Question 1

Is BIC Markets regulated and is my money safe?

FXScope Intelligence Lab · Accepted Answer

BIC Markets is registered with the Securities and Exchange Commission of Cambodia (SECC), but it's important to note that SECC does not regulate forex trading. The broker states they keep client funds in segregated bank accounts at top-tier institutions for security. However, given the limited regulatory oversight, investors should exercise caution and only deposit funds they can afford to lose. The broker holds an overall risk rating and is not regulated by major Tier-1 financial authorities like FCA, CySEC, or ASIC.

Question 2

What are BIC Markets' trading costs and minimum deposit requirements?

FXScope Intelligence Lab · Accepted Answer

BIC Markets offers competitive trading conditions with a minimum deposit of $100. The broker provides spreads starting from 2 pips with zero commission on their Zero Commission Account. Maximum leverage available is 1:100, which is suitable for most retail traders. The minimum trade volume is 0.01 lots, with a margin call level at 80% and stop out level at 50%. However, some traders have reported issues with profit withdrawals and account restrictions, so it's advisable to start with small amounts.

Question 3

What trading platforms does BIC Markets provide?

FXScope Intelligence Lab · Accepted Answer

BIC Markets offers the industry-standard MetaTrader 4 (MT4) platform, which is available on desktop, web, and mobile devices (iOS and Android). The MT4 platform features a user-friendly interface, real-time news feeds, preprogrammed analytical tools, multiple charting options, and multilingual support. Additional features include daily account statements, real-time account summaries, and trailing stop loss facilities. The platform supports overlay of analytical studies and provides comprehensive trading functionality for both beginners and experienced traders.

Question 4

What trading instruments and account currencies are available at BIC Markets?

FXScope Intelligence Lab · Accepted Answer

BIC Markets provides access to diverse trading instruments including Forex/Currency pairs, Indices, Precious Metals, Energies, and Stocks. This variety allows traders to diversify their portfolios across different asset classes. However, the broker only offers USD as an account currency, which means traders dealing in other currencies may face additional conversion costs. The broker operates as an STP (Straight Through Processing) model, which can provide good execution but may have limitations compared to ECN or MM models.

Question 5

Is BIC Markets beginner-friendly for new forex traders?

FXScope Intelligence Lab · Accepted Answer

BIC Markets has mixed beginner-friendliness factors. On the positive side, it offers a low minimum deposit of $100, user-friendly MT4 platform, and basic educational resources including 'What is Forex' and 'Forex Trading' guides. The zero commission structure is attractive for new traders. However, there are significant concerns: the broker lacks proper forex regulation, has poor customer reviews citing profit deletion and account closures, and offers limited regulatory protection. New traders may face issues with withdrawals and account restrictions, making it potentially risky for beginners who need more protection and support.

Question 6

How is BIC Markets customer support and what are the deposit/withdrawal options?

FXScope Intelligence Lab · Accepted Answer

BIC Markets provides multilingual customer support 24 hours a day, 5 days a week, accessible via live chat, email, and telephone. The support is available in multiple languages including English. For deposits and withdrawals, the broker accepts bank transfers, Visa/Master cards, Skrill, Neteller, and other payment methods. However, user reviews indicate significant issues with the withdrawal process, including reports of profit deletion and account closures when traders attempt to withdraw funds. While the support is technically available around the clock, the quality and reliability of service has been questioned by multiple traders.

BIC Markets

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