Founded in Sydney in 2010, IC Markets is one of the best-known true-ECN brokers for active traders. Its Raw Spread accounts offer genuinely tight pricing (EUR/USD around 0.1 pips plus commission), and it is one of very few brokers to support MT4, MT5, cTrader and TradingView together. The trade-offs are important and clearly disclosed: most non-EU, non-Australian clients are onboarded under the lightly-regulated Seychelles entity, overnight swap costs run above the industry average, and there is a recurring thread of withdrawal-dispute complaints. It does not accept US, Canadian or New Zealand clients.
Best for: Active forex and CFD traders who want raw ECN spreads, scalpers and EA/algo traders who need fast execution and server co-location, and traders who prefer cTrader or TradingView alongside MetaTrader. Less suitable for swing and position traders (high swaps), complete beginners, and US, Canadian or NZ residents who are not accepted.At a Glance
Pros
- True-ECN pricing with EUR/USD raw spreads around 0.1 pips plus transparent commission ($7 round turn on MT4/MT5, $6 on cTrader)
- One of the few brokers offering MT4, MT5, cTrader and TradingView all together
- Strong execution infrastructure: Equinix NY4/LD5 co-location, ~40ms fills, ~25 liquidity sources; excellent for scalpers and EAs
- Top-tier ASIC (Australia) and CySEC (Cyprus) entities available with segregation and negative balance protection
- No inactivity or deposit fees, and a broad 2,250+ instrument range
- New Raw Pro / Raw Pro+ tiers cut commissions further for larger balances
Cons
- Most international clients are onboarded under the Seychelles (FSA) entity, which has weaker protections and no investor-compensation scheme
- Overnight swap/financing costs are above the industry average, a poor fit for swing traders
- No proprietary platform and comparatively thin in-house education and research
- Does not accept US, Canadian or New Zealand clients
- A recurring thread of credible withdrawal-delay and dispute complaints on independent forums
- An Australian class action over its retail CFD conduct is ongoing and worth monitoring
Rating Breakdown
Full Review
IC Markets review: quick verdict
This IC Markets review covers what matters before you fund an account: regulation, spreads, platforms, execution and who the broker genuinely suits. Founded in Melbourne/Sydney in 2010, IC Markets is one of the largest true-ECN forex and CFD brokers by volume. It pairs raw Razor-style pricing (EUR/USD around 0.1 pips plus commission) with the widest serious platform line-up in the industry — MT4, MT5, cTrader and TradingView. You can compare it against every broker we cover on our broker reviews hub.
Is IC Markets safe? Regulation and trust
IC Markets operates several entities, and your protections depend on which one opens your account. Australian clients fall under the Australian Securities and Investments Commission (ASIC, AFSL 335692), while EU/EEA clients fall under CySEC in Cyprus (licence 362/18). Both are top-tier regulators offering segregated client funds, negative balance protection and, for eligible EU clients, investor compensation up to €20,000. However, most international clients are onboarded under Raw Trading Ltd, regulated by the FSA in Seychelles, which carries weaker statutory protections and no compensation scheme. This is a common industry structure, but it is the single most important thing to understand: verify your entity before funding.
Account types and fees
IC Markets keeps its retail range simple. The Standard account is commission-free with costs built into a slightly wider spread (EUR/USD roughly 0.6-0.8 pips). The Raw Spread account offers spreads from 0.0 pips plus a commission of about $3.50 per side on MT4/MT5, or $3.00 on cTrader — almost always cheaper for active traders. In 2026 IC Markets added Raw Pro ($3 round turn, $5,000 minimum) and Raw Pro+ tiers that cut commissions further for larger balances. The published minimum deposit is $200. There is no inactivity or deposit fee, but overnight swap costs are consistently above the industry benchmark — a genuine drawback for anyone holding positions for days or weeks. For a lower-swap comparison, see our Pepperstone review.
Trading platforms
This is IC Markets’ clearest strength. Rather than push a proprietary platform, it supports the four most respected third-party platforms: MetaTrader 4 and MetaTrader 5 for traditional and EA-driven trading, cTrader for depth-of-market and advanced order types, and TradingView for charting-led traders. Free VPS, copy-trading (IC Social, ZuluTrade) and Trading Central research round out the offering.
Execution, markets and instruments
IC Markets runs a genuine no-dealing-desk ECN model, aggregating pricing from around 25 institutional liquidity providers with MT4/MT5 servers co-located in Equinix NY4 (New York) and cTrader in London. Average execution is quoted under 40 milliseconds, and scalping, hedging and automated strategies are explicitly allowed on all accounts — which is why the broker is a favourite among algo traders. The range spans 2,250+ instruments: 60+ currency pairs plus indices, commodities, shares, bonds, futures and cryptocurrency CFDs (availability varies by entity and region).
Deposits, withdrawals and support
Funding options include bank transfer, cards and major e-wallets, generally with no IC Markets fee (international wires may incur around $20). Support is available 24/7 via live chat, phone and email and is well reviewed for day-to-day responsiveness. The caveat is withdrawals: while most are processed quickly, there is a consistent minority of credible complaints about delayed or blocked withdrawals and forced return-to-source payouts. Test with a small amount first.
Who IC Markets is best for
IC Markets is a natural fit for active traders, scalpers and EA/algo users who want raw spreads and fast execution across MetaTrader, cTrader or TradingView. It is less suited to swing and position traders (because of high swaps), to complete beginners, and to US, Canadian or NZ residents who are not accepted. Cost-focused traders should also compare alternatives such as our Exness review.
Final verdict
IC Markets earns a 4.2/5. It is one of the strongest choices available for active, cost-conscious traders who value raw pricing, elite execution and unmatched platform choice. The trade-offs — offshore default regulation for many clients, above-average swaps and a persistent thread of withdrawal complaints — are real and worth weighing rather than dealbreakers for its target audience. Confirm your entity and current terms before funding.
Trading forex and CFDs carries a high risk of losing money rapidly due to leverage. Spreads, fees, account terms and the regulating entity vary by region; confirm the latest details directly with IC Markets before opening an account. This is educational content, not financial advice.
Who Is It Best For?
Active forex and CFD traders who want raw ECN spreads, scalpers and EA/algo traders who need fast execution and server co-location, and traders who prefer cTrader or TradingView alongside MetaTrader. Less suitable for swing and position traders (high swaps), complete beginners, and US, Canadian or NZ residents who are not accepted.
Frequently Asked Questions
Is IC Markets a good broker?
For active, cost-conscious traders outside the US, Canada and NZ, yes. It offers genuine raw-ECN pricing, the widest platform choice in the industry and strong execution. Its main drawbacks are offshore default regulation for many clients, above-average swaps and a persistent thread of withdrawal complaints.
Is IC Markets regulated?
It depends on your entity. Australian clients fall under ASIC and EU clients under CySEC, both top-tier with segregation and negative balance protection. Most other international clients are onboarded under the Seychelles FSA entity, which has weaker protections and no compensation scheme. Confirm your entity before funding.
What are IC Markets spreads and commissions?
On the Raw Spread account, EUR/USD spreads start around 0.0-0.1 pips with a commission of about $3.50 per side ($7 round turn) on MT4/MT5, or $3.00 per side ($6) on cTrader. The Standard account is commission-free with the cost built into a wider spread. New Raw Pro and Raw Pro+ tiers reduce commissions for larger accounts.
Does IC Markets accept US clients?
No. IC Markets does not accept residents of the United States, Canada or New Zealand. Traders in those countries should treat this review as educational only.
Which IC Markets account is cheapest?
For most active traders the Raw Spread cTrader account is marginally cheaper on commission ($6 round turn) than MT4/MT5 ($7). The new Raw Pro ($3 round turn, $5,000 minimum) and Raw Pro+ tiers are cheaper again if you can meet the higher balance requirements.
