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FSCOverview
IC is a great broker if you are looking for a pure play FX/CFD broker, with extremely low spreads and high quality, reliable trading conditions.
The broker offers some of the best spreads for gold, FX, and precious metals traders that you will find.
The company was founded in 2007 by Andrew Budzinski, who previously worked at several other leading brokers in the online trading industry.
IC offers clients access to more than 2,850 assets, which can be traded as CFDs.
IC has licenses in Australia, Cyprus, Mauritius, Seychelles, Bahamas, and Kenya. The broker is also in the process of acquiring a license in the United Arab Emirates.
Pros & Cons
- Leverage up to 1000:1
- Market-leading spreads and pricing
- Long track record and strong regulatory footprint
- Amazing for EA traders
- No proprietary platform
- Only offers CFD products
Trust
IC has numerous regulatory licenses globally, so you can be sure that you are dealing with a safe, regulated broker.
One thing to be aware of is that you will trade with a different entity, depending on the region you are in.
For example, clients in Australia will sign up with the IC entity that is regulated in Australia. Alternatively, if you are in the European Union, you will sign up with the broker’s entity in Cyprus.
It’s important to understand what entity you are signing up to as a client when you do trade with the broker. A simple way to do this is to scroll to the bottom of the IC website you are on and look at the text there, like below.
Regulation
As noted, IC is a multi-regulated brokerage group. You can see the company’s different entities below.
Account Opening
It’s easy to open an IC account and the process should not take you more than five minutes.
To start, head to the broker’s website on your mobile or PC, and click ‘Start Trading’ in the middle of the page.
You’ll then have to go through a quick set of steps to open your account.
- Basic information – your email, name, and phone number
- Personal information – address, birthday, and account type
- Trading platforms and account type – select your trading platform, the account you want, and what currency you want to deposit in
- Confirm the details you’ve entered
- Agree to the broker’s terms and conditions and agree that you understand the risks involved with trading
Trading Accounts
When you open an account with IC, you’ll be given a choice of what ‘Account Type’ you want to have with the firm.
It looks like this in the onboarding process…
What you select here has some important consequences.
This is because the different account types that IC offers have different spreads and commissions.
These are the fees you pay when trading so they matter!
Standard account vs Raw Spread account - what’s the difference?
IC offers three account types:
- Raw Spread Account: MetaTrader 4 and MetaTrader 5 only
- cTrader Raw Spread Account: cTrader and TradingView
- Standard Account: MetaTrader 4 and MetaTrader 5 only
There are a couple of differences between the three accounts. Firstly, the Standard Account and Raw Spread Account can only be accessed via MetaTrader 4 and 5. The cTrader Raw Spread Account lets you trade on cTrader and can also be used to trade on TradingView charts.
The more important point is the difference between the two Raw Spread Accounts and the Standard Account. This is because of how fees are structured.
In a Standard Account you pay no commissions but your spreads start at 0.8 pips. In contrast, the Raw Spread Accounts have spreads from 0.0 pips but you will pay trading commissions.
You can see a simplified overview of this on the accounts page of the IC website.
If you’re a newbie trader then these differences might seem a bit confusing. Essentially what you are being offered is a trade off – do you want a fixed commission and lower spreads or wider spreads without the commissions.
To give a simple example, you can look at the table below.
IC has said publicly that its raw trading account averages a 0.1 pip spread in EUR/USD, so we use that for our example.
Account Fee Comparison (Per Lot)
As you can see, in our example you’d be better off trading with a cTrader Raw Spread account.
But this may not always be the case. Keep in mind that the spread differential between the two accounts could be more in favour of the Standard Account than the Raw Spread account.
The bottom line is that if you really want an account with tight spreads, because you think that will give you an edge in your trading, then the Raw Spread account is for you.
Otherwise, you’ll have to weigh up the positives and negatives of each and determine which account is right for you.
IC Islamic Account
IC offers traders access to Islamic accounts that help you trade without interest.
Swaps or ‘overnight fees’ are effectively interest payments that you have to pay when trading in CFDs. This is because CFDs are leveraged instruments and you are borrowing money to trade them.
IC lets you trade without paying swaps in Islamic Accounts. The difference is that you will have to pay commissions when you open and close trades.
These commissions vary depending on the instrument you’re trading and can be as low as $3 but also much higher. So if you do open an Islamic account with IC then be aware of what those commissions are before you trade.
Products
Unlike a lot of other big brokers, IC has not branched out into offering different products, like stocks and ETFs.
It remains a trader-focused company and as a result you can only access CFD trading with the broker.
It’s important to note briefly that a lot of the time you’ll hear about companies offering forex trading, as if it’s distinct from CFD trading. In reality, forex trading is considered to be CFD trading by almost every major financial regulator globally.
So what CFDs can you trade with IC?
- Forex
IC started out as a forex-focused broker and today you can access more than 60 currency pairs with the broker.
IC offers extremely attractive spreads on forex trading. For example, spreads on AUD/USD in Raw Spread accounts average just 0.03 pips.
If you are a forex trader, you are unlikely to find any broker offering the same sort of pricing and level of trust and security that IC offers.
- Commodities
IC offers trading in more than 20 commodities products. That includes precious metals like gold and silver, as well as oil, gas, and coffee. We think the commodities products IC offers are going to be more than enough for the large majority of traders. Most traders just want gold, oil, and some soft commodities, like coffee or cocoa.
- Index CFDs
IC customers can trade more than 20 different index CFDs with IC. That includes US, UK, and German stock indices. Again, unless you are looking for something very niche, IC is likely to have the index CFDs you want to trade.
- Bond CFDs
Bonds are a more niche product for CFD providers to offer. Another way of thinking about bond CFDs is that they are a way of trading interest rates. For example, if you thought US interest rates were going to rise then you could short a US treasuries CFD to take advantage of that price movement.
- Crypto CFDs
IC offers crypto CFD trading on the major cryptocurrency assets, like Bitcoin, Ethereum and Litecoin.
- Stock CFDs
IC clients can trade more than 2,000 stocks as CFDs. These are Aussie and US stocks, so if you are looking for UK companies, you may be disappointed here. However, as with IC other products, unless you are really looking for something specific, you will get what you want here.
- Futures CFDs
IC currently offers CFDs on four different futures contracts, which are…
- ICE Dollar Index Futures (DXY)
- CBOE VIX Index Futures (VIX)
- Brent Crude Oil Futures (BRENT)
- WTI Crude Oil Futures (WTI)
If this seems like a small amount then keep in mind that most index and commodities futures can still be traded at spot price using a CFD with IC.
Deposits and withdrawals
Currently IC accepts the following currencies as deposits:
- Australian dollar
- US dollar
- British pounds
- Euro
- Singaporean dollar
- Canadian dollars
- New Zealand dollar
- Swiss franc
- Japanese Yen
- Hong Kong dollar
If you don’t come from a country with one of these currencies we recommend using dollars.
This is because so much pricing in the financial markets is dollar denominated that it will make your life simpler when making trades.
How long do deposits take?
Deposits on IC are almost always instant, with no fees for you as a trader.
The only notable exceptions to this is if you use wire transfers, Klarna, Rapidpay, or a broker-to-broker transfer.
These payment methods are slower and can take 2 – 5 business days to process.
How long do withdrawals take?
Withdrawals on IC are processed the same day as your request or the following day. Payment times will vary depending on what method you use, with same day to 5-day waiting times being possible.
Note that IC charges no fees for payments but third-party providers may do so.
Fees
What fees do you pay with IC Markets?
IC fees are simple to understand. You don’t pay to deposit funds. You don’t pay to withdraw funds. You do not have inactivity fees. The only exception to this is if a third-party company charges you for a withdrawal.
Your fees are commissions and the spread you pay when opening and closing a trade. Many accounts also don’t charge commissions. In this instance, the only fee you pay is the spread.
You may see IC use the phrase ‘round turn commission’ when talking about its trading commissions. All this means is that the fee is for both sides of the trade – when you open it and close it.
So a $7 round turn commission would mean you pay $7 to open and close a trade – or $3.50 for each side of the trade.
For most traders, the spread is the most important fee you’ll pay. It’s not hyperbolic or an exaggeration to say that IC has among the best spreads in the forex broker market today.
Forex spreads
IC offers extremely competitive pricing for currency trading, with among the most competitive spreads in the industry today.
To give an example, we compared the broker’s pricing with two other popular brokerage platforms.
Broker Spread Comparison (Pips)
As you can see, the average spread that IC offers is significantly lower than its peers. This is also in a Standard Account, meaning no additional commission is charged by the broker.
Index spreads
IC is still competitive in index trading but its spreads are not so far ahead of the competition as they are in index products.
Index Spread Comparison
Gold spreads
IC has extremely competitive spreads on gold and precious metals.
The broker regularly offers clients gold trading spreads that are better than the underlying futures market. The company also offers extremely good pricing for other metals and commodities, particularly silver.
Along with its forex and crypto offerings, we believe gold and metals is where IC really stands out. We think the broker has arguably the best offering in the trading industry for these products.
Commodity Spread Comparison
Platforms
IC offers traders access to three trading platforms – MetaTrader 4, MetaTrader 5, and cTrader.
Each of these platforms has positives and negatives, which you should understand before opening an account.
MetaTrader 4
MetaTrader 4 (MT4) is one of the oldest forex trading platforms on the market. The platform was originally launched in 2005 but it has remained one of the most popular forex platforms in the world since then.
A big part of the reason MT4 is so popular is that a lot of traders built automated trading strategies – called ‘expert advisors’ (EAs) – for the platform.
Because these EAs are so popular, a lot of traders still like to use them. Other traders just like the functionality that the platform offers.
Another key benefit of MT4 is that it has a huge number of plugins and edits that you can make to the platform. Traders like this customisability, which is another reason the platform has remained so popular.
The downside of the MT4 platform is that it’s clunky to use and is complex for beginners. As you can see in the image above, this is not a platform that looks particularly sleek or modern – which isn’t that surprising seeing as it was originally released two years before the first iPhone came out.
Another point to be aware of is that MetaTrader has stopped developing MT4. That means there will never be any new features or add-ons to the platform.
Ultimately, MT4 can be a good platform to use, particularly if you want to use specific EAs. Otherwise we believe there are better options available on IC.
MetaTrader 5
MetaTrader 5 (MT5) is the latest version of MetaTrader. That may make it sound new but it was actually first released in 2010!
Like MT4, MT5 has a lot of customisability, plugins, and add-ons that you can make to enhance your trading experience.
The big difference is that the platform is still being updated and has a richer set of features.
As you can see from the above, one recent update was to the interface, which looks a lot cleaner than MT4.
MT5 has a lot of the same positives and negatives as MT4. It’s good for more experienced traders and has a lot of automations and plug-in features that traders will like.
The downside is that it is still quite a clunky platform and your ability to actually manipulate the platform’s interface is quite limited.
cTrader
cTrader is a leading trading platform that is great for all levels of traders, whether you’re a beginner or advanced.
One of the best things about cTrader is that the company operates under what it calls a ‘trader first’ policy.
In practice this means that a broker is severely limited in how they can manipulate or change the platform you trade on.
What we also like about cTrader is that it can be customised to work as a simple click and trade-style platform or work as a more complex, advanced platform. That is true for the mobile and desktop app.
For example, here is a more complex, multi-chart set up…
…and this is a simpler, single chart, with one click trading
cTrader also offers a huge number of other features, like copy trading, analytics tools, and cBots.
cBots are automated trading strategies that you can build yourself or acquire from other traders.
We think cTrader is likely to appeal to you regardless of whether you’re a beginner or a more experienced trader.
Leaving aside the different tools and features the platform offers, a key benefit we want to emphasise is that trader first approach that Spotware – the company that makes cTrader – takes.
It means traders can feel confident that they are not going to be cheated out of money by their broker.
Another benefit of using cTrader with IC is that it has a $3 commission per side when you use the platform to open a Raw Spread account.
That means your total costs for opening and closing a trade are $6.
In comparison, if you open a Raw Spread account on MetaTrader, your equivalent commission will be $7.
TradingView
You can trade on TradingView with IC but you will need a TradingView account to do so. You can also only use a cTrader account to trade on TradingView charts with IC.
Setting up is easy and you can do it in one of two ways.
Method One
Go to the Trading Panel on your TradingView account and look for IC as a broker. Click on the broker’s logo, then follow the simple steps to connect your account.
If you cannot find IC in the trading panel, try switching to a crypto pair or a different asset class. This can cause the broker to show up.
Method Two
Your other option is to log in to your IC client portal on the broker’s website and go to the accounts section.
Go to your cTrader account and you’ll see the option to ‘Sync to TradingView’.
Syncing your accounts means you’ll be able to access TradingView charting via your cTrader account.
Final Thoughts
Overall IC is a good broker to use if you are really into your trading. If you want different account options, attractive spreads, and a set of tools and platforms to do more advanced trading, IC is a fantastic option.
The broker offers arguably the best spreads in the forex industry for gold and currency trading.
The company also has a long track record and a number of high-quality regulatory licenses. So you know you’re in good hands when you trade with the firm.
The main downside for some traders will be the lack of product variety and simplicity. IC is definitely more of a firm for traders, so if you are looking for a bare-bones, simple to use trading platform and long-term investment products, this isn’t the broker for you.
FAQ
