Our review covers everything from the regulatory landscape and trading platforms to trading instruments, costs, and overall user experience. We invite you to grab your favourite beverage and sit back. Then come along with Privacy Australia for our complete snapshot of what to expect when trading with IC Markets.

TL;DR

---

• IC Markets has become a well-known online broker for Australian traders. 
• IC Markets is regulated by top-tier authorities, including ASIC and CySEC.
• With IC Markets, you’ll find a decent range of trading instruments, including forex and CFDs. 
• One of IC Market’s most well-known features is its competitive pricing structure. This includes tight spreads and zero commission on the Standard Account. 
• Advanced trading platforms are designed for algorithmic and high-frequency trading. 
• Customer support is available 24/7 via phone, email, and chat.
• Educational resources are also available, although these could be improved upon. 
• IC Markets isn’t the only option. Doing some research will help you determine the best fit for your trading goals.

IC Markets: An Overview

---

What is IC Markets Best Known For?

IC Markets Australia is a broker with a platform built by traders for traders. They operate under the mission of providing the best experience for their clients. As of April 2024, IC Markets is among the largest brokers in the world in terms of trading volume. Current numbers have them at more than $1.64 trillion in trading volume. 

While these are impressive stats, this isn’t all IC Markets is known for. They are noted for offering some of the lowest spreads in the industry and more than competitive commission rates. 

Another area of appeal is IC Market’s focus on algorithmic and high-frequency trading. This is often seen as a significant plus for niche traders. However, IC Market Australia caters to forex and CFD traders of all experience levels. 

Features

When choosing between brokers, the decision often falls on the range of features offered. Compared to others, IC Markets Australia offers a fairly robust set of features. Let’s take a look at how IC Markets measure up in the features that matter most to traders. 

• Diverse Instrument Selection: IC Markets’ range of tradable instruments includes forex, indices, crypto, stocks, and futures. This provides the opportunity for greater portfolio diversification for traders. 
• Low Spreads: Considered a benefit by many online traders, a low spread allows for entering and exiting trades at the lowest possible costs. With low spreads, it’s possible to see profit even with the slightest price movements. IC Markets meets this demand by offering the lowest possible spreads.
• Super-Fast Execution: With IC Markets, traders benefit from super fast speeds, with transactions requiring only mere milliseconds. This provides their clients with an advantage in fast moving markets and minimises the effects of market volatility.
• Varied Funding Options: IC Markets Australia offers an extensive range of funding options. These include credit, debit, PayPal, wire transfer, Neteller, Skrill, Broker to Broker, and Klarna, among others.
• Advanced Trading Tools: Clients can access more than twenty advanced trading tools from IC Markets that were not previously available with the MetaTrader 4 platform. These include Alarm Manager, Stealth Orders, Sentiment Trader, Tick Chart Trader, and more. 
• Optional VPS Service: Accounts that meet a trading minimum are offered to subscribed to IC Markets VPS service. This adds an extra layer of security and speed to trading activities. However, the VPS isn’t free. Clients are charged $35 per month for the service. 
• No Inactivity Fee: It’s not uncommon for online brokers to charge a monthly inactivity fee after a period of three, six, or twelve months without trading. IC Markets doesn’t charge this fee, which sets them apart from most other brokers that charge a monthly $10 fee. 

Pros

Competitive Pricing and Low Trading Costs

In our assessment of IC Markets, one of the key advantages is its extremely competitive pricing structure and low trading costs. They offer two account types. Clients who choose the Standard account are not charged a commission. However, this account type comes with wider spreads. This broker offers super tight spreads, starting as low as 0.0 pips on its Raw Spread accounts.

Advanced Trading Platforms for Algorithmic Traders

A standout feature of IC Markets is how they cater to algorithmic and high-frequency trading. They accomplish this by offering clients a choice of advanced trading platforms. These include both MetaTrader 4 (MT4) and MetaTrader 5 (MT5), and cTrader. cTrader is a newer trading platform that is regarded as even more user-friendly and advanced than the MetaTrader suite. 

Regulated by Top-Tier Authorities

IC Markets Australia is regulated by top-tier authorities. These include the Australian Securities and Investments Commission (ASIC) and the Cyprus Securities and Exchange Commission (CySec). Regulatory licences from top-tier authorities like these offer traders peace of mind. This type of high-level regulatory oversight is a confirmation of protected funds, high standards, and best practices. 

Cons

Limited Product Selection for Advanced Traders

The range of trading instruments offered isn’t IC Markets’s worst performance, but it’s not its best either. There is a reasonably diverse range offered, with decent opportunity for diversification for beginning and mid-level traders. However it does pale in comparison to some of IC’s competitors. The primary focus is on forex and CFDs, and also cryptocurrency. The range of CFDs is nicely diverse, however there are no ETFs. The slightly limited product selection is an area we feel could be improved upon. 

Room for Improvement in Customer Support

IC Market has a customer service team that offers round-the-clock support via phone and live chat. There is also email customer support available. While this is a great starting base, there are some weaknesses in the follow-through. Clients report some difficulties in reaching IC Market representatives and a slow response time. Customer support is such a basic expectation at this point that there’s no excuse for lacklustre performance. 

Educational Resources Could Be More Comprehensive

Like most other brokers, IC Markets offers different types of educational materials. These include tutorials, articles, videos, and webinars. Compared to its competitors, IC Markets doesn’t compete in terms of the educational resources offered. We’d like to see them offer a greater depth of resources. Also, to provide clients with a better organised system for finding the most beneficial training materials for their needs. 

Criteria Evaluation

Regulation and Trust

IC Markets is a well-regulated online trading broker, which earns them high marks for trust among clients. The top-tier regulatory authorities that IC Markets is connected with include ASIC and CySEC. This regulation ensures that IC Markets is operating with financial guidelines and providing transparency in their operations. 

Additionally, IC Markets holds all client funds in segregated accounts with top-tier Australian banks. 

Rating: 4/5

Trading Platforms

We give IC Markets the highest score for its trading platforms. They offer clients the choice of MetaTrader 4, MetaTrader 5, and cTrader. Experienced traders will already be familiar with MetaTrader 4, and MetaTrader 5. These are among the most popular platforms, with MT5 being a newer version of MT4. However, the steam behind MT5 is still building, so it’s not yet as popular as MT4. 

Another option is cTrader, known for its advanced capabilities. These include advanced charting, market depth, and algorithmic trading. Advanced traders with a high level of experience might find that cTrader is best suited for their goals. 

For greater diversity in trading experiences, IC Markets also offers ZuluTrade with social trading capabilities, along with WebTrader and TradingView. 

Rating: 5/5

Tradable Instruments

We give IC Markets a decent score for tradable instruments, although there are some limitations. They offer a good range that includes forex, stocks, crypto, indices, and commodities. There are definitely enough options here for new and mid-level traders who want to explore different tradable instruments. However, advanced traders may desire more opportunities for portfolio diversification, such as ETFs.

Rating: 4/5

Trading Costs

Offering competitive trading costs is something that IC Markets Australia is best known for. Trading costs are dependent upon which account is chosen. The two account types are the Standard account and the Raw Spread account. 

With the Standard account, there is zero commission charged. This makes it an appealing option for beginning traders and those who don’t do heavy trading. However, there is a markup that is applied to the spread of 0.8 pip above the inter-bank rate they receive from their liquidity providers. 

In contrast, the Raw Spread account has a commission charge of $7 per standard lot round turn. The benefit here is that Raw Spread account holders have the Raw interbank spread received by IC Markets. This translates to spreads as low as 0.0 pips. 

Rating: 5/5

Customer Support

This is one area where IC Markets earns mixed reviews. The potential is there for great customer service. Clients can contact IC Markets 24 hours a day via phone, email, and live chat. This level of accessibility is a plus. However, actually reaching a customer support person to speak with appears to be more challenging. Slow responsiveness is also a drawback, earning them only 3 out of 5 stars in this department. 

However, we’ve been keeping an eye on IC Market customer support reviews. We’ve noticed an increasing trend of positive remarks about its customer service team. We definitely hope this trend continues, and will gladly raise our rating if it does. 

Rating: 3/5

Educational Resources

Trading can feel intimidating, especially for beginners. It’s important for brokers to offer a range of educational materials, both for new and advancing clients. Ideally, educational resources cover the very basics, plus more in-depth information on platforms, trading products, and more. 

IC Markets does offer educational materials that span articles, videos, and webinars. However, we feel that these materials could be more in-depth, adding more coverage for advanced trading. We’d like to see structured courses that take the client from the beginning through advanced strategies in each area. Adding progress tracking would also be a feature that would attract more beginning traders. 

IC Markets does also offer a demo account for those who want to get a feel for the platforms. This is a great way to try your hand at risk-free trading. We strongly encourage all traders who are new to IC Markets to try a demo account first. 

Rating: 3/5

Community Reviews and Expert Recommendations

Overall, IC Markets Australia receives above-average reviews, many of which we agree with. When we look strictly at community reviews on Platforms like TrustPilot, IC Markets excels. They have a 4.8-star standing with more than 37,000 reviews. Of these, 91% are 5 stars. These are exceptional stats in the world of online brokers. 

So, where does IC Markets shine in community reviews? Shared praises across the community include low trading costs, advanced capabilities of the platforms, and super fast execution speeds. High-frequency and algorithmic traders praise IC Markets for catering to their specific trading needs. 

Still, there are some community complaints worth noting. Difficulty withdrawing funds can be a sore point. Additionally, IC Markets seems to conduct maintenance during peak trading times, causing significant issues with transactions. 

From the experts, views on IC Markets generally match with what the community has to say. Highly competitive pricing is a plus, as are the platforms and advanced trading capabilities. Experts also share opinions that the educational resources could be improved, along with the withdrawal process. 

Price

As we’ve mentioned, price is a major attraction for IC Markets Australia. This is a point that appeals most specifically to traders who are seeking the lowest trading costs. Currently, the Raw Spread account charges $7 per lot, however, the spreads start as low as 0.0 pips. With the Standard account, their commission costs are zero but come with wider spreads. 

An additional detail to note is that IC Markets requires a minimum deposit of $200 to open an account. This is mid-range for forex brokers, and common across the industry. IC Markets demo accounts are always free to open.

Where to Find IC Markets

IC Markets can be accessed online at https://www.icmarkets.com/. From this site, new clients can explore the trading programs, and educational resources, and try a demo account. All the information needed to open a valid account can also be found there. 

Additionally, if you’d like more details about trading and privacy, we encourage you to visit the Privacy Australia Research Hub. 

Alternatives to IC Markets

---

IC Markets is a popular option for online trading, however, they’re not the only choice available. Depending on your specific trading needs, a different broker might be a better fit. We always encourage exploring all of the options. 

A few details to look for include the range of tradable assets, platform options, account types, commission fees and spreads, and educational resources. Specialised traders will also want to ensure the broker is aligned with their goals. 

Here are a few notable alternatives to IC Markets worth considering.

eToro

eToro has solidified its rank among the top trading platforms in Australia. With access to thousands of assets, traders can work toward diversifying their portfolios with stocks, crypto, and ETFs. While eToro has low fees and is easy to use, it’s the social trading platform that really stands out. They utilise CopyTrader to help new and advancing traders learn from the pros. 

Pepperstone

Pepperstone has earned a reputation in the trading industry for its competitive pricing, low spreads, and range of platforms. This includes both MetaTrader 4 and MetaTrader 5, along with cTrader, TradingView, and Pepperstone’s proprietary platform. While Pepperstone appeals to a range of trading skill sets, advanced traders will appreciate both the platforms and asset diversity. 

AvaTrade Australia 

AvaTrade Australia is a broker that checks off all the important boxes for online trading. AvaTrade offers a wide range of trading instruments. These include forex, commodities, indices, stocks, ETFs, and crypto. This broker is well-suited for traders looking to level up the diversification of their portfolios. Additionally, AvaTrade’s range of platforms is impressive. They offer the MetaTrader platforms, along with WebTrader, DupliTrade, and AvaOptions. 

These features make AvaTrade sound like it’s best aligned with the goals of advanced traders. However, they are well-equipped for beginners also. They offer an extensive educational resource collection that’s organised by skill level. To top it off, AvaTrade is highly regulated by top-tier authorities around the globe. 

FAQs

---

Is IC Markets a regulated broker?

IC Markets is regulated by the Australian Securities and Investments Commission (ASIC) and Cyprus Securities and Exchanges Commission (CySEC). These are considered top-tier regulating authorities, providing oversight and protection for traders. For the safety and protection of your funds, it’s important to always ensure your broker is well-regulated.

What trading platforms does IC Markets offer?

IC Markets offers three trading platforms. These include MetaTrader 4 (MT4), MetaTrader 5 (MT5), and cTrader. These platforms meet the needs of a diverse range of traders, and can all be accessed across multiple devices. 

What account types does IC Markets offer?

The two primary account types are the Standard Account and the Raw Spread Account. Those seeking zero-commission trading should choose the Standard account. However, more diverse traders who prefer tighter spreads will appreciate the perks of the Raw Spread account. A risk-free demo account option is also available. 

What is the minimum deposit required to open an account with IC Markets?

IC Markets Australia requires a minimum deposit of $200 to open an account. This minimum deposit applies to both Standard and Raw Spread accounts. This minimum deposit amount is considered standard for the industry. There isn’t a deposit amount required to open a demo account. 

Does IC Markets offer educational resources for traders?

Yes, IC Markets offers educational resources. These can be found directly on the IC Markets site. Types of educational resources include training guides, videos, webinars, and articles. However, the depth of the training materials provided could be improved upon to meet more diverse educational needs.  

Final Thoughts

---

We’ve reached the conclusion of our in-depth review of IC Markets. They have an established presence and features that appeal to a broad range of trading interests. We’ve found IC Markets capable of meeting the needs of every level of trader. IC Markets Australia operates with an emphasis on low trading costs, combined with top-tier platforms. They also offer specialised support for algorithmic and high-frequency trading. 

Still, we also found that IC Markets still has room for improvement. Customer service has been an area of inconsistency, but this is improving. Levelling up their learning resources would provide a significant benefit to their clients. 

These areas of improvement aren’t significant enough to be a deal breaker for IC Markets. However, it’s important to take every detail into consideration when conducting your own research on online brokers in Australia. 

At Privacy Australia we’re committed to doing our part to help you in making the best decisions. This includes everything from brokers and micro-investing apps to security features, like the best VPNs. When it’s time to research the best brokers, let us help. We believe in empowering you with all the knowledge and resources needed to make the choice that’s right for you. Whether you’re looking specifically for brokers or the best options in trading platforms, we invite you to explore our resources at Privacy Australia.

---