What Is IC Markets? Broker Overview
IC Markets (International Capital Markets) was founded in 2007 in Sydney, Australia. It is widely recognised today as one of the largest ECN/STP brokers in the world, particularly among traders who prioritise fast execution and razor-thin spreads. IC Markets serves clients from more than 200 countries and reports monthly trading volume exceeding US$1 trillion.
The broker's key strength is its institutional-grade liquidity setup, connected to more than 25 leading liquidity providers. This keeps the average EUR/USD spread as low as 0.0 pips on Raw Spread accounts, with average execution speed under 40 milliseconds — well suited to scalpers, EA/algo traders, and active short-term traders.
Regulation and Trustworthiness
IC Markets is supervised by several regulators, including one Tier-1 authority widely regarded as among the strictest in the forex industry. Licences span multiple jurisdictions:
| Regulator | Country | Tier | Detail |
|---|---|---|---|
| ASIC | Australia | Tier 1 | Australian Securities and Investments Commission — the primary regulator |
| CySEC | Cyprus (EU) | Tier 1 | Cyprus Securities and Exchange Commission — covers EU clients |
| FSA | Seychelles | Tier 2 | Financial Services Authority — the main entity for international clients outside the EU/Australia |
| SCB | Bahamas | Tier 2 | Securities Commission of the Bahamas |
ASIC oversight is strict on client fund segregation, financial reporting, and investor protection, which is one reason IC Markets carries a BrokerProReview Trust Score of 9.2/10.
Important: the protection you actually get depends on which IC Markets entity your account sits under, not on the broker's overall reputation. Clients onboarded through IC Markets (EU) Ltd (CySEC) are covered by the Cyprus Investor Compensation Fund up to €20,000. Clients under the ASIC entity get strict fund segregation but no statutory compensation scheme. Most international clients outside the EU and Australia are onboarded through Raw Trading Ltd, regulated by the Seychelles FSA (licence SD018) — an offshore regulator with materially lighter oversight and no statutory investor-compensation fund, though IC Markets offers negative balance protection and private indemnity insurance for this entity. Always confirm which entity you are signing up with before funding an account.
Account Types and Spread Structure
IC Markets offers three main account types designed for different trader levels, from beginners to professionals.
| Account Type | EUR/USD Spread | Commission | Platform | Min. Deposit |
|---|---|---|---|---|
| Standard | Avg. 0.8 pips | None | MT4, MT5, cTrader | $200 |
| Raw Spread (cTrader) | Avg. 0.0 pips | $3/lot per side | cTrader | $200 |
| Raw Spread (MT4/MT5) | Avg. 0.0 pips | $3.5/lot per side | MT4, MT5 | $200 |
Raw Spread accounts suit traders who open and close positions frequently, such as scalpers and day traders, because per-trade cost is very low. Trading EUR/USD at 0.0 pips plus $3/lot per side works out to roughly $6 per standard lot round-turn — among the lowest all-in trading costs in the market.
All account types above — both Standard and Raw Spread — are also available as swap-free (Islamic) accounts on MT4, MT5, and cTrader. These accounts remove overnight swap/interest charges on forex, metals, and indices, making them suitable for traders whose religious beliefs prohibit interest (riba). A small overnight financing charge still applies on certain exotic pairs and select commodities such as oil and natural gas.
Trading Platforms
IC Markets fully supports three major trading platforms, more than most brokers in its class offer.
MetaTrader 4 (MT4) — the most popular platform for EAs (Expert Advisors) and custom indicators, with full MQL4 scripting support. VPS servers are available in Sydney, London, and New York for the lowest possible latency.
MetaTrader 5 (MT5) — an upgraded version of MT4 supporting additional asset classes (stocks, futures), with more timeframes and order types. Suited to traders who want more advanced tools.
cTrader — an ECN platform built specifically for scalping. It includes Depth of Market (DOM) showing Level 2 pricing for a real view of liquidity, supports cAlgo for automated trading, and has built-in copy trading.
Deposits and Withdrawals
IC Markets supports a range of deposit and withdrawal methods, including bank transfer, credit/debit cards, and popular e-wallets.
| Method | Min. Deposit | Fee | Processing Time |
|---|---|---|---|
| Bank Transfer (SWIFT) | $200 | Depends on bank | 1-3 business days |
| Visa/Mastercard | $200 | Free | Instant |
| Skrill / Neteller | $200 | Free | Instant |
| PayPal | $200 | Free | Instant |
| Bitcoin / Crypto | $200 | Free | Network confirmation time |
Withdrawals are typically processed within 1 business day for e-wallets and 3-5 business days for bank transfers. IC Markets itself does not charge withdrawal fees, though your bank or payment provider may apply its own charges.
Tradable Assets
IC Markets offers more than 2,250 tradable instruments across several asset classes.
| Asset Class | Count | Examples |
|---|---|---|
| Forex | 60+ pairs | EUR/USD, GBP/JPY, AUD/USD |
| Indices | 25+ | S&P500, NASDAQ, DAX40 |
| Commodities | 25+ | Gold, Oil, Silver, Natural Gas |
| Stock CFDs | 2,100+ | Apple, Tesla, Amazon, Meta |
| Crypto CFDs | 13+ | BTC/USD, ETH/USD, XRP/USD |
| Bond CFDs | 5+ | US Treasury, German Bund |
IC Markets Pros and Cons
Pros
✅ Among the lowest spreads in the market — Raw Spread EUR/USD averages 0.0 pips, ideal for scalpers
✅ Average execution speed under 40ms — institutional-grade fast execution
✅ Supports cTrader, MT4, and MT5 — all three major platforms
✅ Regulated by ASIC (Tier 1), one of the industry's toughest regulators
✅ Unrestricted support for automated trading/EAs
✅ Leverage up to 1:500 for eligible international clients
✅ Free VPS hosting for clients who meet a minimum trading volume
✅ Swap-free (Islamic) accounts available across all account types
Cons
❌ $200 minimum deposit is relatively high for beginners with limited capital
❌ No deposit bonuses or promotions (a consequence of ASIC's rules)
❌ Not FCA-authorised in the UK and does not accept US residents (no CFTC/NFA registration), so investor-protection schemes differ from what UK/US traders may expect
❌ Most international clients sit under the Seychelles FSA entity, which offers materially lighter regulatory protection than the ASIC or CySEC entities
Verdict — Who Is IC Markets Best For?
IC Markets is a strong first choice for traders who prioritise low trading costs and fast execution above everything else. If you're a scalper, HFT, or algo trader running EAs who wants an institutional-grade trading environment without paying steep fees, IC Markets is one of the most competitive brokers available on trading conditions alone.
That said, if you're a beginner who wants more hand-holding, educational content, or promotional bonuses, it may be worth starting with a broker that offers a heavier onboarding/education focus before moving to IC Markets once you have more experience. Whichever broker you choose, always check which regulated entity you'll actually be signing up with, since investor protections vary significantly by jurisdiction, as outlined above.
BrokerProReview Score: 9.2/10 — a leading ECN broker suited to professional-level traders who prioritise low costs and the fastest possible execution. Confirm your onboarding entity and its investor protections before you open an account.