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IC Markets Review 2023

Written by
Adam N.
Fact checked by
Krisztián G.
Updated
2w ago
Trusted by BrokerChooser
  • Regulated by the top-tier ASIC in Australia
  • Founded in 2007
  • Investor protection is €20k to EU clients and $0 to others
  • Clean track record: no major regulatory incidents or fines
20,520 people picked this broker at BrokerChooser in the last 6 months

Our take on IC Markets

Australia’s IC Markets is a worthy option if low-cost forex/CFD trading is all you’re after and you’re not very picky about your choice of platform.

It has a competitive product selection that includes crypto, and a flexible fee structure offering very tight spreads with a reasonable commission. You can set up your account in no time and enjoy various deposit and withdrawal options, all free of charge.

IC Markets is not recommended for long-term investors, as you can’t trade stocks, ETFs or funds. The MetaTrader platform used by IC Markets has its limitations in design and functionality but will be familiar to many forex traders.

BrokerChooser score
4.6 4.6 /5
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74.32% of retail CFD accounts lose money
IC Markets is not available in the United States
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Pros
  • Low forex fees
  • Easy and fast account opening
  • Free deposit and withdrawal
  • Offers standard and raw spread accounts
Cons
  • Limited product selection
  • Slow live chat support
  • No investor protection for non-EU clients
“I’d recommend IC Markets to anyone looking for a forex/CFD broker with favorable pricing. I was especially impressed by its stock CFD range. The $200 minimum deposit could be a drawback, but it’s actually not excessive for a forex/CFD-only broker. The MT4 platform may look awkward, but it’s the favorite choice of many professional traders. I also enjoyed the copy trading function offered via ZuluTrade; it’s a good inspiration for trading ideas as long as you keep risks in mind.”

IC Markets summary

Snapshot of key data
🗺 Country of regulationCyprus, Australia, Seychelles
🛡️ Negative balance protectionYes
💰 FX commission per lot$3.50 commission per lot per trade
💰 EURUSD spread0.0
💰 Inactivity fee chargedNo
💰 Withdrawal fee$0
💰 Minimum deposit$200
💵 Available base currenciesEUR, USD, GBP, AUD, SGD, NZD, JPY, CHF, HKD, CAD
💵 Conversion fee of deposits in non-base currencyExchange rate received from liquidity providers plus a mark-up. We used the EURUSD trading fees for the calculation.
💳 Deposit with bank cardAvailable
👛 With electronic walletAvailable
🕖 Time to open an account1 day
🎮 Demo account providedYes
💵 Number of currency pairs65
🛍️ Products offeredForex, CFD, Crypto
Fees
Account opening
Deposit and withdrawal
Web trading platform

For a more comprehensive, in-depth look at the broker's services and features, simply expand on the sections below.

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Fees

Score: 4.7/5
IC Markets has low trading and non-trading fees. There is no inactivity or withdrawal fee. On the negative side, financing rates for CFDs are high.
Pros
  • Low trading fees
  • Low non-trading fees
  • Low forex fees
Cons
  • High financing rate for CFDs
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Account opening

Score: 5/5
The account opening process at IC Markets is user-friendly and fully digital. Our account was approved within a day, which is very fast.
Pros
  • Fast
  • Fully digital
  • Low minimum deposit
Cons
None
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Deposit and withdrawal

Score: 4.9/5
IC Markets's deposit and withdrawal services are great, with many options available, mostly free of charge. On the negative side, withdrawal can only be made in the same way that funding happened.
Pros
  • Credit/Debit card available
  • No deposit fee
  • Several account base currencies
Cons
  • Some restrictions apply to withdrawals
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Web trading platform

Score: 2.8/5
The web trading platform of IC Markets is provided by MetaTrader. The platform is highly customizable, available in many languages, and has a clear fee report. On the other hand, it lacks a two-step login and price alerts, and the design is outdated.
Pros
  • Clear fee report
  • Good customizability (for charts, workspace)
  • Order confirmation
Cons
  • No two-step (safer) login
  • No price alerts
  • Poor design
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Mobile trading platform

Score: 3.8/5
IC Markets has a great mobile trading platform offered by MetaTrader 4. It has a catchy design and it's easy to use. Nevertheless, the platform lacks a safe login.
Pros
  • User-friendly
  • Good search function
  • Price alerts
Cons
  • No two-step (safer) login
  • No Touch/Face ID login
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Desktop trading platform

Score: 3.4/5
In design and functionality, IC Markets's MetaTrader 4 desktop platform is almost the same as the web trading platform. One major difference is that here you can set price alerts.
Pros
  • Clear fee report
  • Good customizability (for charts, workspace)
  • Price alerts
Cons
  • No two-step (safer) login
  • Poor design
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Markets and products

Score: 2.2/5
At IC Markets, you can trade only forex and CFDs. In other words, many popular asset classes, such as real stocks and ETFs, are not available.
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Research

Score: 3.8/5
IC Markets has great research tools, including trading ideas based on technical tools, quality news, and good charting tools. However, fundamental data is not provided.
Pros
  • Trading ideas
  • Quality news flow
  • User-friendly
Cons
  • No fundamental data available
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Customer service

Score: 4.5/5
IC Markets has great phone and email support and provides 24/7 availability. On the negative side, its live chat is not very useful, with a slow response time and not always relevant answers.
Pros
  • Phone support
  • Fast response time
  • 24/7 availability
Cons
  • Slow live chat with mixed usefulness
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Education

Score: 4.5/5
IC Markets does a great job when it comes to education services. It offers great quality tools on its website including a demo account, trading platform videos, webinars and educational articles.
Pros
  • Demo account
  • Trading platform tutorial
  • Educational videos
  • webinars
Cons
  • Videos are hard to find on the site
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Safety

IC Markets is regulated by several financial authorities globally, including the top-tier ASIC. On the negative side, the company is not listed on any stock exchange and does not disclose financial information publicly.
Pros
  • Negative balance protection
  • Long track record
Cons
  • Not listed on stock exchange
  • Financial information is not publicly available
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Bottom line

IC Markets is a great forex broker.
Its forex fees are low and opening an account is fast and easy. Deposits and withdrawals are free of charge and the process is user-friendly. The education section on the website is great.
On the other hand, IC Markets offers only forex and CFD products for trading. In addition, live chat support could be better, and non-EU clients are not covered by any investor protection scheme.
Feel free to try IC Markets as you can open an account within a day and there is no inactivity fee.

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74.32% of retail CFD accounts lose money

FAQ

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Author of this review

Adam Nasli

Financial Wizard | Trading • Safety • Market Analysis

I bring extensive financial expertise as one of BrokerChooser's earliest team members. Personally, I tested nearly all 100+ brokers on our site, opening real-money accounts, executing trades, assessing customer services, and providing firsthand assessment. My professional background includes roles in the banking sector and a degree from Central European University, where I teach finance. My passions lies in in-depth research of the financial industry, building trading algorithms, and managing long-term investments.

Everything you find on BrokerChooser is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology.

Visit IC Markets 74.32% of retail CFD accounts lose money

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