Is IC Markets safe and regulated? The desk’s verdict

By Ken Chigbo, Founder, KenMacro. Published 2026-05-12.

IC Markets is an Australian-headquartered ECN retail broker, founded in 2007, with three regulatory licences across ASIC (Australia), CySEC (Cyprus), and the FSA (Seychelles). The two Tier-1 to Tier-2 licences (ASIC and CySEC) apply mandatory client-fund segregation, capital adequacy, and conduct rules. The KenMacro analysis links to each regulator’s public register for verification.

Three operational safeguards matter for IC Markets client safety. First, client-fund segregation under ASIC and CySEC rules at the respective entities. Second, capital adequacy: each regulated entity meets the capital requirements imposed by its supervisor. Third, the Seychelles FSA entity operates under offshore rules: traders onboarded via the Seychelles entity should understand they have lower supervisory cover than ASIC or CySEC clients.

On red flags: there is no known instance of IC Markets being charged with client-fund misappropriation, no documented unpaid client claims at the ASIC or CySEC level as of the KenMacro 2026 review date. The broker has been operating for nearly 20 years with publicly disclosed trading volumes in the trillions cumulatively.

IC Markets’ commercial offering centres on ECN execution with industry-leading spreads: typical EUR/USD raw spreads sit near zero on the cTrader Raw and MT4 Raw accounts during liquid hours, with a per-lot commission. Gold spreads on the raw account are competitive with Vantage Markets and Pepperstone. Account types map across MT4, MT5, and cTrader.

For traders considering IC Markets, the desk’s verdict in one sentence: a long-established ECN broker with dual Tier-1 to Tier-2 regulation (ASIC plus CySEC), suitable for scalp, macro, and algorithmic strategies that depend on near-zero raw spreads on FX majors. Read the KenMacro analysis for entity-by-entity licence detail and trader-archetype fit.

If you want a head-to-head comparison of IC Markets against Vantage Markets or Pepperstone, the KenMacro broker reviews hub publishes side-by-side breakdowns.

Compare regulated brokers on the desk

Match the regulating entity to your geography

IC Markets operates ASIC, CySEC, and FSA Seychelles entities. The licence that protects your specific account is the licence held by the entity that onboards you. Check the entity name on your account-opening confirmation and verify it against the regulator’s own public register. Seychelles entity clients should understand the lower supervisory cover relative to ASIC or CySEC entities.

ECN raw spreads are real, commission applies

IC Markets’ raw-spread accounts genuinely quote sub-pip EUR/USD spreads during liquid hours. The total cost includes the per-lot commission, which on the cTrader Raw and MT4 Raw accounts is typically around $3.50 per side per standard lot. For active scalp traders this remains lower total cost than spread-only accounts; for occasional traders the simplicity of a marked-up-spread account may be preferable.

Compare regulated brokers on the desk

Frequently asked

Which regulators supervise IC Markets?

IC Markets is regulated by the Australian Securities and Investments Commission (ASIC), the Cyprus Securities and Exchange Commission (CySEC), and the Seychelles Financial Services Authority (FSA). ASIC and CySEC are Tier-1 to Tier-2 regulators with mandatory client-fund segregation. Each licence is searchable on the respective regulator’s public register.

Does IC Markets segregate client funds?

IC Markets operates segregated client trust accounts under ASIC and CySEC rules at the respective entities. Segregation is mandatory under both regulators’ frameworks. The Seychelles FSA entity applies its own segregation requirements, which clients should review before onboarding via that entity.

Is IC Markets a Tier-1 regulated broker?

IC Markets holds an ASIC licence (Australian, Tier-1) and a CySEC licence (Cyprus, Tier-2). The Seychelles FSA licence is offshore-tier. Clients onboarded via the ASIC or CySEC entities are covered by those regulators’ frameworks. Sole Tier-1 cover requires the ASIC entity specifically.

How long has IC Markets been operating?

IC Markets was founded in 2007 and has been operating for nearly 20 years as of the KenMacro 2026 review date. The broker has publicly disclosed trading volumes in the trillions of dollars cumulatively, making it one of the larger retail ECN brokers globally.

What is the IC Markets typical EUR/USD spread?

IC Markets’ typical EUR/USD spread on the raw-spread accounts (cTrader Raw and MT4 Raw) sits near zero pips during liquid hours, with a per-lot commission of around $3.50 per side per standard lot. The Standard account offers marked-up spreads with no commission, typically 0.6 to 1.0 pips on EUR/USD.

Is IC Markets good for algorithmic trading?

IC Markets fits algorithmic trading specifically because of its near-zero raw spreads on FX majors, fast ECN execution, and support for MT4, MT5, and cTrader. The broker offers VPS hosting for algo strategies and supports Expert Advisor deployment across all three platforms.

Educational analysis only. Past performance does not guarantee future results. Manage risk against your own portfolio.