IC Markets Nigeria Review 2025 - TU Expert Opinion
IC Markets is a globally recognized Forex broker offering Nigerian traders competitive spreads, high execution speeds, and access to platforms like MetaTrader 4, MetaTrader 5, and cTrader. With a minimum deposit of $200, leverage up to 1:500, and zero deposit or maintenance fees, IC Markets provides favorable trading conditions. It supports multiple payment methods, including bank transfers, Skrill, and PayPal. The broker is fully legal in Nigeria, regulated internationally, and offers educational resources, copy trading, and free VPS for active traders
Performance of foreign currency buy/sell transactions in the Forex market is fully legal. Specialists of the Central Bank of Nigeria regulate the transactions and the income from trading must be declared and taxed. Forex trading industry is actively developing in the country, without foreign brokers entering the market, although the sector is weakly regulated at the moment.
IC Markets Nigeria review - fees, spreads & features
Under Nigerian law, traders must pay taxes and declare their income. The financial regulator in Nigeria does not place restrictions on trading assets. Although IC Markets does not hold a license in Nigeria, it operates under global regulators like ASIC, CySEC, and FSA to meet high global financial standards. This enables Nigerian traders to trade securely.
When selecting a broker, many ask, "Is IC Markets legit for traders in Nigeria?" The answer is yes. IC Markets is globally trusted and follows global financial rules. Nigerian clients benefit from secure trading conditions, transparent pricing, and high liquidity suitable for institutions.
Although IC Markets is not regulated in Nigeria, it provides Nigerian traders with a well-regulated trading environment through its global licenses. This includes competitive spreads, quick execution speeds, and a wide variety of trading options, making it a reliable choice for traders in Nigeria.
How to trade Forex in Nigeria
To start trading Forex in Nigeria, you need to choose a trustworthy broker, create a trading account, and complete the verification process. Afterward, deposit funds to your account and begin trading. If you're new, consider starting with a demo account to practice strategies or gain experience before trading live.
For Nigerian traders, IC Markets, as a Forex broker in Nigeria, creates favorable trading conditions. The broker ensures low spreads, quick execution, and diverse account options, including Standard, Raw Spread, and Islamic (Swap-Free) accounts. This makes IC Markets suitable for both beginner and experienced traders.
When it comes to Forex trading in Nigeria, IC Markets supports a variety of strategies, including scalping, copy trading, and algorithmic trading. With leverage up to 1:500 and a wide range of financial instruments, Nigerian traders can explore opportunities in global markets while taking advantage of its liquidity and secure systems.
Our evaluation of IC Markets
IC Markets is one of the top brokers in the financial market with the TU Overall Score of 8.63 out of 10. Having reviewed trading opportunities offered by the company and reviews posted by 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.
Detailed review of IC Markets in Nigeria
IC Markets, founded in Australia in 2007, has expanded its services to reach traders globally, including those in Nigeria. Its advanced trading infrastructure and strong reputation make it a reliable choice for traders.
For those researching brokers, an IC Markets review for Nigeria highlights its low spreads, deep liquidity, and transparency. Nigerian traders often commend its advanced trading environment and cutting-edge tools.
A common question among traders is whether IC Markets is an ECN broker in Nigeria. The answer is yes — IC Markets operates as a true ECN broker, providing raw spreads starting at 0.0 pips and direct market access without a dealing desk. This setup is perfect for scalpers, automated traders, and those using high-frequency strategies.
As a trusted brokerage, IC Markets, a Forex broker in Nigeria, offers competitive conditions such as high leverage, various funding options, and professional trading tools. Whether you're new to trading or a seasoned professional, IC Markets provides a smooth and reliable trading experience with secure and fast execution.
Advantages of IC Markets for trading in Nigeria
Traders Union analysts conducted a detailed analysis of IC Markets for traders from Nigeria. The experts outlined the key benefits of the company for the clients from this country. The advantages of the broker are as follows:
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High execution speeds on all platforms provide for both intraday trading and scalping;
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No deposit or maintenance fees;
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Demo accounts are available on both MetaTrader and cTrader;
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Trading fees are average as compared to other top brokers;
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Copy trading, algorithmic trading, and investment in real stocks for Australian clients are available;
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Webinars and free educational materials for novice traders are provided;
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24/7 multilingual technical support;
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Free VPS for clients with a monthly trading volume of 15 lots and more.
Broker provides a convenient entry point. In Nigeria, the IC Markets minimum deposit is set at $200, allowing traders to start with a reasonable investment while accessing professional trading conditions. This deposit is competitive compared to other brokers catering to the Nigerian market.
In Nigeria, IC Markets spreads are some of the most attractive, starting as low as 0.0 pips on ECN accounts and 0.8 pips on Standard accounts. With tight spreads, deep liquidity, and minimal slippage, traders can execute trades efficiently while keeping costs low. This makes IC Markets a preferred choice for scalpers and high-frequency traders alike.
Analysis of the main features of IC Markets in Nigeria
Traders Union analysts reviewed the features of IC Markets for Nigerian traders through a detailed evaluation of various features. The overall score shows how reliable the broker is for Nigerian traders.
For those interested in broker-supported trading, a funded account with IC Markets in Nigeria gives traders an opportunity to start trading without an initial deposit, often through special promotions. While IC Markets doesn’t regularly offer funded accounts, traders in Nigeria can take advantage of contests and rebate offers to access additional capital for trading.
Knowing how IC Markets handles commissions in Nigeria is important for cost-conscious traders. The broker provides commission-free trading on Standard accounts, while Raw Spread accounts come with fees of $7 per lot on MetaTrader and $6 per lot on cTrader. These transparent pricing models make IC Markets an affordable option for Nigerian traders, particularly those focusing on scalping or algorithmic trading strategies.
Trading conditions for IC Markets traders from Nigeria
Before choosing a broker, it’s important to check trading conditions to see if they meet your needs. Traders Union analysts reviewed IC Markets, covering areas like minimum deposit, platforms, and leverage to determine how well it supports traders in Nigeria.
For traders interested in Forex trading in Nigeria, IC Markets offers a smooth trading experience. The broker provides access to multiple asset classes, including Forex, commodities, indices, and cryptocurrencies. With deep liquidity, fast execution, and user-friendly tools, IC Markets is suitable for both beginners and experienced traders.
A common question is, "Can I use IC Markets in Nigeria?" The answer is yes. Nigerian traders can easily register, deposit funds, and start trading without restrictions. While IC Markets doesn’t hold a local Nigerian license, it is well-known worldwide and trusted by traders, operating under strict international regulations to ensure reliability.
Trading conditions for IC Markets traders
| Trading platform: | MetaTrader 4, MetaTrader 5, TradingView and cTrader |
|---|---|
Accounts: |
Demo, Standard, Raw Spread 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: |
|
Min order: |
0.01 |
Spread: |
Standard: 0.8 pips; Raw Spread: 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: |
|
Affiliate program: |
|
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 commissions and fees
Traders Union analysts thoroughly reviewed the fees and commissions charged by IC Markets for traders in Nigeria. This analysis covered all types of trading and non-trading fees, ensuring a comprehensive evaluation for Nigerian traders.
For those seeking additional trading capital, the options for an IC Markets funded account in Nigeria are limited, as the broker does not generally offer no-deposit bonuses or directly funded accounts. However, traders in Nigeria can explore alternatives such as IC Markets’ rebate programs and trading competitions. These initiatives allow traders to earn extra capital based on their trading activity, providing valuable opportunities for growth.
When it comes to fees, IC Markets commissions for Nigeria are competitive compared to other brokers. Standard accounts operate without commissions, while Raw Spread accounts charge $7 per lot on MetaTrader and $6 per lot on cTrader. These low commission rates and cost-effective trading conditions make IC Markets a popular choice among Nigerian traders, especially those engaged in high-frequency and algorithmic trading.
Information
Trading fees include spreads, fees per lot, and swaps. IC Markets has variable spreads from 0.8 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.
TU experts have compared IC Markets’ fees and compiled the table below.
IC Markets Fees And Spread Review
| Account type | Spread (minimum value) | Withdrawal commission |
|---|---|---|
|
Standard |
$8 |
Bank fees apply |
|
Raw spread MT4/MT5 |
$0 |
Bank fees apply |
|
Raw spread cTrader |
$0 |
Bank fees apply |
|
Islamic |
$0 |
Bank fees apply |
Conclusion
IC Markets is a trusted Forex broker offering Nigerian traders competitive spreads, fast execution speeds, and access to advanced platforms. While IC Markets license Nigeria is not locally issued, the broker operates under strict international regulations, ensuring a secure trading environment. Traders often ask, "Can I use IC Markets in Nigeria?" — yes, the broker is fully accessible with no restrictions. With IC Markets commissions Nigeria being among the lowest in the industry and multiple account types available, it suits both beginners and advanced traders. Although IC Markets funded account Nigeria options are limited, rebate programs provide additional trading benefits. Overall, IC Markets is a reliable choice for Nigerian traders seeking professional trading conditions.
FAQs
Is IC Markets legal in Nigeria?
Yes. IC Markets operates legally in Nigeria. The broker holds the necessary licenses.
Can you learn trading with IC Markets? Does the broker offer courses for traders from Nigeria?
Yes, IC Markets offers good trading courses and a lot of educational information for clients from Nigeria.
Can IC Markets be trusted? Has the broker been operating in Nigeria long?
IC Markets has been operating in Nigeria quite long and has a good reputation. Therefore, traders can work with IC Markets.
Is IC Markets suitable for novice traders from Nigeria?
Yes. IC Markets offers optimal trading conditions and good education for beginners from Nigeria.
How efficient is IC Markets customer support in Nigeria?
IC Markets offers a sufficient number of ways to contact customer support in Nigeria, and also provides support in the state language.
Has IC Markets had any incidents involving theft of funds of clients from Nigeria?
No. IC Markets provides reliable security of funds of clients from Nigeria.
Will I be able to file a lawsuit in Nigeria if IC Markets violates my rights?
Yes. If IC Markets violates your rights, you can file a complaint with the regulator of Nigeria, and then with a court.
Can IC Markets clients from Nigeria use the broker’s mobile app?
Yes. The mobile app of IC Markets is available for the clients from Nigeria.
Does IC Markets provide Nigeria market analysis?
Analysis of Nigeria is featured in the information provided by IC Markets.
How can I withdraw funds from my account at IC Markets in Nigeria?
IC Markets supports bank transfers and debit/credit cards of the banks operating in Nigeria.
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Team that worked on the article
Parshwa is a content expert and finance professional possessing deep knowledge of stock and options trading, technical and fundamental analysis, and equity research. As a Chartered Accountant Finalist, Parshwa also has expertise in Forex, crypto trading, and personal taxation. His experience is showcased by a prolific body of over 100 articles on Forex, crypto, equity, and personal finance, alongside personalized advisory roles in tax consultation.
Chinmay Soni is a financial analyst with more than 5 years of experience in working with stocks, Forex, derivatives, and other assets. As a founder of a boutique research firm and an active researcher, he covers various industries and fields, providing insights backed by statistical data. He is also an educator in the field of finance and technology.
As an author for Traders Union, he contributes his deep analytical insights on various topics, taking into account various aspects.
Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO).