Best For Not recommended for Investingoal rating
  • Day traders
  • Scalpers
  • Algo traders
  • Long term investors
Rated: High
91

IC Markets (trading name of “International Capital Markets Pty”) is an online brokerage firm registered in 2007 in Australia.

IC Markets offers CFD (Contract For Difference) trading on multiple markets, which include forex, commodities, indices, bonds, cryptocurrencies, and the stock market.

IC Markets is globally known for offering institutional-grade liquidity and advanced trading features to cater to the needs of experienced traders.

Table of Content

Is IC Markets a good broker?

Yes, IC Markets is a good broker catering to a wide range of traders, especially day traders and scalpers.

At IC Markets, trading costs are kept low, complemented by deep liquidity and ultra-fast NDD (No Dealing Desk) order execution.

IC Markets stands out also for its algo-trading capabilities. Traders can install Expert Advisors (EAs) on MT4, MT5, and cTrader, as well as have access to the FIX API.

IC Markets is also particularly beneficial for beginners, providing a user-friendly environment with educational resources and a demo account, along with copy trading features.

Additionally, IC Markets caters to Islamic traders with Sharia-compliant accounts.

Homepage of IC Markets

Is IC Markets good for beginners?

Yes, IC Markets is good for beginners.

It provides a user-friendly environment with access to a demo account and a range of educational resources. However, it’s worth mentioning that the educational resources offered by IC Markets are quite limited.

Is IC Markets good for day trading on Forex and CFDs?

Yes, IC Markets is a good choice for day trading in forex and CFDs.

It offers competitive advantages such as low spreads, starting from 0.06 pips on the EUR/USD pair, and a broad selection of over 2000 CFD assets including commodities, indices, bonds, stocks, and cryptocurrencies.

Is IC Markets good for scalping?

Yes, IC Markets is good for scalping.

In fact, it offers low trading costs and efficient trading infrastructure. The broker provides deep liquidity and ultra-fast order execution, which are critical for the rapid trading style inherent in scalping. Additionally, IC Markets supports algorithmic trading on MetaTrader 4, MetaTrader 5 and cTrader.

Is IC Markets good for demo trading?

Yes, IC Markets is good for demo trading.

It offers an unlimited demo account that mimics real-market conditions across all its account types, allowing traders to practice strategies risk-free. However, it’s important to note that if the demo account remains inactive for more than 30 days, it will expire.

Is IC Markets good for trading with cTrader platform?

Yes, IC Markets is a good choice for trading on the cTrader platform.

The platform is designed for ECN/NDD trading, which aligns well with IC Markets’ no dealing desk execution and fast order processing capabilities.

Is IC Markets good for copy trading?

Yes, IC Markets is a good option for copy trading.

It supports social and copy trading via ZuluTrade and the IC Markets Social app. However, these services are not available in Europe and Australia. While IC Markets provides a solid platform for copy trading, there are other brokers in the industry that might offer more specialized services in this area.

Is IC Markets good for Islamic trading?

Yes, IC Markets is good for Islamic trading.

It offers an Islamic account that is fully compliant with Sharia law, featuring no swap fees. This account is available with both the IC Markets Standard and Raw accounts, and there is no minimum deposit requirement.

Is IC Markets good for long-term investing?

No, IC Markets is not ideal for long-term investing.

As a CFD broker, it applies overnight fees, which can accumulate significantly over time, making it less suitable for long-term investment strategies that require holding positions for extended periods.

What are the IC Markets key features?

  • Competitive pricing: IC Markets does not require a minimum deposit, and the commissions per lot traded (when using a raw spread account) are in line with the industry standards being up to $7/lot. The IC Markets classic account does not charge such fee, but rather a spread mark-up from 1 pip.
  • Fast order execution: orders at IC Markets get executed in about 40ms.
  • Deep Forex liquidity: IC Markets has quality liquidity providers, which allow them to keep raw spreads very stable averaging 0.06 pips on the EUR/USD pair.
  • Algo trading: IC Markets offers FIX API, plus VPS capabilities, a solid server infrastructure, as well as offering three algo-friendly trading platforms: MT4, MT5 and cTrader.
Area of regulation
Europe (Cyprus), Australia, Offshore (Seychelles, Bahamas)
Trading fees rating
Low
Inactivity fee
No
Withdrawal fees
$0
Minimum deposit
$0
Time to open a live account
Up to 2 days
Wire transfer deposits
Yes
eWallets deposits
Yes
Account base currencies supported
USD, AUD, EUR, GBP, SGD, NZD, JPY, CHF, HKD, CAD
Demo account provided
Yes
Products offered
CFDs on Forex, Commodities, Indices, Bonds, Cryptocurrencies and Stocks

Key Features of IC Markets

What can’t be done on IC Markets?

IC Markets doesn’t offer the following features:

  • IC Markets doesn’t offer futures or options trading: IC Markets offers only CFDs as derivatives. If you’re looking for other derivatives markets, you may want to look for an alternative.
  • IC Markets lacks copy trading in Australia and EU: IC Markets offers copy-social trading only under their global entities regulated by FSAS and SCB.
  • IC Markets lacks managed accounts in Australia and EU: IC Markets doesn’t offer such services within the European Union and Australia.

If you’re looking for one of these features, you might be wanting to look for IC Markets alternatives.

What are the IC Markets’ pros and cons?

Pros:

  • Stable raw spreads (0.06 pips on avg on EUR/USD
  • Low-latency trading environment
  • Institutional level liquidity
  • MT4, MT5, cTrader platforms are all available
  • Great for algorithmic strategies
  • Social trading app available

Cons:

  • Small amount of educational tools for new traders
  • Small range of tradable assets compared to other CFD/Forex brokers

Is IC Markets regulated?

Yes, IC Markets is regulated by CySEC (362/18), ASIC (335692), FSAS (SD018), SCB (SIA-F214). IC Markets is also ESMA compliant thanks to the CySEC licence, which means it can operate across all the European Union.

Here below you can find a table with the licenses obtained by each IC Markets entity from different regulatory bodies:

IC Markets Entity Regulatory Body License Number Country IC Markets Entity Address
IC Markets (EU) LTD CySEC (Cyprus Securities and Exchange Commission) 362/18 European Union 141 Omonoias Avenue, The Maritime Centre, Block B, 1st floor, 3045 Limassol, Cyprus
International Capital Markets Pty ASIC (Australian Securities and Investments Commission) 335692 Australia Level 4, 50 Carrington Street, Sydney, NSW 2000, Australia
Raw Trading Ltd FSAS (Financial Services Authority Seychelles) SD018 Seychelles Eden Plaza, Office 222, Eden Island, Mahe, Seychelles
IC Markets Ltd SCB (Securities Commission of The Bahamas) SIA-F214 Bahamas Unit 3B, Western Road, Western New Providence Commercial Centre, Nassau, New Providence, The Bahamas

Is IC Markets legit?

Yes, IC Markets is a legit forex brokerage firm and is not a scam.

IC Markets was established in 2007 in Australia, and since then it grew globally and became a trustworthy name in the forex industry.

IC Markets headquarter is located in Level 4, 50 Carrington Street, Sydney, NSW 2000, Australia.

However, they also have offices located in different countries such as Cyprus (Limassol), Seychelles (Mahe) and the Bahamas (New Providence).

Is IC Markets safe?

Yes, IC Markets is considered a safe broker. However, this doesn’t mean the platform guarantees positive results. IC Markets adheres to international and regulatory standards and stores clients’ funds in segregated bank accounts.

Additionally, IC Markets encrypts data transmission to protect clients’ personal information, and uses secure and solid trading platforms like MetaTrader and cTrader.

Has IC Markets won any industry awards?

Yes, IC Markets has won many industry awards, including our “Best MAM/PAMM Account” award for 2021.

How does IC Markets protect clients’ money?

IC Markets protects clients’ money by holding funds in segregated bank accounts, and by offering an  Investors Compensation Fund (ICF) covering up to €20,000 in compensation.

The ICF works as insurance for traders in case the broker goes bankrupt or in case of disputes between the trader and IC Markets.

Additionally, European and Australian traders at IC Markets will be given Negative Balance Protection, which ensures traders will never lose more money than deposited.

Who is the CEO of IC Markets?

The CEO and founder of IC Markets is Andrew Budzinski.

How to use IC Markets?

In order to use IC Markets you have to respect the following requirements:

  • Be legal of age in your own country.
  • Make sure IC Markets is allowed in your country.
  • Verify your identity.
  • Deposit a minimum amount of money.

In Which Countries is IC Markets not Available?

IC Markets is not available in the USA, Canada, and in many African and Asian countries such as Tanzania, Angola, Israel and Iran among the others.

Here below you can find a complete list of countries:

    • 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
  • What are the IC Markets account base currencies?

    IC Markets offers a total of 10 account base currencies. These are the USD, AUD, EUR, GBP, SGD, NZD, JPY, CHF, HKD, and CAD.

    What is the IC Markets minimum deposit?

    The IC Markets minimum deposit is $0, meaning that traders can deposit any amount of money to open a trading account.

    IC Markets deposits do not charge fees. In order to deposit money at IC Markets, you can use different payment methods such as Wire transfers, Credit cards, Debit cards and eWallets such as PayPal, Neteller and Skrill.

    Additionally, depending on the area the trader is residing in, there may be available local or exclusive payment methods such as Rapidpay, Klarna, UnionPay, Bpay, Poli, Thai and Vietnamese Internet Banking, and more.

    Minimum deposit $0
    Deposit fees No
    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

    Payment Methods available at IC Markets

    What are the IC Markets deposit and withdrawal methods?

    IC Markets allows traders to deposit and withdraw money through wire transfers, credit and debit cards and eWallets such as PayPal.

    Here below you can find the full list of IC Markets deposit and withdrawal methods:

    • Wire Bank
    • Credit/Debit Card
    • PayPal
    • Neteller
    • Skrill
    • Rapidpay
    • Klarna
    • UnionPay
    • Bpay
    • Poli
    • Thai Internet Banking
    • Vietnamese Internet Banking
    • Broker to Broker

    Some of these payment methods though, may not be available worldwide but only in specific world regions.

    One more thing to keep in mind is that you can’t really choose the withdrawal method, as it should always match the deposit method. In other words, if you choose to deposit via PayPal, you can receive your withdrawals only on that specific PayPal account.

    At IC Markets there’s no minimum withdrawable amount, and 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.

    Are withdrawals secure and fast on IC Markets?

    IC Markets withdrawals are secure and fast depending on the withdrawal method chosen. Wire transfers at IC Markets take up to 5 business days to be processed, while Credit/Debit card and eWallet withdrawals are usually faster taking up to 2 business days only.

    Since IC Markets keep traders’ funds in segregated bank accounts, the broker cannot block your withdrawals and you’re free to decide when to withdraw your money. Keep in mind that keeping your KYC information updated, is one way to make withdrawals smoother.

    Are there bonuses or promotional offers on IC Markets?

    IC Markets doesn’t offer bonuses nor promotional offers at the moment.

    What are the IC Markets account types?

    IC Markets offers a good number of account types. The table below presents details of all the IC Markets account types.

    IC Markets Account Type Minimum Deposit Base Currency Spreads From Trading Volume Commissions Platform
    IC Markets Standard $0 USD, AUD, EUR, GBP, SGD, NZD, JPY, CHF, HKD, CAD 1 pip $0 MT4, MT5
    IC Markets Raw Spread $0 USD, AUD, EUR, GBP, SGD, NZD, JPY, CHF, HKD, CAD 0 pips $7/lot round turn (MetaTrader), $6/lot round turn (cTrader) MT4, MT5, cTrader
    IC Markets Professional $0 USD, AUD, EUR, GBP, SGD, NZD, JPY, CHF, HKD, CAD 0 pips $7/lot round turn (MetaTrader), $6/lot round turn (cTrader) MT4, MT5, cTrader
    IC Markets Islamic $0 USD, AUD, EUR, GBP, SGD, NZD, JPY, CHF, HKD, CAD 0 pips MT4, MT5, cTrader
    IC Markets MAM/PAMM $0 USD, AUD, EUR, GBP, SGD, NZD, JPY, CHF, HKD, CAD 0 pips MT4, MT5

    Account types available at IC Markets

    IC Markets Standard Account

    IC Markets Standard account is the base account offered at the broker.

    The standard account applies a spread mark-up from 1 pip (which is in line with the industry standards) with no additional trading fees charged other than overnight fees.

    This account does not require a minimum deposit, and in terms of leverage, it offers up to 30:1 for retail clients in Europe and Australia, and an increased leverage of up to 1:500 for clients operating under IC Markets’ FSAS and SCB branches.

    IC Markets Raw Spread Account

    The Raw Spread Account at IC Markets caters to those who prefer trading with no spread mark-ups.

    The IC Markets Raw spread account, instead of the usual spread fees, operates on fixed commissions based on trading volume and on the trading platform chosen. The fee here is $7/round turn on the MT4 and MT5 platforms (which is in line with other brokers), and a slightly lower $6/lot round turn commission on the cTrader platform (which makes this option 14% cheaper considering the $7 average).

    Spreads start low, averaging around 0.06 pips on the EUR/USD pair.

    IC Markets professional account

    The IC Markets professional account is designed for experienced traders.

    The professional account is available exclusively to Australian traders, and the eligibility for this account requires meeting specific 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).

    Traders who can qualify to be professional traders, will see enhanced leverage options, increasing from the standard 1:30 up to 1:500 on forex.

    The cost structure remains consistent with the standard professional account offering spreads from 1 pip, and from 0 pips (plus commission) for the raw spread professional account.

    IC Markets Islamic Account

    The IC Markets Islamic Account is tailored for Muslim traders seeking to comply with Sharia law.

    This account type does not charge the typical swap fees (which are forbidden under Sharia Law) and instead may incorporate higher spread mark-ups to compensate.

    Additionally, the IC Markets Islamic account may limit the availability of certain assets, such as exotic currencies.

    IC Markets MAM/PAMM Account

    The IC Markets MAM/PAMM Account is designed for fund managers and traders who want to let professionals manage their funds.

    This account type is not available in the European Union and in Australia. The trading conditions on this account type are the same as the other IC Markets account types.

    Can I test IC Markets on a demo account?

    Yes, you can test IC Markets with a demo account.

    The IC Markets demo account is unlimited, however, it expires after 30 days of inactivity.

    In order to open it, you need to provide IC Markets with a phone number, your name and an email address. The IC Markets demo account can be customized by selecting information about the account type, the trading platform, the amount of virtual currency and more.

    What are the fees on IC Markets?

    IC Markets charges the following fees:

    • Spreads: Spreads on IC Markets start from 1 pip on the Standard account. The IC Markets raw spread account spreads, on the other hand, start from 0 pips.
    • Volume-based commissions: the commissions on IC Markets are charged on the raw spread account, and start from $6/lot round turn commission when using cTrader, and $7/lot round turn when using MetaTrader
    • Overnight fees: IC Markets charge an overnight fee, unless you have a swap-free account.

    How good are IC Markets’ trading spreads and commissions?

    The IC Markets average cost per trade is $6,84, calculated as an average across all IC Markets account types (31,60% lower than the average cost per trade industry standard), considering a 1 lot volume trade on the EUR/USD Forex pair.

    The IC Markets Standard and Raw Spread account are the two main accounts offered, and provide 2 different types of pricing.

    The best pricing is provided by the IC Markets Raw Spread account which offers raw spreads from 0 pips (0.06 pips on average on EUR/USD), and a $6/lot round turn commission when using cTrader, and $7/lot round turn when using MT4 or MT5.

    The commission charged on the MetaTrader Raw Spread account is in line with the industry standard, but the cTrader account is 14% cheaper considering the $7/lot round-turn standard of this account type.

    The IC Markets standard account, on the other hand, charges a spread mark-up from 1 pip (which matches the industry standard).

    Here below you can find a complete breakdown of the IC Markets trading costs based on each account type available:

    IC Markets Account Types Avg EUR/USD Spreads Commission Total Commission per Trade Industry Standard
    IC Markets Standard 1 pip $0 $10/lot In line with the industry
    IC Markets Raw Spread 0.06 pips From $6/lot $6.06/lot 40% cheaper
    IC Markets Professional 0.06 pips From $6/lot $6.06/lot 40% cheaper
    IC Markets Islamic 1 pip $0 $6/lot In line with the industry
    IC Markets MAM/PAMM 0.06 pips From $6/lot $6.06/lot 40% cheaper

    Here is a table with a brief resume of the IC Markets trading spreads and commissions on different markets:

    Asset Type Spreads/Commission
    Forex Spreads from 0 pips
    Commodities Spreads from 0.02 pips
    Indices Spreads from 0.4 pips
    CFD Crypto Spreads from 0.1 pips
    CFD Stocks Variable spreads
    Bonds Spreads from 0.10 pips

    What type of broker is IC Markets?

    IC Markets is a CFD (Contract For Difference) broker with a No Dealing Desk (NDD) order execution.

    This enables IC Markets to offer some of the best execution speeds in the industry as well as competing with the best on prices thanks to the wide range of top liquidity providers they have access to.

    How does IC Markets make money?

    IC Markets generates revenue through spreads, trading commissions, overnight fees, currency conversion fees and B-Book execution policies.

    IC Markets primary source of income are both spreads and trading commissions. The IC Markets spreads (when the mark-up is applied) start from 1 pip, while the commissions start from $6/lot traded.

    Since IC Markets is a CFD broker, they also make money from overnight fees.

    Finally, IC Markets makes money by clients’ losing trades, whenever it acts as a B-book broker.

    IC Markets though, is not a publicly listed company. This means that the specific ways of making money, as well as how much money IC Markets makes, it is not known to the public.

    What assets can you trade on IC Markets?

    With IC Markets you can trade CFDs on various assets, precisely forex, commodities, indices, bonds, cryptocurrencies and stocks.

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

    Market Number of Assets
    Forex 60+
    Commodities 20+
    Indices 25
    Stocks 2100+
    Bonds 9
    ETFs 33
    Crypto 13
    Futures 4

    Available assets at IC Markets

    What is the maximum leverage available on IC Markets?

    At IC Markets the maximum leverage available is 1:30 for retail european and australian forex traders. The leverage is increased to 1:500 for professional australian clients, or clients operating under the FSA and SCB branches of IC Markets.

    What is the minimum lot sizing available on IC Markets?

    The minimum lot size at 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.

    Can you earn dividends on IC Markets?

    Yes, you can earn dividends on IC Markets.

    However, keep in mind that IC Markets stocks are offered as CFDs, which means long-term trading at IC Markets may not be as profitable as trading stocks with a standard stockbroker.

    What platforms does IC Markets offer?

    IC Markets provides the following trading platforms:

    • MetaTrader 4 (MT4), available as webtrader, desktop and mobile
    • MetaTrader 5 (MT5), available as webtrader, desktop and mobile
    • cTrader, available as webtrader, desktop and mobile
    • ZuluTrade, available for copy trading
    • IC Markets social, available for social trading

    The platforms available at IC Markets provide stop losses, take profit, limit orders, and trailing stops. Each trading platform provides fundamental analysis tools, along with technical analysis tools such as the Fibonacci retracement.

    Platforms available at IC Markets

    How good is IC Markets Customer Service?

    IC Markets customer service is efficient and fast.

    The customer service is professional and answers the questions within 1 business day.

    IC Markets’ traders can ask and find answers in over 11 languages by contacting the customer support (via email, chat or phone), or visiting the IC Markets’ FAQ section.

    How can you contact IC Markets?

    You can contact IC Markets via live chat, email, or phone number.

    Does IC Markets have social media channels?

    IC Markets has the following social media profiles:

    How many languages are available at IC Markets?

    IC Markets is available in over 11 languages, including English, German, French, Spanish and Italian among the others.

    What are the IC Markets market analysis tools?

    IC Markets provides several market analysis tools:

    • IC Markets blog: this tool serves as an information hub for traders in which you can find daily market news and analysis.
    • Economic calendar: here you can track the main economic events on the financial markets.
    • Web TV: Short video format with market commentary and actionable trade ideas available daily.
    • Podcasts: IC Your Trade episodes are available to anyone who wishes to stay in the know.
    • Webinars: Clients can also join webinars live or online for in-depth market and financial reviews.

    Does IC Markets provide educational tools?

    Yes, IC Markets provides few educational tools, as the only helpful content for beginners are video tutorials on how to get started with IC Markets.

    What do users think about IC Markets?

    Warning

    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)

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    About The Author

    Filippo Ucchino
    Co-Founder - CEO - Broker Expert
    Filippo is the co-founder and CEO of InvestinGoal.com. 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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