IC Market Forex Broker Review: Is IC Markets Legit?

ic markets legit or scam

IC Markets is a leading international brokerage company owned and operated by International Capital Markets. It was founded in 2007 in Sydney, Australia. It is the biggest online broker in Australia and its headquarters are at level 6 309 Kent Street Sydney, NSW 2000. IC Markets offers great deals in all their brokerage services from good customer services, flexible leverages, low spreads and fees.

It is easy to open and operate a trading account with IC Markets, not to mention that it has excellent trading tools for traders to make the most from Forex trading. IC Marketing is very reliable and secure as it is regulated by the Australian Securities & Investment Commission (ASIC). It has also put in place strict measures to protect the trader’s personal and financial information.

In this article, we will discuss the main factors a trader should consider before settling for a broker and, at the same time, review IC Markets.

Things to look out for while choosing a broker/ what IC Markets offers

Details Information
Minimum withdrawal $200
Payment methods Bank/wire transfer, Paypal, credit card, Skrill, Neteller, UnionPay, Bpay, FasaPay and Poli


Swap fees  Yes, Most competitive in the world. Maximise overnight swap earnings or reduce your swap costs across our wide range of products.    View latest fees 
Maximum leverage 1:500
Account types
  • Standard
  • cTrader ECN account
  • True ECN account
Transaction cost Zero deposit and withdraw fees
Security & Regulation CySEC, FSA, ASIC


Minimum deposit

The minimum deposit is the initial amount required for you to open and own an account. It is necessary to go for a broker with a low minimum deposit- one that you can afford.

IC Markets has a minimum deposit of $200.


The ask and bid price of any currency pair is determined by leverage, making it a very important tool in Forex and commodity trading. Your broker of choice should provide you with flexible leverage terms that best suit your trading needs and abilities.

IC Markets offers flexible leverage of 1:1 to 1:500.

Account types

If you are in quest of a brokerage company, choose one that offers several accounts types as this will allow you to choose one that fits you best. With several account types, you can settle for a beginner level account if you are a beginner and transit to advanced level accounts once your skills improve.

IC Markets offers three account types suitable for beginners and seasoned traders. These are Standard, True ECN and cTrader ECN accounts. All these accounts are similar in basic features but differ in fee structure and available platforms.

  •  Standard Account- This provides Meta Trader 4 and Meta Trader 5 trading platforms and it charges zero commission, but it has high spreads.
  •  cTrader ECN account- It offers cTrader trading platform and charges a $6 commission per lot but generally has low spreads.
  • True ECN account- Offers Meta Trader 4 and Meta Trader 5 trading platforms and charges $7 commission per lot. This account has the least spreads.

Withdrawal and deposits

If you are investing in any platform, you need to deposit or withdraw money without much hassle. Therefore, you should consider a broker offering several deposit/withdrawal modes to be able to choose one that is readily available to you with the least fees.

IC Markets offers traders with several deposit/withdrawal modes, including Skrill, Neteller, Broker to Broker Transfer, PayPal, Branch Cash Deposit, B-bay deposit, WebMoney, Bank Wire Transfer, Credit and Debit Cards. For the deposit/withdrawal, you can use the following currencies AUD, USD, CHF, CAD, SGD, GBP, EUR, NZD, HKD and JPY. Most of the deposits are instant.

Local withdrawals can take up to 1 business day and are charge free for e-wallets and domestic bank transfer. International withdrawals cost $25 and take 2-3 business days to be processed.


Security is the main factor to consider when settling for a broker since your funds’ safety is critical. Choose a credible broker that is sufficiently regulated and that provides the security needed for your personal/financial data.

IC Markets is very secure as it is regulated by the Australian Securities and Investment Commission (ASIC), a top regulatory authority in this jurisdiction. Other authorities that regulate it include Cyprus Securities and Exchange Commission (CySEC) and Financial Supervisory Authority (FSA).

The European Union residents are provided with negative balance protection.

Bonus & promotions

Most brokers offer their traders welcome bonuses on the amount deposited (mostly 50% bonuses on deposit) to increase their capital. Promotions are also given from time to time aimed at motivating the traders to continue trading.


Best brokers employ good trade execution that ensures orders are filled correctly and at the best market rates.

IC Markets gives an execution speed of under 40ms once an order is received.

Trading platform

All trading activities take place in a trading platform and thus, you should settle for a broker offering easy to navigate and use platforms. The platforms should be customized with charting tools, expert adviser and education material to help you trade better.

IC Markets offers three platforms for traders to choose from, including Meta Trader 4, Meta Trader 5 and CTrader.

Meta Trader 4

This is the most common platform in IC Markets. It provides traders with 1-click trading solutions customized for market and price fluctuations analysis.

 Meta Trader 5

Meta Trader 5 is an improved version of Meta Trader 5 and provides traders with upgraded and expanded features.


This is customized for an ECN trading environment.

All these platforms offer versions available for desktop, mobile and the Web.

Transaction costs

All Forex brokers will either charge you spreads or commissions to keep running their platforms. You should settle for a broker that charges affordable costs.

IC Markets derives its fees from the commission and spreads charged. $6 commission per lot is charged for the cTrader ECN account and a $7 commission is charged for the True ECN account.

The IC Markets charges an average spread of 0.1 pips, with the Standard account having the highest spread and the True ECN account having the least spread.

Customer service

If you want a smooth experience in trading, go for a broker known to have good customer services and that can help in case of any trading issues.

IC Markets offers excellent customer services by providing fast and accurate responses. They have phone support, live chat and email for customer assistance and a FAQ section on their website answering common and basic questions.


Before you head out to look for other Forex brokers with the knowledge provided in this guide, check out IC Markets, a Forex broker that we highly recommend. Its premium customer services, easy to use platforms/account types and affordable brokerage services are top factors that any online trader would be looking for in a broker. Join this broker today and revolutionize how you do Forex trading!

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