IC Markets Review 2022


Location: Australia
Founded: 2007
Regulations: ASIC, FSA, SCB, CySEC


  • Account Minimum: 200 units of base currency
  • Fees: Spread cost; Commissions; Overnight financing costs; Inactivity fees
  • Best For: Active forex traders
IC Markets offers great deal on spreads.

The broker was founded in 2007 by a group of experts who were determined to bridge the gap between retail and institutional high-volume traders. They planned to provide retail traders with the same raw spreads, fast execution, and sophisticated technology that was only available to banks and institutional traders at that time.

Today, IC Markets has built cutting-edge infrastructure which has enabled scalpers, algorithmic traders, retail and institutional traders to trade on powerful platforms without any hitches. The brand is regulated in several jurisdictions and has become a global player in the industry.

Who IC Markets is for

IC Markets is a well-rounded broker designed for all traders irrespective of trading knowledge, experience, or trading strategies. There are ample training resources for a complete novice and risk-free demo accounts are available on all platforms. Investors can register and participate in any of the social trading options provided by IC Markets.

Professional traders are provided with sophisticated platforms, as well as premium tools for trading and analyses. They can also enroll as strategy providers and make extra money while trading their accounts.


  1. Regulated by 4 regulators as follows: ASIC in Australia, CySEC in Cyprus, FSA in Seychelles and SCB in the Bahamas.
  2. Trading on 3 powerful platforms: cTrader, MT4 and MT5.
  3. Free VPS is available to qualifying traders.
  4. Investors can participate in social trading via ZuluTrade, and MyFXbook’s AutoTrade.
  5. Quality analysis and signals from Trading Central and AutoChartist.


  1. The minimum opening balance of $200 is high when compared to other brokers.
  2. Traders from several nations like USA, Canada, Japan, New Zealand, etc and over 30 sanctioned countries are not allowed to register.
  3. The proprietary app from IC Markets does not support trading

Accounts and trading costs at IC Markets

IC Markets is an ECN/STP broker that sources its asset quotes from over 25 liquidity providers which ensure deep liquidity and low spreads starting from 0.0 pips. Client orders are executed in approximately 40 milliseconds.

The cost of trading with IC Markets depends on the type of account chosen by the trader, the traded asset, and the platform of choice. For the MetaTrader platforms, two account types are available: Raw spread and standard accounts. For the cTrader, the available account type is the ‘Raw spread account.

IC Markets – Accounts

A minimum of $200 is required to open an account and the maximum leverage is 1:500 for international clients. EU and Australian retail clients are restricted to a maximum leverage of 1:30. Accounts can be maintained in 10 currencies; GBP, USD, EUR, AUD, CHF, NZD, JPY, SGD, CAD and HKD.

MT4 and MT5 raw spread accounts feature raw spreads starting from 0.0 pips and commissions from $3.5 per lot per side or $7 per round turn. cTrader raw spread accounts are charged $3 per lot per side. Trading fees from the standard account are incorporated into the spreads which start from 0.6 pips.

Unlike many brokers, IC Markets does not charge inactivity fees on dormant accounts. Accounts can be funded via bank transfers, credit/debit cards, and online payments like Skrill, PayPal, Neteller, FasaPay, Rapidpay, POLi, etc. IC Markets does not charge deposit or withdrawal fees but fees charged by acquiring banks or processing platforms are paid by the trader.


IC Markets gives its clients the choice of trading on 3 platforms which are MT4, MT5, and cTrader. The platforms are cross-device, rugged, and support complex technical analyses.

MetaTrader 4 (MT4) and MetaTrader 5 (MT5)

These are platforms developed by MetaQuotes Software Corp. MT4 was released in 2005 while MT5 was launched in 2010. The platforms are similar in functions, physical interface, and scalability except that the MT5 has more features and tools.

MT4 & MT5 Platforms

You can expand the features of MetaTrader platforms using plug-in apps. They support strategy automation using Expert Advisors (EAs) or trading robots. However, both platforms are not compatible; so, EAs and tools designed for MT4 will not run on the MT5.

MT4 comes with a powerful charting package; charts can be displayed on 9 timeframes, 30 technical indicators, and 24 drawing tools. But the MT5 comes with 21 timeframes, 38 technical indicators, and 44 drawing tools. MT4 comes with 4 order types while MT5 has 6 order types and comes with an economic calendar.

Both platforms are available as WebTrader; which runs on all updated browsers. The flagship versions are the MT4 and MT5 Windows desktop versions. Mobile versions for each platform are available on Android and iOS apps which can be downloaded from the respective app stores.


This is a powerful platform developed in 2010 by ‘Spotware systems Ltd’; a fintech firm with headquarters in Cyprus. The platform comes with complex charting, level II pricing, advanced order types, market sentiments, email alerts, and swift trade executions.

The cTrader charting package has up to 9 chart styles displayable on 26 timeframes. The charts are detachable and have multiple layouts. The platform also comes with about 70 inbuilt technical indicators.

IC Markets – cTrader Trading Platform

cTrader copy is an inbuilt social trading service that enables platform users to become strategy providers or investors. Strategy providers are expert traders who broadcast their trades for others to copy at a fee while investors automatically follow the trades of selected strategy providers.

cTrader automate is a feature of the platform that supports the building of indicators, trading robots, and other apps that adds to the features of the cTrader. Developers can build these apps if they have knowledge of C#.

Just like the MetaTrader platforms, cTrader is available as a web trader, windows desktop application, Android, and iOS mobile app.


IC Markets mobile app can be used to create a new account, upload KYC documents, fund the account, monitor your accounts, create withdrawal requests, apply for VPS, contact support, access analyses, etc. In fact, it is a replica of the personal area of the IC Markets website accessible to only registered clients. Unfortunately, it does not support trading on the go.

Traders who wish to trade via mobile apps can download the iOS or android version of the MT4, MT5, or cTrader platforms.


On the IC Markets platforms, you can trade the following instruments:

⦁ 61 currency pairs
⦁ 25 indices
⦁ 9 bonds
⦁ 21 crypto CFDs
⦁ More than 2100 stocks CFDs
⦁ 24 commodities
⦁ 4 Futures CFDs


IC Markets is proud to state that its customer service desk is available round the clock without breaks; 24/7. The help center has more than 200 questions and answers. Beginners are encouraged to check through the help center before reaching out to the support team.

Email addresses are provided for enquirers to reach the support, accounts, or marketing departments. You can quickly reach the support desk by calling the provided general phone line.

Support phone numbers are provided for the Bahamas, Seychelles, Australia, and Cyprus offices. If you want the broker to reach you by phone or email, then, complete the online form available on the “Contact-us” page of the website.

Another fast way of getting support is through the 24/7 online chat on the website. On social media, you can follow IC Markets on Facebook, Instagram, Twitter, and YouTube.

For technical issues, the support team can resolve issues through TeamViewer; a third-party software used to give remote support by taking over the user’s system.

IC Markets – Support


IC Markets has a comprehensive education section designed as a blog which has several sections. Technical and fundamental analysis sections feature blog posts bothering on recent market news, analysis, and trading ideas. IC Markets YouTube channel has lots of videos on market commentaries, previous webinars, and analyses.

The blog’s education section has sections as follows:

⦁ Forex trading 101 features many articles that explain the basics of forex trading such as leverage and margin, derivatives, etc.
⦁ Trading plan 101 teaches newbies how to create a trading plan
⦁ Fundamental analysis 101 defines and introduces fundamental analysis to beginner traders.
⦁ Technical analysis 101 packages introductory lessons on technical analysis strategies and principles.
⦁ Risk management 101 is a series of 12 articles that explains the risks involved in trading and how to mitigate them.
⦁ Trading psychology 101 has more than 10 articles discussing emotions in trading and how best to become a disciplined trader.


The Economic Calendar is a tool used in fundamental analysis; it shows dates and times when the events that normally impact the financial markets will happen. This customizable calendar also shows the analysts’ forecast, history, event’s impact level, and charts. This tool is built into the MT5 platform; it is also on the IC Markets website and personal area.

Economic calendar by IC Markets

IC Markets – Economic Calendar

The Autochartist is a tool that constantly scans the charts looking for trading opportunities, and then alerts the trader when it identifies the trade setups. The trader first customizes the Autochartist using his preferences and also sets the notification method. Autochartist has MT4 and MT5 plug-in apps which can be downloaded from the personal area of the IC Markets website. It also has a web app and daily email subscription services.

IC Markets – Chars Analysis

Trading Central is a fintech company renowned for in-depth analyses of the numerous financial market assets. The company provides updated research, news, trading ideas, and trading signals on forex, stocks, indices, and commodities.

A virtual Private Server (VPS) is a powerful computer configured as a hosting service that enables a user to have access to personal server resources such as installing and running softwares, etc. IC Markets understands that its clients, especially social traders and algorithmic traders need reliable and uninterrupted connections to its trading servers.

Consequently, the broker has partnered with cloud computing firms like Forex VPS, Beeks FX VPS, and New York city servers to facilitate VPS services to its clients. These companies have their servers located in the same environment as IC Markets servers. The monthly subscription is discounted and starts from $20 per month but traders who trade more than 15 lots a month will be given free VPS access with any of the providers.

Apart from the social trading features incorporated in the platforms, IC Markets has partnered with ZuluTrade and Myfxbook to enable its clients to participate in social trading. ZuluTrade owns powerful proprietary social trading platforms and a large community of traders.

Myfxbook is a platform that enables active traders to share and compare strategies, trades, and ideas. AutoTrade is a social trading service powered by Myfxbook and it works through the MT4 platform. IC Markets traders can just connect their accounts to AutoTrade or ZuluTrade to automatically replicate the trades of expert traders into their accounts.

Advanced trading tools are a suite of 28 apps designed to expand the features of the MT4 platform giving the trader more tools, indicators, and an overall greater experience. It can be downloaded as a plug-in app for the MT4. Some of the apps are Alarm Manager, Market manager, session map, Sentiment Trader, etc and some indicators are Renko indicator, Linear regression indicator, Donchian indicator, Gravity indicator, etc.


iC Markets takes the security of its clients’ funds and entire network seriously. It constantly assesses all risks and has implemented standard security measures that combat possible risks and security issues. For example, a Secured Socket Layer (SSL) has been implemented on its platforms and websites to encrypt all user data before it is transmitted to the servers.

All client deposits are carefully kept in segregated bank accounts held with the biggest banks like National Australia Bank (NAB) and Commonwealth Bank of Australia (CBA). This is a regulatory requirement and IC Markets regularly audits its accounts to ensure full compliance.

IC Markets also complies with the international Anti-money laundering (AML) policy, so all clients are required to provide KYC verification documents. This is done by completing online forms and uploading a copy of a government-issued ID card and a recent utility bill.

IC Markets is regulated by different regulators in several countries. In Australia, IC Markets AU is regulated by the Australian Securities and Investments Commission (ASIC).

In Europe, IC Markets (EU) Ltd is authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC). Clients under this regulatory jurisdiction are protected by the Investor Compensation Fund (ICF) which will pay each trader a maximum of €20,000 in the event of broker liquidation. 

IC Markets Ltd is regulated by the Securities Commission of the Bahamas (SCB). This subsidiary of the brokerage trades as IC Market International. 

The IC Markets global website is operated by “Raw Trading Ltd” which is a company registered in Seychelles and regulated by the Financial Services Authority (FSA). Each client under this regulatory area is insured up to $1 million if Raw Trading Ltd goes bankrupt in the future.  


IC Markets has all it takes to remain one of the leading brokers on the internet. With its multiple regulations, cutting-edge infrastructure, modern platforms, and excellent services; the broker is a great brand that is growing daily. Also, the broker has been operating successfully for about 15 years and counting. 

There are no restrictions on trading strategies as scalping, hedging, and algorithmic trading are all supported. There are no funding or withdrawal fees and no inactivity fees. Traders are supported with premium tools and analyses courtesy of Trading Central and Autochartist. Investors have choices of social trading platforms and innumerable strategy providers. 

In conclusion, IC Markets is a broker for all because it serves beginner traders, professionals and accommodates virtually every trading strategy. 

The successful man will profit from his mistakes and try again in a different way.

Dale Carnegie