IC Markets

IC Markets Reviews and Ratings

ic markets

Score: 9.5/10

IC Markets Rating
4.5/5
User Rating
[Total Votes: 67 Average Client Rating: 3.3]
Websitehttps://www.icmarkets.com/
Live ChatYES: Available 24/7
TelephoneYES: Available 24/7
Broker TypeECN Pricing
RegulationsAustralian Securities & Investment Commission (ASIC), Seychelles Financial Services Authority (FSA), Cyprus Securities & Exchange Commission (CySEC), Securities Commission of The Bahamas (SCB)
Min Deposit$200.00
Account Base CurrencyUSD, AUD, EUR, GBP, CAD, JPY, NZD,CHF, SGD, HKD
Max Leverage1:500 (Seychelles)
Trading PlatformsMetaTrader 4 & MetaTrader 5, cTrader, WebTrader, FIX API Trading, MAM / PAMM
MarketsForex & CFDs (precious metals, indices, stocks, commodities, bonds, futures & cryptocurrencies)
Bonus OfferedNone
Funding OptionsCredit / Debit Card, PayPal, China Union Pay, Bank Transfer, Bpay, Klarna, Rapidpay, Skrill, Neteller, Qiwi, Fasapay, Poli, Webmoney, Fasapay, Broker to Broker
Trustworthiness 93%
Regulation Strength 89%
Overall Rating 95%

IC Markets Review

IC Markets Introduction

IC Markets launched in 2007, just as the online forex and CFD trading industry emerged. IC Markets was one of many brokers that launched from Sydney. Despite strong rivals in the region, the company boasts the title of being one of the largest brokers globally. 

Although originally from Australia, IC Markets is an international forex and CFD broker that has grown to operate across four strategic hubs. The company is licensed and authorized in Australia by ASIC, in Cyprus by CySEC, in Seychelles by the Seychelles FSA and in The Bahamas by SCB.

IC Markets is used by many thousands of traders and ranked one of the largest brokers in the world according to trading volume. Traders using various trading strategies favor IC Markets due to their low pricing, tight spreads, deep liquidity and fast execution. 

The company offers hundreds of trading instruments, numerous account funding methods, multiple trading platforms and 1:500 leverage when trading with the Seychelles regulated entity. 

This IC Markets review explores various factors, such as business practices, regulatory oversight, trading conditions, technology and platforms, customer service, reputation and other important qualities.

IC Markets Trading Accounts Review

One of the reasons IC Markets has grown to become one of the largest forex & CFD brokers globally is its ability to offer a cost-effective trading environment for day traders and scalpers that is consistent and reliable. This section of the IC Markets review explores the company’s trading conditions. 

IC Markets Trading Account Types

IC Markets offers four trading accounts; Standard, Raw Spread, cTrader Raw Spread and Islamic Account. The account type you choose depends on your trading strategy and style.

Standard Account

The IC Markets Standard Account is recommended for discretionary traders, meaning those who trade from time to time rather than daily. The Standard Account is commission-free, but the spreads are higher. Depending on your trading strategy, this could be a weakness or an advantage. It can be simpler to calculate your costs if you don’t pay commissions, but it’s harder to analyse changes in market conditions if the broker has applied a mark-up on the bid and ask prices, also known as the spread. The Standard Account is not available on cTrader. 

Raw Spread Account

The Raw Spread Account is recommended for active traders with scalping, day trading or automated trading strategies. As the name suggests, the Raw Spread Account does not have a markup on the bid and ask prices received from the market. Rather, IC Markets supposedly passes the raw prices to the trader. The broker is remunerated by charging a commission for every trade executed. The commission charged when using this account is $3.50 per lot per side. 

cTrader Raw Spread Account

cTrader Raw Spread Account is essentially identical to the above-mentioned trading account, except the commissions are charged differently. With the cTrader version of the Raw Spread Account, commissions are charged per million dollars of notional value traded, rather than per standard lot traded. The reason is that cTrader calculates commissions differently from the MetaTrader platforms.

Islamic Account

IC Markets offers an Islamic Account option on all account types and platforms. Islamic Accounts are swap-free accounts tailored for Islamic forex trading and designed for traders following Sharia laws. Muslims are prohibited from paying or collecting interest. As Swaps are derived from interest rate differentials, brokers offer Islamic accounts specifically for their Muslim customers. Instead of working with Swaps, IC Markets applies overnight financing charges when traders hold their positions overnight. Unlike Swap rates that can change from one day to the next, overnight financing charges are static.

Demo Account

It’s common for forex brokers to let traders open demo accounts before committing to opening a live account and passing identity verification. IC Markets lets you try any account on any trading platform to help you find the right option. You can keep your demo account indefinitely and continue practicing, even after you open a live account.

IC Markets Leverage

IC Markets’ margin requirements depend on the entity and product. Leverage is restricted due to dramatic product intervention measures introduced through new regulations by ESMA, the European Securities and Markets Authority in 2018 and later mimicked by new regulations introduced by ASIC in 2020.

The Australian and Cypriot licensed companies are prohibited from offering leverage higher than 1:30 on major forex pairs unless you qualify as a professional client. In comparison, for all clients, the Bahamas entity gives leverage up to 1:200 and Seychelles up to 1:500. 

This table shows a comparison of maximum leverage provided by each IC Markets entity for a snapshot of products.

IC Markets Leverage Chart

Product

Seychelles

The Bahamas

Australia

Cyprus

EUR/USD

1:500

1:200

1:30

1:30

GBP/CHF

1:500

1:200

1:20

1:30

EUR/TRY

1:500

1:200

1:20

1:20

S&P500

1:200

1:200

1:20

1:20

WTI/USD

1:100

1:200

1:10

1:10

XAG/USD

1:500

1:200

1:20

1:10

BTC/USD

1:5

1:2

1:2

1:2

Trading Instruments

IC Markets offers over a thousand trading instruments from several asset classes as contracts for difference.

 

  • Over sixty currency pairs consisting of majors, minors and exotic crosses
  • 25 index CFDs from North America, Europe, Asia and other major economies
  • Several commodities, including precious metals and energy products tradable as CFDs on spot markets
  • More than 1600 large-cap stocks from the NYSE, NASDAQ and ASX are tradable as CFDs on the MetaTrader 5 platform
  • Several Bond CFDs on US, UK, European and Japanese government-issued bonds
  • 13 Cryptocurrency CFDs on the most popular cryptocurrencies quoted against the US dollar
  • Several futures CFDs such as the ICE Dollar Index, the CBOE VIX Index and a range of commodities

 

Currency pairs

AUD/USD, EUR/USD, GBP/USD, USD/CAD, USD/CHF, USD/JPY, AUD/CAD, AUD/CHF, AUD/JPY, AUD/NZD, CAD/CHF, CAD/JPY, CHF/JPY, EUR/AUD, EUR/CAD, EUR/CHF, EUR/GBP, EUR/JPY, EUR/NZD, GBP/AUD, GBP/CAD, GBP/CHF, GBP/JPY, GBP/NZD, NZD/CAD, NZD/CHF, NZD/JPY, NZD/USD, AUD/SGD, CHF/SGD, EUR/DKK, EUR/HKD, EUR/NOK, EUR/PLN, EUR/SEK, EUR/SGD, EUR/TRY, EUR/ZAR, GBP/DKK, GBP/NOK, GBP/SEK, GBP/SGD, GBP/TRY, NOK/JPY, NOK/SEK, SEK/JPY, SGD/JPY, USD/CNH, USD/CZK, USD/DKK, USD/HKD, USD/HUF, USD/MXN, USD/NOK, USD/PLN, USD/RUB, USD/SEK, USD/THB, USD/TRY

Indices

AUS200, S&P500, DOW30, FTSE100, DAX30, NIKKEI225, F40, STOXX50, CA60, CHINA50, CHINAH, ES35, HK50, IT40, MidDE60, NETH25, NOR25, SA40, SE30, SWI20, TecDE30, US2000

Commodities

XBR/USD, XNG/USD, XTI/USD, XAU/USD, XAG/USD, XAU/EUR, XAG/EUR, XPD/USD, XPT/USD, XAU/USD

Bonds

Euro Bobl, Euro Bund, Euro Schatz, BTP Italian Bonds, Japanese 10 YR, UK Long Gilt, US 5 YR T-Note, US 10 YR T-Note, US T-Bond (30 year)

Futures

ICE Dollar Index, CBOE VIX Index, Brent Crude Oil, WTI Crude Oil, Cocoa, Coffee, Corn, Cotton, Orange Juice, Soybean, Sugar, Wheat  

Cryptocurrency

Bitcoin, Ethereum, Dash, Litecoin, Ripple, Bitcoin Cash, EOS, Emercoin, NameCoin, PeerCoin, Polkadot, Stellar, Chainlink 

Deposits & Withdrawals

IC Markets offers a wide range of deposit and withdrawal methods, offering convenient payment methods for traders in different parts of the world. When choosing a forex broker, knowing how you add and remove funds from your trading account is important. Some brokers, especially offshore ones, often use sketchy payment processors. Thankfully this isn’t the case with IC Markets. The company uses numerous well known international companies for processing payments.

IC Markets Deposit and Withdrawal Fees

With IC Markets, all deposit methods are free of charge, regardless of how much you deposit. For withdrawals, every method is free of charge, except for bank wire transfers, where a 20 AUD fee, or the equivalent amount, is charged. Keep in mind that just because IC Markets covers the cost from their side, there is always a chance your bank could impose fees on your side.

IC Markets Minimum Deposit

To activate a live trading account with IC Markets, the minimum first-time deposit is $200. Once you’ve made your first deposit, you can deposit any amount to increase your balance. There might be minimum requirements depending on the payment method. Some methods, such as e-wallets, generally have low minimum deposit requirements, meaning you can usually top up as little as $5 or a similar amount in your local currency.

 

Account Funding Methods

You can deposit with your bank card (Visa/Mastercard), PayPal, Skrill, Neteller and several other online payment methods. The available payment methods depend on which IC Markets entity you’re trading with and your location. As a general rule, international wire transfers and VISA and Mastercard are available to all traders.

IC Markets Regulation

IC Markets is licensed by four financial markets regulators. As the forex and CFD trading regulatory landscape has undergone a drastic transformation in recent years, brokers are regulated in multiple locations to ensure they can offer a variety of services internationally. 

IC Markets has been licensed by ASIC since 2009. In 2018, IC Markets IC Markets (EU) Ltd. in Cyprus acquired a Cypriot regulator CySEC. A year later, IC Markets established True ECN Trading Ltd. in Seychelles and gained a Securities Dealer License from the Financial Services Authority of Seychelles. Most recently, IC Markets gained a license in the Bahamas. 

IC Markets has the following licenses:

  • The Australian Securities and Investments Commission (ASIC) regulates International Capital Markets Pty with license number #335692.
  • The Cyprus Securities and Exchange Commission (CySEC) regulates IC Markets (EU) LTD with license number #362/18.
  • The Financial Services Authority Seychelles (FSA) regulates Raw Trading Ltd with license number #SD018.
  • The Securities Commission of The Bahamas (SCB) regulates IC Markets Ltd with license number SIA-F214.

Overview of IC Markets Features

Trading Platforms

IC Markets offers the three most popular forex and CFD trading platforms: MetaTrader 4, MetaTrader 5 and cTrader. 

Besides these three trading platforms, IC Markets offers MAM/PAMM accounts under the Seychelles entity, VPS accommodation from leading providers, a suite of advanced trading tools for MT4 and access to popular Autochartist and Trading Central tools.

Trading Education

The extent of trading education offered by a broker is a good indicator of whether they’re invested in their customers becoming successful or not. Based on our research, we can see IC Markets provides various resources to help traders develop their capabilities. 

Forex Glossary

IC Markets Forex Glossary is certainly extensive, maybe even exhaustive. It has definitions for all the words you need to know and a lot you don’t need to know! In any case, while you are browsing through the forums, you will struggle to find a word that isn’t explained concisely in the IC Markets Forex Glossary. A very good effort from the team, we learnt a few words. 

IC Markets Blog

The IC Markets Blog is an oracle of information for any trader, whatever your experience or trading style. Fundamental analysis and technical analysis posts are added daily and go into a lot of depth. For newer traders, the blog offers a comprehensive archive of educational material. For new and experienced traders (it’s always good to brush up regardless of your skills), there is an archive of previous webinars hosted by IC Markets. Whether you are an active trader with IC Markets or not, it’s worth staying informed about their regular webinars. 

IC Markets YouTube Reviews 2021

We’ve handpicked some of the most informative YouTube reviews for IC Markets. So don’t base your decision on our review. Instead, check out what other traders have to say about their first-hand experiences trading with IC Markets.

What other sites are saying about IC Markets

IC Markets Forex Peace Army Review

Forex Peace Army rating for IC Markets is: 3.635/5 with over 1504+ reviews

IC Markets Trustpilot Review

IC Markets Trustpilot Ratings is: 4.8/5 with over 12976+ reviews

ic markets trustpilot rating

IC Markets Pros and Cons 2021

IC Markets is one of the world’s biggest forex brokers, executing more than a trillion dollars of transactions in a single month. The company is one of the best known Australian forex brokers but is active in other jurisdictions as well. Many traders have selected IC Markets as their broker; presumably, there are many advantages to working with this company. However, no forex broker is perfect, and there are always tradeoffs to consider. 

In this review of IC Markets pros and cons, we help you understand if IC Markets is the broker you have been seeking. Or whether you should avoid this broker and consider one of the other options highlighted on the Forex Rank forex brokers reviews list?

IC Markets advantages:

  1. High-quality customer service –  IC Markets is considered one of the best brokers for providing customer support. The company is rated excellent with 4.8 out of 5 on Trust Pilot, with reviewers regularly complimenting its customer service. Even our analyst Mark Prosz applauds IC Markets for going above and beyond to promptly manage his issues and questions, even one weekend. The online chat operatives are available 24 hours per day, seven days a week. Most brokers have their online chat available during business days.
  2. IC Markets has a strong reputation in the industry –  IC Markets is a well-known brand in the retail forex trading world. The company is one of the most trusted names in retail forex trading and has been for over a decade. IC Markets has never faced any disciplinary action from regulators and has never been involved in any scandal.
  3. Regulated by multiple authorities – IC Markets has been regulated by the Australian Securities and Investment Commission (ASIC) since 2009. ASIC is one of the top regulator bodies for forex trading due to robust regulation, diligent oversight and strict capital requirements. IC Markets is also a CySEC regulated broker and an offshore forex broker with companies operating from the Bahamas and Seychelles.
  4. Excellent trading conditions – IC Markets is known for offering the tightest spreads and does so consistently. Even high volume or high-frequency traders can trade effectively on IC Markets pricing.
  5. A wide range of account funding methods are provided – IC Markets offers a wide range of deposit and withdrawal methods. Among the available options are credit & debit card payments, PayPal, China Union Pay, international and local bank wire transfer, Bpay, Skrill, Neteller, Qiwi, Fasapay, Webmoney, Fasapay, Broker to Broker. The company accepts deposits using nine major currencies.
  6. Fast order execution –  IC Markets hosts servers in Equinix NY4 and LD5 IBX datacentres in New York and London. These datacenters are prominent colocation centers, where all major market participants host their forex trading activities.
  7. Offers a wide range of trading platforms – IC Markets offer a wide range of forex trading platforms to fit different traders’ needs and preferences. The company offers MetaTrader 4, MetaTrader 5, cTrader, and FIX API trading.

IC Markets disadvantages:

  1. IC Markets does not allow US traders – The company does not accept US-based clients. Due to strict regulations, brokers can get into a lot of trouble for cooperating with US residents or citizens. If you’re looking for a broker accepting Americans, learn more in our best forex broker in the USA guide.
  2. IC Markets does not allow Canadian traders either – Another jurisdiction that IC Markets doesn’t accept customers from is Canada. Canada also has complicated regulatory requirements making it hard for overseas brokers to provide services to Canadians. If you’re looking for a broker accepting Canadians, learn more in our guide to the best Canadian brokers firms.
  3. Not an ECN broker – IC Markets previously branded itself as the first ‘True ECN Forex Broker’. However, the company no longer claims to be an ECN broker. Regulators introduced rules prohibiting brokers from calling themselves ECN brokers unless they truly are. Considering that IC markets stopped claiming to be such, they presumably were not acting as a true ECN broker. Although the company doesn’t provide direct market access to interbank liquidity, it does aggregate prices from multiple liquidity providers to offer competitive prices, making IC Markets an ECN-style broker. 
  4. Poorly designed client zone – The client zone where you manage your trading accounts, perform deposits and withdrawals, and other operations is very outdated, poorly designed and slow. This is one area the company can vastly improve upon.

There's More..

Is IC Markets FCA regulated?

No. IC Markets is not regulated by the Financial Conduct Authority in the UK. Four competent authorities regulate IC Markets: ASIC, CySEC Seychelles FSA and the SCB.

Are IC Markets reliable?

We say yes. IC Markets has all the markers of being a reliable and legitimate broker. The company has been active for many years without any issues; it’s regulated by multiple authorities and has a great online reputation.

Do IC Markets accept US clients?

No. IC Markets does not accept US clients. Strict US regulations prohibit US citizens from having overseas forex trading accounts. Brokers can get into a lot of trouble for providing services to US traders.

Is IC Markets a market maker?

IC Markets has market-making licenses, but that doesn’t mean they operate as a market maker. IC Markets doesn’t claim on its website anywhere that it’s an ECN broker, as regulations prohibit brokers from making misleading claims. We believe IC Markets is an ECN-style broker, meaning the company executes orders based on ECN pricing but may not send them to external execution venues, meaning they offset orders internally.

Does IC Markets offer a micro account?

No. IC Markets does not offer micro-accounts. The smallest order size you can enter is 0.01 lots. 

Does IC Markets offer bonuses?

No. IC Markets does not offer bonuses.

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