- Rating – 4.1
- Min. Deposit: $200
- Max. Leverage: 500:1
- Headquarter: Sydney, Australia
- Products: Stockes, Forex, Commodities, Indicies, Cryptocurrencies, Bonds, Futures
Our Take on IC Markets
Founded in 2007, IC Markets is a veteran of the forex and CFD industry. With over 180,000 active clients worldwide and US $1.2 trillion in trading volume (March 2023), it has emerged as a market leader.
The Sydney, Australia-based broker provides access to trading in over 2250 CFDs on currency pairs, commodities, indices, shares, ETFs, futures, and cryptocurrencies.
From my research, IC Markets is popular among traders using automated strategies – 60% of all trades are algorithmic at this broker.
IC Markets Pros and Cons
Pros
- Low cost of trading
- Fast order execution
- Robust platforms and tools
- Strong variety of tradable instruments
- No inactivity fees or withdrawal fees
Cons
- Slow live chat support
- No investor protection for non-EU clients
Trust
In our trust category, we place the most importance on how a broker is regulated. This section will cover how the different entities of IC Markets are regulated and how this impacts you as a trader. We rate regulators on a scale of 1 to 3, with 1 reflecting the highest level of trust.
- Raw Trading Ltd is regulated by the Seychelles Financial Services Authority (FSA) with Securities Dealer’s license number SD018. We rate FSA as a Tier 3 regulator.
- International Capital Markets Pty Ltd with registration number 123 289 109, is regulated by the Australian Securities and Investments Commission (ASIC) with License No. 335692. We rate ASIC as a Tier 1 regulator.
- IC Markets (EU) Ltd is authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC) with License No. 362/18. We rate CySEC as a Tier 1 regulator.
Why is it important to know where your broker subsidiary (entity) is regulated?
Different regulators provide different levels of protection. For example, IC Markets clients in the European Union benefit from the oversight of the Cyprus Securities and Exchange Commission (CySEC). Under CySEC regulation, clients are mandated to have negative balance protection, ensuring that the traders cannot lose an amount exceeding their initial deposit.
In addition, when trading with a broker authorized by the CySEC, client funds are protected by the CySEC investor compensation fund (ICF) up to €20,000 if a firm becomes insolvent. A trader working with a broker entity regulated offshore would not necessarily have these benefits. In the case of IC Markets, client accounts at the offshore entity are privately insured for up to $1 million. You can view the certificate here.
The table below lists the protections and benefits by entity, regulator, and region.
| Entity | Raw Trading Ltd | International Capital Markets Pty Ltd | IC Markets (EU) Ltd |
| Website | icmarkets.com/global/ | icmarkets.com.au/ | icmarkets.com/eu |
| Country/Region | Global | Australia | EU |
| Regulation | FSA Seychelles | ASIC | CySEC |
| Segregated Funds | Yes | Yes | Yes |
| Negative Balance Protection | No | Yes | Yes |
| Compensation Scheme | No | No | ICF up to €20,000 |
| Private Insurance | Up to US$1,000,000 per client (Lloyd’s of London). | No | No |
| Maximum Leverage | 1:500 | 1:30 | 1:30 |
Regulatory requirements are subject to change. I gathered the data listed above in May 2023.
Fees
Trading Fees
I tested the spreads at IC Markets across different asset classes using the MetaTrader 4 and MetaTrader 5 platforms at 8:00 a.m. GMT and 4:00 p.m. GMT on 27 May 2023. I measured the spreads at two different times of day to allow for a greater perspective. 8:00 a.m. GMT is the London open when there is high liquidity in the forex market and tighter spreads in currency pairs. 4:00 p.m. GMT is during the New York trading session.
Standard Account
| Instrument | Spread AM | Spread PM |
| EUR/USD | 0.7 Pip | 0.6 Pip |
| GBP/JPY | 2.2 Pips | 2.2 Pips |
| Gold | 18 Pips | 20 Pips |
| Light Crude Oil | 3 Pips | 3 Pips |
| Apple | n/a | 1 cent |
| Tesla | n/a | 3 cents |
| Dow 30 | 1 Pip | 1 Pip |
| Dax 40 | 0.5 Pips | 0.5 Pips |
| Bitcoin | $7.32 | $8.99 |
MetaTrader 4 Raw Spread Account
| Instrument | Spread AM | Spread PM |
| EUR/USD | 0 Pips | O Pips |
| GBP/JPY | 1 Pip | 1.3 Pips |
| Gold | 10 Pips | 9 Pips |
| Light Crude Oil | 3 Pips | 3 Pips |
| Apple | n/a | 1 cent |
| Tesla | n/a | 3 cents |
| Dow 30 | 1 Pip | 1 Pip |
| Dax 40 | 0.5 Pip | 0.5 Pip |
| Bitcoin | $7.32 | $8.49 |
Commissions
MetaTrader 4 Raw Spread Commission Rates
| Account Base Currency | Micro Lot Commission (0.01 or 1,000 base currency) | Standard Lot Commission (1 or 100,000 base currency) |
| US Dollar | USD 0.035 (USD 0.07 round turn) | USD 3.50 (USD 7.0 round turn) |
cTrader Raw Spread Commission Rates
The commission charged on the cTrader platform is $3 per side ($6 round turn) per 100,000 USD traded. The USD commission amount is converted to the base currency of an account at the current spot rate.
Note: In the Raw Spread accounts commissions are only charged in forex, metals, and shares.
Standard and MetaTrader 4 ECN Account Comparison
| Account Type | EUR/USD Commission | EUR/USD Spread |
| Standard | $0 | 0.7 Pip |
| MetaTrader 4 ECN | $3.50 | 0 Pips |
Using the data above from our tests, trading a full-sized lot of EUR/USD would cost you $3.50 per side with the ECN account and $7 with the Standard STP account.
Swap Fees
Swap fees (the cost of holding a position overnight) were average at IC Markets.
In the table below, you can see the Swap Long (the cost/credit of holding a buy position overnight) and the Swap Short (the cost/credit of maintaining a sell position overnight) for one full-sized contract. A full-sized contract is 100,000 units of the base currency (the first currency quoted in the pair). I recorded the data on 29 May 2023.
| Instrument | Swap Long | Swap Short |
| EUR/USD | Charge of $7.50 | Credit of $4.60 |
| GBP/JPY | Credit of $15 | Charge of $17.20 |
Non-Trading Fees
IC Markets does not charge any account maintenance fees or inactivity fees.
Are Fees at IC Markets Competitive?
In both the Standard and ECN accounts, spreads are highly competitive. They are especially competitive in some forex pairs such as EUR/USD, and indices—for example, the Dax 40 with an average spread of 0.5 pips. Commissions in the ECN account are also low.
As shown by the comparison table, the costs for trading some instruments, such as currency pairs, can be much lower when using the Raw Spread account. In multiple tests, I experienced a cost per side of $3.50 for EUR/USD, far better than the industry average.
Platforms and Tools
MetaTrader 4 Desktop
IC Markets offers MetaTrader 4 for desktops, which includes advanced functions such as copy trading and automated trading.
Traders can access the platform in 39 different languages, from Arabic to Vietnamese. Here are some of its essential features:
- Alerts. This feature updates traders when an instrument reaches a specific price level.
- Watchlists. Traders can create a list of their favorite instruments and follow live quotes in a market watch panel.
- One-Click Trading. This feature allows traders to execute orders with a single click and no secondary confirmation. It enables traders to operate faster and is especially useful for short-term traders.
- Trading from the Chart. MT4 also allows users the convenience of trading directly from the chart.
MetaTrader also delivers when it comes to the range of available order types. The platform offers the following order types:
- Market Order. Traders use market orders to buy or sell an instrument at the best current price.
- Limit Order. Traders use limit orders to buy or sell an instrument at a specified price or better.
- Stop-Loss Order. Traders use stop-loss orders to buy or sell an instrument when its price reaches a specified level.
- Trailing Stop Order. Traders use trailing stop-loss orders as a stop-loss order at a defined percentage or dollar amount away from an instrument’s current market price. This order type allows traders to secure profits when they are in a winning trade while not having to exit the position.
Charting features are robust. MetaTrader 4 offers:
- 30 Technical Indicators. These include classic trend indicators, volume indicators, and oscillators.
- 23 Analytical Objects. These include lines, channels, Gann, and Fibonacci tools.
- 9 Time Frames. Traders can choose from nine time frames, from one minute to one month.
- 3 Chart Types. Traders can use Bar Charts, Japanese Candlestick Charts, and Line Charts.
MetaTrader is also popular due to its copy trading and automated trading features.
- Trading Signals. Signals in MetaTrader 4 allow users to copy other traders’ activity in real-time.
- Automated Trading. MetaTrader 4 allows users to develop, test, and apply Expert Advisors (EAs). EAs are programs that monitor and trade markets using algorithms.
The MetaTrader 4 desktop platform is one of the most feature-rich and popular trading platforms. It does not have a slick interface and requires some time and effort to learn, but that is typical of advanced platforms.
MetaTrader 4 Web
The MetaTrader Web Platform (Web Trader) is a slightly stripped-down version of the desktop platform. It allows you to trade without any additional software, only an internet connection is required. The Web Platform allows users to trade directly from any browser and operating system.
Popular features include
- One-click trading
- Trading from the chart
- Watchlists with real-time quotes
- Trade History
- Advanced charting with 30 indicators for technical analysis
Copy trading and automated trading are also only available on the MT4 desktop platform.
MetaTrader 4 Mobile App
IC Markets offers the MetaTrader 4 mobile app for mobile trading, which is available for Android and iOS. The app offers popular features such as alerts, 1-click trading, and trading from the chart.
The MetaTrader 4 mobile app also provides many order types, including pending and stop orders. However, trailing stop-loss orders are only available from the desktop. From my experience, to change the language of the MT4 app, you must change the language for your entire phone. As with the desktop and web platforms, the interface is not highly intuitive, but the MT4 app offers an above-average range of features.
Deposits & Withdrawals
In the tables below I break down the fees and processing times for each deposit and withdrawal method.
Deposits
| Deposit Method | Fees | Accepted Currencies | Processing Time |
| Visa | $0 | AUD USD JPY EUR NZD SGD GBP CAD | Instant |
| Mastercard | $0 | AUD USD JPY EUR NZD SGD GBP CAD | Instant |
| Wire Transfer | $0 | AUD USD JPY EUR NZD SGD GBP CAD CHF | 2-5 business days |
| PayPal | $0 | AUD USD JPY EUR NZD SGD GBP CAD HKD CHF | Instant |
| Neteller | $0 | USD AUD GBP EUR CAD SGD JPY | Instant |
| Neteller VIP | $0 | AUD GBP EUR CAD SGD JPY | Instant |
| Skrill | $0 | AUD USD JPY EUR SGD GBP | Instant |
| UnionPay | $0 | RMB | Instant |
| Bpay | $0 | AUD | 12 – 48 hr |
| Broker to Broker | $0 | AUD USD JPY EUR NZD SGD GBP CAD CHF HKD | 2-5 business days |
| POLI | $0 | AUD | Instant |
| Thai Internet Banking | $0 | USD | 15 – 30 min |
| Rapidpay | $0 | EUR GBP | Up to 2 business days |
| Klarna | $0 | EUR GBP | Up to 2 business days |
| Vietnamese Internet Banking | $0 | USD | Instant |
Withdrawals
| Withdrawal Method | Fees | Processing Time |
| Visa | $0 | 24 business hours |
| Mastercard | $0 | 24 business hours |
| Wire Transfer | $0 | 24 business hours |
| PayPal | $0 | 24 business hours |
| Neteller | $0 | 24 business hours |
| Neteller VIP | $0 | 24 business hours |
| Skrill | $0 | 24 business hours |
| UnionPay | $0 | 24 business hours |
| Bpay | $0 | 24 business hours |
| Broker to Broker | $0 | 24 business hours |
| POLI | $0 | 24 business hours |
| Thai Internet Banking | $0 | 24 business hours |
| Rapidpay | $0 | 24 business hours |
| Klarna | $0 | 24 business hours |
| Vietnamese Internet Banking | $0 | 24 business hours |
Once a withdrawal is processed, it may take several business days to receive funds, depending on your withdrawal method.
- In the case of bank wires, once IC Markets have processed the withdrawal request, it can take up to 3-5 business days for funds to arrive in your account and up to 14 days in the case of international transfers.
- Credit/Debit Card withdrawals can take 3-5 business days to reach your credit card after being processed by IC Markets.
- Paypal, Neteller, and Skrill withdrawals must be made from the same account from where the funds were sent initially. These transactions are processed free of charge and are instant once processed by IC Markets.
