Scam Forex Brokers in Namibia
IC Markets Review
Overall IC Markets is considered low-risk with an overall Trust Score of 86 out of 100. They are licensed by one Tier-1 Regulator (high trust), one Tier-2 Regulator (average trust), and two Tier-3 Regulators (low trust). IC Markets is currently not regulated by the Bank of Namibia.
- Louis Schoeman
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
200 USD / 3,800 NAD
Regulators
FSA, CySEC, ASIC
Trading Desk
MetaTrader 4, MetaTrader 5, cTrader, IC Social, Signal Start, ZuluTrade
Crypto
Yes
Total Pairs
65
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overview
The broker offers three different retail trading accounts: a cTrader Account, a Raw Spread Account, and a Standard Account.
They accept Namibian clients and have an average spread from 0.0 pips with a $6 or $7 commission round turn. IC Markets has a maximum leverage ratio up to 1:500 and there is a demo and Islamic account available. MT4, MT5, and cTrader platforms are supported. IC Markets is headquartered in Australia and is regulated by ASIC, CySEC, FSA, and SCB.
IC Markets is the world’s most extensive real electronic communication network (ECN) trading broker, and it provides clients with access to the most popular trading platforms as well as a vast array of trading products across numerous markets.
The broker offers you access to trade with low spreads starting from 0.0 pips along with deep liquidity from a broad variety of liquidity providers. You can always obtain speedy trade execution speeds at the best available pricing.
In addition to being regulated in a few different jurisdictions, the broker offers accounts that are free of commissions, many free options for funding accounts, outstanding customer support, and a vast assortment of educational resources to assist with day-to-day trading activities.
This IC Markets review for Namibia will provide local retail traders with the details that they need to consider whether IC Markets is suited to their unique trading objectives and needs.
Distribution of Traders
The broker currently has the largest market share in these countries:
➡️️ United Kingdom – 8.02%
➡️️ Australia – 7.19%
➡️️ Thailand – 5.97%
➡️️ Indonesia – 5.61%
➡️️ Mexico – 4.56%
Popularity among traders
🥇 IC Markets is a broker that operates out of Australia and has a respectable market share in Namibia. As a result, it is ranked among the Top 50 brokers for traders in Namibia.
What is IC Markets?
IC Markets is a globally recognized online forex and CFD broker known for providing access to a wide range of financial markets. It offers traders and investors the opportunity to trade forex, commodities, indices, cryptocurrencies, and stocks through user-friendly trading platforms.
Is IC Markets regulated?
Yes, they are a regulated broker. It holds licenses from multiple reputable regulatory authorities, including the Australian Securities and Investments Commission (ASIC) and the Cyprus Securities and Exchange Commission (CySEC). These regulations help ensure the safety and security of traders’ funds and the integrity of the trading environment.
At a Glance
| 🏛 Headquartered | Sydney, Australia |
| 🏙 Local office in Windhoek? | No |
| ✅ Accepts Namibian Traders? | Yes |
| 🗓 Year Founded | 2007 |
| 📞 Namibian Office Contact Number | None |
| 🤳 Social Media Platforms | • Facebook |
| ⚖️ Regulation | ASIC, CySEC, FSA, SCB |
| 🪪 Regulatory Licenses | • Seychelles – SD018 • Australia – AFSL 335692 • Cyprus – 362/18 • Bahamas – SIA-F214 |
| ⚖️ BoN Regulation | No |
| 🚫 Regional Restrictions | United States, Canada, Iran, Yemen, and OFAC countries |
| ☪️ Islamic Account | Yes |
| 💻 Demo Account | Yes |
| 🛍 Retail Investor Accounts | 3 |
| 📊 PAMM Accounts | MAM Accounts |
| 🤝 Liquidity Providers | 25 |
| 💸 Affiliate Program | Yes |
| 📲 Order Execution | Market |
| 📊 Average spread | From 0.0 pips |
| 📞 Margin Call | 100% |
| 🛑 Stop-Out | 50% |
| ✅ Crypto trading offered? | Yes |
| 💰 Offers a NAD Account? | No |
| 👨💻 Dedicated Namibian Account Manager? | No |
| 📊 Maximum Leverage | 1:500 |
| 🚫 Leverage Restrictions for Namibia? | No |
| 💰 Minimum Deposit (NAD) | $200 / 3,844 NAD |
| ✅ Namibian Dollar Deposits Allowed? | No |
| 📊 Active Namibian Trader Stats | 150,000+ |
| 👥 Active Namibian-based IC Markets customers | Unknown |
| 💳 Namibia Daily Forex Turnover | Unknown, overall Forex Daily Trading Volume is over $6.6 Trillion |
| 💵 Deposit and Withdrawal Options | • Credit Card • Debit Card • PayPal • Neteller • Neteller VIP • Skrill • UnionPay • Bank Wire Transfer • Bpay • FasaPay • Broker to Broker • POLi • Thai Internet Banking • Vietnamese Internet • Banking • Rapidpay • Klarna |
| 🏦 Segregated Accounts with Namibian Banks? | No |
| 📊 Trading Platforms | • MetaTrader 4 • MetaTrader 5 • cTrader |
| ✔️ Tradable Assets | • Forex • Commodities • Indices • Bonds • Cryptocurrencies • Stocks • Futures |
| 💸 Offers USD/NAD currency pair? | No |
| 📈 USD/NAD Average Spread | N/A |
| 📉 Offers Namibian Stocks and CFDs | None |
| 🗣 Languages supported on Website | English, Spanish, Russian, Thai, Malay, Vietnamese, Italian, Portuguese, and several others |
| 📞 Customer Support Languages | Multilingual |
| ⏰ Customer Service Hours | 24/7 |
| 👥 Namibian-based customer support? | No |
| ✅ Bonuses and Promotions for Namibians | No |
| 📚 Education for Namibian beginners | Yes |
| 📱 Proprietary trading software | No |
| 💰 Most Successful Namibian Trader | Michael Amushelelo (Net Worth Unknown) |
| ✅ Is IC Markets a safe broker for Namibians? | Yes |
| 📊 Rating for IC Markets Namibia | 9/10 |
| 🤝 Trust score for IC Markets Namibia | 85% |
| 👉 Open an account | 👉 Open Account |
Regulation and Safety of Funds
Regulation in Namibia
The broker is not locally regulated in Namibia by the Bank of Namibia.
Global Regulations
They are not regulated in Namibia by the Bank of Namibia (BoN) and do not have a local office in the country. However, several market regulators oversee IC Markets, including CySEC in Cyprus, the Financial Services Authority (FSA) in Seychelles, the Securities Commission of The Bahamas (SCB), and the Australian Securities and Investments Commission (ASIC) in Australia.
Client Fund Security and Safety Features
IC Markets, being an ASIC-regulated company, is subject to stringent financial restrictions, which include capital adequacy and audit criteria that must be adhered to.
With the broker, all funds are kept in separate client accounts with Australian banks whenever money is placed into a trading account that is registered by ASIC.
The broker is a reliable organization that satisfies the requirements of the Australian Client Money Handling Rules. In addition, IC Markets adheres to these regulations via the implementation of severe rules and procedures for the management and operation of these accounts.
In terms of global clients, IC Markets Global ensures the security of all client funds. If a trader uses IC Markets Global to deposit money into their trading account, those monies are kept in separate customer accounts at reputable financial institutions.
Traders in Namibia are obligated to take notice of the fact that IC Markets Global fully complies with the requirements of the Securities (Conduct of Business) Regulations 2018. In addition, when it comes to the management and administration of these accounts, IC Markets adheres to high standards and regulations.
Lastly, in terms of IC Markets EU, as per the requirements of the CySEC law, IC Markets EU places client monies in separate trust accounts with leading European financial institutions.
The management of customer money adheres to the requirements of MiFID II, and these funds are kept separate from IC Markets’ EU corporate funds. IC Markets keeps the money its customers pay it separate from its own operational funds and does not use either of them for company expenses or objectives.
Is IC Markets a regulated broker?
Yes, they are a regulated broker. It is authorized and regulated by multiple financial authorities, including the Australian Securities and Investments Commission (ASIC) in Australia and the Cyprus Securities and Exchange Commission (CySEC) in Cyprus.
How does the broker ensure the safety of my funds?
The broker places a strong emphasis on the safety of clients’ funds. They utilize segregated bank accounts to keep clients’ funds separate from the company’s operational funds. Additionally, they offer negative balance protection, which means traders cannot lose more than their initial investment.
Awards and Recognition
IC Markets is a reputable broker that has won a few awards during the years that it has been in operation, including the award for “Best Forex MT5 Broker”, issued by FX Scouts in 2020 to IC Markets.
Has the broker received any awards for its services?
Yes, they have received numerous awards and recognitions for their services in the trading industry. These awards often highlight their excellence in areas such as customer service, trading conditions, and technology.
Can you provide examples of awards that IC Markets has won?
IC Markets has been recognized with awards from various industry publications and organizations. Some examples include awards for “Best Forex ECN Broker,” “Best Forex Broker Asia,” and “Best Forex Trading Conditions.” These accolades reflect their commitment to delivering competitive trading conditions and exceptional services to their clients.
Account Types and Features
The broker offers three distinct retail investor accounts, each with its own collection of features and trading conditions that are customized to meet the requirements of a certain kind of trader. The following is a list of the several kinds of accounts from which Namibians can choose:
➡️ cTrader Account
➡️ Raw Spread Account
➡️ Standard Account
cTrader Account
cTrader has created a wide range of innovative and powerful trading tools and charting options, all of which can be accessible via the user’s cTrader account, to cater to the requirements of CFD traders.
| Account Feature | Value |
| 💻 Trading Platform | cTrader |
| 💸 Commission | $3 per side and $6 per round turn |
| 📊 Typical Average Spreads | 0.0 pips |
| 💵 Minimum Deposit Requirement | $200 / 3,844 NAD |
| 📈 Leverage | 1:500 |
| 📱 Maximum positions per account | 2,000 |
| 📍 Server Location | London |
| 💳 Micro trading allowed? | Yes |
| 📉 Currency Pairs | 64 |
| 📊 Index CFD Trading | Yes |
| 📞 Margin Call | 100% |
| 🛑 Stop-out | 50% |
| 👆 One-Click Trading offered? | Yes |
| ☪️ Islamic Accounts | Yes |
| ✔️ Trading Styles accepted | Scalping, hedging, expert advisors, algorithmic strategies, etc. |
| 👥 Programming Language | C# |
| ✔️ Suitable for | Day traders, scalpers, active traders |
| 💵 Demo Account offered? | Yes |
| 👉 Open an account | 👉 Open Account |
Raw Spread Account
Trading using a Raw Spread Account offers the lowest spreads, but it also comes with a little commission expense. This account type is recommended for experienced traders. In addition, this account is well-known for the significant liquidity it offers and the speed with which trades are executed.
Day traders and other sorts of high-frequency investors, such as expert advisors and scalpers, are the types of investors who would benefit most from having an account in this category.
| Account Feature | Value |
| 💻 Trading Platform | MetaTrader 4 and 5 |
| 💸 Commission | $3.5 per side and $7 per round turn |
| 📊 Typical Average Spreads | 0.0 pips |
| 💵 Minimum Deposit Requirement | $200 / 3,844 NAD |
| 📈 Leverage | 1:500 |
| 📱 Maximum positions per account | 200 |
| 📍 Server Location | New York |
| 💳 Micro trading allowed? | Yes |
| 📉 Currency Pairs | 64 |
| 📊 Index CFD Trading | Yes |
| 📞 Margin Call | 100% |
| 🛑 Stop-out | 50% |
| 👆 One-Click Trading offered? | Yes |
| ☪️ Islamic Accounts | Yes |
| ✔️ Trading Styles accepted | Scalping, hedging, expert advisors, algorithmic trading, etc. |
| 👥 Programming Language | MQL4 |
| ✔️ Suitable for | Expert advisers, scalpers |
| 💵 Demo Account offered? | Yes |
| 👉 Open an account | 👉 Open Account |
Standard Account
The Standard Account offered does not charge fees and provides satisfactory execution times. This is the finest account for traders in Namibia who want a more traditional trading experience.
| Account Feature | Value |
| 💻 Trading Platform | MetaTrader 4 and 5 |
| 💸 Commission | None |
| 📊 Typical Average Spreads | 0.6 pips |
| 💵 Minimum Deposit Requirement | $200 / 3,844 NAD |
| 📈 Leverage | 1:500 |
| 📱 Maximum positions per account | 200 |
| 📍 Server Location | New York |
| 💳 Micro trading allowed? | Yes |
| 📉 Currency Pairs | 64 |
| 📊 Index CFD Trading | Yes |
| 📞 Margin Call | 100% |
| 🛑 Stop-out | 50% |
| 👆 One-Click Trading offered? | Yes |
| ☪️ Islamic Accounts | Yes |
| ✔️ Trading Styles accepted | Scalping, hedging, expert advisors, algorithmic trading, etc. |
| 👥 Programming Language | MQL4 |
| ✔️ Suitable for | Discretionary Traders |
| 💵 Demo Account offered? | Yes |
| 👉 Open an account | 👉 Open Account |
When dealing with IC Markets, Namibians can register a live trading account in the following currencies:
➡️ EUR
➡️ USD
➡️ GBP
➡️ AUD
➡️ SGD
➡️ NZD
➡️ JPY
➡️ CHF
➡️ HKD
➡️ CAD
Demo Account
A demo account is a practice account that offers traders a certain amount of virtual funds that they can use, allowing them to enter the live market without risking their capital.
There is a certain degree of risk involved when trading financial markets and the broker offers its clients a risk-free platform where they can test strategies, practice trading, and explore what the broker offers in a safe trading environment with real market conditions.
Demo accounts do not get deactivated until they have been dormant for thirty days. Namibian traders are provided with some virtual funds in the demo account, which can always be increased later.
Demos are offered on all account options and trading platforms, and they provide traders with an opportunity to experience the real-time conditions of the market.
Islamic Account
Depending on the trading style and the trading strategy of the forex trader, they may keep their trading positions open for longer than 24 hours on a trading day.
This means that the trader could incur an overnight or rollover fee. This is a type of interest that is prohibited by the Riba principles of Sharia law, which means that Muslim traders are often restricted in forex trading.
Customers who, owing to their religious views, are unable to either earn or pay interest may take advantage of IC Markets’ Islamic accounts, which are also known as swap-free accounts. On the MT4, MT5, and cTrader platforms, the swap-free option is accessible to traders with whichever kind of account they want.
Traders will be subject to a fixed commission price that ranges from 5 to 80 USD per lot every night, depending on the financial instrument they choose to trade, thus offsetting the absence of overnight fees.
What types of trading accounts does the broker offer?
The broker offers a range of trading accounts to suit different trading styles and preferences. These include Standard Accounts, Raw Spread Accounts, and cTrader Accounts. Each account type has its own unique features and pricing structures, allowing traders to choose the one that best aligns with their trading strategies.
What features are available with the brokers’ trading accounts?
The brokers’ trading accounts come with a variety of features, including access to a wide range of financial instruments such as forex, commodities, indices, and cryptocurrencies. Additionally, traders benefit from competitive spreads, fast execution speeds, and the option to use the popular MetaTrader 4 and MetaTrader 5 trading platforms. They also offer Islamic swap-free accounts for traders who require them.
How to open an Account with IC Markets
To register an account with IC Markets, Namibian traders can follow these steps:
Step 1 – Go to The Official IC Markets Website
➡️ Go to the official IC Markets website and click on “Start Trading Now”
Step 2 – Fill Out Your Details
➡️ Fill out your personal details such as your first and last name. Now proceed with the steps about yourself, and your trading history, and click on “Next” to finish your registration.
Overall Rating
- 4.7/5
Min Deposit
200 USD / 3,800 NAD
Regulators
FSA, CySEC, ASIC
Trading Desk
MetaTrader 4, MetaTrader 5, cTrader, IC Social, Signal Start, ZuluTrade
Crypto
Yes
Total Pairs
65
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
IC Markets Vs Pepperstone Vs eToro – Broker Comparison
| IC Markets | Pepperstone | eToro | |
| ⚖️ Regulation | ASIC, CySEC, FSA, SCB | ASIC, BaFin, CMA, CySEC, DFSA, FCA and SCB | CySEC, FCA, ASIC, FinCEN, FINRA, SIPC, DNB, FSA |
| 📱 Trading Platform | • MetaTrader 4 • MetaTrader 5 • cTrader | “• MetaTrader 4 • MetaTrader 5 • cTrader • TradingView • Myfxbook • DupliTrade” | eToro proprietary platform |
| 💰 Withdrawal Fee | None | Yes | Yes |
| 📊 Demo Account | Yes | Yes | Yes |
| 📈 Minimum Deposit | $200 / 3,844 NAD | $0 / 0 NAD | $50 / 961 NAD |
| 📈 Leverage | 1:500 | 1:400 | 1:400 (Professional) |
| 📊 Spread | From 0.0 pips | 1.0 pips | From 1 pip |
| 💰 Commissions | From $3 to $3.5 | Commission per 0.01 lots (1000 base currency) | None |
| ✴️ Margin Call/Stop-Out | 100%/50% | 90%/20% | None indicated |
| ✴️ Order Execution | Market | Instant, Market | Instant, Market |
| 💳 No-Deposit Bonus | No | No | No |
| 📊 Cent Accounts | No | No | No |
| 📈 Account Types | • cTrader Account • Raw Spread Account • Standard Account | • Standard Account • Razor Account | • Retail Account • Professional Account • Corporate account |
| ⚖️ BoN Regulation | No | No | No |
| 💳 NAD Deposits | No | No | No |
| 📊 Namibian Dollar Account | No | No | No |
| 👥 Customer Service Hours | 24/7 | 24/5 | 24/6 |
| 📊 Retail Investor Accounts | 3 | 2 | 3 |
| ☪️ Islamic Account | Yes | Yes | Yes |
| 📊 Minimum Trade Size | 0.01 lots | 0.01 lots | 0.01 lots |
| 📈 Maximum Trade Size | Unlimited | 100 lots | 100 lots |
| 👉 Open an account | 👉 Open Account | 👉 Open Account | 👉 Open Account |
Trading Platforms
The broker offers Namibian traders a choice between these trading platforms:
➡️ MetaTrader 4
➡️ MetaTrader 5
➡️ cTrader
Desktop Platforms
➡️ MetaTrader 4
➡️ MetaTrader 5
➡️ cTrader
MetaTrader 4
Customers of IC Markets have access to the MetaTrader 4 trading platform, which has won several industry awards. Because of its user-friendliness, feature-packed environment, and capacity for automated trading, MetaTrader 4 (MT4) is without a doubt the most widely used platform for foreign exchange trading in the whole globe.
The MT4 trading platform has developed into a global community where technology suppliers may cater to the requirements of different types of traders.
IC Markets aims to make available to traders in Namibia the most recent version of the MetaTrader 4 platform, which has been developed specifically to assist traders in Namibia in honing their trading methods.
MetaTrader 5
The broker is certain that it provides Namibian traders with all they want for effective market trading thanks to the newly released MetaTrader 5 trading platform.
The better charting technology and order management features of MetaTrader 5 allow traders to monitor and manage their open positions more efficiently.
This allows traders to make more informed trading decisions. It is a powerful trading platform that comes equipped with a plethora of brand-new capabilities that are designed to make the trading experience even more satisfying.
cTrader
Customers are given access to a comprehensive trading platform in the form of cTrader, which is distinguished by its ability to combine the most advantageous aspects of both speed and liquidity. It makes use of proven technology that will make it possible for Namibian traders to take their trading to an entirely new level.
The cargo interface and platform are another one of cTrader’s many innovative features. Utilizing the source code editor together with the programming language C#, it is possible to create individualized technical indications that may be used for technical analysis.
The built-in indicators of cTrader will be supplemented by any custom indicators that are developed by Namibian users.
WebTrader Platforms
➡️ MetaTrader 4
➡️ MetaTrader 5
➡️ cTrader
MetaTrader 4 and 5
MetaTrader 4 and 5’s WebTrader is an order-placing platform that incorporates MetaTrader’s capabilities while maintaining the speed and accessibility of a web-based application. MetaTrader WebTrader is a web-based trading platform that enables traders to trade in the IC Markets environment without the need for a dealing desk.
On the MetaTrader WebTrader platform, you may engage in trading with just one click, take advantage of small spreads and Level II pricing, and personalize your trader dashboard to keep an eye on open positions.
cTrader
cTrader Web is a program that runs in a web browser and combines the speed and simplicity of web-based software with the order execution capabilities of cTrader. cTrader Web is a user-friendly web-based trading tool that makes trading with IC Markets more straightforward than it has ever been before.
Trading App
➡️ MetaTrader 4
➡️ MetaTrader 5
➡️ cTrader
MetaTrader 4 and 5
Both MetaTrader 4 and MetaTrader 5 are offered as downloadable applications for mobile devices running the Android and iOS operating systems. Because of these applications, traders are thereafter able to access their accounts from any place in the world.
IC Markets’ mobile MetaTrader application takes advantage of the landscape-to-portrait view switcher that is available on iOS and Android devices (a simple rotation of the device).
The MetaTrader mobile application offers these extra capabilities in addition to providing trading with a single click, the ability to customize the interface, and extensive charting and analysis. Traders in Namibia do not need to make any sacrifices in terms of execution speed or quality to get the most out of the IC Markets mobile MetaTrader applications.
cTrader
IC Markets cTrader for Android and iOS is a native piece of software that offers the highest level of Foreign Exchange trading possible. For effective technical analysis, all that is required of traders is to make use of the built-in trend indicators, oscillators, volatility measures, and line drawings inside the chart.
IC Markets gives traders the ability to trade from anywhere in the world because of our low spreads and lightning-fast execution. Traders should anticipate reduced startup times and a more user-friendly interface, like what was available with cTrader Web for Mobile.
What trading platforms are available?
The broker offers traders access to the widely acclaimed MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms. These platforms are popular for their advanced charting tools, technical indicators, automated trading capabilities, and user-friendly interfaces.
Can I use the brokers’ trading platforms on mobile devices?
Yes, you can trade on the go. They offer mobile trading applications for both MetaTrader 4 and MetaTrader 5, which are compatible with iOS and Android devices. These mobile apps allow you to access your trading account, execute trades, and monitor the markets from anywhere with an internet connection, providing flexibility for active traders.
Range of Markets
Namibian traders can expect the following range of markets:
➡️ Forex
➡️ Commodities
➡️ Indices
➡️ Bonds
➡️ Cryptocurrencies
➡️ Stocks
➡️ Futures
What financial markets can I access?
The broker provides access to a diverse range of financial markets, including but not limited to:
- Forex currency pairs, featuring major, minor, and exotic pairs.
- CFDs (Contracts for Difference) on global stock indices.
- Commodities such as gold, silver, and oil.
- Cryptocurrencies like Bitcoin, Ethereum, and more.
- A variety of global equities (stocks) are traded on major stock exchanges.
Are there any restrictions on trading specific instruments?
The broker offers a wide selection of trading instruments with no restrictions on trading specific instruments. Traders have the flexibility to choose from a comprehensive list of available markets and can engage in various trading strategies based on their preferences and risk tolerance.
Broker Comparison for Range of Markets
| IC Markets | NinjaTrader | eToro | |
| ➡️️ Forex | Yes | Yes | Yes |
| ➡️️ Precious Metals | Yes | No | Yes |
| ➡️️ ETFs | No | No | Yes |
| ➡️️ CFDs | Yes | No | Yes |
| ➡️️ Indices | Yes | No | Yes |
| ➡️️ Stocks | Yes | No | Yes |
| ➡️️ Cryptocurrency | Yes | No | Yes |
| ➡️️ Options | No | No | No |
| ➡️️ Energies | Yes | No | Yes |
| ➡️️ Bonds | No | No | No |
Overall Rating
- 4.7/5
Min Deposit
200 USD / 3,800 NAD
Regulators
FSA, CySEC, ASIC
Trading Desk
MetaTrader 4, MetaTrader 5, cTrader, IC Social, Signal Start, ZuluTrade
Crypto
Yes
Total Pairs
65
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Trading and Non-Trading Fees
Spreads
Namibian traders may pick their own spreads and the fees they pay will vary depending on the financial instrument being traded, the account type, and the current situation of the market. The following are the average spreads for trading the EUR/USD currency pair:
➡️ cTrader Account – 0.0 pips
➡️ Raw Spread Account – 0.0 pips
➡️ Standard Account – 0.6 pips
Commissions
The broker charges fees to account holders with zero-price spread trading accounts to cover their broker’s expenses. Customers in Namibia who register a live trading account should be prepared to pay the following commissions:
➡️ cTrader Account – $3 per side and $6 per round turn
➡️ Raw Spread Account – $3.5 per side and $7 per round turn
In addition, those who use the Islamic Account option that is offered by the broker can expect commission charges according to the instrument that they keep open. These charges are indicated in the table below. In addition to the additional commissions, Muslim traders must note that triple charges apply every Friday night to account for the weekend gap.
In addition, Muslim traders who use the Islamic Account must note that the broker reserves the right to request additional documentation from traders before approving swap-free privileges.
Overnight Fees, Rollovers, or Swaps
The overnight interest added or removed to keep a trade open overnight is referred to as a swap rate or rollover. The overnight interest rate differentials between the two currencies are considered when determining swap rates for a currency pair.
Traders must remember that if they keep their positions open until the next trading day, they will be charged a fee. Certain financial instruments may have negative swap rates on both sides of the transaction.
Trading platforms employ a point system to calculate swaps, which are subsequently converted into account-based currency. Every financial instrument has its own swap rate, which is measured by the usual lot size of 100,000 units of the base currency. Some of the usual overnight costs charged by IC Markets are as follows:
➡️ EUR/USD – a long swap of 3.9 and a short swap of 0.75
➡️ GBP/USD – a long swap of -1.82 and a short swap of -3.91
➡️ USD/JPY – a long swap of 1.75 and a short swap of -4.6
➡️ XAU/USD – a long swap of -3.5 and a short swap of -0.8
➡️ XAG/USD – a long swap of -0.98 and a short swap of -0.2
➡️ USTEC – a long swap of -1.12 and a short swap of -1.06
➡️ XBR/USD – a long swap of 7.04 and a short swap of -10.9
➡️ XTI/USD – a long swap of 6.01 and a short swap of -8.82
Deposit and Withdrawal Fees
The broker does not charge any fees on either deposits or withdrawals. However, Namibian traders may face processing fees from their payment providers.
The broker does not charge any inactivity fees on dormant accounts that are not being used by Namibian traders.
Currency Conversion Fees
The broker does not charge any additional non-trading fees, but Namibian traders could face currency conversion fees if they deposit in any currencies other than AUD, USD, EUR, CAD, GBP, SGD, NZD, JPY, HKD, or CHF. These are the accepted base account currencies and if deposits or withdrawals are made in NAD, the currency must be converted at an additional charge.
What are the trading fees associated with the broker?
They are known for their competitive and transparent fee structure. They typically charge a small spread on forex currency pairs and a commission on certain CFDs, such as indices and commodities. The exact fees can vary depending on the account type you choose.
Are there any non-trading fees I should be aware of?
The broker strives to keep non-trading fees to a minimum. They do not charge deposit fees, and the withdrawal fees they charge are generally low and vary based on the withdrawal method. Additionally, they offer a free VPS (Virtual Private Server) service, which is beneficial for traders who require low-latency access.
Deposits and Withdrawals
The broker offers the following deposit and withdrawal methods:
➡️ Credit Card
➡️ Debit Card
➡️ PayPal
➡️ Neteller
➡️ Neteller VIP
➡️ Skrill
➡️ UnionPay
➡️ Bank Wire Transfer
➡️ Bpay
➡️ FasaPay
➡️ Broker to Broker
➡️ POLi
➡️ Thai Internet Banking
➡️ Vietnamese Internet Banking
➡️ Rapidpay
➡️ Klarna
How to Deposit Funds with IC Markets
To deposit funds to an account with IC Markets, Namibian traders can follow these steps:
➡️ To deposit money into an IC Markets account, traders must first connect to their trading account and then choose a deposit method and currency.
➡️ Following that, traders can indicate the amount they want to deposit and carry out any additional steps required by their payment provider to finalize and complete the deposit.
IC Markets Fund Withdrawal Process
To withdraw funds from an account with IC Markets, Namibian traders can follow these steps:
➡️ Namibians can log into their Client Area and access the option to withdraw funds from the dashboard.
➡️ Traders can complete the withdrawal request by selecting the account from where the withdrawal will be made, indicating the amount, and choosing the withdrawal method.
➡️ Traders must note that withdrawal requests that are submitted before noon AEST/AEDT will be processed the next business day.
How can I make a deposit into my trading account?
The broker offers a variety of convenient deposit methods, including bank wire transfers, credit/debit cards (Visa and Mastercard), and various online payment systems like Skrill, Neteller, and PayPal. To make a deposit, log in to your IC Markets account, go to the “Deposit” section, select your preferred payment method, and follow the provided instructions to complete the transaction securely.
What is the withdrawal process like?
Withdrawing funds from your account is a straightforward process. You can request a withdrawal by logging into your account, navigating to the “Withdraw Funds” section, and selecting your preferred withdrawal method. IC Markets aims to process withdrawal requests promptly. The processing time may vary depending on the method chosen and any additional verification requirements. Generally, electronic payment methods like Skrill and Neteller offer faster withdrawal processing compared to bank wire transfers.
Education and Research
The broker offers the following Educational Materials:
➡️ Trading Knowledge
➡️ Advantages of Forex
➡️ Advantages of CFDs
➡️ Video Tutorials
➡️ Web TV
➡️ Webinars
➡️ Podcasts
➡️ Getting Started – which contains 10 lessons
The broker offers Namibian traders the following Research and Trading Tools:
➡️ Economic Calendar
➡️ Market Analysis Blog
➡️ Forex Calculators
➡️ Forex Glossary
Does the broker provide educational resources for traders?
Yes, they offer a range of educational materials to help traders improve their skills and knowledge. These resources include video tutorials, webinars, trading guides, and informative articles. Whether you’re a beginner or an experienced trader, the broker provides educational content to assist you in making informed trading decisions.
What kind of market research tools does the broker offer?
They provide traders with access to a variety of market research tools, including daily market analysis, economic calendars, and technical analysis reports. These resources can help traders stay informed about market trends, economic events, and potential trading opportunities.
Bonuses and Promotions
The broker does not currently offer any bonuses or promotions to Namibian traders.
How to open an Affiliate Account
To register an Affiliate Account, Namibians can follow these steps:
➡️ Namibians can navigate to the IC Markets website and locate the “Partners” link at the top of the homepage.
➡️ A new page will load, and prospective affiliates can read through IC Markets’ offering.
➡️ Prospective affiliates can select the green “Join Now” banner to get started on their application.
➡️ Prospective affiliates can complete the application with the relevant and required information and submit it for review by IC Markets.
➡️ The turnaround time for feedback is typically one business day and once approved, an IC Markets team member will advise the new affiliate on how they can start referring clients.
Affiliate Program Features
The broker is a dynamic and appealing affiliate network that compensates partners in a competitive and rewarding way based on the trading volume of their referrals. The IC Markets affiliate program requires partners to recruit new active traders.
Partners have access to tools, features, and specialist customer care. Working with IC Markets may benefit affiliates in several ways:
➡️ Access to the greatest trading results.
➡️ The capacity to grow a company while also helping clients.
➡️ Converting leads with IC Markets’ skilled assistance.
➡️ Gain access to the potential to grow your company.
➡️ Receive financial advice and support from a professional affiliate team.
➡️ Maintain a competitive advantage.
➡️ Receive comprehensive reports and insights.
➡️ Use IC Markets to have access to flexible finance choices.
How can I join the affiliate program?
To become an affiliate, you can visit their official website and look for the “Affiliates” or “Partners” section. There, you can find information on how to apply and register as an affiliate partner. Once approved, you can start referring traders and earning commissions.
What kind of commissions can I earn through the affiliate program?
The broker offers competitive commission structures for their affiliates. The exact commission rates can vary depending on the type of referral program you choose, such as the standard CPA (Cost Per Acquisition) or revenue share. It’s advisable to review the commission details on the IC Markets website or contact their affiliate support for specific information on potential earnings.
Customer Support
The broker offers a dedicated support staff running 24/7 through live chat, email, and phone. Live chat and phone support may help with any general inquiries and issues.
However, enquiries directed at specific departments such as the accounts department are only accessible by email. Additionally, IC Markets has a detailed FAQ section offering pertinent answers to the most asked issues.
How can I contact the brokers’ customer support?
They provide multiple ways to reach their customer support team. You can contact them via email, phone, or through their 24/7 live chat support on their website. Their responsive customer support is available to assist you with any inquiries or issues you may have.
What languages does the customer support team speak?
The broker has a multilingual support team to accommodate their diverse global clientele. They are proficient in several languages, including English, Chinese, Russian, Spanish, and more. Feel free to reach out in your preferred language, as their team is equipped to provide effective assistance in various languages.
Verdict
IC Markets is an innovative ECN forex broker that uses its network of liquidity providers to give customers the best trading circumstances.
The broker features three live trading accounts that are appropriate for both novice and expert traders on the MT4, MT5, and cTrader platforms, as well as a wide range of trading tools.
For new traders, IC Markets provides high-quality 24/7 customer service as well as a world-class resource of instructional materials. Overall, IC Markets is a solid option for traders of all levels of expertise.
10 Best Forex Brokers in Namibia
Rank
Broker
Review
Regulators
Min Deposit
Official Site
Pros and Cons
| ✔️ Pros | ❌ Cons |
| IC Markets is a well-regulated and high trust broker that offers competitive trading conditions | There could be a currency conversion fee when traders deposit in NAD |
| Namibian traders can choose from three powerful trading platforms | Namibian traders cannot use NAD as a base account currency |
| There is an impressive selection of tradable instruments | There are no proprietary trading platforms offered |
| The deposits and withdrawals with IC Markets are free | |
| There is no inactivity fee charged on dormant accounts | |
| IC Markets uses a true ECN model that provides Namibian traders with the best trading environment | |
| There is a large selection of useful tools for experienced traders | |
| There is support for social and copy trading offered |
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Frequently Asked Questions
What is the withdrawal time?
The withdrawal time ranges from instant on electronic payment gateways up to 14 days on bank wire transfers.
What leverage does the broker have?
the broker provides a variety of leverage choices ranging from 1:1 to 1:500. In your Client Area, you may modify the leverage on your trading account. In addition, you open several trading accounts with differing levels of leverage.
What is VIX?
The VIX can simply be defined as a forward-looking indicator. VIX measures the 30-day implied volatility as priced by the S&P 500 index options market and many people see the S&P 500 as a barometer of the success of the US stock market.
Is the broker regulated?
Yes, they are well-regulated by the Australian Securities and Investments Commission (ASIC), the Cyprus Securities and Exchange Commission (CySEC), the Financial Services Authority (FSA), and the Securities Commission of Bahamas (SCB).
Does IC Markets have Nasdaq?
Yes, they offer Nasdaq as a part of their comprehensive indices CFDs portfolio.
Does IC Markets allow scalping?
Yes, the broker allows scalping on the MetaTrader 4 and MetaTrader 5 platforms where there are no restrictions on trading.
The broker offers ideal trading conditions that suit the trading needs and objectives of scalpers and high-frequency traders. This allows traders to place orders between the spread, attributable to the fact that there is no minimum order distance and there is a freeze-level of zero.
Is IC Markets ECN?
Yes, they are an ECN broker that provides an ECN pricing model since the broker does not run a proprietary trading book and instead receives all prices from unconnected external liquidity sources.
Is IC Markets safe or a scam?
IC Markets is a safe broker based on its Tier-1, Tier-2, and Tier-3 regulations and the rules that are in place to protect investors against unfair treatment by the broker or significant loss in the markets.
Does IC Markets have Volatility 75?
Yes, IC Markets has CBOE Volatility Index (VIX) that can be traded as a Futures CFD.
Conclusion
Now it is your turn to participate:
➡️ Do you have any prior experience with IC Markets?
➡️ What was the determining factor in your decision to engage with IC Markets?
➡️ Was it because of the minimum deposit, regulation, retail trading accounts, or any other factors?
➡️ Have you experienced any issues with IC Markets such as difficulty withdrawing funds, inability to verify regulations, irresponsive customer support, etc.?
Regardless, please share your thoughts in the comments below.
Addendum/Disclosure:
No matter how diligently we strive to maintain accuracy, the forex market is a volatile environment that may change at any time, even if the information supplied is correct at the time of going live.
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Corporate Social Responsibility
There is currently no information on IC Markets’ CSR initiatives or projects.