Home Broker Reviews B.I.C. Markets Review

B.I.C. Markets Review

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B.I.C. Markets is an ECN Forex broker located and regulated in Cambodia, under the Securities and Exchange Commission of Cambodia, also known as the SECC. This broker describes their top priorities as providing low cost trading, coupled with fast execution, without over-complicated account structures. The fact that both of their account options are commission free certainly backs up their low cost trading goal. This was enough to get our attention, but we wondered if this broker has anything else to offer. Stay with us to get all of the details about B.I.C. Markets and to find out if this broker is worthy of your consideration.

Account Types

B.I.C. Markets offers the ability to select one of two account types: the ZERO Commissions account and the VIP account. Both come with differing minimum deposit amounts and different leverage options, which seem to be the main differences. Similarities come in the form of minimum and maximum trade sizes, lack of commission charges, and margin call and stop loss levels. Regardless of which platform you choose, you’ll also be trading on the MT4 platform.

Below, you’ll find some quick information on both account types. Note that the website was not straight-forward with information on spreads, but we will offer more information on that later in the article.

ZERO Commissions Account

Minimum Deposit: $100 USD
Maximum Leverage: 1:400
Commissions: None

VIP Account
Minimum Deposit: $100,000 USD
Maximum Leverage: 1:100
Commissions: None

Notice that there is a significant difference between the minimum deposit amounts. This could possibly limit the options one actually has, which is especially true for beginners. Also, note that the account equity of $100,000 must be maintained for the VIP account. Another big difference would be the maximum leverage size for both accounts. The VIP account offers a much lower leverage, but this isn’t surprising, since higher deposit minimums and lower leverages go hand in hand with every Forex broker. Both accounts are advertised as being commission free. This broker also offers PAMM and IB accounts, in addition to demo accounts.

Platforms

The website lists both the MetaTrader 4 and MetaTrader 5 platforms as being available for
download but both of the account types are currently limited to MT4. It’s possible that B.I.C. Markets is planning on adding MT5 in the near future, which could explain why the program is available on their site for download. Either way, MetaTrader 4 is still an excellent option and is the main platform most commonly offered among Forex brokers. Many professional traders prefer the user-friendly and customizable interface. MT4 is also well-equipped and offers a variety of pre-programmed analytical tools, multiple charting tools, a built-in news feed, and many more options, all of which are built into the multilingual platform.

You can visit the platforms page on the website and select your device in order to download MT4. You’ll find that a range of devices are supported, including PC download, Iphone/Ipad, Android, and smartphone downloads. The platform is also available via WebTrader, which is an excellent option for Mac users, or anyone whom would prefer not to download the program.

Leverage

The highest leverage available is exclusive to the Zero account. Just to recap, the maximum leverage for that account type is 1:400. This is a satisfying option because it is above average. With many other brokers, you’ll often find that the maximum advertised leverage is actually restricted to certain instruments or comes with other standards. If you choose the VIP account, the highest leverage you’ll be able to select is limited to 1:100. This may seem significantly lower than the other account’s option, but it is predictable. This is because every broker places lower leverage limits on accounts with higher deposit requirements. These rules are put in place with good intentions – to stop clients from blowing their accounts. In another sense, this could be a drawback for anyone that enjoys high-risk trading, even when a very large amount of funds are involved. Overall, we felt that the leverage options should be completely satisfying for the majority of traders, but may disappoint just a few of the VIP account members.

Trade Sizes

Trade sizes, margin call levels, and stop out levels are the same for both account types. The minimum trade size is listed as one micro lot, or 0.01. Meanwhile, the maximum allowed trade size is 50 lots, which is large. The maximum number of open positions is also limited at 300. Below, you’ll find the margin call and stop loss levels for both accounts.

Margin Call: 80%
Stop Loss: 50%

These levels are put in place by every Forex broker offering leverage. The goal is to keep your account from going into the negative, so note that you’ll want to be aware of these levels with any broker you are considering opening an account with. If you reach the margin call level, the system will not allow you to place any new trades. This would be the time to strongly consider depositing more funds into your account. If you meet the stop loss level, your positions will be automatically closed. The best way to avoid this is to pay attention to the levels set by your broker and to monitor your account often.

Trading Costs

One of the best advantages to choosing this broker are the competitive trading costs. Both of their accounts are commission free, which is not something that you will find offered commonly. With other brokers, you may be able to find one commission free option, but it is rare for all of the account types offered to come with this advantage. When a contract is held overnight, it is rolled over to a new specified date and subject to a swap charge upon re-opening. Finally, traders will also want to remember that the broker will profit from spreads, which is the difference between the bid and ask price. In reality, the trading costs associated with this broker are pretty reasonable since B.I.C. Markets is only profiting from swap fees and spreads.

Assets

B.I.C. Markets lists Forex, Metals & Energies, indexes, commodity CFDs, and cryptocurrencies under the products page on their website.The Forex portfolio offers more than 30 options, including popular currency pairs like the AUDCAD and the EURUSD. The spot metals include gold and silver, both of which are rare. However, while the website lists indexes, commodity CFDs, and cryptocurrencies, it does list any specific instruments under these categories. Since it isn’t clear whether these are offered, you may want to check with support if this is important to you. Keep in mind that B.I.C.Markets could be planning to expand their asset offerings in the near future since these options are listed on the website.

Spreads

On their website, B.I.C. Markets explains that they partner with prime liquidity providers who are able to provide the most transparent and accurate fills for your Forex market orders. The website offers the following formula for calculating the total cost to place a trade:

( Spread ) x ( Pip Cost ) x ( Number of Lots Traded ) = Total Cost

After practicing on a demo account, we found the average spreads to be above 2 pips. This option would be above average but it isn’t as much of a drawback as one might expect. It seems that the higher than average spreads are there to even out the lack of commission charges. In reality, you would still be able to come out with lower costs when comparing the higher spreads with the lack of commission charges, but this is something to consider.

Minimum Deposit

The minimum deposit for the Zero account is just $100 USD, which is very realistic. We will mention that you can occasionally find brokers offering smaller minimums on at least one account type, but this seems to be the average amount required among a variety of different brokers. On the other hand, the VIP account requires a minimum deposit of $100,000 and this amount must be maintained in the account at all times. Obviously this type of account is meant for professional and experienced traders and many wouldn’t be able to meet such a high minimum deposit amount. On the bright side, most traders should be able to meet the requirements for the Zero account, even if the VIP account is out of reach.

Deposits & Withdrawals

Although their homepage briefly mentions the available funding methods, it’s impossible to find out any more information about these methods. While we hoped that we’d be able to provide a clearer picture through research, the information just isn’t out there. We definitely feel that the website needs to be more transparent about their processing times and fees, although there is a ‘Fund Your Account’ option. Unfortunately, you’ll have to create an account and sign in before you can view the page, which may or may not offer more information. Feel free to reach out to support if you do choose this broker and need to know more details when it comes time to fund your account. Here’s what we do know -The available deposit methods are: Visa/MasterCard, bank wire/transfer, PayPal, and JCB.

Also, bank wire and transfer options usually come with fees, which average around $30. These choices also come with longer processing times, which average around 3-7 business days, so you’ll want to choose another method if you’re in a hurry. Visa/MasterCard and PayPal typically have quicker processing times but withdrawals would depend on B.I.C. Markets – some brokers process within one business day, while others take up to three business days to process withdrawals. As we mentioned earlier, you may want to check with support staff before choosing a funding method.

Education & Trading Tools

B.I.C Markets offers a brief description of Forex on their website, in addition to a PDF user guide which explains the basics of MT4. You’ll also find a page that offers some clearly written definitions on several Forex terms, including pips, lot sizes, long and short positions, plus many more. Unfortunately, this as far as the educational offers go on the website. If you need to, you’ll always be able to search the internet for any information you may need, although it seems much more helpful when brokers offer this directly. On the website, you’ll also find an Economic Calendar, which provides trading forcasts into the next month. This is as far as the tool offerings go as well, although you’ll also find several tools directly built into the MT4 platform. Overall, it would be nice to see a few more options for both categories but MT4 likely offers more than enough tools by itself.

Bonuses & Promotions

Currently, B.I.C. markets is offering several different opportunities in this category. First, there is a 10% deposit bonus. The requirement is that you must deposit a minimum of $1,000. Once you’ve done so, your account will be credited. There is also a Refer a Friend program, in which you can earn money if a friend signs up using your referral link. Your friend will be required to deposit at least $100 and the website suggests sharing your referral link on social media, since it could attract more attention. Once your referral meets the deposit amount, your account will be credited with $100 USD.

Lastly, B.I.C. Markets occasionally offers like and share opportunities for rewards on Facebook. The website explains that there will be basic conditions on these offers and makes it sound as though the rewards may be limited to a certain number of traders. If you do sign up, you’ll want to follow them on Facebook so that you don’t miss any of these randomly offered opportunities.

Customer Service

Support is available Monday to Friday from 08:00-17:00 via phone, LiveChat, or Email. If you’re in a hurry, LiveChat will allow you to be connected to an agent instantly, so long as it is within business hours. The inclusion of a direct phone number made this broker’s customer service stand out because many other brokers do not give clients the ability to call at their own leisure. If you’d like to contact support by email, you can fill out a simple form on the company’s website. B.I.C. Markets is also active on Facebook and occasionally offers like and share opportunities to earn rewards, so it would be worth it to follow their page. All contact information is listed on the ‘Contact Us’ page of the website, but we have also provided the direct phone number below for convenience.

Phone: +855 (0)23 966 669

Demo Account

Opening a demo is a great way for beginners to ease into the practice of trading, or for
intermediate traders to test the market in ways they would consider to be too risky with their real account. You’ll be able to choose an initial investment amount, with options being $9,999 USD or less, between $10,000 USD and $99,999 USD, or above $100,000 USD. Many other brokers have pre-set limits for these accounts, many of which are set around $100,000 USD. While some may prefer this amount, it’s nice to see more flexible options here. This would allow one to test the market in a more realistic way. Even if you aren’t quite prepared to open a real account, it wouldn’t hurt to test out the demo account with this broker.

Countries Accepted

We were unable to find any restricted countries listed on the broker’s website, which is typically a good sign. Still, we wondered about the U.S., since regulation laws are more strict on those located in this country. Fortunately, we were able to complete the signup process from our U.S. based offices and our account was successfully created. If you don’t see your country on the sign up list, be sure to reach out to support to make sure there are no restrictions.

Conclusion

B.I.C. markets is a regulated broker that offers two commission free account options. However, you’ll be limited to one account option if you can’t meet the larger deposit minimum for the VIP account. Both accounts are compatible with MT4, an award-winning platform that comes with several built-in tools. Leverage options, trade sizes, and the minimum funding amount for the Zero account are all satisfying. Unfortunately, the website doesn’t offer much information about funding, other than the fact that they do offer a few popular methods. This left it unclear whether the processing times and funding fees are competitive or not. Another disadvantage to choosing this broker are the higher than average spreads. In reality, this evens out the commission free choices, since B.I.C. Markets only profits from swap fees and spreads.

Currently, this broker is also offering several ongoing bonuses and promotions, including a refer a friend program, 10% deposit bonus, and random opportunities on Facebook. If you’re inexperienced, you won’t find much offered in the way of education, but you will be able to open a flexible demo account, which is a great practice tool. Support is also conveniently offered on business days through a variety of methods. To sum it up, the main disadvantages to choosing this broker are the higher than average spreads, high deposit minimum for the VIP account, and unclear funding information. The perks to creating an account include commission free accounts, a reasonable deposit minimum for the Zero account, easy to meet bonus opportunities, and convenient customer support.

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