IC Markets Review

Author By Jeffrey Cammack
Updated: May 6, 2021
Overall Rating
4.46 4.46 / 5
Rated #5 of 57 Recommended Brokers
Min. Deposit
AUD 200
Regulators
Trading Desk
Trading Cost
USD 8
Website Language
Malay, Hungarian, Portuguese, English, Indonesian, Arabic, Vietnamese, Chinese
Support Language
Portuguese, English, Vietnamese, Chinese
AlertAccepts Australian Clients. Average spread EUR/USD 0.10 pips with 7 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5 & cTrader platforms supported. IC Markets is regulated by CySEC and ASIC.

Forex Australia follows a strict editorial standard in our review process. We may receive compensation when you click on links to products we review. Please read our advertising disclosure.

Summary

IC Markets presents itself as the best and largest true ECN broker. An ASIC and CySEC-regulated entity, it offers CFD trading on Forex, commodities, stocks, indices, crypto, bonds, and futures. IC Markets is one of the few brokers to support all three major trading platforms, including MetaTrader4, MetaTrader5, and c-Trader; and offers numerous trading tools for each.

With low deposit requirements and tight spreads, including an average spread of 0.1 pips on the EUR/USD on its Raw Spread accounts, it boasts the tightest average EUR/USD spread of any broker globally.  Beginner traders will also find the IC Markets account structure welcoming and simple to understand. However, while its education section is extensive, it offers a fairly limited selection of market analysis materials. 

Reviews

Regulation
111104/ 5
Trading Conditions
11110.54.5/ 5
Trading Platforms
111115/ 5
Deposit & Withdrawal
111104/ 5
Education & Research
111115/ 5
Assets Available
11110.54.5/ 5
Customer Service
11110.54.5/ 5
Beginner Friendly
Excellent
Bonuses
None

Account Information

Base Currencies
AUD, USD, EUR, GBP, CAD, SGD, NZD, JPY, CHF, HKD
Number of FX Pairs
60
Copy Trading
Hedging Allowed
Scalping Allowed
Islamic Account

Trading Conditions

Min. Spread
0.10 pips
Commission
7 USD / lot - True ECN account
EUR/USD
0.1 pips
GBP/USD
0.4 pips
USD/JPY
0.2 pips
Max. Leverage
30:1

Company Details

Company Name
International Capital Markets Pty Ltd.
Founded
2007
Office Locations
Australia

Pros

  • Well regulated
  • Tight spreads
  • Wide range of assets
  • Great platform choice

Cons

  • High minimum deposit
  • Limited market analysis

Is IC Markets Safe?

Founded in 2007, IC Markets is headquartered in Sydney, Australia. With over 500,000 trades executed per day, trading totals 15 billion USD in daily volume.  IC Markets is regulated by the Australian Securities and Investment Commission (ASIC), the Cyprus Securities and Exchange Commission (CySEC), the Financial Services Authority of Seychelles (FSA), and the Securities Commission of the Bahamas (SCB).  See below for details:

  • International Capital Markets Pty Ltd (ACN 123 289 109), is regulated and authorised by the Australian Securities and Investment Commission, license 335692.
  • IC Markets EU Ltd is authorised and regulated by the Cyprus Securities and Exchange Commission with licence number 362/18.
  • IC Markets Ltd, registered in The Bahamas with registration number 76823 C, is regulated by the Securities Commission of The Bahamas with License No. SIA-F214.
  • Raw Trading Ltd (Trading as IC Markets Global) – regulated by the Financial Services Authority of Seychelles with a Securities Dealer Licence number: SD018.

It has won numerous industry awards over the years, including Best Forex MT5 Broker 2020 (FX Scouts) for its remarkable execution speeds and trading flexibility on the MT5 platform.

Australians will be trading under the subsidiary International Capital Markets Pty Ltd, which is regulated by ASIC.  As such, all client money is held in segregated client trust accounts with a number of AA-rated Australian banks, and all traders are offered negative balance protection.  Based on its regulation, we deem IC Markets a secure and reliable broker.

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Group Regulators
Trading Desk
Website
Year Founded
Office Locations
Inactivity Fee
CySEC
ASIC
FSA-Seychelles
ECN/DMA
2007
Australia

Investment Offering

IC Markets offers a variety of different CFDs to trade including Forex. 

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Fx Pairs
CFD Investments
60
Commodities
Cryptocurrencies
Forex
Indicies
Equities
Bonds
Futures

Trading Conditions

IC Markets offers trading on various instruments, including Forex, commodities, indices, bonds, digital currencies, stocks, and futures.  An ECN broker, IC Markets works with over 25 liquidity providers to present the best conditions and tightest spreads to its clients. IC Markets boasts an average spread of 0.1 pips on the EUR/USD on its Raw Spread accounts, which is currently the tightest average EUR/USD spread of any broker globally.  IC Markets has servers in London and New York providing low latency and fast trade execution, leading to less slippage and better trading outcomes.  IC Markets allows all trading strategies, including hedging, scalping, and copy-trading, and trading accounts can be denominated in AUD, USD, EUR, GBP, SGD, JPY, CHF, NZD, and HKD.

 

Account Types

IC Markets offers clients three live accounts and a demo account. Each of the live accounts has a 200 USD minimum deposit, maximum leverage of 30:1, and offers trading on 64 currency pairs.

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Display Name
Min. Deposit
Max. Leverage
Min. Spread
Commission
RAW - cTrader
USD 200
500:1
0.0
$3.00
Account Details
RAW - MetaTrader
USD 200
500:1
0.0
$3.50
Account Details
Standard - MetaTrader
USD 200
500:1
1
None
Account Details

Demo Account

The IC Markets demo account does not expire unless it remains inactive for 30 days. The demo account does give you a starting balance that can be topped up.

Standard Account

A commission-free account with spreads wider than on the Raw Spread Account, minimum deposits are 200 USD.  Spreads start at 1.0 pips on the EUR/USD and leverage is up to 30:1. The Standard Account is ideal for discretionary traders.

Raw Spread Account

The True ECN Account is for high-volume trading or professional traders, with a minimum deposit requirement of 200 USD.  Spreads are tight, averaging at 0.10 pips on the EUR/USD, but a commission of 7 USD / lot - True ECN account USD round turn per standard lot is charged, and leverage is up to 30:1. 

c-Trader Raw Spread Account

Suitable for day traders and scalpers, and available on the c-Trader platform, spreads start at 0.0 pips on the EUR/USD, and commissions are charged at 6 USD per round turn on a standard lot.  Leverage is also up to 30:1 on this account, and minimum deposit requirements are also 200 USD.

Pro Accounts

Australian traders can also apply to become pro traders.  As a wholesale (Pro) client, you will not be entitled to some of the protections afforded to retail clients under the ASIC regulation.  However, pro traders are afforded maximum leverage of up to 500:1.  In order to become a pro trader, you will need to provide proof of eligibility, including:

  • Net assets of at least AUD 2.5 million, or
  • You have a gross income for each of the last two financial years of at least AUD 250,000.
  • You will need to demonstrate your knowledge of leveraged trading by completing a short online test.

Cryptocurrency CFD Trading

IC Markets offers a reasonably wide range of cryptocurrencies including Bitcoin, Bitcoin Cash, Ethereum, Dash Coin, Ripple & Litecoin.  Leverage is limited to 1:5 for cryptocurrencies which is standard for these products, as volatility can be extreme. Spreads on these currencies are variable and are significantly higher than Fiat currencies but in line with other brokers.  Note that Australian traders will be trading cryptocurrencies under the FSA regulation. 

Spreads and Commissions

IC Markets offers some of the tightest spreads in the industry, starting at 1.0 pips (EUR/USD) on its commission-free Standard Account, and averaging at 0.1 pips on its Raw Spread and c-Trader Accounts.  Commissions are only charged on the Raw Spread and c-Trader accounts – at 7 USD (round turn) per lot and 6 USD (round turn) per lot, respectively. 

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Broker
Trading Conditions
Base Currencies
EURUSD (Standard)
Trading Cost (Standard)
EURUSD (Best)
GBPUSD (Best)
USDJPY (Best)
Commission
11110.54.5/ 5
AUD, USD, EUR, GBP, CAD, SGD, NZD, JPY, CHF, HKD
0.10 pips
USD 8
0.1 pips
0.4 pips
0.2 pips
7
11110.54.5/ 5
AUD, USD, JPY, GBP, EUR, CAD, CHF, NZD, SGD, HKD
0.60 pips
USD 6
0.6 pips
0.9 pips
0.7 pips
0.0
111115/ 5
AUD, USD, JPY, GBP, EUR, CAD, CHF, NZD, SGD, HKD
0.09 pips
USD 7.90
0.1 pips
0.6 pips
0.3 pips
7

Deposits and Withdrawals

Deposits methods include Credit/Debit card, Paypal, Skrill, Neteller, Qiwi, Webmoney, Moneybookers, China Union Pay, FasaPay, Bank wire transfer, Bpay, broker-to-broker transfer, and branch deposits. Most deposits are completed immediately, or within 12 hours, except broker-to-broker transfers, which may take up to five days.

In line with Anti-Money Laundering rules, IC Markets does not process payments to third-party accounts. All withdrawal requests from a trading account go to a bank account or a source in the trader’s name.   Withdrawals received before noon AEST/AEDT are processed the same day and IC Markets does not charge any additional withdrawal fees.  Other fees may apply depending on the payment method:

  • Credit/debit card withdrawals – No fees, but it can take up to five days to reach your account.
  • Australian domestic bank transfers – No fees but will reach the trader’s account within two to three business days. 
  • International bank transfers – A fee of 20 AUD or another currency equivalent will be charged by IC Market’s bank.  Withdrawals may take up to 14 days to be processed.
  • Paypal/Neteller/Skrill withdrawals – No fees and are instant.

IC Markets does not have an inactivity fee. However, client accounts will be archived if there is no balance and the account remains inactive for more than six months.

IC Markets for Beginners

IC Markets is one of the few true ECN brokers accessible to beginner traders.  Many other ECN brokers fail to provide education and analysis, forcing traders to self-educate with third-party material.  With a full library of course material, independent market analysis, and webinars, IC Markets offers new traders a comprehensive education on Forex trading.  IC Markets also supports all three of the top software options and provides 24/7 customer support.

Education Material

IC Markets provides an extensive free education hub open to everyone, whether they have an account with IC Markets or not. Unlike other brokers, where educational material is often unstructured, IC Markets offers a selection of blog posts connected by topics.  Furthermore, it is obvious that IC Markets has invested heavily in educating traders of all experience levels. The principal elements of the education area are:

  • Forex Basics
  • Technical Analysis
  • Fundamental Analysis
  • Risk Management
  • Trading Psychology
  • Trading Plan

Instructional videos are available to help new clients set up trading software. Videos cover topics like How to Download a Demo Account, How to Use The One Click Trade Manager, How to Hedge an Order in MetaTrader 4, and Using the Trade Terminal. A set of previously recorded webinars hosted by knowledgeable educators who have a clear command of their expertise are also available. The webinars principally cover technical analysis areas like Patterns, Fibonacci in Trading, Trading Candlesticks, and Fading and Scalping. There are also additional sessions on Market Structure, Market Dynamics, and Professional Trader Psychology. 

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Broker
Beginner Course
Advanced Course
Well Structured Education
Education Quality
Webinars
High
High
Medium

Analysis Material

IC Markets provides a daily, updated market analysis blog.  Clients who register an account will also gain access to Trading Central analysis. Trading Central is an independent company tool recommended for new traders wanting to learn technical analysis or those that want an independent opinion on their trades. 

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Broker
Economic Calendar
Autochartist
Trading Central
Trading View
Free VPS

Customer Support

IC Markets has a dedicated support department operating 24/7 via live chat, email, and phone. Live chat and phone support can assist with any general questions and queries, however, queries addressed to specific departments such as the accounts department are only available via email. Support is available in Arabic, Ukraine, Russian, Spanish, Urdu, English, Greek, Romanian, Italian, Portuguese, Chinese, Korean, Vietnamese, and Czech. 

For the purposes of this review, we found the customer support responsive and knowledgeable. 

Trading Platforms

Clients can choose between the MetaTrader 4/5, and cTrader.  All platforms offer fast trading and advanced charting tools. Traders also have access to the ZuluTrade platform, where they can choose to copy other traders for free. IC Markets has a technical support team that is open 24/7 and available via phone, email, and live chat service. 

Metatrader 4

MetaTrader 4 (MT4) is still undoubtedly the world’s most popular trading platform for forex traders due to its ease of use, feature-rich environment, and automated trading ability. Features include 50+ preinstalled technical indicators, 24 analytical charting tools, 3 chart types, 9 timeframes, and 1-click trading.  Traders can also add custom EAs and indicators.

Metatrader 5

MT5 incorporates all of the key features of MT4 and an optimised environment for EA trading. Features include 38+ preinstalled technical indicators, 44 analytical charting tools, 3 chart types, 21 timeframes, additional pending order types, detachable charts, trailing stop, Depth of Market, and an integrated Economic Calendar.

CTrader

cTrader provides an added level of market analysis and access to full market depth on a fully customisable user interface.  Alongside superior order execution with no dealing desk intervention, it provides one of the industry’s most innovative trading experiences.  Features include 55+ preinstalled technical indicators, 6 chart types and 28 timeframes, level 2 Depth of Market, no restrictions on stop/limit levels, detachable charts and linked charts, advanced order protection, market sentiment, integrated Economic Calendar, and the ability to add custom cBots and indicators.

VPS

IC Markets clients can also subscribe to a VPS hosting service provided by external third-party providers, ensuring trades are never disrupted by technological or connectivity issues.  This is very convenient if you use trading robots or copy deals using trading signals.

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Broker
Platform Choice
Copy Trading
Platforms
111115/ 5
Zulu Trade
11110.54.5/ 5
L2 Dealer
ProRealTime

Mobile Trading Apps

IC Markets supports the MetaTrader 4 & 5 applications and their own IC Markets cTrader application for mobile.

Evaluation Method

We value transparency and openness in the way we review the partners. To bring transparency to the forefront, we have published our review process that includes a detailed breakdown of the IC Markets offering. Central to that process is the evaluation of the reliability of the broker, the platform offering of the broker, and the trading conditions offered to clients, which are summarised in this review. Each one of these is graded, and an overall score is calculated and assigned to the broker.

IC Markets Risk Statement

Trading Forex is risky, and each broker is required to detail how risky the trading of Forex CFDs is to clients. IC Markets would like you to know that: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Overview

IC Markets is a cutting-edge ECN broker that leverages its network of liquidity providers to offer the best trading conditions for clients. IC Markets has leading ASIC regulation, high-quality customer support, and a comprehensive educational area. All of this is available on the three major trading platforms for CFD trading. For beginner traders, IC Markets offers high-quality support to get traders started. If you are an experienced trader looking for an ECN broker with top-tier trading conditions and fast execution, IC Markets is a great choice.

AlertAccepts Australian Clients. Average spread EUR/USD 0.10 pips with 7 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5 & cTrader platforms supported. IC Markets is regulated by CySEC and ASIC.

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Overall Rating
Min. Deposit
Regulation
Trading Desk Type
Trading Instruments
Forex Pairs
Crypto Pairs
Pros
Cons
Regulation
Trading Conditions
Trading Platforms
Deposit & Withdrawal
Education & Research
Assets Available
Customer Service
% Lose with this broker
Leverage
Spread
Hedging
Scalping
Account Types
Islamic Account
Trading Platforms
Funding Methods
Trading Commission
11110.54.46/ 5
AUD 200
ECN/DMA
Commodities
Cryptocurrencies
Forex
Indicies
Equities
Bonds
Futures
60
10
  • Well regulated
  • Tight spreads
  • Wide range of assets
  • Great platform choice
  • High minimum deposit
  • Limited market analysis
111104/ 5
11110.54.5/ 5
111115/ 5
111104/ 5
111115/ 5
11110.54.5/ 5
11110.54.5/ 5
77% of retail investor accounts lose money when trading CFDs with this provider
30:1
0.10 pips
RAW - cTrader
RAW - MetaTrader
Standard - MetaTrader
Zulu Trade
Bank Transfer
Visa
Mastercard
Skrill
Neteller
Paypal
Unionpay
7 USD / lot - True ECN account
11110.54.69/ 5
AUD 250
Market Maker
Commodities
Cryptocurrencies
Forex
Equities
Bonds
Interest Rates
Digital 100s
IPOs
93
8
  • Well regulated
  • Tight spreads
  • Great platform choice
  • Excellent education
  • Excellent market analysis
  • High minimum deposit
111115/ 5
11110.54.5/ 5
11110.54.5/ 5
111115/ 5
111115/ 5
111115/ 5
111104/ 5
75% of retail investor accounts lose money when trading CFDs with this provider
30:1
0.60 pips
Live Account
Spread Betting
L2 Dealer
ProRealTime
Bank Transfer
Visa
Mastercard
Paypal
Fees Included in Spread
11110.54.61/ 5
AUD 100
ECN/DMA
Commodities
Cryptocurrencies
Forex
Indicies
Metals
Energies
80+
5
  • Well regulated
  • Tight spreads
  • Great platform choice
  • Wide range of assets
    11110.54.5/ 5
    111115/ 5
    111115/ 5
    111104/ 5
    11110.54.5/ 5
    11110.54.5/ 5
    11110.54.5/ 5
    79.3% of retail investor accounts lose money when trading CFDs with this provider
    30:1
    0 pips
    Razor
    Standard
    Swap-free
    Bank Transfer
    Visa
    Mastercard
    Skrill
    Paypal
    Unionpay
    POLi
    BPay
    From 7 USD / lot - Razor Account

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