IC Markets Review: Pros, Cons, and Real User Feedback

IC Markets has built a reputation as one of the world’s leading forex and CFD brokers, particularly among experienced traders who demand institutional-grade execution and competitive pricing. But does this Australian-based broker live up to the hype, or is it just another name in an overcrowded market?

Since launching in 2007, IC Markets has grown rapidly, now serving hundreds of thousands of traders across more than 200 countries. The broker positions itself as a true ECN (Electronic Communications Network) provider, offering direct market access with some of the tightest spreads in the industry. For serious traders, these claims matter significantly when every pip affects profitability.

This comprehensive IC Markets review cuts through the marketing claims to examine what this broker actually delivers. We’ll explore their trading conditions, platform options, regulatory oversight, fee structures, and customer support quality. More importantly, we’ll look at real user feedback to understand the day-to-day experience of trading with IC Markets.

Whether you’re a scalper demanding lightning-fast execution, a swing trader needing reliable platforms, or a beginner wondering if IC Markets suits your needs, this review provides the detailed information you need. We’ve tested their services, analyzed their offerings, and gathered feedback from actual traders to give you an honest, balanced assessment. By the end, you’ll know whether IC Markets deserves a place on your shortlist of potential brokers.

What Is IC Markets?

IC Markets is a global forex and CFD broker headquartered in Sydney, Australia. Founded in 2007 by a team of forex traders and software developers, the company set out to create a broker that prioritized execution quality and transparency over flashy marketing.

The broker operates as a true ECN broker, meaning they connect traders directly to liquidity providers without acting as a dealing desk. This model eliminates conflicts of interest where brokers might trade against their clients.

Key Facts About IC Markets

• Founded: 2007
• Headquarters: Sydney, Australia
• Regulation: ASIC (Australia), CySEC (Cyprus), FSA (Seychelles), FSC (Mauritius), FSCA (South Africa)
• Trading instruments: Forex, commodities, indices, stocks, cryptocurrencies, bonds, futures
• Minimum deposit: $200
• Platforms: MetaTrader 4, MetaTrader 5, cTrader
• Account types: Standard, Raw Spread, cTrader

IC Markets serves both retail and institutional clients, with offerings tailored to different trading styles and experience levels. Their focus on technology infrastructure and execution speed has attracted a particularly strong following among algorithmic traders and scalpers.

IC Markets Regulation and Safety

When choosing a forex broker, regulation and fund safety should be your top priority. IC Markets holds licenses from multiple regulatory authorities, though the level of protection depends on which entity you’re registered with.

Regulatory Licenses

IC Markets operates under several regulatory jurisdictions:

ASIC (Australian Securities and Investments Commission) is the primary regulator for the main entity, International Capital Markets Pty Ltd. ASIC is considered a top-tier regulator with strict capital requirements and client protection rules.

CySEC (Cyprus Securities and Exchange Commission) regulates the European entity, providing access to EU traders with MiFID regulations.

FSA (Seychelles Financial Services Authority) oversees the entity serving international clients with less stringent requirements.

FSC (Mauritius Financial Services Commission) and FSCA (South Africa Financial Sector Conduct Authority) provide additional regional coverage.

The regulatory protection you receive depends on which entity holds your account. Australian and European clients benefit from stronger consumer protections than those under offshore jurisdictions.

Client Fund Protection

IC Markets segregates client funds from company operational funds in accounts held with top-tier banks. This separation ensures that even if the broker faces financial difficulties, client money remains protected.

Australian clients receive additional protection through the Financial Ombudsman Service, which can help resolve disputes and may provide compensation in certain scenarios.

The broker does not offer negative balance protection for professional clients, but retail clients in regulated jurisdictions are protected from owing more than their account balance.

According to the Australian Securities and Investments Commission, brokers must maintain adequate capital reserves and undergo regular audits to ensure compliance with financial services regulations.

IC Markets Trading Platforms

IC Markets supports three of the most popular trading platforms, giving traders flexibility to choose based on their preferences and strategies.

MetaTrader 4 (MT4)

MetaTrader 4 remains the industry standard for forex trading. IC Markets offers a fully customizable MT4 with:

• One-click trading for fast execution
• Advanced charting with 30+ technical indicators
• Expert Advisor (EA) support for automated trading
• Custom indicators and plugins
• Mobile apps for iOS and Android
• Virtual Private Server (VPS) hosting is available

MT4’s widespread adoption means extensive community support, thousands of free and paid indicators, and countless educational resources.

MetaTrader 5 (MT5)

MetaTrader 5 is the newer platform offering enhanced features:

• 21 timeframes (compared to MT4’s 9)
• Economic calendar integrated into the platform
• More order types and execution modes
• Improved backtesting capabilities
• Market depth information
• Multi-asset trading capabilities

MT5 suits traders who need more sophisticated analysis tools or trade multiple asset classes beyond forex.

cTrader

cTrader is a modern platform favored by many professional traders for its:

• Clean, intuitive interface
• Level II pricing transparency
• Advanced order types, including OCO (One Cancels Other)
• Algorithmic trading through cBots
• Detailed trade statistics
• Quick order modification

Many traders praise cTrader for its superior charting and faster performance compared to MetaTrader platforms. The platform’s transparency allows you to see all available liquidity at different price levels.

IC Markets Account Types

IC Markets offers three primary account types, each designed for different trading approaches.

Standard Account

The Standard Account features:

• Spreads from 1.0 pips
• No commission charges
• $200 minimum deposit
• All trading strategies allowed
• Available on all platforms

This account suits traders who prefer simplicity and don’t want to calculate commission costs on each trade. The slightly wider spreads include the broker’s markup.

Raw Spread Account

The Raw Spread Account provides:

• Spreads from 0.0 pips
• Commission of $3.50 per side per lot ($7 round trip)
• $200 minimum deposit
• Direct market spreads
• Ideal for high-volume traders

For active traders, the Raw Spread account typically offers lower overall costs since the commission is fixed, while spreads can widen during volatile periods on Standard accounts.

cTrader Account

The cTrader Account offers:

• Raw spreads from 0.0 pips
• Commission of $3.00 per side per lot ($6 round trip)
• $200 minimum deposit
• Exclusive cTrader platform access
• Level II pricing

The cTrader account provides the most competitive pricing structure, making it attractive for traders who prefer this platform.

Islamic Accounts

IC Markets offers swap-free Islamic accounts compliant with Sharia law. These accounts eliminate overnight interest charges but may have different fee structures.

IC Markets Spreads and Trading Costs

Trading costs significantly impact profitability, especially for frequent traders. IC Markets markets itself as having some of the tightest spreads in the industry.

Typical Spreads

On the Raw Spread account, you can expect:

• EUR/USD: 0.0-0.1 pips + $7 commission
• GBP/USD: 0.1-0.3 pips + $7 commission
• USD/JPY: 0.0-0.2 pips + $7 commission
• AUD/USD: 0.0-0.2 pips + $7 commission
• EUR/GBP: 0.3-0.5 pips + $7 commission

These spreads are genuinely competitive with other top ECN brokers. During major news events or off-market hours, spreads can widen significantly, which is standard across all brokers.

Commission Structure

The commission model is straightforward and transparent. Raw Spread and cTrader accounts charge per-lot commissions, while the Standard Account incorporates costs into the spread.

For a standard lot (100,000 units), the total commission on Raw Spread accounts is $7. This transparent pricing lets traders calculate exact costs before entering positions.

Non-Trading Fees

IC Markets maintains a competitive non-trading fee structure:

• Deposit fees: Generally free, though payment processors may charge
• Withdrawal fees: Free for most methods (bank wire may have fees from banks)
• Inactivity fee: None reported
• Account maintenance fee: None
• Currency conversion: Small fee for non-base currency deposits

The absence of inactivity fees is particularly noteworthy, as many brokers charge monthly fees after periods of no trading.

IC Markets Leverage and Margin Requirements

Leverage amplifies both potential profits and losses, making it a critical consideration when evaluating any forex broker.

Available Leverage

IC Markets offers leverage up to:

• 1:500 for forex currency pairs
• 1:200 for gold and major indices
• 1:100 for minor indices and commodities
• 1:20 for cryptocurrencies
• 1:5 for stocks

Leverage availability depends on your regulatory jurisdiction. Australian clients face stricter limits (1:30 for major forex pairs) due to ASIC regulations, while international clients under less restrictive jurisdictions can access higher leverage.

Margin Requirements

Margin requirements vary based on the instrument and your leverage selection. IC Markets uses dynamic leverage, automatically adjusting based on position size to manage risk.

For example, with 1:500 leverage on a standard lot of EUR/USD (100,000 units), you’d need approximately $200 in margin to open the position. As your total exposure increases, the broker may reduce leverage to maintain risk management.

The platform displays the required margin before you execute trades, helping prevent unintentional overleveraging.

Margin Calls and Stop Outs

IC Markets operates with:

• Margin call level: 100% (warning when equity drops to the margin used)
• Stop out level: 50% (automatic position closure)

These levels are standard across the industry. The broker will attempt to notify you via email and platform alerts when you approach margin call levels, though execution during volatile markets may not allow time for action.

IC Markets Deposits and Withdrawals

Convenient and cost-effective funding options matter for practical trading operations. IC Markets supports multiple payment methods with reasonable processing times.

Deposit Methods

IC Markets accepts deposits via:

• Credit/debit cards: Visa and Mastercard, instant processing
• Bank wire transfer: 1-5 business days, may incur bank fees
• PayPal: Instant processing (availability varies by region)
• Skrill and Neteller: Instant processing
• Local payment methods: Various options depending on your country
• Cryptocurrencies: Bitcoin and other cryptocurrencies are accepted

Most deposit methods are processed instantly, allowing you to start trading quickly. The $200 minimum deposit is reasonable and accessible for most traders.

Withdrawal Process

Withdrawals follow a straightforward process:

1. Submit a withdrawal request through the client portal
2. Verification processing (typically same day)
3. Funds transferred via your chosen method

Withdrawal times vary by method:

• Credit/debit cards: 1-3 business days
• E-wallets (PayPal, Skrill): 1 business day
• Bank wire: 2-5 business days
• Cryptocurrencies: Usually same day

IC Markets generally processes withdrawal requests within 24 hours on business days. The broker doesn’t charge withdrawal fees, though your bank or payment processor might.

The broker follows anti-money laundering regulations, requiring withdrawals to return to the same source as deposits when possible. Profits can typically be withdrawn via any method.

IC Markets Trading Instruments

Diversification across multiple asset classes can enhance trading opportunities. IC Markets offers extensive market access beyond just forex.

Forex Pairs

IC Markets provides access to 60+ forex pairs, including:

• Major pairs (EUR/USD, GBP/USD, USD/JPY, etc.)
• Minor pairs (EUR/GBP, AUD/NZD, EUR/CHF, etc.)
• Exotic pairs (USD/TRY, EUR/PLN, USD/ZAR, etc.)

The deep liquidity on major pairs ensures tight spreads and reliable execution during normal market conditions.

Commodities

Trade popular commodities, including:

• Precious metals (gold, silver, platinum, palladium)
• Energy products (crude oil, natural gas)
• Agricultural products (wheat, corn, soybeans)

Commodity trading through CFDs provides exposure without the complications of futures contracts or physical delivery.

Indices

Access to 20+ global stock indices:

• US indices (S&P 500, NASDAQ, Dow Jones)
• European indices (DAX, FTSE, CAC 40)
• Asian indices (Nikkei, Hang Seng)
• Australian indices (ASX 200)

Index CFDs allow you to trade market sentiment without selecting individual stocks.

Stocks

IC Markets offers CFDs on stocks from major exchanges:

• US stocks (NYSE, NASDAQ)
• UK stocks (LSE)
• Australian stocks (ASX)

This gives traders access to individual company shares with leverage and the ability to profit from both rising and falling prices.

Cryptocurrencies

Trade popular cryptocurrencies, including:

• Bitcoin (BTC/USD)
• Ethereum (ETH/USD)
• Litecoin (LTC/USD)
• Ripple (XRP/USD)

Crypto trading is available 24/7, matching the cryptocurrency market’s continuous operation.

Bonds and Futures

IC Markets also provides access to government bonds and futures contracts, adding sophisticated instruments for advanced traders.

IC Markets Customer Support

Quality customer support can make the difference between minor inconveniences and major frustrations. IC Markets maintains support across multiple channels.

Support Channels

IC Markets offers customer service through:

• Live chat: Available 24/5 during market hours
• Email support: Responses typically within 24 hours
• Phone support: Multiple international numbers
• Support tickets: Through the client portal
• FAQ section: Comprehensive help database

The 24/5 availability aligns with forex market hours, ensuring support when you’re most likely to need it.

Language Support

IC Markets provides support in multiple languages, including English, Spanish, Chinese, Thai, Indonesian, and others, reflecting their global client base.

Response Quality

User feedback on customer support is generally positive. Live chat responses are usually quick, with representatives demonstrating good product knowledge. Email responses take longer but tend to be thorough.

Phone support receives mixed reviews—some traders report excellent service while others mention long hold times during peak hours.

The help documentation and FAQ section are comprehensive, allowing many common questions to be resolved without contacting support.

IC Markets Pros and Cons

Every forex broker has strengths and weaknesses. Here’s an honest assessment based on features, user feedback, and our analysis.

Pros of IC Markets

Excellent execution speed: The True ECN model and powerful server infrastructure deliver consistently fast execution, crucial for scalpers and algorithmic traders.

Competitive spreads and commissions: Raw spreads starting from 0.0 pips with transparent commission structures make IC Markets cost-effective for active traders.

Multiple robust platforms: Supporting MT4, MT5, and cTrader gives traders flexibility to choose their preferred environment without compromising on execution quality.

Strong regulation: ASIC regulation provides significant client protection, while additional licenses expand global accessibility.

Wide range of instruments: Over 200 tradable instruments across multiple asset classes allow portfolio diversification within a single broker.

No minimum deposit restrictions on strategy: Scalping, hedging, and EA trading are all permitted without restrictions.

Excellent VPS hosting: Free VPS for active traders ensures reliable connectivity for automated strategies.

Transparent pricing: Clear commission structure and tight spreads without hidden fees.

Copy trading available: Social trading features let beginners follow experienced traders.

Educational resources: Comprehensive learning materials for traders at all levels.

Cons of IC Markets

Limited research tools: While execution is excellent, the broker provides minimal proprietary market analysis and research compared to some competitors.

No proprietary platform: IC Markets relies entirely on third-party platforms, which limits unique features and customization options.

Variable regulation: Protection levels differ significantly depending on which entity holds your account—offshore entities offer less oversight.

Cryptocurrency limitations: Crypto trading hours and available pairs are more restricted than specialized crypto brokers.

Weekend trading limited: Unlike some brokers offering weekend cryptocurrency markets, IC Markets has limited weekend trading options.

Platform complexity for beginners: The professional-grade platforms can overwhelm new traders who might benefit from a simpler interface.

Limited stock selection: The stock CFD offering, while decent, doesn’t match specialized stock brokers’ extensive selections.

Leverage restrictions: Australian clients face significantly reduced leverage compared to international clients due to ASIC regulations.

According to the Financial Conduct Authority, traders should carefully evaluate both the benefits and risks of leverage when choosing trading conditions, as higher leverage increases both profit potential and loss risk.

Real User Feedback on IC Markets

Analyzing real user feedback provides insights beyond marketing materials and official features. We’ve compiled experiences from traders across multiple review platforms.

Positive User Reviews

Many traders praise IC Markets for:

“Best execution I’ve experienced” is a common theme. Traders, especially scalpers, consistently report minimal slippage and fast order fills even during volatile markets.

“Transparent pricing” receives frequent mentions. Users appreciate seeing actual market spreads without suspicion of manipulation.

“Reliable platforms” get positive feedback. MT4, MT5, and cTrader run smoothly with minimal downtime or technical glitches.

“Great for EAs” appears repeatedly. Algorithmic traders report that their automated strategies execute as expected without unexpected interference.

“Helpful support” is noted by many users who had questions resolved quickly through live chat.

Negative User Reviews

Some traders express concerns about:

“Withdrawal delays” occasionally appear in reviews, though these often involve verification issues or payment processor delays rather than broker problems.

“Requotes during news” frustrate some traders, though this occurs with most brokers during extreme volatility.

“Limited analysis tools”disappoint traders who want built-in research and market commentary beyond basic charts.

“Platform learning curve” challenges beginners who find professional platforms intimidating initially.

“Spread widening” during news events and off-hours frustrates traders, though this is standard market behavior rather than broker manipulation.

Overall Sentiment

The overall user sentiment toward IC Markets is predominantly positive, particularly among experienced traders who value execution quality over bells and whistles. The broker maintains solid ratings across review platforms:

• Trustpilot: Generally 4+ stars
• Forex Peace Army: Good reputation
• Various forex forums: Consistently recommended

Negative reviews often come from traders with unrealistic expectations about trading conditions during extreme volatility or from those who didn’t fully understand the account verification process.

Who Should Choose IC Markets?

IC Markets isn’t the ideal broker for everyone. Understanding whether it matches your needs helps you make an informed decision.

Best Suited For:

Experienced traders who understand execution quality and appreciate tight spreads with transparent pricing will find that IC Markets delivers excellent value.

Scalpers and day traders benefit enormously from the fast execution and low spreads that make frequent trading profitable.

Algorithm traders can run EAs and automated strategies without restrictions or interference, with VPS hosting available.

High-volume traders save significantly on transaction costs due to competitive commissions and tight spreads.

Traders seeking variety appreciate access to multiple asset classes through a single broker account.

Less Ideal For:

Complete beginners might feel overwhelmed by the professional-grade platforms and lack of simplified trading interfaces.

Traders wanting extensive research will need to supplement IC Markets with external analysis since the broker provides minimal proprietary market commentary.

Those requiring extensive education should look for brokers with more comprehensive educational programs and guided learning paths.

Traders preferring proprietary platforms won’t find unique interfaces since IC Markets uses third-party platforms exclusively.

Casual traders making occasional long-term trades might find simpler brokers with user-friendly apps more convenient.

How IC Markets Compares to Competitors

Understanding how IC Markets stacks up against alternatives helps contextualize its strengths and weaknesses.

IC Markets vs. Pepperstone

Both are Australian ECN brokers with excellent reputations. Pepperstone offers similar spreads and execution quality but provides better educational resources and market analysis. IC Markets has a slight edge on platform options with native cTrader support and typically offers more tradable instruments.

IC Markets vs. FP Markets

FP Markets is another strong Australian competitor with ASIC regulation. IC Markets generally offers tighter spreads on major pairs, while FP Markets provides more comprehensive research tools and better beginner-friendly features.

IC Markets vs. XM

XM caters more to beginners with extensive education and promotions. IC Markets delivers superior execution and lower costs for active traders but lacks XM’s educational breadth and customer service in multiple languages.

IC Markets vs. OANDA

OANDA offers a proprietary platform with excellent tools and analysis. IC Markets beats OANDA on spreads and execution speed but falls short on research capabilities and platform innovation.

Conclusion

IC Markets delivers on its core promise of institutional-grade execution, competitive pricing, and reliable trading conditions. The broker excels in areas that matter most to serious traders: tight spreads from 0.0 pips, transparent commission structures, fast execution speeds, and support for algorithmic trading without restrictions. The multi-jurisdictional regulation, particularly ASIC oversight, provides solid client protection, while the offering of three professional platforms (MT4, MT5, cTrader) gives traders flexibility in choosing their preferred environment.

Real user feedback consistently praises execution quality and platform reliability, though some traders wish for better research tools and market analysis. While IC Markets may not suit complete beginners who need extensive hand-holding and simplified platforms, it represents an excellent choice for experienced traders, scalpers, algorithmic traders, and anyone prioritizing low costs and execution quality over flashy features—making it deserving of consideration on any serious trader’s shortlist.