IC Markets started in Sydney in 2007 as International Capital Markets Pty Ltd and built its name on one idea: pass raw interbank pricing to retail traders and charge a small, fixed commission. That focus on low-cost execution has made it one of the best-known names among scalpers and algorithmic traders. This IC Markets review covers the offer as of November 2026 and the detail many reviews skip: which company holds your account, and what protection that brings. Our short verdict: IC Markets is among the cheapest ways to trade forex CFDs, but traders outside Australia and the EU should know they will usually be onboarded by an offshore entity.
IC Markets at a glance
| Item | Details (as of November 2026) |
|---|---|
| Founded | 2007, Sydney, Australia |
| Top-tier licences | ASIC (AFSL 335692), CySEC (362/18) |
| Offshore licences | FSA Seychelles (Raw Trading Ltd), SCB Bahamas (IC Markets Ltd) |
| Accounts | Raw Spread, cTrader Raw, Standard |
| Spreads | From 0.0 pips (Raw), from 0.8 pips (Standard) on EUR/USD |
| Commission | USD 3.50 per lot per side on Raw Spread (MetaTrader) |
| Platforms | MetaTrader 4, MetaTrader 5, cTrader |
| Instruments | 2,250+ CFDs, including 61 forex pairs |
| EU minimum deposit | USD 200 or equivalent |
Regulation and safety
A key finding of this IC Markets review is that protection follows the company named in your client agreement, not the logo.
Top-tier entities
- Australia: International Capital Markets Pty Ltd (ACN 123 289 109) holds Australian financial services licence 335692 from ASIC, which it first obtained in 2009. Australian retail clients get ASIC leverage caps and product rules.
- European Union: IC Markets (EU) Ltd is a Cyprus company (HE 356877) licensed by CySEC under number 362/18 and based in Limassol. It obtained this licence in 2018. EU retail clients are limited to 1:30 leverage and fall under the Cyprus investor compensation regime. The EU site states that 73.46% of retail investor accounts lose money when trading CFDs with this provider.
Offshore entities
Traders from most other countries are typically signed up by Raw Trading Ltd, trading as IC Markets Global and supervised by the Financial Services Authority of Seychelles. Independent reviews also list IC Markets Ltd, regulated by the Securities Commission of the Bahamas. These offshore regimes apply lighter capital and conduct rules, and they do not offer an EU- or Australian-style compensation scheme. We could not open the Seychelles or Bahamas registers this month, so check the licence status yourself before funding an account.
In November 2026 the global icmarkets.com pages redirected to the shorter ic.com domain, so bookmark the correct regional site to avoid look-alike domains.
Fees and spreads
Low trading cost is the main reason people choose this broker, and the fee schedule is easy to read. The EU account overview publishes these figures:
| Account | Spread from | Commission | Best for |
|---|---|---|---|
| Raw Spread (MetaTrader) | 0.0 pips | USD 3.50 per lot per side (USD 7 round turn) | Scalpers and EAs on MT4/MT5 |
| cTrader Raw | 0.0 pips | USD 3 per USD 100,000 traded per side | cTrader users and manual day traders |
| Standard | 0.8 pips | None | Traders who prefer all-in spreads |
On the Raw account, the commission is fixed per lot, so the base currency changes the headline number. Reviews quote EUR 3.25, GBP 2.75 and AUD 4.50 per side as equivalents. “From 0.0 pips” is a minimum, not a typical value. Independent spread tests put EUR/USD on the Raw account at roughly 0.1 to 0.2 pips on average. Overnight swaps apply to positions held past the daily rollover. The EU site says it charges no fees for card and bank deposits, though third-party bank charges may still apply.
Accounts and products
There are three core account types. Choose Raw Spread or cTrader Raw if you trade often enough for tighter spreads to outweigh commission. Standard suits lower-frequency traders who want costs built into the spread. Independent reviews also describe two newer tiers on the global entity, Raw Pro (US$5,000 minimum) and Raw Pro+ (US$100,000), both in early access. Swap-free Islamic versions of Standard and Raw are reported to charge a flat administration fee instead of swaps.
The EU site lists more than 2,250 instruments, led by 61 forex pairs across majors, minors and exotics such as USD/TRY. The rest of the list covers indices, commodities, bonds, cryptocurrency CFDs, shares and futures. Independent reviews of the global entity count about 2,100 share CFDs, which are available only on MetaTrader 5. In Australia, the group also launched IC Shares in November 2023, a separate service for buying real ASX and Cboe-listed shares under your own HIN through clearing partner FinClear.
Leverage depends heavily on the entity. EU and Australian retail clients are capped at 1:30 on major pairs. Independent reviews report far higher limits on the Seychelles entity, up to 1:1000 on cTrader and more on MetaTrader. Treat such limits as ceilings, not targets.
Platforms and execution
IC Markets does not build its own trading app. It offers MetaTrader 4, MetaTrader 5 and cTrader on Windows, Mac, web, iOS and Android, and independent reviews report TradingView connectivity through the cTrader Raw account. The EU site says its servers sit in the Equinix NY4 data centre in New York, average execution is under 40 milliseconds, and prices come from more than eight liquidity providers. For this IC Markets review, that matters mainly to users of expert advisors and copy-trading tools. Volumes are large: in May 2018 it reported about US$447 billion for the month.
Deposits and withdrawals
The EU entity accepts bank transfers, Visa and Mastercard, Skrill and Neteller. It says deposits arrive instantly or within a few hours, and withdrawals are processed within 24 hours on business days, typically reaching you in 1 to 3 business days. Independent reviews say the global entity also takes PayPal, several cryptocurrencies and local methods in some Asian countries. Withdrawals generally go back to the original deposit method, so plan your funding route before your first trade.
Who IC Markets suits, and who should avoid it
- Good fit: cost-sensitive day traders and scalpers, users of expert advisors on MetaTrader, and cTrader fans who want raw pricing from a broker with ASIC and CySEC entities.
- Less suitable: beginners who want guided education or in-house research, investors who need a top-tier regulator but live outside the EU and Australia, and anyone tempted by offshore leverage.
Final verdict: IC Markets review summary
IC Markets delivers what it promises: raw spreads from 0.0 pips, a clear USD 3.50 per side commission and a choice of three mature platforms. Its ASIC and CySEC licences are real and long-standing. The catch is the entity question: many international traders sign up with a Seychelles company, which gives offshore protection and very high leverage. If you can join the Australian or EU entity, the package is hard to beat on cost. If not, decide whether the savings justify offshore oversight, and keep position sizes modest. CFDs are leveraged products, and most retail accounts lose money.
Compare IC Markets with the other top forex brokers, or read our DB Investing review and Pepperstone review.
FAQ
Is IC Markets regulated?
Yes. International Capital Markets Pty Ltd holds ASIC licence 335692 in Australia and IC Markets (EU) Ltd is licensed by CySEC under number 362/18. Most clients outside Australia and the EU are served by Raw Trading Ltd, a Seychelles company supervised by the FSA Seychelles, which is an offshore regulator.
What is the minimum deposit at IC Markets?
IC Markets (EU) Ltd lists a minimum of USD 200 or equivalent in its FAQ. Independent reviews report no fixed minimum (US$0) for Standard and Raw accounts on the Seychelles entity, with US$5,000 and US$100,000 for the newer Raw Pro and Raw Pro+ tiers. Confirm the figure for your entity at sign-up.
How much commission does IC Markets charge?
As of November 2026 the Raw Spread account on MetaTrader charges USD 3.50 per lot per side (USD 7 round turn), while the cTrader Raw account charges USD 3 per USD 100,000 traded per side. The Standard account has no commission and builds the cost into spreads from 0.8 pips.
Which platforms does IC Markets support?
The EU site offers MetaTrader 4, MetaTrader 5 and cTrader on desktop, web and mobile. Independent reviews also list TradingView connectivity through the cTrader Raw account on the global entity.
Does IC Markets offer Islamic or demo accounts?
Independent reviews report swap-free (Islamic) versions of the Standard and Raw accounts that charge a flat administration fee instead of swaps, and a free demo account that expires after 30 days of inactivity. Check eligibility for your country on the official site.
Facts compiled on 8 November 2026 from the official website, regulator registers and independent reviews listed in the sources. Fees and conditions change; confirm on the official site before opening an account.
