IC Markets Review Of 2024
IC Markets is an ASIC and CySEC-regulated forex broker with solid forex trading platforms, low spreads and high leverage. The broker is a solid choice for traders looking for low fees using the MetaTrader 4 or 5 platforms.
Our Take on IC Markets
IC Markets Summary
IC Markets, established in Sydney, Australia in 2007, is known for offering some of the lowest spreads in the industry.
In July 2024 our forex broker spread comparison found the IC Markets Raw Spread account had the tightest spreads and low commissions. Other features of IC Markets include high leverage via its FSA-regulated branch, no deposit or withdrawal fees, and a minimum deposit requirement of $200.
Traders have the choice of the four leading Platforms For Forex Trading: MT4, MT5, cTrader, and TradingView. This allows the trading of currency pairs, CFDs, and crypto.
Broker Spreads and Costs
IC Markets provides two distinct pricing options: the Standard Account with no commission and spreads starting from 0.6 pips, and the Raw Account featuring spreads from 0.0 pips plus a commission fee.
- Standard Account: Ideal for beginners, offering straightforward pricing with no commission fees.
- Raw Account: Suited for experienced, high volume, and algorithmic traders, due to its lower spreads and commission-based structure.
To assess IC Markets’ competitiveness, we benchmarked their spreads against industry averages and conducted live comparisons with top brokers.
Standard Spreads
IC Markets’ Standard Account offers some of the best no commission spreads in the industry, with the EUR/USD averaging at just 0.62 pips. This represents a nearly 50% lower spread compared to Pepperstone’s 1.1 pips for the same pair. For the AUD/USD pair, IC Markets maintains a tight spread of 0.77 pips, while the USD/CAD averages a competitive 0.85 pips.
The table below illustrates that IC Markets consistently offers low spreads across a wide range of major currency pairs, reinforcing their position as a leading broker for low commission-free spreads.
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No Commission Spreads: Standard Accounts
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|---|---|---|---|---|---|
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0.62 | 0.77 | 1.27 | 1.30 | 0.85 |
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0.93 | 0.92 | 0.98 | 1.31 | 0.98 |
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1.00 | 1.20 | 1.00 | 1.20 | 1.00 |
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0.80 | 1.20 | 1.20 | 1.50 | 1.20 |
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1.00 | 1.00 | 1.20 | N/A | 1.10 |
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0.80 | 1.00 | 1.00 | 1.50 | 1.60 |
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0.90 | 1.20 | 2.10 | 1.10 | 1.30 |
|
0.90 | 1.10 | 1.60 | 1.80 | 1.50 |
|
1.00 | 1.11 | N/A | 1.30 | 1.28 |
|
0.84 | 0.83 | 1.79 | 2.32 | 1.92 |
|
1.10 | 1.10 | 1.10 | 1.20 | 1.20 |
|
1.20 | 1.30 | 1.20 | 1.20 | 1.30 |
|
1.20 | 1.30 | 1.50 | 1.70 | 1.20 |
|
1.10 | 1.20 | 1.30 | 1.40 | 1.40 |
Avg. spreads are taken from each broker's website and updated monthly. Last update on 05/01/2025
Raw Spreads
IC Markets’ Raw Account boasts some of the industry’s lowest spreads, with the EUR/USD averaging an impressive 0.02 pips. This is about 80% lower than Pepperstone’s raw spread of 0.10 pips for the same pair.
Similarly, for the AUD/USD and EUR/JPY pairs, IC Markets offers raw spreads of 0.17 and 0.30 pips respectively, significantly tighter than most competitors, as shown in the table below.
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Raw Forex Spread Comparison
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|---|---|---|---|---|---|
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0.02 | 0.17 | 0.50 | 0.27 | 0.30 |
|
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0.10 | 0.20 | 0.50 | 0.30 | 0.50 |
|
|
0.20 | 0.20 | 0.50 | 0.40 | N/A |
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0.30 | 0.50 | 0.60 | 0.50 | 0.50 |
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0.30 | 0.40 | N/A | 0.50 | 0.50 |
|
|
0.44 | 0.42 | 0.50 | 0.40 | 0.30 |
|
|
0.10 | 0.50 | 1.10 | 0.60 | 0.80 |
|
n/a | 0.50 | 0.70 | 0.60 | 0.40 |
|
0.44 | 1.23 | 1.17 | 1.13 | 1.23 |
Avg. spreads are taken from each broker's website and updated monthly. Last update on 05/01/2025
View the Standard vs Raw Spread comparison table to find the right account for your needs.
Commission Comparison
As an IC Markets Raw Account holder, you pay a commission fee of $3.50 per lot per 100k traded.
This rate is consistent with the industry average for AUD and USD base currencies. However, if your account’s base currency is GBP or EUR, IC Markets’ fees are slightly less competitive compared to brokers like Pepperstone.
| Commission Fee | USD | AUD | GBP | EUR |
|---|---|---|---|---|
| IC Markets | $3.50 | $3.50 | £2.50 | €2.75 |
| Pepperstone | $3.50 | $3.50 | £2.25 | €2.60 |
| Global Prime | $3.50 | $3.50 | £2.70 | €3.10 |
| XTB | $4 | NA | £3 | €3.50 |
| FXCM | $4 | $4 | NA | NA |
| Dukascopy | $5 | NA | £3.50 | €4.00 |
To compare IC Markets’ trading costs with competitors like Pepperstone and EightCap, you can use the calculator tool below, adjusting for base currency, trade size, and currency pair.
Calculate Your Cost To Spread Bet
Total Cost of Spread Bet
Total Cost of Spread Bet
You learn more about IC Markets fees in our comprehensive 2024 spread and commission comparison page.
Commission Rebates
This year, IC Markets has introduced a new ‘Raw Trader Plus’ program, designed to reward high-volume traders.
As a member of Raw Trader Plus, you’ll receive rebates on your trading commissions, as well as exclusive benefits like VPS hosting and dedicated client support.
The Raw Trader Plus program offers three tiers of commission rebates, which are automatically refunded on a daily basis upon meeting specific criteria. Reaching tier 3 can result in significant savings, reducing your effective commission rate to just $1 per lot.
| Raw Trader Plus Rebates | Commission Rebate (per lot) | Trading Volume Requirement (closed lots) | Effective Commission For Raw Trader Plus Members |
|---|---|---|---|
| Tier 1 | $1.50 | 100 | $2 |
| Tier 2 | $2.25 | >1,000 | $1.75 |
| Tier3 | $2.50 | 2,000 | $1 |
To retain your Raw Trader Plus membership, you must consistently meet the volume requirements over a 3-month period.
Islamic Account Option
For CFD traders adhering to Sharia Law, IC Markets provides an Islamic Account option, available with both Raw and Standard pricing structures.
These accounts feature the same spreads as their conventional counterparts but replace interest-based swap rates with a flat rate administrative fee, ensuring compliance with Islamic finance practices.
You can find out more about the Swap Free Islamic Accounts
Verdict On Spreads And Fees
IC Markets excels with highly competitive spreads, offering low-cost trading through both a commission-free Standard Account and commission-based Raw Account.
Is IC Markets Safe?
Yes, IC Markets is a safe broker with a trust score of 61 out of 100.
Trust Score
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Regulation
IC Markets is regulated by two ‘tier 1’ financial authorities being Australian Securities and Investment Commission (ASIC) and the Cyprus Securities and Exchange Commission (CySEC).
| IC Markets | Regulator |
|---|---|
| Tier-1 | ASIC CySEC |
| Tier-2 | |
| Tier-3 | FSA-S SCB |
For traders outside of Australia and the EU, IC Markets is licensed by the SCB (Bahamas) and FSA (Seychelles), yet traders should be aware offshore financial authorities enforces fewer investor protections than CySEC or ASIC.
Reputation
IC Markets was established in 2007 in Melbourne, Australia. With over 246,000 monthly Google searches, the broker is one of the most frequently searched for online.
Reviews
The broker has an excellent TrustPilot score of 4.8 out of 5 stars. Of the brokers 32,475 reviews, 91% of customers gave IC Markets 5 stars, showing an incredibly high level of client satisfaction.
Verdict on IC Markets Trustworthiness
IC Markets is a reliable broker, backed by regulation from respected authorities like ASIC and CySEC, and a strong reputation established since 2007.
IC Markets’ excellent TrustPilot score and strong online presence underscore its high client satisfaction and trustworthiness.
Range of Offerings
IC Markets offer a number of CFDs to trade with no dealing desk execution such as forex, indices, commodities, stocks, bonds, futures, and cryptocurrency.
IC Markets now also provides a share trading facility specifically for Australian residents. This new service allows investment in over 2,000 Australian listed companies, featuring a straightforward flat fee structure without monthly charges.
CFD Products
- Forex
60+ major, minor and currency pairs with tight spreads as low as 0.0 pips plus commission or 1.0 pip commission-free. - Indices
Gain exposure to 25 of the largest indices around the world. You can trade index CFDs on all three trading platforms with no commission fees. - Commodities
Trade CFDs across agriculture, metals and energy predicting the USD against various commodities. Over 19 commodities can be traded as both spot and futures CFDs. - Stocks
You can trade over 120 major stocks as CFDs. This is only available through the MetaTrader 5 (MT5) trading platform. The shares available are across the NYSE, Nasdaq and the Australian Stock Exchange. - Bonds
You can speculate on 9+ bonds including the UK, Japan, USA and Europe. IC charges no commission fees when you are trading CFDs derived from bonds. - Cryptocurrency
CFD traders can speculate whether 18 different cryptocurrency CFDs pairs including Bitcoin, Ethereum, Litecoin to Ripple will go up or down. (if you are looking to trade crypto, consider Eightcap which has 250 cryptos). - Futures
You can trade 4+ global futures CFDs with no commission fees. This includes both the ICE Dollar Index and the CBOE VIX Index. You must have the MT4 platform to trade futures with the CFD broker.
Share Trading with IC Markets
IC Markets has recently expanded its services to include a dedicated share trading facility, exclusively designed for Australian residents. This facility grants access to over 2,200 Australian listed companies, covering a wide spectrum from small and mid-cap to blue-chip stocks.
This service differs from IC Markets’ Share CFD offering. When trading share CFDs, you speculate on the price movements of shares without owning them, whereas the new share trading facility enables the actual purchase of company shares.
When engaging in this direct stock trading, investors benefit from a transparent fee structure, paying only a flat trading fee of $7.70 for transactions up to $100,000, without incurring any monthly or activity charges.
Verdict on IC Markets Product Offering
IC Markets presents a comprehensive range of trading options, from a wide array of CFDs in forex, indices, commodities, and more, to its new share trading facility for Australian residents.
What Trading Platforms Does IC Markets Offer?
IC Markets offers the four most popular forex trading platforms worldwide being MetaTrader 4 (MT4), MetaTrader 5 (MT5), cTrader, and TradingView, as well as a new share trading platform.
- MetaTrader 4 (MT4): Best for automated trading with Expert Advisors and extensive customisation.
- MetaTrader 5 (MT5): A multi-asset platform with improved technical tools.
- cTrader: Provides an ECN-like forex trading environment with advanced charting tools.
- TradingView: User-friendly interface offering advanced trading solutions.
- FinClear: Share trading platform that provides direct access to trade in a wide range of ASX-listed companies.
MetaTrader 4
- Predominantly a forex trading platform (other CFDs are available although not stock CFDs).
- The world’s most popular trading platform for beginner and intermediate forex traders, as well as those executing scalping trading strategies.
- The interface is easy to use with prompt order management functionality and risk management tools.
- Expert Advisors can be used for algorithmic trading. You can download EAs from the MetaTrader Marketplace online or write your own using the MQL4 programming language.
- Advanced Trading Tools integration provides 20 additional EAs and technical indicators.
MetaTrader 5
A multi-asset trading platform with share CFD trading is permitted.- CFD and forex trading can be automated using EAs and the MQL5 programming language, with a built-in Market of trading robots for easy AI Trading Australia.
- Includes the Virtual Hosting service (Forex VPS) for ultra-fast execution speeds.
- Access to the MQL5 community, including free trading robots.
cTrader Platform
A forex trading platform that provides an institutional-style trading environment.- The interface can be personalised with detachable charting options and iPhone and Android apps.
- Direct access setup to liquidity pools designed for algorithmic forex trading using cBots.
- cTrader platform back-testing facilities based on past market data.
TradingView
- TradingView is a platform that is mainly utilised for conducting analysis of financial markets.
- Access advanced charting tools, technical indicators, and social networking features across various asset classes including stocks, forex, and commodities
- Share ideas with the community with more than 30 million analysts, investors, and traders
FinClear (IC Markets Share Trading Platform)
- Specifically designed for direct share trading, not CFDs, focusing on Australian listed companies.
- Utilises advanced technology stack for fast, flexible, and reliable service
- Employs microservices architecture for independent operation and easy updates
- Offers a user-friendly interface, accessible on various devices
- Ensures security and efficiency with bank-grade encryption and 2FA
Mobile Trading Apps
IC Markets provides mobile trading apps for all four of its forex platforms (MT4, MT5, cTrader, and TradingView), as well as the share trading platform. These apps are designed for both iOS and Android devices, offering traders the flexibility to manage their trades on the go.
The mobile versions retain the core functionalities of their desktop counterparts, including real-time quotes, charting tools, and order management features.
Trade Experience
IC Markets forex trading platforms use Equinix servers that allow for fast order execution speeds, with cTrader utilising the LD5 server in London, while MT4 and MT5 use the NY4 data centre in New York.
| Trading Platform | Server | Coding Language |
|---|---|---|
| MetaTrader 4 | NY4 Data Centre | MQL4 |
| MetaTrader 5 | NY4 Data Centre | MQL5 |
| cTrader | LD5 Data Centre | cAlgo |
The broker also has direct access to interbank price feeds from over 50 banks and institutional liquidity providers, allowing for ultra-tight spreads and minimal slippage when forex trading. This is perfect for scalpers and traders who enjoy hedging the forex market.
Verdict On IC Markets Trading Platforms
We’ve rated IC Markets as one of the best Australian forex brokers based on the choice of MT4, MT5, cTrader, or TradingView (the four most popular platforms), and fast servers and infrastructure to minimise latency times.
Funding and Withdrawals
IC Markets is a relatively accessible broker with a low minimum deposit and a range of fee-free funding methods.
What is the minimum deposit at IC Markets?
IC Markets requires you to make an initial minimum deposit of USD $200 (or equivalent) when opening a trading account.
Base Currencies Offered
IC Markets offer 10 base currencies including the AUD, USD, EUR, GBP, SGD, JPY, CHF, NZD, CAD to HKD.
Deposit Methods and Fees
IC Markets offers up to 19 fee-free funding methods. The payment methods available depend on the IC Markets subsidary you are registered with as shown below but include e-wallets like PayPal and Neteller, as well credit/debit cards and bank transfers.
| Payment Method by Location | Australia (ASIC Regulated) | Europe (CySEC & BaFin Regulated) | International (FSA & SCB Regulated) |
|---|---|---|---|
| Visa Debit/Credit Card | ✓ | ✓ | ✓ |
| Mastercard Debit/Credit Card | ✓ | ✓ | ✓ |
| Bank Transfer | ✓ | ✓ | ✓ |
| Union Pay | ☓ | ☓ | ✓ |
| PayPal | ☓ | ✓ | ✓ |
| Neteller | ✓ | ✓ | ✓ |
| Skrill | ✓ | ✓ | ✓ |
| RapidPay | ✓ | ✓ | ✓ |
| POLi / BPay | ✓ | ☓ | ✓ |
| Klarna | ✓ | ✓ | ✓ |
| Cryptocurrency | ☓ | ☓ | ☓ |
| Thai Internet Banking | ✓ | ☓ | ✓ |
| Vietnamese Internet Banking | ✓ | ☓ | ✓ |
| Broker to Broker | ✓ | ☓ | ✓ |
IC Markets Withdrawals
IC Markets also charges no withdrawal fees, although certain banks may charge $20 AUD for international bank transfers.
- PayPal/NETELLER/Skrill = Instant
- Domestic Wire Transfer = 1 working day
- Credit Cards and Debit Cards = 3 – 5 working days
It should be noted that the withdrawal method needs to be the same as the deposit method chosen.
View our detailed IC deposit page for more details on deposit methods, requirements and fees.
Account Opening
Opening an account with IC Markets is straightforward and efficient. Our evaluation showed a clear process involving submission of personal information, an appropriateness test, and verification of ID and residence.
IC Markets scored 84.4% in our account opening test, reflecting their commitment to a smooth and compliant onboarding experience for traders.
Verdict on IC Markets Funding
IC Markets offers a user-friendly funding experience with a reasonable minimum deposit of USD $200 and a variety of fee-free deposit methods.
Customer Service
IC offers 24/7 customer support via live chat, email, phone, and social media.
Local customer support is available from their Sydney office at Level 6 309 Kent Street Sydney, NSW 2000. CFD traders can reach them through different channels like email, Skype or phone. Their Sydney response time is within 15 minutes based on our inquiries with the most complex issues solved within a day.
Live chat customer service is also available 24 hours a day, 7 days a week. The company is dedicated to providing a high-quality educational centre (video journals and articles) that is great for those who have no previous knowledge of trading forex and CFDs. Pepperstone is one of the few FX brokers that has won more awards for customer support than IC Markets.
Verdict on IC Markets Customer Support
IC Markets excels in customer support, offering 24/7 assistance through various channels including live chat, email, and phone, complemented by a responsive local team in Sydney.
Research and Education
IC offers various research tools and support when forex trading, including:
- A blog offering fundamental and technical analysis
- Content from 3rd parties including Trading Central
- An economic calendar
- Myfxbook news headlines
- ZuluTrade social copy trading
- FX Blue LLP Advanced Trading Tools
Outside these features, our IC Markets review found the forex broker doesn’t offer advanced research features such as new headlines and pattern-recognition tools.
IC Your Trade
IC Markets has launched a podcast series discussing current events and the opportunities and issues that affect the markets. The data is analysed by experts to provide valuable insights for traders to make informed decisions.
Verdict on IC Markets Research and Education
IC Markets provides a range of research tools, including analysis, economic calendars, podcasts and social copy trading, but lacks some advanced research features compared to other brokers.
Final Verdict on IC Markets
IC Markets is the best broker for traders looking for low spreads and fees. Our review of IC Markets found the brokers EUR/USD spread averaged 0.02 pips, the lowest of any forex broker.
With the choice of MetaTrader 4, MetaTrader 5, cTrader, or TradingView forex trading platforms, the broker is recommended for intermediate or expert traders.
Pros
- Currency spreads from 0 pips
- MT4, MT5, cTrader and TradingView available
- Good social trading options
Cons
- No IC Markets-specific app
- Market research limited
- Educational content lacking
IC Markets FAQ's
Is IC Markets Safe?
Yes, IC Markets is a safe broker with an overall trust score of 61 out of 100.
IC Markets earns trust through its regulation by reputable authorities like ASIC and CySEC, ensuring adherence to stringent industry standards.
The broker maintains an impressive TrustPilot score of 4.8 out of 5, with 91% of customers awarding it 5 stars, indicating a high level of client satisfaction.
Is IC Markets A Good Broker?
IC Markets is a leading broker for Australian and European traders. It has tier 1 regulation with ASIC and CySEC and our 2024 spread table found IC Markets has the lowest spreads on the most traded forex pairs.
What Demo Account Does IC Markets Offer?
Yes, IC Markets offers demo accounts for MetaTrader 4, MetaTrader 5, cTrader, and TradingView. These demo accounts do not have any restrictions on virtual funds but expire after 30 days of inactivity.
You can open a maximum of 20 demo accounts with IC Markets.
What Leverage Does IC Markets Offer?
IC Markets offers leverage of up to 500:1 through its offshore FSA regulatory division in Seychelles.
Leverage varies across different assets, with 500:1 for Forex, gold, and commodities, 200:1 for indices, futures, and bonds, 20:1 for shares, and 5:1 for cryptocurrencies.
However, if you choose the broker’s Australian branch regulated by ASIC or the CySEC branch, maximum leverage is lower, ranging from 30:1 for major forex pairs to 2:1 for cryptocurrencies.
What is the Minimum Deposit at IC Markets?
The IC Markets minimum deposit is USD 200. If you open an account with an AUD base currency then it’s $290, for EUR base it’s €195 while for the Pound base it’s £160. View our extensive minimum deposit section.
About the Review
When writing IC Markets review, the Spread-Bet.co.uk team meticulously follows our established methodology for assessing forex fees. This involved a rigorous comparison and analysis of published broker fee data, as well as hands-on testing in controlled environments. Each month, we gather and scrutinise the fee data published by various brokers, including IC Markets, and test these in real trading conditions using tools like the MT4 Spread Monitor.
This comprehensive approach ensures the review is grounded in actual data and real-world trading scenarios, providing a reliable and accurate assessment of IC Markets’ fees.
For a detailed understanding of our methodology, you can read our full forex fees methodology here.
Comparison Modules
View our head-t0-head tables where we compare IC Markets to other brokers including Exness.
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Ask an Expert
Are IC Markets the cheapest broker?
There are various costs to consider when looking at brokers
1. Spreads – these are your largest cost. Generally, there are two types of accounts. Standard accounts and ECN pricing accounts. Standard accounts have wider spreads than ECN pricing accounts as they do not have a commission in addition to the spread. For this reason, the commission cost is included in the spread. IC Markets publish their average spreads for each type of account and we include a comparison of these spreads between brokers on this page Low spread brokers. Generally, IC Markets spreads compare very well with other brokers.
2. Commissions – if you choose a RAW or ECN pricing account, you must consider the commission costs. IC Markets commissions are generally in line with what you find with most brokers being $3.50 for each standard lot to open your position.
Should I trade with IC Markets or with Pepperstone?
Both brokers are excellent choices…we suggest you take a look at our Pepperstone Review and IC Markets vs Pepperstone pages to find out more.
IC MarketsI see that they use the excuse of AML to freeze your withdrawals, prevent deposits even though your bank is OK, excessive spread manipulation, trading against you, not putting your trades through to market and much more. Why they are cancelling being regulated by FCA UK completely what’s to hide? Why is seychelles just as good as not being regulated ?
Hi Yuur, there is some misinformation here. IC Markets is a no dealing desk broker that uses STP trading execution. This means all quotes are sourced from liquidity providers and the broker does not manipulate the prices. Also IC Markets have never been regulated by the FCA. Seychelles regulations is not as good as CySEC or ASIC regulation but it is acceptable if you can’t use a broker using the financial regulator for your country. Do however avoid any unregulated brokers.
Is IC Markets secure?
Yes,IC Markets is a regulated broker meaning your accounts are segregated.