IC Markets Review 2026: The Desk’s Deep Audit
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By Ken Chigbo, Founder, KenMacro. 18 plus years on London trading floors and institutional FX. Published 2026-05-13.
Affiliate disclosure: KenMacro earns a commission if you open an account with IC Markets through links on this page, at no cost to you. The editorial verdict is independent of that commission and based on the desk's institutional broker-audit framework.
Direct answer
IC Markets is a Sydney-headquartered CFD broker founded in 2007 and regulated under ASIC Australia (AFSL 335692), CySEC Cyprus (362 of 18), and FSA Seychelles (SD018). IC Markets does not accept US clients. The desk's overall KenMacro score is 87 out of 100. Raw Spread account averages 0.0 to 0.1 pips on EUR/USD plus 7 dollars round-turn commission, one of the tightest documented all-in costs in the retail tier.
IC Markets is one of the longest-running raw-spread retail CFD brokers, headquartered in Sydney since 2007 and known across the institutional-retail tier for posting some of the tightest documented EUR/USD all-in costs in the industry. The broker reports one of the largest annual trading volumes in retail forex (in excess of one trillion dollars notional in recent published years) and operates through three regulated entities covering Australia, the EU, and an offshore tier. The desk has audited IC Markets against the same institutional checklist used for every broker review on this site.
The honest summary upfront. IC Markets earns its institutional-retail positioning on raw cost and ASIC regulation. The Raw Spread account at near 0.0 pips on EUR/USD plus 7 dollars round-turn (6 dollars on the cTrader variant) is competitive with the tightest documented venues. cTrader native execution with Level II depth-of-market is one of the strongest features in the stack. The structural caveats: no FCA UK entity, no supplementary client-fund insurance, no cent account for beginners, and no TradingView native execution. Where those gaps matter to your trader profile, this review points you to the alternative that closes them.
Who IC Markets is for, by trader archetype
Already decided IC Markets is the right fit? ASIC and CySEC regulated, raw-spread cTrader and MT4 / MT5 execution, among the tightest EUR / USD all-in costs in the institutional retail tier.
Affiliate link. CFDs carry significant risk of loss.
The desk segments every broker review by trader archetype, because "is IC Markets a good broker" is the wrong question. The right question is "is IC Markets a good broker for the kind of trading you actually do". Six archetypes follow, with the desk's fit verdict on each.
Decent fit
The macro trader
IC Markets posts some of the tightest documented EUR/USD raw spreads in the retail tier, with the Raw Spread account averaging 0.0 to 0.1 pips plus 7 dollars round-turn commission. For a working macro book that holds positions through swap rollovers, the tight raw cost is meaningful. The caveats for the macro archetype: no FCA UK entity (the offshore route is FSA Seychelles, which is materially weaker than FCA or ASIC oversight), no supplementary client-fund insurance, and no bundled macro research overlay.
Strong fit
The scalper
IC Markets is widely cited as one of the strongest scalping-friendly venues in retail forex. Raw Spread account at 0.0 to 0.1 pips plus 7 dollars round-turn equates to roughly 0.7 to 0.8 pips all-in on EUR/USD, comparable with Pepperstone Razor and competitive with the best institutional-retail venues. cTrader Level II depth-of-market is native. ECN execution is documented and there is no broker-side restriction on scalping strategies.
Decent fit
The swing trader
The Standard account is commission-free at 1.0 pip on EUR/USD typical, appropriate for swing traders not running tight cost margins. Overnight swaps are competitive. The swing-trader case for IC Markets is solid but does not differentiate strongly from Pepperstone or Vantage on the same archetype.
Weak fit
The beginner
No cent-denominated account. Minimum deposit of 200 dollars and position sizing in standard or micro lots from the first trade. Not appropriate for the absolute beginner archetype. A learner should validate their strategy on a cent account before moving to a standard-lot venue.
Weak fit
The UK FCA retail trader
IC Markets has no FCA UK entity. The closest available regulator for an EU or UK-equivalent trader is the CySEC Cyprus entity (362 of 18). CySEC is a Tier-2 regulator with broad market acceptance but the FSCS compensation floor that an FCA-authorised broker carries does not apply. For the UK retail trader specifically, Pepperstone or Vantage (both FCA-authorised) are structurally better picks.
Strong fit
The ASIC retail trader
IC Markets Pty Ltd (AFSL 335692) is one of the largest ASIC-regulated CFD brokers globally by reported trading volume. ASIC product intervention caps retail leverage at 1:30 on majors. Australian retail traders get Tier-1 regulation, segregated client funds at Australian banks, and AFCA dispute resolution. This is a clean institutional pick for the ASIC archetype.
Pros and cons
Pros
- ASIC Tier-1 regulation with one of the largest CFD broker entities by trading volume
- Raw Spread account averages 0.0 to 0.1 pips on EUR/USD, one of the tightest documented
- Three-platform stack: MT4, MT5, cTrader native with Level II DOM
- ECN execution model, no documented broker-side restrictions on scalping or hedging
- Trustpilot rating of 4.8 out of 5 as of 2026-05-12, near the top of the institutional-retail tier
Cons
- No FCA UK entity, the closest regulator for non-Australian EU clients is CySEC (Tier-2)
- No supplementary client-fund insurance above ASIC or CySEC standard floors
- No cent account, not appropriate for the absolute beginner archetype
- Does not accept US clients
- No bundled macro research or desk overlay
Get the framework the desk runs every morning. Free. No card. The same institutional structure the MACRO MASTERY desk uses on every read.
KenMacro Trust Score: IC Markets
The desk's Trust Score is a composite across eight institutional criteria. Each sub-rating is out of 5. The composite is weighted into the headline KenMacro overall score out of 100 shown in the at-a-glance table above.
True cost of trading
IC Markets segments cost into the same three components every CFD broker uses: spread (the bid-ask differential at fill), commission (charged per round-turn on the Raw Spread and cTrader accounts, zero on the Standard account), and overnight swap (charged or credited at rollover on held positions). The broker is transparent on all three on its website, with documented Raw Spread commission at 7 dollars per standard lot round-turn on the ASIC entity (slightly different on offshore entities). The Standard account compresses the all-in cost into the spread with no commission, but the all-in is typically wider than the Raw Spread equivalent.
Worked example on EUR/USD, Raw Spread account, one standard lot, held intra-day so no swap applies. Spread at 0.1 pips equates to a 1 dollar implicit cost. Commission at 7 dollars round-turn brings the total trade cost to 8 dollars all-in, which equals 0.8 pip equivalent on EUR/USD. On the Standard account at a 1.0 pip spread no commission, the same one-lot trade costs 10 dollars, which equals exactly 1.0 pip. The Raw Spread account is structurally cheaper for any trader running more than a handful of trades per week.
Overnight swap and the hidden third leg
Overnight swap on IC Markets is calculated daily from the differential in the underlying interbank rates between the two currencies in the pair, adjusted for the broker's mark-up and the position's direction. Long EUR/USD positions in 2026 typically carry a small negative swap because EUR rates remain below USD rates. The swap mechanic is identical on the Raw Spread and Standard accounts, and the documented swap rates are visible inside MT4, MT5, and cTrader symbol specifications. IC Markets publishes a separate swap schedule on its website for every instrument and updates it whenever the underlying policy spread moves materially. For positions held multi-day, the cumulative swap can exceed the round-turn entry cost; the desk's standard procedure on any multi-day position is to project the cumulative swap to the planned exit horizon before sizing. IC Markets also offers swap-free Islamic accounts on request for traders of Islamic faith.
Trading platforms
IC Markets supports MetaTrader 4, MetaTrader 5, and cTrader. cTrader is the strongest part of the IC Markets platform stack: Level II depth-of-market is exposed natively, cTrader Algo offers a cleaner automation environment than MQL, and the platform's UI is materially better designed than MT4 or MT5 for the trader who reads the order book. IC Markets is one of the few major retail brokers offering all three platforms with native execution. The notable absence is TradingView native execution. A trader who wants to chart on TradingView and execute directly will need to use a broker like Pepperstone or Vantage rather than IC Markets.
Platform deep-dive: what each adds for the macro trader
cTrader on IC Markets is one of the strongest platform implementations in retail forex. Beyond the Level II depth-of-market visibility, cTrader Algo exposes a cleaner C-sharp-based automation environment than MetaQuotes Language 4 or 5. The cTrader Copy module offers integrated copy-trading without requiring a third-party platform layer. cTrader's chart-trading interface (one-click execution from the chart, depth-of-market quote ladder, and stop-loss visualization on the chart) is materially more usable than the MetaTrader equivalents for the scalper or active intraday trader. MT5 adds native economic-calendar integration and depth-of-market on supported instruments. MT4 remains because of the expert-advisor ecosystem. For the trader new to IC Markets the desk recommends starting on cTrader if order-book depth or copy-trading is relevant, MT5 if expert-advisor compatibility with the broader MT5 community matters, and skipping MT4 entirely on new accounts.
ASIC, CySEC, and FSA Seychelles regulation. Raw-spread cTrader and MT4 / MT5 execution with some of the tightest EUR/USD all-in costs in the institutional retail tier.
Account types
IC Markets segments its account stack by minimum deposit tier. The desk's view on which tier fits which trader follows below.
Standard account
Minimum deposit: 200 dollars
Commission-free, 1.0 pip on EUR/USD typical. Appropriate for trader running fewer trades per week prioritising simplicity.
Raw Spread account (MT4 / MT5)
Minimum deposit: 200 dollars
Raw spread plus 7 dollars round-turn commission. Lowest all-in cost on the IC Markets stack. Appropriate for any trader running more than a handful of trades per week.
cTrader Raw Spread account
Minimum deposit: 200 dollars
Raw spread plus 6 dollars round-turn commission (slightly lower than the MT version). Native cTrader execution. Appropriate for the scalper or active trader who wants Level II depth-of-market.
Regulation and safety, entity by jurisdiction
Regulator stack is the floor on which everything else rests. Every IC Markets entity is listed below with the licence number on the public regulator register, the retail leverage cap that applies to that entity, and the compensation scheme covering client funds in the event of broker insolvency.
| Jurisdiction | Entity | Licence | Retail leverage | Compensation scheme |
|---|---|---|---|---|
| Australia | International Capital Markets Pty Ltd | ASIC AFSL 335692 | 1:30 majors (ASIC product intervention) | AFCA dispute resolution, segregated client funds at Tier-1 Australian banks |
| Cyprus / EU | IC Markets (EU) Ltd | CySEC 362 of 18 | 1:30 majors (ESMA) | ICF up to 20,000 euros per client |
| Seychelles (offshore) | Raw Trading Ltd | FSA SD018 | Up to 1:500 | FSA-supervised, no Tier-1 compensation scheme |
How to read the regulator stack
The IC Markets regulator hierarchy is narrower than Pepperstone's seven-entity stack but the top tier is comparable: ASIC Australia (Tier-1) is the strongest entity, with the same product-intervention rules, segregated funds at Tier-1 Australian banks, and AFCA dispute resolution that any ASIC broker carries. CySEC Cyprus is the EU entity at the strong end of Tier-2 with ESMA-equivalent rules and ICF compensation up to 20,000 euros. FSA Seychelles is the offshore entity and carries materially lighter oversight, no Tier-1 compensation scheme applies. The most notable absence in the IC Markets stack is the FCA UK entity, which makes IC Markets structurally weaker than Pepperstone, Vantage, or OANDA for the UK retail trader specifically. UK clients can technically open accounts under the FSA Seychelles entity but the FSCS compensation floor does not apply. The desk's standard recommendation: open the highest-tier entity available in your jurisdiction (ASIC for Australian residents, CySEC for EU residents). Avoid the FSA Seychelles entity unless the leverage cap is the determining factor.
Deposit and withdrawal
IC Markets supports bank wire, debit and credit cards, PayPal, Skrill, Neteller, and several regional methods. There are no broker-side deposit fees on the standard methods. Withdrawals process same-day on e-wallets (Skrill, Neteller) when submitted before the cut-off, one business day on card withdrawals, and two to five business days on bank wire depending on the recipient bank. No broker-side withdrawal fees on the standard methods. The third-party aggregator complaints database shows no systemic withdrawal-friction pattern, which is the floor expected from an ASIC-regulated retail broker. Account base currencies include AUD, USD, EUR, GBP, NZD, JPY, CHF, and CAD; conversion fees apply only when funding in a non-base currency.
Methods, fees, and processing times
Method by method: bank-wire deposit processes in one to three business days no broker-side fee, the trader's own bank may charge a sending fee. Bank-wire withdrawal one to three business days no broker-side fee, again the receiving bank may apply a fee. Debit and credit card deposit is near-instant no fee, card withdrawal up to one business day no broker-side fee. PayPal, Skrill, and Neteller all deposit and withdraw same-day with no broker-side fee. FasaPay and Bpay are available on the Australian entity for regional funding. Crypto deposits (Bitcoin, USDT) are supported on the offshore entity with same-day processing. The funding-currency conversion is the only meaningful hidden cost: depositing in a non-base currency triggers a small mark-up over the interbank rate. Standard procedure is to open the account in the same currency as the funding bank to avoid the overhead.
FCA, ASIC and FSCA regulation. Lloyd's of London supplementary client-fund insurance up to one million dollars per client. Raw-spread ECN execution.
Education and research
IC Markets publishes a beginner-to-intermediate education library covering forex basics, technical analysis primers, risk management, and a weekly market-outlook video series. The library is competent and well-organised but does not differentiate against the broader institutional-retail tier. There is no institutional macro research overlay on the account. The desk's view: a working macro trader sources analytical edge outside the broker, and IC Markets is appropriately scoped as an execution venue rather than a research house. The broker hosts periodic webinars with third-party analysts and offers a public market-news feed from a vendor (typically FXStreet or similar) inside the MT4 and MT5 client area. Neither is differentiated against the broader retail tier.
Customer service and mobile
IC Markets runs 24/7 multilingual support across live chat, email, and phone. Third-party aggregator reviews (Trustpilot 4.8 out of 5 as of 2026-05-12) put IC Markets at the top of the retail-broker tier for response time and resolution quality. The mobile experience runs through the standard MT4, MT5, and cTrader apps with full execution and account-management functionality. No proprietary mobile innovation. For the trader whose execution is primarily desktop, this is the expected baseline.
ASIC regulated. The desk's preferred broker for retail macro traders who want the MACRO MASTERY desk overlay alongside the platform.
The desk's final verdict on IC Markets
Final verdict
IC Markets is one of the institutional-retail tier's strongest venues on raw cost and ASIC regulation, with Raw Spread account all-in cost on EUR/USD at the tight end of the industry and Trustpilot rating at 4.8 out of 5. The desk's verdict by archetype: scalpers, swing traders, and ASIC retail traders can take IC Markets seriously as a primary venue, particularly if cTrader Level II depth or the tightest raw cost is the deciding factor. Macro traders, UK retail readers, and the EU CySEC client should weight the no-FCA gap and the absence of supplementary client-fund insurance heavily. Beginners are not appropriate, no cent account. If you are a macro or raw-spread trader looking at IC Markets for the tight ASIC stack, the desk uses Vantage Markets instead because Vantage carries the FCA UK entity that IC Markets lacks, Lloyd's of London supplementary client-fund insurance up to 1 million dollars per client, native TradingView execution, and a bundled macro-desk research overlay through the KenMacro IB partnership.
Related from the desk
Frequently asked
Is IC Markets safe?
Yes, IC Markets is regulated under ASIC Australia (AFSL 335692), CySEC Cyprus (362 of 18), and FSA Seychelles (SD018). The ASIC entity is Tier-1 and one of the largest retail CFD brokers globally by reported trading volume. Client funds are held in segregated accounts at Tier-1 Australian banks. The broker has been operating since 2007 with no documented systemic withdrawal or insolvency issues.
Does IC Markets accept US clients?
No. IC Markets does not accept US-resident clients. The broker has no CFTC or NFA registration in the United States. US-based traders looking for a comparable regulated retail-CFD experience need to use OANDA or a similarly US-registered venue.
What is the minimum deposit at IC Markets?
200 dollars on all three account types (Standard, Raw Spread MT, cTrader Raw Spread). There is no cent account and no lower-tier entry point. For the absolute beginner archetype, this account structure is not appropriate.
What are IC Markets's spreads?
Raw Spread account averages 0.0 to 0.1 pips on EUR/USD plus 7 dollars round-turn commission (or 6 dollars on the cTrader variant), which equates to approximately 0.7 to 0.8 pips all-in. Standard account averages 1.0 pip with no commission. The Raw Spread all-in is at the tight end of the institutional-retail tier.
What is the maximum leverage at IC Markets?
Retail leverage is capped at 1:30 on majors at the ASIC and CySEC entities per product intervention rules. The FSA Seychelles offshore entity offers up to 1:500. Professional clients on ASIC and CySEC entities can access higher leverage tiers subject to qualification.
What platforms does IC Markets offer?
MetaTrader 4, MetaTrader 5, and cTrader. cTrader is native with Level II depth-of-market and cTrader Algo automation. IC Markets does not currently offer TradingView native execution, which is a gap for the trader who wants to chart and execute on TradingView directly.
Is IC Markets good for scalping?
Yes. The Raw Spread account at 0.0 to 0.1 pips plus 7 dollars round-turn commission is competitive with the tightest documented retail venues. ECN execution is documented, there are no broker-side restrictions on scalping or hedging, and cTrader Level II depth-of-market is native. IC Markets is widely cited as one of the strongest scalping-friendly retail brokers.
How long do IC Markets withdrawals take?
Same-day on e-wallet withdrawals (Skrill, Neteller) when submitted before the cut-off, one business day on card withdrawals, and two to five business days on bank wire depending on the recipient bank. There are no broker-side withdrawal fees on the standard methods. Third-party aggregator reviews show no systemic withdrawal friction in 2026.
Is IC Markets better than Pepperstone?
IC Markets and Pepperstone occupy similar institutional-retail positioning with comparable raw-spread cost structures. IC Markets posts marginally tighter all-in spreads on EUR/USD on the cTrader Raw Spread variant. Pepperstone has the broader regulator stack with FCA UK, BaFin Germany, and DFSA Dubai. The decision typically comes down to regulator preference (Pepperstone for FCA UK) and platform stack (Pepperstone for TradingView native execution, IC Markets for slightly tighter cTrader execution).
IC Markets or Vantage Markets, which is better for the macro trader?
IC Markets is structurally cheaper on raw EUR/USD all-in. Vantage Markets carries FCA UK regulation that IC Markets lacks, plus Lloyd's of London supplementary client-fund insurance up to 1 million dollars per client, native TradingView execution, and through the KenMacro IB partnership a bundled macro-desk research overlay. For the macro-trader archetype the desk weights the FCA stack, client-fund insurance, and macro-desk overlay higher than the marginal raw-spread differential, which routes the recommendation to Vantage.
Does IC Markets offer Islamic accounts?
Yes. IC Markets offers swap-free Islamic accounts on the Raw Spread and Standard account types, available to traders of Islamic faith on request. Documentation and application route are described on the broker's website.
What is the KenMacro overall score for IC Markets?
The desk's overall KenMacro score for IC Markets is 87 out of 100. This reflects the tight cost stack, the ASIC Tier-1 regulation, and the documented withdrawal track record. The deduction reflects the absence of FCA UK regulation, no supplementary client-fund insurance, no cent account, and no proprietary platform or macro research overlay.
Educational analysis only. Past performance does not guarantee future results. Manage risk against your own portfolio. KenMacro is not your financial adviser.
Related reading on the desk
The desk's earlier shorter audit of IC Markets: IC Markets Review 2026: The Macro Trader's Honest Take.
- Vantage Markets review 2026
- PU Prime vs IC Markets comparison
- Best forex broker for scalping 2026
- How to choose a forex broker
- Best forex broker for macro trading 2026
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