IC Markets Review: Reliable Broker or Scam?

Choosing a broker is arguably one of the most important steps in trading. There is no one-size-fits-all checklist, since every trader has different needs, but it pays to look at what other users think. In this IC Markets review, we bring together client feedback and a detailed look at the broker.

IC Markets Review: What Trustpilot Users Say

Many traders have already shared their views on IC Markets as a forex broker, and most are delighted with the quality of its customer service. According to clients, the broker‘s support ranks among the best: fast, reliable, friendly and effective. Beyond the quality of its support, the platform is also popular for its tight spreads and moderate commissions, which makes it an attractive choice for forex trading.

Who Is IC Markets?

IC Markets is the official broker of the international group International Capital Markets Pty Ltd, founded in 2007. It is headquartered in Sydney, Australia. The forex broker was set up by financial services professionals to bridge the gap between institutional and retail traders.

IC Markets Key Figures

Is IC Markets Regulated by the AMF?

• IC Markets is an Australian broker, not a European one, so it is not regulated by France’s AMF.
• It is, however, regulated by the Australian regulator ASIC.

Does IC Markets Operate in France?

Although IC Markets is an Australian company headquartered in Australia, it now operates internationally through subsidiaries in several countries, including France.

ECN Broker or Market Maker?

When choosing a broker, one of the most common questions is whether it is an ECN/STP broker or a market maker. IC Markets is considered a currency provider offering an ECN pricing model. It uses a pricing mechanism that delivers raw interbank prices, meaning there is no dealing desk intervention. As a result, IC Markets ECN offers greater price certainty and fast trade execution.

That said, all forex providers in Australia, including IC Markets, hold a market maker authorization. However, they do not consider themselves market makers, because they do not create their own prices by running a dealing desk.

The Broker’s Regulation

A broker’s regulation is one of the most important factors to check before you start trading. IC Markets is regulated in several countries around the world:

• ASIC – Australia: as an Australian broker, it is regulated by the Australian Securities and Investments Commission (ASIC).
• FSA – Seychelles: IC Markets is also regulated by the Seychelles Financial Services Authority, the body responsible for non-bank financial services in the Seychelles. This oversight ensures IC Markets’ regulatory compliance so that the broker maintains the same high standards.
• CySEC – Cyprus: IC Markets also has a subsidiary in Cyprus that operates under a CySEC license. This means the broker can officially and legally offer its services to European traders.

IC Markets also obtained an Australian Financial Services Licence (AFSL) in 2009.

How Does IC Markets Protect Client Funds?

Whenever you invest money online, security should be taken seriously; in fact, it should be your top priority. Your trading platform should treat it as one of its core values too. IC Markets’ core values are integrity, trust, honesty, fairness and transparency.

Here is how the broker protects its clients’ funds:

• Funds are segregated with AA-rated banks, so you do not risk losing your money if the broker goes bankrupt.

• They are held in separate trust accounts with Westpac and NAB under ASIC regulation. Under FSA regulation, IC Markets also holds segregated funds with Barclays Bank Seychelles.

• All funds are handled in accordance with client money rules. They are held separately from IC Markets’ own funds and cannot be used for operational purposes or expenses.

• Transactions are also protected by Secure Socket Layer (SSL) encryption.

• However, IC Markets does not offer negative balance protection. To guard against this, apply sound risk management and avoid overloading your account with oversized positions.

Is IC Markets a Scam?

Online trading is overseen by official authorities. In line with market requirements, IC Markets is regulated by ASIC. Oversight by this independent government body allows the broker to build a relationship of trust with its clients and suggests that it is not a scam. In addition, forex transactions are handled by two major banks: National Australia Bank (NAB) and Westpac Banking Corporation (Westpac). Independent external auditors also carry out checks on the broker. Visit their website to start trading.

IC Markets: What Are the Fees?

When trading with a broker, you will usually have to pay certain fees. Knowing them helps you manage your costs on the platform more effectively. Here are the main fees charged by IC Markets.

Spreads

Depending on the currency traded and the account type, IC Markets spreads start from 0.0 pips. Zero spreads apply to currency trading on a True ECN account. On an STP or Standard account, spreads start from 1.0 pip.

The tables below summarize IC Markets spreads by market and account type:

• Forex spreads (Raw Spread account)

• Forex spreads (Standard account)

• Commodity spreads

• Index spreads

• Metal spreads (Raw Spread account)

• Metal spreads (Standard account)

• Bond spreads

Commissions

IC Markets commissions also vary by account type and currency. A True ECN account charges a $3.5 commission, while a Standard account comes with $0 commission.

Swaps

Like most brokers, IC Markets charges swaps. They are calculated in points and based on the overnight interest rate differential between the two currencies in the pair, depending on whether the position is long or short. Each currency pair has its own swap rates, measured on a standard lot size of 1.0. IC Markets swaps generally fluctuate with market movements. To check the current rates, you can visit the official IC Markets blog. The MetaTrader 4 (IC Markets MT4) and MetaTrader 5 trading terminals also display the latest swap rates.

Account Management Fees

One advantage of IC Markets is that it charges no account management fees. There are no inactivity fees either.

Other Fees

In addition to having no management fees, IC Markets charges no deposit fees, and withdrawals are free as well. This compares very favorably with its competitors.

Islamic Account Fees

As the name suggests, the Islamic account is designed for Muslim clients, who for religious reasons do not use interest-bearing accounts. Islamic accounts are also known as swap-free accounts. If a leveraged position is held overnight, a flat fee is charged instead of percentage-based financing rates.

IC Markets Live Account

Opening a live IC Markets account is very straightforward. First, follow this link: Open an Account. Once on the platform, fill in the form with the required personal details: first name, last name, email and phone number. The broker will then ask you to verify your identity with additional information in line with ASIC regulations. You will need to provide a few documents:

• Proof of identity: both sides of your national ID card, a passport or a driver’s license.

• Proof of address dated within the last three months: a utility bill or bank statement is enough to confirm the address you entered on the form.

Once your documents have been verified, you can set up your trading account and make your first deposit.

The IC Markets Demo Account

For most traders, their first forex trading account is a demo account, which lets them practice trading without any risk. Fortunately, IC Markets offers a demo account for beginners.
One distinctive feature of the IC Markets demo account is that it has no time limit: once opened, it stays active indefinitely. You can also open an unlimited number of IC Markets demo accounts with the same details, so you can test new strategies and explore new markets for free.

IC Markets: Which Account Type Should You Choose?

IC Markets offers a range of accounts to suit different client needs and preferences, each giving you access to its various trading instruments.

cTrader Account

As the name suggests, the cTrader account is designed for the cTrader trading platform. It operates in a true ECN environment with leverage of 1:500. This account type offers exceptionally deep liquidity and fast order execution. With commissions of $3 per $100,000 traded and spreads from 0.0 pips, the cTrader account also offers flexible lot sizing.

True ECN Account

The True ECN account gives you all the key benefits of an ECN-type account. It runs on the MetaTrader 4 platform, with commissions of $3.5 per lot per side and spreads from 0.0 pips. Leverage is set from 1:500. With this account, you can trade 64 currency pairs, 15 major stocks and IC Markets indices. The True ECN account also accepts all major base currencies.

Standard Account

As the name suggests, the Standard account suits all types of users, from the most experienced to complete beginners. It is available on MetaTrader 4 and MetaTrader 5. With very fast order execution, the Standard account charges no commission on trades. It is designed for high-frequency trading and scalping.

Demo Account

The demo version of IC Markets accounts is aimed at new clients and hobby traders. You can open an IC Markets demo account on MT4 to learn the basics of trading, using virtual funds to simulate your trades on the platform.

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Islamic Account

The Islamic account can be used on the cTrader, MT4 and MT5 platforms. Because it is interest-free, the Islamic account is also referred to as a swap-free account.

Financial Instruments Available at IC Markets

In trading, financial instruments are the securities or contracts on which trades can be placed. IC Markets offers more than 200 financial instruments, including:

• 60 currency pairs
• 6 precious metals
• 17 stock indices
• 4 futures
• 119 share CFDs (22 Australian, 97 US)
• 6 debentures
• 11 commodities

IC Markets Leverage

Since 2018, leverage on forex and CFD derivatives has been severely restricted in Europe: the leverage offered to retail clients cannot exceed 1:30. The aim of this rule is to protect retail investors.

However, IC Markets is not covered by the European Economic Area, so the broker is not affected by this regulation. Traders can therefore use maximum leverage of 1:500.

IC Markets Trading Platforms

While other brokers offer two or three forex trading platforms, IC Markets provides several, each with its own unique features.

MetaTrader 4

MetaTrader 4 is probably the best-known downloadable platform in the trading world and is widely used for investing.

MetaTrader 5

MetaTrader 5 is the successor to MetaTrader 4. Among other new features, it can handle multiple charts at once. Even so, it has not managed to dethrone MetaTrader 4 as the king of platforms.

cTrader

This downloadable platform is one of the best and most innovative available. Traders can get the best prices on all financial assets, and with its very user-friendly interface, cTrader also offers fast order execution.

cTrader Web

This platform is derived from cTrader, but it runs in any browser and therefore requires no download.

WebTrader

WebTrader is well known for its user interface. It is customizable and does not need to be downloaded.

MAMM/PAMM MetaTrader 4

As the name suggests, this platform is based on MT4. What sets it apart is that it lets you manage several MT4 accounts at once.

IC Markets Slippage and Order Execution

Slippage is very common in financial markets. It is the price difference that can occur between the moment an order is placed and the moment it is executed. Whether you trade contracts, stocks or commodities, you are likely to experience it at some point.

Stop-loss orders are executed as market orders, so they cannot guarantee execution at the price at which you set your stop loss.

IC Markets Education

To help clients get started in trading, IC Markets has an education center on its website where you can learn the basics. A free demo account is also available, making it easy to simulate your trades.

On YouTube, the broker provides tutorials covering various tasks. An investor glossary and client webinars are also available.

IC Markets Analysis Tools

To help investors make the most of their trading and protect themselves, IC Markets offers a range of analysis tools:

• cTrader Smart Stop Out
• Trading calculator
• Market sentiment
• Economic calendar
• AutoChartist
• Innovative features on cTrader, MT4 and MT5: multi-timeframe charting, trend charts, advanced take-profit systems, stop loss, custom indicators and more.

How to Become an IC Markets Affiliate

IC Markets runs an affiliate program. By referring new clients to the broker, you can earn revenue-share commissions and even IC Markets bonuses.

This model is known as “win/win/win”: clients benefit from better trading conditions and profitability, while affiliates and IC Markets benefit from more satisfied clients who generate higher trading volumes.

IC Markets Customer Service

According to many IC Markets reviews, the broker’s customer service is among the best; in fact, it is one of the highest-rated brokers on this criterion. Response times and problem resolution are exceptional thanks to support available 24/7, and the website is available in more than 10 languages.

You can reach customer support via chat, phone or email. A help center with answers to the most frequently asked questions is also available on the website.

How to Contact IC Markets

You can get in touch with IC Markets through the following channels:

• Chat: the broker’s live chat support is available 24/7.
• Phone: +61 (0)2 8014 4280 (general) or +61 (0)2 8072 2120 (fax) for international calls. The broker also has a toll-free number: +1300 600 644.
• Email: for client relations, you can also write to [email protected].

IC Markets Compared With Other Brokers

To give you an idea of where IC Markets stands, we have compared it with other brokers.

IC Markets vs FXCM

IC Markets vs FXCM: which broker is better?

Comparing brokers is not always straightforward, as several criteria come into play.

• FXCM has the longer track record: it was founded in 1999, compared with 2007 for IC Markets.
• FXCM is publicly listed, while IC Markets is not.
• IC Markets is not authorized in the European Union, whereas FXCM is.

On the other hand, IC Markets scores points on other criteria.

• The minimum initial deposit at IC Markets is $200, compared with $300 at FXCM.
• IC Markets supports PayPal (deposits/withdrawals), but FXCM does not.
• FXCM is not available on the MT5 and cTrader platforms.
• Currency pairs: 39 (FXCM); 61 (IC Markets)
• Total CFDs offered: 82 (FXCM); 230 (IC Markets)

IC Markets vs HotForex

Here is a simple IC Markets vs HotForex comparison to help you choose the broker that suits you.

• IC Markets has been around for 13 years, while HotForex has only existed for 12. In terms of track record, IC Markets comes out ahead.
• Funding methods are much more varied with IC Markets: credit card, bank transfer, PayPal, Neteller, Skrill. HotForex offers none of these methods.
• IC Markets has Apple, Android and Windows apps, which is not the case for HotForex.
• HotForex does not support the MT5 and cTrader platforms.
• The minimum initial deposit at HotForex is $50, compared with $200 at IC Markets.

IC Markets vs Oanda

An IC Markets vs Oanda comparison will help you judge the efficiency, ease of use and reliability of the two brokers.

• Year founded: 1996 (Oanda); 2007 (IC Markets).
• Neither is publicly listed yet.
• Currency pairs: 70 (Oanda); 61 (IC Markets).
• Total CFDs offered: 55 (Oanda); 230 (IC Markets).
• The minimum initial deposit is USD 0.00 at Oanda, compared with $200 at IC Markets.
• Oanda is not available on the cTrader platform, whereas IC Markets is.

IC Markets vs Pepperstone

IC Markets vs Pepperstone: which broker should you choose?

• Year founded: 2010 (Pepperstone); 2007 (IC Markets).
• Neither is publicly listed.
• They offer the same number of currency pairs: 61.
• Total CFDs offered: 127 (Pepperstone); 230 (IC Markets).
• The minimum initial deposit is $200 at both Pepperstone and IC Markets.
• Both brokers support PayPal for deposits and withdrawals.
• Both brokers offer the same trading platforms: MT4, MT5 and cTrader.

Pros

• Customer service: fast, responsive and available 24/7.
• Regulation: IC Markets is regulated by several strict regulatory bodies, including ASIC.
• Platforms: the broker is available on a wide range of trading platforms (MT4, MT5, cTrader, MAMM/PAMM, WebTrader).
• True ECN account: it is a genuine ECN forex broker, thanks to connectivity that provides direct access to interbank liquidity.
• Funding methods: clients have a wide range of deposit options, which makes the broker more accessible (PayPal, credit card, China UnionPay, bank transfer, BPAY, Skrill, Neteller, Qiwi, Fasapay, WebMoney, broker-to-broker transfer).
• Currencies: more than 9 major account currencies accepted.
• Education: news, market reviews, calendars, calculators and video tutorials are available to help clients learn.
• Orders are executed quickly.

Cons

The drawbacks are minor:

• The broker does not accept US traders, as it does not hold NFA regulation.
• It does not offer negative balance protection.

Is IC Markets the Best Forex Broker?

Overall, IC Markets is one of the best forex brokers. However, we believe Vantage, FXPRIMUS and XM are better options for forex trading.

Have you used IC Markets and want to share your experience? Leave us a comment!