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IC Markets is an ASIC-regulated MetaTrader and cTrader broker that provides competitive spreads on its commission-based accounts for forex and CFD traders.

By Steven Hatzakis / April 4th, 2017 / Updated: February 2nd, 2018

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Trust Score
  • Narrow range of research tools
  • Lack of proprietary trading platform
  • No news headlines in MetaTrader
True ECN Forex Spreads From 0.0 pips Learn More

Review Sections:


Founded in 2007, International Capital Markets Pty Ltd (IC Markets) was established in Sydney and acquired an Australian Financial Services License (AFSL) with the Australian Securities and Investment Commission (ASIC) in 2009.

Today, IC Markets offers the suite of trading platform from MetaQuotes Software Corporation, including MetaTrader4 (MT4) and MetaTrader 5 (MT5), as well as the suite of cTrader platforms from SpotWare Systems.

In addition to providing traders nearly 60 forex pairs and nearly two dozen indices, metals, and futures contracts on its available account types, IC Markets also provides social copy trading via Myfxbook and on the ZuluTrade platform.

Commissions & Fees

IC Markets offers three account types in which trading costs vary from commission-free (spread only) on the Standard account to commission-based pricing (spread + commission) on the True ECN and cTrader accounts.

IC Markets also offers further discounts to traders that do over 100 standard lots per month, akin to an active trader offering.

The cTrader account has about a tenth of a pip lower commission than the TrueECN account, making both accounts similar. The main difference is the platform that can be accessed. For example, the True ECN account, which uses MT4, charges $3.5 per side for every 100k units (1 standard lot) or $7.00 per round turn (RT), whereas on cTrader it is $3.0 per side or $6.00 per standard RT.

View All FeesIC MarketsAxiTraderPepperstoneThinkMarkets
All-in Cost EUR/USD - Active0.7001.1400.860N/A
All-in Cost GBP/USD - Active1.1001.5501.190N/A
Average Spread EUR/USD - Standard0.7001.2401.160N/A
Average Spread GBP/USD - Standard1.1001.7301.490N/A
CFDs - Total Offered414126154
Currency Pairs (Total Forex pairs)63535933

IC Markets lists its average spread on the EUR/USD at 0.1 pips, and after adding the commission equivalent of 0.6 pips on the cTrader account, the all-in costs would be 0.7 pips (or 0.8 on MT4) which is competitive. IC Markets also offers further discounts to traders that do over 100 standard lots per month, akin to an active trader offering. Meanwhile, the commission-free standard account has an average spread of 1.1 listed by IC Markets, making it a less attractive option compared to the other two commission-based account types.


IC Markets combines some in-house research resources, such as multiple technical and fundamental analysis, on its blog every day under its market analysis section, alongside content powered by third parties, including an economic calendar from MQL5 and news headlines from Myfxbook.

Beyond the minimum industry standards, IC Markets also provides social copy trading via ZuluTrade and Myfxbook. For MetaTrader 4, IC Markets provides the Advanced Trading Tools add-on developed by FX Blue LLP.

Besides social copy-trading resources and the platform add-on, research is not IC Markets’ strong point as the broker does not provide pattern-recognition tools or news headlines in MT4.

Platforms & Tools

IC Markets offers third-party online forex trading platforms from two of the most popular developers, including MetaQuotes Software Corporation – creator of the MT4 and MT5 platforms, and the cTrader platform suite developed by Spotware systems.

While MT4 and MT5 come standard with little variation from broker to broker on the surface of the platform, there can be significant differences in how the platform is set up for trading spreads and commissions, the available execution method, and other tools, features, and administrative areas that can affect your trading experience.

IC Markets MT4 desktop

Besides spreads, range of instruments, and account types, here is a summary of the differences in features between IC Markets’ available MT4 and MT5 platform setup and the default MetaTrader experience:

    • MT4 Advanced Trading Tools package offered as available add-on
    • No news headlines stream from top-tier providers
    • MT4 installation file wrapped in Windows Emulator for MAC OS Installation
    • MT4 and MT5 web available

    To learn more about MT4 and MT5, see our guide to MetaTrader.

    IC Markets’ other platform offering centers around the cTrader suite of platforms developed by Spotware Systems. cTrader comes as a web-based version and desktop version for Windows, and the suite includes related trading applications from developers such as cAlgo – used for automated trading – and the cMirror platform for social copy trading.

    cMirror web

    In addition to cMirror and the Signals market from Metatrader, IC Markets offers Myfxtrade and the ZuluTrade platforms for social copy trading.

    Mobile Trading

    IC Markets provides a mobile version of all the platforms it offers, including MetaTrader 4 and MetaTrader 5 and cTrader, all of which come standard for iOS and Android.

    cTrader mobile watchlist Android

    To learn more about the mobile version of cTrader, read our guide to cTrader; for MT4 or MT5, read our guide to Metatrader.

    Metatrader4 mobile charts

    Other Notes

    IC Markets provides execution on an agency basis, which means orders may be subject to positive or negative slippage as there are no re-quotes. The broker offers up to 500:1 leverage (0.20% margin) and permits hedging.

    ...IC Markets has a good range of educational content for beginners...

    It is worth mentioning that IC Markets has a good range of educational content for beginners under its 101 series that ranges from topics such as trading psychology to technical analysis, with nearly a dozen or more articles in each category.

    Final Thoughts

    IC Markets can appeal to algorithmic traders that use the MT4, MT5, or cTrader platforms, and who need agency execution coupled with competitive spreads and low commissions.

    The standard account would not be my choice as spreads are inherently wider compared to the True ECN account for MT4 or the cTrader account, which is priced slightly better by about $1 per 100,000 units traded.

    Although research is not IC Markets’ strong point, the broker has room to build on its foundation, and offering social trading on Myfxbook and ZuluTrade helps round off its offering to retail forex and CFD traders.


    For our 2017 Forex Broker Review we assessed, rated, and ranked 20 international forex brokers. Each FX broker was graded on 255 variables. Learn more.

    Forex Risk Disclaimer

    There is a very high degree of risk involved in trading securities. With respect to foreign exchange trading, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or currency pair. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. Learn more.

    View all IC Markets Fees & Features
    Steven Hatzakis

    Reviewed by Steven Hatzakis Steven Hatzakis is the Global Director of Research for Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. Over the past 18 years, Steven has held numerous positions within the international forex markets, from writing to consulting to serving as a registered commodity futures representative.

IC Markets Competitors

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Trading CFDs and FX involves a high degree of risk. All data was obtained from a published web site as of 4/05/2017 and is believed to be accurate, but is not guaranteed. The staff is constantly working with its online broker representatives to obtain the latest data. If you believe any data listed above is inaccurate, please contact us using the link at the bottom of this page.

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