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IC Markets offers low fee CFD trading with forex spreads starting from 0.0 pips. The forex broker gives the choice of MetaTrader 4 + 5 or the cTrader forex trading platform. Cryptocurrency, forex and CFDs can all be traded with IC Markets.
By Justin Grossbard / Updated: Saturday, April 04th, 2020
A review of IC Markets (International Capital Markets Pty Ltd) was completed in April 2020 focusing on the spreads and commission, forex trading platform, customer service and other forex trading features. It found the following:
More details on these key points are discussed below.
IC is designed for advanced forex trading based on their low spreads and minimum deposit requirements, advanced trading platforms and fast execution speeds. Other benefits include up to 500:1 leverage and low deposit and withdrawal fees.
| Feature | Feature 1 | Feature 2 |
|---|---|---|
| Trading Platform | MetaTrader | cTrader |
| Fees | Spreads From 0.0 | $3.50 Commission |
| Trading Conditions | Leverage up to 500:1 | $200 Min Deposit |
| Regulation | UK FCA | Australian ASIC |
| Range Of Markets | Currency Trading | Contract For Difference (CFDs) |
There are three main trading accounts but our review focused solely on the Raw spread and cTrader trading account. These two account types offer the best features, no requotes and the lowest forex trading costs.
1) Standard Account IC Markets Raw Account Spreads | |||||
|---|---|---|---|---|---|
 | 0.10 | 0.20 | 0.40 | 0.40 | 0.30 |
 | 0.13 | 0.18 | 0.48 | 0.51 | 1.39 |
 | 0.10 | 0.30 | 0.61 | 0.49 | 1.15 |
 | 0.20 | 0.20 | 0.40 | 0.50 | 1.50 |
 | 0.44 | 0.42 | 0.40 | 0.85 | 1.30 |
 | 0.16 | 0.29 | 0.54 | 0.60 | N/A |
 | 0.20 | 0.40 | 0.50 | 0.60 | 10.00 |
 | 0.40 | 0.50 | 0.60 | 0.60 | 1.30 |
 | 0.40 | 0.70 | 0.60 | 0.70 | 1.80 |
 | 0.44 | 0.99 | 0.92 | 1.12 | 1.64 |
The IC Markets Raw Spread account was awarded the 2020 lowest spread account of any CFB broker worldwide. The account is an Electronic Communication Network (commonly called a true ECN account) offers faster forex trading with lower commissions. When it comes to IC a Raw broker allows small market participants to trade with large liquidity providers on Foreign Exchange Markets. Both the MT4 and cTrader Raw account types provide a real ECN trading environment. This means at these accounts achieve ECN style pricing using 50+ banks and dark pool liquidity providers. Not only does this achieve tight spreads from zero pips but also low latency that’s ideal for day traders.
You can view our comprehensive 2020 spread and commission comparison article for more detail on the forex broker’s fees. It should be noted there is also an Islamic account that has no interest fees (swap-free). These account types are available on either the cTrader of MetaTrader forex trading platforms.
There are a number of funding and withdrawal methods such as bank transfer credit cards and even PayPal with no additional fees charges. Only in some instances may some fees be charged by some international institutions. View our standard vs ECN account comparison.
The IC Markets raw spread trading accounts (formally true ECN account) are considered the ‘best value’ based on their:
IC Markets offers the three most popular forex trading platforms. All forex platforms support mobile trading including iPhone, iPad and Android applications and have a demo and live account.
MetaTrader 4
MetaTrader 5
| 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 10 additional tools the CFD broker integrates into the forex trading platforms. These enhance currency trading in most trading conditions giving traders the edge. Features include:
Alarm Manager
Correlation Matrix
Correlation Trader
Trade Terminal
Market Manager
Sentiment Trader
Session Map
Smart Lines
Stealth Orders
Tick Chart Trader
The three forex trading platforms above use Equinix servers (the LD5 server in London for the cTrader platform and NY4 in New York for MetaTrader) maximising the execution speeds of the three trading platforms shown above. They also have a direct access inter-bank price feeds from more than 50 banks and institutional liquidity providers minimising slippage when forex trading.
IC Markets forex platform is the leader of the Australian forex brokers based on three factors:
Of the most credible Australian forex brokers, IC Markets offered the equal highest leverage level of 500:1. This may vary across the 65 currency pairs offered by the Australian forex broker.
As the graph above highlights, only a handful of Australian forex brokers offer 500:1 for forex trading and of these brokers. Some put restrictions on what forex traders can access this level. These can also be adjusted based on market conditions or your trading experience.
Leverage is effectively the amount a forex broker allows a trader to borrow when trading currency. 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 to be traded on currency markets.
Forex Trading Leverage Example
A trader has a $100 deposit and selects leverage of 100:1 for the AUD/USD pairing.Currency markets normally have relatively small movements each day compared to other financial products. If you used a conventional forex exchange service (eg purchasing USD currency) the returns would be normally very modest. To amplify these movements leverage is required which can make it easy to make a profit (or loss) from small movements.
High leverage is particularly suited for forex traders who have a high-risk tolerance, use scalping software (eg expert advisors) or trade 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.
IC Markets has the highest leverage of the mainstream Australian forex brokers. The level of 500:1 can be reduced if your risk appetite is lower based on a request. Overall though, having the option to maximise leverage can be critical for some traders strategy.
IC Markets provides the highest leverage of 500:1 increasing exposure to the market. This is ideal for forex traders with a high-risk appetite or those using third-party tools such as expert advisors. Traders though with a lower risk appetite or those new to trading may require risk management tools that are limited with the CFD broker.
A guaranteed stop such as offered by Plus500 is when you can pre-set the maximum amount your willing to lose on an individual trade. Regardless of market conditions, this predetermined amount is set. This different from 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 has 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 such as 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 broker which means faster exeuciton speeds and lower spreads but market maker broker features that interfere with trading can’t be offered. You can view our comparison with easyMarkets to compare an ECN broker vs market maker broker.
IC offers some research support when forex trading including:
Outside of 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 don’t offer gimmicks like joining bonuses. They instead focus on the core fundamentals of having the lowest spreads, low commissions, no deposit or withdrawal fees and fast execution speeds. If you’re looking for a short-term based on a joining fee then you should look for another CFD broker.
IC Markets is one of the larger Australian forex broker firms thanks to their strong offering in several areas including their spreads, commissions, forex trading platform, leverage and trading tools which led to the following recommendations:
Those new to currency trading should consider the standard account but with a lack of management features, this may not be the best forex broker for them. A recommended forex broker may be EasyMarkets which offers features including dealCancellation, guaranteed stops and negative balance protection.
Advanced traders with a risk appetite that matches the 500:1 leverage of IC Markets should consider the Raw forex broker account. This account offers raw (ecn style spreads), leverage of just $3.50 per lot and the MT4 forex trading platform. With many advanced MT4 trading tools this is the strongest niche for the online broker.
Those looking to use scalping strategies on currency markets should consider the cTrader account. With $3.00 per USD $100k traded commission combined with ECN broker equivalent spreads, the use of cTrader and fast execution speeds through Equinix LD5 facility, this forex broker has tools required for scalping using C# programming language.
IC Markets is regulated by the Australian Securities and Investments Commission (ASIC). There Australian Financial Services Number (AFSL) is 335692. To avoid SCAM brokers it’s recommended to use a top regulator from ASIC, FCA to FSCA. They have a large list of clients both retail and institutional that can guarantee the company’s credentials. They have a sound financial background and are committed to protecting investor, consumer and creditor interests.
Australia boasts some of the strictest and most robust financial regulations in the world. The laws that govern the finance industry dictate the state of play to any company offering financial products, services or advice to consumers. In order to promote integrity, encourage business and keep the market ticking along nicely, financial services companies, including Forex & CFDs brokers, are heavily regulated. This ensures your deposits are 100% safe as they’re held in segregated bank accounts.
IC offers local customer support from their Sydney office located at Level 6 309 Kent Street Sydney, NSW 2000. CFD traders can reach them through different channels like email, Skype or by phone. Their Sydney response time is within 15 minutes based on our enquiries with most complex issues solved within a day. Customer service is open 24 hours, 5 days a week. Live chat is also available through the CFD provider. The company is also dedicated to their educational centre (video journals and articles) which is great for those who have no previous knowledge in trading. Pepperstone is one of the only fx brokers that has won more awards for customer support than IC.
The minimum deposit is USD $200 with micro lots supported through there forex platform which is 1,000 units of the base currency. When you start trading Contract For Differences the minimum is one trading CFDs contract.
Trading account funding includes a credit card or debit card, Neteller and wire transfer (bank wire), bPay and WebMoney. Other methods as shown below include PayPal, Skrill, POLI, China UnionPay, Fasapay and broker to broker transfers. Currencies accepted by IC include the AUD, NZD, SGD, USD, EUR and GBP for deposits and withdrawals.
Base currencies available include AUD, GBP, USD, CAD, JPY, SGD, NZD, HKD, CHF and EUR.
There are a number of CFD trading services with no dealing desk available including:
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