IC Markets has been the go-to ECN broker for serious retail forex traders for years. Raw spreads from 0.0 pips. Fast execution. Solid regulation. On paper, it ticks every box. But reputation is not the same as experience, and experiences with brokers change over time.
Here's an honest look at what IC Markets actually delivers in 2025 — and who it's actually right for.
The Quick Verdict
IC Markets at a glance
Regulation: ASIC (Australia), CySEC (Cyprus), FSA (Seychelles)
Platforms: MT4, MT5, cTrader
Spreads: From 0.0 pips on Raw account (+ $3.50 commission per lot)
Minimum deposit: $200
Leverage: Up to 1:500 (varies by regulation)
Withdrawal speed: Same day to 1-3 business days depending on method
Best for: Active forex traders, scalpers, algorithmic traders
Spreads and Execution — The Numbers
IC Markets' raw spread account genuinely delivers on its promise. EURUSD averages around 0.02-0.1 pips during London and New York sessions — among the tightest available to retail traders anywhere. The $3.50 commission per standard lot per side adds to the effective spread, but the total cost is still competitive for active traders.
Execution speed is where IC Markets genuinely stands out. Trades typically execute in under 40 milliseconds on their Sydney servers. For scalpers and high-frequency traders, this matters enormously. For swing traders holding positions for hours or days, it matters much less.
What IC Markets Does Well
Raw spreads during peak hours are genuinely excellent. If you're trading high volume during London and New York overlap, your trading costs will be among the lowest available anywhere.
Platform choice is a genuine strength. MT4, MT5, and cTrader all available — and cTrader in particular is a premium platform that most brokers don't offer.
Withdrawals process reliably. Bank wire typically arrives in 1-3 days. Skrill and Neteller are often same-day.
What IC Markets Does Less Well
Spreads widen significantly during off-hours. Trading EURUSD at 3am Sydney time on a quiet Tuesday? Spreads can reach 1-2 pips on the raw account. The commission still applies. Total cost can exceed what you'd pay at a market maker during these hours.
Customer support quality is inconsistent. Live chat is generally good for basic questions but complex account issues can take longer to resolve than you'd like.
The minimum deposit of $200 is reasonable, but combined with the raw account commission structure, IC Markets is genuinely better value for traders doing meaningful volume. Very small accounts would trade more cost-effectively elsewhere.
Who Should Use IC Markets
IC Markets is an excellent broker for active forex traders who are trading at least a few lots per week and prioritise tight spreads and fast execution. Scalpers, EA traders, and anyone running algorithmic strategies will find the infrastructure reliable and the costs competitive.
It is probably not the optimal starting point for a complete beginner with $200 who is still learning. The cost structure rewards volume. Low-volume beginners might find a standard account broker more suitable for their first few months.
Affiliate disclosure: The Newbie Trader may earn a commission if you open an account through our links. This does not affect our review. We only recommend brokers we've personally evaluated.
Calculate your risk before every trade
PipGuard instantly shows your pip risk, dollar exposure, and R:R ratio. Free, no signup, works on all devices.
Try PipGuard free →Overall rating: 4.7/5. IC Markets earns its reputation. For the right trader — active, forex-focused, volume-conscious — it remains one of the best retail ECN brokers in the world in 2025.
— The Newbie Trader