IC Markets is an Australia-based global forex and CFD broker regulated by the Australian Securities and Investments Commission (ASIC). IC Markets is one of the world's largest forex brokers, offering extremely low spreads, fast trading execution and the award-winning MetaTrader platforms.
IC Markets review Australia
IC Markets will appeal to the majority of CFD and forex traders, especially those seeking an automated strategy.
The broker has low forex fees and does a solid job at introducing new traders to the market through its educational resources, albeit being fairly basic.
On the downside, it has limited product selections. Its customer service is, at times, limited with mixed reviews from clients.
Fast trade execution and very low spreads
Trades not being matched with market makers
Forex trading (via CFDs)
Fewer trading instruments available than some other brokers
Share investing - you can't buy shares with IC Markets
Direct asset purchases - all assets are traded via CFDs
|Type of broker||Online|
|Available markets||65 currency pairs, commodities, cryptocurrencies, index CFDs, stock CFDs|
|Minimum Spreads for Major Currencies||From 0.0-0.1 pips|
|Commission||AU$3.50 per 100k traded|
|Minimum opening balance||US$200|
|Minimum Trade Size||0.01 lots|
|Leverage||1:1 - 30:1|
|Support||Phone, email, live chat|
|Go to site
What is IC Markets?
IC Markets is an Australian broker regulated by ASIC offering CFD trading services to clients. IC Markets launched in Sydney in 2007. The broker has more than 60,000 active clients globally and processes more than US$30 billion worth of forex trades daily.
What are the key features of IC Markets?
Raw Spread account (previously True ECN Forex Broker account)
IC Markets is one of the largest forex (CFD) brokers in the world, offering trading solutions for both active day traders and traders that are new to the forex market. IC Markets offers traders institutional-grade pricing, previously only available to investment banks and high net worth individuals. IC Markets’ clients can trade with no dealing desk, price manipulation or requotes.
Trade both forex and stock CFDs
Use CFDs to trade more than 65 currency pairs as well as shares from 1 trading account, including more than 100 large-cap stock CFDs.
Fast execution, low spreads and high leverage
IC Markets boasts super-fast trade execution, with an on average trade execution of under 40 milliseconds. It offers tight forex spreads starting from as low as 0.0 pips, with an average spread on EUR to USD trades of 0.1 pips, and offers leverage of 1:1 - 30:1.
More than 230 tradable CFD instruments
You can trade CFDs on forex, commodities, stocks, indices, bonds and more from 1 account. You can see a more detailed list for the trading products available in the next section of this review.
Client funds held in separate accounts
All IC Markets client funds are held in separately managed bank accounts in Australia with Westpac and National Australia Bank (NAB), 2 of the Big Four banks in Australia. Client funds aren't used by IC Markets for day-to-day admin and operation expenses.
What markets can I trade with an IC Markets account?
IC Markets is a CFD broker, which means all assets available are traded via contracts for difference (CFDs). These are used to speculated on asset prices (usually with leverage) so you never actually own the underlying asset.
- Forex. Trade 65 currency pairs.
- Indices. Trade 16 global indice CFDs.
- Commodities. Trade over 19 commodities including energy, agriculture and metals.
- Stocks. Access more than 100 global stock CFDs from major exchanges, including the ASX, NYSE and NASDAQ.
- Bonds. Choose from over 6 government bonds.
- Cryptocurrency. Trade crypto CFDS across 10 popular cryptocurrencies.
- Futures. Online futures CFDs include the ICE Dollar Index and the CBOE VIX Index.
What trading platforms can I use with an IC Markets account?
MetaTrader 4 (MT4) and MetaTrader 5 (MT5)
MT4 is the world's most popular forex trading platform, offering fast execution and easy-to-use, customisable tools and a number of special features. MT5 is a multi-asset platform with more advanced charting and order tools suitable to advanced and institutional traders.
There are no trading restrictions for these platforms, making them attractive for active traders seeking more control and flexibility. For example, traders can place stop-loss orders as close to the live market price as they want to. You can access MT4 and MT5 on your iPhone, iPad, Android device, Mac or PC. If you want to use your PC, you must have Windows 7 or higher to use these platforms.
IC Market's cTrader platform offers a sophisticated interface with customisable tools and charting. You can access live streaming prices from several global banks and enjoy extra liquidity along with fast execution. The cTrader platform is available on iPhone, iPad and Android devices as well as on Mac and PC.
What account types are available?
There are 3 account types available, depending on what type of trader you are and your platform preference:
|cTrader raw||Raw spread||Standard|
|Platform||cTrader||MT4 and MT5||MT4 and MT5|
|Commission per lot||$3||$3.50||$0|
|Spreads from||0.0 pips||0.0 pips||1.0 pips|
|Suited to||Day traders, scalpers||Day traders, scalpers, expert advisors||Discretionary traders (new traders, retail traders)|
Can I trust IC Markets
IC Markets is an Australian based global forex broker that operates around the world. As such it is regulated by different government bodies around the world.
IC Markets has maintained regulatory status in a single tier-1 jurisdiction through the Australian Securities and Investment Commission.
It's regulated by Cyprus Securities and Exchange Commission (CySEC) and the Seychelles Financial Supervisory Authority (FSA).
Overall it is considered a safe broker for forex and CFD trading.
Customer support options
IC Markets offers support for its customers in 3 ways main ways:
- Live chat
- Email support
The broker said it provides access through its social medias including Facebook and is active on WhatsApp.
Account funding options
You can fund your account with AUD by debit card, credit card, POLI or PayPal instantly without paying any fees. You can also fund your account via BPAY without any fees but the processing time will take 12–48 hours.
How to open an IC Markets account
Opening an IC Markets account is free with investors needing to fill out an online application form on its website.
You'll need to provide the following details in your application:
- Your full name and residential address
- Your email address and phone number
- A bit of information about your trading experience and what you're planning to trade
After you've opened an account, IC Markets will require you to verify your identity before adding funds and starting trading.
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