IC Markets Australia Review 2024

Last updated Mar 1, 2024
Логотип IC Markets Australia
4.6/5
Trading CFDs carries high risks. You may lose all invested funds
Nikolay Zavarov - Author
Nikolay Zavarov
Author
Andrey Bondarenko - Editor
Andrey Bondarenko
Editor

IC Markets is a Forex and CFD broker that provides direct access to the ECN market with liquidity from over 50 companies and banking institutions. The company's clients are high-volume traders, scalpers, and those who enjoy trading with expert advisors.

Let's consider the advantageous conditions offered by the broker. This material is intended to assist traders in deciding whether to choose IC Markets as their intermediary for trading or to continue their search.

IC Markets Broker Overview

Foundation Year2007
Official Websitehttps://www.icmarkets.com.au
Regulated in CountriesSeychelles, Australia, CyprusMore Details
Minimum Deposit
  • 200 USD
Spreadfrom 0 points
Max Leverage1:30
Trading Assets
  • Forex
  • Indices
  • Cryptocurrency
  • Stocks
  • Bonds
  • ETF
  • Precious Metals
  • Energy Carriers
  • Agricultural Commodities
Trading Platforms
  • MetaTrader 5
  • MetaTrader 4
  • cTrader
Email Support
  • support@icmarkets.com.au
  • clientrelations@icmarkets.com.au
  • accounts@icmarkets.com.au
Hotline Phones
Social Media

In 2007, a group of professional financiers aimed to bridge the gap between trading conditions offered to retail and institutional clients in Sydney, Australia by creating a new broker. This broker provides all clients access to high liquidity, tight spreads, and fast transaction execution.

IC Markets Review Summary

In our broker reviews, we meticulously apply our broker evaluation methodology, ensuring objectivity and reliability in our analysis. This helps our readers understand the broker's strengths and weaknesses, offerings and services, and how well it meets their needs and preferences.

We are committed to ensuring that our reviews are as detailed and informative as possible, so continue reading to learn more about the opportunities that IC Markets broker offers.

Reliability and Regulation

Rating:5/5
Legal EntityRegulatorReview
IC Markets review
Current review
IC Markets EU review

IC Markets Australia is recognized as a reliable and secure broker, complying with the stringent regulations set by the Australian Securities and Investments Commission (ASIC). ASIC, an independent body of the Commonwealth Government, is dedicated to ensuring that the financial markets in Australia operate fairly and transparently. It imposes capital adequacy requirements, and mandates that license holders maintain robust internal risk management and staff training procedures. IC Markets adheres to these regulations diligently, further validated through external audits that confirm its compliance with operational and accounting standards.

As a member of the Australian Financial Complaints Authority (AFCA) with membership number 13527, IC Markets aligns itself with an esteemed external dispute resolution scheme. This membership ensures that disputes between consumers and financial service providers, like IC Markets, are resolved fairly and independently. The company’s commitment to the safety and integrity of client assets is evident in its banking and insurance practices.

IC Markets banks with the National Australia Bank (NAB), a top-tier Australian bank, ensuring the secure handling of client funds. Additionally, the firm upholds Professional Indemnity Insurance for added security.

Account Opening

Rating:4.5/5

The account opening process at IC Markets is well-thought-out, transparent, and elaborately detailed, providing convenience and ease for clients at all registration stages. It consists of four clearly defined steps: entering personal information, selecting the type of account and currency, indicating trading experience, and completing the verification procedure.

The entire process is detailed and presented step-by-step, making it simple and understandable for beginners. Although the verification procedure does require some effort to provide income information and trading experience, as well as to upload document scans, these steps are crucial for ensuring security and compliance with regulations. The broker strives to facilitate this process by providing detailed instructions and examples of documents required for verification.

The speed of the process largely depends on the client, but thanks to a straightforward and intuitive interface, opening an account won’t take much time.

However, there is a drawback: compared to IC Markets' competitors, the high minimum deposit of 200 US dollars may deter many novice traders.

Open an Account with IC Markets

Trader's personal account access is available on any website page via the general toolbar at the top or through the link secure.icmarkets.com.

IC Markets Account Login
IC Markets Account Login

Within the account, you can deposit and withdraw funds and download the necessary trading platforms.

To open an account and register for a personal cabinet, you can fill out forms in 4 steps. In the first registration stage, you enter your first and last name, email address, phone number, and country of current residence.

IC Markets Australia Registration Form
IC Markets Australia Registration Form

In the second stage, you must select the type of account and fill out forms with your date of birth and residential or registration address.

The second stage of registration at IC Markets
The second stage of registration at IC Markets

The third stage involves choosing a trading platform, the type of trading account, and the account's base currency.

The third stage of registration at IC Markets
The third stage of registration at IC Markets

In the final registration stage, you must indicate your trading experience, set a secret question and answer, and review and confirm the account opening application.

Last stage of registration at IC Markets
Last stage of registration at IC Markets

Once registration is completed, access to your account is sent to the email you provided.

Now, you can open trading and demo accounts and deposit and withdraw funds. Don’t forget to thoroughly verify your account before trading, as this may assist you in the event of a dispute in the future.

Verification

To verify your account, you must complete a questionnaire about your income.

IC Markets income questionnaire
IC Markets income questionnaire

Next, you must fill in details about your trading experience in Forex, CFDs, or derivatives.

Information about trading experience at IC Markets
Information about trading experience at IC Markets

The last step is to upload scans or photos of documents that verify your identity and place of residence.

Uploading documents to IC Markets
Uploading documents to IC Markets

Documents for Identity Verification:

  • Passport

  • International passport

  • Driver's license

Documents for Address Verification:

  • Utility bill

  • Telephone or internet bill

  • Bank statement

These steps are designed to comply with regulatory requirements and ensure your account's and transactions' security.

IC Markets Minimum Deposit

When opening an account with IC Markets, a vital consideration is the minimum deposit. The broker has set a reasonably accessible requirement - the minimum amount to deposit is 200 US dollars. This makes IC Markets attractive to investors of different capital levels, including those just starting their journey in financial market trading.

Account Types

Rating:3/5

IC Markets offers its clients a range of trading account options that are most suitable for experienced and professional traders. The broker provides ECN accounts, allowing clients to trade with direct market quotes. Access to VPS service is another significant advantage. However, it is essential to note that IC Markets does not offer cent accounts or accounts with fixed spreads. Details about each account type and its features are discussed further in our review.

IC Markets Trading Accounts

IC Markets offers three types of trading accounts to cater to traders with varying experience levels.

StandardRaw Spread cTraderRaw Spread
Account CurrencyAUD, USD, EUR, GBP, CHF, JPY, NZD, SGD, HKD
Minimum Deposit200 $
Trading PlatformsMetaTrader 5MetaTrader 4cTraderMetaTrader 5MetaTrader 4
Spreadfloatingfrom 0.6 pips~ 0.8 pipsfloatingfrom 0 pips~ 0.02 pips
Commission per Tradeper 1 lot3 $per 1 lot3.5 $
Trading AssetsForexIndicesCryptocurrencyStocksBondsETFPrecious MetalsEnergy CarriersAgricultural Commodities
Opened Positionsup to 200up to 2000up to 200
Leverage1:1-1:30
Margin Call / Stop Out100% / 50%
Order ExecutionECN
Demo Account
Islamic Account
RegisterRegisterRegister

The Standard account is designed for beginners and traders who prefer discretionary or intuitive trading. Hence, the account does not involve any commissions.

For more experienced market participants who prefer to use expert advisors and engage in scalping, the Raw Spread account type is the optimal choice.

The Raw Spread cTrader account is specifically developed for trading on the cTrader platform and is suitable for scalpers and day traders. It charges a commission of 3 US dollars. Unlike the previous account types, the cTrader account does not include access to a VPS service.

All accounts offer one-click trading service and access to a VPS server.

VPS

IC Markets Australia offers traders the advantage of a Virtual Private Server (VPS), facilitating a seamless trading experience. A VPS allows traders to run Expert Advisors (EAs) efficiently without additional computer hardware, backup internet, or power supply. The broker recommends IC VPS or ForexVPS, co-located within Equinix data centres and directly connected to IC Markets trading servers in Equinix NY4. This setup ensures low latency, with ForexVPS offering 1 millisecond latency times to IC Markets Global live server.

VPS Options and Pricing

PlanTrading Volume RequiredCPURAMDisk SpaceOS
Standard15 lots/month12GB60GBWindows Server
Pro30 lots/month24GB80GBWindows Server
Premium75 lots/month46GB90GBWindows Server

To qualify for the sponsored VPS service, traders must meet the minimum monthly trading volume criteria, which includes Forex pairs and Precious Metals products. The subscription is automatically cancelled without prior notice if the minimum criteria are not met for two consecutive months.

Demo Account

The IC Markets demo account offers an excellent opportunity to practice trading in the Forex market without the risk of losing personal funds. To open a training account, complete the registration form with all data entered in Latin letters.

If you already have a demo account with this broker, you can open a second one by specifying a new email address in the application.

Islamic Account

IC Markets pays particular attention to the needs of Muslim traders by offering the option of opening an Islamic trading account. These accounts comply with Sharia principles as they exclude the accrual of swaps, making them especially suitable for Muslims who observe the prohibition of riba (the receipt or payment of interest). Islamic accounts are available on the MetaTrader 4, MetaTrader 5, and cTrader platforms for both Raw Spread and Standard account types.

A vital feature of the Islamic account is the absence of swaps, meaning no interest is credited or debited for carrying positions overnight. Instead, a fixed daily charge is applied, the amount of which can vary depending on the current market conditions. This enables traders to keep their positions open for several days without violating Islamic financial principles.

Share Investing

IC Markets offers an exciting opportunity for investors to engage in Australian share trading, which is exclusively available to Australian residents. With access to over 2,200 Australian listed companies, investors can secure stakes in top-performing ASX-listed shares, ranging from small to mid-cap and blue-chip companies.

Pricing for Share Investing

ServiceCost (incl GST)Details
Brokerage Fee (<$100,000)$7.70 per trade-
Brokerage Fee (>$100,000)0.05% per trade-
Phone Orders$22.00 per OrderContact: (02) 8014 4280
Off-Market Transfer Fee$27.50 per security-
SRN Requests$22.00 per holding-
Bookings Correction$27.50 per security-
Manual Bookings$11.00 per trade-

Commissions

Rating:4.5/5

IC Markets has low commissions. Transaction fees on ECN accounts and spreads are acceptable to most traders, and the lack of fees for deposits/withdrawals and account inactivity is a significant advantage.

Trading Fees

Trading commissions are an integral part of working with a broker. IC Markets offers a transparent system that consists of transaction fees and spreads.

Commission per lot

The transaction fee is a fixed charge the broker levies on each trade conducted on the trading account.

IC Markets charges a commission on both Raw Spread cTrader and Raw Spread accounts. For each lot on the Raw Spread cTrader account, a fee of 3 dollars is assessed, and on the Raw Spread account, the cost is 3.5 dollars. These are average commissions in the market.

Below is the commission per lot for the EURUSD pair at different Forex brokers.

BrokerPepperstone AURazorCMC Markets AUFX ActiveIC Markets AustraliaRaw SpreadVantage AURawAdmirals AUZero.MT5
Commission per lot$3.5$2.5$3.5$3$3

Spreads

Spreads represent the difference between the bid and ask quotes of a currency pair or another financial instrument. It is another way brokers earn from their services.

IC Markets offers very low spreads. The table below presents the average spreads for IC Markets for major currency pairs.

AssetAverage spreadSwap longSwap short
AUDUSD0.8 pips-3.46 pips1.30 pips
EURUSD0.8 pips-6.25 pips2.56 pips
GBPUSD0.8 pips-1.99 pips-0.37 pips
NZDUSD1.4 pips-1.38 pips-1.03 pips
USDCAD1.3 pips-0.96 pips-4.94 pips
USDCHF0.8 pips4.02 pips-12.99 pips
USDJPY1.0 pips12.46 pips-25.92 pips

It's important to note that spreads can vary depending on current market conditions and liquidity.

Swap fees should also be considered for long-term trading. This is a charge or credit for carrying an open position to the next trading day. Swaps vary for different currency pairs and depend on the type of position—long or short.

The cost of swaps at IC Markets is also highly competitive, making the broker attractive to traders who prefer long-term trading strategies.

Deposit and Withdrawal

Rating:4.5/5

IC Markets provides many options for depositing and withdrawing funds, but it's important to consider possible fees from banks and payment systems and specific withdrawal method restrictions.

Account Funding Methods

The broker advises conducting deposits and withdrawals through the trader's cabinet to expedite the funds' crediting process.

Payment SystemCurrenciesDeposit FeeOperation Limit
PayPalPayPal
USDEURGBP
0%
NetellerNeteller
USDEURGBP
0%
SkrillSkrill
USDEURGBP
0%
BpayBpay
AUD
0%
KlarnaKlarna
EURGBP
0%
SwiftSwift
USDEURGBP
0%
VisaVisa
USDEURGBP
0%
MastercardMastercard
USDEURGBP
0%
RapidpayRapidpay
EURGBP
0%

Withdrawal Methods

Payment SystemCurrenciesWithdrawal FeeOperation Limit
PayPalPayPal
USDEURGBP
0%
SkrillSkrill
USDEURGBP
0%
NetellerNeteller
USDEURGBP
0%
SwiftSwift
USDEURGBP
0%+ 20 AUD
MastercardMastercard
USDEURGBP
0%
VisaVisa
USDEURGBP
0%

Withdrawal requests are processed until 16:00 GMT in winter and 17:00 GMT in summer. If a request is submitted after this time, it will be processed the next business day.

For withdrawals via bank transfer, the fee is 20 Australian dollars.

You can only withdraw funds via bank transfer if you deposited funds through systems like Skrill, Bpay, Rapidpay, or Klarna.

If you withdraw funds to a bank card, use the same card used for the deposit.

Please note that to ensure the security of your funds, all withdrawal requests require additional confirmation. You can do this by clicking the "Confirm withdrawal" button in the email you receive after submitting the withdrawal request in the personal cabinet.

Markets and Products

Rating:5/5

IC Markets offers various trading instruments, including currency pairs, Contracts for Difference (CFDs) on metals, energy resources, commodities, indices, stocks, bonds, and cryptocurrencies. This variety enables traders with different interests and strategies to find suitable instruments for their trading needs.

What markets are available?

  • 61 currency pairs;

  • 25 stock indices;

  • 7 metals;

  • 5 energy carriers;

  • 8 agricultural commodities;

  • more than 2100 CFDs on stocks from NASDAQ, NYSE, ASX;

  • 9 bonds;

  • 21 cryptocurrencies.

Leverage

Trading InstrumentMax. Leverage for Retail Traders
Forex
1:30
Precious Metals
1:20
Energy Carriers
1:10
Agricultural Commodities
1:10
Indices
1:20
Stocks
1:5
ETF
1:5
Bonds
1:5
Cryptocurrency
1:2

Trading Platforms

Rating:5/5

IC Markets provides compelling and functional trading platforms suitable for various categories of traders.

The advantages of trading on IC Markets' terminals include:

  • Choice of Platforms. The broker offers its clients the option to work on the popular and functional platforms MetaTrader 4 and MetaTrader 5, as well as the cTrader terminal. This variety allows traders to choose the platform best suits their needs and trading style.

  • Mobile Trading. With mobile versions available for iPhone, iPad, Android, Mac, and Windows, traders can monitor their trades and respond to market changes from anywhere.

  • Web Versions. For clients who prefer not to download the trading platform, IC Markets offers web versions of MetaTrader 4, MetaTrader 5, and cTrader, which is convenient for those who like to work through a browser.

  • Control and Transparency. Systems like AutoTrade offer traders complete control over their accounts, commission transparency, and access to signal provider statistics.

  • Specific Services for Large Market Participants. IC Markets offers FIX API for institutional clients, indicating the broker's flexibility and versatility.

MetaTrader 4 and 5

The broker allows clients with Standard and Raw Spread accounts to work on the most popular and functional MetaTrader platform (MT4 and MT5) with a wide range of instruments and a user-friendly interface. The company's website provides downloadable desktop versions of the terminal and software for iPhone, iPad, Android, Mac, and Windows. If clients prefer not to download the trading platform, web versions of MetaTrader 4 and MetaTrader 5 are available on the IC Markets website.

MetaTrader 5
MetaTrader 5

cTrader

The cTrader terminal is a product developed by Spotware Systems Ltd, created explicitly for trading in the Forex market and based on the ECN environment.

In addition to the desktop platform cAlgo and mobile versions for Android or iOS, traders can use cTrader Web, which doesn’t require software installation on a computer and allows for trading directly through a web browser.

cTrader
cTrader

Analytics

Rating:5/5

IC Markets provides its clients with a comprehensive suite of analytical tools and materials to assist them in successful trading in financial markets.

Within the broker's cabinet, various tools and services are presented for market forecasts and reviews, identifying technical analysis patterns, and analyzing social activity related to the trading assets.

Trading Central

Trading Central offers a convenient dashboard for market overview, providing insights and analysis that can be integral to a trader's research and decision-making process. When clicking on one of the instruments, the trader will have access to a report and forecast based on the technical analysis of the instrument.

Trading Central at IC Markets
Trading Central at IC Markets

This service predicts market reversal points based on candlestick patterns and indicators.

Featured Ideas at IC Markets
Featured Ideas at IC Markets

Market Buzz

This service allows traders to monitor social activity for trading instruments, which can be used to infer their volatility.

Market Buzz at IC Markets
Market Buzz at IC Markets

Autochartist

Autochartist is a top-rated service among traders for pattern recognition and analysis of an instrument's volatility.

Autochartist at IC Markets
Autochartist at IC Markets

Market Analysis

IC Markets regularly posts market analysis and trading ideas in their blog (in English).

IC Markets Blog
IC Markets Blog

News and Forex Calendar

IC Markets' website also features a calendar with important economic events and a section with the latest Forex news.

IC Markets Economic Calendar
IC Markets Economic Calendar

Education

Rating:5/5

IC Markets offers various educational resources, from interactive video tutorials to webinars and podcasts. This demonstrates IC Markets' commitment to their clients by striving to provide all the necessary resources for successful trading.

The educational system at IC Markets is tailored for both beginners and professional traders.

  • 10 interactive video lessons introduce the specifics of trading on Forex.
  • Articles on technical and fundamental analysis acquaint you with different types of charts and techniques for working with analytical tools.
  • Several video materials on how to work with trading terminals.
  • Web TV offers trading tips and market news in the format of short video clips.
  • Webinars and podcasts (IC your trade) for more advanced traders are available in English and feature professional investors and traders.
Podcasts on IC Markets (IC Your Trade)
Podcasts on IC Markets (IC Your Trade)

Customer Support

Rating:4.7/5

IC Markets provides a variety of communication channels, ensuring that the support service is accessible to clients. Numerous company customer reviews highlight the support team's fast response and high professionalism.

To contact the support service for general inquiries, call +61 02 8014 4280.

You can also ask questions via email:

And, of course, you can connect with support on the website via live chat, which operates 24/7.

IC Markets Pros and Cons

Advantages of IC Markets

  1. Regulation. IC Markets is regulated by ASIC, which guarantees client funds protection and trading conditions fairness.

  2. A wide range of trading instruments. IC Markets clients can trade various assets, including currency pairs, stocks, indices, commodities, and cryptocurrencies.

  3. Low spreads. IC Markets offers some of the lowest spreads on the market, making trading more accessible and cost-effective.

  4. MetaTrader and cTrader platforms. These platforms are widely recognized for their advanced trading features and analysis tools.

  5. Educational materials. The broker offers high-quality training materials suitable for beginners and experienced traders.

  6. Efficient customer support service. IC Markets clients note the high level of customer support service, which responds quickly and professionally to problems and questions.

Disadvantages of IC Markets

  1. High minimum deposit. The entry threshold for opening a trading account with IC Markets is relatively high and may be inconvenient for novice traders or those who do not want to invest large sums at once.

  2. A limited number of withdrawal options. The options for withdrawing funds from IC Markets are limited, which may cause inconvenience, especially for clients who prefer specific payment systems.

Conclusion

IC Markets is a reliable and versatile broker that offers a wide range of services and tools for trading in the financial markets. The company provides impressive trading instruments, high-quality trading platforms, advanced analytical tools, and valuable education for traders of all levels.

Considering the above, IC Markets is likely most suitable for experienced traders who value deep liquidity, tight spreads, and advanced trading tools. Beginner traders can also benefit from the educational materials offered by the company, but they should be prepared for some additional expenses and a higher minimum deposit requirement.

Visit IC Markets AustraliaTrading CFDs carries high risks. You may lose all invested funds
Nikolay Zavarov - Author
Nikolay ZavarovAuthor

Nikolay is an experienced specialist in financial markets and co-founder of IamForexTrader. He has been successfully trading Forex since 2014 and has been actively involved in the cryptocurrency market since 2017.

He develops investment strategies adaptable to any level of experience and has been actively investing in stocks, bonds and ETFs since 2018.

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