When choosing a forex broker, trust and reliability are critical factors. With numerous brokers claiming to offer the best trading conditions, it can be challenging to identify the right one. IC Markets, a well-known name in the forex and CFD trading industry, has been around since 2007, but is it truly reliable? Is IC Markets a scam or a legitimate broker?
Join us as we share our findings and insights resulting from 50 hours of hands-on testing of this broker. We thoroughly explored IC Markets’ offerings, focusing on key aspects such as regulation, trading platforms, fees, and overall trustworthiness. Read on to determine whether IC Markets is the right broker for you.
IC Markets is a forex and CFD broker based in Sydney, Australia, established in 2007. The platform offers access to over 2,250 CFDs, including:
- Currency pairs (Forex)
- Commodities (Gold, Oil, Silver, etc.)
- Indices (S&P 500, DAX 40, FTSE 100, etc.)
- Shares (Tesla, Amazon, Apple, etc.)
- ETFs, Futures, and Cryptocurrencies
IC Markets employs an ECN (Electronic Communication Network) execution model, which provides direct market access by matching orders from traders with liquidity providers such as banks. This approach results in tighter spreads and faster execution, making it ideal for scalping and day trading.
When analyzing a broker’s trustworthiness, we focus on regulatory compliance, trader protection measures, financial stability, and transparency.
Regulatory Status
IC Markets is regulated by the following financial authorities:
- ASIC (Australian Securities and Investments Commission) – Australia
- CySEC (Cyprus Securities and Exchange Commission) – Europe
- FSA (Financial Services Authority) – Seychelles (offshore entity)
Traders using IC Markets’ European and Australian entities benefit from:
- Negative balance protection (ensuring traders don’t lose more than they deposit)
- Segregated accounts (client funds are held separately from company funds)
- Investor compensation fund (for EU traders)
For offshore clients under Seychelles FSA regulation, protection is lower, but IC Markets provides an additional layer of security with Lloyds of London insurance, covering accounts up to $1 million.
Transparency and Reputation
IC Markets is highly transparent about its regulations and financial practices, providing clear details on its website. The broker has a solid reputation among traders, with a trust score of 4.1/5 based on our research.
We tested IC Markets’ spreads, commissions, and overnight swap fees using MetaTrader 4 and MetaTrader 5 across different market sessions.
Spreads and Commissions
- Standard Account: Spreads from 0.6 pips (EUR/USD)
- Raw Spread Account: 0.0 pips on major forex pairs + $3.50 commission per lot
Additional Fees
- No account maintenance fees
- No inactivity fees
- Swap fees (overnight holding fees) are industry-average
IC Markets scored 4.8/5 in the fees category due to its low-cost trading structure, making it one of the most affordable forex brokers.
IC Markets provides MetaTrader 4, MetaTrader 5, and cTrader, all of which are feature-rich and cater to different types of traders.
MetaTrader 4 (MT4) Features
- 30 technical indicators
- 9 timeframes
- One-click trading
- Advanced charting tools
- Automated trading via Expert Advisors (EAs)
IcTrader Features
- 76 indicators and 26 timeframes
- Depth of Market (DOM) feature
- Integrated Autochartist trading signals
- Custom watchlists
- Advanced order execution
IC Markets also offers copy trading through ZuluTrade and IC Social, making it an excellent choice for passive traders.
Our verdict? IC Markets’ platforms scored 4.1/5, excelling in usability, automation, and functionality.
With over 2,250 tradable instruments, IC Markets outperforms many competitors in the CFD space. The broker offers:
- 61 Forex pairs
- 44 Commodities (Gold, Silver, Oil, etc.)
- 2,100 Global Stocks (Tesla, Amazon, Apple, etc.)
- 25 Indices (DAX 40, FTSE 100, S&P 500, etc.)
- 21 Cryptocurrencies (Bitcoin, Ethereum, XRP, etc.)
- Futures, ETFs, Bonds, and Soft Commodities
We rated IC Markets 4.7/5 for instrument variety, making it an excellent choice for traders looking for a diverse portfolio.
✅ Pros
- Tight spreads & low fees (ideal for scalping & day trading)
- Regulated by ASIC, CySEC, and FSA
- MT4, MT5, and cTrader platforms
- Advanced trading tools & VPS for automated strategies
- No inactivity fees
- Copy trading options available
❌ Cons
- Learning curve for new traders
- Weaker regulatory protection for offshore clients
After extensive testing, IC Markets proves to be a legitimate and trustworthy broker, especially for scalpers, day traders, and algorithmic traders. With its low trading costs, advanced trading platforms, and wide range of assets, it stands out as a top choice for serious traders.
Final Score: 4.5/5 ⭐⭐⭐⭐⭐
If you’re looking for a regulated forex broker with excellent trading conditions, IC Markets is worth considering.
Have questions or experiences with IC Markets? Leave a comment below!
