IC Markets is a Forex and CFD broker that offers online trading services to retail and institutional traders worldwide. The broker is reputed for its cutting-edge trading platforms, low latency connectivity, and superior liquidity. It is regulated in two tier-1 jurisdictions and two tier-4 jurisdictions. If you are a trader living in Bulgaria, you may wonder if IC Markets works in Bulgaria.
The answer is ‘Yes’, IC Markets works in Bulgaria. In this article, we will explore more about IC Markets for the clients of Bulgaria, as well as the pros and cons of using this platform. We will also discuss the account opening process, deposit and withdrawal options, and more to help you make a better decision about whether IC Markets is the right choice for your trading needs in Bulgaria.
Is IC Markets Available in Bulgaria?
Yes, IC Markets is available in Bulgaria. It is an online forex broker that offers its services worldwide including Bulgaria. The broker is regulated in different jurisdictions worldwide including ASIC, CySEC, and FSA. Traders from Bulgaria can trade under IC Markets (EU) Ltd. IC Markets (EU) Ltd is regulated by the Bulgaria Securities and Exchange Commission with License No. 362/18.
ICMarkets Overview
- Founded In: 2007
- Founder: Andrew Budzinksi
- Headquarters: Australia
- Minimum Deposit: $200
- Maximum Leverage: Upto 1000:1 for FSA Jurisdiction, 30:1 for ASIC, CySEC clients.
- Regulations: ASIC, CySEC, and FSA
- Trading platform: MT4, MT5 and cTrader
- Trading Instruments: 2150+ Trading Instruments including Forex, Crypto, Stock, Commodity Indices, Bonds, Futures.
- Account Types: Standard, Standard, Raw (Metatrader, Ctrader)
- Fees: Spread starting from 0.8 Pips(Standard Accounts) or $3 to 3.5 Commission (Raw Accounts)
- Payment Options: bank/wire transfer, Paypal, credit card, Skrill, Neteller, UnionPay, Bpay, FasaPay and Poli.
- US Traders: Not Accepted
Is IC Markets Legal in Bulgaria?
Yes, IC Markets is legal in Bulgaria. Being a global forex broker, IC Markets is regulated by top-tier authorities around the world. Moreover, there are no restrictions on IC Markets imposed by any authorities in Bulgaria. Therefore, you can trade forex confidently with IC Markets in Bulgaria without any legal concerns.
Is IC Markets Regulated in Bulgaria?
No, Pepperstone is not regulated in Bulgaria. However, the broker is regulated by CySEC, which covers traders in Bulgaria. Besides, Pepperstone is also regulated by top-tier regulatory authorities such as ASIC, CySEC, FSA, etc. These regulatory frameworks provide traders in Bulgaria with the assurance of a secure and compliant trading environment.
Is IC Markets Safe and Trustworthy in Bulgaria?
Yes, IC Markets is committed to providing a safe and trustworthy trading environment for traders worldwide including Bulgaria. Here’s how IC Markets ensures your funds’ safety:
Top Tier Regulations
IC Markets is regulated by top regulatory authorities including ASIC, CySEC, and FSA. These regulatory bodies set stringent standards and conduct regular audits to ensure the broker’s compliance with industry best practices. These multi-layered regulatory frameworks enhance transparency and accountability which gives you peace of mind as you trade.
Segregated Clients Fund
IC Markets takes great care of client funds by storing them in separate bank accounts across various locations. This ensures that clients’ money is clearly distinguished from the company’s funds. As a result, neither IC Markets nor its creditors can access or control clients’ funds.
Negative Balance Protection
IC Markets offers negative balance protection to its retail clients. This feature ensures that your account balance can never go below zero. It prevents you from incurring debts beyond your initial investment. It’s an additional layer of security that shields you from extreme market volatility and unexpected price movements.
Investor Protection
IC Markets provides investor protection to clients in the jurisdictions of ASIC, and CySEC. However, it doesn’t extend this protection to its global entity(Raw Trading Ltd,). As Bulgaria falls under CySEC regulations, IC Markets offers an investor protection scheme in your country. IC Markets offers an Investor Compensation Fund (ICF), providing up to €20,000 per eligible investor or 90% of their investment for CySEC regulation.
How to Open a Trading Account with IC Markets in Bulgaria
IC Markets supports online account opening. The process of account opening is quick and straightforward. It may take only 2 to 5 minutes to open a trading account with IC Markets. Here is the step-by-step guide to opening an account with IC Markets in Bulgaria.
Step 1: Visit IC Markets Website
To get started, go to the official IC Markets website by typing “IC Markets” in your browser’s search bar. Once on the website’s homepage, you’ll find a user-friendly interface that provides easy access to the account opening process. You will find the “Create Account” or “Start Trading” button, at the top right corner or within the main menu.
Step 2: Click the Create Account or Start Trading Button:
Upon clicking the designated button, you’ll be redirected to the account registration page. Here, you will begin the process of creating your IC Markets trading account. It’s important to note that IC Markets offers various account types to suit different trading preferences, such as Standard Account, and Raw Spread Account. Choose the account type that best aligns with your trading needs.
Step 3: Fill Required Information:
In this section, you’ll provide essential personal details that IC Markets requires for account verification and compliance purposes. You’ll start by entering your full name, date of birth, and nationality. Next, you’ll be asked to provide your contact information, including an active email address and a valid phone number. You will provide correct information here, as it will be used for communication with the broker.
Step 4: Tell More About Yourself:
To better understand your trading experience and knowledge, IC Markets will ask you to answer a few questions related to your background in trading. This step is designed to provide their services to your skill level, whether you’re a novice or an experienced trader. Additionally, you’ll be asked to select your preferred base currency for trading which allows you to trade in your local currency.
Step 5: Trading Account Configuration:
At this stage, you’ll customize your trading account further. Choose the trading platform that suits your preferences and trading style. IC Markets offers popular platforms like MetaTrader 4, MetaTrader 5, and cTrader, each providing unique features and tools to enhance your trading experience. Select the platform you are most comfortable with, as it will be the primary interface for executing trades and conducting market analysis.
Step 6: Employment Status and Financial Details:
To comply with regulatory requirements, IC Markets will ask for information about your employment status, such as whether you are employed, self-employed, or retired. You’ll also be required to disclose your annual income and net worth. Additionally, you’ll need to specify the source of your funds, as this information helps ensure the safety and legitimacy of your financial transactions with the broker.
Step 7: Confirm the Details:
Before proceeding, carefully review all the information you have provided to ensure its accuracy. Double-check your details, contact information, and financial data. Accuracy is important at this stage to avoid any issues during the account activation process and future trading activities.
Step 8: Submit the Application and Wait for Account Activation:
Once you have verified that all the details are correct, submit your application. The IC Markets team will review your information and assess your eligibility for opening a trading account. The approval process typically takes a short time, and once your account is activated, you will receive login credentials to access the trading platform of your choice.
How to Deposit Funds on IC Markets in Bulgaria.
Depositing funds on IC Markets is easy and simple in Bulgaria. Here are the steps
- Log in to your IC Markets account using your username and password.
- Click on the ‘Funding’ section, usually found in your account dashboard.
- Choose how you want to deposit money. You can use a credit/debit card, bank transfer, or an e-wallet.
- Enter the amount you want to deposit.
- Fill in any required information, like your card details or bank account information.
- Check everything carefully to make sure it’s correct.
- Click to confirm the deposit.
- Wait for the deposit to go through. It might happen right away or take a bit of time, depending on your chosen method.
- Once it’s done, the money will be in your IC Markets account, ready for you to start trading.
How to Withdraw Funds From IC Markets in Bulgaria
Withdrawing funds from IC Markets is almost the same for all countries, including Bulgaria. Here are the steps to follow.
- Log in to your IC Markets account using your username and password.
- Go to the ‘Withdraw Funds’ section, typically located in your account dashboard or under the ‘Funding’ tab.
- Select the withdrawal method you prefer. Common options include bank transfer, credit/debit card, or e-wallet.
- Enter the amount you wish to withdraw.
- Provide any necessary details, such as your bank account information or e-wallet address.
- Double-check all the information to ensure accuracy.
- Confirm the withdrawal request.
- Wait for the withdrawal request to be processed. Depending on the withdrawal method and IC Markets’s processing times, this may take some time.
- Once processed, the funds will be transferred to your chosen withdrawal method and should appear in your designated account.
Pros and Cons of IC Markets for Bulgaria Traders
Pros :
- Regulated by ASIC, CySEC, and FSA.
- Super fast trade execution speed
- Straightforward registration process
- Low spread, starting from 0 pips.
- Easy and Fast Account Opening
- Free deposit and withdrawal
- Offers standard and raw spread account
- Trading EA is Allowed
- Ability to trade from a mobile device
- A demo Account is available
Cons :
- US Traders are not allowed
- Only CFDs are Offered
- No cent/Micro Account
- Minimum deposit $200
- Support works only 24/5
- Limited account protection for non-Australian./E.U. clients
- No guaranteed Stop-loss
- 30-day expiry for demo accounts
Features of IC Markets for the Traders in Bulgaria
The features of IC Markets are almost the same across all countries. However, leverage, investment protection, compensation schemes, and trading conditions may vary depending on the jurisdiction in which you trade. Clients from Bulgaria fall under the CySEC regulation of IC Markets. Here are the specific features of IC Markets for traders in Bulgaria
Leverage
Leverage is a powerful tool in forex trading. It enables traders to control larger positions with a smaller amount of capital. The Leverage of IC Markets varies based on Jurisdiction, account type, and tradable assets. Bulgaria is under CySEC regulation. So the Maximum leverage in Bulgaria is between 2:1 and 30:1 for retail traders and 500:1 for professional traders. Below are the maximum leverage ratios for different tradable assets in Bulgaria :
- Forex Majors – 1:30
- Forex Minors – 1:20
- Forex Exotics – 1:20
- Commodities – 1:10
- Gold-1:20
- Metals – 1:10
- Energies – 1:10
- Cryptos – 1:2
- Futures – 1:10
- Bonds – 1:5
- Shares – 1:5
- Indices Majors – 1:20
- Indices Minors – 1:10
Minimum Deposit
The minimum deposit requirement for IC Markets is $200.This means that to open an account and begin trading with IC Markets, you need to deposit at least $200 into your trading account. This minimum deposit amount provides traders with accessibility to the platform, allowing them to trade in multiple financial markets, including forex, commodities, indices, and more. IC Markets Global offers over 15 flexible funding options in 10 different base currencies.
Fees : ( Spreads and Commissions)
IC Markets fees and commissions depend on the type of account you choose. The broker offers two account types: Standard Account, and Raw Spread account ( Raw Spread Metatrader, Raw Spread Ctrader, Raw Spread TradingView). The Standard Account is spread-based, with spreads starting from as low as 0.8 pips. On the other hand, Raw Spread accounts are commission-based, with a commission of $7 per standard lot round turn. The spreads of Raw accounts are as low as 0 pips.
Trading Platform
IC Markets provides a variety of trading platforms for traders worldwide, including those in Bulgaria. These platforms include:
- MT4
- MT5
- cTrader
- TradingView
Each of these platforms offers advanced charting tools, a wide range of technical indicators, and rapid execution. You can use any platform according to your preference
Account Types
IC Markets offers two major types of accounts: the Standard account and Raw spreads accounts (Raw spread Metatrader, Raw Spread Ctrader, Raw spread Tradingview). The Standard account operates on spreads, while the raw spreads account is commission-based. Besides IC markets give access to TradingView on its Ctraders raw account.
Moreover, IC Markets offers three types of account profiles
- Individual Account Profile
- Company/Corporate Account Profile
- Joint Account Profile
This provides traders in Bulgaria with the flexibility to open a trading account that suits their needs
Financial Instruments
IC Markets offers 2150+ trading instruments in Bulgaria. You can trade over 61 forex pairs, 21 indices pairs, 20 Commodity CFDs, 2100+ Stock CFDs, 9 Bond CFDs, 21 Crypto CFDs, and 4 future CFDs. These trading instruments allow traders to diversify their portfolios and capitalize on different market trends.
Trading Hours
IC Markets ensures that traders in Bulgaria can engage with the markets at their convenience, offering a 24/5 trading schedule. This means that from Sunday evening to Friday evening (Bulgaria local time), traders have the opportunity to access and manage their positions. This extended trading window accommodates traders with different schedules and time zones which allow them to capitalize on market movements whenever they see fit.
Customer Support
IC Markets has dedicated customer support for all its entities. They are professional and responsive. IC Markets offers customer support with the following means
- Live Chat
- Phone Support
- Email Support
- Call Back Request:
What countries are restricted on IC Markets?
IC Markets is a global forex broker offering services worldwide. However, due to regulatory requirements and business decisions, IC Markets does not accept clients from many countries. These countries include:
Abkhazia (the Republic of Abkhazia), Afghanistan, American Samoa, Angola, Cambodia, Central African Republic, Chatham Island (New Zealand), Congo, Congo, Brazzaville, Congo – Kinshasa, Cook Islands, Cuba, Cuba (Guantanamo Bay), Diego Garcia, Gambia, Guam, Guinea, Guinea-Bissau, Iran (the Islamic Republic of), Iraq, Israel, Korea (Democratic Peoples Republic of), Kyrgyzstan, Lebanon, Libya, Mali, Martinique, Mayotte, Myanmar, New Caledonia, New Zealand, Niue, Northern Mariana Islands, Puerto Rico, Reunion, Saint Barthélemy, Saint Martin, Saint Pierre and Miquelon, Senegal, Sierra Leone, Somalia, South Sudan, Sudan, Syrian Arab Republic, Tokelau, U.S. Virgin Islands, United States of America, Wake Island, Wallis and Futuna, Yemen, Zanzibar, Zimbabwe.
Frequently Asked Questions (FAQ)
Here are the most common questions asked by traders and investors.
What is IC Markets?
Founded by Andrew Budzinksi in 2007, IC Markets is a forex and CFD broker that offers online trading services globally. Over the years, the broker has improved in quality and services. It offers true ECN trading with low spreads, high leverage, and fast executions to a global clientele.
Does IC Markets Work in Bulgaria?
Yes, IC Markets works in Bulgaria. You can open a trading account with IC Markets in Bulgaria. You can also trade 2150+ trading instruments in Bulgaria including forex, commodities, Indices, Currency Indices, Cryptocurrencies, Shares, ETFs, CFD Forwards, etc.
Is IC Markets Good for Beginners in Bulgaria?
Yes, IC Markets is good for beginners and experienced traders. The broker is highly regulated by multiple jurisdictions. It offers an easy-to-use interface, a wide range of trading instruments, fast execution, and a wide range of deposit and withdrawal methods. However, beginners might prefer lower minimum deposit, and higher leverage forex brokers like FBS, Blackbull Markets, XM, etc.
Does IC Markets Have an Office in Bulgaria?
No, IC Markets does not have an office in Bulgaria. However, it has offices in several locations including Australia, Bulgaria, and Seychelles. Even though it doesn’t have an office in Bulgaria, traders from Bulgaria can communicate with IC Markets through live chat, phone calls, emails, and by requesting a callback.
Does IC Markets offer Islamic Accounts (Swap Free Accounts) in Bulgaria?
No, IC Markets does not offer any Islamic accounts under IC Markets EU. However, the broker offers Islamic Accounts on its Global Entity (under FSA regulation). A swap-free Islamic Forex account is a type of trading account that adheres to Islamic principles, specifically avoiding the payment or receipt of interest (known as “riba” in Islamic finance). In conventional Forex trading, positions held overnight may incur swap fees or interest charges, but with a swap-free Islamic account, these fees are waived.
Does IC Markets offer any Bonus in Bulgaria?
Currently, IC Markets does not provide bonuses to traders in Bulgaria or anywhere else globally. This approach aligns with the platform’s focus on transparent and fair trading practices, ensuring that traders engage in the markets based on their knowledge and skills rather than relying on bonuses.
Does IC Markets Offer Demo Accounts for Traders in Bulgaria?
Yes, IC Markets offers demo accounts for traders in Bulgaria. These demo accounts allow beginners to practice trading with virtual funds in a risk-free environment. It’s a valuable tool for honing your trading strategies, familiarizing yourself with the platform, and gaining confidence before you start trading with real funds. The default validity of the IC Markets demo account is 30 days. You may extend the validity by contacting IC Markets support.
Does IC Markets offer negative balance protection in Bulgaria?
Yes, IC Markets offers negative balance protection to retail clients in Bulgaria. This means that if your account balance goes negative due to market fluctuations or other factors, IC Markets will bring your balance back to zero. It’s an important safety feature that ensures traders won’t owe more than they initially deposited. However, it’s worth mentioning that this protection does not apply to professional traders(pro traders).
Does IC Markets offer Investor Protection for the traders of Bulgaria?
Yes, IC Markets offers investor protection in Bulgaria. It also offers investor protection to CySEC and ASIC-regulated clients. As clients from Bulgaria trade under CySEC regulation, they are eligible for investor protection schemes.
It is worth mentioning that IC Markets segregates client funds across reputed banks. If IC Markets goes bankrupt, you may get your segregated funds back excluding handling fees. If a holding bank fails, losses are shared among clients. IC Markets EU Ltd is part of the Bulgaria Investor Compensation Fund(ICF). In the case of IC Markets’s bankruptcy, you could receive compensation for lost funds, up to €20,000 or 90% of the total claimed amount, through the Investor Compensation Fund (ICF) scheme.
Final Verdict
IC Markets is an online forex and CFD trading platform. It offers a wide range of trading options, including Forex, commodities, indices, cryptocurrencies, shares, ETFs, and CFD forwards. Being regulated by top authorities adds an extra layer of trust and security for investors. With user-friendly platforms like MT4, MT5, and cTrader available in mobile, desktop, and web versions, IC Markets ensures accessibility and convenience for traders.
Additionally, features like TradingView charts integration, copy trading, and Ctrader automated trading enhance the trading experience. Therefore, for those in Bulgaria seeking a trusted and reliable forex broker, IC Markets stands as a solid option. It furnishes all the necessary tools and support required for successful online trading.
Disclaimer: Trading forex and CFDs comes with the risk of losing your trading capital.
IC Markets is a Forex and CFD broker that offers online trading services to retail and institutional traders worldwide. The broker is reputed for its cutting-edge trading platforms, low latency connectivity, and superior liquidity. It is regulated in two tier-1 jurisdictions and two tier-4 jurisdictions. If you are a trader living in Bulgaria, you may wonder if IC Markets works in Bulgaria.
The answer is ‘Yes’, IC Markets works in Bulgaria. In this article, we will explore more about IC Markets for the clients of Bulgaria, as well as the pros and cons of using this platform. We will also discuss the account opening process, deposit and withdrawal options, and more to help you make a better decision about whether IC Markets is the right choice for your trading needs in Bulgaria.
Is IC Markets Available in Bulgaria?
Yes, IC Markets is available in Bulgaria. It is an online forex broker that offers its services worldwide including Bulgaria. The broker is regulated in different jurisdictions worldwide including ASIC, CySEC, and FSA. Traders from Bulgaria can trade under IC Markets (EU) Ltd. IC Markets (EU) Ltd is regulated by the Bulgaria Securities and Exchange Commission with License No. 362/18.
Is IC Markets Legal in Bulgaria?
Yes, IC Markets is legal in Bulgaria. Being a global forex broker, IC Markets is regulated by top-tier authorities around the world. Moreover, there are no restrictions on IC Markets imposed by any authorities in Bulgaria. Therefore, you can trade forex confidently with IC Markets in Bulgaria without any legal concerns.
Is IC Markets Safe and Trustworthy in Bulgaria?
Yes, IC Markets is committed to providing a safe and trustworthy trading environment for traders worldwide including Bulgaria. Here’s how IC Markets ensures your funds’ safety:
Top Tier Regulations
IC Markets is regulated by top regulatory authorities including ASIC, CySEC, and FSA. These regulatory bodies set stringent standards and conduct regular audits to ensure the broker’s compliance with industry best practices. These multi-layered regulatory frameworks enhance transparency and accountability which gives you peace of mind as you trade.
Segregated Clients Fund
IC Markets takes great care of client funds by storing them in separate bank accounts across various locations. This ensures that clients’ money is clearly distinguished from the company’s funds. As a result, neither IC Markets nor its creditors can access or control clients’ funds.
Negative Balance Protection
IC Markets offers negative balance protection to its retail clients. This feature ensures that your account balance can never go below zero. It prevents you from incurring debts beyond your initial investment. It’s an additional layer of security that shields you from extreme market volatility and unexpected price movements.
Investor Protection
IC Markets provides investor protection to clients in the jurisdictions of ASIC, and CySEC. However, it doesn’t extend this protection to its global entity(Raw Trading Ltd,). As Bulgaria falls under CySEC regulations, IC Markets offers an investor protection scheme in your country. IC Markets offers an Investor Compensation Fund (ICF), providing up to €20,000 per eligible investor or 90% of their investment for CySEC regulation.
How to Open a Trading Account with IC Markets in Bulgaria
IC Markets supports online account opening. The process of account opening is quick and straightforward. It may take only 2 to 5 minutes to open a trading account with IC Markets. Here is the step-by-step guide to opening an account with IC Markets in Bulgaria.
Step 1: Visit IC Markets Website
To get started, go to the official IC Markets website by typing “IC Markets” in your browser’s search bar. Once on the website’s homepage, you’ll find a user-friendly interface that provides easy access to the account opening process. You will find the “Create Account” or “Start Trading” button, at the top right corner or within the main menu.
Step 2: Click the Create Account or Start Trading Button:
Upon clicking the designated button, you’ll be redirected to the account registration page. Here, you will begin the process of creating your IC Markets trading account. It’s important to note that IC Markets offers various account types to suit different trading preferences, such as Standard Account, and Raw Spread Account. Choose the account type that best aligns with your trading needs.
Step 3: Fill Required Information:
In this section, you’ll provide essential personal details that IC Markets requires for account verification and compliance purposes. You’ll start by entering your full name, date of birth, and nationality. Next, you’ll be asked to provide your contact information, including an active email address and a valid phone number. You will provide correct information here, as it will be used for communication with the broker.
Step 4: Tell More About Yourself:
To better understand your trading experience and knowledge, IC Markets will ask you to answer a few questions related to your background in trading. This step is designed to provide their services to your skill level, whether you’re a novice or an experienced trader. Additionally, you’ll be asked to select your preferred base currency for trading which allows you to trade in your local currency.
Step 5: Trading Account Configuration:
At this stage, you’ll customize your trading account further. Choose the trading platform that suits your preferences and trading style. IC Markets offers popular platforms like MetaTrader 4, MetaTrader 5, and cTrader, each providing unique features and tools to enhance your trading experience. Select the platform you are most comfortable with, as it will be the primary interface for executing trades and conducting market analysis.
Step 6: Employment Status and Financial Details:
To comply with regulatory requirements, IC Markets will ask for information about your employment status, such as whether you are employed, self-employed, or retired. You’ll also be required to disclose your annual income and net worth. Additionally, you’ll need to specify the source of your funds, as this information helps ensure the safety and legitimacy of your financial transactions with the broker.
Step 7: Confirm the Details:
Before proceeding, carefully review all the information you have provided to ensure its accuracy. Double-check your details, contact information, and financial data. Accuracy is important at this stage to avoid any issues during the account activation process and future trading activities.
Step 8: Submit the Application and Wait for Account Activation:
Once you have verified that all the details are correct, submit your application. The IC Markets team will review your information and assess your eligibility for opening a trading account. The approval process typically takes a short time, and once your account is activated, you will receive login credentials to access the trading platform of your choice.
How to Deposit Funds on IC Markets in Bulgaria.
Depositing funds on IC Markets is easy and simple in Bulgaria. Here are the steps
- Log in to your IC Markets account using your username and password.
- Click on the ‘Funding’ section, usually found in your account dashboard.
- Choose how you want to deposit money. You can use a credit/debit card, bank transfer, or an e-wallet.
- Enter the amount you want to deposit.
- Fill in any required information, like your card details or bank account information.
- Check everything carefully to make sure it’s correct.
- Click to confirm the deposit.
- Wait for the deposit to go through. It might happen right away or take a bit of time, depending on your chosen method.
- Once it’s done, the money will be in your IC Markets account, ready for you to start trading.
How to Withdraw Funds From IC Markets in Bulgaria
Withdrawing funds from IC Markets is almost the same for all countries, including Bulgaria. Here are the steps to follow.
- Log in to your IC Markets account using your username and password.
- Go to the ‘Withdraw Funds’ section, typically located in your account dashboard or under the ‘Funding’ tab.
- Select the withdrawal method you prefer. Common options include bank transfer, credit/debit card, or e-wallet.
- Enter the amount you wish to withdraw.
- Provide any necessary details, such as your bank account information or e-wallet address.
- Double-check all the information to ensure accuracy.
- Confirm the withdrawal request.
- Wait for the withdrawal request to be processed. Depending on the withdrawal method and IC Markets’s processing times, this may take some time.
- Once processed, the funds will be transferred to your chosen withdrawal method and should appear in your designated account.
Pros and Cons of IC Markets for Bulgaria Traders
Pros :
- Regulated by ASIC, CySEC, and FSA.
- Super fast trade execution speed
- Straightforward registration process
- Low spread, starting from 0 pips.
- Easy and Fast Account Opening
- Free deposit and withdrawal
- Offers standard and raw spread account
- Trading EA is Allowed
- Ability to trade from a mobile device
- A demo Account is available
Cons :
- US Traders are not allowed
- Only CFDs are Offered
- No cent/Micro Account
- Minimum deposit $200
- Support works only 24/5
- Limited account protection for non-Australian./E.U. clients
- No guaranteed Stop-loss
- 30-day expiry for demo accounts
Features of IC Markets for the Traders in Bulgaria
The features of IC Markets are almost the same across all countries. However, leverage, investment protection, compensation schemes, and trading conditions may vary depending on the jurisdiction in which you trade. Clients from Bulgaria fall under the CySEC regulation of IC Markets. Here are the specific features of IC Markets for traders in Bulgaria
Leverage
Leverage is a powerful tool in forex trading. It enables traders to control larger positions with a smaller amount of capital. The Leverage of IC Markets varies based on Jurisdiction, account type, and tradable assets. Bulgaria is under CySEC regulation. So the Maximum leverage in Bulgaria is between 2:1 and 30:1 for retail traders and 500:1 for professional traders. Below are the maximum leverage ratios for different tradable assets in Bulgaria :
- Forex Majors – 1:30
- Forex Minors – 1:20
- Forex Exotics – 1:20
- Commodities – 1:10
- Gold-1:20
- Metals – 1:10
- Energies – 1:10
- Cryptos – 1:2
- Futures – 1:10
- Bonds – 1:5
- Shares – 1:5
- Indices Majors – 1:20
- Indices Minors – 1:10
Minimum Deposit
The minimum deposit requirement for IC Markets is $200.This means that to open an account and begin trading with IC Markets, you need to deposit at least $200 into your trading account. This minimum deposit amount provides traders with accessibility to the platform, allowing them to trade in multiple financial markets, including forex, commodities, indices, and more. IC Markets Global offers over 15 flexible funding options in 10 different base currencies.
Fees : ( Spreads and Commissions)
IC Markets fees and commissions depend on the type of account you choose. The broker offers two account types: Standard Account, and Raw Spread account ( Raw Spread Metatrader, Raw Spread Ctrader, Raw Spread TradingView). The Standard Account is spread-based, with spreads starting from as low as 0.8 pips. On the other hand, Raw Spread accounts are commission-based, with a commission of $7 per standard lot round turn. The spreads of Raw accounts are as low as 0 pips.
Trading Platform
IC Markets provides a variety of trading platforms for traders worldwide, including those in Bulgaria. These platforms include:
- MT4
- MT5
- cTrader
- TradingView
Each of these platforms offers advanced charting tools, a wide range of technical indicators, and rapid execution. You can use any platform according to your preference
Account Types
IC Markets offers two major types of accounts: the Standard account and Raw spreads accounts (Raw spread Metatrader, Raw Spread Ctrader, Raw spread Tradingview). The Standard account operates on spreads, while the raw spreads account is commission-based. Besides IC markets give access to TradingView on its Ctraders raw account.
Moreover, IC Markets offers three types of account profiles
- Individual Account Profile
- Company/Corporate Account Profile
- Joint Account Profile
This provides traders in Bulgaria with the flexibility to open a trading account that suits their needs
Financial Instruments
IC Markets offers 2150+ trading instruments in Bulgaria. You can trade over 61 forex pairs, 21 indices pairs, 20 Commodity CFDs, 2100+ Stock CFDs, 9 Bond CFDs, 21 Crypto CFDs, and 4 future CFDs. These trading instruments allow traders to diversify their portfolios and capitalize on different market trends.
Trading Hours
IC Markets ensures that traders in Bulgaria can engage with the markets at their convenience, offering a 24/5 trading schedule. This means that from Sunday evening to Friday evening (Bulgaria local time), traders have the opportunity to access and manage their positions. This extended trading window accommodates traders with different schedules and time zones which allow them to capitalize on market movements whenever they see fit.
Customer Support
IC Markets has dedicated customer support for all its entities. They are professional and responsive. IC Markets offers customer support with the following means
- Live Chat
- Phone Support
- Email Support
- Call Back Request:
What countries are restricted on IC Markets
IC Markets is a global forex broker offering services worldwide. However, due to regulatory requirements and business decisions, IC Markets does not accept clients from many countries. These countries include:
Abkhazia (the Republic of Abkhazia), Afghanistan, American Samoa, Angola, Cambodia, Central African Republic, Chatham Island (New Zealand), Congo, Congo, Brazzaville, Congo – Kinshasa, Cook Islands, Cuba, Cuba (Guantanamo Bay), Diego Garcia, Gambia, Guam, Guinea, Guinea-Bissau, Iran (the Islamic Republic of), Iraq, Israel, Korea (Democratic Peoples Republic of), Kyrgyzstan, Lebanon, Libya, Mali, Martinique, Mayotte, Myanmar, New Caledonia, New Zealand, Niue, Northern Mariana Islands, Puerto Rico, Reunion, Saint Barthélemy, Saint Martin, Saint Pierre and Miquelon, Senegal, Sierra Leone, Somalia, South Sudan, Sudan, Syrian Arab Republic, Tokelau, U.S. Virgin Islands, United States of America, Wake Island, Wallis and Futuna, Yemen, Zanzibar, Zimbabwe.
Frequently Asked Questions (FAQ)
Here are the most common questions asked by traders and investors.
What is IC Markets?
Founded by Andrew Budzinksi in 2007, IC Markets is a forex and CFD broker that offers online trading services globally. Over the years, the broker has improved in quality and services. It offers true ECN trading with low spreads, high leverage, and fast executions to a global clientele.
Does IC Markets Work in Bulgaria?
Yes, IC Markets works in Bulgaria. You can open a trading account with IC Markets in Bulgaria. You can also trade 2150+ trading instruments in Bulgaria including forex, commodities, Indices, Currency Indices, Cryptocurrencies, Shares, ETFs, CFD Forwards, etc.
Is IC Markets Good for Beginners in Bulgaria?
Yes, IC Markets is good for beginners and experienced traders. The broker is highly regulated by multiple jurisdictions. It offers an easy-to-use interface, a wide range of trading instruments, fast execution, and a wide range of deposit and withdrawal methods. However, beginners might prefer lower minimum deposit, and higher leverage forex brokers like FBS, Blackbull Markets, XM, etc.
Does IC Markets Have an Office in Bulgaria?
No, IC Markets does not have an office in Bulgaria. However, it has offices in several locations including Australia, Bulgaria, and Seychelles. Even though it doesn’t have an office in Bulgaria, traders from Bulgaria can communicate with IC Markets through live chat, phone calls, emails, and by requesting a callback.
Does IC Markets offer Islamic Accounts (Swap Free Accounts) in Bulgaria?
No, IC Markets does not offer any Islamic accounts under IC Markets EU. However, the broker offers Islamic Accounts on its Global Entity (under FSA regulation). A swap-free Islamic Forex account is a type of trading account that adheres to Islamic principles, specifically avoiding the payment or receipt of interest (known as “riba” in Islamic finance). In conventional Forex trading, positions held overnight may incur swap fees or interest charges, but with a swap-free Islamic account, these fees are waived.
Does IC Markets offer any Bonus in Bulgaria?
Currently, IC Markets does not provide bonuses to traders in Bulgaria or anywhere else globally. This approach aligns with the platform’s focus on transparent and fair trading practices, ensuring that traders engage in the markets based on their knowledge and skills rather than relying on bonuses.
Does IC Markets Offer Demo Accounts for Traders in Bulgaria?
Yes, IC Markets offers demo accounts for traders in Bulgaria. These demo accounts allow beginners to practice trading with virtual funds in a risk-free environment. It’s a valuable tool for honing your trading strategies, familiarizing yourself with the platform, and gaining confidence before you start trading with real funds. The default validity of the IC Markets demo account is 30 days. You may extend the validity by contacting IC Markets support.
Is IC Markets Regulated in Bulgaria?
No, Pepperstone is not regulated in Bulgaria. However, the broker is regulated by CySEC, which covers traders in Bulgaria. Besides, Pepperstone is also regulated by top-tier regulatory authorities such as ASIC, CySEC, FSA, etc. These regulatory frameworks provide traders in Bulgaria with the assurance of a secure and compliant trading environment.
Does IC Markets offer negative balance protection in Bulgaria?
Yes, IC Markets offers negative balance protection to retail clients in Bulgaria. This means that if your account balance goes negative due to market fluctuations or other factors, IC Markets will bring your balance back to zero. It’s an important safety feature that ensures traders won’t owe more than they initially deposited. However, it’s worth mentioning that this protection does not apply to professional traders(pro traders).
Does IC Markets offer Investor Protection for the traders of Bulgaria?
Yes, IC Markets offers investor protection in Bulgaria. It also offers investor protection to CySEC and ASIC-regulated clients. As clients from Bulgaria trade under CySEC regulation, they are eligible for investor protection schemes.
It is worth mentioning that IC Markets segregates client funds across reputed banks. If IC Markets goes bankrupt, you may get your segregated funds back excluding handling fees. If a holding bank fails, losses are shared among clients. IC Markets EU Ltd is part of the Bulgaria Investor Compensation Fund(ICF). In the case of IC Markets’s bankruptcy, you could receive compensation for lost funds, up to €20,000 or 90% of the total claimed amount, through the Investor Compensation Fund (ICF) scheme.
Final Verdict
IC Markets is an online forex and CFD trading platform. It offers a wide range of trading options, including Forex, commodities, indices, cryptocurrencies, shares, ETFs, and CFD forwards. Being regulated by top authorities adds an extra layer of trust and security for investors. With user-friendly platforms like MT4, MT5, and cTrader available in mobile, desktop, and web versions, IC Markets ensures accessibility and convenience for traders.
Additionally, features like TradingView charts integration, copy trading, and Ctrader automated trading enhance the trading experience. Therefore, for those in Bulgaria seeking a trusted and reliable forex broker, IC Markets stands as a solid option. It furnishes all the necessary tools and support required for successful online trading.
Disclaimer: Trading forex and CFDs comes with the risk of losing your trading capital.
