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Up to 75.93% of the broker’s non-professional clients incur losses when trading CFDs.

IC Markets Review for Beginners

8.37/10
TU Overall Score
The purpose of creating the TU Overall Score is to make the search for secure and reliable brokerage companies easier for the visitors of our website. We believe that it is a very important mission as, unfortunately, not every company in the financial industry is worthy of trust.

According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
Minimum deposit:
  • $200
Trading platform:
  • MT4
  • MT5
  • cTrader
Regulation:
  • ASIC
  • CySEC
  • and FSA
Foundation year:
  • 2007
Updated: March 20, 2024
8.37/10
TU Overall Score
The purpose of creating the TU Overall Score is to make the search for secure and reliable brokerage companies easier for the visitors of our website. We believe that it is a very important mission as, unfortunately, not every company in the financial industry is worthy of trust.

According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
Minimum deposit:
  • $200
Trading platform:
  • MT4
  • MT5
  • cTrader
Regulation:
  • ASIC
  • CySEC
  • and FSA
Foundation year:
  • 2007
4 841*
people picked this broker on the Traders Union website over the last 3 months
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IC Markets isn't available in United States
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Our Evaluation of IC Markets

8.37/10
TU Overall Score
The purpose of creating the TU Overall Score is to make the search for secure and reliable brokerage companies easier for the visitors of our website. We believe that it is a very important mission as, unfortunately, not every company in the financial industry is worthy of trust.

According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
Traders Union icon

IC Markets is one of the top brokers in the financial market with the TU Overall Score of 8.37 out of 10. Having reviewed trading opportunities offered by the company and reviews posted by IC Markets clients on our website, Traders Union expert Anton Kharitonov believes he can recommend this company as the majority of reviews prove that the broker’s clients are fully satisfied with the company.

IC Markets Trading Company is a great broker for scalping enthusiasts, automated trading lovers, and beginner traders.

Brief Look at IC Markets

IC Markets is a multi-regulated STP/ECN broker that offers trading of 2,250+ instruments on MetaTrader and cTrader platforms. Currently, IC Markets provides its services to over 200,000 clients worldwide. The broker processes over 500,000 trades daily and its monthly trading volume is almost $1.4 trillion as of June 2024. It is regulated by CySEC, ASIC, and FSA. The broker was incorporated in 2007 and is constantly developing, improving, and adding new services and products.

Advantages of trading with IC Markets:
  • Availability of three licenses;
  • Wide range of assets;
  • Standard and ECN account types for trading on different platforms;
  • Mobile apps for Android and iOS-based devices;
  • Scalping, hedging, and algorithmic trading are allowed;
  • Minimum delay when executing orders and ultra-fast market execution;
  • Competitive trading fees;
  • Wide choice of social trading and copy trading platforms;
  • 24/7 support via live chat;
  • Demo accounts on MT4, MT5, and cTrader;
  • Swap-free accounts are available for Muslim traders.
Disadvantages of IC Markets:
  • Education materials available on the website are not very informative or diverse;
  • Rebates are available outside Australia and the European Economic Area;
  • Not all clients are equally protected since compensation for investment is subject to the trader's country of residence.

TU Expert Advice

Anton Kharitonov

Financial expert and analyst at Traders Union

IC Markets has many years of experience in financial markets. It was incorporated in 2007 and provides its services in strict accordance with regulatory requirements so as not to lose its licenses and client trust. The broker constantly improves its services, ensuring software technical stability, a high level of data protection, and favorable trading conditions.

IC Markets has been in Traders Union's top 20 Forex brokers for many years and is a constant partner. TU can recommend IC Markets to traders with different backgrounds, who use both short- and mid-term strategies, as well as expert advisors and custom indicators.

The important advantage of IC Markets over other brokers is diversity. The company offers plenty of trading instruments: 60+ currency pairs, CFDs on futures, indices, commodities, metals, 2,100+ stocks (Nvidia stock, Apple stock, Google stock, Tesla stock etc.), bonds, cryptocurrencies. A wide range of account types, and a good choice of platforms for active and social trading. Other IC Markets advantages are three regulatory licenses, membership in the Financial Commission, and participation in several compensation schemes.

Trade with this broker, if:
  • Speed of execution is critical to you, and you operate round the clock. IC Markets uses the Equinix NY4 server and a fiber-optic network, ensuring order execution as fast as 40 milliseconds. All company clients can obtain a free VPS for 24/7 trading.
  • High trading volume and liquidity are important to you. IC Markets has consistently ranked in the top 5 global Forex brokers in terms of trading volume.
Do not trade with this broker, if:
  • You prefer to work with the actual assets rather than CFDs. The broker primarily offers contracts for difference (CFDs).

We checked the office of the IC Markets brokerage company in Cyprus, which is located at the following address according to the information on the company’s website:

86 Franklinou Roosvelt,4th floor, Office 401, 3011 Omonoia, Limassol, Cyprus

Verified the company's address
* The results of this inspection shall not be regarded as an advice to choose the broker.
Detailed report on the visit to the company’s office IC Markets

IC Markets Summary

Your capital is at risk.  Up to 75.93% of the broker’s non-professional clients incur losses when trading CFDs.  You can also lose your money. CFDs are complex derivative products. They come with a high risk of losing money due to leverage. You must study CFDs and be prepared to lose your investments.

💻 Trading platform: MetaTrader 4, MetaTrader 5, and cTrader
📊 Accounts: Demo, Standard МТ4, Standard МТ5, Raw Spread МТ4, Raw Spread МТ5, Raw Spread cTrader, and Islamic (Swap Free)
💰 Account currency: EUR, USD, GBP, CAD, AUD, HKD, NZD, CHF, SGD, and JPY
💵 Replenishment / Withdrawal: All countries: Wire transfers, Visa, Mastercard, Skrill, PayPal, Neteller, RapidPay, and Klarna;
Restricted methods: UnionPay, POLI, Fasapay, BPAY, internet banking (Thailand and Vietnam), WebMoney, and Broker to Broker
🚀 Minimum deposit: $200
⚖️ Leverage: 1:500 (FSA);
1:30 (ASIC and CySEC)
💼 PAMM-accounts: No
📈️ Min Order: 0.01
💱 Spread: Standard: 0.6 pips;
Raw Spread, MT4/MT5: 0 pips;
Raw Spread, cTrader: 0 pips
🔧 Instruments: Cryptos and Forex CFDs on indices, commodities, stocks, bonds, and futures
💹 Margin Call / Stop Out: 50%/100%
🏛 Liquidity provider: Westpac and National Australia Bank
📱 Mobile trading: Yes
➕ Affiliate program: Yes
📋 Orders execution: Market
⭐ Trading features: Scalping and expert advisors;
Maximum number of orders is 200 for MT4/MT5; and 2,000 for cTrader.
🎁 Contests and bonuses: Rebates for the Global division;
Free VPS.

IC Markets offers high execution speeds due to servers located in New York and London. Trading conditions differ subject to the regulator that supervises the activities of a certain division. For example, clients of IC Markets regulated by CySEC can trade 13 cryptocurrencies 24/5, while clients of ASIC- and FSA-regulated divisions can trade 24/7.

IC Markets clients from all jurisdictions can trade on STP and ECN account types with floating spreads, leverage, and various deposit/withdrawal methods. The company doesn’t have proprietary trading platforms. It offers classic MT4 and MT5, as well as a more complicated cTrader. These platforms are available in desktop, web, and mobile versions to ensure the most comfortable trading conditions.

Can you trade options with IC Markets?

IC Markets Key Parameters Evaluation

Score:
7.29/10

Trading Account Opening

To reduce expenses on spreads for trading with IC Markets, open a trading account with the broker through the Traders Union website. Registration using the TU referral code allows traders to receive rebates. Below is a detailed description of the procedure.

IC Markets - How to open, deposit and verify a trading account | Firsthand experience of TU

IC Markets Trading tested by Rinat Gismatullin
1

To start registration with the broker, click the “Start Trading Now” button on its website. If the representative office that owns this website doesn’t work with residents of your country, you will receive a warning and will be redirected to the appropriate website.

Review of IC Markets — Start registration
Review of IC Markets — Start registration
Review of IC Markets — Start registration
Review of IC Markets — Start registration
2

When opening an account: log in, provide your personal information, choose the account configuration, and upload scans of your documents. Agree to the broker’s terms and conditions. Activate your user account following the instructions from the email sent to you.

Review of IC Markets — Register with the broker
Review of IC Markets — Register with the broker
Review of IC Markets — Register with the broker
Review of IC Markets — Register with the broker

The user account offers all the necessary tools to start trading:

  • Deposit menu;

  • Links to install desktop and mobile trading platforms;

  • Section with detailed statistics on trades and monetary transactions.

Details of opening a trading account with IC Markets

Score:
8.77/10

Regulation and Safety

Information

IC Markets includes three legal entities registered in Australia, EU, and Seychelles. They are licensed by local ASIC (ACN: 123 289 109), CySEC (362/18), and FSA (SD018) regulators, respectively. Also, since 2021, IC Markets has been a member of the Financial Commission that resolves disputes between brokers and their clients and compensates the latter with up to €20,000. CySEC has its own compensation fund ICF and pays to clients of bankrupt brokers. Availability of three licenses of key global regulators provides the company with a possibility to offer brokerage services to traders in more than 100 countries.

Moreover, IC Markets partners with Lloyds Bank (London) to cover client losses in case of its insolvency. Each trader is compensated for their account balance and amounts of all open positions, but not more than $1,000,000.

Is IC Markets safe? An Honest Review

Advantages

  • Rights and obligations of both the broker and the client are clearly stated in the agreement
  • The broker’s clients can file official claims with regulators
  • Coverage from Lloyds Bank is available
  • Client funds and the company’s capital are held separately

Disadvantages

  • Limited leverage up to 1:30 for clients of offices regulated by ASIC and CySEC
  • Negative balance protection isn’t available in all countries
Score:
9.43/10

Commissions & Fees

Information
Trading fees include spreads, fees per lot, and swaps. IC Markets has variable spreads from 0.6 pips on Standard and from 0 pips on ECN account types. Therefore, fees for one instrument can vary subject to the time of day and the market situation. Fees per lot are charged only on ECN account types. They are $7 per lot on MT4/MT5 and $6 on cTrader. Swaps are charged when positions are transferred overnight, but they do not apply to the Islamic account type. Non-trading fees are fees not related to trades. At IC Markets, these are withdrawal fees when using international bank transfers. The broker doesn’t charge other non-trading fees.
Account type Spread (minimum value) Withdrawal commission
Standard $6 Bank fees apply
Raw spread MT4/MT5 $0 Bank fees apply
Raw spread cTrader $0 Bank fees apply
Islamic $0 Bank fees apply

TU experts have compared IC Markets’ fees to those of other brokers and compiled the comparative table below.

Broker Average commission Level
$1.5
Medium
$1
Low
$8.5
High
Score:
8.34/10

Account Types

The broker offers STP and ECN account types. STP types are the Standard account for MT4 and MT5. ECN types is the raw spread account for MetaTrader and cTrader. All account types are swap-free, which means that they can be transferred into Islamic accounts.

The first step to start trading is to open a trading account.

Account Type
Description
STP (MT4 and MT5)
This is a standard Forex account with classic trading conditions, suitable for traders with any experience.
Spreads are charged.
ECN (MT4, MT5, and cTrader)
Raw Spread is a professional account type suitable for scalping and algorithmic trading.
High execution speeds and tier-1 liquidity.
Spreads are near zero.
Fees per full lot are $6 for cTrader or $7 for MetaTrader.
Islamic (MT4, MT5, and cTrader)
This is a counterpart of Standard and Raw Spread accounts.
No swaps for trading currencies, indices, and metals.
Additional fees of $5-$80 per lot are charged for other instruments.

Before opening a live account, traders can test the broker’s trading conditions on a demo account available on all platforms. Broker’s accounts are also available as a mobile app to make your trading available whenever and wherever you are. If you want to learn how to make money on IC Markets, read the Traders Union article.

IC Markets - How to open a trading account? | Firsthand experience of Alex Smith by Traders Union

IC Markets tested by Rinat Gismatullin
Score:
8.25/10

Deposit and Withdrawal

  • Only verified clients who have confirmed their identity and address can submit withdrawal requests;

  • Requests are submitted in trader user accounts. If requests are submitted before 12:00 (AEST/AEDT), the company processes them on the same day. If clients submit their requests after 12:00, they are processed on the next business day;

  • Traders can withdraw their profits in the account currency without fees, or pay a conversion fee for withdrawing in another currency;

  • If traders use WebMoney, Poli, BPAY, Fasapay, RapidPay, or Klarna, they can withdraw their funds only using a bank transfer. Amounts withdrawn to bank cards cannot exceed amounts deposited from them;

  • Bank transfers outside Australia cost AUD 20. IC Markets doesn’t withhold withdrawal fees. WIthdrawals through Skrill, PayPal, and Neteller are free;

  • The crediting period for e-wallets takes only several minutes; for bank transfers and cards, it is 3-5 business days; and for international bank transfers, it takes 3-14 days.

Details of deposits and withdrawals at IC Markets

How to withdraw money from IC Markets | Firsthand experience of Oleg Tkachenko

IC Markets tested by Rinat Gismatullin
Score:
7.95/10

Investment Options

IC Markets offers different passive income options. Certain investment services or products are subject to countries and regulators.

Passive income options offered by IC Marketspass

IC Markets’ office is regulated by FSA and offers the most advanced opportunities for passive income. Subject to the broker’s division, the following investment income options are available:

  • IC Social, cTrader Copy Trading, and Myfxbook social platforms in the Signal Start format — FSA;

  • ZuluTrade — ASIC and FSA;

  • cTrader Automate, MQL4, and MQL5 — all jurisdictions;

  • IC Shares to invest in stocks on the Australian Securities Exchange — ASIC.

ZuluTrade, MQL, and cTrader Copy Trading allow traders to completely automate the trading process, which means that trades of chosen providers are copied without the participation of investors. Myfxbook and IC Social are apps for social trading, that is investors decide themselves what trades to copy. cTrader Automate is designed for algorithmic trading and is suitable for experienced traders.


Important!

If you are a large investor and plan on investments over $10,000, contact us at vip-invest@tradersunion.com or by the feedback form on our website. Our professional team will take you through all the intricacies of the deal and all the steps from signing up to withdrawal of profits.

Partnership programs

The broker offers a referral program where existing clients can earn from inviting new ones. How to receive partner rewards from IC Markets:

  • Upon registration with the broker, apply for participation in the partnership program;

  • Share a unique referral link on thematic platforms, social media, etc.;

  • Wait for referrals to start trading.

Each standard lot closed by a referee, brings 0.4 pips of the broker’s spread to the inviting client.

Score:
8.54/10

Additional Trading Tools

The following additional useful options are available upon registration with the broker:

  • VPS (Virtual Private Server). It provides for continuous 24/7 operation of expert advisors even in a bad internet environment. Clients with monthly trading volume of 15 lots and more, have free access to three VPS services. IC Markets compensates for subscriptions subject to monthly trading volume requirements.

    Services for Better Trading — VPS
    Services for Better Trading — VPS
  • Advanced tools for MetaTrader 4. The broker’s existing clients with active accounts can connect 20 advanced tools for MT4 to improve the quality of trade management and to get access to more advanced market analysis and data for more informed trading decisions. These include Alarm Manager, Correlation Matrix, Mini Terminal, Session Map, etc. The tools are free, however, they aren’t available for all countries.

    Services for Better Trading — MetaTrader 4 advanced trading tools
    Services for Better Trading — MetaTrader 4 advanced trading tools

Additional free services:

  • Economic calendar. This tool helps to monitor important financial indicators and fundamental data;

  • TeamViewer. This is an app for remotely solving technical problems;

  • Blog with useful market data, technical analysis, trading ideas, and expert opinions on financial markets;

  • Demo account to test the broker’s trading conditions without depositing real money;

  • Signal Start. This is a social trading platform to copy trades from MT4 and MT5.

The company’s website provides a brief description of each service.

Score:
7.19/10

Customer Support

Information

Live chat on the broker’s website is available 24/7. Phone calls are available from Sunday 22:00 to Friday 22:00 (GMT) for CFD traders and Monday through Friday from 9:00 to 17:00 (AEDT) for real stock traders from Australia. If you need more information, contact technical support.

Advantages

  • Support is available in over 10 languages
  • 24/7 live chat
  • A call-back option is available
  • Many international phone numbers are provided

Disadvantages

  • Communication with a bot when launching a live chat
  • Chat operators don’t respond to all questions about trading conditions

The following communication channels are available:

  • telephone — direct calls or call-back requests;

  • live chat on the website or in the user account;

  • email;

  • Facebook, X, Instagram, and LinkedIn.

Contacts

Foundation date 2007
Registration address Raw Trading Ltd: Eden Plaza, Office 222, Eden Island, Mahé, Seychelles;
IC Markets (EU) Ltd: 86 Franklinou Roosvelt, 4th floor, Office 401, 3011 Omonoia, Limassol, Cyprus;
International Capital Markets Pty Ltd: Level 4, 50 Carrington Street, Sydney, NSW 2000, Australia.
Regulation ASIC, CySEC, and FSA
Official site www.icmarkets.com, www.icmarkets.eu, and www.icmarkets.com.au
Contacts
Global: +248 467 19 76, support@icmarkets.com;
EU: +35725010480, support@icmarkets.eu;
Australia: +61 02 8014 4280, support@icmarkets.com.au.
Score:
7.51/10

Education

Information

The Education section on the broker’s official website contains the basics of over-the-counter (OTC) trading on the Forex market. Forex glossary is available in the Help & Resources block. The Australian office also has podcasts with their infographic text decoding.

Information available with IC Markets
Information not available on the IC Markets website
Description of general concepts of financial markets
Settings for copy trading on MetaTrader
Main advantages of trading derivatives on the OTC market
Videos on MetaTrader 4 and cTrader
Webinars
Forex and CFD glossary

To virtually trade without risking real money, open a demo account on MT4, MT5, or cTrader.

Comparison of IC Markets with other Brokers

IC Markets RoboForex Eightcap Exness FreshForex Pepperstone
Trading
platform
MT4, cTrader, MT5, TradingView MT4, MT5, R MobileTrader, R StocksTrader, R WebTrader MT4, MT5 Exness Trade App (mobile), Exness Terminal (web), MetaTrader5, MetaTrader4 MT4, MobileTrading MT4, MobileTrading, WebTrader, cTrader, MT5, TradingView
Min deposit $200 $10 $100 $10 No $1
Leverage From 1:1
to 1:500
From 1:1
to 1:2000
From 1:30
to 1:500
From 1:1
to 1:2000
From 1:25
to 1:500
From 1:1
to 1:400
Trust management No No No No No No
Accrual of % on the balance No No No No No No
Spread From 0 points From 0 points From 0 points From 1 point From 0 points From 0 points
Level of margin call
/ stop out
100%  /  50% 60%  /  40% 80%  /  50% No  /  60% 40%  /  20% 90%  /  20%
Execution of orders Market Execution Market Execution, Instant Execution Market Execution Market Execution, Instant Execution Market Execution, Instant Execution Instant Execution
No deposit bonus No No No No $30 No
Cent accounts No Yes No No Yes No

Detailed Review of IC Markets

IC Markets is a globally recognizable Forex brand. It has three regulatory licenses, it partners with major world banks, and provides tier-1 liquidity. The broker’s clients have access to popular trading platforms and the best analytics. IC Markets constantly expands its range of trading instruments and adds new services and solutions for passive investment in the Forex market.

IC Markets' parent company was registered in Australia in 2007. Since 2018, it’s been authorized to provide its services to traders from the European Economic Area. Currently, IC Markets is available worldwide through its regional offices.

IC Markets is a broker for many strategies and trading styles

IC Markets allows all trading styles that, combined with STP and ECN account types and low fees, enables traders with many strategies for beginners and experiences to close trades with a profit. The broker is suitable for both mid- and short-term strategies, including scalping.

IC Markets doesn’t prohibit the usage of expert advisors for algorithmic trading and ensures high order processing speeds in the ECN network for their efficient work. Liquidity provided by such reputable providers as National Australia Bank (NAB) provides for trading with the best market quotes. Servers located in London LD5 and New York NY4 allow traders to minimize execution delays.

IC Markets allows traders to choose trading platforms convenient for them. They range from the simplest MT4 mobile apps to desktop cTrader and MT5 with advanced analytical tools. The minimum deposit is $200 and the broker’s leverage allows traders to execute trades with larger amounts than they have.

Tools to improve trading efficiency:

  • Forex calculators. These tools are used to calculate the exchange rate, pips, fees, and margins;

  • Web TV. This tool offers daily updates from the New York Stock Exchange, current technical analysis, and data from Trading Central.

Advantages:

1

High execution speeds on all platforms provide for both intraday trading and scalping;

2

No deposit or maintenance fees;

3

Demo accounts are available on both MetaTrader and cTrader;

4

Trading fees are average as compared to other top brokers;

5

Copy trading, algorithmic trading, and investment in real stocks for Australian clients are available;

6

Webinars and free educational materials for novice traders are provided;

7

24/7 multilingual technical support;

8

Free VPS for clients with a monthly trading volume of 15 lots and more.

Latest IC Markets News

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IC Markets launches fourth season of IC Your Trade
​Broker IC Markets has announced the launch of the fourth season of IC Your Trade (ICYT), created in partnership with Bloomberg Media Studios.  Since
13.11.2023
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IC Markets to expand physical asset investment options
​Broker IC Markets announced the launch of the IC Shares program, which expands the company's product line to include investments in physical
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Broker IG announced the launch of the 'Beat the Street' show
Brokerage company IG is launching a new daily analytical show for traders called 'Beat the Street'. The show will be broadcast live on weekdays at 13:30
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Team that worked on the article

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