IC Markets Review

IC Markets Forex Broker Review

IC Markets Review

IC Markets is an Australian-based and ASIC regulated True ECN forex broker. Founded in 2007, IC Markets offers clients the ability to trade in 60 currency pairs, 16 commodities, and 16 major indices with extremely low spreads.

Offering customers the ability to trade on industry-leading platforms like MT4, MT5, and cTrader, in addition to providing access to valuable training and education resources, IC Markets is a leadingbroker suitable for both novice and experienced traders.


IC Markets has taken several steps to provide complete transparency and establish trust with its clients.

First, IC Markets is regulated by the Australian Securities & Investment Commission (ASIC) which require the broker to maintain strict internal risk management and staff training procedures.

In order to keep client funds secure when making deposits, IC Markets hands funds over to trust accounts at Australian Banks, National Australia Bank (NAB), and Westpac Banking Corporation (Westpac).

Additionally, in order to ensure its regulatory compliance, IC Markets utilizes the services of an external independent auditor.

Overall, forex traders can have completed trust in that their finances and personal information are in good hands with IC Markets.

Regions Available

IC Markets is an available broker in the Forest Park FX cash back rebate program to traders in Latin America, Europe, Middle East, and APAC regions, subject to certain country-specific restrictions.  Due to regulations it is not currently available to United States or Canadian residents.

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Minimum Deposit

In order to open a live trading account, customers need to make an initial minimum deposit of at least $200. This minimum deposit is comparable to the minimum deposit required by most other major forex trading brokers and makes opening a live trading account at IC Markets very accessible to novice traders.

The minimum deposit applies to all three account types offered at IC Markets.

Types of Accounts

Clients signing up with IC Markets can choose between three types of accounts: Standard, True ECN, and True ECN with cTrader. Each account operates on a different pricing model and has its own unique features.

IC Markets Review
Account Types

Standard Account

Standard Accounts at IC Markets operate on a commission-free, spread-only pricing model. With spreads starting as low as 1.0 pips, IC Markets’ Standard Account pricing remains very competitive with the spreads offered by other large forex brokers. Additionally, Standard Account holders have access to up to 1:500 leverage and are not restricted by minimum trade sizes.

IC Markets’ Standard Accounts use MetaTrader 4 & MetaTrader 5 as its trading platforms, which are two of the most powerful and full-featured trading platforms available.

True ECN Account

IC Markets’ True ECN Account uses a spread plus commissionpricing model. True ECN Account holders pay a commission of $3.5 per lot per side and are offered spreads starting as low as 0.0 pips with an average EUR/USD spread of 0.1 pips.

Like the Standard Account, the True ECN Account uses MT4 and MT5 as its trading platforms and offers customers up to 1:500 leverage. Also like the standard account, True ECN Accounts are able to place trades as small as one micro lot (0.01) and can take advantage of extremely fast execution.

The primary difference between the Standard Account and the TrueECN account lies within the pricing model, which makes this type of account perfect for day traders, scalpers, and Expert Advisors.

TrueECN Account (cTrader)

The cTrader TrueECN Account offered at IC Markets is nearly identical to the MT4 and MT5 TrueECN Account with the exception of two things: the commission rates and the trading platform.

Customers who open a cTrader True ECN Account pay a commission of only $3 per lot per side, or $6 per lot round turn. This account offers spreads as low as 0.0 pips, just like the True ECN Account, and provides clients with exceptionally fast execution speeds, reasonable leverage, and the ability to trade micro lots.

Moreover, cTrader True ECN Accounts use cTrader rather than MT4 or MT5. cTrader is an incredibly powerful platform that was built to operate in a True ECN environment. Alongside IC Markets competitive pricing and execution speeds, cTrader is perfect for day traders and scalpers.

As is the case with most other brokers, IC Markets allows potential customers to open a demo account to test the different account types and practice trading until they are ready to go live. Also, like other major brokers, IC Markets offers Islamic swap-free accounts.

Deposits & Withdrawals

Clients at IC Markets can fund their accounts via several methods, including:

  • Credit/Debit Card
  • PayPal
  • Neteller
  • Skrill
  • China Union Pay
  • Bpay
  • Wire Transfer
  • Bitcoin Wallet
  • And More

IC Markets does not charge any additional fees for deposits or withdrawals.

Commissions & Fees

As mentioned above, commissions and spreads depend on the type of account you choose to open.

Standard Accounts do not charge any commissions and offer spreads starting at 1.0 pips. According to IC Markets, the average spread on EUR/USD for Standard Account holders is 1.1 pips.

IC Markets Typical Forex Spreads
Forex Spreads

Meanwhile, True ECN Account holders and cTrader True ECN Account holders are charged a commission of $3.5 and $3 per lot per side, respectively. Each of these types of accounts is offered spreads starting as low as 0.0 pips with the average spread for EUR/USD being 0.1 pips.

Whereas many other brokers charge fees for withdrawals, IC Markets does not — making this forex trading broker an attractive option for traders looking to minimize their fees as much as possible.

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Trading Platforms & Tools

IC Markets does not offer its own proprietary trading platform; however, there’s no reason this should be seen as a downside as the broker does offer a few of the most powerful and user-friendly trading platforms available.

MetaTrader 4 & 5

You’re likely already familiar with MetaTrader 4 & 5 as they Metatrader platforms are most commonly-used trading platforms in the forex industry.

Through IC Markets, clients can expect exceptional pricing as MT4 & MT5 offer True ECN connectivity. Clients can also access MT4 & MT5 on the web or on a Mac computer through IC Markets, which is not a standard feature with other forex trading brokers.

IC Markets Forex Broker

In addition to the extensive range of technical indicators, drawing tools, and charting capabilities that most traders are familiar with, MT4 & MT5 through IC Markets offer a few unique features, such as EA Lab by TradeView and access to MT4 Advanced Trading Tools Package.

MetaTrader 4 & 5 are both exceptionally resourceful trading platforms that are sure to help traders of any experience level elevate their trading strategies.


CTrader at IC Markets offers deep liquidity in 64 currency pairs and 16 major equity indices with exceptional execution speeds and no trading restrictions.

Forex Trading
cTrader Features

This platform has a number of beneficial features, including:

  • Real-time forex and CFD quotes
  • Detachable charts
  • Real-time reports
  • One-click trading
  • Level II pricing with full market depth
  • The ability to trade against the market with no deal desk intervention

Overall, cTrader offers users a wide range of charting tools and news resources to help them develop and implement effective trading strategies.

cTrader also includes cTrader Algo, which allows users to develop and deploy automated trading systems written in C#. Traders can also create customized technical indicators to perform technical analysis.

Mobile Trading

IC Markets provides its clients with iOS and Android versions of all of its trading platforms.

MetaTrader 4, MetaTrader 5, and cTrader on mobile all offer the same features and charting capabilities as their web-based and desktop counterparts. Users are still able to trade straight from charts, view real-time pricing, receive price alerts, and experience ultra-fast execution.

IC Markets MT4 Android
MT4 Android

These mobile apps allow traders to manage their positions with single-tap order execution and receive market news and analysis. The features are incredibly important for the modern forex trader as many of them are unable to stay at their computer throughout the trading day.

IC Markets’ mobile trading platforms are ideal for any trader because they provide the full functionality of the computer versions.


IC Markets provides exceptional educational resources to help traders learn the basic and advanced strategies they need to be successful forex traders.

The “Getting Started” section provides 10 lessons to help users begin their forex trading journey.

Video tutorials help users understand how to trade forex and use trading platforms, like MetaTrader 4.

Web TV provides customers with market insights and commentary along with actionable trade ideas in a short video format.

Moreover, users have access to other helpful forex trading resources, such as an economic calendar, market analysis blog, forex calculator, forex glossary, and more.

IC Markets Economic Calendar
Economic Calendar

IC Markets’ educational resources provide opportunities for both new and advanced traders to expand their knowledge and improve their forex trading strategies.

Customer Service

IC Markets offers exceptional customer service with support staff available by phone, e-mail, and live chat 24/7. The company has head offices in Sydney and Limassol with office hours from 7:00 to 7:00 (AEDT) from Monday to Saturday.

Customer Service Options

IC Markets also provides toll-free numbers for customers in Australia, Thailand, and the United Kingdom. Moreover, Chinese clients have access to a dedicated Chinese support center.

Customer support at IC Markets is a top priority. As a result, customers should have no issues contacting support staff and receiving help in a timely manner.

Final Thoughts

For a variety of reasons, IC Markets is one of the premier True ECN forex brokers across the globe.

IC Markets offers clients some of the lowest spreads available with extremely competitive commission rates. Additionally, MetaTrader 4 & 5 alongside cTrader provide forex traders with all of the tools that they need to implement effective forex trading strategies.

These factors, in addition to IC Markets’ trustworthiness, reliability, and extensive trade offerings make this forex trading broker ideal for beginner, intermediate, and advanced traders.

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