IC Markets Review

Author By Jeffrey Cammack Author Information Updated: October 27, 2020
Overall Rating
4.26 4.26 / 5
Rated #11 of 49 Recommended Brokers
Min. Deposit
USD 200
Max. Leverage
30:1
Min. Spread
0.1 pips
Regulators
Regulator Origin
Trading Desk Type
AlertMost retail CFD accounts lose money. Your capital is at risk.

Summary

A hugely respected ECN broker, IC Markets has invested heavily to provide traders with the lowest spreads and fastest execution speeds possible – and has seen huge success as a result. ASIC and CySEC regulated and with support for MT4, MT5 and cTrader, this broker is serious about providing the best possible trading environment for its client base. 

Headquartered in downtown Sydney, IC Markets represents the best of the Australian Forex industry; beginner traders will welcome IC Markets’ simple account structure and responsive and informed customer service; the company understands customer retention involves a combination of tight spreads, cutting edge technology, fast trade execution and specialised support. 

Reviews

Regulation
111104/ 5
Trading Conditions
11110.54.5/ 5
Trading Platforms
111115/ 5
Deposit & Withdrawal
111104/ 5
Education & Research
111003/ 5
Assets Available
11110.54.5/ 5
Customer Service
11110.54.5/ 5
Beginner Friendly
Standard
Bonuses

Trading Conditions

Min. Deposit
USD 200
Base Currencies
AUD, USD, EUR, GBP, CAD, SGD, NZD, JPY, CHF, HKD
Fx Pairs
60
Hedging Allowed
Yes
Scalping Allowed
Yes
Swap Free Accounts
Yes

Average Spreads

Euro/USD
0.1
GBP/USD
0.4
USD/JPY
0.2

Company Details

Company Name
International Capital Markets Pty Ltd.
Founded
2007
Type
Regulators
Office Locations
Australia

Is IC Markets Safe?

IC Markets have been regulated by ASIC (license 335692) since 2009 and use trusted Australian banks Westpac and NAB to hold segregated client funds. In the unlikely event of an IC Markets bankruptcy, client funds are secure and IC Markets has Professional Indemnity Insurance through Lloyds of London. IC Markets does not put itself forward for any awards and instead focuses on client satisfaction and improved trading conditions.

Trading Conditions

The principal focus of IC Markets is to create the best trading conditions possible, this is achieved by focusing on finding the best conditions from a network of equity providers and technology that provides fast trade execution. IC Markets works with a large number of equity providers so as to present the best conditions and tightest spreads to their clients. Cutting-edge technology is developed in-house to enable the search for the best conditions and give clients better control of trades. IC Markets have servers in both London and New York, providing clients with low latency, fast trade execution, leading to less slippage and better trading outcomes.

Account Types

IC Markets offers clients two live accounts and a demo account. Each of the live accounts has a 200 USD minimum deposit, maximum leverage of 500:1 and 64 currency pairs to trade. It is quite rare for brokers to offer this similarity in features across two very different account types. A swap-free option is available on all accounts for Muslim clients.

Display Name
Min Deposit
Max Leverage
Min Spread
Commission
Brokers
RAW - cTrader
USD 200
500:1
0.0
$3.00
Account Details
RAW - MetaTrader
USD 200
500:1
0.0
$3.50
Account Details
Standard - MetaTrader
USD 200
500:1
1.0
None
Account Details

Demo Account – The IC Markets demo account does not expire unless you are inactive for 30 days. The demo account does give you a starting balance, but should you use all this capital, a customer support agent can top it up again.

Standard Account – The standard differs in how IC Markets make their money from trades. This account does not charge any commission on trades, but the spreads are wider than on the True ECN account. Spreads start at 1.0 pips making this account the better option for those who trade occasionally, or with a limited balance. Standard leverage of 500:1 is available.

True ECN Account – The True ECN account is for more professional traders or those trading high volumes. If you are a scalper, or open and close many trades a day, this is the best option for you. The spreads are tight, starting at 0.0 pips, but there is a commission of 3.5 USD per standard lot and leverage is also available at 500:1.

Cryptocurrency CFD Trading

IC Markets offers a reasonably wide range of cryptocurrencies. Many brokers only provide a minimal set of cryptocurrency pairs and limit them to less appealing account types, but that is not a concern with IC Markets. IC Markets offers Bitcoin, Bitcoin Cash, Ethereum, Dash Coin, Ripple & Litecoin. These pairs are available for all account types, and trading conditions allow short trades on cryptocurrencies. Leverage is limited to 1:5 for cryptocurrencies which is standard for these products, as volatility can be extreme at times. Spreads on these currencies are variable and are significantly higher than Fiat currencies but in line with other brokers.

Deposits and Withdrawals

Deposit by Credit/Debit card, Paypal, Skrill, Neteller, Qiwi, Webmoney, Moneybookers, China Union Pay, FasaPay, Bank wire transfer, Bpay, broker to broker transfer and branch deposits. Most deposits are completed immediately, and a vast majority within 12 hours. All withdrawals received before noon AEST/AEDT are processed the same day but note that additional time is required before you receive the funds. The time until you receive your funds varies on the withdrawal method you are using. Depending on the withdrawal method used there can be provider fees or restrictions. However, IC Markets does not charge any additional withdrawal fees. Total costs are:

  • Credit/debit card withdrawals – No Fees
  • International bank transfers – AUD 20
  • Paypal/Neteller/Skrill withdrawals – No Fees

IC Markets does not have an inactivity fee. However, client accounts will be archived if there is no balance and the account is not used for more than six months.

IC Markets for Beginners

IC Markets is one of the few true ECN brokers accessible to beginner traders.  Where many other ECN brokers fail is in the provision of education and analysis, often forcing traders to self-educate with third party material.  IC Markets, with a full library of course material, independent market analysis and webinars offers new traders a comprehensive education on Forex trading.  IC Markets also supports all three of the top software options and 24/5 customer support.

Education Material

IC Markets provides an extensive free education hub open to everyone, whether they have an account with IC Markets or not. Unlike other brokers, where educational material is often structured, IC Markets has a selection of blog posts that are connected by topics. And unlike other ECN brokers, it is obvious that IC Markets have invested heavily in educating traders of all experience levels. The principal elements of the education area are:

  • Forex Basics
  • Technical Analysis
  • Fundamental Analysis
  • Risk Management
  • Trading Psychology
  • Trading Plan

Videos to help new clients set up trading software are also available. Videos cover topics like How to Download a Demo Account, How to Use The One Click Trade Manager, How to Hedge an Order in MetaTrader 4, and Using the Trade Terminal. A set of previously recorded webinars hosted by knowledgeable educators who have a clear command of their expertise are supplementary to the articles available to read. The webinars principally cover areas of technical analysis like Patterns, Fibonacci in Trading, Trading Candlesticks and Fading and Scalping, but there are additional sessions on Market Structure, Market Dynamics and Professional Trader Psychology.

Analysis Material

IC Markets provides market analysis on their blog, and clients who register for an account will also gain access to Trading Central analysis. Trading Central is an independent company and this tool is recommended for new traders wanting to learn technical analysis or those that want an independent opinion on their trades.

Customer Support

IC Markets has a dedicated support department operating 24/5. Contact them via live chat, email and phone. Live chat and phone support can assist with any general questions and queries, however, queries addressed to specific departments such as the accounts department are only via email. We often have suggestions on how customer service can be improved, but we have never had issues contacting staff and getting straight answers quickly.

Trading Platforms

IC Markets offers clients MetaTrader 4, 5 and cTrader. MetaTrader 4  and 5 are downloadable platforms, while cTrader runs in a browser. All three are available on mobile. Which software a trader uses is a personal choice, as they all offer the same fast trading and advanced charting tools. According to Finance Magnates Intelligence, IC Markets was the broker with the highest trade volume passing through MT4, exceeding 497.3 billion USD in Q4, 2018. The next broker in the list was Pepperstone with 210.4 billion USD over the same period. IC Markets has a technical support team which is open 24/7 and available via phone, email and the chat service offered on their website.

Mobile Trading Apps

IC Markets supports the MetaTrader 4 & 5 applications as well as their own IC Markets cTrader application for mobile. The IC Markets cTrader supports 26-time frames, 50+ indicators, 4 chart types, symbol watchlists, price alerts, and fluid and responsive charts.

Conclusion

IC Markets is a cutting-edge ECN broker that uses a combination of technology to search a network of equity providers to offer the best trading conditions for clients and fast execution technology. IC Markets has leading ASIC regulation, high-quality customer support and a comprehensive educational area. All of this is available on the leading three trading platforms for CFD trading. If you are new to trading, IC Markets offers best-in-class support to help you get started. If you are an experienced trader looking for an ECN broker with the best trading conditions and fast execution, IC Markets are a great choice.

AlertMost retail CFD accounts lose money. Your capital is at risk.
Overall Rating
Min. Deposit
Regulation
Trading Desk Type
Trading Instruments
Forex Pairs
Crypto Pairs
Pros
Cons
Regulation
Trading Conditions
Trading Platforms
Deposit & Withdrawal
Education & Research
Assets Available
Customer Service
% Lose with this broker
Leverage
Spread
Hedging
Scalping
Account Types
Islamic Account
Trading Platforms
Funding Methods
Trading Commission
11110.54.26/ 5
USD 200
ECN/DMA
Commodities, Cryptocurrencies, Equities, Bonds
60
10
  • Well regulated
  • Tight spreads
  • Wide range of assets
  • Great platform choice
  • High minimum deposit
  • Limited market analysis
111104/ 5
11110.54.5/ 5
111115/ 5
111104/ 5
111003/ 5
11110.54.5/ 5
11110.54.5/ 5
of retail investor accounts lose money when trading CFDs with this provider
30:1
0.1 pips
Yes
Yes
RAW - cTrader, RAW - MetaTrader, Standard - MetaTrader
Yes
MT4, MT5, cTrader
Bank Transfer, Mastercard, Neteller, Paypal
7 USD / lot - True ECN account
1110.503.32/ 5
USD 150
ECN/DMA
Commodities, Forex, Equities
110
2
  • Wide range of assets
  • Copy trading accounts
  • Limited market analysis
  • Limited education
  • Wide spreads
1110.503.5/ 5
110002/ 5
111104/ 5
111104/ 5
111003/ 5
1110.503.5/ 5
111104/ 5
62.8% of retail investor accounts lose money when trading CFDs with this provider
30:1
0.0 pips
Yes
Yes
Cent.Eurica, Cent.Standard, Insta.Eurica, Insta.Standard
Yes
MT4
Bank Transfer, Mastercard, Bitcoin, Broker to Broker
Fees Included in Spread
1110.503.48/ 5
USD 500
ECN/DMA
Commodities, Forex, Equities
63
4
  • Tight spreads
  • High minimum deposit
  • Limited education
  • Limited market analysis
  • Expensive withdrawals
1110.503.5/ 5
1110.503.5/ 5
111104/ 5
111003/ 5
111003/ 5
111104/ 5
111003/ 5
N/A of retail investor accounts lose money when trading CFDs with this provider
300:1
0.0 pips
Yes
Yes
Advanced Mark-Up, Advanced RAW, Basic, Institutional
Yes
MT4, Sirix
Bank Transfer, Mastercard, Skrill, Neteller
Fees Included in Spread
Visit Broker
AlertMost retail CFD accounts lose money. Your capital is at risk.

Share your knowledge

Stay updated

This form has double opt in enabled. You will need to confirm your email address before being added to the list.

Featured Brokers

Close
>