FXSpreadMeter broker review
IC Markets
IC Markets Review
Raw Spreads, Execution Quality & Account Structure
- Ranking
- #2
- Minimum deposit
- No set minimum
- Regulation
- ASIC, FSA (Seychelles)
- Platforms
- MT4, MT5, cTrader
Last verified 15 August 2026. IC Markets links are commercial — see our affiliate disclosure.
FXSpreadMeter score
8.9
out of 10
Section 01
IC Markets overview
IC Markets built its reputation on one narrow promise: pass raw interbank pricing through to retail traders and charge a transparent commission on top. Founded in Australia in 2007, it became one of the highest-volume retail forex brokers in the world by serving the traders who care most about the second decimal place — scalpers, high-frequency traders and algorithmic strategies where a fraction of a pip compounds into real money.
The pricing is the product. The Raw Spread account quotes from 0.0 pips and charges roughly $3.50 per lot per side on MetaTrader (around $3 on cTrader), while the Standard account starts near 0.8 pips with no commission. Newer Raw Pro tiers extend the same idea for higher-volume traders. Crucially, there is no minimum deposit requirement to open an account, so raw pricing is not reserved for large balances.
Where IC Markets is less remarkable is breadth. Research and education are competent rather than distinctive, and the platform list is the familiar third-party set: MT4, MT5, cTrader and TradingView. That is deliberate. Our view is that IC Markets is a specialist execution venue — excellent if low cost and fast fills are your priority, less compelling if you want a guided, research-heavy environment or an all-in-one investing account.
IC Markets operates through several separately licensed companies. The entity that opens your account — Australian, Seychelles, Bahamian or another group company — determines your leverage cap, product access, investor protections and complaint route. Check the legal entity named in your client agreement before funding.
Section 02
IC Markets at a glance
Founded
2007, Sydney, Australia
Minimum deposit
No minimum requirement
A funded balance sufficient for margin is still needed to trade.
Spreads
From 0.0 pips (Raw Spread); from 0.8 pips (Standard)
Commission
≈$3.50 per lot per side on MT Raw; ≈$3 on cTrader Raw; none on Standard
Platforms
MT4, MT5, cTrader, TradingView
Instruments
2,000+ across forex, indices, commodities, shares, bonds and crypto CFDs
Maximum leverage
Up to 1:500 on offshore entities
Capped at 1:30 for ASIC retail clients.
Section 03
IC Markets key data
| Standard account | No minimum deposit, spreads from 0.8 pips, no commission |
|---|---|
| Raw Spread (MT4/MT5) | Spreads from 0.0 pips, ≈$3.50 per lot per side |
| Raw Spread (cTrader) | Spreads from 0.0 pips, ≈$3 per lot per side |
| Raw Pro tiers | Higher-volume structures with adjusted commissionAvailability and thresholds vary by entity. |
| Forex pairs | 60+ |
| Scalping and hedging | Permitted |
| Expert advisors | Permitted on MT4 and MT5, with VPS options |
| Execution model | No dealing desk with aggregated liquidity providers |
| Crypto CFDs | Available in supported jurisdictions |
| Demo account | Available |
| Support | 24/7 multilingual |
| Account opening | Fully online with identity verification |
Last verified: 15 August 2026.
Section 04
FXSpreadMeter assessment
FXSpreadMeter score for IC Markets
8.9 / 10
Average of the category ratings below. It reflects our current research view and is revised whenever a broker's pricing, regulation or platform offering changes.
On cost and execution, IC Markets is close to the top of the retail field. A 0.0 pip starting spread with roughly $3.50 per side on MetaTrader — and about $3 on cTrader — is genuinely competitive, and removing the minimum deposit requirement means a small account gets the same pricing as a large one. Scalping, hedging and automated strategies are explicitly welcome rather than tolerated.
Platform support is strong for the traders it targets. cTrader with depth-of-market data suits order-flow work, MT4 remains the standard for expert advisors, MT5 broadens instrument coverage, and TradingView adds charting-first execution. Twenty-four-hour multilingual support is a practical advantage when something breaks mid-session.
The weaknesses are the other side of the same specialism. Research and education are adequate rather than a reason to choose the broker, and there is no proprietary platform for traders who want a curated experience. As with every multi-entity broker, the 1:500 headline belongs to offshore entities — ASIC retail clients trade at 1:30 with a different protection package. Traders who want tight regulation and high leverage cannot have both here.
Section 05
IC Markets fees & trading costs
IC Markets prices in the standard two-tier way. The Raw Spread account passes through near-zero spreads and charges a commission per side; the Standard account folds the cost into a spread from around 0.8 pips with nothing charged separately.
At typical retail sizes, Raw is usually cheaper. Roughly $7 round-trip commission per standard lot on MetaTrader compares favourably with paying most of a pip in spread, and the cTrader commission is slightly lower again. Standard's appeal is a single number with no arithmetic.
Pricing by account type
Spread and commission are shown per account type — a raw or ECN figure is not comparable with a spread-only account.
- Spread
- From 0.8 pips
- Commission
- $0
EUR/USD · verified 2026-08-15
Broker account name: Raw Spread (cTrader)
- Spread
- From 0.0 pips
- Commission
- US$3.00 per US$100k/side
EUR/USD · verified 2026-08-15
| Pricing | Spread | Commission |
|---|---|---|
| StandardEUR/USD · verified 2026-08-15 | From 0.8 pips | $0 |
| ECNBroker account name: Raw Spread (cTrader)EUR/USD · verified 2026-08-15 | From 0.0 pips | US$3.00 per US$100k/side |
Forex — Raw Spread (MT4/MT5)
What you pay
From 0.0 pips plus ≈$3.50 per lot per side
About $7 round trip per standard lot.
FXSpreadMeter view
Forex — Raw Spread (cTrader)
What you pay
From 0.0 pips plus ≈$3 per lot per side
The cheapest routine forex route on offer.
FXSpreadMeter view
Forex — Standard
What you pay
From 0.8 pips, no commission
Simpler, but usually pricier than Raw at size.
FXSpreadMeter view
Indices and commodities
What you pay
Spread-based
FXSpreadMeter view
Share CFDs
What you pay
Commission-based depending on market
FXSpreadMeter view
Crypto CFDs
What you pay
Spread-based, wider than forex
Offered only where local rules permit.
FXSpreadMeter view
Overnight financing
What you pay
Charged daily on leveraged positions held past rollover
Can dominate cost on multi-day holds.
FXSpreadMeter view
Currency conversion
What you pay
May apply where trade and account currency differ
FXSpreadMeter view
Deposit fees
What you pay
Generally not charged by IC Markets
Payment providers may still charge.
FXSpreadMeter view
Withdrawal fees
What you pay
Generally none for standard methods
Bank and intermediary charges can apply.
FXSpreadMeter view
Inactivity fee
What you pay
Not a headline charge; confirm current terms
FXSpreadMeter view
- The FXSpreadMeter verdict compares each cost against other active brokers in our directory for the same product type. It is relative, not an overall rating.
- Raw commission is charged per side, so double the per-side figure for a round trip.
- cTrader Raw commission is lower than MetaTrader Raw commission — platform choice is also a pricing choice here.
Section 06
IC Markets Spread Meter
Spread Meter™
IC Markets Spread Meter
Reference figures for retail accounts, not live quotes. Raw-account spreads must be read together with the commission. Spreads widen in thin or volatile markets and vary by entity and platform.
Raw adds ≈$3.50 per lot per side on MT.
Peer reference — EUR/USD average
0.68 pips
IC Markets EUR/USD reference
0.10 pips
Source: IC Markets published account specifications and FXSpreadMeter retail-size observations. Last verified 15 August 2026. These are published reference spreads taken from the broker's own materials, not live quotes. Spreads are variable, widen around news and illiquid hours, and differ by account type and entity.
Section 07
Is IC Markets regulated?
IC Markets is a group of separately licensed companies. The entity that onboards you sets your leverage cap, product access and the protections you can rely on if something goes wrong.
Note also that the group has publicly signalled a move toward a unified international brand identity. Branding changes do not alter the licence structure, but the legal entity named in your client agreement is what matters — read it rather than the marketing.
International Capital Markets Pty Ltd
Region
Australia
Regulator
ASIC
Key protection
Client-money segregation, negative balance protection and a 1:30 retail leverage cap
IC Markets (SC) Ltd
Region
Seychelles
Regulator
FSA Seychelles
Key protection
Offshore framework; higher leverage, fewer statutory retail protections
IC Markets Ltd
Region
Bahamas
Regulator
Securities Commission of The Bahamas
Key protection
Offshore framework; confirm terms in your client agreement
See the entity note in the overview above.
Section 08
Opening a IC Markets account
Opening an account is entirely online: register, choose the account type and platform, verify your identity, complete the suitability questions and fund. Verification is a regulatory requirement and gates both live trading and withdrawals.
Two decisions at this stage set your economics for the life of the account: Raw versus Standard, and MetaTrader versus cTrader. Both change what you pay.
- 1
Register online
Provide your details and country of residence, which determines the IC Markets entity that handles your account.
- 2
Choose Raw Spread or Standard
Raw quotes from 0.0 pips with a per-side commission; Standard starts near 0.8 pips with none. There is no minimum deposit requirement on either.
- 3
Pick your platform
MT4, MT5, cTrader or TradingView. cTrader Raw carries a slightly lower commission than MetaTrader Raw.
- 4
Verify your identity
Upload government photo ID and proof of address. Required before withdrawal and, in most jurisdictions, before live trading.
- 5
Complete the suitability assessment
Answer the experience questions honestly; responses can affect the leverage and products offered.
- 6
Fund and test on demo
Deposit enough to margin your intended position size, then confirm execution, slippage and EA behaviour on demo before committing capital.
Section 09
Deposits & withdrawals
Funding uses the usual retail routes — bank transfer, cards and supported e-wallets — with availability by region and entity. There is no minimum deposit requirement, but you still need enough balance to margin your intended position sizes with room for adverse movement.
Withdrawals normally return to the original funding source for anti-money-laundering reasons. IC Markets generally does not charge for standard withdrawals; banks and intermediaries can, and international transfers add settlement time.
Minimum deposit
No minimum requirement
Fund enough to cover margin plus a buffer.
Deposit methods
Bank transfer, cards, supported e-wallets
Availability varies by region.
Deposit fees
Generally none from IC Markets' side
Withdrawal methods
Generally back to the original funding source
Withdrawal fees
Generally none for standard methods
Bank or intermediary charges may apply.
Account base currencies
Multiple major currencies supported
Match funding currency to account currency to avoid conversion cost.
Third-party payments
Not accepted
Funds must come from an account in your own name.
Processing
Processed after verification checks clear
Section 10
IC Markets platforms
IC Markets supports the established third-party platforms rather than building its own terminal. For its target audience that is an advantage: existing strategies, indicators and expert advisors move across without rewriting.
The choice is not purely cosmetic — cTrader Raw is priced slightly below MetaTrader Raw, so platform selection has a direct effect on cost per lot.
cTrader
Depth-of-market data, fast order entry, cAlgo automation and the lowest Raw commission on offer.
Check before funding: That your automation is cAlgo-compatible; MT expert advisors do not run here.
MetaTrader 4
The default environment for expert advisors and custom indicators, with VPS options for uninterrupted execution.
Check before funding: Test EAs on demo first — server-side behaviour differs between brokers.
MetaTrader 5
Broader instrument coverage, more timeframes and a built-in economic calendar.
Check before funding: MT4 EAs are not directly portable to MT5.
TradingView
Charting-first workflow with execution from the chart.
Check before funding: Confirm the integration is enabled for your entity and account type.
Mobile app
Mobile access runs through the official MT4, MT5 and cTrader apps. They are mature and consistent, but carry the usual mobile MetaTrader limitations: restricted charting and no expert advisor execution.
Treat mobile as a monitoring and position-management tool rather than an analysis environment, and enable two-factor authentication plus device biometrics.
Web trading platform
MetaTrader WebTrader and cTrader Web allow browser trading with no installation, covering order entry and position management well.
For deep charting and any automated strategy, the desktop builds remain the stronger environment; web access is a convenient fallback.
Section 11
What can you trade with IC Markets?
IC Markets lists over 2,000 instruments. The forex offering is the centre of gravity, with CFDs on indices, commodities, shares, bonds and crypto filling out the range.
Product availability depends on your entity and jurisdiction — crypto CFDs in particular are restricted or unavailable in several regions.
Forex
Available60+ pairs with raw pricing on the Raw Spread accounts.
Indices
AvailableMajor global benchmark indices as CFDs.
Commodities
AvailableEnergy and soft commodity contracts.
Metals
AvailableGold, silver and other precious metals.
Share CFDs
AvailableInternational share CFDs on a commission basis.
Bonds
AvailableGovernment bond exposure via CFDs.
Futures CFDs
AvailableSelected futures-referenced contracts.
Crypto CFDs
Jurisdiction dependentOffered in supported jurisdictions only; wider spreads than forex.
Direct share ownership
Not availableIC Markets is a CFD and margin-trading venue, not a share-dealing broker.
Section 13
Trading tools & research
Tooling is execution-oriented rather than research-heavy. What you get is the analytics of the platforms themselves plus add-ons aimed at active traders; what you do not get is a distinctive in-house research desk.
cTrader depth of market
Visible liquidity at each price level, useful for judging execution quality on raw pricing.
MetaTrader add-on packages
Supplementary indicator and analysis tools extending the standard MT toolset.
VPS hosting options
Low-latency hosting so expert advisors keep running when your machine does not.
Economic calendar
Event schedules for timing entries and avoiding known volatility spikes.
Automation support
Expert advisors on MT4/MT5 and cAlgo on cTrader, with scalping and hedging permitted.
24/7 multilingual support
Round-the-clock help, which matters when a position is open and something fails.
Section 14
IC Markets pros and cons
IC Markets pros
- Four separate platform choices, including cTrader and TradingView
- Raw pricing starts at 0.0 pips on the commission-based tier
- No minimum deposit on the Standard and Raw Spread accounts
- Licences held in Australia and Seychelles
IC Markets cons
- Raw accounts add a per-lot commission on top of the spread
- Client protections differ sharply depending on which entity onboards you
Section 15
Who is IC Markets for?
May be suitable for
- Scalpers and high-frequency traders who need the tightest available spreads
- Algorithmic traders running expert advisors or cAlgo strategies, ideally on a VPS
- Cost-focused traders comparing raw spread plus commission against spread-only pricing
- Traders who want cTrader with depth-of-market data
- Small accounts that still want institutional-style pricing, since there is no minimum deposit requirement
May not be suitable for
- Beginners who want a guided proprietary platform and heavy hand-holding
- Traders who choose a broker primarily for research and market commentary
- Investors who want to own real shares rather than trade CFDs
- Traders who want high leverage while staying under ASIC or where the retail cap is 1:30
- Anyone in a jurisdiction where the product range is materially restricted
These are general observations about the broker's characteristics, not personal recommendations. FXSpreadMeter does not assess individual circumstances.
Section 16
What traders say about IC Markets
Trustpilot Customer Feedback
No verified Trustpilot figures are on file for IC Markets yet. We publish the TrustScore and review distribution only once they have been pulled from Trustpilot, so nothing here is estimated.
Trustpilot ratings reflect customer feedback and are separate from the FXSpreadMeter broker rating. A high Trustpilot score does not mean a broker is safer, better regulated or more suitable for your trading.
FXSpreadMeter reader reviews are coming soon.
We are building our own reader review database. Once live, this panel will show positive themes, common complaints, the review date and the number of reviews analysed for IC Markets. We do not republish individual reviews or comments from other platforms.
Section 17
Trading risks
CFDs are leveraged products
Losses can exceed initial expectations quickly, and a high proportion of retail CFD accounts lose money over time.
Tight spreads are not fixed spreads
0.0 pips is a starting point in good conditions. Around major data releases, raw spreads can widen sharply and slippage becomes the dominant cost.
Leverage depends on your entity
1:500 applies to offshore entities. ASIC retail clients are capped at 1:30, and higher leverage accelerates losses as much as gains.
Protections differ by entity
Compensation eligibility, negative balance protection and complaint routes vary between the Australian and offshore companies.
Commission must be included in every calculation
A strategy that looks profitable on raw spreads alone may be unprofitable once both commission legs are added.
Automated strategies fail in new ways
Expert advisors can misbehave on a different server, at different spreads or during a connection loss. Test on demo and monitor live.
Section 18
IC Markets FAQ
Section 19
Compare IC Markets with other brokers
Ready to explore IC Markets?
Check the current terms for your country and entity on the broker's own site, then weigh them against the rest of our ranking before you commit any capital.
Finished the IC Markets review?
Open IC Markets in a new tab to check live terms for your country, or keep comparing before you commit capital.
Data sources: IC Markets' own website, account specifications and legal documentation (August 2026); Public registers of ASIC, the Seychelles FSA and the Securities Commission of The Bahamas; FXSpreadMeter's own retail-size pricing observations. Last verified 15 August 2026. Canonical URL: /reviews/ic-markets-review/
