Recommended for
- forex trading 4.3/5
Trusted broker
Regulated by top-tier financial authorities
Popularity
5,809
people
chose this broker in the last 6 months
BrokerChooser Score
4.5/5
IC Markets review summary
If low-cost forex/CFD trading is all you’re after and you’re not very picky about your choice of platform, Australia’s IC Markets is a worthy option. It has a competitive product selection that includes crypto; and a flexible fee structure offering very tight spreads with a reasonable commission. You can set up your account in no time and enjoy various deposit and withdrawal options, all free of charge. IC Markets is not recommended for long-term investors, as you can’t trade stocks, ETFs or funds. The MetaTrader platform used by IC Markets has its limitations in design and functionality but will be familiar to many forex traders.
Is IC Markets a legit broker?
See how IC Markets is regulated and whether you should have any concerns using it.
IC Markets pros and cons
Pros
Cons
- Low forex fees
- Easy and fast account opening
- Free deposit and withdrawal
- Offer standard accounts and raw spread accounts
- Limited product selection
- Slow live chat support
- No investor protection for non-EU clients
No investor protection for non-EU clients
🗺️ Country of regulation
Cyprus, Australia, Seychelles
💰 Trading fees class
Low
💰 Inactivity fee charged
No
💰 Withdrawal fee amount
$0
💰 Minimum deposit
$200
🕖 Time to open an account
1 day
💳 Deposit with bank card
Available
👛 Depositing with electronic wallet
Available
💱 Number of base currencies supported
10
🎮 Demo account provided
Yes
🛍️ Products offered
Forex, CFD, Crypto
Fees
IC Markets has low trading and non-trading fees. There is no inactivity or withdrawal fee. On the negative side, financing rates for CFDs are high.
Account opening
The account opening process at IC Markets is user-friendly and fully digital. Our account was approved within a day, which is very fast.
Deposit and withdrawal
IC Markets’s deposit and withdrawal services are great, with many options available, mostly free of charge. On the negative side, withdrawal can only be made in the way that funding happened.
Web trading platform
The web trading platform of IC Markets is provided by MetaTrader. The platform is highly customizable, available in many languages, and has a clear fee report. On the other hand, it lacks a two-step login and price alerts, and the design is outdated.
Mobile trading platform
IC Markets has a great mobile trading platform offered by MetaTrader 4. It has a catchy design and it’s easy to use. Nevertheless, the platform lacks a safe login.
Desktop trading platform
In design and functionality, IC Markets’s MetaTrader 4 desktop platform is almost the same as the web trading platform. One major difference is that here you can set price alerts.
Markets and products
At IC Markets, you can trade only forex and CFDs. In other words, many popular asset classes, such as real stocks and ETFs, are not available.
Research
IC Markets has great research tools, including trading ideas based on technical tools, quality news, and good charting tools. However, fundamental data is not provided.
Customer service
IC Markets has great phone and email support and has a 24/7 availability. On the negative side, its live chat is not the best quality and slow.
Education
IC Markets does a great job when it comes to education services. It offers great quality tools on its website including a demo account, trading platform videos and educational articles.
Safety
IC Markets is regulated by several financial authorities globally, including the top-tier ASIC. On the negative side, the company is not listed on any stock exchange and does not disclose financial information publicly.