IC Markets was established in 2007 when IC Markets was established it provides CFDs and forex trading services. It is part of International Capital Market PTY, with its headquarters situated in Sydney, Australia. The Australian Securities and Investments Commission oversees the parent company that runs the platform. According to information available on its website, it handles around $15 billion of foreign exchange daily. Although the platform provides features made to make it simple for beginners to join, IC Markets review promotes itself as a platform designed for high-volume traders, trading algorithms and scalpers. To accommodate traders with high volumes it uses its New York data center that handles more than half a million transactions daily.
Account Types
The platform can be used with various different types of accounts. For trading the minimum deposit must be in the range of $100 or a similar amount. The accounts that are available on this platform are: True ECN Account
This account type provides both the MT4 as well as MT5 platform for trading.
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CTrader Account
The account is accompanied by an additional commission of $3 per 100,000. Spread starts at 0.0 and it was designed for those who wish trading raw ECN spreads through on the cTrader platform.
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Standard Account
There isn’t a commission charge for this account. The clients are however paid according to what is known as the spread. It starts at 1.0 pip. It is compatible with the MT4 or MT5 platforms but not the MT5 and MT4 platforms.
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Islamic Accounts
IC Markets avails Islamic Accounts on inquiry. Customers must create their True ECN or Standard Account before they can apply for Islamic Accounts. Islamic Account. With the Islamic Account there is no fee for rolling over as per rules of the Islamic faith.
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Demo Account
Demo accounts are available for each type of account. This account is specifically designed for beginners who want to improve their knowledge of the market for CFDs and Forex. In IC Markets, traders pick the amount of virtual money they wish to use instead of receiving an undetermined amount. This is logical as you’re striving to increase your skill by practicing trading in real money.
Fees
The costs for IC Markets are low. Different types of accounts come with different costs. There are three kinds of accounts on the platform. For the Standard account, you can enjoy commission-free trading through the platform earning money through the spread. On TrueECN or cTrader accounts there is a charge for commissions and spread.
Discounts are offered to large volume traders too when a trader is able to make more than 100 standard lots per month, they can avail some discounts. If using the account cTrader users are offered a 10th of a pip less commission than the TrueECN account. The main advantage is that there is a trading platform users have access to.
Security and Regulation of Funds
IC Markets is licensed and is regulated through the Australian Securities and Investments Commission (ASIC). The platform is reputable and strictly adheres rules. Apart from being regulated through Australian authority, IC Markets is also an official participant in the Financial Ombudsman Service. This service helps the platform solve any issues that may arise professionally. This provides traders with assurance that should any issues arise, they can be resolved quickly. For the EU, IC Markets is managed by CySec that is in compliance with all ESMA specifications.
Tax season is upon us and, as with many investors, you’re looking around for ways to report your earnings from trading forex. We’re willing to wager that when you started trading on a daily basis you were trying to reduce the amount of administrative burdens and confusion within your professional life – not to add to it! But the question is: “How should UK residents take into account the forex profits?” The answer depends on several factors that include the kind of trading instrument you employ and whether it is your main source of income, and the level of commitment you put into trading.
Do I Owe Forex Trading Taxes in the UK?
A lot of confusion about the tax system and forex trading tax UK originates from the fact that the traders in the nation conduct business using broadly similar, but distinct ways, which makes it difficult to know what rules are applicable to your particular situation. Certain people who trade in forex for a hobby could pay no tax, while those who are trading as their primary business by using similar instruments could face an enormous tax bill.
To know more about the way HMRC assesses the obligations you have as a trader, we’ll take a look at the most important elements that are considered when reviewing your situation.
