When traders talk about the best forex broker in Australia, IC Markets almost always comes up — often in the same breath as Pepperstone.
Founded in Sydney in 2007, IC Markets has grown into one of the largest forex and CFD brokers in the world by trading volume. It regularly processes more than $20 billion USD in trades every single day. That’s not a small operation.
But does volume equal quality? And more importantly — is IC Markets the right broker for you, especially if you’re just starting out?
This IC Markets review covers everything Australian traders need to know in 2026: the fees, platforms, account types, available instruments, customer support, and the honest strengths and weaknesses. By the end, you’ll have a clear answer on whether IC Markets deserves a place in your trading setup.
Table of Content
- 1 IC Markets at a Glance
- 2 Who Is IC Markets?
- 3 IC Markets Account Types Explained
- 4 IC Markets Fees in Detail
- 5 Platforms Available on IC Markets
- 6 What Can You Trade on IC Markets?
- 7 IC Markets Leverage
- 8 IC Markets Customer Support
- 9 IC Markets Education and Research
- 10 IC Markets Pros and Cons
- 11 IC Markets vs Pepperstone: Head-to-Head
- 12 Is IC Markets Right for You?
- 13 How to Open an IC Markets Account
- 14 Conclusion
- 15 Frequently Asked Questions (FAQs)
IC Markets at a Glance
| Feature | Details |
|---|---|
| Founded | 2007, Sydney, Australia |
| Regulation | ASIC (Australia), CySEC (EU), SCB (Bahamas) |
| Minimum Deposit | $200 AUD |
| Platforms | MT4, MT5, cTrader |
| Account Types | Standard, Raw Trader Plus (MT4/MT5), Raw cTrader |
| EUR/USD Spread | From 0.0 pips (Raw) / ~0.8–1.0 pips (Standard) |
| Commission | $0 (Standard) / ~$7 AUD round trip (Raw MT4/MT5) / ~$6 USD round trip (Raw cTrader) |
| Instruments | 2,250+ (forex, indices, shares, commodities, bonds, crypto) |
| Demo Account | ✅ Yes — free, no expiry |
| CHESS Sponsorship | ❌ No (CFDs only) |
| Customer Support | 24/7 — yes, seven days a week |
Who Is IC Markets?
IC Markets — short for International Capital Markets — was launched in Sydney in 2007 with a specific mission: to give retail traders access to the same institutional-grade trading conditions previously reserved for large banks and hedge funds.
Before IC Markets, Australian retail traders typically paid wide spreads and high commissions. IC Markets changed the game by connecting retail clients directly to institutional liquidity providers — a model called Electronic Communications Network (ECN) trading — which allows near-zero spreads during liquid market conditions.
Today, IC Markets is regulated by ASIC under an Australian Financial Services (AFS) licence. Client funds are held in segregated accounts at tier-one Australian and European banks. The company is transparent about its operations and has an unblemished regulatory record over nearly two decades of operation.
That longevity matters. In an industry where new brokers appear and disappear regularly, IC Markets’ track record of 17+ years is a meaningful trust signal.
Best Forex Brokers in Australia for Beginners (ASIC Regulated)
IC Markets Account Types Explained
IC Markets offers three main account types. Understanding which one suits your trading style will save you money from day one.
Standard Account
The Standard account is commission-free. The broker’s cost is embedded in a slightly wider spread.
Key details:
- No commission per trade
- EUR/USD average spread: 0.8–1.0 pips
- Available on MT4 and MT5
- Minimum deposit: $200 AUD
- Suitable for: Beginners and intermediate traders who prefer simplicity
For someone making occasional trades without a high-frequency strategy, the Standard account offers a clean, predictable cost structure. You see the spread, you know what you’re paying, and there’s no separate commission line to track.
Raw Trader Plus Account (MT4/MT5)
The Raw Trader Plus account offers institutional-level raw spreads with a separate commission charge.
Key details:
- Raw spreads from 0.0 pips on major pairs
- Commission: $3.50 AUD per side per standard lot ($7 AUD round trip)
- Available on MT4 and MT5
- Minimum deposit: $200 AUD
- Suitable for: Active traders and scalpers who need the tightest spreads
Raw cTrader Account
The Raw cTrader account mirrors the Raw Trader Plus but runs on the cTrader platform — with a marginally lower commission structure.
Key details:
- Raw spreads from 0.0 pips
- Commission: $3.00 USD per side per standard lot ($6 USD round trip)
- Available on cTrader only
- Minimum deposit: $200 AUD
- Suitable for: Algorithmic traders, scalpers, and those who prefer cTrader’s advanced features
Which IC Markets Account Should You Choose?
| Scenario | Recommended Account |
|---|---|
| Beginner, learning the basics | Standard |
| Active forex trader, 5–20 trades/day | Raw Trader Plus |
| Algorithmic/EA trader | Raw cTrader |
| Scalper needing tightest spreads | Raw cTrader |
| Occasional swing trader | Standard |
IC Markets Fees in Detail
Spreads
IC Markets’ raw spreads are among the tightest available anywhere in Australia — and globally. During the London–New York overlap session (the most liquid period in forex), raw spreads on EUR/USD can sit at 0.0 pips for extended periods.
| Instrument | Standard Spread (avg) | Raw Spread (avg) |
|---|---|---|
| EUR/USD | ~0.8–1.0 pips | ~0.0–0.1 pips |
| AUD/USD | ~0.8–1.0 pips | ~0.0–0.2 pips |
| GBP/USD | ~1.0–1.3 pips | ~0.1–0.3 pips |
| Gold (XAUUSD) | ~0.20 USD | ~0.10 USD |
| S&P 500 Index | ~0.5 pts | ~0.3 pts |
| Bitcoin CFD | ~30 USD | ~10 USD |
Spreads vary during different trading sessions and around major economic events.
Commissions
- Standard account: $0 commission
- Raw Trader Plus (MT4/MT5): $3.50 AUD per side per standard lot
- Raw cTrader: $3.00 USD per side per standard lot
For context: trading one standard lot of EUR/USD on the Raw cTrader account costs approximately $6 USD in round-trip commission plus any spread cost — making it one of the most cost-efficient setups available to Australian retail traders.
Deposit and Withdrawal Fees
IC Markets does not charge deposit or withdrawal fees for most payment methods:
- Bank transfer: Free (bank’s own fees may apply)
- Credit/debit card: Free
- PayPal: Free
- Skrill / Neteller: Free
- Cryptocurrency deposits: Free (conversion applies)
Withdrawals are processed within 1–3 business days for bank transfers, and often same-day for e-wallets.
Inactivity Fee
IC Markets does not charge an inactivity fee. If you take a break from trading — even for months — you won’t be penalised.
Overnight Swap Fees
Like all leveraged brokers, IC Markets charges a daily swap fee for positions held overnight. Swap rates are published on the IC Markets website and are visible within MT4, MT5, and cTrader. These are standard across the industry and not a specific IC Markets concern.
Platforms Available on IC Markets
IC Markets supports three of the most respected trading platforms in the world.
MetaTrader 4 (MT4)
MT4 is the most widely used forex trading platform globally, and IC Markets’ implementation is considered one of the best available.
What MT4 offers on IC Markets:
- Extensive library of built-in and downloadable indicators
- Full Expert Advisor (EA) support for automated strategies
- One-click trading from charts
- Available on Windows, Mac, iOS, and Android
- VPS hosting support for 24/7 EA operation (free for eligible accounts)
One of IC Markets’ most notable features for MT4 users is its server co-location in the Equinix NY4 data centre in New York — one of the most important financial data centres in the world. This means IC Markets’ servers sit physically close to major liquidity providers, resulting in execution speeds as low as 1 millisecond for co-located connections.
MetaTrader 5 (MT5)
MT5 builds on MT4 with additional features, including more timeframes (21 vs 9 in MT4), more pending order types, a depth-of-market (DOM) window, and an improved strategy tester for backtesting automated strategies.
If you’re starting fresh and don’t have an existing MT4 library of indicators or EAs, MT5 is worth considering for its additional capabilities.
cTrader
cTrader is widely regarded as the most advanced retail trading platform available — and IC Markets’ cTrader offering is exceptional.
cTrader standout features on IC Markets:
- Full Level 2 pricing — see every order sitting in the market
- cBots — algorithmic trading using C# programming
- Detachable charts — view multiple instruments simultaneously
- Advanced order types, including stop-limit and trailing stop orders
- Direct server-side execution (no dealing desk)
- Clean, modern interface that’s easier to navigate than MT4 for new users
For serious active traders, IC Markets’ cTrader account is arguably the most powerful retail trading setup available in Australia.
What Can You Trade on IC Markets?
IC Markets offers over 2,250 instruments — a broader range than most competitors. Everything is traded as a CFD.
| Asset Class | Instruments Available | Examples |
|---|---|---|
| Forex | 60+ pairs | EUR/USD, AUD/USD, GBP/JPY, USD/ZAR |
| Share CFDs | 1,700+ | BHP, Apple, Tesla, Samsung |
| Stock Indices | 25 | ASX 200, S&P 500, NASDAQ, FTSE 100 |
| Commodities | 20+ | Gold, Silver, Oil, Natural Gas, Coffee |
| Bonds | 9 | US 10-Year, German Bund |
| Crypto CFDs | 13 | Bitcoin, Ethereum, Litecoin |
The 1,700+ share CFDs are particularly notable — significantly more than Pepperstone’s 900+. For traders who like to trade individual company stocks as CFDs, IC Markets offers broader coverage.
IC Markets Leverage
Australian retail clients are subject to ASIC leverage caps:
| Instrument | Max Leverage (Retail) |
|---|---|
| Major forex pairs | 30:1 |
| Minor forex pairs | 20:1 |
| Major stock indices | 20:1 |
| Individual share CFDs | 5:1 |
| Gold | 20:1 |
| Crypto CFDs | 2:1 |
As with all ASIC-regulated brokers, these caps are designed to protect retail traders from the amplified losses that come with excessive leverage.
IC Markets also offers a Professional Client account for experienced traders who meet certain financial criteria (such as a portfolio over AUD $2.5 million, or relevant professional experience). Professional clients can access higher leverage — but this comes with reduced regulatory protections.
IC Markets Customer Support
IC Markets offers 24/7 customer support — meaning you can reach them at any hour, seven days a week. This is a genuine point of difference from Pepperstone, which offers 24/5 support.
Support channels:
- Live chat — available on the website, fast response times
- Email — typically responded to within a few hours
- Phone — Sydney-based number available
- Help centre — extensive knowledge base with guides and FAQs
The quality of IC Markets’ support is consistently rated highly in trader community reviews. Response times are fast, and agents are knowledgeable — not just reading from a script.
IC Markets Education and Research
IC Markets’ educational offering is competent, though not as extensive as some competitors.
Available resources:
- Trading guides and articles on the IC Markets website
- Video tutorials for MT4, MT5, and cTrader
- Economic calendar — integrated into the website
- Trading Central — professional market analysis tool available to eligible clients
- Autochartist — pattern recognition software that scans charts and alerts you to technical setups
The Autochartist and Trading Central integrations are worth highlighting. These are professional-grade analysis tools that many brokers charge for separately — IC Markets includes them within the platform for qualifying accounts.
IC Markets Pros and Cons
Pros
- ASIC-regulated with 17+ year track record — among the most established brokers in Australia
- Ultra-low raw spreads — 0.0 pips on EUR/USD during peak liquidity
- 24/7 customer support — available every day of the week
- Three professional-grade platforms — MT4, MT5, and cTrader
- No inactivity fee — no penalty for inactive periods
- Free deposits and withdrawals — no charges via most payment methods
- Largest share CFD range — 1,700+ share CFDs including global equities
- VPS hosting — free for eligible accounts, great for automated traders
- Co-located servers — institutional-grade execution infrastructure
Cons
- $200 minimum deposit — higher barrier than Pepperstone’s $0 minimum
- CFDs only — no real share ownership or CHESS sponsorship
- Education could be stronger — fewer beginner resources than some competitors
- Platform choice can overwhelm beginners — three platforms with different commission structures require research before choosing
- Swap fees apply — like all leveraged brokers, overnight positions incur financing charges
IC Markets vs Pepperstone: Head-to-Head
Since these two brokers are so frequently compared, here’s a direct side-by-side:
| Feature | IC Markets | Pepperstone |
|---|---|---|
| Founded | 2007, Sydney | 2010, Melbourne |
| Min. Deposit | $200 | $0 |
| EUR/USD Raw Spread | 0.0 pips | 0.0 pips |
| Commission (Raw) | $3.50 AUD/side (MT4) / $3.00 USD/side (cTrader) | $3.50 AUD/side |
| Platforms | MT4, MT5, cTrader | MT4, MT5, cTrader, TradingView |
| TradingView Integration | ❌ No | ✅ Yes |
| Customer Support | 24/7 | 24/5 |
| Inactivity Fee | None | None |
| Share CFDs | 1,700+ | 900+ |
| Instruments Total | 2,250+ | 1,200+ |
| VPS Hosting | ✅ Free (eligible accounts) | ✅ Free (eligible accounts) |
| ASIC Regulated | ✅ Yes | ✅ Yes |
The verdict on IC Markets vs Pepperstone:
Both are excellent brokers. IC Markets edges ahead on raw instrument range, 24/7 support, and the slightly lower cTrader commission. Pepperstone leads on the TradingView integration, no minimum deposit, and a more polished beginner experience. For most Australian traders, trying both demo accounts is the best way to decide.
Is IC Markets Right for You?
IC Markets is an excellent choice if you:
- Are a serious forex or CFD trader who wants the lowest possible raw spreads
- Use automated trading systems (EAs) and need fast, reliable execution
- Trade large volumes and want institutional-grade infrastructure
- Are comfortable with the $200 minimum deposit
- Want 24/7 customer support coverage
IC Markets may not be the best fit if you:
- Are an absolute beginner who wants zero minimum deposit and guided onboarding (consider Pepperstone or eToro)
- Want to own real ASX shares rather than CFDs (use CommSec, Stake, or SelfWealth)
- Primarily want TradingView integration for charting (Pepperstone is the better choice)
- Are looking for social or copy trading features (eToro is the better option)
How to Open an IC Markets Account
- Visit icmarkets.com and click “Open Live Account”
- Enter your details — name, email address, and country of residence
- Complete the CFD knowledge assessment — required under ASIC regulations
- Verify your identity — upload your driver’s licence or passport
- Select your account type — Standard, Raw Trader Plus, or Raw cTrader
- Choose your platform — MT4, MT5, or cTrader
- Deposit funds — minimum $200 AUD — or open a free demo account first
The verification process typically takes a few hours. Demo accounts are available immediately and mirror live market conditions with no time limit.
Conclusion
IC Markets is one of Australia’s finest forex and CFD brokers — and after 17+ years of operation, its reputation is built on substance rather than marketing.
The combination of ultra-low raw spreads, 24/7 customer support, institutional-grade execution infrastructure, three professional platforms, and an ASIC-regulated framework puts IC Markets firmly at the top tier of Australian brokers.
The $200 minimum deposit is a slightly higher barrier than some competitors, and the absence of TradingView integration is a notable gap compared to Pepperstone. But for active traders, scalpers, and algorithmic traders who prioritise execution quality and cost efficiency above all else, IC Markets is as good as it gets in Australia.
Open a demo account, test the raw spreads on your preferred instruments, and give yourself at least two to four weeks of demo trading before depositing real capital.
Frequently Asked Questions (FAQs)
Is IC Markets regulated in Australia?
Yes. IC Markets is regulated by ASIC (Australian Securities and Investments Commission) and holds an Australian Financial Services (AFS) licence. Client funds are held in segregated accounts at tier-one Australian and European banks, separate from IC Markets’ own operational funds.
What is the minimum deposit for IC Markets in Australia?
The minimum deposit for IC Markets is $200 AUD. This applies to all account types — Standard, Raw Trader Plus, and Raw cTrader. There is no upper limit on deposits.
What platforms does IC Markets support?
IC Markets supports MetaTrader 4 (MT4), MetaTrader 5 (MT5), and cTrader. All three are available on desktop, web browser, iOS, and Android. Note that IC Markets does not currently offer TradingView integration — a point of difference from Pepperstone.
What is the difference between IC Markets’ Raw account and Standard account?
The Standard account has no commission but slightly wider spreads (average ~0.8–1.0 pip on EUR/USD). The Raw accounts offer institutional spreads from 0.0 pips but charge a commission per trade ($3.50 AUD per side on MT4/MT5, or $3.00 USD per side on cTrader). The Raw accounts are cheaper for high-volume active traders.
Can I use Expert Advisors (EAs) on IC Markets?
Yes. IC Markets fully supports Expert Advisors (automated trading robots) on MT4 and MT5. Its co-located servers in the Equinix NY4 data centre deliver some of the fastest execution speeds available to retail traders, making it one of the most popular brokers for algorithmic trading in Australia.
