Summary
Recommended for forex and CFD traders who value easy account opening and free deposit/withdrawal options
IC Markets is an Australia-based global forex broker that was founded in 2007. The company has several branches and is regulated by the Cyprus Securities and Exchange Commission (CySEC), the Seychelles Financial Supervisory Authority (FSA) and the Australian Securities and Investments Commission (ASIC).
IC Markets is considered safe because it is regulated by the top-tier ASIC.
Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
IC Markets pros and cons
IC Markets has low forex fees. It also has an easy and fast account opening process, while depositing and withdrawals are free and user-friendly as well.
On the negative side, IC Markets has a limited product portfolio, offering only CFDs and forex. We also received slow and irrelevant answers on live chat. Lastly, there is no investor protection for non-EU clients.
| Pros | Cons |
|---|---|
| • Low forex fees | • Limited product selection |
| • Easy and fast account opening | • Slow live chat support |
| • Free deposit and withdrawal | • No investor protection for non-EU clients |
| 🗺️ Country of regulation | Cyprus, Australia, Seychelles |
| 💰 Trading fees class | Low |
| 💰 Inactivity fee charged | No |
| 💰 Withdrawal fee amount | $0 |
| 💰 Minimum deposit | $200 |
| 🕖 Time to open an account | 1 day |
| 💳 Deposit with bank card | Available |
| 👛 Depositing with electronic wallet | Available |
| 💱 Number of base currencies supported | 10 |
| 🎮 Demo account provided | Yes |
| 🛍️ Products offered | Forex, CFD, Crypto |
IC Markets review
Fees
or
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 | Cons |
|---|---|
| • Low trading fees | • High financing rate for CFDs |
| • Low non-trading fees | |
| • Low forex fees |
| Assets | Fee level | Fee terms |
|---|---|---|
| EURUSD | Low | MetaTrader 4 Raw account pricing: $3.5 per lot plus spread cost. 0.1 pips is the average spread cost during peak trading hours. |
| GBPUSD | Low | MetaTrader 4 Raw account pricing: $3.5 per lot plus spread cost. 0.4 pips is the average spread cost during peak trading hours. |
| S&P 500 CFD | Low | The fees are built into the spread, 0.6 points is the average spread cost during peak trading hours. |
| Inactivity fee | Low | No inactivity fee |
How we ranked fees
We ranked IC Markets's fee levels as low, average or high based on how they compare to those of all reviewed brokers.
First, let's go over some basic terms related to broker fees. What you need to keep an eye on are trading fees and non-trading fees.
- Trading fees occur when you trade. These can be commissions, spreads, financing rates and conversion fees.
- Non-trading fees include charges not directly related to trading, like withdrawal fees or inactivity fees.
In the sections below, you will find the most relevant fees of IC Markets for each asset class. For example, in the case of forex and stock index trading the most important fees are spreads, commissions and financing rates.
We also compared IC Markets's fees with those of two similar brokers we selected, Pepperstone and Vantage FX. This selection is based on objective factors such as products offered, client profile, fee structure, etc. See a more detailed rundown of IC Markets alternatives.
To have a clear overview of IC Markets, let's start with the trading fees.
IC Markets trading fees
IC Markets trading fees are low. There are different cost structures for different account types. We tested the 'True ECN with MetaTrader' account, which charges a commission but offers tight spreads.
We know it's hard to compare trading fees for forex brokers. So how did we approach the problem of making their fees clear and comparable? We compare brokers by calculating all the fees of a typical trade for selected products.
We have chosen popular instruments in each asset class usually provided by the forex brokers:
- Forex: EURUSD, GBPUSD, AUDUSD, EURCHF and EURGBP
- Stock index CFDs: SPX and EUSTX50
A typical trade means buying a leveraged product, holding it for one week and then selling. For the volume, we chose a $20,000 position for forex and a $2,000 position for stock index and stock CFD transactions. The leverage we used was:
- 30:1 for forex
- 20:1 for stock index CFDs
These catch-all benchmark fees include spreads, commissions and financing costs for all brokers. Let's see the verdict for IC Markets fees.
Forex fees
IC Markets forex fees are generally low.
| IC Markets | Pepperstone | Vantage FX | |
|---|---|---|---|
| EURUSD benchmark fee | $6.9 | $6.9 | $6.0 |
| GBPUSD benchmark fee | $5.3 | $6.5 | $3.9 |
| AUDUSD benchmark fee | $6.0 | $7.7 | $4.1 |
| EURCHF benchmark fee | $5.0 | $3.7 | $2.8 |
| EURGBP benchmark fee | $7.5 | $8.5 | $7.5 |
CFD fees
IC Markets has generally low CFD trading fees.
| IC Markets | Pepperstone | Vantage FX | |
|---|---|---|---|
| S&P 500 index CFD fee | $1.7 | $1.2 | $1.7 |
| Europe 50 index CFD fee | $1.7 | $1.6 | $1.4 |
The fees of stock index CFDs are built into the spreads. On the negative side, the financing rates are high.
Non-trading fees
IC Markets has low non-trading fees. There are no inactivity, deposit or account fees.
There is no fee for withdrawing funds using credit/debit cards or electronic wallets. However, international bank withdrawals are charged an AUD 20 fee.
| IC Markets | Pepperstone | Vantage FX | |
|---|---|---|---|
| Account fee | No | No | No |
| Inactivity fee | No | No | No |
| Deposit fee | $0 | $0 | $0 |
| Withdrawal fee | $0 | $0 | $0 |
IC Markets review
Account opening
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The account opening process at IC Markets is user-friendly and fully digital. It was also very quick, as our account was approved within a day.
| Pros | Cons |
|---|---|
| • Fast | None |
| • Fully digital | |
| • Low minimum deposit |
Can you open an account?
IC Markets accepts customers from all around the world. A few notable exceptions include the US, Canada and Israel.
What is the minimum deposit at IC Markets?
The minimum deposit at IC Markets is $200. This is considered low, since other CFD brokers usually require a minimum of around $2,000.
Account types
There are three account types at IC Markets, which differ in their fee structure and the available trading platform:
| True ECN with cTrader | True ECN with MetaTrader – Tested Account | Standard | |
|---|---|---|---|
| Commission per lot (round turn*) | $6 | $7 | No commission |
| Spread | Low spreads | Low spreads | High spreads |
| Trading platform | cTrader | MetaTrader 4 and MetaTrader 5 | MetaTrader 4 and MetaTrader 5 |
| Available accounts by ownership | Individual, joint, corporate | Individual, joint, corporate | Individual, joint, corporate |
| Islamic account available** | Yes | Yes | Yes |
*Round turn means that you open and close the position.
**Islamic accounts are also called swap-free accounts. With Islamic accounts, a flat commission is charged if you hold your leveraged position overnight instead of the percentage-based financing rates.
We also liked that you can have several sub-accounts with different base currencies.
How to open your account
The IC Markets account opening process is easy and fully digital. The online application takes roughly 10-15 minutes and our account was approved within one business day.
The five steps of IC Markets account opening:
- Provide some contact information, like your email address.
- Fill out your personal information, like your date of birth and address.
- Choose the account type and the base currency.
- Complete a survey about your trading experience.
- Verify your identity and residency by uploading a copy of your passport or ID, and a bank statement or utility bill.
IC Markets review
Deposit and withdrawal
or
IC Markets's deposit and withdrawal services are great, with many options available, mostly free of charge. On the negative side, international bank withdrawals are expensive.
| Pros | Cons |
|---|---|
| • Credit/Debit card available | • AUD 20 fee for international bank withdrawal |
| • No deposit fee | |
| • Several account base currencies |
Account base currencies
At IC Markets, you can choose from 10 base currencies for your account. These are: EUR, USD, GBP, AUD, SGD, NZD, JPY, CHG, KHD, CAD.
| IC Markets | Pepperstone | Vantage FX | |
|---|---|---|---|
| Number of base currencies | 10 | 9 | 9 |
Why does this matter? For two reasons. If you fund your account in the same currency as your bank account or you trade assets in the same currency as your account base currency, you don't have to pay a conversion fee.
A convenient way to save on currency conversion fees is by opening a multi-currency bank account at a digital bank. These usually offer bank accounts in several currencies with great currency exchange rates, as well as free or cheap international bank transfers. Opening an account only takes a few minutes on your phone.
Deposit fees and options
IC Markets deposits are free of charge. There are many depositing options (ways to add money to your account), although some don't support every account base currency. For example, BPay accepts only AUD payments.
| IC Markets | Pepperstone | Vantage FX | |
|---|---|---|---|
| Bank transfer | Yes | Yes | Yes |
| Credit/debit card | Yes | Yes | Yes |
| Electronic wallets | Yes | Yes | Yes |
A bank transfer can take several business days, while payment with credit/debit card is instant. Also, you can only deposit money from accounts that are in your name.
IC Markets withdrawal fees and options
Withdrawing funds from IC Markets is free for credit/debit cards, bank transfers to Australian bank accounts, and electronic wallets. Withdrawal by international bank transfer, however, has a quite high, AUD 20 fee.
| IC Markets | Pepperstone | Vantage FX | |
|---|---|---|---|
| Bank transfer | Yes | Yes | Yes |
| Credit/debit card | Yes | Yes | Yes |
| Electronic wallets | Yes | Yes | Yes |
| Withdrawal fee | $0 | $0 | $0 |
How long does it take to withdraw money from IC Markets? We tested withdrawal by bank transfer and it took 2 business days.
You can only withdraw money to accounts in your name.
How do you withdraw money from IC Markets?
- Once logged in to your account, scroll over 'Transfers' in the menu.
- Select 'Withdraw Funds' from the drop-down menu.
- Add your bank account information if you have not already.
- Select the amount you wish to withdraw and click 'Submit'
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IC Markets review
Web trading platform
or
The web trading platform of IC Markets is provided by MetaTrader. It 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 | Cons |
|---|---|
| • Clear fee report | • No two-step (safer) login |
| • Good customizability (for charts, workspace) | • No price alerts |
| • Order confirmation | • Poor design |
| Trading platform | Score | Available |
|---|---|---|
| Web | 2.8 stars | Yes |
| Mobile | 3.8 stars | Yes |
| Desktop | 3.4 stars | Yes |
IC Markets doesn't have its own self-developed trading platform. Its most used trading platform is MetaTrader 4, a third-party platform. It also has other platforms available, such as MetaTrader 5 and cTrader, which come with their own commission structures. We reviewed MetaTrader 4 because it is the most widely used.
MetaTrader 4 is available in an exceptionally large number of languages.
| Arabic | Bulgarian | Chinese | Croatian | Czech | Danish |
| Dutch | English | Estonian | Finnish | French | German |
| Greek | Hebrew | Hindi | Hungarian | Indonesian | Italian |
| Japanese | Korean | Latvian | Lithuanian | Malay | Mongolian |
| Persian | Polish | Portuguese | Romanian | Russian | Serbian |
| Slovak | Slovenian | Spanish | Swedish | Tajik | Thai |
| Traditional Chinese | Turkish | Ukrainian | Uzbek | Vietnamese |
Look and feel
The IC Markets web trading platform has great customizability. It is easy to change the size and the position of the tabs.
However, the platform feels outdated and some features are hard to find. For example, it took some time until we found how to add an asset to the watchlist.
Login and security
IC Markets provides only a one-step login. A two-step authentication would be more secure.
Search functions
The search functions are OK. You can find the assets listed by category. However, we missed the usual search function where you can type in the asset's name manually.
Placing orders
You can use the basic order types, but you will not find very sophisticated orders like 'one cancels the other.' The following order types are available:
- Market
- Limit
- Stop-loss
If you are not familiar with order types, read this overview.
There are also order time limits you can use:
- Good 'til canceled (GTC)
- Good 'til time (GTT)
Alerts and notifications
You can't set alerts and notifications on the IC Markets web trading platform. This feature is available only on the desktop trading platform.
Portfolio and fee reports
IC Markets has clear portfolio and fee reports. You can easily see your profit-loss balance and the commissions you paid. These reports can be found under the 'History' tab, but we didn't find a way to download them.
IC Markets review
Mobile trading platform
or
IC Markets has a great mobile trading platform, offered by MetaTrader 4. It is well-designed and user-friendly. However, it lacks a safe login.
| Pros | Cons |
|---|---|
| • User-friendly | • No two-step (safer) login |
| • Good search function | • No Touch/Face ID login |
| • Price alerts |
Similarly to the web trading platform, IC Markets offers MetaTrader 4 as a mobile trading platform. MetaTrader 4 is available for both iOS and Android, and we tested it on both.
After you download the MT4 mobile trading platform, you have to access the ICMarkets-Live server.
Just like at the web trading platform, you can choose from many languages on the mobile trading platform too. Changing the language is a bit tricky on Android devices: you can do it only if you change the default language of your mobile.
| Arabic | Chinese (Simplified) | Chinese(Traditional) | Czech | English |
| French | German | Greek | Hindi | Indonesian |
| Italian | Japanese | Korean | Polish | Portuguese |
| Portuguese (Brazil) | Russian | Spanish | Thai | Turkish |
| Ukrainian | Vietnamese |
Look and feel
IC Markets has a great mobile trading platform, we really liked its design and user-friendliness. You will easily find all the features.
Login and security
Similarly to the web trading platform, IC Markets provides only a one-step login. A two-step login would be safer.
You can't use fingerprint or Face ID authentication. Providing this feature would be more convenient.
Search functions
The search functions are good. You can search by typing the name of the product or by navigating the category folders.
Placing orders
You can use the same order types and order time limits as the ones on the web trading platform.
Alerts and notifications
You can set alerts and notifications, although only on the desktop trading platform. It would be much easier if you could set these notifications on the mobile trading platform too.
IC Markets review
Desktop trading platform
or
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 you can set price alerts on it.
| Pros | Cons |
|---|---|
| • Clear fee report | • No two-step (safer) login |
| • Good customizability (for charts, workspace) | • Poor design |
| • Price alerts |
IC Markets offers MetaTrader 4 as a desktop trading platform.
It has the same design, is available in the same languages, offers almost the same order types (trailing stop is also available), has the same search functions, and offers the same portfolio and fee reports as the web trading platform. These reports can be found under the 'Account History' tab: right click on one position, then choose 'Save as Detailed Report'.
The major difference is that you can set alerts and notifications in the form of mobile push or email notifications on the desktop trading platform. To set email or mobile notifications, you have to add your email address and mobile MetaQuotes ID (you can find it in the MT4 app's settings). You can add them if you go to 'Tools' and then 'Options'.
IC Markets review
Markets and products
or
At IC Markets, you can trade only forex and CFDs. This means that many popular asset classes, such as real stocks or ETFs, are not available.
IC Markets is primarily a forex broker, but it also provides some CFDs. To learn more about CFDs please read our CFD trading tips.
Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
IC Markets's CFD and crypto selection is wider, while its forex product lineup is smaller than at its closest competitors.
| IC Markets | Pepperstone | Vantage FX | |
|---|---|---|---|
| Currency pairs (#) | 61 | 61 | 46 |
| Stock index CFDs (#) | 25 | 14 | 16 |
| Stock CFDs (#) | 110 | 253 | 210 |
| ETF CFDs (#) | 30 | - | - |
| Commodity CFDs (#) | 20 | 16 | 16 |
| Bond CFDs (#) | 9 | - | - |
| Cryptos (#) | 10 | 5 | 6 |
FCA bans the sale of crypto-derivatives to UK retail consumers from 6 January 2021.
Stock CFDs are available only on the MetaTrader 5 platform.
We really liked that you can change the default leverage size of the products when trading. This is a great feature.
Changing the leverage manually is a very useful feature when you want to lower the risk of your trade.
IC Markets review
Research
or
IC Markets has great research tools. You can find trading ideas based on technical tools, read quality news, and use good charting tools. However, there are no fundamental data available.
| Pros | Cons |
|---|---|
| • Trading ideas | • No fundamental data available |
| • Quality news flow | |
| • User-friendly |
You can find research tools in different places at IC Markets:
- in Client Login, under 'Trading Tools'
- in the MetaTrader 4 and 5 trading platforms
Except for charting, we tested research tools that can be found under 'Trading Tools'. For charting, we tested the MetaTrader charting tools.
Trading ideas
IC Markets provides various trading ideas, based on technical tools like indicators and price levels.
You can access these research tools if you click on 'Trading Central' or go to 'Featured Ideas'.
Fundamental data
IC Markets does not offer fundamental data.
Charting
IC Markets has OK charting tools. You can use 31 technical indicators and other technical tools, such as trendlines and Fibonacci retracement.
On the other hand, the design is outdated and some features are hard to use. For example, we had difficulty finding how we could remove an indicator from the chart.
News feed
The news feed, called 'Market Buzz', is a visually appealing interface that offers news analytics and sentiment indicators. Individual news stories, provided by third-party news sites such as ForexLive or tickerreport.com, open on a new page, which is rather cumbersome. The news feed is also cluttered with Twitter messages.
Other research tools you will enjoy
If you prefer API trading, IC Markets offers cAlgo, which uses the C# language.
IC Markets review
Customer service
or
IC Markets has great phone and email support. On the negative side, its live chat is low-quality and slow.
| Pros | Cons |
|---|---|
| • Phone support | • Slow and not useful live chat |
| • Live chat | |
| • Fast response time |
You can contact IC Markets via:
- Live chat
- Phone
IC Markets has great phone support. We were connected to the customer service representative within a minute and we received relevant answers.
The email support works very well. We sent four emails and got answers within a day for all of them. These answers were helpful and relevant. We also liked that they asked for feedback about the support.
The live chat service, however, could be much better. It is slow, as the average wait time for an answer was more than 10 minutes. Also, the responses we received were not always relevant. For example, we had to ask several questions until we got information on how their financing rates work.
We appreciated the 24/7 availability of customer support.
IC Markets review
Education
or
IC Markets does a great job in its education services. It offers many great quality tools on its website: you can use a demo account, watch trading platform videos and read educational articles.
| Pros | Cons |
|---|---|
| • Demo account | • Videos are hard to find on the site |
| • Trading platform tutorial | |
| • Educational videos |
At IC Markets you can learn in the following ways:
- Demo account
- Platform tutorial videos
- General educational videos
- Webinars
- Quality educational articles
Relevant content can be found on the website's 'Education' section and the IC Markets blog. These are well-structured and cover useful topics like technical analysis and risk management.
The general educational videos are very high-quality. However, they can only be found on IC Markets's Vimeo channel, not directly from the website or the trading platform.
IC Markets review
Safety
or
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 | Cons |
|---|---|
| • Negative balance protection | • Not listed on stock exchange |
| • Long track record | • Financial information is not publicly available |
Is IC Markets regulated?
Yes, it is regulated by the Cyprus Securities and Exchange Commission (CySEC), the Seychelles Financial Supervisory Authority (FSA) and the Australian Securities and Investments Commission (ASIC).
IC Markets is based in Australia and was founded in 2007.
Is IC Markets safe?
To be certain if a brokerage is safe, we highly advise that you check two facts:
- how you are protected if something goes wrong
- what the background of the broker is
How you are protected
Depending on your country of residency, you can open an account at one or more of IC Markets's legal entities.
This is important for you because the investor protection amount and the regulator differ based on which entity you belong to.
| Country of clients | Protection amount | Regulator | Legal entity |
|---|---|---|---|
| EEA, excluding Belgium, Switzerland, Latvia | €20,000 | Cyprus Securities and Exchange Commission (CySEC) | IC Markets (EU) Ltd |
| All other countries, except Australia | No protection | Seychelles Financial Supervisory Authority (FSA) | IC Markets (SC) Ltd |
| Australia | No protection | Australian Securities and Investments Commission (ASIC) | International Capital Markets Pty Ltd |
IC Markets provides negative balance protection for retail customers. If the balance on your account goes into negative, you will be protected.
Background
IC Markets was established in 2007. The longer track record a broker has, the more proof we have that it has successfully survived previous financial crises.
IC Markets review
Bottom line
or
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 and the process is user-friendly. The education section of the website is also a plus.
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 have an account within a day and there is no inactivity fee.
IC Markets review
FAQ
Below you can find links to all aspects of IC Markets in this comprehensive collection.
Lower fees, lower costs?
We detailed this in our IC Markets fees article.
What about the minimum deposit?
Our ultimate guide to the IC Markets minimum deposit is updated regularly.
How to start your IC Markets account?
Look no further than our evaluation of the IC Markets account opening.
How's their trading app?
Here's our expert view after checking the IC Markets trading app.
Is the quality of customer service satisfactory?
All you need to know about the IC Markets customer service.
Legit or scam?
Is IC Markets legit features all the key aspects you need to look at to see if a broker is safe and legit.
Free or premium? Or both?
A glance at actual costs and whether IC Markets is really free.
Is this broker good for beginners?
We checked it in Is IC Markets good for beginners.
Should you buy your silver bullets on IC Markets?
Research for silver bugs in the Silver buy on IC Markets guide
I want to trade options, are they available at IC Markets?
We explored the topic in Can you trade options on IC Markets?
What is the minimum account balance at IC Markets?
Check out the current account balance requirements at IC Markets in our What is the minimum account balance at IC Markets article.
Looking for commission and fees data for IC Markets?
We collected them in IC Markets commission and fees.
How do you withdraw money from IC Markets?
We tested it and collected the options and costs in How to withdraw money on IC Markets.
