IC Markets
- Written By Forex
- Updated:
IC Markets is a well known ECN broker all over the world. They provide options for all types of traders and allow different ways of trading, from quick trades to longer-term strategies.
This review looks at the main things to know about IC Markets so you can decide if it’s the right broker for you. On Trustpilot, IC Markets has lots of good feedback, with an average score of 4.8/5. In June 2025, 91% of the 45,311 customers gave IC Markets a 5-star rating, while only 3% gave them 1 star.
IC Markets Summary | |
Year Founded | 2007 |
Minimum Deposit | $200 |
Tradable Instruments | Forex CFDs, Commodity CFDs, Index CFDs, Bond CFDs, Crypto CFDs, Stock CFDs, Futures CFDs |
Open an Account | How to Open an Account at IC Markets |
Trading Costs | Spreads, Fees, and Commissions at IC Markets |
Key Pros and Cons
Let us first provide a quick snapshot of IC Markets’ advantages and disadvantages.
- Key Pros
- Deep interbank liquidity and raw pricing
- True ECN execution with no dealing desk intervention
- No fees on deposits and withdrawals and no inactivity fee
- Good selection of account types, including Zero Spread accounts
- Good selection of trading platforms and comprehensive trading tools
- Leverage of up to 1:500 available
- Great customer support and other services
- Key Cons
- No FCA regulation
- No US, Canadian and Japanese clients
- Negative Balance Protection available only for Australian and EU clients
Company Information
IC Markets got its start in 2007 in Sydney, Australia. A group of people with over 20 years of experience in trading stuff like options and futures got together and wanted to give regular folks the same fair shot at the Forex market that the pros get. They wanted to bring some of the tools only big-time investors had to everyday traders all over the world.
IC Markets Group is comprised of the following entities with their respective regulated offices:
International Capital Markets Pty Ltd, regulated by the ASIC; office address: 50 Carrington Street, Sydney, NSW 2000, Australia.
IC Markets (EU) Ltd, regulated by the CySEC; office address: 141 Omonoias Avenue, The Maritime Centre, Block B, 3045 Limassol, Cyprus.
Raw Trading Ltd, regulated by the Seychelles Financial Services Authority; office address: Eden Plaza, Office 209, Eden Island, Mahe, Seychelles.
IC Markets Ltd, regulated by the Securities Commission of The Bahamas; office address: Unit 3B, Western Road, Western New Providence Commercial Centre, Nassau, New Providence, The Bahamas.
IC Markets (KE) Ltd, regulated by the Capital Markets Authority (CMA) in Kenya; office address: P.O. Box 41392-00100 Nairobi.
IC Markets is huge, with over 180,000 active customers! Finance Magnates said they’re the biggest Forex and CFD broker worldwide by Forex volume back in Q2 2020. By March 2021, they were doing $1.04 trillion in trades around the world. Just so you know, if you’re in the United States, Canada, Japan, New Zealand, Israel, or Iran, you can’t use them. They don’t take clients from those countries.
Catering to Traders Worldwide
One of the impressive features of AvaTrade is its truly global reach, which is something that will appeal to traders all around the world. Their website is configured for over 25 separate countries and regions and supports at least 20 different languages.
Multiple Industry Awards
AvaTrade has won multiple industry accolades from reputable outlets, such as The European, International Business Magazine, FXEmpire, and Daytrading.com.
Why Trade with IC Markets?
Now, let us provide a quick list of the key features that we like about IC Markets.
Aspect | What we like |
Regulation | Reputable and secure broker, regulated by the ASIC, the CySEC, the FSA of the Seychelles, and other international authorities |
Pricing | Ultra-low spreads and competitive commissions |
Execution | Impeccable order execution based on cutting-edge ECN technology, ensuring no dealing desk intervention, no requotes and minimized risk of slippage. In other words, the best possible conditions for scalping and automated trading strategies. |
Trading | Diverse selection of tradable asset classes, including Currency Pairs, Commodities, Stock CFDs, Stock Indices, Cryptocurrencies and Bonds. There are also no restrictions on trade orders and no limits on trade sizes. |
Platforms | MetaTrader 4, MetaTrader 5 and cTrader. Advanced trading tools included. |
Customer Support | Professional, 24/7 support service via several channels |
Regulation
IC Markets is regulated in a few places as a Forex and CFD provider. Back home in Australia, they stick to the tough rules set by ASIC, which is one of the best regulators in the business. In Europe, they're good to go because they're approved and watched over by CySEC in Cyprus. But CySEC isn't quite as strict as ASIC, the FCA, or FINMA. Elsewhere around the world, IC Markets works through a company that's licensed and regulated by the Securities Commission of The Bahamas. Let's just say the rules there aren't super tight. Check out the details on how they're regulated in different areas below.
Flag | Region | Entity | Authority | License |
 | Australia | International Capital Markets Pty Ltd | Australian Securities and Investments Commission (ASIC) | AFS License No. 335 692 |
| EU | IC Markets (EU) Ltd | Cyprus Securities and Exchange Commission (CySEC) | License No: 362/18 |
| Internationally | IC Markets Ltd | Securities Commission of The Bahamas | License No: SIA-F214 |
| Internationally | Raw Trading Ltd | Seychelles Financial Services Authority (FSA) | License No: SD018 |
| Kenya | IC Markets (KE) Ltd | Capital Markets Authority (CMA) | License No: 199 |
This broker seems pretty solid since it’s regulated by top-notch groups like CySEC and ASIC. This means you get stuff like protection from going into a negative balance, money back if things go south, and sensible limits on how much you can borrow for those registered under CySEC and ASIC.
Now, because they’re not watched over by the FCA, if you’re in the UK, you wouldn’t get up to GBP 85,000 back from the Financial Services Compensation Scheme (FSCS) if the broker goes bust. But hey, if you’re in the EU and under CySEC, you’re covered up to EUR 20,000 by the Cyprus Investor Compensation Fund (ICF) if IC Markets’ EU side can’t pay up.
Also, since they don’t have CFTC regulation, if you’re in the US, you can’t trade with them online. Keep in mind, they don’t take on customers from a bunch of other places either, like Canada, Israel, New Zealand, Japan, and Iran.
Regulation
3.5/5
- Multi-jurisdiction regulation helps to develop trust
- CySEC regulation translates into EUR 20,000 compensation per covered client
- FSA regulation translates into higher leverage allowed - up to 1:500
KYC Procedure for Account Creation and Depositing
Getting started with IC Markets was quick and easy. It took me less than 10 minutes to sign up, and my account was verified within a day. It was a pretty normal process, and here’s how it went:
Contact Details – country of residence, first and last name, email address and telephone number.
Some Personal Details – date of birth and address.
Choosing an account type – individual, joint or corporate.
Configuring the trading account – choosing a trading platform, an account type (Standard or Raw Spread) and a base account currency.
Trading suitability and security settings – Providing information about your trading experience and selecting a security question. The secret answer to that question will be used by the brokerage to verify your identity when contacting it via phone, email or live chat.
Accepting broker’s terms and policies – Declaration that you have read and agree with all the legal documentation of IC Markets, including Terms and Conditions, Order Execution Policy, Privacy Policy and Risk Disclosure Notice.
Account verification – Providing proof of ID (Passport, or National ID card, or Driver’s License) and proof of residency (utility bill, or bank account statement), which IC Markets will have to verify.
After you fill out the profile and upload your ID, you’ll need to wait for the brokerage to check your account. This usually takes a business day. Once it’s done, you can add funds and start trading. Keep in mind that IC Markets will also ask you about your job, income, trading knowledge, and experience to make sure trading is a good fit for you.
Account Opening
4/5
- Quick sign up process (less than 10 minutes)
- Sign up includes a suitability test
Account Types
IC Markets provides different live trading account types to help all traders, no matter their skill level, meet their trading needs and money goals:
- Standard Account
- Raw Spread Account
- cTrader Raw Spread Account
Standard Account
This account type is very suitable for novice traders, because of its simplicity when it comes to pricing and trading costs. You can access competitive raw pricing and take advantage of no trading commissions, as all costs are incorporated into the bid-ask spread. As a result, you will pay a bit wider spreads on all tradable asset classes, starting from 0.8 pips on major Forex pairs such as EUR/USD. The advantage here is that you will not have to make any cost calculations before placing a trade. Trading platforms available include MetaTrader 4 and MetaTrader 5.
Raw Spread Account
According to IC Markets, this is currently the most popular account type with clients. Due to the broker’s cutting-edge ECN technology, you will be able to access the lowest possible spreads (as low as 0.0 pips) on all major and minor Forex pairs available as well as on Spot Metals. In exchange for these conditions, the broker will charge you a small commission of $7.0 per round turn for every 1 Standard Lot (100,000 currency units) traded. More active traders will find this account type as quite appealing, as it will allow them to reduce trading costs. Raw pricing coupled with exceptional order execution makes the Raw Spread Account very suitable for scalpers, day traders as well as clients who employ automated trading strategies. Trading platforms available include MetaTrader 4 and MetaTrader 5.
cTrader Raw Spread Account
This account lets you trade with super-low Forex spreads, like, from 0.0 pips, on IC Markets’ cTrader. You get ECN trading, but there’s a small fee: $6.0 for each standard lot you trade (round trip). Like the Raw Spread account, this cTrader Raw Spread Account is great if you’re into scalping or day trading.
There are also several additional account types offered by the broker.
Multi Accounts Manager – MAM/PAMM:This works well for money managers and pros who want flexible ways to allocate funds and see performance and commission reports as they happen. It's also a good fit for those using expert advisors.
Islamic Account (Swap-Free): IC Markets has a swap-free account for Muslim clients, so no interest is charged or paid. This applies to major and minor currency pairs, metals like gold and silver, and stock indices. Brent Crude Oil, Natural Gas, WTI Crude Oil, and exotic currency pairs are the exceptions. These have a small overnight financing fee. If you hold these trades for over 24 hours, you'll pay a flat fee ($10 per lot in GBP/SEK, $30 per lot in USD/RUB, and $50 per lot in EUR/TRY). The Islamic account is available on all three main account types.
Demo Account: You can try out IC Markets with a free demo account. It works just like the real thing, with all the same account types, platforms, and trading tools. It's a safe way to play around with different trading ideas using fake money and get to know the platform.
Account Types
5/5
- 3 main account types: Standard, Raw Spread, cTrader Raw Spread
- Islamic Account available
- Standard Account suitable for novice traders
- Raw Spread Account spreads reduce trading costs
Trading Fees and Other Costs
Picking a brokerage with low trading fees is something important to think about. Like with any CFD and Forex broker, IC Markets has a couple kinds of fees you should know about:
- Trading fees – spreads, commissions and overnight financing rates;
- Non-trading fees – account management fees, deposit and withdrawal fees, non-activity fees.
Let us provide a breakdown of those two categories and see if IC Markets has managed to remain competitive on this front.
Costs/fees | What is this? | With IC Markets |
Spreads | The cost incorporated into the price of what you trade. A wider bid-ask spread means higher costs. | Spreads are ultra-thin. Standard Account: average spread of 0.82 pips on EUR/USD is very competitive. Raw Spread Account: average spread of 0.06 pips on EUR/USD is currently one of the best in the world. |
Commission | A flat fee paid per position is often used as an alternative to charging via the spread. | Standard Account: No commissions. Raw Spread Account: $7.0 per lot for the total trade is competitive. |
Financing charges | The cost of holding a position active overnight. | The broker will not charge an extra fee on top of standard swaps rates. |
Deposit fees | Fees charged by the broker to fund your account. | None (see Withdrawal Methods below) |
Withdrawal fees | Fees charged by the broker to withdraw money from your account. | None (see Withdrawal Methods below) |
Inactivity fees | Fees charged on dormant trading accounts. | None |
Spreads
There are two different pricing models on IC Markets’ main account types:
- Standard Account – all-inclusive spread only;
- Raw Spread Account – extremely tight spreads (starting from 0.0 pips) + a small commission (USD 7.0 per round turn, per lot for USD-based account; EUR 5.5 per round turn, per lot for EUR-based account).
Let us take a look at the average spreads on both account types:
Standard Account | Raw Spread Account | |||
Instrument | Min. | Avg. | Min. | Avg. |
EUR/USD | 0.80 pips | 0.82 pips | 0.00 pips | 0.02 pips |
GBP/USD | 0.80 pips | 1.03 pips | 0.00 pips | 0.23 pips |
USD/JPY | 0.80 pips | 0.94 pips | 0.00 pips | 0.14 pips |
USD/CHF | 0.80 pips | 0.99 pips | 0.00 pips | 0.19 pips |
AUD/USD | 0.80 pips | 0.83 pips | 0.00 pips | 0.03 pips |
USD/CAD | 0.80 pips | 1.05 pips | 0.00 pips | 0.25 pips |
NZD/USD | 1.00 pips | 1.38 pips | 0.00 pips | 0.38 pips |
IC Markets’ Standard Account has a small mark-up (0.8 pips) added to the average spread to take care of trading costs.
Now, let’s see how the trading costs stack up between the two account types. Imagine we trade 1 lot of EUR/USD (where 1 pip = $10), opening and closing the trade at the exact same price. Based on average spreads, here’s what the trading costs would be for each account:
Standard Account
- Spread – 0.82 pips
- TOTAL COST – 0.82 x $10 = $8.20 per side and $16.40 per round-trip trade.
Raw Spread Account
- Spread – 0.02 pips
- Spread cost – 0.02 x $10 = $0.20 per side
- Commission – $7.00 per round turn
- TOTAL COST – ($0.20 x 2) + $7.00 = $7.40 per round-trip trade.
Finally, let us compare IC Markets Standard Account average spreads with those offered by other brokerages on the three most actively traded Forex pairs.
Instrument | IC Markets | Fusion Markets | AvaTrade | IG Markets |
EUR/USD | 0.82 pips | 0.93 pips | 0.9 pips | 0.86 pips |
GBP/USD | 1.03 pips | 1.00 pips | 1.3 pips | 1.84 pips |
USD/JPY | 0.94 pips | 1.7 pips | 1.3 pips | 0.96 pips |
USD/CHF | 0.99 pips | 1.7 pips | 1.3 pips | 1.95 pips |
AUD/USD | 0.83 pips | 0.91 pips | 1.1 pips | 1.07 pips |
USD/CAD | 1.05 pips | 0.99 pips | 1.8 pips | 2.14 pips |
NZD/USD | 1.38 pips | 1.10 pips | 1.4 pips | 2.52 pips |
Clearly, IC Markets outpaces its competitors in terms of average spreads offered on major pairs on a Standard Account.
Commissions
With IC Markets’ Raw Spread Account, you’ll pay a $7.0 commission per lot for a round trip trade (that’s both opening and closing the trade).
This means:
- for a 1 Standard Lot trade (100,000 units) you will pay a $7.0 commission to open and close the position;
- for a 1 Micro Lot trade (1,000 units) you will pay a $0.07 commission to open and close the position.
Paying $7.0 for a 1 Lot trade isn’t bad, since many big brokers charge about the same. But, if you trade on a zero spread account with someone like Fusion Markets, it’ll cost you just $4.50 per round turn. That’s one of the cheapest deals you’ll find right now.
Spreads & Commissions
4/5
- Standard and Raw Spread Account spreads are very competitive
- Raw Spread Account commissions are reasonable, but can be lower
Financing Charges
When you keep a currency position open overnight, you’ll be charged a fee called an overnight financing charge, or swap rate. This cost depends on the difference in overnight interest rates between the two currencies in the pair, and if you’re long or short. Swap rates are shown in points, but the MT4 and MT5 platforms change them to your account’s currency automatically. Here are IC Markets’ MT4 swap rates for some main pairs:
Currency Pair | Long Position | Short Position |
AUD/USD | -1.815 | 0.301 |
EUR/USD | -8.404 | -3.955 |
GBP/USD | -1.881 | -0.726 |
USD/CHF | 6.034 | -11.275 |
Deposit fees
Withdrawal fees
IC Markets doesn’t charge you to take your money out, no matter how you do it. But keep in mind, if you’re wiring money, your bank might have its own fees. Check out Withdrawal Methods for the lowdown.
Inactivity fees
IC Markets won’t charge you an inactivity fee if you haven’t traded in a while. Lots of big brokers do charge this fee, so IC Markets gets a thumbs up for not doing that.
Inactivity Fees
5/5
- No Inactivity charge
Overall on Fees
IC Markets has really tight spreads and fair commissions. Plus, you don’t have to worry about extra charges besides the usual overnight financing. And here’s a bonus: they don’t hit you with any of those annoying non-trading costs. While IC Markets is good, their commissions are a little bit higher than some others out there (like Fusion Markets).I don’t rate them the highest overall for costs because of that .
Trading Fees and Other Costs
4.5/5
- Very competitive spreads on Standard and Raw Spread accounts
- No extra fees on top of standard swap rates
- No non-trading fees
- Commissions higher than those of some competitors
Desktop Trading Platforms
Currently, IC Markets does not offer any in-house desktop trading platforms. Still, it offers a decent range of third-party platforms, including MetaTrader 4, MetaTrader 5 and cTrader.
MetaTrader 4
MetaTrader 4 is the go-to for Forex trading, and IC Markets has it for both Windows and Mac. You get the usual trading stuff like one-click trading, different charts, indicators, drawing tools, and timeframes. But IC Markets also throws in over 20 extra trading tools you won’t find on regular MT4. Think of it as getting 11 souped-up trading apps (like Correlation Matrix, Alarm Manager, and Mini Terminal) and 17 extra indicators (like Renko, Keltner, and Donchian). If you’re into high-end trading tools, this add-on is definitely something you’ll appreciate.
There are also other key benefits that you can take advantage of:
Fast execution of trade orders (which we will discuss in more detail later in the current review.
Raw pricing across the broker’s entire Forex and CFD product list, as average spreads remain ultra-tight during the business week due to IC Markets’ deep and diverse liquidity mix.
You can hedge your positions, as there is no “first in first out” rule with IC Markets.
You have no restrictions on trade sizes – micro lots are available to trade, allowing for a better risk management.
You have no restrictions on trade orders – Stop Loss and Take Profit orders can be placed at the closest pip distance possible from the current market price. This feature is not available with some of the other major online brokerages.
Flexible options to deposit and withdraw funds (which we will discuss in more detail later.
MT4 WebTrader that can be accessed through all popular web browsers, including Chrome, Firefox, Safari, IE 10+. It delivers most of the features available on the desktop version of the platform.
MetaTrader 5
It’s a newer, better version of MT4. You get more order types, timeframes, technical indicators, and drawing tools. Plus, it’s a better place to build and test expert advisors. Also, you can trade more stuff than with MT4, like Shares CFDs and Futures CFDs. MetaTrader 5 also shows you Level II Pricing. This means you see all the prices for each currency straight from IC Markets’ providers.
cTrader
This trading platform is easy to use, runs fast, and has lots of liquidity in 64 Forex pairs and 16 big Stock Indexes. You can change how it looks, like moving charts around and seeing more info about symbols. There are no limits on limit orders, and you can trade small amounts. Plus, there’s no max size for trades. If you’re an IC Markets member and want to trade with cTrader, you’ll need to open a Raw Spread account. Raw spreads are available for MT4 and MT5 users too, but the cTrader Raw Spread account has lower commission, which cuts trading costs even more.
But, in our view, the most important advantages of IC Markets’ cTrader platform include:
Access to full Depth of Market – for every single Forex pair, you will be able to see the available volumes for each price level, at any time.
Smart Stop Out for maximum account protection – if your margin level falls below the Smart Stop Out level, your active positions will be closed partially, until the margin level is brought back above the Smart Stop Out level.
Access to cTrader Algo – automated trading software used along with cTrader. You can develop algorithmic trading systems and customized technical indicators with the use of the source code editor and C# programming language. FIX API access is also ensured.
Copy trading with IC Markets
There are two third-party copy trading services and one in-house social trading platform available with IC Markets:
Signal Start – you can replicate the trades of any trading system selected directly into your MT4 account with the broker.
ZuluTrade – you can access trading signals from 100,000 top-ranking traders from 192 countries for free directly into your MT4 account with the broker.
IC Social – this innovative tool, available to both desktop and mobile users, allows any IC Markets member to connect their MT4 or MT5 account to IC Social and follow popular signal providers, interact with other traders, and share trading ideas with other IC Social members. Copy trading is also a seamless process available through IC Social.
Desktop Platforms
4/5
- MT4, MT5 and cTrader available
- No proprietary platforms offered
- Advanced features and trading tools available
- Copy Trading available via AutoTrade and ZuluTrade
Mobile Trading Platforms
IC Markets lets you trade on your phone or tablet using their mobile app for all three platforms.
The MT4, MT5, and cTrader mobile apps are pretty similar to the desktop versions.
If you’re on Android, IC Markets’ MetaTrader app is easy to use and gives you real-time quotes for Forex and CFDs. You can place all sorts of orders, check out interactive charts that zoom and scroll, and pick from three chart styles (bars, candlesticks, or lines). Plus, it has over 30 common technical indicators. You’ll need Android 4.0 or later to run it.
The IC Markets MetaTrader mobile app for iPhones, iPads, and iPod Touches has almost the same stuff. It needs iOS 7.0 or later. The cTrader app for Android phones gives you the same main stuff as the cTrader Web version. You can do tech analysis with trend indicators, oscillators, and drawing tools like lines right on the chart. It also allows you to execute orders with one tap which saves you time, and it shows your balance and profit/loss info. The cTrader app, which needs Android 4.1 or newer, even has a split-screen view for tablets.
These functionalities and features are very much accessible on the cTrader mobile app for iOS devices as well. It requires iOS 6.0 or later.
Still, we should note that, unlike other leading brokerages such as ThinkMarkets for instance, IC Markets currently does not offer a proprietary mobile trading app.
Android | iOS | |
Minimum System Requirements | Android 5.0 and up | iOS 13.0 or later |
User Rating | 4.5 | 4.7 |
User Reviews | 7.17k | 150 |
Supported Languages | English, French, Spanish, Italian, German, Portuguese, Russian | English, French, Spanish, Italian, German, Portuguese, Russian |
Forex Pairs | 60+ | 60+ |
Other Tradable Assets | Commodity CFDs, Index CFDs, Bond CFDs, Crypto CFDs, Stock CFDs, Futures CFDs | Commodity CFDs, Index CFDs, Bond CFDs, Crypto CFDs, Stock CFDs, Futures CFDs |
Features | Symbol Trading Schedules, Market Sentiment Indicators, 4 Chart Types, 65 Technical Indicators, 8 Chart Drawings, 5 Chart View Options, Push Notifications, Price Alerts | Symbol Trading Schedules, Market Sentiment Indicators, 4 Chart Types, 65 Technical Indicators, 8 Chart Drawings, 5 Chart View Options, Push Notifications, Price Alerts |
Biometric Authentication | Yes | Yes |
2-Factor Authentication | Yes | Yes |
Mobile Trading
4/5
- Third-party mobile apps for MT4, MT5 and cTrader available
- Apps offer similar functionality compared to desktop platform versions
- No proprietary mobile apps on offer
Trading Instruments
IC Markets mainly deals with Forex, but they’ve added more CFDs over time. Right now, you can trade over 1,750 different instruments. While it’s not a massive number compared to brokers like IG, IC Markets stands out because of how varied their CFD options are.
Asset Class | IC Markets | Fusion Markets | OANDA |
Forex | 62 – OK | 79 | 70 |
Indices | 23 – Good | 11 | 15 |
Commodities | 14 – OK | 16 | 31 |
Stocks CFDs | 1,600+ – Excellent | 100+ | 0 |
Cryptocurrency | 17 – Good | 5 | 2 |
Bonds | 9 – Good | 0 | 6 |
Futures | 4 – Poor | 0 | 0 |
Options | 0 – n/a | 0 | 0 |
Let us now take a closer look at the product list.
Forex
Right now, IC Markets has over 61 currency pairs to trade, including major, minor, and exotic ones. That’s a little better than what other big brokers offer. But what’s really cool about them is they have a lot of liquidity, spreads from 0.0 pips on the Raw Spread accounts), and great ECN tech. The average spread on EUR/USD is super low at 0.02 pips on the Raw Spread Account. Other major and minor pairs also have really tight spreads around the clock because IC Markets has a bunch of good liquidity providers. You can get Forex leverage up to 1:500, but some places like Australia and the EU limit it for regular traders (1:30 on major pairs, 1:20 on minor and exotic pairs). Really, IC Markets gives traders a lot of good stuff for Forex trading.
Stock Index CFDs
You can trade CFDs on 23 stock indexes like the Australia S&P ASX 200, Nikkei 225, FTSE 100, DJIA 30, S&P 500, or Hang Seng, and also 2 futures indexes. The most leverage you can get is 1:200, spreads begin at 0.0 pips on the ASX 200, and there aren’t any trading fees. The broker’s choice of stock index CFDs is better than what most others offer.
Stock CFDs
With IC Markets, you can trade CFDs on over 1,600 big US and Australian stocks from the ASX, NYSE, and NASDAQ using MetaTrader 5. The max leverage is 1:20, but some places, like the EU, limit leverage for regular traders. IC Markets also has a few ETF CFDs, like many other big brokers. Keep in mind there’s now a fixed market data fee of AUD 22 a month for stock CFD trading. Plus, they charge a minimum commission of AUD 7 for each trade (round trip).
Commodity CFDs
You can trade quite a few CFD contracts, like spot energies, spot metals such as gold, silver, platinum, and palladium (both traded with really high leverage, up to 1:500). Also, there are soft commodity futures like corn, soybeans, sugar, cocoa, or coffee (these trade with a max leverage of 1:100). You’ll find 2 energy futures CFDs too: Brent Crude Oil and West Texas Intermediate Crude Oil. IC Markets’ metal and energy CFD options are decent, but their soft commodity selection isn’t the best.
Cryptocurrency CFDs
You can trade over 12 kinds of digital coins against the US Dollar using CFDs. The most leverage you can use is 1:5, but in places like the EU, it’s capped at 1:2 for regular traders. The Bitcoin dealer lets you trade well-known digital coins like Bitcoin, Ethereum, and Ripple, plus other coins like Emercoin, PeerCoin, Polkadot, or Chainlink.
Bond CFDs
The broker offers CFDs on 11 bonds issued by governments across the globe, including Europe, Japan, the UK and the US. The maximum leverage allowed for Bond CFD trading is 1:200, there will be no trading commissions charged, while you will be able to access these instruments on both the MT4 and the MT5 platforms. Overall, it is a good selection of CFDs, given that not many online brokerages offer Bonds as tradable instruments.
Futures CFDs
You can trade 4 global futures as CFDs, These include ICE Dollar Index, CBOE VIX Index, Brent Crude Oil, and WTI Crude Oil. The most leverage you can get for futures CFD trading is 1:200, and there aren’t any trading fees. But, you can’t trade Options CFDs, Interest Rate CFDs, or other tricky stuff that might grab the interest of pro traders at IC Markets.
Traded Instruments
4/5
- Good diversity of tradable asset classes
- Forex, Stock Index and Crypto offering above average
- Competitive raw pricing on Forex, Spot Metals and Cash Equity Indices
- Soft Commodity and ETF range limited
- No Options CFDs
Trade Execution
IC Markets is a no dealing desk broker, meaning they use an Electronic Communications Network (ECN) to process trades. This set up helps build trust with users, and also makes trade speeds really quick.
IC Markets gets its prices from a bunch of big-time liquidity providers – about 25 of them. These prices go straight to the customer without any meddling. This mix of liquidity leads to super-tight spreads on all the products they offer.
IC Markets uses a market execution model. This means all your trades and pending orders get filled at the price you see on the platform when you hit go. Plus, you will not see any requotes.
The broker says their platforms can execute orders at an average speed of 36.5 milliseconds. IC Markets has its MetaTrader server in the Equinix NY4 data center in New York. That place is known as one of the safest and most dependable financial spots around. The server has direct links to both the broker and its liquidity providers, which should keep latency really low and make order execution super-fast.
The brokerage claims its MetaTrader server usually has latency of less than 1 millisecond to major VPS providers that share space in the NY4 data center, or have special lines to nearby data centers. This setup is great if you are into scalping, high frequency trading, or automated strategies.
The cTrader server for IC Markets is located in the LD5 IBX Equinix Data Centre in London. This also guarantees low latency and great order execution for clients. The Australian brokerage has a nice Virtual Private Server (VPS) service, which lets you keep Expert Advisors running all the time with the best possible connection to its trading servers. If you trade at least 15 Lots (round turn) per month, IC Markets will pick up the tab for your VPS subscription with Forex VPS, Beeks FX VPS, or New York City Servers. Keep in mind that this only counts for Foreign Exchange and Metals trading volume.
Trade Execution
5/5
- ECN model of execution
- Exceptional execution speed and ultra-low latency
- Quality VPS service
Deposits
To start trading with IC Markets, you’ll need to deposit at least $200. IC Markets won’t charge you any fees for depositing cash. Just a heads-up: international bank transfers might have fees, but IC Markets isn’t in charge of those.
You can deposit money in 10 different currencies, like Australian dollars , United States dollars, euros, Canadian dollars, British pounds, New Zealand dollars, Hong Kong dollars, Singapore dollars, Japanese yen, and Swiss francs. Just so you know, depending on where you are, IC Markets might only let you use some of these currencies, and if you deposit using a currency that’s not supported, you’ll have to pay a conversion fee.
Method | Processing Time |
Credit and Debit Cards by Visa or MasterCard | Instant processing of deposits |
PayPal | instant processing |
Neteller | instant processing |
Neteller VIP | instant processing |
Skrill | instant processing |
UnionPay | instant processing |
FasaPay | instant processing |
Bpay | processing time between 12 and 48 hours |
Wire Transfer | processing time between 2 and 5 business days |
Broker to Broker | processing time between 2 and 5 business days |
Thai Internet Banking | processing time between 15 and 30 minutes |
POLI | instant processing |
Rapidpay | instant processing |
Klarna | instant processing |
Vietnamese Internet Banking | instant processing |
Deposits Methods
4.5/5
- Low minimum deposit
- 10 base currencies
- No fees charged on deposits
- Diverse selection of payment options
- No deposit bonuses available
Withdrawal Methods
Heads up, IC Markets now wants all clients to ask for withdrawals from their Secure Client Area. Usually, they process everything in one business day if you get your request in before noon AEDT.
Just a heads up, because of money laundering rules, they’ll send your withdrawal back to the same way you put the money in.
IC Markets doesn’t charge extra for taking out your funds, which is cool. If you’re using a debit or credit card, it might take 3 to 5 business days to show up. International bank wires could take longer, maybe up to 14 days, depending on where you are and your bank. Also, if you pull funds via bank transfer, IC Markets’ bank will charge AUD 20 (or whatever that is in your currency). But, if you’re transferring to an Australian bank, it should only take 2 or 3 business days.
And, withdrawals via PayPal, Skrill or Neteller will usually clear within 1 business day.
Withdrawal Methods
4.5/5
- No fees charged on withdrawals by IC Markets
- Timely processing of withdrawals (1 business day)
Customer Support Contacts
IC Markets has a great customer support service 24 hours a day, 7 days in a week. Clients are able to contact the broker’s support team via several channels:
Support Contact | Available | Response |
Live Chat | 24/7 | Less than 30 seconds |
Telephone contact | 24/5 | Within several minutes |
Email contact | 24/5 | Within several hours |
FAQs | 24/7 | On the website |
Live Chat: This is the most convenient and fastest way to contact a representative from the brokerage, as the option is available throughout the entire calendar week. The live chat box is located on the bottom right side on the website. We were quite impressed with our live chat experience, as we managed to contact IC Markets in less than half a minute and received swift and precise answers to all of our enquiries.
Telephone contact: The broker’s support team can be contacted over the phone only during local business hours, depending on the office location:
Email contact: You can send specific inquiries to several email addresses that the broker has provided:
FAQs: You will also find a vast list of Frequently Asked Questions, which could help them resolve their inquiries. The IC Markets’ Help Centre includes FAQs about the broker itself, its trading conditions and accounts, its trading platforms, the Forex market as a whole, questions about CFD trading, issues related to the MetaTrader 4 software, as well as questions relating to the Client Area.
Support Contact
4.5/5
- Live Chat was very useful
- Solid FAQs section
- Phone contact during local business hours
- Toll free numbers available
Research and Educational Materials
IC Markets seems to have put a lot into their educational stuff. They’ve got articles, video guides, and even live online events (webinars) from their own people and other experts. Here’s a quick look at what they offer:
- Extensive education content in written form on IC Markets’ Blog, which covers topics such as Forex trading basics, Technical Analysis, Fundamental Analysis, Trading Psychology, Trading Plan and Risk Management.
- Content in written form focused on advantages of Forex trading and of trading CFDs.
- Video tutorials focused on all aspects of operating the MetaTrader 4 platform. Very useful for both beginners and intermediate traders.
- Free webinars conducted regularly, where you can access live analysis from industry experts and acquire new skills in real-time. Appropriate for traders of all levels – from novice to advanced.
IC Markets doesn’t have e-books right now that explain financial markets, trading plans, or different trading styles like scalping and day trading. They also don’t have a ton of research options available. Here’s what you get:
- Fundamental Analysis section with daily publications that cover key factors driving a particular market.
- Technical Analysis section with daily posts focused on technical outlook for several major Forex pairs, Spot Gold and Dow Jones 30 Industrial Average.
- Web TV service, offered in association with Trading Central, which provides coverage on global equities, currencies and commodities.
- Podcast series “IC Your Trade” produced by Bloomberg Media Studios, the information on which is not intended to be used as an investment advice.
Research & Education
3.5/5
- Varied educational content
- More limited research content
Security and Money Guarantees
Our team of experts at bestbrokers.com believes that your money is safe with a respected global brokerage such as IC Markets. Key findings include:
14 years of business history and expansion
Top-tier ASIC regulation
ICF compensation for EU clients
Negative balance protection (for EU and Australian clients only)
ASIC rules are tough, which means the broker should be open and honest. Your money is kept separate from the broker’s money in safe Australian banks. This stops them from using your funds for things like running their business or ads.
Also, if you’re in the EU, the Investor Compensation Fund (ICF) in Cyprus has you covered if the broker goes bust, like we talked about before. IC Markets Global also keeps your money separate and has enough cash to pay everyone back if they go broke. Plus, Raw Trading Ltd., which is watched over by the FSA, has a fund that can pay up to $1,000,000 per person if the broker goes belly up.
Lastly, IC Markets has something called negative balance protection, but only for people in the EU and Australia. If you’re anywhere else, you’re not protected if you lose more money than you put in, which can happen if the market moves fast and you’re using a lot of leverage. Basically, you could end up owing the broker money. But if you’re in the EU or Australia, IC Markets will cover the loss and set your balance back to zero. This negative balance protection is a great way to keep your risk in check, especially if you’re new to trading.
Security of funds
3.5/5
- Strong ASIC regulation
- ICF compensation under CySEC is good, but incomparable with the FCA’s FSCS
- Negative balance protection is limited to two jurisdictions only
Conclusion
Our team of experts at BestBrokers.com believes that IC Markets offers some of the best trading conditions for Forex trading among peers, due to its:
Deep interbank liquidity and competitive raw pricing.
Exceptional ECN order execution with no dealing desk intervention, no requotes and minimum risk of slippage (best for scalping, high frequency trading and automated trading).
No non-trading costs and flexible account funding options.
MetaTrader and cTrader platforms offering comprehensive analytical tools and a range of other benefits.
Varied educational content.
Professional 24/7 customer support (live chat).
Range of account types suiting traders of all skill levels.
Overall
4/5
- True ECN broker (fast execution and improved trust for clients)
- Low costs
- Good suite of trading platforms and tools
- Negative balance protection limited to two jurisdictions
- Limited research content
