Want to see if IC Markets is a legit broker? Is it safe to trade? It spread is high or low? How long to deposit or withdraw funds?
We provide answers to all the questions in this IC Markets Review.
We checked all IC Markets licenses and regulations to see if IC Markets scam or safe. We compared IC Markets fees like spread & commission from its live account to over 150 brokers, required time for deposit & withdrawal and many more findings all in this review.
What is IC Markets
IC Markets is a global Forex and CFD broker, established in 2007 in Sydney.
The company operates under the license issued by the top-tier ASIC in Australia and additional entity in Cyprus.
IC Markets highlights
| πΊοΈ Regulated in | Australia, Cyprus, Seychelles |
| π‘οΈ Is IC Markets safe to trade | Yes |
| π΅ EUR/USD spread | 1.1 pips |
| π¦ Deposit | Bank Wire, Cards, Skrill, PayPal, WebMoney, Neteller |
| π° Minimum deposit | US$200 |
| π¦ Withdrawal | Bank Wire, Cards, Skrill, PayPal, WebMoney, Neteller |
| π» Trading platform | MT4, MT5, cTrader |
| π³ Trading markets | Forex, CFDs on Commodity, Indices, Bonds, Cryptocurrency, Futures, Stocks |
| π Number of product | 242+ |
| π Live chat response | Instant and relevant answers |
Regulation
License and regulation are the keys to tradersβ fund security. We check two facts, a license that broker carry also its background, and how you are protected if something goes wrong.
Is IC Markets legit
IC Markets is regulated by several financial authorities, it is established under the Australia Securities and Investment Commission (ASIC) regulation, and expand EU offering via the Cyprus Securities and Exchange Commission (CySEC).
IC Markets licenses and status
| Entity | Registered in | Regulator | License no. | Status |
| International Capital Markets Pty Ltd | Australia | Australia Securities and Investment Commission (ASIC) | ACN 123 289 109. AFSL 335692 | Currently Regulated |
| IC Markets EU Ltd | Cyprus | Cyprus Securities and Exchange Commission (CySEC) | 362/18 | Currently Regulated |
| Raw Trading Ltd | Seychelles | Seychelles Financial Supervisory Authority (FSA) | SD018 | Registered |
Is IC Markets safe
Yes, IC Markets is considered safe because it is regulated by the top-tier regulators.
IC Markets operates three legal entities, while recently introduced entity under Seychelles.
IC Markets compensation scheme
| Entity | Compensation Amount | Negative Balance Protection |
| International Capital Markets Pty Ltd | No compensation | Yes |
| IC Markets EU Ltd | β¬20,000 | Yes |
| Raw Trading Ltd | No compensation | Yes |
We recommend you register your account with the EU or Australia entity
IC Markets provides negative balance protection, so your balance will retrieve to 0, in case your trades go negative.
Markets and Products
At IC Markets you can trade Forex Currency Pairs and CFDs on Commodities, Indices, Futures, Stocks, Bonds and Cryptocurrencies.
| Markets | Instruments |
| Forex | 60 |
| Indices | 23 |
| Commodities | 19 |
| Bonds | 6 |
| Cryptocurrencies | 10 |
| Shares | 120+ |
Account types
IC Markets has three account types with different pricing models and the trading platform. Islamic Accounts available on request.
Login
Login Account available on the website, where you access online account area with full account management.
Live Accounts
| Raw Spread cTrader | Raw Spread | Standard | |
| Minimum Deposit | 200 USD | 200 USD | 200 USD |
| Minimum Balance | β | β | 50,000 USD/EUR/GBP |
| Spreads From | 0.0 pips | 0.0 pips | 1 pips |
| Commissions | 3$ per side | 3.5$ per side | Zero Commissions |
Fees and commissions
We ranked IC Markets fee levels as average based as we recall its Live Account Spread and compare to 150 brokers in our database.
The spread we collected for popular instruments from 6 markets and over 150 brokers
| Markets | Instruments | Low | Average | High |
| Forex | EUR/USD | 0.1-0.9 | 1-1.5 | 1.6 or higher |
| Indices | US 500 | 0.1-0.4 | 0.5-1.4 | 1.5 or higher |
| Commodities | Gold | 0.1-0.4 | 0.5-2 | 2.1 or higher |
| Stocks | Tesla | 0.1-0.5 | 0.6-1 | 1.1 or higher |
| ETFs | US Russell 2000 | 0.1-0.4 | 0.5-1.4 | 1.5 or higher |
| Cryptocurrencies | Bitcoin | 0.1-0.5% | 0.6-0.9% | 1% or higher |
Spreads
IC Markets fee structure is different in each account type.
Comparing the spreads charged for our test trades Raw account spreads average on 0.1 pip for EURUSD, and Standard account to industry benchmarks, we find the spreads for all instruments to be average.
| Markets | Instruments | Standard | Other brokersβ avg spread |
| Forex | EUR/USD | 1.1 | 1-1.5 |
| Indices | US 500 | 0.6 | 0.5-1.4 |
| Commodities | Gold | 2 | 0.5-2 |
| Stocks | Tesla | 0.13% | 0.6-1 |
| ETFs | US Russell 2000 | β | 0.5-1.4 |
| Cryptocurrencies | Bitcoin | 10 | 0.6-0.9% |
Other Fees
IC Markets has average non-trading fees. There is no fee for deposit, or withdrawals, there is no inactivity fee, but trading Stocks may add on data exchange fees.
Trading Conditions
The trading conditions at IC Markets are good. You can deploy mostly all types of strategies including scalping, daytrading, EAs and hedging.
| Trading Conditions | Yes/No |
| Hedging Allowed | Yes |
| Scalping Allowed | Yes |
| Change Leverage Allowed | Yes |
For hedging, there are no time limitations for keeping hedging positions.
For scalping, Raw Spread account is good for scalpers, IC Markets working with ForexVPS.net, NYCServers and Beeks FX for VPS service and run Expert Advisors (EAs).
Deposit
IC Markes charges no deposit fees. You can use 10 account base currencies and deposit via bank transfer, credit cards, PayPal, and various e-payments. But, full range may not be available to EU and Australian clients.
A bank transfer can take several business days, while payment with credit/debit cards and PayPal are instant.
| Deposit Method | Funding Time | Fee |
| Bank Wire Transfer | 2-5 business days | 0$ |
| Credit / Debit Card | Instant | 0$ |
| PayPal | Instant | 0$ |
| Neteller | Instant | 0$ |
| Skrill | Instant | 0$ |
| WebMoney | Instant | 0$ |
| BPay | 12-48h | 0$ |
| FasPay | Instant | 0$ |
Minimum Deposit
The required IC Markets minimum deposit is $200 for all account types.
Withdrawal
Similar to deposits IC Markets charges no fees for withdrawal. Same payment options available for withdrawals, but with applied conditions.
IC markets process withdrawals within 1-2 business days, extra days to reach your account are defendant on the provider.
| Withdrawal Method | Withdrawal Time | Fee |
| Bank Wire Transfer | Up to 14 business days | 20$ for International transfers |
| Credit / Debit Card | 3-5 business days | Free |
| PayPal | Instant | Free |
| Neteller | Instant | Free |
| Skrill | Instant | Free |
| WebMoney | Instant | Free |
| BPay | Instant | Free |
| FasPay | Instant | Free |
Bonus
IC Markets does not offer any deposit bonuses.
Trading Platform
IC Markets uses various platforms MetaTrader4, MetaTrader5 and cTrader.
MT4
IC Markets MetaTrader4 supporting international languages and is enhanced with extra tools. MT4 is available across all devices on Windows, Mac, Android and IOs.
cTrader
cTrader is a choice of daytraders, supporting cAlgos and raw pricing, likewise available on all devices including Mobile App.
Research and Tools
IC Markets research tools are mainly the ones that are inbuilt into platforms.
Additionally, the broker enhanced MT4 with extra 20 tools like Correlation Matrix, Alarm Manager and Chart Trading. Plus to MAM and PAMM feature.
On the negative side there is no Fundamental data and Analysis or research from leading industry providers.
IC Markets research tools are available in different places:
- MetaTrader trading platforms
- cTrader Platform
- Trading tools section on the website
Education
IC Markets provides quality educational content. You can find videos, tutorials, Web TV and webinars in its education section.
We didnβt really find negative points, platform videos and all education section is well categorized.
Demo
Demo accounts are on free use and available for all offered platforms including MetaTrader and cTrader.
At IC Markets you can learn in the following ways:
- Demo account
- Trading videos and tutorial videos
- Webinars
- Educational articles
Customer Service
IC Markets customer service is good, FAQ section is very informative and we had fast and relevant answer via the Live Chat.
You can contact IC Markets 24/7 by:
- Live chat
- Telephone
IC Markets live chat is a little slow speed via website, but agents provide relevant answers
| Question Asked | We asked about account types. |
| Time of Reply | We were connected to customer support Live Chat within 5 minutes |
| Quality of Reply | The answer is informative. |
Conclusion
IC Markets is a safe broker to trade. It is a well-established trading brand under supervision offering a good range of trading platforms suitable for any strategy. From the cons we would note limited research tools.
We recommend IC Markets for day traders, scalpers and traders who run EAs, and those who prefer flexibility between platforms and pricing models
Author of this review
By Jimmy O'Brien
Author of this review
Over 15 years experience in forex, commodities and equities markets research. He loves analyzing and trading the markets as a strategist and trader. In late 2019, Jimmy turned to researching and analyzing forex brokers. Now he and his team focus researching and comparing brokerβs pros and cons.
Over 15 years experience in forex, commodities and equities markets research. He loves analyzing and trading the markets as a strategist and trader. In late 2019, Jimmy turned to researching and analyzing forex brokers. Now he and his team focus researching and comparing brokerβs pros and cons.