvaOptions AvaSocial MetaTrader 4 MetaTrader 5 DupliTrade ZuluTrade |
| 💵Withdrawal Fee | No | No | No |
| 🆓 Demo Account | Yes | Yes | Yes |
| ⬇️Min Deposit | 272,000 KRW ($200) | 136,000 KRW ($10) | 133514 KRW ($100) |
| ✳️Leverage | 1:1000 | Unlimited | 1:30 (Retail) 1:400 (Pro) |
| 🔢Spread | From 0.0 pips | Variable, from 0.0 pips | Fixed, from 0.9 pips |
| 💴Commissions | From $3 to $3.5 | From $0.1 per side, per lot | None |
| ⛔Margin Call/Stop-Out | 100%/50% | 60%/0% | 25% – 50% (M) 10% (S/O) |
| 📝Order Execution | Market | Market | Instant |
| 💰No-Deposit Bonus | No | No | No |
| 🪙Cent Accounts | No | Yes | No |
| 📊Account Types | cTrader Account Raw Spread Account Standard Account | Standard Account Standard Cent Account Raw Spread Account Zero Account Pro Account Social Standard Account Social Pro Account | Retail Live Account Professional Account Option |
| 🖋️FSC Regulation | No | None | None |
| ➡️KRW Deposits | None | Yes | None |
| 💷KRW Account | No | Yes | None |
| 👥Customer Service Hours | 24/7 | 24/7 | 24/5 |
| 💳Retail Investor Accounts | 3 | 7 | 1 |
| ☪️Islamic Account | Yes | Yes | Yes |
| 📌Minimum Trade Size | 0.01 lots | 0.01 lots | 0.01 pips |
| 📍Maximum Trade Size | Unlimited | Unlimited | Unlimited |
| ⏱️Minimum Withdrawal Time | Instant | 24 hours | 24 to 48 Hours |
| ⏰Maximum Estimated Withdrawal Time | Up to 14 business days | 3 days | Up to 10 days |
| 💶Instant Deposits and Instant Withdrawals | Yes, on PayPal, Neteller, and Skrill | No | No |
| 👉 Open Account | 👉 Open Account | 👉Open Account | 👉Open Account |
IC Markets Trading Platforms
We tested IC Markets’ platforms to discover the benefits and features they offer South Korean traders. You can continue reading to find out more.
MetaTrader 4
The South Korean market has widely adopted MetaTrader 4 (MT4). Its robust functionality and intuitive design are its greatest assets.
While investigating MT4 on IC Markets, we found that it meets the demands of South Korean traders, particularly those involved in high-frequency trading, relatively well.
Thanks to the platform’s adaptable indicators and expert advisors, we developed trading strategies that mesh well with the dynamic character of the KOSPI and other local indexes.
It is an essential tool for traders who prioritize efficiency and accuracy, and the fact that it is supported in Korean makes it even more user-friendly and easier to interpret complicated market data.
MetaTrader 5
With its improved capabilities and continued reliance on MT4, MetaTrader 5 (MT5) elevates trading for South Korean traders.
Based on our time spent with MT5, we can attest to the fact that it has a built-in economic calendar and DOM capabilities, which allow us to gain real-time insights into the local economic variables that significantly affect the South Korean market.
Those looking to diversify their holdings would do well to have the option to trade in more than one asset class, such as cryptocurrency, commodities, and FX.
Traders from South Korea frequently use intricate hedging and arbitrage methods, meaning that MT5’s robust order management technology is crucial.
Signal Start
With its signal copying platform, Signal Start offers a unique possibility for traders in South Korea. We found that traders can follow and copy winning trading methods from a worldwide pool of signal providers thanks to Signal Start’s interaction with IC Markets.
Traders from South Korea who want to diversify their methods but don’t have time for thorough market research will find this tool beneficial. Making well-informed decisions is made easier by the platform’s open disclosure of signal providers’ performance metrics.
Furthermore, many South Korean investors are risk-averse, so the option to establish risk parameters is a good fit for them. This allows traders to maintain control over their assets.
TradingView
IC Markets and TradingView have teamed up to provide traders in South Korea with a powerful charting tool that also includes a social trading component.
Based on our testing, TradingView is the best tool for evaluating local markets like the KOSPI because of its advanced charting capabilities and community-driven insights. Thanks to the platform’s wealth of indicators and real-time data, we were able to perform in-depth technical analysis.
South Korean traders will appreciate community support and shared knowledge; TradingView’s collaborative environment promotes a community of shared learning as well as improvement.
cTrader
cTrader stands out for South Korean traders thanks to its user-friendly design and powerful trading features. Our practical testing of cTrader revealed that its level II pricing and lightning-fast execution speeds are ideal for high-frequency and scalping trading tactics.
We were able to hone our methods by analyzing past data from the South Korean market, thanks to the platform’s robust back-testing environment.
For the tech-savvy South Korean traders who want to trade with the latest innovations, cTrader’s built-in cAlgo feature made it easy to create and implement unique automated trading algorithms.
ZuluTrade
South Korean traders have a unique opportunity to monitor and copy transactions made by experienced traders throughout the globe thanks to ZuluTrade’s social trading platform, which is integrated with IC Markets.
Our investigation of ZuluTrade uncovered its straightforward interface and comprehensive performance metrics for signal providers, which streamlines the procedure of picking and following the best.
Trading with ZuluTrade is safer for South Korean traders thanks to the platform’s sophisticated risk management features, which let them cap their exposure and trade sizes. Traders looking to access foreign trading tactics while managing risk will find this tool extremely beneficial.
IC Social
As a social trading platform, IC Social allows South Korean traders to connect, share, and follow trading techniques.
Our research shows that IC Social’s community-driven platform encourages teamwork in trading by providing users with real-time trade notifications and a place to share trading strategies.
The platform’s connection to IC Markets makes it easy for members to execute deals with one another. Traders from South Korea can improve their market knowledge and trading abilities by learning from the methods and insights of professional traders from across the world.
The friendly and cooperative nature of South Korean traders is a good fit with IC Social’s focus on community involvement and connection.
What are the distinguishing characteristics of IC Markets’ cTrader platform?
Technical traders will appreciate the cTrader platform’s comprehensive charting capabilities, level II pricing, and quick execution speeds.
Can South Korean traders use TradingView on IC Markets?
Yes, TradingView integration offers powerful charting and social trading options to IC Markets members.
Range of Markets
With more than 2,250 instruments at their fingertips, we don’t doubt that South Koreans can create diversified portfolios, helping them gain more market exposure while minimizing risks. Check out the table below to find out more about IC Markets’ instruments and leverage options.
| ✴️Instrument | ✅Number of Assets Offered | 📊Max Leverage Offered |
| Forex | 64 | 1:500 |
| Commodities | 22 | 1:100 |
| Indices | 25 | 1:200 |
| Stocks | 1,600 | 1:20 |
| Cryptocurrency | 18 | 1:5 |
| Futures | 4 | 1:200 |
| Bonds | 11 | 1:200 |
Leverage and Margin
South Korean traders who register an account with IC Markets can get leverage of up to 1:500. This means that purchasers can get a significant advantage when trading.
With this kind of leverage, controlling large assets simply requires a modest $200 minimum deposit. Per our evaluation of IC Markets’ documents and website, South Koreans must hold a minimum of 0.2% of the trade value in margin on IC Markets.
This guarantees that traders have sufficient funds to offset any potential losses. Since the market is constantly shifting in South Korea, we believe this independence is beneficial.
However, traders should be aware that although using high leverage can easily increase their profits in volatile markets, it also increases the risk of significant losses. Thus, effectively managing risks becomes crucial.
Can South Korean traders trade equities on the IC Markets?
Yes, IC Markets provides access to over 1,600 equities for trading.
Which futures contracts are offered on IC Markets?
IC Markets provides trading in four different futures contracts, with leverage of up to 1:200.
IC Markets Fees
Compared to other brokers, especially those with ECN execution, IC Markets impressed us with its affordable trading fees. IC Markets also has transparent fee schedules that can be found on the official website. Keep reading to get an idea of what you can expect to pay with IC Markets.
Spreads
Evaluating spreads is one of the most crucial parts of our comprehensive review of IC Markets. What we found impressed us, and we’re sure that the spreads charged by IC Markets can benefit South Korean traders.
If you’re a high-frequency trader or scalper looking to keep costs down, you’ll be happy to know that the Raw Spread account allows spreads as low as 0.0 pips. Similarly, the cTrader account has cheap commissions and spreads as low as 0.0 pips, which are quite competitive.
The Standard account (commission-free) has slightly wider spreads from 1 pip EUR/USD. South Korean traders rely heavily on these narrow spreads, particularly when navigating the unpredictable KOSPI market.
Commissions
Commission rates offered by IC Markets are competitive and beneficial to traders from South Korea.
IC Markets’ commissions are balanced to ensure South Koreans can access commission-free options on the Standard Account. At the same time, the Raw Spread and cTrader accounts charge a $3.50 and $3 commission fee, respectively.
Overnight Fees
According to our experience and time spent in the financial markets, overnight fees are nothing new in Forex trading. Therefore, South Koreans shouldn’t be surprised that overnight positions can incur swap fees. These fees are determined by the instrument, position size, and trade direction.
The trading platform displays precise swap rates modified by market interest rates. To keep these costs under control, South Korean traders should consider trading on assets with lower swap fees or trading during hours when holdings do not need to be kept overnight.
To ensure compliance with Sharia law, traders who follow Islamic principles can use IC Markets’ swap-free Islamic account, eliminating all charges while still allowing participation in the currency market.
Deposit and Withdrawal Fees
IC Markets’ easy and, for the most part, fee-free deposit and withdrawal processes benefit South Korean traders.
IC Markets does not impose a commission on deposits so traders can finance their accounts with a variety of methods, including bank transfers, credit/debit cards, and electronic wallets such as Skrill and PayPal.
However, South Koreans must note that certain banks or payment providers may still charge fees. Moreover, while third-party fees may apply, IC Markets normally doesn’t charge internal withdrawal fees.
From our experience, South Korean traders can decrease their exposure to these charges by adopting fee-free or extremely low-cost payment solutions and being aware of any fees their banks might impose.
Inactivity Fees
While investigating IC Markets, we discovered that one significant advantage is no inactivity fees. South Korean traders, particularly those who do not trade frequently, will gain substantially from this policy.
Many traders find this strategy especially useful when they want to wait for the market to turn in their favor before getting back into trading.
Currency Conversion Fees
Because IC Markets doesn’t support KRW deposits, withdrawals, or accounts, IC Markets imposes fees for currency conversions. This fee can be problematic for South Korean traders who deposit and withdraw in KRW and trade many USD or EUR-denominated assets.
What are the standard account spreads at IC Markets?
The Standard account offers spreads on key currency pairs starting at 1.0 pips.
Do IC Markets charge any hidden fees?
IC Markets’ fee structure is straightforward, with no hidden fees.
IC Markets Deposits and Withdrawals
IC Markets’ deposits and withdrawals are fast and reliable, multi-currency, and available to traders from various countries. Join us in viewing these options and then take a look at the general procedure involved with depositing and withdrawing funds from South Korea.
| 💳 Payment Method | 🌎 Country | 💴Currencies Accepted | ⏱️Processing Time |
| 💰Credit Card | All | AUD, USD, JPY, EUR, NZD, SGD, GBP, CAD | Instant – 5 days |
| 🪙Debit Card | All | AUD, USD, JPY, EUR, NZD, SGD, GBP, CAD, HKD, CHF | Instant – 5 days |
| 💳PayPal | All | USD, AUD, GBP, EUR, CAD, SGD, JPY | Instant |
| 💸Neteller | All | AUD, GBP, EUR, CAD, SGD, JPY | Instant |
| 💳Neteller VIP | All | AUD, GBP, EUR, CAD, SGD, JPY | Instant |
| 🪙Skrill | All | AUD, USD, JPY, EUR, SGD, GBP | Instant |
| 💰UnionPay | China | RMB | Instant |
| 💸Bank Wire Transfer | All | AUD, USD, JPY, EUR, NZD, SGD, GBP, CAD, CHF | 2 – 14 days |
Deposits
How to Deposit using Bank Wire Step by Step
✅Log into your IC Markets account and go to the “Deposit” area.
✅Choose “Bank Wire Transfer” as your deposit option.
✅Choose the currency you want to deposit (AUD, USD, JPY, EUR, NZD, SGD, GBP, CAD, CHF).
✅Enter the amount you want to deposit.
✅Follow the instructions to transfer funds from your bank to the chosen IC Markets bank account.
✅Save a copy of the transfer receipt for your records.
How to Deposit using Credit or Debit Card Step by Step
✅Log onto your IC Markets account and navigate to the “Deposit” area.
✅Choose “Credit/Debit Card” as your payment option.
✅Choose your currency (AUD, USD, JPY, EUR, NZD, SGD, GBP, CAD, HKD, or CHF).
✅Enter your deposit amount.
✅Enter your card information, including the card number, expiry date, and CVV.
✅Confirm the transaction. Your deposit will be processed immediately, but in some situations, the funds can take up to 5 days to appear in your trading account.
How to Deposit using Cryptocurrency Step by Step
✅Log into your IC Markets account and go to the “Deposit” area.
✅Choose “Cryptocurrency” as your deposit method.
✅Choose the type of cryptocurrency you want to deposit.
✅Enter the amount and wallet address provided by IC Markets.
✅Make the transfer from your wallet to the IC Markets wallet address. Once the blockchain transaction has been validated, the funds will be credited to your trading account.
How to Deposit using e-Wallets or Payment Gateways Step by Step
✅Log into your IC Markets account and go to the “Deposit” area.
✅Choose your preferred e-wallet or payment gateway (e.g., PayPal, Neteller, Skrill).
✅Choose the currency you want to deposit (USD, AUD, GBP, EUR, CAD, SGD, or JPY).
✅Enter your deposit amount.
✅Log in to your e-wallet account when requested.
✅Confirm the transaction. The funds will be credited to your trading account immediately.
Withdrawals
How to Withdraw using Bank Wire Step by Step
✅Log into your IC Markets account and go to the “Withdraw” section.
✅Choose “Bank Wire Transfer” as your withdrawal option.
✅Select the currency for withdrawal.
✅Enter the amount that you want to withdraw.
✅Provide your bank account information.
✅Confirm the withdrawal request. The funds will be transferred to your bank account between two to fourteen days.
How to Withdraw using Credit or Debit Cards Step by Step
✅Log into your IC Markets account and navigate to the “Withdraw” section.
✅Choose “Credit/Debit Card” as your withdrawal method.
✅Choose your currency (note that KRW might not be available).
✅Enter the amount that you want to withdraw.
✅Provide your card information.
✅Confirm the withdrawal request. The money will be returned to your card within 2 to 5 days.
How to Withdraw using Cryptocurrency Step by Step
✅Log into your IC Markets account and go to the “Withdraw” section.
✅Choose “Cryptocurrency” as your withdrawal method.
✅Choose the type of cryptocurrency to withdraw.
✅Provide the amount and your cryptocurrency wallet address.
✅Confirm the withdrawal request. The funds will be transferred to your wallet after the transaction is validated on the blockchain.
How to Withdraw using e-Wallets or Payment Gateways Step by Step
✅Log into your IC Markets account and go to the “Withdraw” section.
✅Choose your preferred e-wallet or payment gateway (e.g., PayPal, Neteller, Skrill).
✅Select the currency for withdrawal (USD, AUD, GBP, EUR, CAD, SGD, or JPY).
✅Enter your withdrawal amount.
✅Log in to your e-wallet account when requested.
✅Confirm the withdrawal request. The funds will be credited to your e-wallet account immediately or within a few hours.
How do South Korean traders withdraw funds from IC Markets?
Traders can withdraw funds using bank transfers, credit/debit cards, and e-wallets such as PayPal and Skrill.
What is the average processing time for withdrawals at IC Markets?
Withdrawal processing periods vary; e-wallet withdrawals are typically quick; however, bank transfers can take up to 14 days.
10 Best Forex Brokers in South Korea
Rank
Broker
Review
Regulators
Min Deposit
Official Site
Educational Resources
In addition to these resources, IC Markets also provides the following to South Koreans:
- IC Markets Help Centre
- IC Markets Global Blog
- Forex Calculators
- Web TV
- Trading Knowledge
- Forex Glossary
- TeamViewer
- “Protecting Your Account”
- Podcasts
Are there any platform tutorials available at IC Markets?
Yes, IC Markets offers thorough platform education for MetaTrader 4, MetaTrader 5, and CTrader.
Are there any research tools for technical analysis at IC Markets?
Yes, IC Markets provides various research tools for technical analysis, including charting and technical indicators.
Bonuses and Promotions
Unfortunately, during our review, we couldn’t find any active bonuses or promotions from IC Markets specifically for South Korean traders. However, we don’t doubt that the broker might have welcome, deposit, or referral bonuses in the future.
How to Register an Affiliate Account with IC Markets Step-by-Step
Step 1: Go to the “Partners”
Go to the “Partners” tab at the top of the IC Markets webpage.
Step 2: When you’re ready, click the “Join Now”
Give the IC Markets Affiliate Program’s specifics considerable thought. This page will cover the marketing tools offered, the commission structure, rewards, and other features and benefits of partnering with IC Markets.
When ready, click the “Join Now” option to start the registration process.
Step 3: Submit
- IC Markets provides multilingual service for South Korean affiliates; select your favorite language to get localized assistance.
- Please read the terms and conditions of the IC Markets Partners Program carefully and then tick the box to accept these terms.
- Submit your application once you’ve completed all the required fields and accepted the terms.
- IC Markets will review your application. You might be requested to submit further information or documentation to confirm your identification and guarantee adherence to legal obligations.
- IC Markets will send an email confirming your application’s approval and this email will also include directions on how to access your affiliate account.
- You can return to the IC Markets partner portal and use your credentials to log in. You can explore the dashboard, where you’ll find your commissions, recommendations, and other important statistics.
- IC Markets offers a variety of marketing solutions for you to advertise their services. These resources—banners, links, and other marketing materials designed for South Korean traders—can be accessed from your affiliate dashboard.
- Start referring clients to IC Markets using your special referral link and marketing resources. Post this link to your own networks, blogs, and social media accounts.
- To track your referrals’ performance, keep an eye on your profits, and adjust your account settings, visit your affiliate dashboard often.
- You can also withdraw your earnings using the flexible payment options once you receive commissions.
Affiliate Programs
Features
By collaborating with a reputable and licensed broker, South Korean traders have an amazing opportunity to expand their business through the IC Markets Global Partner Program. What distinguishes this program is as follows:
- Easy Application: Even those new to affiliate marketing can easily apply, and there are helpful instructions for referring clients.
- Economical Setup: There are no setup costs, and getting started is simple. Affiliates receive special referral links and marketing resources to help them advertise and draw in customers.
- Unrestricted Earning Potential: Affiliates can make up to 0.4 pip per standard lot, along with daily commissions and additional rebates, giving them the freedom to earn as much as possible.
- Monitoring Tools: The program offers sophisticated mechanisms for tracking performance and a comprehensive dashboard for tracking referral commissions in real time. Additionally, South Korean affiliates receive 24/7 multilingual support anytime they require it.
- Trading Benefits: Referred clients get fast execution and extremely low spreads across various platforms, improving their trading experience. Quick execution is guaranteed by servers in New York and London, which is essential for the quick-paced South Korean market.
- Commission Options: As they bring in new customers, South Korean affiliates can select from various trading accounts that pay commissions, guaranteeing consistent income.
- Appealing Payouts: Affiliates get competitive compensation depending on trading volume, so the more traders they refer, the more they can earn. Moreover, quick profit withdrawals and various payment methods simplify income access.
What types of commissions can affiliates make through IC Markets?
Affiliates can earn competitive volume commissions of up to 0.4 pips per standard lot.
Is there a setup charge for joining the IC Markets affiliate program?
No, there are no startup fees to join the IC Markets affiliate program.
Customer Support
| 🔑Customer Support | 🥇IC Markets Customer Support |
| ⏰Operating Hours | 24/7 |
| 🔊Support Languages | Portuguese, English, Vietnamese, Chinese |
| 👥Email Address | ✅Yes |
| ☎️Telephonic Support | ✅Yes |
| 🏆The overall quality of IC Markets Support | 4.3/5 |
Does IC Markets assist with account verification issues?
Yes, IC Markets customer care can help with account verification and paperwork concerns.
Does IC Markets provide customer service via social media?
Yes, IC Markets offers help via social media networks for quick and easy communication.
IC Markets Social Responsibility
While we explored IC Markets’ website, we were unable to find any publications relating to the broker’s social responsibility. However, while there is a lack of information on CSR initiatives, we believe the broker strives to prioritize giving back to communities and protecting the environment.
IC Markets User Comments and Reviews
IC Markets has more than 200,000 active clients, and we did some digging to find the most recent comments that clients have left on reputable sites. Here they are:
- “IC Markets has been my sole trading provider for a year. Even with severe volatility, the platform is stable and delivers quickly. Nothing additional has been charged, and I think their pricing is fair. Their customer service personnel rapidly resolved my little issues. The instructional resources are a treat that improves my trade. A trustworthy vendor with amazing services.”
- “Recently, I migrated to IC Markets and am delighted I did. The site has various trading features and performs effectively. I save a lot on transaction costs with tight spreads. Payments and withdrawals are easy and haven’t been delayed. Okay, customer service sometimes takes a while to respond, but I like the quality service.”
- “After two years, IC Markets has always provided excellent service. Trade conditions are good, with modest spreads and fast execution. They offer many trading strategies and tools. The deposits and transfers are simple and have never been delayed. Customer service is usually good but slow during busy periods. As a trader, I trust IC Markets and would recommend them.”
Our Recommendations on IC Markets
We believe that IC Markets caters to various traders, from rookies to pros, by offering competitive trading conditions. However, there are still some areas where IC Markets can improve its offer to South Korean traders, including the following:
- Add support for the Korean language to the website and customer support options. This will allow South Korean traders to get into the market and sort out issues without struggling with language barriers.
- Add more popular South Korean payment methods, like KakaoPay and local bank transfers, to make depositing and withdrawing funds easier and faster.
- Set up workshops, meetups, and local events for South Korean traders to help build a local community where they can swap ideas, gain insight, etc.
- Give traders market research and news updates about the South Korean market, like economic changes, company news, and information about the local stock market. This will help them make more informed trading decisions.
Pros & Cons
| ✅Pros | ❌Cons |
| IC Markets’ servers are in London and New York, ensuring ultra-fast execution of trades | IC Markets is not locally regulated in South Korea |
| IC Markets offers 24/7 customer support in multiple languages | IC Markets does not offer a KRW-denominated account to South Koreans |
| There is a comprehensive suite of educational materials for South Koreans | South Koreans cannot deposit or withdraw in KRW with IC Markets |
| South Koreans can expect affordable trading fees across accounts and markets | Bank transfers can take up to 14 days to process |
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Final Verdict
The practical experience we gained from working with IC Markets was profound. They have mastered the art of speed and efficiency, equivalent to gold for South Korean traders relying on superior execution and competitive trading conditions.
Trades are executed with lightning-fast speed, facilitated by servers operating furiously in major financial centers such as New York and London; this is a utopia for those who excel in high-frequency or algorithmic trading strategies.
We were astounded by the extensive range of platforms, flexible account types, competitive trading conditions, and IC Markets’ dedicated, multilingual customer support. IC Markets tailors its conditions to meet the needs of both rookies and pros in South Korea.
However, no broker is flawless. Although IC Markets excels in numerous aspects, their direct Korean customer support falls short of expectations.
Furthermore, despite providing an extensive range of deposit and withdrawal methods, certain ones, especially bank transfers, can experience a noticeable delay.
Then there is the fact that IC Markets doesn’t have a KRW-denominated account, deposits, or withdrawals, leading to expensive currency conversion fees.
Overall, despite the obvious drawbacks, IC Markets provides a reliable and secure trading environment, supported by industry-leading security measures and competitive pricing.
We believe they remain viable for South Korean traders seeking a trustworthy companion for their forex and CFD endeavors.
Our Insight
Based on what I have found out, I can say that IC Markets offers a better trading experience than other brokers. It hosts more than one type of trading such as forex, commodities, cryptocurrencies, and indices resulting in satisfaction for all types of traders. Consequently, it enjoys trustworthiness due to its unyielding devotion to safety, legal requirements compliance, and customer service excellence.
Frequently Asked Questions
Are IC Markets available to South Korean traders?
Yes, IC Markets provides services to South Korean traders, including access to a variety of trading instruments and platforms.
What is the highest leverage offered to South Korean traders on IC Markets?
IC Markets provides leverage of up to 1:500, which lets South Koreans maximize their trading positions and potential profits (along with losses, unfortunately).
Are there any local payment options available to South Korean traders at IC Markets?
No. IC Markets only accepts international deposit and withdrawal methods, with limited local options for South Korean traders.
Are IC markets regulated?
Yes, IC Markets is regulated by various respected authorities even though it is not locally regulated in South Korea.
What is the minimum deposit for South Korean traders on IC Markets?
The minimal deposit is 272,000 KRW (about $200), which makes it affordable for most traders.
