IC Markets Review 2024
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IC Markets is #93 in our rankings of CFD brokers. |
Top 3 alternatives to IC Markets |
IC Markets Facts & Figures |
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IC Markets is a globally recognized forex and CFD broker known for its excellent pricing, comprehensive range of trading instruments, and premium trading technology. Founded in 2007 and headquartered in Australia, the brokerage is regulated by the ASIC, CySEC and FSA, and has attracted more than 180,000 clients from over 200 countries. |
Pros |
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Cons |
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Awards |
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Instruments | CFDs, Forex, Stocks, Indices, Commodities, Bonds, Futures, Crypto |
Demo Account | Yes |
Min. Deposit | $200 |
Mobile Apps | iOS & Android |
Trading App |
IC Markets deliver mobile apps for their cTrader, MT4, MT5 and TradingView platforms. They have been developed on Android and iOS separately, taking full advantage of the functionality available on each. With raw pricing, and spreads from 0.0, the apps deliver an excellent trading tool for all levels of trader. Yet what really stands out is how they’ve managed to maintain the lightning-fast execution speed IC Markets is known for, right within the apps. It’s a seamless trading experience that feels both professional and highly responsive. |
iOS App Rating | |
Android App Rating | |
Payments | |
Min. Trade | 0.01 Lots |
Regulated By | ASIC, CySEC, FSA, CMA |
MetaTrader 4 | Yes |
MetaTrader 5 | Yes |
cTrader | Yes |
DMA Account | Yes |
ECN Account | Yes |
Social Trading | Yes |
Copy Trading | Yes |
Auto Trading | Expert Advisors (EAs) on MetaTrader, cBots on cTrader, Myfxbook AutoTrade |
Signals Service | Signal Start |
Islamic Account | Yes |
Commodities |
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CFDs | You gain access to over 2,250 CFDs, available for trading 24/5 across popular markets such as forex, commodities, indices, stocks, and bonds. Utilizing deep liquidity and advanced bridge technology, IC Markets ensures optimal conditions for scalpers, hedgers, and algo traders alike. |
Leverage | 1:30 (ASIC & CySEC), 1:500 (FSA), 1:1000 (Global) |
FTSE Spread | 1.0 |
GBPUSD Spread | 0.23 |
Oil Spread | 0.03 |
Stocks Spread | 0.02 |
Forex | IC Markets maintains its commitment to providing exceptionally tight 0.0-pip forex spreads on major currency pairs such as EUR/USD. This makes it an excellent option if you are seeking superior execution, with an average of 35 milliseconds. Additionally, if you are a high-volume trader, you can benefit from rebates of up to $2.50 per forex lot. |
GBPUSD Spread | 0.23 |
EURUSD Spread | 0.02 |
GBPEUR Spread | 0.27 |
Assets | 75 |
Stocks | IC Markets offers access to 2,100+ stocks from Australian and US markets - NASDAQ, NYSE and ASX. You can choose between 4 platforms, though cTrader excels for seasoned stock traders looking for the widest range of indicators, timeframes and chart types. Over 25 indices also provide exposure to diverse regions and economies. |
Cryptocurrency | IC Markets offers 20+ cryptocurrencies which are tradable via CFDs, including lesser-known tokens such as Avalanche, Kusama and Uniswap. Commission-free trading is available, and experienced crypto traders can access high leverage up to 1:200 in the MetaTrader platforms. |
Coins |
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Spreads | BTC 42.036 |
Crypto Lending | No |
Crypto Mining | No |
Crypto Staking | No |
Auto Market Maker | No |
IC Markets is a broker offering over 300+ instruments across three live accounts. This broker review covers spreads, leverage rates, trading platforms and more. We also look at the broker’s UK regulatory status and minimum deposit requirements. Find out whether IC Markets is the right broker for you.
About IC Markets
IC Markets is an Australian-based CFD broker. The company was established in 2007 by founder and CEO, Andrew Budzinski, and serves both retail and institutional clients.
The brokerage is a trading name of International Capital Markets Pty Ltd, which is licensed and regulated by the ASIC.
Other entities in the group include IC Markets Europe Ltd, which is regulated by the CySEC and IC Markets Global, which is regulated by the FSA. As a global broker, it has offices in various jurisdictions including in Limassol, Cyprus and the Seychelles.
Unfortunately IC Markets is not regulated by the FCA and does not have offices in the UK. With that said, British traders can still open a live trading account.
Trading Platforms
MetaTrader 4
The MT4 platform offers excellent trading conditions and competitive raw pricing. The terminal allows retail clients to trade with institutional-grade prices that compare with some of the world’s leading execution venues. MT4 is a popular choice for high volume traders and those employing scalping systems.
Hedging strategies are also supported and the broker does not impose a ‘first in first out’ rule.
IC Markets offers 20 exclusive advanced trading tools for MT4 including Market Manager, Sentiment Trader, Correlation Matrix, Mini Terminal and more. Alongside interactive charting, several order types and dozens of indicators, clients can place trades as small as one micro lot (0.01) with no maximum lot size requirement.
The MT4 platform is available for desktop download (Mac and Windows), via WebTrader (major browsers), plus mobile apps (iOS, Android and Blackberry).
MetaTrader 5
MT5 is a refined version of its MT4 predecessor. The platform offers advanced charting technology and order management tools along with the broker’s raw pricing from 25 providers. The MT5 servers are located in the Equinix NY4 data centre in New York to provide optimal execution speeds.
MetaTrader 5 promises flexible lot sizing, trading directly from charts, plus the capability to build or buy algorithmic robots via Expert Advisors (EAs).
Finally, IC Markets offers level II pricing on MetaTrader 5 with full market depth for liquidity transparency.
The MT5 platform can be installed on desktop (Mac and Windows), accessed via WebTrader and downloaded as a mobile app.
cTrader
cTrader facilitates trading on 64 forex pairs and 16 major equity indices, amongst others. Offering an alternative feel to the MetaTrader terminals, the trading solution has a lot to offer. Aside from live forex and CFD quotes, users benefit from multiple order types, detachable charts, real-time reports and one-click trading.
cTrader is a powerful retail investing platform that will meet the needs of beginners and experienced investors.
cTrader is available on Mac, cTrader Web, iOS (iPhone and iPad) and Android app.
Assets
IC Markets offers trading on over 300+ CFD instruments:
- Forex – 60+ major, minor and exotic currency pairs including GBP/USD, EUR/USD and SGD/JPY
- Commodities – 19 energy, agriculture and metals including Brent crude oil, cocoa and gold
- Stocks – 200 stocks across major exchanges including the FTSE, Nasdaq, NYSE and ASX
- Cryptos – 10 popular altcoins including Bitcoin, Ethereum and Ripple
- Indices – 23 indices including the FTSE100, US30 and AUS200
- Bonds – 6 international bonds
- Futures – 4 global futures
Note the FCA does not permit UK retail traders to invest in crypto derivatives. The broker also does not offer binary options.
Trading Fees
IC Markets offers variable and tight spreads across its trading platforms:
- Raw Spread (MT4 & MT5) – Spreads from 0.0 pips and $6 commission per lot round turn
- Raw Spread (cTrader) – Spreads from 0.0 pips and $7 commission per lot round turn
- Standard – Spreads from 1.0 pip and zero commission
Average forex spreads on the EUR/USD pair are 0.1 pips on the Raw Spread account and 1.1 pips on the Standard account. Typical gold spreads average around 1.0 pip. To see accurate quotes and live prices, open the broker’s trading platforms.
Leverage Review
IC Markets offers significantly higher leverage than is usually available to UK traders under FCA regulation.
Users can trade with leverage up to 1:500 depending on the regulator (ASIC and CySec limit leverage to 1:30).
See the broker’s website for details on margin call levels and requirements.
Mobile Trading
IC Markets does not offer a proprietary mobile app. However, clients can trade using the MT4, MT5 and cTrader applications. The apps provide easy access to live trading accounts anytime and anywhere.
The MetaTrader apps offer significant flexibility with one-click trading, customisable layouts, 30+ technical indicators, advanced charts and more. The cTrader mobile app also provides all the tools needed for effective technical analysis, including common trend indicators, oscillators, volatility measures and line drawings.
The MT4, MT5 and cTrader mobile apps are available on iOS (including iPad) and Android devices (including Windows). They can be downloaded from Google Play or the Apple App Store.
Deposits & Withdrawals
IC Markets offers 15+ funding options and GBP payments, reducing currency conversion charges. Processing times vary between options:
- Credit & debit cards i.e. Visa and Mastercard – Instant
- Neteller & Neteller VIP – Instant
- Broker to broker – 2 to 5 days
- Wire transfer – 2 to 5 days
- RapidPay – Instant
- Klarna – Instant
- PayPal – Instant
- Skrill – Instant
To withdraw earnings, account owners need to submit a withdrawal request from the secure client area. Withdrawals cannot exceed the amount deposited. Typical processing times for debit and credit card withdrawals are 3 to 5 business days.
IC Markets does not charge any additional fees for deposits or withdrawals. With that said, third-party payment solutions may have their own fees.
Demo Account
IC Markets offers a demo account for both new and existing clients. Once created, you can access the IC Markets demo server instantly. The demo simulator mirrors the live trading environment with the same tools and market data available. Users benefit from unlimited virtual funds, though it’s worth noting that practice accounts expire after 30 days of inactivity.
Regulation Review
IC Markets is not regulated in the UK. Instead, the broker is authorised is other financial hubs.
IC Markets AU under International Capital Markets Pty Ltd holds an Australian Financial Services Licence (AFSL) and is regulated by the Australian Securities and Investments Commission (ASIC) under company number 335692.
IC Markets EU Ltd is authorised and regulated by the Cyprus Securities and Exchange Commission (CySEC) under registration number 356877. Lastly, IC Markets Global, trading under Raw Trading Ltd, is regulated by the Financial Services Authority of Seychelles (FSA) under company number 8419879-2.
So whilst UK traders may be disappointed by the lack of FCA oversight, IC Markets is still regulated in multiple jurisdictions indicating that the company is legitimate and trustworthy.
Additional Features
- Education – The broker provides decent educational tools, which include videos and tutorials, research webinars and an information hub for both new and professional traders.
- Resources – Clients can access multiple resources, including market analysis blogs, trading news, forex & pip margin calculators, an economic calendar, plus an FX glossary.
- Social media – IC Markets has a good social media presence on Twitter, Instagram and a decent following on Facebook, where they post regular news and tips on trading trends.
Other Tools
Clients have access to Multi-Account Manager (MAM/PAMM) software, which is suitable for traders or money managers utilising EAs.
The broker also offers a free VPS hosting service with fast connectivity to IC Markets trading servers. As a result, traders can run EAs without worrying about backup internet or computer hardware.
A FIX API trading solution is also available for traders looking for the lowest latency and control over automated investing strategies. Additionally, auto trading is available via three social platforms; ZuluTrade, Myfxbook’s AutoTrade and Signal Trader, which allow you to copy signals from other investors.
IC Markets Accounts
IC Markets offer three account types to suit traders of different levels. The main variations are the platforms, spreads and commission fees.
- Raw Spread (MetaTrader) – This account is best suited to trading with EAs and scalping strategies
- Raw Spread (cTrader) – This account is best suited to day traders and scalpers
- Standard – This account is suited to discretionary traders
IC Markets offers swap-free Islamic account conditions across each of the above. The broker also accepts joint account applications, though a request will need to be sent to the customer support team.
Another thing to consider is the USD $200 minimum deposit requirement. You may also be subject to slippage when trading stocks, futures, commodities or forex.
To open an account, visit the ‘Open a Live Account’ link, complete the application form and provide ID verification i.e. a government-issued tax document. Once registration has been approved by the accounts team, you will receive your login details and investor password.
IC Markets Pros
When comparing IC Markets vs competitors such as FxPro, Global Prime, CMC Markets, ThinkMarkets and Dukascopy, the broker scores well in several areas:
- ASIC, CySEC and FSA regulation
- Wide range of deposit options
- No concerns around scams
- Forex commission rebates
- Over 300+ instruments
- Zero spread accounts
- AutoChartist on MT4
- Secure stop out levels
- Historical tick data
- Copy trading
- EA lab
IC Markets Cons
Compared to alternatives like Pepperstone, Oanda, FXCM, IG and eToro, IC Markets has several drawbacks:
- No welcome bonus or discount promotions
- No proprietary platform application
- $200 minimum deposit
- No FCA regulation
- No spread betting
Trading Hours
IC Markets clients can trade 24/7. However, each instrument will have different opening hours. Visit the IC Markets website under ‘Trading Hours’ for a breakdown by timezone.
Note that the broker server time has a GMT offset of GMT + 2 or GMT + 3 when daylight savings is in effect. Also keep in mind that IC Markets’ rollover occurs at 00:00 MetaTrader 4 server time.
Customer Support
If you encounter issues such as no connection errors, withdrawal problems, or general complaints, you can contact the customer support team 24/7 via:
- Email – support@icmarkets.com
- Live chat – Bot available on the website
- Global toll-free numbers – UK +44 800 014 8775
The company’s headquarters address is: Level 4, 50 Carrington Street, Sydney, NSW 2000, Australia.
Client Safety
The broker holds client funds in segregated accounts with tier 1 banks. The company also abides by a privacy policy, which ensures personal information is safe and not sold to third parties. The MetaTrader platforms use encryption technology and dual-factor authentication at the login stage.
IC Markets Verdict
IC Markets is a legitimate broker offering tight spreads with a proven track record. The brokerage offers a selection of leading platforms, a range of assets, copy trading and a suite of learning resources. The only major drawbacks for UK traders are the lack of FCA oversight and negative balance protection. Overall, we are comfortable recommending IC Markets.
FAQ
Is IC Markets A Good Broker?
IC Markets is an established and regulated broker that complies with the strict stipulations set out by several bodies, including the ASIC, CySEC and FSA.
The online forex and CFD provider offers an excellent trading experience with fast executions, trusted platforms and zero pip spreads. As a result, IC Markets receives strong customer reviews and user ratings.
What Is The Live And Demo Server IP Of IC Markets?
IC Markets’ server locations are located in the NY4 and LD5 IBX Equinix data centres in New York and London. MetaTrader platforms run on the New York server while the cTrader platform runs on the London server.
How Much Capital Do I Need To Trade With IC Markets?
All account types on IC Markets require a minimum initial deposit of $200 USD or equivalent. A free demo account is also available with no deposit needed.
Is IC Markets Halal?
IC Markets offers swap-free Islamic trading conditions across all of its account types for Muslim investors.
Top 3 IC Markets Alternatives
These brokers are the most similar to IC Markets:
- IG Index - Founded in 1974, IG is part of IG Group Holdings Plc, a publicly traded (LSE: IGG) brokerage. The brand offers spread betting, CFD and forex trading across an almost unrivalled selection of 17,000+ markets, with a range of user-friendly platforms and investing apps. For 50 years, IG has maintained its position as an industry leader, excelling in all key areas for traders.
- XTB - Founded in 2002 in Poland, XTB now serves more than 1 million clients. The forex and CFD broker combines a heavily regulated trading environment with an extensive selection of 6400+ assets and a commitment to trader satisfaction, featuring an intuitive in-house platform with superb tools to support aspiring traders.
- CMC Markets - Established in 1989, CMC Markets is a respected broker listed on the London Stock Exchange and authorized by several tier-one regulators, including the FCA, ASIC and CIRO. More than 1 million traders from around the world have signed up with the multi-award winning brokerage.
IC Markets Feature Comparison
IC Markets | IG Index | XTB | CMC Markets | |
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Rating | 4.8 | 4.7 | 4.8 | 4.7 |
Markets | Forex, Stocks, Commodities, Crypto | Forex, Stocks, Commodities | Forex, Stocks, Commodities, Crypto | Forex, Stocks, Commodities |
Minimum Deposit | $200 | $0 | $0 | $0 |
Minimum Trade | 0.01 Lots | 0.01 Lots | 0.01 Lots | 0.01 Lots |
Demo Account | Yes | Yes | Yes | Yes |
Regulators | ASIC, CySEC, FSA, CMA | FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA, FINMA, CONSOB, AFM | FCA, CySEC, KNF, DFSA, FSC | FCA, ASIC, MAS, CIRO, BaFin, FMA, DFSA |
Bonus | - | - | - | - |
Education | Yes | Yes | Yes | Yes |
Platforms | MT4, MT5, cTrader | MT4 | - | MT4 |
Leverage | 1:30 (ASIC & CySEC), 1:500 (FSA), 1:1000 (Global) | 1:30 (Retail), 1:222 (Pro) | 1:30 | 1:30 (Retail), 1:500 (Pro) |
Visit | 70% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. |
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% -83% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money |
69% of retail CFD accounts lose money. |
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Review | IC Markets Review |
IG Index Review |
XTB Review |
CMC Markets Review |
Trading Instruments Comparison
IC Markets | IG Index | XTB | CMC Markets | |
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CFD | Yes | Yes | Yes | Yes |
Forex | Yes | Yes | Yes | Yes |
Stocks | Yes | Yes | Yes | Yes |
Crypto | Yes | No | Yes | No |
Commodities | Yes | Yes | Yes | Yes |
Oil | Yes | Yes | Yes | Yes |
Gold | Yes | Yes | Yes | Yes |
Copper | No | Yes | Yes | Yes |
Silver | Yes | Yes | Yes | Yes |
Corn | Yes | No | Yes | No |
Futures | Yes | Yes | No | No |
Options | No | Yes | No | Yes |
ETFs | Yes | Yes | Yes | Yes |
Bonds | Yes | Yes | No | Yes |
Warrants | No | Yes | No | No |
Spreadbetting | No | Yes | No | Yes |
Volatility Index | Yes | Yes | Yes | Yes |
IC Markets vs Other Brokers
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