IC Markets Fees and Minimum Deposit - TU Expert review
Assessing the size of the fees is the second most important factor for choosing a broker after reliability. The lower the fees, the more diverse their structure, the more beneficial it is to trade with the broker. Minimum deposit is another important factor that may tip the scale in favor of a certain broker. This is particularly important for novice traders, who cannot afford to invest a lot at the beginning. Traders Union analysts have prepared an analysis of IC Markets fees and also assessed the size of its minimum deposit.
Short introduction of IC Markets
IC Markets is a multi-regulated STP/ECN broker that offers trading of 2,250+ instruments on MetaTrader, TradingView 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.
| 💰 Account currency: | EUR, USD, GBP, CAD, AUD, HKD, NZD, CHF, SGD, and JPY |
| 🚀 Minimum deposit: | $200 |
| ⚖️ Leverage: | 1:500 (FSA); 1:30 (ASIC and CySEC) |
| 💱 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% |
IC Markets Pros and Cons
👍 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.
Key types of fees on Forex
A broker is an intermediary between a trader and an exchange. Therefore, brokers charge fees for their services. The fees may have different structure.
There are the following fees in the Forex market:
-
Spread – the difference between the buy and the sell price of an asset.
-
Commission per lot.
-
Commission per trade.
Broker fees may differ depending on the trading account type. For example, on some accounts spread is used as a trading fee, and on others – commission per lot.
IC Markets Commissions and Fees
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 |
Why is it important to assess minimum deposit?
It is important for beginners and traders with limited financial capabilities to assess the minimum deposit of the broker. Different brokers offer different levels. Some companies focus on working with professional traders and their entry threshold is usually in the thousands or tens thousands of US dollars. Brokers that work with beginners offer low minimum deposit. It could be $500 or $100, or even $1.
In addition minimum deposit may differ depending on the account type. This is also an important factor to analyze. If a broker offers a low entry threshold, traders can get better conditions and still not spend too much money on funding their account.
IC Markets Minimum deposit
A brief guide on trading with IC Markets
The broker offers STP and ECN account types. STP types are the Standard account for MT4, MT5 and TradingView. 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.
Spreads are charged.
High execution speeds and tier-1 liquidity.
Spreads are near zero.
Fees per full lot are $6 for cTrader or $7 for MetaTrader.
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
Brokers similar to IC Markets
When analyzing IC Markets, it is important to compare it with other similar companies. Before you choose a broker, it is important to compare its trading conditions with competitors. Traders Union analysts have prepared a comparison of the minimum deposit and other trading conditions of IC Markets and other brokers.
Comparison of IC Markets with other Brokers
| IC Markets | RoboForex | Eightcap | Exness | FXGT.com | 4XC | |
|---|---|---|---|---|---|---|
|
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 |
MetaTrader4, MetaTrader5 |
MT5, MT4, WebTrader |
|
Min deposit |
$200 |
$10 |
$100 |
$10 |
$5 |
$50 |
|
Leverage |
From 1:1 |
From 1:1 |
From 1:30 |
From 1:1 |
From 1:1 |
From 1:1 |
|
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 0.5 points |
From 0 points |
|
Level of margin call / stop out |
No |
No |
No |
No |
No |
No |
|
Execution of orders |
Market Execution |
Market Execution, Instant Execution |
Market Execution |
Market Execution, Instant Execution |
Market Execution |
Market Execution |
|
No deposit bonus |
No |
No |
No |
No |
No |
$50 |
|
Cent accounts |
No |
Yes |
No |
No |
No |
No |
Expert Opinion
When comparing FTMO to similar prop firms, its conditions seem generally competitive and a balanced offering. With reasonable fees, enough leverage for many styles and an achievable cost starting from €155, it presents a solid choice for prop traders to evaluate further. There are also no added commissions on top of the spread which keeps trading costs low.
Some traders may find the testing requirements to be on the strict side, but this ensures people have proven themselves capable of managing risk before gaining access to larger funded accounts.
Overall, for those interested in prop trading and wanting the guidance of a funded program, FTMO offers a decent option to consider. Just be prepared to treat the challenge period like the job interview that it is.
Conclusion
Based on the results of the analysis, Traders Union experts have concluded that the fees charged by the broker are average. There are companies with lower fees. The broker offers a low minimum deposit, but average fees do not make this broker a good choice for novice traders.
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FAQs
Can the minimum deposit differ depending on the trading account type?
Yes. Brokers often encourage clients to deposit large amounts to the account by offering better trading conditions.
What fees may be charged on ECN accounts?
As a rule, the fees are minimal on ECN accounts, with the spread rarely above 0.1 pips. Commission per lot may be charged.
Why do some brokers set a high minimum deposit?
Many companies with high minimum deposits are focused on working with professional traders with experience and large capital. Therefore, they set a high entry threshold.
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Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
The area of responsibility of Mikhail includes covering the news of currency and stock markets, fact checking, updating and editing the content published on the Traders Union website. He successfully analyzes complex financial issues and explains their meaning in simple and understandable language for ordinary people. Mikhail generates content that provides full contact with the readers.
Mikhail’s motto: Learn something new and share your experience – never stop!
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.
Olga has extensive experience in writing and editing articles about the specifics of working in the Forex market, cryptocurrency market, stock exchanges and also in the segment of financial investment in general. This level of expertise allows Olga to create unique and comprehensive articles, describing complex investment mechanisms in a simple and accessible way for traders of any level.
Olga’s motto: Do well and you’ll be well!