IC Markets is an Australian based ECN forex broker that is regulated by the ASIC. Traders have access to a wide variety of instruments in several markets like currencies, while commodity traders are offered a range of energies, metals and agriculturals.
Operating since 2007, IC Markets bills itself as one of the preferred choices for automated traders, with more than two thirds of the 500,000 daily trades made through its New York Equinix NY4 data centre coming from automated trading systems. These data centres, in the NY4 & LD5 data centre in New York & London respectively, as well as dedicated fibre optic cross connects to its ECN and liquidity providers, help to offer traders one of the lowest latency and fastest possible trade executions.
Some of the trading tools available at IC markets include Depth of Market (DoM), inbuilt spread monitoring, ladder trading, automated close of trades with custom order templates, and more. There are also iPhone and Android trading apps available which have been optimised to provide an enhanced mobile trading experience.
- Segregates client funds
- Established in 2007
- Regulated by ASIC
- Min. deposit from €200
- Limited range of instruments
- Not FCA Regulated
To open a live account, you’ll need a minimum deposit of at least €200. Alternatively, IC Markets offers a demo account that you can use to practice and familiarise yourself with their platform.
Regulated by ASIC (AFSL #335692). IC Markets puts all client funds in a segregated bank account and uses tier-1 banks for this. IC Markets has been established since 2007, and have a head office in Australia.
Before we dive into some of the more detailed aspects of IC Markets’s spreads, fees, platforms and trading features, you may want to open IC Markets’s website in a new tab by clicking the button below in order to see the latest information directly from IC Markets.
Full disclosure: We may receive a commission if you sign up with a broker using one of our links.
Losses can exceed deposits
What are IC Markets’s spreads & fees?
Like most brokers, IC Markets takes a fee from the spread, which is the difference between the buy and sell price of an instrument.
The commisions and spreads displayed below are based on the minimum spreads listed on IC Markets’s website. The colour bars show how competitive IC Markets’s spreads are in comparison to other popular brokers featured on BrokerNotes.
|Forex Equities Crypto Indices Commodities||IC Markets||XM Pepperstone IG eToro Plus500 Markets.com London Capital Group City Index UFX Forex.com||XM Pepperstone IG eToro Plus500 Markets.com London Capital Group City Index UFX Forex.com|
|EUR/USD(Average: 0.7 pips)||1.0 pips+ $4.00||Not offered||0.13 pips+ $5.00|
|GBP/USD(Average: 1.1 pips)||1.0 pips+ $4.00||Not offered||0.49 pips+ $5.00|
|USD/JPY(Average: 1.1 pips)||1.0 pips+ $4.00||Not offered||0.25 pips+ $5.00|
|AUD/USD(Average: 0.8 pips)||1.0 pips+ $4.00||Not offered||0.27 pips+ $5.00|
|USD/CHF(Average: 2.3 pips)||1.0 pips+ $4.00||Not offered||0.64 pips+ $5.00|
|USD/CAD(Average: 2.9 pips)||1.0 pips+ $4.00||Not offered||0.47 pips+ $5.00|
|NZD/USD(Average: 3.6 pips)||1.0 pips+ $4.00||Not offered||1.1 pips+ $5.00|
|EUR/GBP(Average: 2.4 pips)||1.0 pips+ $4.00||Not offered||1.0 pips+ $5.00|
Spreads are dynamic and are for informational purposes only.
As you can see, IC Markets’s minimum spread for trading EUR/USD is 1.0 pips – which is relatively high compared to average EUR/USD spread of 0.70 pips. Below is a breakdown of how much it would cost you to trade one lot of EUR/USD with IC Markets vs. similar brokers.SEE ALL SPREADS
How much does IC Markets charge to trade 1 lot of EUR/USD?
If you were to buy one standard lot of EUR/USD (100k units) with IC Markets at an exchange rate of 1.1719 and then sell it the next day at the same price you would likely pay $5.21. Here’s a rough breakdown of the fees and how this compares against XTB & AvaTrade .
|Spread from:||$ 0.00||$ 2.00||$ 7.00|
|Total cost of a 100k trade:||$ 0.00||$ 2.00||$ 7.00|
|$2 more||$7 more|
All fees/prices are for informational purposes and are subject to change.
What can you trade with IC Markets?
IC Markets offers over different instruments to trade, including over 60 currency pairs. We’ve summarised all of the different types of instruments offered by IC Markets below, along with the instruments offered by XTB and AvaTrade for comparison.
|FX / Currencies||IC Markets||XTB||AvaTrade|
|# of forex pairs offered||60||48||59|
|Major forex pairs||Yes||Yes||Yes|
|Minor forex pairs||Yes||Yes|
|Exotic forex pairs||Yes||Yes|
|Commodity CFDs||IC Markets||XTB||AvaTrade|
|# of commodities offered||19||21||16|
|Index & Stock CFDs||IC Markets||XTB||AvaTrade|
|# of stocks offered||120||1606||99|
|SEE IC MARKETS’S INSTRUMENTS|
What’s the IC Markets trading experience like?
1) Platforms and apps
IC Markets is one of the few brokers that offer both of the MetaTrader platforms; MT4 and MT5. . IC Markets is one of a handful of brokers that offer the cTrader platform developed for traders looking for a STP/ECN solution.
IC Markets also offer mobile apps for Android and iOS, making it easier to keep an eye on and execute your trades while you are on the move.SEE IC MARKETS’S PLATFORMS
Still not sure?
2) Executing Trades
IC Markets allows you to execute a minimum trade of 0.01 Lot. This may vary depending on the account you open. The maximum trade requirements vary depending on the trader and the instrument. As IC Markets offer ECN and STP execution, you can expect very tight spreads with more transparency over the price you’re paying to execute your trades.
As a nice bonus, IC Markets are one of very few brokers that claim to have no requotes, so you don’t have to worry about slippage (your trades being ordered at a different price to what you executed them at).
As with most brokers, margin requirements do vary depending on the trader, accounts and instruments. You can see the latest margin requirements on their website.
Finally, we’ve listed some of the popular funding methods that IC Markets offers its traders below.
- Allows scalping
- Allows hedging
- Offers STP
- Low min deposit
- Demo account
- Mini account
- Standard account
- Zero spread account
- ECN account
- Islamic account
- Credit cards
- Bank Transfer
3) Client support
IC Markets support a wide range of languages including English, Japanese, Chinese, Polish, Afrikans, Danish, Dutch, and German.
IC Markets has a BrokerNotes A support rating because IC Markets offer over three languages and email support.live chat support.
4) What you’ll need to open an account with IC Markets
As IC Markets is regulated by ASIC , every new client must pass a few basic compliance checks to ensure that you understand the risks of trading and are allowed to trade. When you open an account, you’ll likely be asked for the following, so it’s good to have these handy:
- A scanned colour copy of your passport, driving license or national ID
- A utility bill or bank statement from the past three months showing your address
You’ll also need to answer a few basic compliance questions to confirm how much trading experience you have, so it’s best to put aside at least 10 minutes or so to complete the account opening process.
While you might be able to explore IC Markets’s platform straight away, it’s important to note that you won’t be able to make any trades until you pass compliance, which can take up to several days, depending on your situation.
To start the process of opening an account with IC Markets you can visit their website here.