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Home » reviews » IC Markets Review » IC Markets Spreads And Fees

IC Markets Spreads And Fees Review

IC Markets offers a Raw Spread forex trading accounts with ECN pricing. 65 currency pairs are available with spreads starting from 0.0 pips for the EUR/USD fx pair. Trading platforms include MetaTrader 4, MT5 and cTrader and the choice of 232 trading instruments.

Written by Justin Grossbard

Edited by David Levy

Fact Checked by Robert Payne

Edited by David Levy

Fact Checked by Robert Payne

Updated: 02/09/2023

What Changed?

Each month we update average spreads data published by the brokers the retail brokers lose %

Fact Checked

We double-check broker fee details each month which is made possible through partner paid advertising. Learn more this here.
IC Markets Spreads And Fees Review

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 Fees Calculator

Our IC Markets calculator uses commissions that are pegged to the base currency a trader chooses and the average IC Markets spreads published by IC Markets and competitors each month. Calculating these two variables with live crosses (or the last cross at the close of business on Friday) allowed this calculation.

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Summary Of IC Markets Spreads

Pepperstone has the lowest non-commission account.  When we compared in February 2023  forex accounts that don’t charge commission our spreads comparison found IC Markets was competitive but Pepperstone was consistently better. Pepperstone also has superior forex trading platforms, customer service and regulation. You can read more in our Pepperstone Review.

Broker Spread Comparison
ic markets spreads logo
0.74 0.85 0.62 1.27 0.77
fp markets spreads logo
0.20 0.30 0.10 0.30 0.20
pepperstone spreads logo
0.47 0.50 0.12 0.40 0.22
go markets spreads logo
0.20 0.30 0.20 0.40 0.20
xtb spreads logo
0.50 0.60 0.30 0.50 0.50
atc spreads logo
0.30 N/A 0.30 0.50 0.40
axitrader spreads logo
0.20 0.83 0.44 0.40 0.42
ig markets spreads logo
0.24 N/A 0.17 0.54 0.30
London Capital Group
0.30 0.70 0.20 0.50 0.40
admiral markets spreads logo
0.30 1.10 0.10 0.60 0.50
fxtm spreads logo
n/a 0.30 n/a 0.60 0.50
dukascopy spreads logo
0.77 1.41 0.44 1.13 1.23

Avg. spreads are taken from each broker's website and updated monthly. Last update on 01/09/2023

FP markets have the lowest raw trading account spreads. Our February 2023 Raw spread comparison found the IC markets raw account had some competitive spreads only on some major pairings while FP was consistently better. FP Markets also has similar regulations to IC Markets and the same forex trading platforms. View our review of FP markets to learn more.

ECN Broker Spreads
fp markets spreads logo
0.20 0.30 0.10 0.30 0.20
pepperstone spreads logo
0.47 0.50 0.12 0.40 0.22
go markets spreads logo
0.20 0.30 0.20 0.40 0.20
xtb spreads logo
0.50 0.60 0.30 0.50 0.50
atc spreads logo
0.30 N/A 0.30 0.50 0.40
axitrader spreads logo
0.20 0.83 0.44 0.40 0.42
ig markets spreads logo
0.24 N/A 0.17 0.54 0.30
London Capital Group
0.30 0.70 0.20 0.50 0.40
admiral markets spreads logo
0.30 1.10 0.10 0.60 0.50
fxtm spreads logo
n/a 0.30 n/a 0.60 0.50
dukascopy spreads logo
0.77 1.41 0.44 1.13 1.23

Avg. spreads are taken from each broker's website and updated monthly. Last update on 01/09/2023

We have broken up the other fees and transaction costs a trader is likely to encounter with IC Markets and explained what these fees entail.

IC Markets Fee Type Charge
Raw Spreads (Forex) - commission USD$7 Round-turn commission per standard lot ($3.5 per side)
Standard Spreads (Forex) 1.0 Pip
cTrader Raw Spreads (Forex) USD$3.0 per USD100k
Rollover / Overnight Fees Varies by currency pair
Withdrawal Fees $0
Deposit Fees $0
Inactivity Fees $0
MT4 Advanced Trading Tools Free
MyFxBook AutoTrade (Social Trading) 0.6 Pip + Standard Account Spread of 1 Pip
ZuluTrader 1.5Pip + Standard Account Spread of 1 Pip
Virtual Private Server (VPS) Sponsorship available
Demo Account Free

When you buy CFD forex, shares, bonds, indices and other CFD products, you will encounter 3 types of costs. These are

  • Trading/brokerage fees –  This is the fee the IC Markets charge you to execute your trade. With IC Markets this will usually be in the form of spreads or commission.
    • Commission: This is a charge you will pay for each side of the lots you trade. Use of commission means spreads are narrower as the broker does not interfere with the spread
    • Spreads – This is the difference between the ‘buy’ and ‘ask’ price of a currency pair. You express the spread as a pip  (percentage in point) or a pipette which is 1/10 of a pip. Spreads are 1 pip wider for non-commission accounts.
  • Non-trading costs – These are cost operational costs for having an account with the broker. Non-trading costs include funding fees and inactivity fees.
  • Other / Ancillary costs – IC Markets allow you to use other optional tools to enhance your trading experience such as social trading tools (i.e. ZuluTrader or MyFxBook Automate). These will sometimes have a cost involved.

Given the fact that IC Markets is governed by strict regulatory authorities, clients are protected from spread manipulation and other abusive practices. IC Markets abides by the rules and standards imposed by the Australian Securities and Investments Commission (ASIC, Australia), Cyprus Securities and Exchange Commission (CySEC, Cyprus) and the Financial Services Authority (FSA) of Seychelles.

Open a demo accountVisit IC Markets

Our Rating

The overall rating is based on review by our experts

6.83
Spreads
9 / 10
Leverage
8 / 10
Trading Platform
10 / 10
Risk Management
3 / 10
Range of Markets
7 / 10
Customer Service
4 / 10

IC Market Forex Fees

You will find IC Markets charge lower fees than traditional brokers. IC Markets uses ECN (electronic communication) and STP (straight-through processing) style trading when trading forex. ‘ECN’ and/or ‘STP’ style trading saves you on costs as no dealing desk is involved in the trading process and prices are kept low by sourcing the best available prices from a pool of 25 liquidity providers.

The brokerage fees you pay will be determined by the type of IC Markets account you are using. The following live accounts are available:

  • Standard account -This account offers similar spreads to the RAW account but adds 1 pip to the final spread however does not commission.
  • RAW spreads account – This account uses ECN/STP style trading. Spreads are low because they are set by the liquidity providers. IC Markets do not interfere with the final spreads but instead, charge a commission. This commission is AUD$3.5 per standard lot (100,000 units) each way (i.e. AUD$7).  To use this account you must be using the MetaTrader platform
  • Raw spread account (cTrader) – Like the RAW spreads account, this account uses ECN-STP style trading for spreads but is for traders using the cTrader platform. cTrader has more advanced charting functionality with CFD trading on the forex market compared to some other platforms. Commission, however, is different being USD$3 per USD$100,000 traded.

You can view our Standard vs Raw account comparison to understand the differences between the two accounts.

Other expenses

  • Rollover Rate: Also known as overnight swap or finance fee, this is the interest charge for keeping your position open after closing. The rate is determined by the interest rate differential between the currency pair kept open.  If you hold your position on a Wednesday night, the charge will be triple the usual rate. Swap rate calculation is Lots * swap points * point size

Typical IC Markets spreads for forex

IC Markets Forex Spreads

Standard Account

The IC Markets standard account is a great account for beginner traders as there are no commissions. With the Standard account, you will get ECN style spreads (which IC Markets call RAW spreads) with a flat 1 pip added to the spread.

Standard Account IC Markets Fees

Trading cost for Standard Account

IC Market add 1 pip to the spread. They do this by subtracting -0.5 pips from the bid and adding 0.5 pips to the Ask price.

As an example, if the spread for an ECN style account is 0.80000/0.80001 then the spread will be revised to become 0.79995/0.80006. This gives a spread of 0.80006 – 0.79995 = 0.00011 pipettes or 1.1 pips.

To calculate your spread cost apply the following formula

Total cost = (Spread) x (Pip Cost) x (Number of Lots Traded)

To trade in your base currency then apply the following pip cost:

  • Micro-lots (1000 lots base currency) then your pip cost will be $0.10c
  • Mini-lots (10,000 lots base currency) then your pip cost will be $1
  • Standard-lots (lots base currency) then your pip will be $10

Should your account not be the base currency then you will need to convert the currency, then the formula is

Pip value in quote currency (ask) =  (1 pip/exchange rate) x lot size (the bid quote or base currency) or

Pip value per lot (1 pip) which is 0.0001  / exchange rare or current price of the pair x lot size (in base currency)

(not JPY is calculated differently)

IC Markets Standard account calculation example:

IC Markets Standard Account

RAW Spreads Account

IC Markets RAW spreads account

This account is likely to be for you if you want the lowest possible spreads. The Raw spread account is compatible with scalpers and day traders. By using Electronic Communication Networks style conditions for trading, spreads can be kept very narrow.

Trading cost for RAW spreads account:

The Raw spreads account charges a commission rather than a wider spread. Your commission cost for RAW spreads will be the following

  • Standard lot (100,000 units) = USD$3.50/USD$7 round turn
  • Mini-lot (10,000 units) = USD$0.35 / USD$0.70 round turn
  • Micro-lot (1000 units) = USD$0.035 / USD$0.070 round turn

Calculating the commission cost:

If you open (called go ‘long’) your 5 standard lots (i.e. 500,000 units) then the commission will be USD$17.50 (5 x USD$3.50) side trip.

When you close your position (go ‘short’) for the 5 standard lots your commission will also be USD$17.50.

This means your commission will total USD$35.

IC Markets RAW Spreads commission

Trading costs with Raw Spreads account – cTrader account

cTrader Raw spreads account is the same as IC Markets Raw spreads account except you are using the cTrader platform rather than the MetaTrader platform. The commission is based on units sold rather than lots. cTrader Raw Fees

Comparing Spreads with other brokers

IC Markets (RAW) Pepperstone (Razor) Plus500 IG
EUR/USD 0.1 0.16 0.6 0.6
AUD/USD 0.2 0.27 0.6 0.6
GBPUSD 0.4 0.49 1.1 0.9
USDJPY 0.2 0.25 0.70 0.79

IC Markets fees for RAW Spread account which uses ECN Style trading compare much the same as Pepperstone. Both online forex brokers use similar trading policies which is why the average spreads are much the same. ECN Style spreads offer some of the lowest spreads on the market, which are good for scalping. This can be demonstrated by the fact IC Markets spreads are superior to Plus500 and PLUS500 spreads who are market makers and use a dealing desk with requotes.

While it is true IC Market RAW spreads have the cost of commission and IG Markets and Plus500 do not, the ECN style spreads or narrow spreads IC Markets offers mean lower cost.

Total cost = (Spread) x (Pip Cost) x (Number of Lots Traded).

IC Markets RAW spreads account cost = EUR/USD 0.1 (spread) x $10 x 1 lot = $1 + commission of $3.50 (Sideways) results in a cost of $4.

IG / Plus500 cost = EUR/USD 0.6 (spread) x $10 (pip cost) x 1 lot = $6

If your base currency is EUR then you will need to convert the pip cost to EUR.

Spreads

Open a demo accountVisit IC Markets

cTrader Commission Rates

IC Markets cTrader commission =  USD$3 per USD$100,000 bought and USD$3 per USD$100,000 sold.

To calculate the USD commission, you need to convert the base currency.

If you are trading with AUD/USD then the following calculation will apply:

Opening Price: AUD$100,000 x 1.300 = USD$100,000 x (3/100,000). This results in a commission of USD$3.90 for each lot.

Closing Price: $100,000 x 1.310 = USD$100,000 x (3/100,000) = This results in a commission of USD$3.93 for each lot

Total commission on trade = USD$3.90 + USD$3.83 = USD$7.83

If your base currency is AUD then you will need to convert this to AUD.

Calculating the finance charge/overnight holding fee

All brokers charge an overnight holding fee which IC Markets apply at 00:00 MetaTrader server time each night.

Calculating the finance charge/overnight holding fee for forex with IC Markets:
  • Swap Charge = Number of Lots x Swap Rate (Long or Short) x Point Size x Number of Days (where the overnight charge for Wednesday is triple).
  • Point size is contract size x minimum price fluctuation which is 0.00001.

IC Markets will provide the long and short swap points in their trading platforms for all the currency pairs they offer.  Depending on the interest rates you will either incur a rolling fee or receive interest credit for the fee.

IC Markets Fees - Rollover

IC Markets Fees conclusion

The main takeaways for fees with IC Markets are the following:

  1. The standard account adds 1 pip to the spread.  In our example, we traded 5 standard lots which have a round-turn cost of AUD$110
  2. RAW spreads account adds a commission fee of $AUD3.50 sideways / AUD$7 round turn for each standard lot you trade (100,000 units). The spread is not widened.
  3. cTrader charges a commission of USD$3 for each $100,000 traded.  This makes it hard to compare with the MetaTrader platform which uses a fixed amount for each lot.
Open a demo accountVisit IC Markets

IC Market Shares CFD Fees

Market Commission Size of 1 Lot Min Volume Max Volume 1 Tick Margin Requirement
NAS $0.02 USD per side / lot 1 Share 10 10000 0.01 USD 5%
NYSE $0.02 USD per side/ lot 1 Share 10 10000 0.01 USD 5%
ASZ 0.10% per side / lot 1 Share 10 10000 0.01 AUD 5%

With IC Markets Shares CFD you can trade some of the largest and popular companies in the world through the Australian and New York stock exchanges. There are some 100+ stocks available across ASX, NASDAQ and NYSE. One of the key features with IC Markets is that you can earn dividends for the stock CFDs you own.Stocks Summary

To trade shares CFD, you must be using the MetaTrader 5 platform.

Fees for Shares CFD
  • Trading Fees:
    • Brokerage Fees: This will vary by the market you trade with
      • ASX: You will incur a charge of %0.10 for each share you trade.
      • NASDAQ and NYSE: You will incur a charge of 0.02 USD for each share you trade.
    • Finance Charge: To calculate the overnight fee the following formula will apply. (Number of shares) x (market closing price) x (interest rate) / 360. Fees are triple on Fridays.
  • Non Trading Fees:
    • Currency conversion: When you close your position with a currency that is not the base currency of your account there will be a cost to convert the currency to the base currency you use for your account which may differ from the spot rate.
    • Stock borrow fee: IC Markets in some circumstances may pass on stock loan fees if IC Markets receive this charge from their hedge counterparty charges. IC Market will notify you of this fee if it occurs.
Calculating your Shares CFD fees to open and close on the ASX.

IF you want to buy 1000 ANZ Bank shares and are quoted AUD$28.50 / AUD$28.60 (Buy/Ask) on the exchange.

Cost to open your position =  AUD$28.60 (1000 x 28.60 x 0.10%)

Later ANZ Bank prices rise to AUD$32.00 / AUD$32.10

Cost to close your position = AUD$32.00 (1000 x 32.00 x 0.10%)

Trading cost = AUD$28.60 + AUD$32.00 = AUD$60.60

Finance charges for Shares CFD with IC Markets
  • Shares CFD: (Number of shares) x (market closing price) x (interest rate) / 360. Fees are triple on Fridays.

If the finance charge is 8% p.a. and the closing price of the ANZ share is AUD$29.00 making your shares valued at AUD$29,000.

Then the overnight interest you will pay is AUD$29,000 x 8%/360 which comes to $6.44.

Risk Warning: If you hold it for more than one day then you will need to recalculate the finance charge for each day. Finance charges for Fridays are triple.

IC Market Cryptocurrency Fees

IC Market offers some ten different cryptos including Bitcoin, Ethereum, and Litecoin. You can go long or short without actually holding the Cryptocurrency which means you can get exposure without the security risks of storing the asset. You can trade with leverage of up to 1:5. Cryptocurrency

Trading Cryptocurrency has the following fees:
  • Trading Fees: Bid/Ask Spread.  Cryptocurrency is a spread-only product. You enter at the Ask price and exit at the Bid price.
    • Spread =  Ask – Bid
  • Rolling / Overnight Fees:  You will incur an overnight charge if you hold your position after trading hours has closed for the day. To calculate your finance charge apply the formula
    • Finance Charge or Finance Credit = No of Lots x closing Market price x interest rate/360. Fees are triple on Fridays to cover the weekend period when trading is inactive.
IC Markets Cryptocurrency vs USD CFD Min Spread AVG
Bitcoin 5.0 10.0
Bitcoin Cash 5.0 6.0
Ethereum 4.0 4.5
Lite Coin 3.0 3.5
Dash Coin 4.0 5.0
Ripple 0.015 0.16
EOS 0.16 0.160
Emercoin 02.70 0.270
NameCoin 0.650 0.750
PeerCoin 0.350 0.55

IC Markets Commodity Fees

Commodities

There are 19 commodities available with IC Markets covering energies, precious metals and agriculture.  Supply and demand can change dramatically giving you good opportunities for good returns.

When trading commodities, you can trade on both spot prices and futures with leverage of up to 1:500.

Fees with IC Markets

  • Trading Feed: Your brokerage charge will usually be AUD$3.50 per standard lot which is calculated in the base currency of your account.
  • Overnight charges:
    • Spot prices: Finance Charge/Credit = No. Lots x swap points (long or short) x point size
      • The overnight charge is triple on Wednesdays to cover the weekend when the market is closed.
    • Futures: No finance or credit charge
IC Markets Minimum Avg
Oils
Brent Crude Oil Futures 0.030 0.050
Brent Crude Oil Spot vs USD 0.010 0.040
Natural Gas Spot vs USD 0.001 0.004
Soft Commodities
Coffee 0.300 0.900
Corn 0.600 1.250
Soybean 1.350 1.770
Sugar 0.040 0.060
Wheat 0.700 1.270
Cocoa 4.00 5.00
IC Markets Metals Raw Spreads Min Raw Spread Avg Standard Account Min Standard Account Avg
Gold vs USD 0.0 1.0 1.0 2.0
Gold vs AUD 0.0 4.5 1.0 5.5
Silver vs USD 0.0 0.2 1.0 1.2
Palladium vs USD 0.0 30.0 1.0 40.0
Platinum vs USD 0.0 9.0 1.0 10.0
Open a demo accountVisit IC Markets

IC Markets Index Fees

IC Markets offer 16 indices that cover a wide range of large-cap blue-chip stocks and generally move in line with the market. With IC Markets you can use MetaTrader 4, 5 and cTrader platforms. A leverage of 1:200 is available. Indices Summary

Index CFD is a spread only product this means there is no commission charge.

IC Market Index Fees
  • Trading Fees: Bid/Ask Spread is your brokerage charge. This is Spread = Ask-bid
  • Rolling Fees: If you hold your position aftermarket closing hours you will incur the following overnight charge
    • Finance Charge/Credit = Number of Lots x swap points (long or short).
      • Swap points: Swap long/short = closing index price x interest rate/360

      IC Markets Indices Min Avg
      AUS200 0.950 1.120
      US30 2.300 2.500
      US2000 (Small Cap) 0.300 0.300
      UK100 1.000 1.000
      DE30 (Germany) 0.950 1.000
      ES35 (Spain) 4.200 4.400

IC Markets Bonds Fees

IC Markets offer a selection of 6 highly-rated government issues debt securities from a range of governments around the world. Available on the MetaTrader 4 and 5 platforms (not cTrader) you can trade 24/5 and use a leverage of up to 1:200.Bonds Summary

With IC Markets Bonds, you will incur the following costs:

  • Trading Fees: Bonds are a spread only product. There is no commission.
IC Markets Bonds Min Avg
Euro Bobl 0.010 0.020
Euro Bund 0.010 0.020
Euro Schatz 0.010 0.020
BTP Italian 0.050 0.050
Japanese 10 YR 0.100 0.100
UK Long Gilt 0.020 0.030
US 5 YR-T-Note 0.014 0.015
US 10 YR T-Note 0.022 0.025
US T-Bond (30 year) 0.030 0.050

Non Trading Charges

IC Markets minimum deposit requirement is $200. In addition, they don’t have any funding or non-trading fees including:

One of the great features of trading with IC Markets is that they do not have non-trading fees.

  • No deposit fees – there are no deposit fees when making bank transfers or debit cards or credit cards or using digital wallets like PayPal, BPAY, NETELLER, Skrill, UnionPay or POLi.
  • No withdrawal fees (except for FasaPay withdrawals which may incur an extra fee)
  • Zero account inactivity fees
  • No fees for customer support, meaning you will always be able to get an answer to your query for free

According to general banking practices, all international bank wire transfers may incur intermediary bank fees. Clients should expect an AUD 20 processing fee for wire transfers, which IC Markets is kind enough to deduct from your withdrawal amount.

This means IC Markets compares well with other brokers as shown in the table below.

Deposit Fees Withdrawal Fees Inactivity Fees
IC Markets ✘ ✘ ✘
Pepperstone ✘ Bank Wire AUD$20 Minimum withdrawal $80 ✘
IG Markets Credit Card (If AUD then Visa 1%, MasterCard 0.5%, Non AUD then 1.5% ) , PayPal 1%), Min AUD$450 deposit with Credit Card ✘ $50 per quarter if inactive for 3 months
Plus500 ✘ ✘ USD$10 if not active for 3 months
Go Markets ✘ ✘ ✘
Think Market ✘ (minimum deposit $0 for standard, $500 for go account) ✘ AUD$30 each month if inactive for 6 months of more
AxiTrader ✘ ✘ ✘
CMC Markets Credit card payment will incur 1% fee or 0.6% for debit card ✘ AUD$12 per month if inactivty for 12 months

When it comes to funding IC Markets offers a choice of 15 funding options with a choice of 10 different base currencies. Many of these options have instant deposits. Deposits are accepted in 10 different currencies including USD, AUD, EUR, GBP, SGD, NZD, JPY, CHF, HKD, CAD. While IC Markets has a global client base, residents from the United States, Canada, Israel, New Zealand, Japan and Islamic Iran can’t open a live trading account.

Note: while IC Markets do not charge fees for funding, some international banking merchants may charge fees from their end.

Open a demo accountVisit IC Markets

Other Fees

IC Markets have a range of features you may opt to take advantage of to enhance your trading experience.

Demo Account:

IC Markets demo account is free for all the IC Markets trading account types and both MetaTrader and cTrader platforms. There is no limit on the time you have access to the demo account. IC Markets’ demo account can also be accessed on your phone via mobile apps – Android and iOS compatible.

IC Markets Demo Account

MT4 Advanced Trader Tools

IC Markets offer 20 additional trading tools that do not come with MetaTrader 4. The app offers institutional level trading features that help you make better trading decisions and superior execution and more advanced account management tools. IC Markets has a MetaTrader 4 server located in the Equinix data centre to ensure that there is no latency with any order execution no matter the trading conditions.

MT4 Advanced Trader Tools

Mirror Trading /Copy Trading Tools

IC Markets have Myfxbook and ZuluTrade are social copying or mirroring tools that integrate with your trading platform. Social trading is great for traders that wish to learn trading strategies from experienced traders by seeing how they trade.

To use these trading tools you must be using IC Markets standard account.

myfxbook

With IC Markets social copy tools, you will incur the following costs:

  • Myfxbook: 0.6pip (+ 1pip for standard account)
  • ZuluTrade: 1.5 pips (+ 1pip for standard account)
Open a demo accountVisit IC Markets
About the author: Justin Grossbard

Justin Grossbard is the co-founder of CompareForexBrokers and since 2014 with the role of Strategic Head Of Research. He is a member of the AICD and holds a Master's and Bachelor's Degree in Commerce. He previously worked with the banking sector, including ANZ and is a contributor to Finance Magnates, Kiplinger and Forbes. He has also published a book on alternative investments which is available on Amazon.

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