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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EUR/USD Avg. Spreads
MetaTrader 4 MetaTrader 5
MetaTrader 4 MetaTrader 5
cTrader Copy ) MyFxbook Automate
MyFxbook AutoTrade (MT4 only) ZuluTrade (MT4 Only) MetaTrader Signals
Beginner Traders Discretionary Traders Low Volume Traders
Day Traders ECN Style Trading Cost Saving
Scalpers ECN Style Trading cTrader Platform
The three account types offered by IC Markets differences are:
Overall, beginner brokers should choose the standard account based on the 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.
The common features of both IC accounts are the:
All accounts offer 24/7 customer support with dedicated customer service teams in Sydney (Australia) and Limassol (Cyprus). You can contact IC Markets via live chat through their website, via phone or email. The customer service and features above make IC Markets the best low fee forex broker. To better clarify the exact differences between each forex platform and account (including the ‘swap-free’ account for those of the Muslim faith) the following section will go into greater detail.
Open a demo account >>Visit IC Markets >>
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. Which means savings when it comes to your costs. To keep tight spreads, IC Markets instead charge a commission of AUD $7.00 or USD $7.00 round turn.
Best for: Traders who want low pricing and MetaTrader platforms.
Below compared 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.
This account is similar to the MetaTrader Raw Spread account. The difference is that it is for traders using cTrader rather than MetaTrader Trader Platform. As you are using 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.
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.
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)
Unlike Raw Spread accounts, the Standard account has no commissions. Instead, spreads are widened by 1 pip. While this does mean your costs will be higher than the Raw spread account, no commission means calculation of your costs is simpler, making it suitable for beginner traders.
Best for: Traders with low trading experience
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 a market maker which is a ‘B’ book broker, these type of OTC forex brokers will trade against you as they are your counterparty for each trade.
As IC Markets have no dealing desk, 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, which means low spreads. 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 with spreads with other brokers using similar trading execution. The comparison below compares the spreads of different brokers using average spreads published.
Data taken from broker website. Accurate as at 04/06/2021
Compare All Spreads >>
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 1 pip added to the spread. This 1 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-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. i.e. $100,000 x 1.4000 = USD $140,000 x (3 / 100,000) one way = $4.2
$100,000 x 1.4100 (example spot rate) = USD $130,000 x (3 / 100,000) return = $4.23
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 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 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 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 safe choice when choosing a platform. It is the platform offered by more brokers and used by more traders than any other platform. MT4 offers the following key features:
MT5 is an upgrade on MT4 however it takeup 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 may be your best options.
Clients of IC Markets will find this broker offers a decent range of education and recent tools that will cover most of their educational needs.
IC Markets offer the following features as part of their education suite:
IC Markets also have a section devoted to serious traders which cover the following:
IC Markets have the following entities and regulation:
Depending on where you sign up from, you will join with the most applicable entity for your region.
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 carries a high level of risk to your capital, and you should only trade with money you can afford to lose. As a result, it is important 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.
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 account page to compare IC Markets to the leading ECN broker accounts.
IC Markets offer a wide range of instruments for trading including:
View all CFDs on our review of IC Markets page.
In our examples above, we have shown that ECN pricing accounts will be cheaper. The standard account adds a flat 1 pip to your spread compared to the ECN pricing account. With this, we can conclude:
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 trader and do not want the expense and hassle of having to calculate your commissions 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 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.
Justin Grossbard has been investing for the past 20 years and writing for the past 10. He co-founded Compare Forex Brokers in 2014 after working with the foreign exchange trading industry for several years. He also founded a number of FinTech and digital startups including Innovate Online and SMS Comparison. Justin holds a Masters Degree and an Honours in Commerce from Monash University. He and his wife Paula live in Melbourne, Australia with his son and Siberian cat. In his spare time, he watches Australian Rules Football and invests on global markets.