IC Markets

IC Markets logoIC Markets Review by TradeForex.NG

IC Markets Offer:

  • Tight spreads
  • Quality trade fills
  • Fast execution
  • Exceptional customer service
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IC Markets was incorporated back in 2007, in Sydney, Australia, and pride themselves on being a True ECN broker offering innovative, cutting edge technology. Today they are one of Australia’s largest CFD and Forex providers offering over 90 currencies, metals and CFDs, and a variety of cryptocurrencies such as Bitcoin and Ethereum are also available. Read our IC Markets review below to find out more about them.

IC Markets Facts


International Capital Markets holds an Australian financial services licence (AFSL) to carry on a financial services business in Australia, limited to the financial services covered by its AFSL. International Capital Markets Pty Ltd. ACN 123 289 109. AFSL No. 335692.

Funds Safety:

Client funds are held in segregated trust accounts at Australian Banks, National Australia Bank (NAB) and Westpac Banking Corporation (Westpac).

IC Markets complies with the Australian Client Money Handling Rules and follows procedures regarding maintenance and operation of accounts.

IC Markets holds client money separately to company funds and does not use these funds for any purpose other than to maintain margin needed to cover positions opened by clients.


The MT4 and cTrader platforms are both offered in IC Markets.

Account Types:

IC Markets offers 4 accounts types for different traders; The Standard Account, True ECN, and cTrader ECN. Islamic/Swap Free Accounts are also available for the Standard , True ECN and cTrader ECN account types.

Account TypesStandard ($0.0 Comission)True ECN ($3.50 per lot)cTrader ($3.00 per$100k USD)
SpreadsFrom 1.0 pipsFrom 0.0 pips0.0 pips
Server LocationEquinix NY4 - New YorkEquinix NY4 - New YorkEquinix LD5 - London
Maximum Leverage500:1500:1500:1
Trading Styles AllowedALLALLALL
Micro Lot Trading (0.01)YESYESYES
One Click TradingYESYESYES
Islamic AccountsYESYESYES
CNS VPS Cross Connect
Suitable ForDiscretionary TradersEAs & ScalpersDay Traders & Scalpers

Minimum Deposit:

The minimum deposit required is $200 USD for all IC Markets account types offered.


In order to open a trading account you need to provide a primary form of Photo ID from any of the following:

  •  Passport
  •  Government ID, such as a Driver’s License or State ID
  •  National Identity Card

And a secondary form of ID showing your name, residential address and provision of services such as money owed or paid. For example, any of the following:

  •   A Utility Bill (phone, gas, electricity)
  •   Bank or Credit Card Statement
  •   Government Issued Tax Document
  •   Birth Certificate
  •   Certificate of Citizenship

Deposits and Withdrawals:

IC Markets offers funding in the following base currencies: AUD, USD, EUR, CAD, GBP, SGD, NZD, JPY, HKD and CHF.

Payments/Withdrawals can be made with credit/debit cards, Paypal, Wire/Bank transfers, Skrill, Neteller, Qiwi, Webmoney, FasaPay and also Broker to Broker Transfer.

IC Markets doesn’t charge any additional fees for deposits or withdrawals, but keep in mind that you can still incur fees on payments to or from international banks, so make sure that you check with your bank first to find out if, and what fees they charge.

To withdraw to your local Nigerian bank account, you need to ask your bank for the IBAN of your account and the BIC of the bank. Then provide this to IC Markets for withdrawal. If you have an online bank login, you can in most cases find the IBAN & BIC there as well.

IC Markets Review Website

A Closer Look at IC Markets

Tight Spreads

IC Markets work with over 50 different sources of liquidity (i.e. banks) such as Credit Suisse, Morgan Stanley, Commerzbank, Goldman Sachs and many more. This pool of liquidity sources go into their ECN giving tight spreads which can go as low as 0.0 pips with their MT4 True ECN or cTrader account types. The spreads are flexible according to market conditions, but are typically tight in this broker. You can find a list of their typical spreads on the IC Markets website, keeping in mind that the minimum spread on their Standard MT4 account is 1 pip.

Outstanding Support Staff

IC Markets do not keep clients waiting for support. Their team works quickly and effectively towards helping clients over their website live chat application, over email and over phone. Unlike a lot of brokers who’s Support team does not work weekends, IC Markets offers support round the clock 24/7.  When you get in contact with this broker, they are very quick and very friendly, and if further help is needed they will escalate the issue and get back to you quickly, instead of leaving it so long that you forget what you wanted, which any bad support team would do.

This broker follows up on good reviews that you leave on their live chat application. They encourage you to write an honest online review on your experience with the support agent, and transparency seems to be a high priority for them.  A simple online search will show many great reviews of their Support Staff and we can see why. They are quick and straight to the point.

Fast Execution

IC Markets are quite transparent about their trading server setup. They have their MT4 servers located in the NY4 New York data center and their cTrader servers in the LD5 London Data Center. This setup results in fast order execution for traders. This is because the servers are physically close to their liquidity providers and the time that it takes between clients getting quotes in their trading software to when the order is filled is kept short.

IC Markets Review Summary

To conclude, we’d just like to say that IC Markets is a great choice when looking to sign up with a True ECN broker. Their low spreads are promising, their quick helpful customer service is reassuring, and their fast execution is a high priority. All this makes IC Markets an easy choice for trading.

We hope you enjoyed our IC Markets review. If you’d like to sign up, click here to open an account with IC Markets now.

To learn more about Forex check out our Forex Education section.

This article has 24 Comments

  1. What is your deposit rate and withdrawal rate, can I bank wire to your account without me have domiciliary account here in Nigeria?

    1. You can withdraw and deposit to any account with IBAN/BIC/SWIFT as long as the account is in your name, regardless of country.
      Also NUBAN is accepted.

  2. how long does it take for an account to be approved?
    I signed up and what is showing is temporary account
    due to this i have not funded

    1. Hello Paul,
      the account will say approved when all the documents have been finally checked and approved.
      This usually takes less than 1 working day.
      If you opened the account during weekend, this might be approved during Monday.
      It’s perfectly fine to fund accounts before though.

  3. Hello,

    My name is McDuff from Nigeria, Please I want to ask Can I send and receive money from a savings account in Nigeria, or do I have to open a Domiciliary Account.

    Thank you

    1. Hello McDuff, as long as your account enables banktransfers you can use it for funding the account. Best way is simply to try it =)

  4. As a Nigerian can I open account with icMarket and fund it with Bitcoin and do my normal trading?

    1. Yes you can deposit via Bitcoin. However, withdrawals are done via bankwire/banktransfer due to AML laws.

  5. Great company my friend introduce me to this company there are good i’m from Nigeria, but am confuse somewhere can’t i make withdraw without IBAN and BIC through my Visa card or internet banking?

    1. In some regions, only IBAN/BIC is available as withdraw method, it could also depend on the type of VISA/BANK used when depositing.
      The best way is to go to livechat and ask ICMarkets support directly for your specific case.

  6. if i deposit in ic market with my visa card; for withdrawing my profits, do i need a domiciliary account or money can be sent to my local bank account.

    1. Yes, you can withdraw via bankwire to an account in your name, where you have IBAN and BIC. You can obtain this from your bank.

    1. Thanks for the question Samuel.
      You can withdraw to any bank and bank account, as long as your bank provides you with an IBAN and BIC. (International Bank Account Number, Bank Identifier Code)
      If you have an online login to your bank account, in most cases you will find this information there, otherwise it can be retrieved at a bank office.

  7. Can I fund my account using my credit card. I am in Nigeria. What are the available deposit and withdrawal methods available to those in Nigeria.

    1. Yes Marilyn, you can deposit via regular VISA / Mastercard.
      Most of the time, withdrawals can be made to the same card as you made deposit to, however in some cases withdrawals are only available with bankwire (depending on sum).

  8. Please, how exactly can I fund my account in icmarkets from here in Nigeria?
    Is there a better or the best way to do that from Nigeria and what makes it better or best.


    1. The easiest way is with a regular VISA/Mastercard, or via bankwire.

      Most of the time, withdrawals can be made to the same card as you made deposit to, however in some cases withdrawals are only available with bankwire (depending on sum).

  9. Hello Henry, did you open an account with IC. Am a Nigerian too,and was hoping there is a Nigerian office.

    1. IC Markets does not have an office in Nigeria, but funding is easy with VISA/Mastercard or banktransfer.

    1. Hello Henry, IC Markets do not have an office in Nigeria, however the support is amazing, and 24/7. Fast response times and always a delight to deal with, so please give IC a try.

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