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IC Markets Review

Steven Hatzakis

November 19th, 2021
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. This content is intended for information and educational purposes only and should not be considered investment advice or investment recommendation.

IC Markets caters exceptionally-well to algorithmic traders through its commission-based accounts. That said, the range of markets, and research materials offered by IC Markets are not as impressive.

Top Takeaways for 2021

Here are our top findings on IC Markets:

  1. The IC Markets brand maintains regulatory status in one tier-1 jurisdiction and one tier-2 jurisdiction, making it a safe broker (average-risk) for forex and CFDs trading.
  2. Third-party research and trading tool plugins are part of the IC Markets MetaTrader platforms offering, making it our number one MetaTrader broker in 2021. However, IC Markets trails the best forex brokers when it comes to its scope of market research spanning technical and fundamental analysis, including forex news.
  3. IC Markets excels for its low-costs and scalable execution that fits perfectly for traders running algorithmic strategies (Expert Advisors) on the MetaTrader and cTrader platform suite.

Overall Summary

FeatureIC Markets
Overall 4 Stars
Trust Score85
Offering of Investments 3.5 Stars
Commissions & Fees 4.5 Stars
Platforms & Tools 4 Stars
Research 3.5 Stars
Mobile Trading 4 Stars
Education 3.5 Stars

Is IC Markets Safe?

help 85
Trust Score

IC Markets is considered average-risk, with an overall Trust Score of 85 out of 99. IC Markets is not publicly traded and does not operate a bank. IC Markets is authorised by one tier-1 regulator (high trust), one tier-2 regulator (average trust), and one tier-3 regulator (low trust). IC Markets is authorised by the following tier-1 regulators: Australian Securities & Investment Commission (ASIC). Learn more about Trust Score.

Regulations Comparison

FeatureIC Markets
Year Founded2007
Publicly Traded (Listed) No
Bank No
Tier-1 Licenses1
Tier-2 Licenses1
Tier-3 Licenses1
Trust Score85

Offering of Investments

IC Markets offers a total of 291 tradeable instruments across its Australian, Cyprus, and Seychelles-based entities. The following table summarizes the different investment products available to IC Markets clients.

Cryptocurrency: Cryptocurrency trading is available through CFDs, but not available through trading the underlying asset (e.g. buying Bitcoin). Note: Crypto CFDs are not available to retail traders from any broker's UK entity, nor to UK residents.

IC Markets offering of investments:

FeatureIC Markets
Forex Trading Yes
CFD Trading Yes
Tradeable Symbols (Total) 3583
Forex Pairs (Total)61
US Stock Trading (Non CFD) No
Int'l Stock Trading (Non CFD) No
Cryptocurrency (Physical) No
Cryptocurrency (CFD) Yes
Social Trading / Copy-Trading Yes

Commissions and Fees

Overall, given the low deposit requirement for both commission-based accounts, and the small effective spreads, IC Markets keeps up with the best forex brokers for low trading costs, including Saxo Bank, IG, and CMC Markets.

Account types: IC Markets offers three account types in which trading costs vary. There is the commission-free (spread only) Standard account and two commission-based pricing (spread + commission) on the Raw Spread and cTrader accounts.

cTrader versus Raw Spread account: The cTrader account has about a tenth of a pip lower commission than the Raw Spread account, making both accounts similar. The main difference is the platform that can be accessed. For example, the Raw Spread account, which uses MT4 or MT5, charges $3.5 per side for every 100k units (1 standard lot) or $7.00 per round turn (RT). In contrast, on cTrader, it is $3.0 per side or $6.00 per standard RT.

Effective spreads: IC Markets lists its average spread on the EUR/USD at 0.1 pips. 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 MetaTrader in the Raw Spread account), which is competitive.

Active traders: IC Markets also offers further discounts to traders that trade over 100 standard lots per month, akin to an active trader offering. Meanwhile, the commission-free standard account, with average spreads of 1.1 pips on the EUR/USD, is a less attractive option compared to the other two commission-based account types.

Agency execution: IC Markets provides execution on an agency basis, which means orders may be subject to positive or negative slippage as there are no requotes or instant execution.

IC Markets pricing summary:

FeatureIC Markets
Minimum Deposit$200
Average Spread EUR/USD - Standard0.62 (August 2021)
All-in Cost EUR/USD - Active0.62 (August 2021)
Active Trader or VIP Discounts Yes
Execution: Agency Broker Yes
Execution: Market Maker Yes

Platforms and Tools

IC Markets caters exceptionally-well to algorithmic traders thanks to its execution methods (i.e., no requotes) and by allowing orders to be placed within the spread. Both the MetaTrader and cTrader platform suites are available, and copy-trading platforms help round out its offering. Overall, IC Markets is a top contender in our best MetaTrader brokers category this year.

MetaTrader suite: IC Markets offers MT4 and MT5 for web and desktop. The desktop versions feature the Advanced Trading Tools package offered as an available add-on, along with plugins from AutoChartist and Trading Central. While these plugins must be installed separately, they are worth the effort to enhance the default MetaTrader experience.

cTrader suite: The IC Markets cTrader platform offering includes both the web-based and desktop versions. The cTrader suite includes several trading applications such as cAlgo – used for automated trading – and cTrader Copy for social copy trading. Note: cTrader is not available through the broker’s European brand, IC Markets EU.

MetaTrader Tools: IC Markets provides the Advanced Trading Tools add-on developed by FX Blue LLP, as well as installable plugins from Trading Central and AutoChartist.

VPS services: For traders that do at least 15 standard lots, the broker offers several third-party Virtual Private Servers (VPS) services to host client algorithms.

Social copy trading: In addition to cTrader Copy and the native Signals market from MetaTrader, IC Markets also offers Myfxbook and the ZuluTrade platforms for copy trading across all its global brands.

Gallery

IC Markets trading platform:

FeatureIC Markets
Virtual Trading (Demo) Yes
Proprietary Platform No
Desktop Platform (Windows) Yes
Web Platform Yes
Social Trading / Copy-Trading Yes
MetaTrader 4 (MT4) Yes
MetaTrader 5 (MT5) Yes
cTrader Yes
DupliTrade No
ZuluTrade Yes
Charting - Indicators / Studies (Total)51
Charting - Drawing Tools (Total)31
Charting - Trade From Chart Yes
Watchlists - Total Fields7
Order Type - Trailing Stop Yes

Research

Despite thorough social copy-trading resources and a selection of platform add-ons, research is not IC Markets’ strongest point. Overall, I found there to be a gap between the range of research and related resources available at IC Markets when compared to industry leaders such as IG and Saxo Bank.

Market Analysis: IC Markets combines in-house technical and fundamental analysis content on its blog with daily updates in its market analysis section. The content is just “ok.” The main drawback is that IC Markets lacks video content and quality news headlines in its platforms.

Gallery

IC Markets research:

FeatureIC Markets
Daily Market Commentary Yes
Forex News (Top-Tier Sources) Yes
Weekly Webinars No
Autochartist Yes
Trading Central (Recognia) Yes
Delkos Research No
Social Sentiment - Currency Pairs Yes
Economic Calendar Yes

Education

IC Markets has a basic range of content for beginners. For example, under its 101 series, materials range from topics such as trading psychology to technical analysis, and there are nearly a dozen or more articles in each category. Despite this foundation, IC Markets lacks the depth and diversity of educational content offered by the best forex brokers for beginners.

To enhance its educational offering, IC Markets should consider expanding its educational content to include more intermediate and advanced concepts, alongside offering more video material.

IC Markets education:

FeatureIC Markets
Has Education - Forex or CFDs Yes
Client Webinars No
Client Webinars (Archived) Yes
Videos - Beginner Trading Videos No
Videos - Advanced Trading Videos No
Investor Dictionary (Glossary) Yes

Mobile Trading

IC Markets provides the mobile version of the three platforms it offers, including MetaTrader 4, MetaTrader 5, and cTrader, all of which come standard for iOS and Android. The lineup is good; however, it should be noted that the leaders in mobile (e.g., Saxo Bank, CMC Markets, TD Ameritrade) all offer proprietary trading apps.

Tools comparison: When it comes to mobile, both the MetaTrader and cTrader suite have similar functionality and charting. The platform you choose will likely depend on whether you trade manually or use automated trading systems on the respective desktop version.

Algorithmic trading: That said, automated trading is not possible in the mobile versions of cTrader and MetaTrader platforms. That means both are only an option to manage existing positions or manually open new trades. Finally, copy-trading is available on mobile on the related supported platforms, including the ZuluTrade mobile app.

Gallery

IC Markets mobile trading:

FeatureIC Markets
Android App Yes
Apple iOS App Yes
Alerts - Basic Fields Yes
Watch List Yes
Watch List Syncing No
Charting - Indicators / Studies30
Charting - Draw Trendlines Yes
Charting - Trendlines Moveable No
Charting - Multiple Time Frames Yes
Charting - Drawings Autosave No
Forex Calendar No

Final Thoughts

IC Markets appeals primarily to algorithmic traders that use the MT4, MT5, or cTrader platforms, and who need agency execution coupled with competitive spreads and low commissions. Catering to high-frequency traders helps IC Markets achieve significantly higher trading volumes relative to its peers, as automated trading strategies can typically do higher turnover than manual traders.

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

The Standard account would not be my choice as spreads are inherently wider compared to the Raw Spread account for MT4 or the cTrader account. Bottom line, I do not recommend IC Markets unless you are an algorithmic trader.

FAQs

Is IC Markets a good broker?

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

Is my money safe with IC Markets?

IC Markets is regulated in Australia, Cyprus, the Bahamas, and Seychelles; the degree of safety of your funds will depend on which entity holds your funds.

For example, in Australia, the National Guarantee Fund does not provide any protection when trading CFDs, but IC Markets maintains indemnity insurance and holds your funds in a Client Moneys Trust Account). For clients of IC Markets in Cyprus, the Investors Compensation Fund can protect eligible retail clients in the unlikely event of bankruptcy, for up to 20,000 euros per account held by IC Markets EU.

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

What is the minimum deposit for IC Markets?

The minimum deposit at IC Markets starts at $200 to open a live account, regardless of the account you choose, including the Standard, Raw, and cTrader account options. There are also over a dozen funding methods available, ranging from bank transfers and credit cards to third-party payment providers such as PayPal and UnionPay.

About IC Markets

With servers in New York (Equinix NY4) and London (Equinix LD5), IC Markets has positioned itself as an agency broker that caters to scalpers and high-frequency algorithmic traders who require low-latency and fast execution. Founded in 2007, IC Markets executes over 500,000 trades per day, of which 60% are algorithmically-driven, totaling more than $15 billion in daily volume. IC Markets has 117 staff, as per its Wikipedia page.

2021 Review Methodology

For our 2021 Forex Broker Review we assessed, rated, and ranked 27 international forex brokers over a three-month time period resulting in over 50,000 words of published research.

Each broker was graded on 108 different variables, including our proprietary Trust Score algorithm. This innovative scoring system ranks the level of trustworthiness for each broker based on factors such as licenses, regulation and corporate structure (read about Trust Score here).

As part of our annual review process, all brokers had the opportunity to provide updates and key milestones and complete an in-depth data profile, which we hand-checked for accuracy.

Ultimately, our rigorous data validation process yields an error rate of less than .1% each year, providing site visitors with quality data they can trust. Learn more about how we test.

Forex Risk Disclaimer

"There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, 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 related instrument. 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.


About the Author

Steven Hatzakis

Steven Hatzakis is the Global Director of Research for ForexBrokers.com. Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. Steven is an active fintech and crypto industry researcher and advises blockchain companies at the board level. Over the past 20 years, Steven has held numerous positions within the international forex markets, from writing to consulting to serving as a registered commodity futures representative.








Commission Notes

Below is an overview of trading costs at IC Markets across its three account offerings, including contract specifications for its cryptocurrency CFDs:

IC Markets cryptocurrency

    • Standard account: This is a commission-free account used with MT4. An average EUR/USD spread of 1.1 pips is listed by IC Markets for the standard account.
    • True ECN account: This is a commission-based account used with MT4. An average EUR/USD spread of 0.1 pips is listed by IC Markets for the True ECN account, and its commission is $7.0 round turn ($3.5 per side), bringing its all-in cost to 0.8 pips (after adding the 0.7 pip commission equivalent).
    • cTrader account: This is a commission-based account used with cTrader. An average EUR/USD spread of 0.1 pips is listed by IC Markets for the cTrader account, and its commission is $6.0 round turn ($3.0 per side), bringing its all-in cost to 0.7 pips (after adding the 0.6 pip commission equivalent).

    For active traders that do more than 100 standard lots in volume, IC Markets provides further discounts (on a case-by-case basis) on the applicable commission rate.

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Trading CFDs, FX, and cryptocurrencies involve a high degree of risk. All providers have a percentage of retail investor accounts that lose money when trading CFDs with their company. You should consider whether you can afford to take the high risk of losing your money and whether you understand how CFDs, FX, and cryptocurrencies work. All data was obtained from a published website as of 12/14/2020 and is believed to be accurate, but is not guaranteed. The ForexBrokers.com 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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