IC Markets earns the Silver Standard band, and its highest regulatory tier is Tier 1 through ASIC and CySEC. The primary risk flag is that most international clients are onboarded by Tier 3 offshore entities with lighter protection, alongside a EUR 200,000 CySEC fine over leverage circumvention. Onboard under the ASIC or CySEC entity, and confirm the entity named in your agreement before depositing.
Introduction
Should you trust IC Markets with your money? Yes, with one condition: the answer depends on which legal entity holds your account. This IC Markets review finds that the Australian and Cypriot entities meet strict standards, while the offshore entities offer far lighter protection.
IC Markets, operated by International Capital Markets Pty Ltd and registered in Australia, holds an active Australian Financial Services Licence with ASIC under license number 335692. The broker operates its retail platform at https://www.icmarkets.com. Founded in Sydney in 2007, the group also serves clients through IC Markets (EU) Ltd in Cyprus, Raw Trading Ltd in Seychelles and IC Markets Ltd in the Bahamas. It matters because the firm claims average monthly volume above US$2.05 trillion, a figure we could not independently verify. Under our methodology, the group lands in the Silver Standard band with a composite score of 78.5 out of 100.
Regulation & Safety
Is IC Markets legit? Yes. Two Tier 1 regulators, ASIC and CySEC, license the group, but most international clients sit under Tier 3 offshore oversight.
IC Markets regulated status varies by region. Australian clients fall under ASIC. EU and EEA clients fall under CySEC. Most other clients are onboarded by the Seychelles or Bahamas entities. IC Markets is not regulated in the UK, based on publicly available information as of the date of this review.
Under our four floor tests, ASIC and CySEC pass all four. Both license retail margin CFD trading, cap retail leverage at 1:30, mandate segregated client funds, and show a visible record of enforcement. The Seychelles and Bahamas regimes do not impose comparable leverage caps or compensation schemes.
| Regulator Name | Tier Status | License Number | Key Client Protections |
|---|---|---|---|
| ASIC (Australia), International Capital Markets Pty Ltd | Tier 1 | AFSL 335692 | Segregated client funds, 1:30 retail leverage cap, negative balance protection |
| CySEC (Cyprus), IC Markets (EU) Ltd | Tier 1 | 362/18 | Segregated funds, Investor Compensation Fund up to EUR 20,000, 1:30 leverage cap, negative balance protection |
| FSA Seychelles, Raw Trading Ltd (IC Markets Global) | Tier 3 | SD018 | Segregated accounts, leverage up to 1:500, no government-backed compensation scheme |
| Securities Commission of the Bahamas, IC Markets Ltd | Tier 3 | SIA-F212 | Lighter-touch oversight, higher leverage, limited local recourse |
Is IC Markets safe? For clients of the ASIC and CySEC entities, the structure compares well with other Tier 1 brokers. For offshore clients, the safeguards fall short of that benchmark.
Several warnings deserve attention. On 19 July 2024, CySEC fined IC Markets (EU) Ltd EUR 200,000 for helping EU retail clients reach 1:1000 leverage through the Seychelles entity, which sidestepped the 1:30 ESMA cap. Italy’s Consob blocked IC Markets websites for Italian consumers in October 2020. FinTelegram also reported FCA warnings in March 2026 tied to domains using the IC Markets name. We could not confirm the details of those warnings independently.
Execution Quality & Trading Costs
IC Markets meets industry benchmarks on pricing and falls short of its own speed claim. Independent tests show spreads well below the peer average, but measured execution speed runs far above the broker’s advertised figure.
The broker advertises average execution under 40 milliseconds. Compare Forex Brokers measured 153 milliseconds for market orders and 134 milliseconds for limit orders in its 2025 review, ranking IC Markets 17th for overall speed. That market-order result is roughly 3.8 times the advertised figure. Servers sit in the Equinix NY4 data center in New York, according to the broker.
We found no verified, published slippage rate as of the date of this review. We also found no public requote counts or documented outage data for high-impact news releases. Therefore, we do not assign a slippage figure.
On pricing, the Raw Spread account follows an ECN-style model. Compare Forex Brokers recorded an average EURUSD spread of 0.02 pips, against an industry average of 0.24 pips. The broker itself states 0.1 pips. Across major pairs, the same tester logged 0.16 pips against a tested average of 0.44 pips.
| Account | Execution Model | Average EURUSD Spread | Commission per Standard Lot |
|---|---|---|---|
| Raw Spread | ECN-style, raw liquidity | 0.02 pips tested, 0.1 pips advertised | USD 3.50 per side, USD 7.00 round turn |
| Standard | Commission-free, marked-up spread | 0.82 pips tested | None, with a 0.8 pip markup on the Global entity |
The Raw commission of USD 7.00 round turn equals about 0.7 pips on EURUSD. Compare Forex Brokers cites roughly USD 6.00 per lot round turn as typical for raw accounts. Thus, the all-in Raw cost sits near 0.72 pips, which is slightly above the cheapest peers such as Eightcap on commission alone.
Looking at IC Markets fees beyond trading, the broker charges no deposit fee and no withdrawal fee, although banks and payment processors may add charges. Inactivity rules differ by entity. The IC Markets (EU) Ltd policy allows a EUR 10 monthly fee after six full months of inactivity. Third-party directories report no inactivity fee elsewhere, so verify the terms for your entity. Overnight swaps apply, and swap-free accounts exist for Islamic traders. Minimum deposit is USD 200 for the ASIC, CySEC and Bahamas entities, and USD 0 for the Seychelles entity, per one comparison site.
Trader Reputation & Market Presence
Public sentiment toward IC Markets is strongly positive, and the track record shows one significant enforcement action. Withdrawal friction is the most persistent complaint.
Under our four-factor methodology, we reviewed publicly available regulatory disclosures, independent review platforms and trader forums. We then compared user claims against documented enforcement.
Both scores sit well above the 3.8 out of 5 example benchmark in our scoring template.
Positive themes repeat. Users praise tight raw spreads, 24/7 multilingual support and platform choice across MT4, MT5 and cTrader. The firm also permits hedging and imposes no FIFO rule, according to its own materials.
Grievances cluster around four issues. Withdrawal rules include daily cut-offs and deposit-method matching, and reviewers link them to delays. Some traders blame slippage and margin stop-outs on the broker. One 2018 forum thread alleged server delays and a held USD 885,145.57 withdrawal. That account was unproven, and we found no regulatory finding supporting it. Finally, the CySEC leverage fine shows that marketing and compliance did not always align.
Strengths & Weaknesses
IC Markets review: Where the Group Excels
- Low pricing: Raw EURUSD at 0.02 pips tested versus 0.24 pips industry average
- Tier 1 licensing: ASIC 335692 and CySEC 362/18
- Low IC Markets fees outside trading: No deposit fee, no broker withdrawal fee
- Platform range: MT4, MT5 and cTrader across 300+ CFD instruments
- Public sentiment: 4.8 out of 5 on Trustpilot from 56,823 reviews
IC Markets review: Where the Risks Sit
- Offshore entity mix: Seychelles SD018 and Bahamas SIA-F212 are Tier 3
- Enforcement history: EUR 200,000 CySEC fine on 19 July 2024
- Speed gap: 153 ms measured versus under 40 ms advertised
- Commission level: USD 7.00 round turn versus roughly USD 6.00 typical
- Withdrawal friction: Daily cut-offs and method rules cited in reviews
Overall Verdict
IC Markets earns the Silver Standard with a composite score of 78.5 out of 100. This rating uses the highest-scoring entity, International Capital Markets Pty Ltd under ASIC. Offshore entities score lower on regulation.
The platform suits active traders, scalpers and expert advisor users who onboard under the ASIC or CySEC entity. It also suits cost-focused traders who value raw spreads. It fits less well for beginners who need compensation schemes, or for clients placed under the Seychelles entity.
Among peers such as Pepperstone, Eightcap, Fusion Markets and BlackBull Markets, IC Markets competes mainly on spread depth. Its commission sits above some rivals. Its Tier 1 licensing matches the strongest of them.
Frequently Asked Questions (FAQ)
Yes. ASIC licenses International Capital Markets Pty Ltd under AFSL 335692, and CySEC licenses IC Markets (EU) Ltd under 362/18. Your protection depends on which entity holds your account.
No. As of the date of this review, IC Markets holds no FCA authorization. UK residents are typically served by offshore entities.
It is safer under the ASIC or CySEC entity, which offer segregated funds and a 1:30 leverage cap. Beginners should avoid the offshore entities, which allow leverage up to 1:500 with less recourse.
The Raw account charges USD 3.50 per lot per side, or USD 7.00 round turn. Average EURUSD spreads were 0.02 pips in independent testing. Withdrawals carry no broker fee.
The EU entity policy allows EUR 10 per month after six full months of inactivity. Other sources report no inactivity fee for other entities. Check your client agreement.
Expert Review Notes (Staff Insight)
The audit team focused on three nuances that raw statistics miss.
First, entity layering shapes client outcomes. Four regulated entities share one brand, and the onboarding page decides your protections. The CySEC fine shows that this layering has already tested regulatory limits. Clients should confirm the entity named in their agreement before depositing.
Second, marketing and measured results diverge in places. The broker advertises a 0.1 pip average EURUSD spread, yet third-party testing found 0.02 pips on the Raw account. That favors the client. In contrast, the advertised sub-40 millisecond speed did not match the 153 millisecond market-order test. Different test methods may explain part of the gap.
Third, account routing deserves a note. The Global entity states that it does not hedge every position with liquidity providers. This signals partial internalization of order flow. It does not prove client harm, but it weakens the pure agency model that ECN branding implies. Directories also disagree on details such as a Kenyan entity and platform lists, so we advise checking the broker’s own disclosure page.
Staff score: 68 out of 100, reflecting transparent core documentation, round-the-clock support claims and clear commission schedules, offset by inconsistent inactivity-fee disclosures and entity complexity.
Composite Score Calculation
Entity basis: International Capital Markets Pty Ltd (ASIC), the highest-scoring entity.
| Dimension | Weight | Raw Score (out of 100) | Weighted Points |
|---|---|---|---|
| Regulation & Safety | 35% | 88 | 30.80 |
| Execution Quality | 30% | 78 | 23.40 |
| Trader Reputation & Market Presence | 25% | 70 | 17.50 |
| Expert Review Notes (Staff Insight) | 10% | 68 | 6.80 |
| Composite Total | 100% | 78.50 |
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