Best For Not recommended for Investingoal rating
  • Day traders
  • Scalpers
  • Algo traders
  • Long term investors
Rated: High

Founded in 2007, IC Markets is a popular Australia-based NDD broker, especially among traders running algorithmic and automated trading strategies.

Regulated by the Australian Securities and Investments Commission (ASIC), one of the strictest financial regulatory bodies in the world, IC Markets also offers various account types, including access to cTrader and Meta Trader platforms.

In this IC Markets review, InvestinGoal’s team of industry experts has carefully analyzed all the features this CFD and forex broker provides to help you decide if it’s right for you.

Here’s a summary of IC Markets’ main strengths:

  • Fast order execution
  • Low minimum deposit and competitive pricing
  • Spreads from 0 pips
  • Deep forex liquidity
  • Good service for algo-traders
  • Research and educational resources available

IC Markets Main Highlights

Area of regulation
Europe (Cyprus), Australia, Offshore (Seychelles, Bahamas)
Trading fees rating
Inactivity fee
Withdrawal fees
Minimum deposit
Time to open an account
Up to 2 days
Wire transfer deposits
eWallets deposits
Account base currencies supported
Demo account provided
Products offered
CFDs, Forex, Commodities, Indices, Bonds, Cryptocurrencies and Stocks
Table of Content

Our opinion on IC Markets

Having tested the broker, we can actually say that IC Markets is among the top NDD brokers in the industry, with an excellent environment for traders. It provides lightning-fast execution and offers one of the lowest spreads available, starting from 0 pip with low commissions where charged. All this makes the broker great for scalpers, algo-traders, high-volume traders, and forex traders in general.

We think that the demo account offering at IC Markets is quite positive, as it is unlimited and retains all the functionalities of a live trading account. So, whether you’re a scalper, a standard day trader, or an algo-trader, you can test the IC Markets platform without any issue.

Most brokers will ask to deposit a minimum amount of funds to start trading with them, but with IC Markets, there is no minimum required. Additionally, withdrawals are rather fast, even though we have found that these can take up to 2 weeks, depending on the withdrawal method.

A positive aspect we found out with IC Markets is a very low spread compared to other major forex brokers, particularly on the Raw Spread account, helping keep trading costs down. Aside from that, traders can expect a very low-latency VPS server to be made available. This is ideal if you are trading with the use of EAs.

IC Markets Overview & Key Features

CFDs and Forex: We think the real strength of IC Markets relies on their low trading costs, especially on their Raw Accounts, with spreads as low as 0.1 pips on the EUR/USD currency pair. Additionally, on the IC Markets platform, you have access to many other assets, such as commodities, indices, bonds, stocks and cryptos, with a total availability of over 2000 assets.

Scalping: We found IC Markets quite suitable for scalpers for a number of reasons. First of all, the trading costs are low. But most importantly, IC Markets offers a solid trading infrastructure with deep liquidity and extremely fast order executions.

Copy Trading: We don’t think IC Markets excels in this aspect, as there are many other copy trading platforms that may be suitable for a larger number of traders. However, if you want to copy other people or act as a signal provider, IC Markets offers two main solutions that are Myfxbook and ZuluTrade. Unfortunately, these features are unavailable with the CySEC entity of the broker.

Swap-free account: Muslim traders can find IC Markets an account fully compliant with the Sharia Law. This gives a swap-free account with no interest, even though there is a flat fee depending on the asset traded, starting from $5.

What you can’t do on the IC Markets platform: We have read the T&C of IC Markets, and as far as trading is concerned, all legit trading techniques, such as scalping and hedging, are allowed. EAs can also be used without consequences. The only feature missing is spread betting for UK traders.

If you want to expand your research and evaluate some options similar to this broker, you can consult the alternatives to IC Markets.

Spread betting


  • Spreads are extremely low starting from 0.0 pips
  • Low-latency trading environment
  • MT4, MT5, cTrader platforms available
  • Social and Copy trading


  • Demo account expires after 30 days of inactivity
  • Withdrawals may take up to 2 weeks
  • Small number of tradable assets for a major broker

Is IC Markets regulated and legit?

IC Markets is a forex broker regulated by several financial bodies

Entity Regulation Address
IC Markets (EU) LTD CySEC (n. 362/18) 141 Omonoias Avenue

The Maritime Centre, Block B, 1st floor

3045 Limassol, Cyprus

International Capital Markets Pty ASIC (n. 335692) Level 4, 50 Carrington Street,

Sydney, NSW 2000,


Raw Trading Ltd FSAS (n. SD018) Eden Plaza,

Office 222, Eden Island, Mahe, Seychelles

IC Markets Ltd SCB (n. SIA-F214) Unit 3B, Western Road

Western New Providence Commercial Centre,

Nassau, New Providence, The Bahamas

Regulated: IC Markets is regulated by 4 different regulators: CySEC, ASIC, FSAS and SCB. Still, the broker is able to accept clients from all over the world in a safe environment.

Reliability: Founded in 2007, IC Markets has offices located in different countries such as Cyprus (Limassol), Australia (Sydney), Seychelles (Mahe) and The Bahamas (New Providence).

Money protection: IC Markets holds your clients safely in segregated bank accounts. EU and AU retail clients also benefit from a Negative Balance Protection, so you can’t lose more than you deposit, and an Investors Compensation Fund known as ICF, covering up to €20,000 in compensation.

Segregated account
Negative Balance Protection
Compensation fund

Countries where IC Markets is not available

While IC Markets offers services to traders from most countries, there are a few places around the world that do not accept clients from.

At the moment, this is the most up-to-date listing in that regard:

    • Antigua and Barbuda
    • Bolivia
    • Cuba
    • USA
    • Canada
    • Angola
    • Botswana
    • Democratic Republic of Congo
    • Gambia
    • Guinea
    • Guinea Bissau
    • Ivory Cost
    • Lesotho
    • Libya
    • Liberia
    • Mali
    • Namibia
    • Niger
    • Senegal
    • Sierra Leone
    • Tanzania
    • Togo
    • Zimbabwe
    • Afghanistan
    • Cambodia
    • DPR Korea
    • Iran
    • Iraq
    • Israel
    • Kyrgyzstan
    • Myanmar
    • Syria
    • Yemen
  • Pros

    • IC Markets is very well-regulated
    • They offer trader money protection


    • Not available in several world countries

    Account Types

    When it comes to IC Markets account types, there are several on offer. This should present something to suit all kinds and levels of forex traders. If you want to try them out before depositing your money, open an IC Markets demo account first.

    Account Types Minimum Deposit Base currency Spreads from Platforms
    IC Markets Standard $0 USD, AUD, EUR, GBP, SGD, NZD, JPY, CHF, HKD, CAD 0.60 pips MT4, MT5, cTrader
    IC Markets Raw Spread $0 USD, AUD, EUR, GBP, SGD, NZD, JPY, CHF, HKD, CAD 0.00 pips MT4, MT5, cTrader
    IC Markets Professional $0 USD, AUD, EUR, GBP, SGD, NZD, JPY, CHF, HKD, CAD 0.00 pips MT4, MT5, cTrader
    IC Markets Islamic $0 USD, AUD, EUR, GBP, SGD, NZD, JPY, CHF, HKD, CAD 0.00 pips MT4, MT5, cTrader

    Raw Spread account: The Raw Spread account is ideal for scalpers, day traders and EAs providing you with low spreads from 0 pips and a commission of $3.50 per lot on Metatrader or $3.00 on cTrader.

    Professional account: Note that in order to become a professional trader, you should open a standard account first and then apply for the professional status on the IC Markets website. This option is available for the Australian entity of the broker.

    You will need to satisfy at least one of the following two options to meet the “wholesale client” criteria:

    • Wealth Test: you have a net asset of at least AUD 2.5 million OR gross income for each of the last two financial years of at least AUD 250,000 AND demonstrate your knowledge about leverage trading.
    • Sophisticated Investor Test: you must provide previous experience by demonstrating you have traded leveraged FX or CFDs 20 times per quarter for at least 4 quarters in the preceding 2 years with a notional value of AUD$500,000 or more OR work in the financial sector for at least one year in a professional position which requires knowledge of leveraged trading (or FX or CFDs).

    If you meet one of those, then you can be eligible to open a professional account that comes with increased leverage of up to 500:1 and a highly competitive trading cost with excellent conditions even though you have to waive some retail benefits such as the negative balance protection.

    Account base currency: IC Markets makes numerous base currencies available for you to choose from. There are 10 in total. These IC Markets base currencies are: USD, AUD, EUR, GBP, SGD, NZD, JPY, CHF, HKD, and CAD.

    Deposit and withdrawal

    IC Markets deposit: IC Markets has no minimum deposit. You can start trading with IC Markets for as little as $1. This makes them extremely accessible.

    The deposit method and the currencies that you can utilize to complete these deposits can vary depending on where you are located.

    Minimum Deposit $0
    Deposit Fees $0
    Deposit methods Wire Bank, Credit/Debit Card, PayPal, Neteller, Skrill, Rapidpay, Klarna, UnionPay, Bpay, Poli, Thai Internet Banking, Vietnamese Internet Banking, Broker to Broker
    Deposit Processing Time Up to 5 business days

    IC Markets withdrawal: With IC Markets withdrawals, these usually take around 3 days though they can take up to 2 weeks. This depends on the method chosen, and you must use the same withdrawal method as you used to deposit funds.

    There are no fees from the broker’s side. The only exception here is if you are requesting an international withdrawal. In that case, the fee would be $20 or the equivalent currency.

    Minimum Withdrawal $0
    Withdrawal Fees $0
    Withdrawal Methods Same as the deposit methods
    Withdrawal Processing Time Up to 5 business days

    Conversion fees: You won’t get charged if your deposit matches one of the many account base currencies available with IC Markets.


    Asset Type Spreads/Commission
    Forex Spreads from 0.00 pips
    Commodities Spreads from 0.02 pips
    Indices Spreads from 0.40 pips
    CFD Crypto Spreads from 0.10 pips
    CFD Stocks Variable spreads
    Bonds Spreads from 0.10 pips

    Overnight Fee: The overnight fee is basically charged on every asset at IC Markets if you hold them overnight since you are always trading in CFDs. The overnight fee itself is an interest that can be either paid or received by the trader, this will depend on the asset and the market situation at any given time.

    Inactivity Fee: IC Markets does not charge any inactivity fee. This is a nice saving if you want to keep your account open but take a break from trading.


    • Spreads from 0 pips
    • No minimum deposit
    • Deposits and withdrawals are fee-free


    • The IC Markets fees on international money transfers are relatively high


    IC Markets provides forex, commodities, indices, bonds, cryptocurrencies and stocks all as CFDs.

    Here is the broad range of markets that you can look forward to trading with IC Markets:

    Market Number of Assets
    Forex 61
    Metals 7
    Soft Commodities 8
    Energies 5
    Indices 25
    Cryptocurrencies 13
    Stocks 2100
    Bonds 9
    Futures 4

    Execution, leverage and position sizing

    Execution: IC Markets is an NDD broker. This enables them to offer some of the best execution speeds in the industry and compete with the best on prices thanks to the wide range of top liquidity providers they have access to.

    Leverage: The amount of leverage you can access will vary depending on the regulation you are registered under and the assets you’re trading with. The leverage on forex is up to 30:1 for retail clients, and it increases to up to 500:1 for professionals and clients under the FSA and SCB licenses.

    Position sizing: The minimum order size you can trade with IC Markets is 1 micro lot. As a forex trader, this means you can open new positions from as little as $1000 or 0.01 standard lots for non-leveraged trading. This will, of course, be lower if you apply leverage.

    Asset Type Retail Standard Account Professional Account Minimum Position Sizing
    Major Forex 1:30 1:500 $1,000
    Non-Major Forex 1:20 1:500 $1,000
    Commodities 1:10 (Gold 1:20) 1:500 100 contracts
    Indices 1:10 (Major 1:20) 1:200 1 contract
    Futures 1:5 1:20 N/A
    Bonds 1:5 1:20 N/A
    Stocks and ETFs 1:5 1:20 1 full stock
    Crypto 1:2 1:5 1 full crypto

    Platforms & Mobile

    MetaTrader: Both MT4 and MT5 are available, highly customizable and cater to algorithmic trading through MQL EAs. It is very easy to use and will run on almost any device, including WebTrader (i.e. you can use it on the browser), Windows, Mac, Android and iOS.

    cTrader: The other top choice in terms of trading platforms. EAs work through C-Algo. Also, with cTrader, you can use almost any device, such as WebTrader, desktop and mobile versions.

    Risk Management: IC Markets facilitates stop losses, take profits, limit order, and trailing stops on all orders. They also have margin calls in place on leveraged trading. These order functions can help you to secure profits, manage losses, and set price points for exit and entry into trades in the most effective, efficient manner to ensure your risk management plans remain intact.

    Platform Charting Tools Trading Tools Devices
    IC Markets MT4 31 drawing tools 51 indicators Browser, Desktop, Mobile
    IC Markets MT5 31 drawing tools 51 indicators Browser, Desktop, Mobile
    IC Markets cTrader 31 drawing tools 51 indicators Browser, Desktop, Mobile

    Special features you can find on IC Markets

    VPS service: IC Markets partners with ForexVPS, Beeks FX VPS, and New York City Servers. The VPS service is available to you for free once you have opened and closed a certain volume of trades. This volume stands at 15 lots per month. If you continue to meet this monthly number of trades, then your free VPS service will continue.

    Raw Trader Plus: Receive rebates on your trading commissions with the Raw Trader Plus membership designed for high-volume traders. You must meet the volume requirement over 3 months to keep your membership. Rebates will depend on how many standard lots you trade and are refunded daily once the criteria are met.

    Copy Trading: IC Markets has copy trading available through Myfxbook and ZuluTrade platforms. These are available worldwide but the CySEC-regulated entity of the broker.

    Social Trading: Under the FSA-regulated branch of IC Markets, you can download the IC Social Trading App powered by Pelican Trading. After you connect your IC Markets MT4 Live account, you can trade, chat and learn together with other traders.


    • Great NDD execution
    • Fully available on desktop, web and mobile platforms
    • Excellent trading conditions
    • Great algo-trading capabilities


    • Only CFDs are offered

    Customer Service

    Ways of contacting: You can get in touch with IC Markets customer support through live chat, email and phone if you already have an account. If that’s the case, you will also have an account manager assigned to help you.

    Languages: Both website and support of IC Markets are available in 16 languages.

    Languages English, German, French, Spanish, Italian and 11 other languages
    Live chat Available
    Phone number Available
    Email Available
    Account Manager Available

    Research and Education

    Market Research: IC Markets provides a small research section on its website. This helps you follow the latest market news published by the broker team and coming from the wider industry, as well as follow a detailed economic calendar.

    Blog: IC Markets blog serves as an information hub for traders in which you can find daily market news and analysis.

    Video Tutorial: A series of tutorials are available to traders to help them get started with IC Markets.

    Webinars: Clients can also join webinars live or online for in-depth market and financial reviews.

    Podcasts: IC Your Trade episodes are available to anyone who wishes to stay in the know.

    Web TV: Short video format with market commentary and actionable trade ideas available daily.

    Market Research Detailed economic calendar, daily news
    Educational service Guides, Video Tutorials, Webinars, Podcast, Web TV

    IC Markets Clients Reviews


    The ratings and third-party reviews presented below are provided for informational purposes only and may not accurately represent the broker's quality.

    Trustpilot 4.8/5 (+27’000 reviews)
    Google Play Store 4.5/5 (+400 reviews)
    iOS App Store 2.8/5 (+5 reviews)


    • A lot of languages available
    • Detailed FAQ section
    • Free education


    • The research section could be seen as quite limited
    • The educational content is available only in English

    IC Markets vs other brokerage firms


    Is IC Markets safe?

    Yes, IC Markets is completely safe. IC Markets is very well-regulated by ASIC (335692), CySEC (362/18), FSA (SD018) and SCB (SIA-F214). These top-tier regulators ensure the best protection. Added to that, your funds will always be held in segregated accounts. This way, if the broker ever encounters financial difficulty, your money is always safe.

    How long does it take to withdraw from IC Markets?

    How long your IC Markets withdrawal takes depends on the withdrawal method you are using.  Generally speaking, it takes up to 3 days, but some payment methods take up to 2 weeks. Wire transfers are typically slower, while card payments are usually the fastest.

    Can I use IC markets outside of the US?

    Yes, you can. IC Markets is an international broker available in over 100 countries, but it’s not available in the US, Canada, Belgium, and more countries.

    Does IC markets accept Canadian clients?

    IC Markets does not accept clients from Canada at the moment. This is due to regulatory requirements in Canada.

    Is IC Markets a Market Maker?

    IC Markets is not a Market Maker but an NDD broker. They offer some of the fastest order execution in the industry.

    How can I change leverage with IC market?

    Leverage with IC Markets can be easily changed on the MetaTrader and cTrader trading platformS while placing a trade. You will still have to make sure that you follow the maximum IC leverage allowed depending on the assets and your location.

    How much is the minimum deposit fee on IC Markets?

    IC Markets does not have a minimum deposit. However, IC Markets recommends that you deposit at least $200 in order to get the best experience possible with the broker and fully utilize the trading platforms.

    filippo ucchino

    About The Author

    Filippo Ucchino
    Co-Founder - CEO - Broker Expert
    Filippo is the co-founder and CEO of He has 15 years of experience in the financial sector and forex in particular. He started his career as a forex trader in 2005 and then became interested in the whole fintech and crypto sector.
    Over this time, he has developed an almost scientific approach to the analysis of brokers, their services, and offerings. In addition, he is an expert in Compliance and Security Policies for consumers protection in this sector.
    With InvestinGoal, Filippo’s goal is to bring as much clarity as possible to help users navigate the world of online trading, forex, and cryptocurrencies.

    Trading CFDs, FX, and cryptocurrencies involves a high degree of risk. All providers have a percentage of retail investor accounts that lose money when trading CFDs with their company. You should consider whether you can afford to take the high risk of losing your money and whether you understand how CFDs, FX, and cryptocurrencies work. Cryptocurrencies can widely fluctuate in prices and are not appropriate for all investors. Trading cryptocurrencies is not supervised by any EU regulatory framework. Your capital is at risk. The present page is intended for teaching purposes only. It shall not be intended as operational advice for investments, nor as an invitation to public savings raising. Any real or simulated result shall represent no warranty as to possible future performances. The speculative activity in forex market, as well as in other markets, implies considerable economic risks; anyone who carries out speculative activity does it on its own responsibility.
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