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 forex comparisons and broker reviews are reader supported and we may receive payment when you click on a link to a partner site.
IC Markets is one of the lowest-spread forex brokers. In December 2023 a 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 (30:1 ASIC and CySEC), no deposit or withdrawal fees and a minimum deposit requirement of $200.
Traders have the choice of the three leading Platforms For Forex Trading; MT4, MT5 and cTrader. This allows the trading of currency pairs, CFDs and crypto.
As an IC Markets CFD trader, you can choose from one of three main trading accounts.
The broker offers an account type for all styles and levels of trading experience. Forex traders looking to execute automated trading strategies or trade high volumes will prefer the Raw Account’s low fees. On the other hand, those new to trading will the simple pricing of IC Markets Standard Account appealing, as the no commission structure means there is no need for complex brokerage fee calculations.
View the Standard vs Raw Spread comparison table to find the right account for your needs.
If you are a CFD and forex trader following Sharia Law, the broker offers an Islamic Account type with either Raw or Standard pricing that does not incur any interest-based swap rates. While CFD and forex trades held open for longer than one day pay or receive a swap rate (aka overnight financing fee) that is derived from interest rates, Islamic accounts comply with Islamic finance practices by paying flat-rate admin fees rather than swap rates.
We benchmarked the published spreads of the two most popular trading accounts and then did live testing to verify how the broker’s spread compares to other brokers.
When it comes to standard account spreads, IC Markets consistently outperforms the industry average. For instance, the EUR/USD spread for IC Markets is 0.62, significantly lower than the industry average of 1.18. This trend continues across all forex pairs, with IC Markets offering more competitive spreads than the industry average.
| Forex Pair | IC Markets | Industry Average |
|---|---|---|
| EUR/USD | 0.62 | 1.18 |
| USD/JPY | 0.74 | 1.37 |
| GBP/USD | 0.83 | 1.51 |
| AUD/USD | 0.77 | 1.41 |
| USD/CAD | 0.85 | 1.70 |
| EUR/GBP | 1.27 | 1.56 |
| EUR/JPY | 1.3 | 1.85 |
| AUD/JPY | 1.5 | 2.09 |
If you’re looking for lower standard spreads, there are a few brokers that might catch your interest. For example, Fusion Markets, with a tested standard spread of 1.19, and TMGM, with a tested standard spread of 1.21, both offer competitive rates. However, it’s important to consider other factors such as customer service, trading platforms, and overall trading experience when choosing a forex broker.
When it comes to the Published Average RAW Account Spreads, IC Markets truly stands out. With spreads as low as 0.02 for EUR/USD and going up to 0.50 for AUD/JPY, it’s clear that IC Markets is committed to offering competitive rates. This is particularly impressive when you compare these figures to the industry averages, which range from 0.22 to 0.90.
In comparison to other forex brokers, IC Markets holds its own. For instance, Pepperstone, another major player in the forex market, has spreads ranging from 0.1 to 0.7. This means that IC Markets not only competes with the big players but often surpasses them in terms of offering lower spreads.
| Forex Pair | IC Markets | Industry Average |
|---|---|---|
| EUR/USD | 0.02 | 0.22 |
| USD/JPY | 0.14 | 0.40 |
| GBP/USD | 0.23 | 0.51 |
| AUD/USD | 0.17 | 0.46 |
| USD/CAD | 0.25 | 0.65 |
| EUR/GBP | 0.27 | 0.57 |
| EUR/JPY | 0.30 | 0.76 |
| AUD/JPY | 0.50 | 0.90 |
Our tests further confirmed the competitive nature of IC Markets’ spreads. The broker’s tested raw spreads came in at 0.32, lower than the tested average of 0.49. This shows that IC Markets not only publishes competitive spreads but also delivers on these promises in real-world trading scenarios. The broker’s performance in these tests solidifies its position as a leading forex broker for traders seeking low spreads.
IC Markets offer 10 base currencies including the AUD, USD, EUR, GBP, SGD, JPY, CHF, NZD, CAD to HKD. The base currency a trader chooses when opening an account will determine the commission rate you pay. Below shows the commission for the MetaTrader 4 Raw account.
The commissions charged are generally similar to their main competitors. The graph below rates brokers for spreads plus commission and FP Markets to be one of the best brokers when it comes to trading costs.
You learn more about IC Markets fees in our comprehensive 2023 spread and commission comparison page.
IC Markets has two main accounts. The standard account (non-commission) account spreads are relatively high. The raw spread account on the other hand is strongly recommended and has the lowest spreads on the most traded forex pairs combined and a competitive commission rate. Traders looking for an ECN-style trading environment and fees should choose IC Markets.
IC Markets offer the three most popular forex trading platforms worldwide. The MetaTrader 4 (MT4), MetaTrader 5 (MT5) and cTrader forex platforms offer the best desktop trading platforms and mobile trading app options. This includes all mobile devices, i.e. iPhone, iPad (IOS) and Android applications, with both demos and live accounts available.
A forex trading platform that provides an institutional-style trading environment.| Trading Platform | Server | Coding Language |
|---|---|---|
| Web Based | NY4 or LD5 | None |
| MetaTrader 4 | NY4 Data Centre | MQL4 |
| MetaTrader 5 | NY4 Data Centre | MQL5 |
| cTrader | LD5 IBX Equinix | cAlgo |
There are 20 additional tools and technical indicators the CFD broker integrates into the MetaTrader platforms. These add-on tools give traders an edge in most CFD and forex trading conditions. Examples of trading tool apps include:
Alarm Manager
Correlation Matrix
Correlation Trader
Trade Terminal
Market Manager
Sentiment Trader
Session Map
Smart Lines
Stealth Orders
Tick Chart TraderAdd-on technical indicators can greatly enhance your technical analysis when using MT4, these range from Keltner to pivot and gravity indicators.
IC Markets forex trading platforms use Equinix servers that allow for fast order execution speeds, with cTrader utilising the LD5 server in London and MT4 and MT5 the NY4 in New York.
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.
IC Markets forex platform was listed as one of the best Australian forex brokers based on three factors:
IC Markets requires you to make an initial minimum deposit of USD $200 (or equivalents) when opening a trading account. There are 19 funding methods (most fee-free) to deposit funds, including:
As with deposits, making an IC Markets withdrawal incurs no fees, although certain banks may charge $20 AUD for international bank transfers. Within the secure client, area withdrawals can be requested with the daily cut-off time at 12:00 AEST. The time it takes to receive the withdrawn amount depends on the method used including:
It should be noted that the withdrawal method needs to be the same as the deposit method chosen. As an example, if you use a debit card to make a deposit, then the same card needs to be used for the withdrawal. WebMoney also used to be offered but is no longer available.
View our detailed IC deposit page for more details on deposit methods, requirements and fees.
IC Markets offer a number of CFD trading services with no dealing desk execution, consisting of:
Disclaimer*: Although it may not apply to IC Markets, new guidelines under FCA Regulations have deemed that UK retail traders are no longer able to trade cryptocurrencies.
There are three main regulators that IC Markets have a licence with. You will receive different levels of investor protection depending on where you live and the subsidiary you sign up for.
In Australia, IC Markets is regulated by the Australian Securities and Investments Commission (ASIC) and holds an Australian Financial Services License (AFSL no. 335692) under the company name International Capital Markets Pty. ASIC has several safeguards to protect forex traders, including the requirement for brokers to hold funds in a segregated bank account, negative balance protection, and closeout margins. Additionally, leverage caps are enforced for each asset class and type of CFD.
IC Markets uses are the National Australia Bank (NAB) and Westpac Banking Corporation (Westpac). View our ASIC regulated forex broker section to compare IC Markets to other Australian forex brokers.
IC Markets European branch is regulated by the Cyprus Securities and Exchange Commission (CySEC). Brokers in this region follow forex trading rules determined by the European Securities and Markets Authority (ESMA). Examples of rules ESMA require include:
We have compiled a list of the best CySEC Forex Brokers if you are looking for other options
For traders outside of Australia and the EU, IC Markets has a subsidiary under the name Raw Trading Ltd, registered in Seychelles (Africa). The company number is 8419879-2 and the dealer licence number is SD018. The Financial Services Authority of Seychelles (FSC) is an offshore financial authority that enforces fewer investor protections than CySEC or ASIC. This region is used for surrounding African countries which is common among the best forex brokers in Nigeria.
Overall, IC Market is regulated in two ‘tier-1’ and one ‘tier-3’ (offshore) region which will give traders peace of mind. Brokers that may seem similar to IC Market such as Hugo’s Way do not have regulation and should be avoided.
IC Markets offer the highest leverage level of up to 500:1 from its offshore FSA regulatory division in Seychelles. This leverage varies across the broker’s 65 currency pairs and other CFDs (such as cryptocurrencies). The broker offshore branch offers the following leverage:
If you sign up to the brokers’ Australian branch regulated by ASIC, or trade through the CySEC branch, the maximum leverage is significantly lower:
Leverage is effectively the amount a forex broker allows a trader to borrow when trading CFDs and forex. It’s a multiple of the deposit so for the maximum of 500:1 leverage this means you can trade up to 500 times the initial capital. For example, a $200 deposit can lead to $100,000 worth of currency being traded on currency markets.
Forex Trading Leverage Example:
A trader has a $100 deposit and selects a leverage of 100:1 for the AUD/USD pair.Currency markets normally have relatively small movements each day compared to other financial products. If you use a conventional forex exchange service (e.g. purchasing USD currency) the returns would be normally very modest. To amplify these movements, leverage is offered to retail traders to make it easy to make a profit (or loss) from smaller price movements.
High leverage is particularly suited for forex traders who have a high-risk tolerance when scalping or using expert advisors or trading currency pairings with low volatility (or during a low volatility period). The high risk of losing funds means that lower leverage may be more suited to certain traders like beginners.
As IC Markets provide the highest leverage of 500:1 offshore, it is important to manage the high risk of forex trading. High leverage is ideal for retail traders with a high-risk appetite or those using third-party tools such as expert advisors, while beginners should be cautious.
While high leverage can magnify returns, all levels of trading experience can utilise the IC Markets risk management tools to reduce the high risk of losing money.
A guaranteed stop-loss order such as that offered by XTB and City Index is when you can pre-set the maximum amount you’re willing to lose on an individual trade. Regardless of market conditions, this predetermined entry or exit price selected is guaranteed with no chance of slippage.
This differs from the icmarkets.com stop-loss order facility, which allows a trader to set the maximum loss. But in high volatility environments, losses may exceed this amount.
IC Markets provide an advanced margin call facility that detects when a trader is approaching a $0 balance and exits the trader automatically. The key issue is that in extreme market events (i.e. the floating of the Swiss Franc) this software may not have the ability to exit the market fast. This can lead to losses exceeding deposits, and the Australian forex broker may request for the outstanding debt to be paid.
Overall, IC is an ECN-style broker which means faster execution speeds and lower spreads, yet does not offer the extensive risk management features that market maker brokers offer. You can view our comparison with easyMarkets to compare an ECN broker vs a market maker broker.
IC offers 24/7 customer support via a range of contact methods. 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 offered by the CFD provider. 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.
IC offers various research tools and support when forex trading, including:
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 Markets is a leading broker for Australian and European traders. It has tier 1 regulation with ASIC and CySEC and our 2023 spread table found IC Markets has the lowest spreads on the most traded forex pairs.
The IC Markets minimum deposit is $200 USD. 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.
IC Markets is the best broker for traders looking for low fees. Our review of IC Markets found EUR/USD spreads at just 2 pips which is the lowest of any forex broker and a competitive commission rate of $3.50 per side. With the choice of MetaTrader 4, MetaTrader 5 or the cTrader forex trading platforms, the broker is recommended for intermediate or expert traders.
Calculate Your Trading Costs Below
Total Fees
Commission
Spread Costs
Total
Total Fees
Commission
Spread Costs
Total
Total Fees
Commission
Spread Costs
Total
Total Fees
Commission
Spread Costs
Total
Total Fees
Commission
Spread Costs
Total
View our head-t0-head tables where we compare IC Markets to other brokers including Exness.
Account Types
Spreads
Trading Platforms
Customer Support
Minimum Deposit
Forex Pairs + CFDs
Leverage
Regulation
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.