IC Markets Complete Review

Forex Reviews

IC Markets Review: A Comprehensive Analysis

IC Markets is an Australian forex broker founded in 2007. It offers traders access to a wide range of instruments, including forex, CFDs on shares, indices, commodities and cryptocurrencies. The broker is known for its low spreads, fast execution and award-winning Metatrader trading platform.

About IC Markets

IC Markets is a broker focused on market orders and high-frequency algorithmic traders, who require low latency and fast execution. Founded in 2007, IC Markets has servers in New York (Equinix NY4) and London (Equinix LD5) and has achieved a monthly trading volume exceeding US$1.39 trillion as of June 2023, considering all its related brands (IC Markets and IC Trading). The broker has more than 200,000 clients and 260 employees (according to the Wikipedia page).

Available Trading Platforms

1. MetaTrader 4 (MT4)

  • The world’s most popular trading platform, known for its user-friendly interface, comprehensive features and wide range of technical analysis tools.
  • Ideal for beginners and experienced traders.
  • Supports a variety of financial instruments including forex, stocks, commodities and indices.
  • It offers advanced trading features such as stop-loss and take-profit orders, trailing stops, and one-click trading.
  • Allows customization with custom technical indicators and automated scripts.

2. MetaTrader 5 (MT5)

  • The latest version of the MT4 platform, with additional features such as integrated technical indicators, a market depth trading system and an improved MQL5 editor.
  • Ideal for traders who want more advanced features and flexibility.
  • It offers all the features of MT4, in addition to:
    • Built-in technical indicators and advanced analysis tools.
    • Market depth trading system to view real-time market liquidity.
    • Enhanced MQL5 editor to create and automate trading strategies.

3. cTrader

  • An award-winning trading platform known for its intuitive interface, speed of execution and advanced analysis features.
  • Ideal for traders who want a modern and powerful platform.
  • Supports a variety of financial instruments including forex, stocks, commodities and cryptocurrencies.
  • It offers advanced trading features such as customizable charts, technical analysis tools and indicators, and one-click trading.
  • Allows the creation of automated scripts and integration with third-party APIs.

4. TradingView

  • A chart analysis platform popular with traders of all experience levels.
  • Ideal for traders who want advanced analysis tools and powerful visualization features.
  • It offers a wide range of technical indicators, drawing tools and backtesting features.
  • Allows you to create custom chart layouts and integrate with other trading platforms.

Mobile Trading Applications

IC Markets provides mobile applications for the four platforms it offers – MetaTrader 4 (MT4), MetaTrader 5 (MT5), cTrader and TradingView – all compatible with iOS and Android. This variety is great for traders using algorithmic strategies. However, it is important to note that leading mobile trading brokers, such as IG, Saxo and CMC Markets, offer their own trading apps.

Tool Comparison

MetaTrader, cTrader and TradingView mobile apps have similar features and charts. The ideal platform for you will depend on whether you prefer to trade manually or use desktop platforms for automated trading systems.

Algorithmic Trading

Automated trading is not possible with the mobile versions of the MetaTrader, cTrader or TradingView platforms. This means they are mainly useful for managing existing positions or opening new trades manually. Mobile copy trading is available through compatible third-party platforms such as IC Social (powered by Pelican).

Mobile Trading Apps (Details)

Resource Available Details
Android application Yes Available for download on the Google Play Store.
Apple iOS App Yes Available for download on the App Store.
Mobile Alerts – Basic Fields Yes You can set up alerts based on prices, technical indicators, etc.
Assistance Lists – Total Fields 7 Each item in the assistance list can store information such as symbol, price, etc.
Assistance List Synchronization No Assistance lists do not sync between mobile and desktop devices.
Graphs – Indicators/Studies (Total) 30 Wide range of technical indicators for market analysis.
Graphics – Drawing Tools (Total) 15 Tools for drawing trend lines, support, resistance and other technical objects.
Mobile Charts – Draw Trend Lines Yes You can draw trend lines on moving charts.
Mobile Charts – Multiple Time Units Yes It is possible to view graphs in different time frames (time periods).
Mobile Economic Calendar Yes Access to an economic calendar with important market events.

Trading Platforms (Details)

IC Markets has established itself as an excellent option for algorithmic traders thanks to the availability of the MetaTrader, cTrader and TradingView platforms. Furthermore, the broker offers robust execution methods (no requotes) and the possibility of placing orders within the spread.

Recognition

IC Markets was voted #1 broker for MetaTrader in our 2024 annual awards. Want to know more about MetaTrader? Read our complete MetaTrader guide and check out our MetaTrader 5 (MT5) guide to dive deeper into the latest version of the platform.

Platforms Overview

IC Markets offers the MetaTrader 4 (MT4) and MetaTrader 5 (MT5) trading platforms developed by MetaQuotes Software Corp., along with the cTrader platform developed by Spotware Systems. Additional add-ons are available for MetaTrader clients, including the Advanced Trading Tools package for the desktop version, along with Autochartist and Trading Central plugins. Although these third-party plugins must be installed separately, their ability to enhance the MetaTrader experience makes them worth the extra effort. Last but not least, IC Markets recently launched the popular TradingView platform, available on desktop and web, which supports algorithmic trading and backtesting.

Graphics

MetaTrader and cTrader charts are excellent, with a good range of standard indicators pre-installed and an even wider range available from third-party providers. The IC Markets cTrader platform offering includes web and desktop versions. Likewise, TradingView is known for its Supercharts.

MetaTrader Tools

IC Markets offers access to the Advanced Trading Tools suite, which is a suite of platform add-ons developed by FX Blue. The broker also provides installable third-party Trading Central and Autochartist plugins.

Algorithmic Trading

The desktop version of MetaTrader supports algorithmic trading, and the cTrader suite includes trading applications such as cAlgo for automated trading and cTrader Copy for social copy trading. IC Markets is popular among serious algorithmic traders due to its low cost, execution methods, and support for Virtual Private Servers (VPS). Similarly, TradingView allows backtesting and algorithmic trading on its desktop and web applications.

Account Types

IC Markets offers three account types:

  • Standard:  The most basic account, with variable spreads from 0.6 pips.
  • Raw Spread:  An account with raw spreads starting from 0.0 pips, but with a commission of $3.50 per lot.
  • cTrader:  An account designed for the cTrader platform, with spreads starting from 0.5 pips.

Standard vs. Standard Account Raw Spread Account

This summary compares Standard and Raw Spread accounts from IC Markets brokerage, highlighting the main differences and which type of account is most suitable for each trader profile.

Standard Account

  • Spreads:  Variable from 0.6 pips
  • Commissions:  None
  • Execution:  Instant
  • Ideal for:  Beginner traders and those looking for simplicity.

Raw Spread Account

  • Spreads:  Gross from 0.0 pips
  • Commissions:  US$3.50 per lot
  • Execution:  Instant
  • Ideal for:  Experienced traders looking for low spreads and high accuracy.

Key Differences

  • Spreads:  The Raw Spread account offers significantly lower spreads than the Standard account.
  • Commissions:  The Raw Spread account charges a commission per lot, while the Standard account does not.
  • Execution:  Both accounts offer instant execution.
  • Minimum Deposit Requirements: Standard or Raw Spread account requires a minimum deposit of $200.

Demo Account

IC Markets offers a free demo account so you can practice trading before risking your real capital.

Resource Available Details
Proprietary Platform No IC Markets does not offer a proprietary trading platform.
Desktop Platform (Windows) Yes The demo account is available for download on the MetaTrader 4 platform for Windows.
Web Platform Yes The demo account is also available in the web version of MetaTrader 4.
Social Trading/Copy Trading Yes The demo account allows you to practice copy trading with platforms such as ZuluTrade (subject to regional availability).
MetaTrader 4 (MT4) Yes The demo account uses the MetaTrader 4 platform by default.
MetaTrader 5 (MT5) Yes The demo account is also available on the MetaTrader 5 platform.
DupliTrade No IC Markets does not offer integration with the DupliTrade platform.
ZuluTrade Yes The demo account allows you to practice copy trading with ZuluTrade (subject to regional availability).
Graphs – Indicators/Studies (Total) 30 Wide range of technical indicators for market analysis.
Graphics – Drawing Tools (Total) 15 Tools for drawing trend lines, support, resistance and other technical objects.
Trading on the Chart Yes It is possible to open and close orders directly from the chart.
Assistance Lists – Total Fields 7 Each item in the assistance list can store information such as symbol, price, etc.

Deposits and Withdrawals:

IC Markets offers a variety of deposit and withdrawal methods, including:

Accepted Currencies: AUD, USD, EUR, GBP, SGD, NZD, JPY, HKD, CHF, CAD

Instant and Free Deposit Methods:

  • 3D-Secure Checkout (Verified by Visa / MasterCard SecureCode)
  • Safecharge 3D-Secure (Verified by Visa / MasterCard SecureCode)
  • eCommPay 3D-Secure (Verified by Visa / MasterCard SecureCode)
  • Google Pay
  • Unlimit – PIX
  • Online Bank Transfer
  • Instant Bank Transfer – PIX

Transfers with Instant Processing (Fees apply):

  • Cryptocurrencies
  • Neteller
  • Skrill
  • AstroPay

Electronic Transfer (SWIFT)

  • National Australia Bank (Term: 2-5 business days, Fee: Free)
  • Freemarket (Deadline: 2-5 business days, Fee: Free)

Electronic Transfer (SEPA/CHAPS)

  • Nucleus (Deadline: 1-2 business days, Fee: Free)
  • Equals (Deadline: 1-2 business days, Fee: Free)

Transfer Between Brokers

  • The broker also offers the option of transferring between brokers.
Resource Available Details
Minimum Deposit $200
Average EUR/USD Spread (Standard) 0.62 pips
Total Cost EUR/USD (Active Trader) 0.62 pips Considering commission and spread.
Discounts for Active or VIP Traders Yes The broker offers discounts to traders with high trading volume.
SEPA transfers Yes
PayPal (Deposit/Withdrawal) Yes
Skrill (Deposit/Withdrawal) Yes
Visa/Mastercard Card (Credit/Debit) Yes
Bank transfer Yes

Minimum Deposit

The minimum deposit to open a real account at IC Markets is US$200, regardless of the account type chosen (Standard, Raw or cTrader). The broker offers more than a dozen deposit methods, including bank transfers, credit cards, and third-party payment services such as PayPal.

Fees and Commissions

IC Markets is considered one of the brokers with the most competitive trading costs, rivaling low-cost brokers such as IG and CMC Markets. This is due to two main factors:

  • Tight spreads:  IC Markets spreads vary according to the platform used, account type and regulatory entity chosen (Europe, Australia or Seychelles).
  • Account types:  The broker offers three options: Standard (no commission, spread only), Raw Spread (commission) and cTrader Raw Spread (commission).

Commission per platform

  • cTrader:  The commission on the cTrader Raw Spread account is slightly lower than on the Raw Spread account (MT4 or MT5), being US$3.0 per side per 100,000 units (or US$6.0 round trip).
  • MetaTrader:  Raw Spread account (MT4 or MT5) charges $3.5 per side for every 100,000 units (1 standard lot) or $7.00 round trip.

Effective costs

  • IC Markets announces an average spread on EUR/USD of 0.02 pips (August 2022). Adding the equivalent commission of 0.6 pips for the cTrader account, the total cost comes to 0.62 pips (or 0.72 on the Raw Spread account with MetaTrader) – which is competitive.
  • The Standard account offers an average spread of 0.62 pips and is commission-free, making it an attractive option.

Active traders: IC Markets offers discounts to traders who trade more than 100 standard lots per month.

Execution of Orders

  • IC Markets uses agency execution, which means that orders may be subject to positive or negative slippage (there is no re-quoting and no instant execution).
  • The broker also acts as a counterparty to your trade. Although it routes orders to nearly two dozen liquidity providers, it does not cover all trades and therefore manages some risk as a counterparty.

Customer Support

IC Markets offers 24/5 customer support through:

  • Live Chat:  Instant, personalized support.
  • WhatsApp:  Instant and personalized support.
  • Email: Email support in English and Portuguese.
  • Telephone: Telephone support in English and Portuguese.

Regulation

IC Markets is regulated by three financial agencies:

  • Australian Securities and Investments Commission (ASIC):  Australia’s main financial services regulatory agency.
  • Financial Services Authority (FSA):  The financial services regulatory agency of the Seychelles.
  • Cyprus Securities and Exchange Commission (CySEC):  Cyprus’ financial services regulatory agency.

Benefits

  • Spreads: Low spreads
  • Execution: Fast execution
  • Platforms: Award-winning MT4 and MT5 trading platforms, cTrader and TradingView
  • Instruments: Wide range of instruments
  • Support: 24/5 customer support
  • Regulation: Regulation by three financial agencies
  • Strong Regulation:  IC Markets has regulatory status in two Tier-1 jurisdictions and three Tier-4 jurisdictions. (Tier 1 and Tier 4 are classifications for financial jurisdictions, with Tier 1 being the most stringent).
  • Competitive Pricing:  Competitive pricing and low average spreads are available on all account types.
  • MetaTrader Award:  Thanks to third-party research and trading tool plugins, IC Markets won our 2024 Annual Award for #1 MetaTrader broker.
  • Multi-Platform Support:  IC Markets’ multi-platform offering also includes MetaTrader 5, cTrader and TradingView, making it a great option for algorithmic trading.
  • Wide Variety of Markets:  The range of markets has expanded significantly to over 3,500 symbols.
  • Scalable Execution:  IC Markets’ scalable execution makes it perfect for traders who want to execute algorithmic strategies.
  • Enhanced Educational Resources:  Research and education content has been enhanced with the addition of new video series and blog articles.
  • Copy Trading:  Traders looking for copy trading platforms will appreciate the IC Social mobile app (developed by Pelican Exchange) as well as the recently launched Signal Start platform.

Disadvantages

  • Does not offer Islamic accounts.
  • It does not have its own app for forex trading.
  • For Australian traders interested in trading shares, the option is limited to AU (Australia) shares through the IC Shares service offered by the broker.

Trustpilot Reviews

  • Rating: 4.8 stars out of 5
  • Number of reviews: 35,000
  • Positive comments:  Low spreads, fast execution, reliable MT4 platform
  • Negative reviews:  Customer support can be slow, lack of a proprietary trading platform

Detailed Tabulation of Some IC Markets Reviews on Trustpilot

Positive Reviews

Number Author Positive Aspect Details
1 John S. Spreads, Execution, Platform Low spreads, fast execution, reliable MT4 platform
two Maria A. Customer service Quick and clear response to queries
3 Peter L. MT5 Platform Easy to use, useful tools
4 Ana C. Regulation Security provided by regulation across multiple agencies
5 Carlos B. Variety of Instruments Trading everything in a single account
6 Daniel F. Deposits and Withdrawals Quick and easy
7 Eduardo G. Technical Analysis Tools Assistance in making trading decisions
8 Fernando H. Online Community Learning and sharing ideas with other traders
9 Gabriela I. Webinars and Tutorials Improving negotiation skills
10 José J. General Recommendation Great experience for all traders
11 Lucas K. Spreads and Execution Profitability provided by low spreads and fast execution
12 Mariana L. MT4 Platform Platform stability and reliability
13 Matthew M. Customer support Efficiency in problem solving
14 Natalia N. Trust and Transparency Tranquility in trading
15 Olivia O. Deposit and Withdrawal Methods Convenience provided by variety of methods
16 Paul P. Security Secure and reliable trading environment
17 Rafael Q. General Satisfaction Intention to continue trading with the broker
18 Ricardo R. Trading Conditions Great conditions for all types of traders
19 Sandra S. Comparison with other Brokers One of the best forex brokers ever used
20 Thiago T. General Recommendation Reliable broker with good trading conditions
21 Vanessa U. Innovation Constantly adding new features and tools
22 William V. Customer Concern Excellent service provided by the broker
23 Xavier W. Trading Experience Very positive experience
24 Yolanda X. Comparison with other Brokers Best broker ever used
25 Yuri Y. General Recommendation Reliable broker with low spreads
26 Zeca Z. Spreads Recommended broker for those looking for low spreads
27 Bernardo B. Security Secure and reliable trading environment
28 Carlos C. Customer Concern Broker that cares about its clients
29 Daniel D. General Satisfaction Satisfaction with broker choice
30 Edward E. Trading Experience Very positive trading experience

Negative Reviews

Number Author Negative Aspect Details
1 Ana F. Account Verification Delay in the verification process
two Bruno G. MT4 Platform Complexity for beginners
3 Camila H. Variety of Instruments I wish for more instrument options
4 Diego I. Inactivity Fees Possibility of high fees
5 Fernanda J. Withdraw Withdrawal issue resolved by customer support

IC Markets Overview

Resource General evaluation Details
Investment Offer 5 stars Wide range of instruments including forex, CFDs on stocks, indices, commodities and cryptocurrencies.
Commissions and Fees 5 stars Low spreads and competitive commissions.
Platform and Tools 4 stars MT4, MT5 and cTrader platforms with advanced technical and fundamental analysis tools.
Search 4 stars Good research quality, but could be more comprehensive.
Mobile Trading 4 stars Easy to use mobile app with all the necessary features.
Education 4 stars Quality educational content, but could be more extensive.
Trust Score 84 Recommends a reliable broker.

IC Markets is considered trustworthy, with an overall Trust Score of 84 out of 99.

It is important to highlight some points about the broker’s security:

Not a public company

IC Markets is not traded on the stock exchange, which can be seen as a negative point for some investors.

Does not operate a bank

The broker does not offer traditional banking services.

Regulation

    • IC Markets is authorized by two Tier-1 regulatory agencies (high level of trust):
      • Australian Securities & Investment Commission (ASIC) – Australia
    • The broker is also regulated in the European Union through the MiFID passport system.
    • It is important to note that IC Markets also has authorization from three Tier-4 (high risk) regulatory agencies.

Investment Offer

IC Markets offers a total of 3,583 tradable instruments through its entities in Australia, Cyprus and Seychelles. The table below summarizes the different investment products available to IC Markets clients.

Instrument Availability
Forex Yes
CFDs on Shares Yes
Indexes Yes
Commodities Yes
Cryptocurrencies Yes (only through CFDs)

Investment Negotiation

Resource Available Details
Forex Trading (Spot or CFDs) Yes
Tradable Symbols (Total) 3,583
Forex Pairs (Total) 61
US Stock Trading (without CFDs) No IC Markets does not offer direct trading in US stocks.
International Stock Trading (without CFDs) Yes IC Markets offers CFDs on stocks from a variety of international markets.
Social Trading/Copy Trading Yes IC Markets offers copy trading platforms such as the IC Social mobile app
Cryptocurrency (Physical) No IC Markets does not offer direct purchase of cryptocurrencies.
Cryptocurrency (Derivative) Yes IC Markets offers CFD trading on cryptocurrencies.

Copy Trading

In addition to cTrader Copy and the native MetaTrader signals market, IC Markets offers the Myfxbook (AutoTrade) and ZuluTrade platforms for copy trading across all of its global brands.

The broker also recently launched IC Social, an app available only for mobile devices, developed by Pelican Exchange. This additional social copy trading platform is available in selected regions served by the IC Markets Seychelles entity.

Market Research

IC Markets has been enhancing its research content with the evolution of the “IC Your Trade” series, which offers high-quality videos and complementary articles.

Research Overview: IC Markets publishes several articles daily on its blog, including technical analysis and market fundamentals. The content is considered standard and of good quality, although it is not as rich as that offered by industry leaders like IG and Saxo. It is worth noting that the quality of content has been improving year after year, including the “IC Your Trade” podcast series.

News and Market Analysis: IC Markets provides internal technical and fundamental analysis content on its blog, in addition to daily updates in the market analysis section. There are also videos from Trading Central, short clips summarizing market events in the Web TV section, and live trading sessions published on the IC Markets YouTube channel.

Daily Market Commentary

Resource Available Details
Daily Market Commentary Yes IC Markets offers daily commentary on the financial market.
Forex News (Top-Tier Sources) Yes The broker provides access to forex news from renowned industry sources.
Autochartist Yes IC Markets provides automated analysis through Autochartist.
Trading Central (Recognia) Yes The broker offers market analysis from Trading Central (Recognia).
Social Sentiment – ​​Currency Pairs Yes IC Markets provides social sentiment data for currency pairs, reflecting general market sentiment.

Education

IC Markets offers a good variety of content for beginners and advanced traders, with over 100 written articles and dozens of explanatory videos. However, the content is not organized by experience level and the platform lacks features like progress tracking or quizzes, tools that have become standard among the best forex brokers for beginners.

Learning Center

IC Markets educational content is organized into six series, such as “Forex Trading 101” and “Trading Plan 101”. The quality of the articles is slightly above the market average. The broker has also created a podcast series called “IC Your Trade” and has a YouTube channel that hosts a catalog of recorded webinars.

There is room for improvement

IC Markets can also improve its educational offering by developing courses with progress tracking and questionnaires, in addition to allowing content filtering by experience level. It would also be interesting to see the brokerage expand the amount of learning materials available.

Education (Forex Or CFDs)

Resource Available Details
Forex and CFDs Education Yes IC Markets offers educational content on forex trading and CFDs.
Webinars for Customers Yes The broker conducts webinars for clients in real time.
Customer Webinars (Archived) Yes IC Markets provides recordings of previous webinars.
Videos – Introduction to Negotiation Yes The broker offers explanatory videos for beginner traders.
Videos – Advanced Trading Yes IC Markets also has videos for more experienced traders.
Glossary for Investors Yes IC Markets provides a glossary with definitions of the main financial market terms.

Final Considerations

IC Markets is mainly attractive to algorithmic traders who use the MT4, MT5 or cTrader platforms and who need agency execution, combined with competitive spreads and low commissions.

The focus on high-frequency traders helps IC Markets achieve significantly higher trading volumes relative to its competitors, as automated trading strategies typically have a higher turnover than manual trading. These factors helped IC Markets win first place in the MetaTrader and Algorithmic Trading categories in 2024.

Access to third-party copy trading services such as IC Social, Myfxbook and ZuluTrade helps complement IC Markets’ overall offering and make it attractive to retail forex and CFD traders. For these reasons, the broker also came first in the Social Copy Trading and Fees and Commissions categories.

Is IC Markets a good broker?

IC Markets is a good broker for investors who want to execute automated trading strategies on the MetaTrader and cTrader platforms. The broker offers social copy trading platforms, a growing selection of research and education materials, and competitive pricing.

Is my money safe with IC Markets?

IC Markets is regulated in Australia, Cyprus, Bahamas, Seychelles and Mauritius; How safe your money is will depend on which entity holds your funds.

For example, in Australia, the National Guarantee Fund does not offer protection when trading CFDs, but the IC Markets broker in Australia is regulated by ASIC, maintains indemnity insurance and stores your funds in a Client Fund Custody Account. For IC Markets clients in Cyprus, the Investor Compensation Fund can protect eligible retail clients in the unlikely event of bankruptcy, for up to €20,000 per account held with IC Markets EU.

On the other hand, IC Markets entities regulated in the Bahamas and Seychelles (as well as the IC Trading brand in Mauritius) offer fewer regulatory protections.

IC Markets was founded in 2007, and factors such as its years of operation and the scope of regulatory licenses should be taken into consideration when choosing a broker. Choosing a well-capitalized broker also reduces your potential counterparty risk.

Conclusion

IC Markets is a reliable and well-regulated forex broker offering traders a wide range of instruments, low spreads, fast execution and award-winning MT4 and MT5 trading platforms. The broker is a good choice for experienced and beginner traders.

Author’s Personal Opinion

I started operating in the financial market in 2017. Without experience and immature as a trader, I wanted to try everything. I went through many brokers, including bad experiences, such as sabotage and problems withdrawing my profits. But when I met IC Markets, everything stabilized. I really believe in this company. We’ve been together for many years and I’ve never had any problems. Over the years, I have seen improvements and developments in every way. IC Markets offers many resources for new traders, such as several applications for MetaTrader, Autocharts, a great copy trading system called IC Social, as well as several platform options. In addition to the traditional MetaTrader, which I use, there is also cTrader and the novelty of connecting TradingView as a platform. There are many positive points that make me continue with this broker and not be afraid to encourage people to use it. As I reported in this article, the qualifications speak for themselves. If you are looking for a broker with stable servers, low spread, regulatory protection and lots of features, this is the ideal broker.

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