- Low spreads starting from 0.0 pips on the Razor account.
- MetaTrader 4, MetaTrader 5, and cTrader platforms.
- Fast execution speeds with an average of 40 milliseconds.
84.97% of retail CFD accounts lose money
IC Markets Broker Review 2024
Investing Options:
Products & markets:
Deposits & withdrawals:
Fees & costs:
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In This Guide
IC Markets Review 2024: Is This Broker Legit or a Scam?
IC Markets is one of the most reputable forex and CFD brokers in the industry, catering to both retail and institutional traders. Established in 2007 and based in Australia, IC Markets is widely regarded for its tight spreads, fast execution speeds, and access to popular trading platforms like MetaTrader 4, MetaTrader 5, and cTrader. In this detailed review, we will cover the platform’s key features, fees, account types, and how it compares to other brokers.
IC Markets Review 2024
IC Markets has a reputation for providing low-cost trading, featuring spreads starting from 0.0 pips on the Razor account, making it ideal for scalpers and high-frequency traders. The broker offers access to over 230+ tradable instruments, including forex, indices, commodities, cryptos, and stocks. One of the key features of IC Markets is its true ECN (Electronic Communication Network) model, which provides traders with market execution without dealing desk intervention.
Key Features:
- Low spreads starting from 0.0 pips on the Razor account.
- Leverage up to 500:1, depending on location and regulatory jurisdiction.
- MetaTrader 4, MetaTrader 5, and cTrader platforms.
- Fast execution speeds with an average of 40 milliseconds.
Is IC Markets Legit?
Yes, IC Markets is a fully regulated broker. It operates under the regulation of some of the world’s most reputable financial regulatory bodies, including the Australian Securities and Investments Commission (ASIC), the Financial Services Authority (FSA) of Seychelles, and CySEC in Cyprus. This level of regulation offers traders peace of mind when it comes to the safety of their funds.
Regulatory Bodies:
- ASIC: Oversees Australian clients and ensures strict regulatory compliance.
- CySEC: Regulates IC Markets for European clients, providing high standards of fund protection.
- FSA (Seychelles): Ensures oversight for international clients outside of Europe and Australia.
IC Markets Fees
IC Markets prides itself on offering a low-cost trading environment. For example, the Razor Account offers spreads from 0.0 pips, but there is a small commission charged per trade. For traders who prefer not to pay commissions, the Standard Account offers commission-free trading with slightly wider spreads.
Fee Structure:
- Razor Account: Spreads starting from 0.0 pips with a commission of $7 per lot (round trip).
- Standard Account: Spreads starting from 1.0 pips with no commission.
- No deposit or withdrawal fees, except for international bank wire transfers.
- Inactivity fees: None.
- Overnight swap fees for positions held overnight.
IC Markets Withdrawal Process
IC Markets provides multiple withdrawal options, including credit/debit cards, bank wire transfers, and e-wallets such as PayPal, Neteller, and Skrill. Withdrawals are generally processed within 24 hours; however, the time it takes to reach your account depends on the withdrawal method used.
Common Issues:
- Verification requirements: IC Markets may request additional documents to verify identity before large withdrawals.
- Processing times: E-wallet withdrawals are usually processed faster than bank transfers, which may take 3-5 business days.
IC Markets Trading Platforms
One of the strengths of IC Markets is its support for three of the most popular trading platforms: MetaTrader 4, MetaTrader 5, and cTrader. These platforms are widely used by both beginner and advanced traders due to their advanced charting tools, Expert Advisors (EAs) for automated trading, and a wide range of technical indicators.
Platform Features:
- MetaTrader 4: The most popular platform, offering one-click trading, customizable charts, and EAs.
- MetaTrader 5: Offers additional features such as more timeframes, order types, and trading robots.
- cTrader: Known for its fast execution speeds and direct market access.
IC Markets Account Types
IC Markets offers three main account types: Standard Account, Razor Account, and a cTrader-specific account. The demo account is available for those who want to practice their trading strategies in a risk-free environment.
Account Options:
- Standard Account: No commission, spreads from 1.0 pips.
- Razor Account: Spreads from 0.0 pips with a commission of $7 per lot (round trip).
- cTrader Account: Similar to the Razor account but specifically tailored for cTrader users.
- Demo Account: Comes with virtual funds and allows users to practice their trading strategies.
IC Markets Spreads and Commissions
IC Markets offers some of the tightest spreads in the industry, making it a popular choice among scalpers and day traders. For example, spreads on EUR/USD can start from 0.0 pips on the Razor account, with a small commission per trade.
Spreads:
- EUR/USD: Spreads as low as 0.0 pips on the Razor account.
- GBP/USD: From 0.5 pips on the Razor account.
- No commissions on the Standard Account.
IC Markets Leverage Trading
IC Markets offers leverage up to 500:1, depending on the trader’s jurisdiction and the instruments being traded. However, traders in Europe and Australia will experience lower leverage limits due to regulatory restrictions, which typically cap leverage at 30:1 for retail traders.
Leverage Details:
- 500:1 leverage for international clients.
- 30:1 leverage for Australian and European clients, in line with regulatory requirements.
- Leverage varies depending on the asset class being traded.
FAQs
Yes, IC Markets is regulated by multiple top-tier financial authorities, including ASIC and CySEC.
The minimum deposit for IC Markets is $200, which is in line with industry standards.
Withdrawals are typically processed within 24 hours, but the time it takes for funds to reach your account depends on the method used.
IC Markets offers low fees, with spreads starting from 0.0 pips on the Razor Account, and commissions of $7 per lot (round trip). There are no inactivity fees or deposit fees
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