IC Markets Review: How Trusted and Reliable is this Forex Broker


Founded in 2007, International Capital Markets Pty Ltd (IC Markets) was established in Sydney and acquired an Australian Financial Services License (AFSL) with the Australian Securities and Investment Commission (ASIC) in 2009.

Today, IC Markets offers a suite of trading platforms from MetaQuotes Software Corporation, including MetaTrader4 (MT4) and MetaTrader 5 (MT5), as well as the suite of cTrader platforms from SpotWare Systems.

In addition to providing traders 63 forex pairs and 41 CFDs on indices, metals, cryptocurrencies, and futures contracts on its available account types, IC Markets also provides social copy trading via Myfxbook and on the ZuluTrade platform.

ICMarkets Review

Many traders shop for a broker to work with and find endless reviews on the web, and not all are genuine. There are lots of websites that specialize in broker reviews and lots of talk about brokers in various forums, social media channels, and groups. While some information comes from a real trading experience of people that have used brokers’ services, some have a hidden agenda of promoting the broker(s). Promoting a forex broker is a legitimate and normal practice, as long as it’s done in a transparent way.

As of today, there are very few websites with trusted brokers’ reviews. One of the most trusted is forexpiecearmy.com, due to its security level which filters fake reviews. Anyway, use your intuition when you read IC Markets reviews. 

ICMarket’s overall rating on the largest portal for broker reviews is good. What do IC Markets’ disgruntled traders complain about?

Alleged spread manipulation is always an issue with online trading operations, as is the apparently unfounded denial of profits from traders. Some of the clients are not happy with the bureaucracy related to deposits and withdrawals, which can be denied for longer periods of time due to strict money-laundering policies imposed by their regulators (ASIC and FCA UK). Others are complaining about the lack of negative balance protection for retail clients. 

Here are just 2 examples:

ICmarkets oil scam 

Hi , I have a 6.5k account . I open a buy position on oil wti_ko at 26 of 1 lot size, the broker show me the quote of oil being 0.7 and blocked me along the way to open new positions . They let my position open in -2.600$ than they emailed be they have to close the position and readjust the trade to the real value of -37 of wti_ko when in reality the real value at that day was around -15 at the closing time of the day and had enough margin to keep open the position. They simply after closed based on the fact that the wti_ko expired in 04.20.2020 , and put me in negative -2.600$ and another -3.700$ , well I had a chat with them and screenshots of the situation because they didnt let me open new position because on 04.20.2020 they said it already expired but then they charged -37 price in the same day they didnt let me trade, they said its a new oil wti_mo that already existed anyway couldnt open position on it when the market was open and I have screenshots. They simply steal my money from my account stopped me from trading the pair in 04.20.2020 but took my money away from the lowest point where I still had enough margin for my position to not be closed. Please let me know how do I proceed to take them in court and put this case in front of FCA or any authority that want permit this type of behaviour in the market

– ShikOne, Brasov, Romania, Apr 22, 2020

Can’t recover funds from IC Markets

Have been trying for MONTHS to withdraw my funds from IC Markets. Whichever method I choose, gets rejected.

1. Credit card used to make original deposit has expired and I’m no longer a customer of that bank.
2. At IC Market’s request, I uploaded all documentation to support the cancellation of original card.
3. At ICMarket’s request, I uploaded the new card and ‘made a small deposit’ using this card to ‘open the pathway for withdrawals’.
4. Withdrawal to this new credit card account = rejected. IC Markets advise I withdraw the funds using Bank Wire.
5. Bank Wire = rejected. My new bank doesn’t support international transfers. It takes weeks for the money to be returned to my trading account.
6. Again, IC Markets advise I make another “small deposit” with my new credit card to open the pathway for withdrawals. Again, withdrawal rejected. I am advised to withdraw money via Bank Transfer.
7. I open a new bank account with a bank which accepts international transfers. IC Markets rejects the withdrawal, advising funds can only be returned to the original credit card (which has expired).


– pimpmybalance, Cape Town, South Africa, Apr 24, 2020

source: https://www.forexpeacearmy.com/forex-reviews/8264/icmarkets-forex-brokers?page=3&per-page=10

icmakets reviews
source: forexpeacearmy.com

The majority of their European and Australian clients are satisfied with the broker, while Asian clients have complained about the onboarding process, and especially deposits and withdrawals. Some others are not happy with the negative balance due to the lack of retail client protection imposed by the local regulator. 

Is IC Markets Trusted?

ICMarkets is considered average-risk, with an overall Trust Score of 80 out of 99 by forexbrokers.com experts opinion on icmarkets. IC Markets is not publicly traded and does not operate a bank. IC Markets is authorized by one tier-1 regulator (high trust), one tier-2 regulator (average trust), and one tier-3 regulator (low trust). IC Markets is authorized by the following tier-1 regulators: Australian Securities & Investment Commission (ASIC).

ASIC requires licensed companies to comply with various rules and to meet certain requirements. Clients’ money is to be kept in segregated trust accounts, separated from the companies’ operating funds. 

We would also like to point out that unlike many EU-based brokers, Australian ones are not covered by any compensation scheme. For example, Asian traders are not covered. 

IC Markets Trading Conditions

Account Types

IC Markets offers its clients a choice of three live account types, available on two different platforms. The Standard account is a commission-free one, and True ECN one provides tighter spreads, but a commission of $7 round turn applies.

Micro lots are available for trade on all account types and, of course, the broker provides free demo accounts, which are always appreciated by inexperienced traders.

What is more, ICMarkets provides swap-free service to investors of Islamic belief, who are able to open Sharia-compliant accounts.

Minimum Initial Deposit

Traders are required to deposit $200 in order to open an account with ICMarkets, which is an average initial amount. In comparison, the global leading Forex & CFD broker Admiral Markets demands $100 from its clients as a start.

ICMarkets Spreads & Commissions

IC Markets offers variable bid-ask spreads, the typical ones on its commission-free account amounting to 1.1, which is average. ICMarkets Spreads on the ECN accounts, on the other hand, are as low as 0.1 pips on EUR/USD on average, involving a commission of $6/$7 per standard lot round turn on the cTrader and MT4 respectively. So, trading costs of such account holders amount to just 07 – 0.8 pips, the commission included, which is really attractive, especially considering that one can open such ECN MT4 account for just 200 bucks.

Payment Methods

ICMarkets offers its clients a variety of deposit/withdrawal methods: via credit/debit card, bank wire, BPAY, Neteller, Skrill, Webmoney, China UnionPay, FasaPay, PayPal and Qiwi.

Trading Platforms

While most brokers provide just the MT4 and/or their in-house platform, IC Markets offers its customers a choice of three popular platforms: MetaTrader 4 (MT4)MetaTrader 5 (MT5), and cTrader (see a comparison of the best forex platforms today).

MT4 is the most widely used forex platform, available to the broker’s clients as Mac, iPhone/iPad and Android versions, as well as a Web Trader version. MT4 provides all the tools and resources a trader needs: a number of technical indicators, an advanced charting package, a wide range of trading robots (forex EAs), and an extensive back-testing environment. EAs are especially popular among experienced users, as they allow full automatization of trades, so traders may sit back, while the software does all the work.

icmarkets mt4
source: IC Markets MT4

If you are running EAs, it is vital that your platform is connected to our servers 24 hours a day. The best solution, in this case, is VPS, and IC Markets has partnered with Commercial Network Services, NYCServers, and BeeksFX VPS, to provide a customized low latency solution for their clients. The VPS seamlessly connects traders to the Equinix NY4 grid using cutting-edge technology and providing excellent execution.

What is more, this broker provides Multi, Account Manager, MAM/PAMM options on MT4.

IC markets launched the MetaTrader 5 (MT5) platform in May 2017. The MT5 sees a growing level of use recently, as MetaQuotes company tries to strengthen its presence on the market and phase its popular predecessor, the MT4.

To learn more read how to use MT4 and how to use MT5.

In addition, IC Markets offers access to the cTrader platform, which is custom-made for use in the ECN environment. The IC Markets cTrader suite includes a PC, web, and mobile versions, as well as automated trading software cAlgo.

icmarkets copy trading
source: IC Markets Copy Trading

Traders who are fond of automated trading are offered three more options with this broker: ZuluTrade, Myfxbook’s AutoTrade and Signal Trader’s unique mirroring technology.


ICMarkets combines some in-house research resources, such as multiple technical and fundamental analysis, on its blog every day under its market analysis section, alongside content powered by third parties, including an economic calendar from MQL5 and news headlines from Myfxbook.

Beyond the minimum industry standards, IC Markets also provides social copy trading via ZuluTrade and Myfxbook (see the best copy-trading platforms). For MetaTrader 4, ICMarkets provides the Advanced Trading Tools add-on developed by FX Blue LLP.

ICMarket also added EA Lab by Trade View in 2017, which lets users build out their Expert Advisors (EAs) for automated trading on MetaTrader platforms. With EA Lab, traders use a drag and drop feature that removes some of the complexity around understanding code, yet still requires advanced technical knowledge.

Besides social copy-trading resources and the platform add-on, research is not IC Markets’ strong point as the broker does not provide pattern-recognition tools or news headlines in MT4.

For more advanced features, see the MetaTrader Supreme Edition.


IC Markets can appeal to algorithmic traders that use the MT4, MT5, or cTrader platforms, and who need agency execution coupled with competitive spreads and low commissions.

IC Markets has low forex fees. It has also an easy and fast account opening process while depositing and withdrawals are free and user-friendly as well. For traders outside the EU and AU may be bureaucratic due to a lot of documentation and proof of funds requirements. IC Markets does not provide any investor or negative balance protection. It has a limited product portfolio, offering only forex, some CFDs, and cryptocurrencies.


To trade forex and CFDs, you need a well-regulated broker, where your money is safe, one that features a user-friendly trading platform with ultra-light execution, tight spreads, and fees. Trading with a trusted forex broker is crucial for success in international currency markets.

Here’s the Overall rankings for the best online brokers who participated in our 2021 Broker Review, sorted by Overall ranking.


Is IC Markets reliable?

IC Markets is considered average-risk. IC Markets is not publicly traded and does not operate a bank. IC Markets is authorized by one tier-1 regulator (high trust), one tier-2 regulator (average trust), and one tier-3 regulator (low trust).

What is the minimum deposit for IC Markets?

Traders are required to deposit $200 in order to open an account with IC Markets, which is an average initial amount.

How long does it take to withdraw money from IC Markets?

Once processed via bank transfer, the funds may take 3-5 business days to reach your bank account. 

Does IC markets offer bonus?

While some bonuses offer a match deposit bonus or a welcome bonus to encourage you to open an account, there is no such bonus with IC Markets.

Deposit & Withdrawals
Platforms & Tools
Spread & Commissions
Range of Markets
Customer Support
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Cristian Cochintu is a highly experienced trader, author, and analyst, currently Chief Operation Officer at Investing Magnates. Trading Style Analytical Profile: More Technical, Less Fundamental Time Frame: Long-Term (weeks to months) Type: Position Experience Started trading in Forex in 2004 and expanded to Stocks in 2007 Has worked with Admiral Markets since 2009 starting as a market analyst Has spoken at numerous online seminars, trader expos, and conferences over the years


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