IC Markets is one of the world's largest true ECN forex and CFD brokers by trading volume, founded in 2007 and headquartered in Sydney, Australia. The broker is best known for its raw-spread pricing — spreads from 0.0 pips plus a fixed commission — deep institutional liquidity, and low-latency execution that has made it a long-standing favourite among scalpers, algorithmic traders, and high-volume FX/CFD traders. Alongside forex, IC Markets offers indices, commodities, bonds, shares, and cryptocurrency CFDs across MetaTrader 4, MetaTrader 5, and cTrader.
About IC Markets
Founded in 2007 by Andrew Budzinski in Sydney, IC Markets built its reputation on a no-dealing-desk (NDD) model that routes client orders straight to a deep pool of liquidity providers. This true ECN approach — pricing aggregated from major banks and institutions — lets the broker offer some of the tightest spreads in the retail industry. Over the years IC Markets has grown into one of the highest-volume retail FX brokers globally, processing billions of dollars in daily turnover and serving traders across Australia, Europe, and offshore jurisdictions through separately regulated entities.
Key Facts
| Item | Details |
|---|---|
| Founded | 2007 |
| HQ | Sydney, Australia |
| Regulation | ASIC (AU), CySEC (EU), FSA (Seychelles), SCB (Bahamas) |
| Markets | Forex, indices, commodities, bonds, shares, crypto CFDs |
| Platforms | MetaTrader 4, MetaTrader 5, cTrader |
| Spreads | From 0.0 pips (Raw Spread account) |
| Commission | ~$3.50 per side, per lot (Raw Spread) |
| Min Deposit | $200 recommended |
| Leverage | Up to 1:500 (offshore) · 1:30 retail (ASIC/CySEC) |
Key Features
True ECN Raw Spreads
IC Markets' flagship Raw Spread account aggregates pricing from a deep network of liquidity providers, delivering interbank spreads from 0.0 pips on major pairs such as EUR/USD. Instead of marking up the spread, the broker charges a transparent commission (roughly $7 round-turn per standard lot), a structure that typically works out cheaper than spread-only pricing for active and high-volume traders.
Platform Choice & Algo Trading
Traders can choose between MetaTrader 4, MetaTrader 5, and cTrader, with free VPS hosting available for qualifying accounts. The broker's servers are co-located in the Equinix NY4 data centre to minimise latency, making IC Markets a popular venue for expert advisors (EAs), copy trading, and high-frequency strategies that depend on fast, reliable fills.
Crypto CFDs
Beyond traditional FX, IC Markets offers cryptocurrency CFDs — including Bitcoin and Ethereum — allowing traders to take long or short positions on crypto price movements with leverage, without holding the underlying coins. This makes the platform relevant for traders running systematic, multi-asset strategies that span FX, indices, commodities, and crypto.
Fee Structure
| Service | Fee |
|---|---|
| Raw Spread account | From 0.0 pips + ~$3.50/side commission |
| Standard account | From 0.6 pips, no commission |
| Deposits | Free (most methods) |
| Withdrawals | Free (most methods) |
| Inactivity fee | None |
Pros & Cons
Pros
- True ECN raw spreads from 0.0 pips
- Deep liquidity and low-latency execution
- MT4, MT5 and cTrader all supported
- Strong multi-jurisdiction regulation (ASIC/CySEC)
- Free VPS and NY4 server co-location for algo traders
- No inactivity fees, free deposits/withdrawals
Cons
- CFDs are leveraged — high risk of capital loss
- Crypto is offered as CFDs only, not spot coins
- Higher leverage requires offshore (less-protected) entity
- No proprietary platform — relies on third-party software
- Commission model can confuse beginners
Summary
IC Markets is a top choice for active forex and CFD traders who prioritise tight spreads, fast execution, and platform flexibility. Its true ECN model and NY4 co-location make it especially well-suited to scalpers and algorithmic traders, while ASIC and CySEC oversight provides a solid regulatory foundation. As one of the two backtest data sources behind 0xBroker's FX/CFD Alpha Edge, IC Markets' raw-spread pricing reflects the realistic execution conditions assumed in our FX/CFD alpha research. Note that all CFDs carry significant leverage risk, and crypto exposure here is synthetic (CFD) rather than spot.