ICE Markets Information
ICE Markets Limited, which does its business from the Comoros, started its website in 2017. It calls itself a 100% A-book broker that does deals with other parties and lets you trade forex, metals, commodities, and cryptocurrencies using MetaTrader 4. It is regulated by LFSA in Malaysia, but the status is revoked.
Pros and Cons
Is ICE Markets Legit?
ICE Markets was previously regulated by the Labuan Financial Services Authority (LFSA) in Malaysia, with License No. MB/15/0007 and a Straight Through Processing (STP) license. However, its regulatory status is been revoked.
What Can I Trade on ICE Markets?
ICE Markets offers self-trading in five asset classes with 94 products. These comprise 44 currency pairings, three metals (e.g., gold, silver), two CFD commodities (most likely oil products), and 45 cryptocurrencies.
Account Types
The ICE Markets website offers two real account types and a practice account. There is no mention of an Islamic (swap-free) account.
Leverage
ICE Markets uses a Straight-Through-Processing (STP) mechanism to provide leverage on live accounts. The STP account offers floating leverage from 1:1 up to 1:300, while the STP-MA managed account offers 1:1 up to 1:100. The STP Demo account is fixed at 1:100. High leverage allows traders to handle larger positions with a relatively modest capital outlay, amplifying possible profits. However, it also amplifies losses.
ICE Markets Fees
ICE Markets provides affordable trading fees, particularly for FX and cryptocurrency assets. Commission rates are relatively modest as compared to industry standards, ranging from 0.0025% to 0.25%.
Trading Platform
Deposit and Withdrawal
ICE Markets does not impose fees for deposits and often reimburses payment system expenses (e.g., for cryptocurrency deposits). The minimum deposit for a live STP account is $30, whereas a STP-MA account requires $300.
