IC Markets is one of the largest forex brokers offering the most popular trading platforms and tier-1 ASIC and CySEC regulation. We recommend the broker for low-fee trading with the lowest standard account spreads of any broker worldwide.
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IC Markets Summary
Fees are the primary reason that we recommend IC Markets with their standard account having the lowest spreads of any forex broker worldwide. These fees are available across their trading platforms including MT4, MT5, cTrader, and TradingView. The main tradable markets offered are forex, shares, indices and crypto as a CFD.
We ranked the broker as one of the most trusted as it was established in Australia in 2017 and is tier-1 regulated with ASIC and CySEC. If your looking for a low fee broker then it’s worth opening an account with a minimum deposit requirement of $200 USD.
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.
To assess IC Markets’ competitiveness, we benchmarked their spreads against industry averages and conducted live comparisons with top brokers.
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 |
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0.90 | 1.10 | 1.60 | 1.80 | 1.50 |
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1.00 | 1.11 | N/A | 1.30 | 1.28 |
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0.84 | 0.83 | 1.79 | 2.32 | 1.92 |
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1.10 | 1.10 | 1.10 | 1.20 | 1.20 |
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1.20 | 1.30 | 1.20 | 1.20 | 1.30 |
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1.20 | 1.30 | 1.50 | 1.70 | 1.20 |
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1.10 | 1.20 | 1.30 | 1.40 | 1.40 |
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1.10 | 1.20 | 1.40 | 2.00 | 1.50 |
Avg. spreads are taken from each broker's website and updated monthly. Last update on 10/01/2024
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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0.06 | 0.27 | 0.23 | 0.42 | 0.59 |
|
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0.10 | 0.20 | 0.50 | 0.30 | 0.50 |
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0.10 | 0.20 | 0.60 | 0.40 | 1.00 |
|
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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 |
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0.44 | 0.42 | 0.50 | 0.40 | 0.30 |
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0.17 | 0.30 | N/A | 0.54 | 0.68 |
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0.20 | 0.40 | 0.60 | 0.50 | 0.70 |
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0.10 | 0.50 | 1.10 | 0.60 | 0.80 |
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n/a | 0.50 | 0.70 | 0.60 | 0.40 |
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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 10/01/2024
View the comparison table of IC Markets Raw Spread Vs Standard Accounts to find the right account for your needs.
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 | $4.50 | £2.75 | €3.25 |
| 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 our Fee Comparison tool, adjusting for base currency, trade size, and currency pair.
You learn more about their fees in our comprehensive review of IC Markets Spreads and Fees.
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.
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.
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.
A multi-asset trading platform with share CFD trading is permitted.
A forex trading platform that provides an institutional-style trading environment.FinClear (IC Markets Share Trading Platform)
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.
Trading Platform Verdict
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.
Yes, IC Markets is a safe broker with a trust score of 61 out of 100.
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.
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.
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 Safety
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.
IC Markets is a relatively accessible broker with a low minimum deposit and a range of fee-free funding methods.
IC Markets requires you to make an initial minimum deposit of USD $200 (or equivalent) when opening a trading account.
IC Markets offer 10 base currencies including the AUD, USD, EUR, GBP, SGD, JPY, CHF, NZD, CAD to HKD.
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 also charges no withdrawal fees, although certain banks may charge $20 AUD for international bank transfers.
It should be noted that the withdrawal method needs to be the same as the deposit method chosen.
View our detailed IC Markets Minimum Deposit page for more details on deposit methods, requirements and fees.
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.
Vedict On Making A Deposit And Withdrawal With IC Markets
IC Markets offers a user-friendly funding experience with a reasonable minimum deposit of USD $200 and a variety of fee-free deposit methods.
IC Markets offer a number of CFDs to trade with No Dealing Desk Brokers 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.
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.
Our Verdict On IC Markets Product Range
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.
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 Service Levels
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.
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 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 quality of education and research offered
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.
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.
IC Markets is considered one of the Best Forex Brokers In Europe as well as one of the Best Forex Brokers In Australia. 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.
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.
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.
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.
When writing IC Markets review, the CompareForexBrokers 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.
Verdict
Broker Fees
Trading Platforms
Safety
Account Funding
Product Range
Customer Support
Market Research
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 regulated by ASIC in Australia, CySEC for Europe and FSA based in Seychelles for all other countries. These financial regulators all require you keep your funds in a segragated trading accont.
Can I deposit $100 on IC Markets?
Yes, while IC Markets advertises a minimum deposit of $200, you can deposit as much or little as you need as this $200 is more of a recommendation.