Forex Broker Review

IC Markets is a popular Australian forex broker which was founded in 2007. IC Markets offers the MetaTrader and cTrader forex trading platforms and has one of the most competitive spreads on CFDs and forex markets. IC Markets parent company is International Capital Markets Pty Ltd which is fully ASIC regulated.

IC Markets is one of the larger Australian forex broker firms thanks to their strong offering in several areas including their spreads, commissions, forex trading platform, leverage, and trading tools which led to the following recommendations:

Beginner Forex Trader

Those new to currency trading should consider the IC Markets standard account but with a lack of management features, this may not be the best forex broker for them.

Experienced Forex Traders

Advanced traders with a risk appetite that matches the 500:1 leverage of IC Markets should consider the True ECN account. This account offers ECN spreads, leverage of just $3.50 per lot and the MT4 forex trading platform. With many advanced MT4 trading tools this is the strongest niche for IC Markets.

Forex Trader Scalpers

Those looking to use scalping strategies on currency markets should consider the cTrader account. With $3.00 per USD $100k traded commission combined with ECN spreads, the use of cTrader and fast execution speeds through Equinix LD5 facility, this forex broker has tools required for scalping using C# programming language.

Trading Platforms 

MetaTrader 4

  • The world’s most popular trading platform for beginner, intermediate and scalping traders
  • An interface that is easy to use with prompt order management functionality
  • Algorithmic trading and Expert Advisors for scalping traders

MetaTrader 5

  • Has a built-in Market of trading robots for easy automated forex trading
  • Includes the Virtual Hosting service (Forex VPS) to maximize execution speeds
  • Access to the  MQL5 community including free trading robots


  • An interface that can be personalized with detachable charting options and an android app
  • Direct access setup to liquidity pools designed for algorithmic forex trading
  • Backtesting facilities based on past market data

Advanced Trading Tools

IC Markets give their traders the edge by adding these additional tools into the forex trading platforms.

  1. Alarm Manager
    The trading assistant that notifies the trader visa SMS, email or SMS of market changes and events on the account. This assistant can also take automatic actions.
  2. Correlation Matrix
    Helps a trader identify the symbols with strong or weak correlation. This occurs on different time-scales to enable superior decision making.
  3. Correlation Trader
    Highlights the correlation over a configurable time-frame between two symbols. This allows trading on the emerging differences).
  4. Trade Terminal
    Trade execution tool with in-depth features to analyze the markets. This tool consists of market watch, account summary or order list.
  5. Market Manager
    This tool provides a ‘watch list’ and allows opening and closing of positions, provides headline information such as equity, lists tickets and positions and provides a summary of price activity.
  6. Sentiment Trader
    Illustrates the sentiment based on current positions whether long or short when it comes to open position. These are calculated based on real-money accounts.
  7. Session Map
    Provides forex traders with a market overview via a map using local time. It also provides markers for future news events and price activity during each session.
  8. Smart Lines
    This tool uses line objects as the stop-loss or take-profit for positions. A feature included a trend-line stop-loss, multiple partial stops, and time-based stops.
  9. Stealth Orders
    This tool hides a forex traders entry and exit levels from the market. This feature buys or sells at the current market price when the price level is reached.
  10. Tick Chart Trader
    This shows tick charts in a variety of styles. It allows forex traders faster trades using a mouse or keyboard
  11. The Excel RTD.  This app lets you do two things: Put real-time data into Excel using only Excel’s RTD() function. No macros; no programming; no XLL add-ins. Send simple trading commands from VBA code in Excel You can run multiple copies of the Excel RTD app for different accounts, and then combine the data for those accounts in a single spreadsheet. The app is supplied with an example spreadsheet which lets you enter up to 5 account numbers, and then automatically displays a dashboard of equity and balance, etc; symbol prices; and a consolidated list of open positions.


Bar changer indicator
Candle countdown indicator
Chart group indicator
Chart – in – Chart indicator
Donchian indicator
Freehand drawing indicator
Gravity indicator
High – Low indicator
Keltner indicator
Linear regression indicator
Magnifier indicator
Mini chart indicator
Order history indicator
Period converter indicator
Pivot indicator
Renko indicator
Symbol info indicator

Forex Execution Speeds

IC Markets makes use of Equinix servers (the LD5 server in London for cTrader and NY4 in New York for MetaTrader) maximizing the execution speeds of the three trading platforms shown above. They also have a direct access interbank price feeds from more than 50 banks and institutional liquidity providers.

The Equinix NY4 and LD5 IBX Data Centres in New York and London are home to 60+ exchanges and trading platforms, 400+ buy and sell-side firms, 150+ financial service providers, 675+ network bandwidth options.

Equinix data centers are known to be the most reliable data centers on earth. In these facilities financial market participants can interact in a low latency environment to ensure the ultra-fast transfer of data, leading to the fastest execution speeds for the end user.

Low ECN Spreads

IC Markets has three main trading accounts but our review focused solely on the true ECN and cTrader trading account. These two accounts offer the best features and lowest forex trading costs from the forex broker.

1) Standard Account

  • No commissions on trades, rather larger spreads
  • Use of the MetaTrader 4 forex trading platform

2) True ECN Account

  • $3.50 per lot commission and lower market-based spreads
  • Use of MetaTrader 4 forex trading platform

3) cTrader ECN Account

  • $3.00 per lot commission and lower market-based spreads
  • Use of cTrader forex trading platform

Electronic Communication Network (commonly called on an ECN offers faster forex trading with lower commissions. When it comes to IC Markets an ECN can be seen as a way for small market participants to trade with large liquidity providers on Foreign Exchange Markets.

Both the MT4 and cTrader ECN account are considered true ECN. This means at IC Markets for these accounts achieve True ECN pricing using 50+ banks and dark pool liquidity providers ensures market-based thin spreads.

IC Markets offers a number of funding and withdrawal methods such as bank transfer credit cards and even PayPal with no additional fees charges.

IC Markets Leverage

IC Markets has the highest leverage of the mainstream Australian forex brokers. The level of 500:1 can be reduced if your risk appetite is lower based on a request. Overall though, having the option to maximize leverage can be critical for some traders strategy.

High leverage is particularly suited for forex traders who have a high-risk tolerance, use scalping software (eg expert advisors) or trade currency pairings with low volatility (or during a low volatility period).

IC Markets Minimum Deposit?

IC Markets minimum deposit is USD $200 with micro lots supported through there forex platform which is 1,000 units of the base currency. When trading Contract For Differences the minimum is one CFD contract.

Other Trading Instruments

IC Markets is often viewed for current trading purposes only but the forex broker offers more than just forex. These trading services include:

  1. Indices
    17 Indices to trade from across the globe
    Up to 1:200 leverage
    No commissions
    MT4, MT5 & cTrader
  2. Commodities
    Over 19 commodities to trade
    Energy, agriculture, and metals
    Spot and Futures CFDs
    Up to 1:500 leverage
  3. Stocks
    120+ stocks from ASX, Nasdaq & NYSE
    Earn dividends
  4. Bonds
    Over 6 Bonds available to trade
    No commissions
    Up to 1:200 leverage
    Deep Liquidity
  5. Cryptocurrency
    Trade the market 24/5
    Long or short
    Up to 1:20 leverage
    10 of the most popular Cryptos
  6. Futures
    4 Global Futures available to trade
    No commissions
    Up to 1:200 leverage
    Deep Liquidity

Customer Service

IC Markets is one of the biggest forex broker companies around and one would think that their customer service wouldn’t be good, but it’s far from it. IC Market’s customer service is on par with the best around. Traders can reach them through various different channels like online chat, email, Skype or by phone. Their response time is within 15 minutes and traders can expect their problems solved within 24 hours which is what sets them apart from the rest. The company has a vast educational center which is great for those new traders who have no previous knowledge in trading.



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