Overview
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Trust score
Tradeable Symbols (Total): 3583
Year Founded: 2009
Publicly Traded (Listed): Yes
Bank: No
IC Markets’ competitive pricing and scalable execution make it an excellent option for algorithmic traders. Though it supports an impressive range of third-party tools and plugins, IC Markets’ research and education offerings are not as impressive as those offered by industry leaders.
IC Markets mission is to create the best trading experience for retail and institutional clients alike, allowing traders to focus more on their trading. Built by traders for traders IC Markets is dedicated to offering superior spreads, execution and service.
Pros 👍🏻
- Maintains regulatory status in one tier-1 jurisdiction and one tier-2 jurisdiction, making it a safe broker (average-risk) for trading forex and CFDs.
- Offers competitive pricing across all account types with low average spreads.
- Third-party research and trading tool plugins enhance the IC Markets MetaTrader offering.
- IC Markets is our top-ranked MetaTrader broker in 2022.
- Has significantly expanded its range of markets from 204 symbols to more than 3,500.
- IC Markets’ low-cost, scalable execution makes it a perfect fit for traders who want to run algorithmic strategies.
Cons 👎🏻
- Trails the best forex brokers when it comes to its scope of market research and the quality of its educational content.
- Lacks a proprietary trading app.
About IC Markets
It is revolutionizing online forex trading. Traders are now able to gain access to pricing previously only available to investment banks and high net worth individuals.
Company Overview
The IC Markets brokerage became licensed and regulated by the Australian Securities & Investments Commission (ASIC) in 2009 under licence number 335692.
The brand is known as one of the most reputable online trading brokers on the market. ASIC is a trustworthy and strict regulatory agency which imposes stringent guidelines and procedures for the platform to follow.
Also, in addition to ASIC regulation, the brokerage is a member of the Financial Ombudsman Service (FOS). This service allows clients of IC Markets to resolve any complaints they have in a prompt and professional fashion.
This gives traders an additional layer of protection and customer satisfaction by knowing they will be protected if any issues were to arise.
IC Markets also operates via two other regulated brands:
- IC Markets (SC) is owned by Raw Trading Ltd and regulated by the FSA in the Seychelles.
- IC Markets (EU) is provided for European traders and is regulated by CySec (and conforms to recent ESMA restrictions on leverage etc).
These brands offer traders to ability to seamlessly move between each, allowing them to choose the level of regulatory oversight and protection they are comfortable with.
Spreads and Commissions
Spread account offers some of the lowest possible spreads available. Our average EUR/USD spread is 0.1 pips, with only a small commission of $3.50 per lot payable per side. With Deep liquidity and fast execution, IC Markets Raw Spread account was built for day traders, scalpers and expert advisors.
Account Type
| 🔎 Account | 🥇 cTrader | 🥈 Raw Spread | 🥉 Standard |
| 💰 Min. Deposit | $200 USD | $200 USD | $200 USD |
| 💳 Commission (per lot) | $3 USD | $3.5 USD | $0 USD |
| 🔁 Spreads from | 0.0 Pips | 0.0 Pips | 0.6 Pips |
| 📈 Leverage | 1:500 | 1:500 | 1:500 |
| 📊 Micro Lot Trading (0.01) | ✅ Yes | ☑️ Yes | ✅ Yes |
| 💵 Currency Pairs | 61 | 61 | 61 |
Fees
It’s safe to say that IC Markets’s fees are low in general. They either don’t charge a brokerage fee for things other brokers do charge for, or they only charge a small amount.
| Assets | Fee level | Fee terms |
|---|---|---|
| EURUSD | Low | MetaTrader raw spread account: $3.50 commission per lot per trade plus spread cost. 0 pips is the average spread cost during peak trading hours. |
| GBPUSD | Low | MetaTrader raw spread account: $3.50 commission per lot per trade plus spread cost. 0 pips is the average spread cost during peak trading hours. |
| S&P 500 CFD | Low | The fees are built into the spread, 0.2 points is the average spread cost during peak trading hours. |
| Inactivity fee | Low | No inactivity fee |
Deposit and Withdrawal
IC Markets does not charge additional fees for deposits and/or withdrawals. However, you should be aware that additional fees may occur at some banking institutions. It is not responsible for any additional bank charges.
Otherwise, International Bank Wire Transfers may take up to 14 days and incur additional intermediary and/or beneficiary fees. The minimum withdrawal for bank transfers is $50.
| Method | Speed | Fee | |
|---|---|---|---|
| Bank cards | Yes | Instant | No |
| Wire transfer | Yes | 2-5 Business Days | No |
| Payment services | Yes: PayPal, Neteller, Skrill, UnionPay, Klarna, Vietnamese Internet Banking, Rapidpay, Thai Internet Banking, POLI, etc. | Instant | No |
| Crypto | No | — | — |
Leverage
IC Markets allows clients to open a trading account with as little as USD $200 or currency equivalent. IC Markets Global offers flexible leverage options ranging from 1:1 to 1:500. You can change the leverage on your trading account via your Client Area. And allows you to open multiple trading accounts.
Is IC Markets Safe ?
IC Markets is considered a safe broker as it is regulated and authorized by ASIC, CySEC, FSA, SCB constantly oversees, and audits brokers enlisted under its regulations and authorities to ensure that business is conducted transparently, fairly, and securely.
The ASIC is one of the strictest and most demanding authorities in Australia and amidst other requirements, IC Markets is required to keep clients’ funds in segregated accounts which prohibits IC Markets from using these funds for operational purposes.
IC Markets is also a member of the Financial Ombudsman Service (FOS) which is an external scheme that aids in the resolution of disputes that may arise between consumers and financial service providers that are members of the FOS.
Trading Flatform
MetaTrader 4, MetaTrader 5, and cTrader are 3 of the best trading platforms available today. IC Markets has revolutionised trading by giving traders direct access to their Raw Pricing using any of these 3 popular trading platforms.
Customer Service
You can contact IC Markets via:
- Live chat
- Phone
IC has great phone support. We were connected to the customer service representative within a minute and we received relevant answers.
The email support works very well. We sent four emails and got answers within a day to all of them. The answers were helpful and relevant. We also liked that they asked for feedback about the support service.
The live chat service, however, could be much better.
Final Thought
It’s no wonder that IC is a market leader when it comes to order execution and foreign exchange trading volumes. Given the excellent benefits that clients receive such as rapid order execution, tight spreads, deep liquidity, value-added tools, and a wide range of assets, the ecosystem is very inviting for investors, especially professionals, who seek top-tier trading conditions.
FAQ’s
Q: Can I register for a demo account?
A: Yes, IC Markets users can readily register for a demo account with a few simple details including country of residence, first name, last name, email, and phone number. The demo account is available for all three account types and allows users to test every trading platforms’ features.
Q: Are US citizens permitted to register for IC Markets?
A: At present, US citizens are not permitted to register for IC Markets. This is because the broker is not regulated in the US. Nevertheless, the broker does accept clients from 140 other countries and territories around the world.
Q: What are the different account types ?
A: As of now, IC Markets offers three major account types. These include the cTrader Account, the Raw Spread Account, and the Standard Account. Moreover, there is a Shariah-compliant Islamic option. Each account type delivers unique features and attributes depending on user preferences.
Q: Does IC Markets offer mobile trading?
A: Clients of the IC Markets ecosystem can trade using their mobile phones and other internet-connected mobile devices. The broker’s platforms are fully compatible with both Android and iOS operating systems and there are also browser-based versions available to maximize accessibility.
Q: Will my funds be secure with IC Markets?
A: IC Markets ensures that all customer funds are held in segregated accounts. Furthermore, all customer funds are also fully insured, thereby providing an extra layer of security.
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