IC Markets is the lowest fee forex broker offering a Standard and Raw Spread account. The Standard account has higher spreads but no commissions, while the Raw Spread account has the tightest ECN spreads and a low commission of $3.50 per $100k traded.
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MetaTrader 4
MetaTrader 5
MetaTrader 4
MetaTrader 5
cTrader
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MyFxbook Automate
MyFxbook AutoTrade (MT4 only)
ZuluTrade (MT4 Only)
MetaTrader Signals
MyFxbook AutoTrade (MT4 only)
ZuluTrade (MT4 Only)
MetaTrader Signals
Yes
Yes
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$200
$200
$200
Beginner Traders
Discretionary Traders
Low Volume Traders
Day Traders
ECN Style Trading
Cost Saving
Scalpers
ECN Style Trading
cTrader Platform
The fees are the only difference with the standard account having spreads marked up 0.6 pips compared to the raw account that has a commission added. We tested both IC Markets trading accounts and found the raw spread account has the lowest fees for CFD and forex traders.
Open Standard AccountRaw Spread Account
IC Markets offers three account types which are:
Beginner brokers often prefer the standard account based on fee simplicity while advanced traders should choose the raw spread account, which is the most popular account type. The table below compares these three IC Market accounts.
Similarities Between Accounts
The common features of both IC accounts are the:
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The IC Markets Raw spread account offers ECN pricing if you are using the MetaTrader Trader Platform. You find this account offers some of the tightest spreads in the online forex industry. This means savings when it comes to your costs. To keep tight spreads, IC Markets charges a commission of AUD $7.00 or USD $7.00 round turn.
IC Markets MetaTrader Raw Spread Accounts Distinguishing Features:
Best for: Traders who want low pricing and MetaTrader platforms.
Below compare the RAW spread account trading fees to other leading forex brokers who publish their average spreads and commissions. This also factors in live forex pair crosses through an API.
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Unlike Raw Spread accounts, the Standard account has no commissions. Instead, there is a markup of 0.6 pip. While this does mean your costs will be higher than the Raw spread account, no commission means the calculation of your costs is simpler, making it suitable for beginner forex traders.
IC Markets Standard Account Distinguishing Features:
Best for: Traders with low trading experience
This type of trading account is similar to the MetaTrader Raw Spread account. The difference is that it is for traders using cTrader rather than the MetaTrader Trader Platform. If a trader chooses the cTrader trading platform, the commission structure is also different.
cTrader trading platform offers a different trading experience to MetaTrader so you would choose this platform if you prefer this platform over MetaTrader.
IC Markets cTrader Raw Spread Accounts Distinguishing Features:
Best for: cTrader trading platform is for those who need superior charting options
This account is designed for traders of the Islamic faith who must comply with sharia law. The account is similar to the MetaTrader Raw spread account. You will use the MetaTrader trading platform, have the same spreads for all currency pairs, and incur the same commissions. The main difference is there are no swap rates (also called overnight fees or rolling fees) and you will incur additional charges for trading minor currency pairs.
IC Markets Islamic Account Distinguishing Features:
To use this account you will need to provide evidence to IC Markets you are of the Muslim faith.
Best for: Only for those of Muslim faith (proof will be required)
IC Markets are the issuer of the products they provide. This means they use an Electronic Communication Network pricing model (known as ECN for short) to access their deep pool of external liquidity providers when sourcing prices. IC Markets pass these prices to you without any requotes or dealing desk intervention.
To ensure you receive the best possible price, IC Markets do not hedge any positions with the liquidity providers. For this reason, while not completely a true ECN broker, IC Markets can offer what they call an ECN pricing model.
This kind of trading model is why IC Markets are known as an ‘A’ book broker. This is different from Market Maker Brokers which are ‘B’ book brokers. These types of OTC Forex Brokers will trade against you as they are your counterparty for each trade.
As IC Markets is a No Dealing Desk Brokers, no requotes and do not hedge your position, the spreads passed onto you are ‘raw’. In other words, IC Markets are providing you with the very best spreads liquidity providers are willing to offer. This is critical for some trading styles as discussed on Quora.
IC Markets charge a commission for each trade you do rather widen the spread.
IC Markets RAW ECN pricing account spreads compare extremely well when we compare spreads with other brokers using similar trading execution. The comparison below compares the spreads of different brokers using average spreads published.
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IC Markets Raw Account Spreads
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0.02 | 0.23 | 0.27 | 0.85 | 0.17 |
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0.10 | 0.30 | 0.30 | 1.40 | 0.20 |
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0.10 | 0.60 | 0.40 | 2.40 | 0.20 |
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0.20 | 0.50 | 0.40 | 1.50 | 0.20 |
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0.17 | 0.59 | 0.54 | N/A | 0.30 |
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0.20 | 0.60 | 0.50 | 10.00 | 0.40 |
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0.10 | 0.60 | 0.60 | 1.30 | 0.50 |
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n/a | 0.20 | 0.60 | 3.10 | 0.50 |
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0.44 | 0.85 | 0.40 | 1.30 | 0.42 |
Avg. spreads are taken from each broker's website and updated monthly. Last update on 09/01/2024
IC Markets standard account works a similar way to the ECN trading accounts however there is a requote. Prices will be the same as with ECN trading conditions but with 0.6 pip added to the spread. This one Pip is IC Markets charge for providing the service and is equal to USD$10 for each standard lot.
To keep spreads as low as possible, IC charges a commission for their IC Markets ECN pricing accounts. Commission for IC Markets RAW account with MetaTrader trading platform depends on the number of lots you trade, while the cTrader platform depends on the on-the-spot rate of the currency pairing when you go short or long.
IC Markets charge the following commission for RAW accounts for MetaTrader
The commission will vary depending on your account currency.
cTrader, unlike MT4, is based on a charge of USD $3 per USD$100,000 traded one way ($6 round trip) rather than lots. The commission needs to be converted to the base currency at the spot rate. For example:
In place of commission, IC Markets widen their spreads with 1 additional pip. Pips costs are the following:
In our example, we are using AUS USD where AUS is the quoted rate and USD is the base. IC Markets adds a flat 1.0 pip to the spreads on the Standard account (1.4 pips). RAW spreads account (MetaTrader, cTrader) does not have any pips added, so this example will use 0.4 pips.
Thus, we can conclude you will save 0.03c with the RAW account when trading with micro-lots.
Thus we can conclude you will save 0.30c with the RAW account when trading with mini lots.
Thus we can conclude you will save $3 with a RAW account when trading with standard lots.
IC Markets offer you a choice of three platforms for trading. These are MetaTrader 4, MetaTrader 5 and cTrader.
MT4 is a logical choice for traders as it’s the most popular trading software. Most brokers offer the platform as it offers a range of financial instruments and easy to use interface.
The core features of MT4 are:
MT5 is an upgrade on MT4 however its adoption by brokers and traders has been slow. This is because MT5 when first released did not allow the ability to hedge as this is not permitted in US markets. This feature is now available meaning MT5 now offers everything MT4 offers and more.
This platform is a popular alternative to MetaTrader. Its strength is in its advanced charting tools. Compared to MetaTrader, cTrader has a cleaner and more user-friendly design which leads to better navigation while MetaTrader has a more professional look. cTrader tends to be more specialised in forex, so if you are looking to trade a variety of CFDs then MT5 could be your best option.
One fo the best features IC Markets offers is a plethora of online educational tools. Across the forex and CFD ecosystem, the broker covers all the core educational areas including:
IC Markets also have a section devoted to serious traders which cover the following:
IC Markets have the following entities and regulations:
Depending on where you sign up, you will join the most applicable entity for your region. This will impact leverage and fees and discussed on the MyFxBook IC Markets forum.
Using a regulated broker will mean your funds are secure and generally include the following benefits
If you fall within CySEC regulation, then you will have guaranteed negative balance protection if you are a retail trader
Risk Warning: It is important for users to note that Trading Derivatives carry a high level of risk to your capital, and you should only trade with money you can afford to lose. As a result, it’s critical that potential account users fully understand the risks involved and seek independent advice if necessary.
IC Markets offer one of the widest choices of funding methods of all forex brokers, and they do not charge any fees for deposits and withdrawals. This is often discussed on the Reddit forum.
With IC markets you can use the following methods to fund your accounts, and the transfer will almost always be instant.
The Raw spread account is the best when it comes to fees and execution speeds. In fact, our ECN broker spread comparison found IC Markets to have the lowest spreads of any forex broker. The standard account is only recommended for beginner traders looking for the simplicity of having brokerage added within the spreads.
The spreads for the IC Markets raw account are (in pips)
View our lowest spread forex brokers review to compare IC Markets to the leading ECN broker accounts.
Our analysis shows ECN pricing leads to lower fees on the Raw Account overall in comparison to the Standard Account. Our calculations are as follows:
Based on this, the ECN pricing is cheaper compared to the standard account leading the Raw Spread account to have lower brokerage. As a rule of thumb, the more you trade, the more your expenses will be, thus day traders and those using EAs (Expert Advisors) in particular will benefit from the Raw Spread account.
The only other reason one might prefer IC Markets Standard account is if you are a beginner forex trader and do not want the expense and hassle of having to calculate your commission fees or if IC Markets ever offer narrower spreads for the Standard Account. We recommend joining an IC Markets demo account and trading with micro lots until you are comfortable trading with fx.
Regardless of which type of forex trading account you select, it is important to remember that forex markets are very volatile, so you will want to ensure you fully understand the risks involved with forex trading and CFD trading. This also applies to any leveraged product due to leverage amplifying the risks of trading.
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Testing and data comparing Raw Account Spreads
Ask an Expert
I’m looking to trade using automation (EA Robots). Is the Raw Spread or Standard account going to result in lower fees? What do most high volume traders choose?
Most high volume traders choose the RAW Spread account as it is better for scalping. This is because the RAW spread account has priority access to the order books which results in faster speeds that allow for less slippage.
I’m based in London and was wondering what account more UK traders choose?
We believe retail traders in the UK prefer the standard account. However, most experienced traders prefer Raw account for its lower spreads
What should be my intended purpose and nature of transaction as a beginner
Obviously you trade with the intention of making some profit, however it is important to appreciate that CFD are risky instruments and using leverage can amplify your losses. As a beginner trader you should practise by using a demo account and then when you are ready to use real money, trade in small amounts with low leverage and trade in micro or minimum lots. You should also make use of the risk management tools such as stop loss orders.
IC Markets provide a range of forex trading and education tools to help you with your trading journey.
Is Raw spread good for scalping?
Scalpers like raw spreads because the cost for each trade is lower, other scalper like fixed spreads because they want predictability when trading. It depends on your trading strategy.