Premier ECN broker for serious traders. True ECN execution under 40ms, raw spreads from 0.0 pips, and Equinix-hosted infrastructure built for scalping and algorithmic strategies.
IC Markets stands as one of the most respected ECN brokers in the industry, particularly for serious traders who prioritise execution quality and tight spreads. Founded in 2007 in Sydney, the broker has built its reputation on institutional-grade trading conditions: spreads from 0.0 pips on EUR/USD via the Raw Spread account, average execution speeds under 40 milliseconds, and Equinix-hosted servers in NY4 and LD4 data centres. The combination is purpose-built for scalpers, algorithmic strategies, and high-frequency approaches that depend on latency and pricing discipline.
The broker holds three regulatory licences — ASIC (Australia), CySEC (Cyprus), and FSA (Seychelles) — though clients are onboarded by jurisdiction, which affects leverage caps and compensation scheme access. UK traders should note the absence of FCA regulation, which means no FSCS coverage. Educational content is also limited compared to broader-market competitors; the broker assumes a baseline of trading knowledge.
For experienced active traders, the Raw Spread account with $3.50-per-side commission is genuinely competitive at higher volumes, and the cTrader integration adds depth-of-market visibility most retail brokers don't offer. Beginners would be better served elsewhere — IC Markets is built for traders who already know what they want.
The numbers that matter most when picking IC Markets.
Where IC Markets is strong, and where it is not.
In-depth analysis across regulation, costs, platforms, accounts, funding, and support.
IC Markets operates under three regulatory entities: ASIC (Australia), CySEC (Cyprus), and FSA (Seychelles). ASIC and CySEC provide the strongest protections — segregated client funds, negative balance protection for retail clients, and access to external dispute resolution mechanisms.
The FSA Seychelles entity provides less regulatory oversight but allows higher leverage and fewer trading restrictions. Many experienced traders deliberately choose this entity for the flexibility, accepting the trade-off of reduced protection. As discussed in our guide on what regulation actually protects you from , this is a legitimate choice — provided the trader understands what protections they are giving up.
IC Markets is one of the largest forex brokers globally by daily trading volume, which provides a degree of institutional stability beyond regulatory status alone. The broker has operated continuously since 2007 without significant regulatory incidents.
IC Markets operates under 3 regulatory licences:
IC Markets does not hold an FCA (UK) licence. UK traders therefore have no FSCS protection — which would cover up to £85,000 per client at FCA-regulated firms. For UK-based traders with substantial accounts, this is a meaningful consideration.
IC Markets has operated since 2007 (19+ years). Editorial assessment: high-confidence on regulatory standing.
IC Markets operates a true ECN model, providing direct market access to institutional liquidity providers without dealer intervention. The broker aggregates pricing from over 25 liquidity sources, including major banks and non-bank providers, which contributes to consistently deep order books and competitive fill rates.
Average execution speed sits under 40 milliseconds according to the broker's published statistics — fast enough for most algorithmic and high-frequency strategies. The ECN model means traders interact with real market depth rather than broker-managed pricing, which produces tighter spreads during liquid sessions but also exposes traders to genuine liquidity gaps during volatile conditions. For scalpers and systematic traders, this transparency is a meaningful advantage. For beginners, the raw market exposure may feel less predictable than a market maker's managed pricing.
Slippage is generally symmetrical — positive and negative slippage occur at comparable rates, which is a strong indicator of fair execution. This is worth monitoring over your own trade sample, as execution quality can vary by session and instrument.
IC Markets cost structure depends on which account type you choose. The trade-off is generally between spread-only pricing (simpler, slightly higher implicit cost) and raw-spread plus commission (cheaper at higher volumes, requires per-trade math).
Raw spreads from market liquidity providers (typically 0.0-0.3 pips on EUR/USD) plus a per-side commission. Becomes more cost-effective above moderate monthly volume. Specific commission rates published on the broker site.
Spread-only pricing with no commission. EUR/USD spreads typically average 0.8-1.5 pips during liquid sessions. Simpler for casual or lower-volume traders.
Overnight swap rates apply to positions held past daily rollover, based on currency-pair interest rate differentials.
Most reputable brokers don't charge deposit fees, withdrawal fees, or inactivity fees on active accounts. Check the funding terms for your specific entity at IC Markets.
IC Markets supports MetaTrader 4, MetaTrader 5, and cTrader — three platforms that collectively cover the vast majority of retail trading approaches. MT4 remains the most popular for Expert Advisors and legacy indicators. MT5 adds more timeframes, improved backtesting, and a broader order type selection. cTrader offers a more modern interface with native depth-of-market visibility, detachable charts, and advanced order management.
All three platforms connect to IC Markets' Equinix NY4 and LD5 data centres, which are co-located with major liquidity providers and exchanges. For traders running automated strategies, this infrastructure matters — proximity to liquidity reduces latency and improves fill quality. VPS hosting is available for traders who need their strategies running continuously without depending on a personal internet connection.
One gap: IC Markets does not currently offer TradingView integration for direct execution. If TradingView is your primary charting tool, you would need to use it for analysis and execute separately through MT4/MT5/cTrader.
IC Markets supports 5 platforms — choice affects available order types and execution model.
The industry standard for forex retail. Full EA support, custom indicators, automated trading. Mature ecosystem of community-built tools.
Newer MetaQuotes platform with additional asset classes, more timeframes, and improved backtesting. Recommended for newer accounts unless you have legacy MT4 EAs.
Spotware's platform — preferred by traders who want native depth-of-market, level II pricing, and advanced order types. Modern interface, faster than MT4.
Web-based charting now integrated for live trading. Particularly popular for traders who already use TradingView for analysis.
Direct institutional-grade API for low-latency automated strategies. Typically requires higher minimum deposit and direct broker arrangement.
The broker offers two main account structures. The Raw Spread account provides spreads from 0.0 pips with a commission of $3.50 per side per standard lot ($7 round-turn). The Standard account bundles the cost into the spread , starting from approximately 1.0 pips with no commission. For active traders, the Raw Spread account typically delivers lower all-in costs — but the break-even point depends on your trading frequency and average position size.
Leverage varies by entity: up to 1:500 for clients under the Seychelles (FSA) entity, and capped at 1:30 for retail clients under ASIC or CySEC in line with regulatory requirements. The higher leverage through the offshore entity is available but comes with reduced regulatory protection — a trade-off that experienced traders should evaluate carefully based on their capital exposure.
Minimum deposit is officially $200, though the broker has been known to accept lower amounts. Islamic (swap-free) accounts are available upon request.
IC Markets offers 4 live account types, all with a $200 minimum where applicable:
Demo accounts are available free of charge, typically with virtual balance and the option to reset on request. Useful for testing strategies before committing capital.
E-wallet deposits are typically instant; card payments take 1-2 hours; bank wires 1-3 business days.
Withdrawals are typically processed within 1 business day. Arrival times depend on method: e-wallets same day, cards 3-5 days, wire 1-3 days.
The same-method rule typically applies — withdrawals must go to the same source as deposits where possible. This is standard AML compliance, not broker-specific.
IC Markets operates support across live chat, phone, and email channels. Response times are generally fast — live chat under a minute, email within 4-8 hours.
Multilingual support typically available across English plus 5+ additional languages depending on the entity. Phone support follows regional business hours.
IC Markets carries a strong reputation among active traders for support consistency. Industry-tracked metrics typically place it in the top tier of retail brokers for customer experience.
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