IC Markets
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Pros and Cons
- Extremely low spreads
- High leverage options
- Wide range of trading assets
- Comprehensive educational resources
- Responsive customer support
- Advanced trading features
- Fast trade execution
- No proprietary platform
- Withdrawal processing time could be faster
- Limited local payment options
Introduction to IC Markets
Founded in 2007, IC Markets has grown into one of the largest and most reputable forex and CFD brokers globally, serving traders from over 200 countries.
The company’s commitment to providing superior trading conditions, cutting-edge technology, and an extensive range of instruments has made it a preferred choice for traders ranging from beginners to seasoned professionals.
As Africa’s trading community continues to grow, IC Markets has emerged as a viable option for those seeking a secure, low-cost, and technologically advanced broker.
This detailed review explores every aspect of IC Markets’ services, with a particular emphasis on what African traders can expect from this broker.
In Africa, where trading infrastructure and access to global financial markets have been evolving rapidly, IC Markets stands out by offering competitive pricing, superior execution speeds, and a broad array of assets to trade.
For both novice and experienced traders, the broker provides an ideal environment to enter and grow in the world of online trading.
This review will offer an in-depth examination of the broker’s regulatory status, account types, trading platforms, fees, instruments, and educational resources to give a complete picture of what IC Markets offers the African trading community.
Open a free accountRegulatory Standing: A Strong Foundation for African Traders
One of the most critical factors when choosing a broker is its regulatory framework, as this determines the level of protection provided to traders.
IC Markets is licensed and regulated by multiple top-tier financial authorities, ensuring it operates within stringent guidelines designed to safeguard trader funds and promote market transparency.
Regulatory oversight also adds an extra layer of credibility to the broker, especially for traders in Africa, where concerns about scams and fraudulent brokers are more prevalent.
The primary regulatory bodies overseeing IC Markets include:
- Australian Securities and Investments Commission (ASIC): IC Markets holds an Australian Financial Services License (AFSL) under ASIC, one of the world’s most stringent regulators. ASIC regulation means the broker must adhere to strict client money rules and financial conduct standards, offering a secure environment for traders. African traders can take confidence from the fact that ASIC enforces a high level of scrutiny and compliance on its brokers.
- Cyprus Securities and Exchange Commission (CySEC): IC Markets is also regulated by CySEC, which provides further reassurance to European traders. This regulation is beneficial for African traders looking to access European markets, as CySEC ensures that brokers comply with the European Union’s MiFID II directive, offering investor protection and ensuring that the broker’s operations are transparent.
- Seychelles Financial Services Authority (FSA): IC Markets also holds a license under the Seychelles FSA, making it accessible to African traders who prefer to work with a locally registered entity. The FSA focuses on promoting efficient and well-regulated markets, ensuring that the broker operates ethically and provides a secure trading environment.
Security of Funds and Account Protection
IC Markets has implemented several measures to protect traders’ funds and maintain transparency in its operations.
Among these are clients money segregation, negative balance protection, and robust data encryption protocols.
Each of these features contributes to a secure trading environment, which is crucial for traders in Africa, where concerns about the safety of investments can be high.
- Segregated Client Accounts: IC Markets keeps client funds separate from the company’s own operating funds. These segregated accounts are held in trusted institutions such as National Australia Bank and Westpac Banking Corporation, both of which are top-tier banks. This ensures that even in the unlikely event of the broker’s insolvency, client funds remain protected.
- Negative Balance Protection: One of the risks of trading with leverage is the potential for losses to exceed the initial deposit. IC Markets offers negative balance protection, ensuring that traders will not lose more than the funds they have deposited in their accounts. This is particularly important for African traders, who may have smaller capital reserves and cannot afford to incur substantial losses.
- SSL Encryption: To protect the personal and financial information of its clients, IC Markets uses advanced Secure Socket Layer (SSL) encryption. This encryption technology ensures that all data transmitted between the trader’s device and IC Markets’ servers is securely encrypted, protecting it from potential cyber threats.
Account Types: Tailored to Meet Diverse Trading Needs
IC Markets offers three main account types to cater to traders with different experience levels and trading strategies.
Each account type has unique characteristics, including varying spreads, commissions, and trading platforms.
Below, we’ll explore each of these account types in greater detail to help African traders make an informed decision.
1. Standard Account
The Standard Account is designed for traders who prefer a commission-free trading model.
This account type is ideal for beginners or those who want to avoid paying a separate commission on each trade.
Instead, IC Markets includes its fees in the spread, which starts from 1.0 pips.
The Standard Account is available on both the MetaTrader 4 and MetaTrader 5 platforms, making it versatile and accessible for traders who are just starting.
- Spreads: From 1.0 pips
- Commission: None
- Leverage: Up to 1:500 (leverage may vary based on the region and regulations)
- Minimum Deposit: $200
- Trading Platforms: MT4, MT5
The commission-free nature of the Standard Account makes it particularly attractive to traders who may not yet be generating high trading volumes and are seeking to keep their trading costs low.
2. Raw Spread Account
The Raw Spread Account is more suited to experienced traders who prioritize tighter spreads and are comfortable paying a commission per trade.
This account offers raw spreads starting from 0.0 pips, which can significantly reduce trading costs for high-frequency traders or those who trade large volumes.
- Spreads: From 0.0 pips
- Commission: $3.50 per lot
- Leverage: Up to 1:500
- Minimum Deposit: $200
- Trading Platforms: MT4, MT5
This account is highly competitive in terms of trading costs and is particularly suitable for scalpers and day traders who require the tightest spreads available.
By offering raw spreads and a transparent commission model, IC Markets ensures that traders can benefit from accurate pricing and efficient cost management.
3. cTrader Account
The cTrader Account is similar to the Raw Spread Account but is specifically designed for traders who prefer using the cTrader platform.
Like the Raw Spread Account, it offers raw spreads starting from 0.0 pips, but the commission per lot is slightly lower at $3.00.
The cTrader platform offers additional features such as Depth of Market (DOM) and a more customizable interface, making it a favorite among traders who prefer more advanced trading tools.
- Spreads: From 0.0 pips
- Commission: $3.00 per lot
- Leverage: Up to 1:500
- Minimum Deposit: $200
- Trading Platforms: cTrader
| Account Type | Spreads | Commission | Minimum Deposit | Platforms |
| Standard Account | From 1.0 pips | None | $200 | MT4, MT5 |
| Raw Spread Account | From 0.0 pips | $3.50 per lot | $200 | MT4, MT5 |
| cTrader Account | From 0.0 pips | $3.00 per lot | $200 | cTrader |
Trading Platforms: Tailored for Diverse Trading Styles
IC Markets offers three trading platforms: MetaTrader 4 (MT4), MetaTrader 5 (MT5), and cTrader.
Each platform comes with its set of advantages, allowing traders to choose the platform that best suits their trading style, preferences, and level of experience.
Below, we will take a closer look at the features and benefits of each platform.
MetaTrader 4 (MT4)
MetaTrader 4 is one of the most popular and widely used trading platforms in the world, especially for forex trading.
Its user-friendly interface and customizable features make it ideal for beginners, while its advanced charting tools, technical indicators, and support for automated trading strategies (Expert Advisors or EA) ensure that it meets the needs of more experienced traders.
- Customizable Charts: MT4 offers highly customizable charts with various timeframes and over 30 built-in technical indicators.
- Automated Trading: Traders can use EA to automate their trading strategies, allowing for 24/7 trading without manual intervention.
- Back testing: MT4 supports strategy back testing, enabling traders to test their automated strategies using historical data.
- Mobile Trading: The MT4 mobile app allows traders to access the markets on the go, providing full functionality on both Android and iOS devices.
MetaTrader 5 (MT5)
MT5 is the successor to MT4 and comes with several enhanced features.
While MT4 is still the go-to platform for forex traders, MT5 is better suited for those who wish to trade a broader range of assets, including stocks, indices, and commodities.
MT5 also offers additional timeframes and advanced order types that are not available in MT4.
- Extended Asset Coverage: In addition to forex, MT5 supports trading in stocks, commodities, and indices, making it ideal for traders who want to diversify their portfolios.
- More Order Types: MT5 offers more advanced order types than MT4, including Buy Stop Limit and Sell Stop Limit orders.
- Advanced Charting Tools: MT5 provides more charting options, including more timeframes and additional technical indicators.
- Depth of Market: MT5 includes Depth of Market (DOM) data, allowing traders to view the liquidity of an asset and make more informed trading decisions.
cTrader
cTrader is a professional-grade trading platform designed for experienced traders who require advanced tools for technical analysis.
The platform is renowned for its sleek design, customizable interface, and advanced features such as one-click trading, Depth of Market (DOM), and algorithmic trading through cAlgo.
- Depth of Market (DOM): cTrader offers full DOM functionality, allowing traders to see the real-time liquidity of an asset and place orders at precise price levels.
- cAlgo for Algorithmic Trading: Traders can use cAlgo to develop and implement their own algorithmic trading strategies using the C# programming language.
- Automated Trading: cTrader integrates with cAlgo, allowing traders to run automated strategies in real-time, even when they are not actively monitoring the markets.
- Customizable Interface: cTrader’s interface is highly customizable, allowing traders to tailor their workspace according to their preferences.
Trading Instruments: A Diverse Range of Markets
IC Markets provides traders with access to over 250 financial instruments across various asset classes, making it one of the most comprehensive brokers in terms of market coverage.
This wide range of instruments allows African traders to diversify their portfolios and hedge against risk by trading different assets.
Below is a breakdown of the main asset classes available at IC Markets.
- Forex: IC Markets offers over 60 currency pairs, including major, minor, and exotic pairs. This makes the broker particularly appealing to forex traders who want to take advantage of global currency movements.
- Commodities: Traders can access a range of commodities, including precious metals like gold and silver, as well as energy products like oil and natural gas.
- Indices: IC Markets provides access to major global indices such as the S&P 500, NASDAQ, and FTSE 100, allowing traders to speculate on the performance of entire markets.
- Cryptocurrencies: Cryptocurrency trading has become increasingly popular, and IC Markets offers access to popular digital currencies such as Bitcoin, Ethereum, Ripple, and Litecoin.
- Shares: IC Markets offers CFD trading on shares from major global markets, including the U.S., U.K., and Australia. This allows traders to speculate on the price movements of individual companies.
- Futures: Futures contracts are available for traders who want to speculate on the future price of commodities, indices, and other assets.
The variety of instruments offered by IC Markets makes it possible for African traders to create diversified portfolios, which is essential for reducing risk and maximizing returns in volatile markets.
Fees and Commissions: Low-Cost Trading for African Traders
One of the most attractive features of IC Markets is its competitive pricing structure.
The broker offers some of the lowest spreads and commissions in the industry, making it an excellent choice for cost-conscious traders, particularly in Africa, where trading costs can have a significant impact on profitability.
Spreads
IC Markets is renowned for offering tight spreads, particularly on its Raw Spread and cTrader accounts.
Spreads on major forex pairs, such as EUR/USD, can start from as low as 0.0 pips, which significantly reduces trading costs for high-volume traders.
The Standard Account offers spreads starting from 1.0 pips, which is still competitive for a commission-free account.
Commissions
While the Standard Account does not charge commissions, both the Raw Spread and cTrader accounts do.
However, these commissions are relatively low, with the Raw Spread Account charging $3.50 per lot and the cTrader Account charging $3.00 per lot.
These low commissions, combined with the tight spreads, make IC Markets one of the most cost-effective brokers for active traders in Africa.
Additional Fees
- Swap Fees: Traders who hold positions overnight are subject to swap fees (also known as rollover fees). These fees vary depending on the instrument and the direction of the trade (long or short).
- Deposit and Withdrawal Fees: IC Markets does not charge any deposit or withdrawal fees. However, traders should be aware that third-party payment providers, such as banks or e-wallets, may charge their fees.
Deposits and Withdrawals: Convenient Options for African Traders
IC Markets provides a wide range of deposit and withdrawal options, making it easy for African traders to fund their accounts and withdraw their profits.
The broker supports multiple payment methods, including bank transfers, credit and debit cards, and popular e-wallets such as Neteller, Skrill, and PayPal.
Deposit Methods
Depositing funds into an IC Markets account is straightforward, and there are no fees for deposits.
The available methods include:
- Bank Transfer: Local and international bank transfers are supported, with no fees on deposits. Processing times for bank transfers typically range from 1 to 3 business days.
- Credit/Debit Cards: Visa and MasterCard deposits are processed instantly, with no fees charged by IC Markets.
- E-Wallets: Popular e-wallets such as Neteller, Skrill, and PayPal are supported, with instant processing times and no fees on deposits.
Withdrawal Methods
Withdrawals are just as convenient, with IC Markets offering the same methods for withdrawing funds as for deposits.
Like deposits, withdrawals do not incur any fees from IC Markets, but traders should be mindful of any fees charged by their payment provider.
The processing times for withdrawals are as follows:
| Payment Method | Processing Time | Fees |
| Bank Transfer | 1-3 business days | None |
| Credit/Debit Card | Instant | None |
| Neteller/Skrill | Instant | None |
| PayPal | Instant | None |
Educational Resources: Empowering African Traders
One of IC Markets’ standout features is its comprehensive educational offering, which is particularly valuable for African traders who are just beginning their trading journey.
IC Markets understands the importance of education in trading success and provides a range of resources designed to help traders improve their skills and knowledge.
Webinars
IC Markets offers regular webinars hosted by experienced traders and market analysts.
These webinars cover several topics, including market analysis, trading strategies, and platform tutorials.
For African traders looking to deepen their understanding of the markets, these webinars provide valuable insights and actionable tips.
Trading Courses
IC Markets provides a range of trading courses aimed at beginner, intermediate, and advanced traders.
These courses cover the fundamentals of trading, including technical analysis, risk management, and how to use the trading platforms effectively.
For new traders in Africa, these courses offer a solid foundation upon which to build their trading knowledge and skills.
Video Tutorials
In addition to its webinars and courses, IC Markets also offers a library of video tutorials.
These videos provide step-by-step instructions on how to navigate the trading platforms, place trades, and use various tools and indicators.
The videos are designed to be easy to follow, making them ideal for African traders who are new to online trading.
Economic Calendar
IC Markets’ platform includes an integrated economic calendar, which helps traders stay up to date with key economic events that may impact the markets.
African traders can use the economic calendar to monitor important announcements such as interest rate decisions, GDP reports, and employment figures, enabling them to make more informed trading decisions.
Customer Support: Always Available to Help
IC Markets provides 24/7 customer support through multiple channels, including live chat, email, and phone.
The broker’s support team is known for being responsive and knowledgeable, ensuring that traders can get the help they need whenever they encounter issues or have questions.
For African traders, having access to reliable customer support is crucial, particularly if they are new to trading or have questions about the platform.
IC Markets’ 24/7 availability ensures that help is always just a click or call away, no matter the time zone.
Conclusion
IC Markets is a top-tier broker that offers a secure and competitive trading environment for traders in Africa.
With its tight spreads, low commissions, advanced trading platforms, and comprehensive educational resources, IC Markets caters to traders of all experience levels.
Whether you are a beginner looking for a commission-free account or an experienced trader seeking the tightest spreads and advanced trading tools, IC Markets provides a solution that meets your needs.
The broker’s strong regulatory standing, commitment to transparency, and focus on customer support make it an excellent choice for African traders who want to trade with confidence.
Additionally, the wide range of instruments available allows traders to diversify their portfolios and capitalize on opportunities across multiple markets.
Overall, IC Markets is well-positioned to serve Africa’s growing trading community, offering the tools and resources necessary for trading success.
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Frequently Asked Questions
Is IC Markets regulated?
Yes, IC Markets is regulated by the Australian Securities and Investments Commission (ASIC), the Cyprus Securities and Exchange Commission (CySEC), and the Seychelles Financial Services Authority (FSA).
What is the minimum deposit for IC Markets?
The minimum deposit for IC Markets is $200.
Does IC Markets offer a demo account?
Yes, IC Markets offers a demo account for traders to practice and familiarize themselves with the platform.
What payment methods are accepted by IC Markets?
IC Markets accepts various payment methods including local bank transfers, credit/debit cards, and e-wallets like Skrill and Neteller.
Does IC Markets offer negative balance protection?
Yes, IC Markets offers negative balance protection to ensure that traders do not lose more than their account balance.
What trading platforms does IC Markets support?
IC Markets supports multiple trading platforms including MT4, MT5, and cTrader.
How fast is the trade execution on IC Markets?
Trade execution on IC Markets is very fast, typically within 0.01 seconds.
Are there any fees for deposits and withdrawals on IC Markets?
No, IC Markets does not charge any fees for deposits and withdrawals.
Does IC Markets offer educational resources?
Yes, IC Markets offers a wide range of educational resources including webinars, video tutorials, market news, and eBooks.
Can I trade on IC Markets using a mobile app?
Yes, IC Markets offers a mobile trading app available on both the Google Play Store and the Apple App Store.
Resources
Get To Know Our Team
The following team members have contributed to writing, editing, reviewing, and verifying the information in this article:
Arnold K.
Arnold is a financial journalist specializing in Forex and brokers. With a Bachelor of Science in Graphic Communication & Advertising, he blends creativity and analytical insight in his work. Arnold is known for his detailed analyses of forex markets and broker performance, emphasizing strategic decision-making in trading. His writing, featured on many platforms, aims to educate readers on navigating forex complexities. Passionate about technology and continuous learning, Arnold remains a trusted voice in the financial sector.
Oluwapelumi A.
Oluwapelumi A. is a financial journalist specializing in brokers and cryptocurrency. He holds a Higher National Diploma from The Polytechnic, Ibadan. As an independent journalist, his work has been published on premier broker sites, providing insightful analyses on broker performance and market trends. His investing style focuses on dollar-cost averaging, and his expertise includes Bitcoin, Ethereum, Cardano, and Algorand. A firm believer in the transformative power of Bitcoin and blockchain, Oluwapelumi shares knowledge on how these technologies can shape the future financial system. Outside of writing, he enjoys meeting new people and exploring new experiences.
Adetola F.
Adetola is a financial journalist and market analyst. He holds a B.Sc. in Educational Media and Technology from the University of Ilorin. Specializing in swing and position trading, Adetola has expertise in currencies, cryptocurrencies, gold, and stocks. Known for his consistent performance and extensive experience, he has trained numerous successful students worldwide. Adetola frequently publishes articles, educational videos, and live market reviews to help others navigate the complexities of financial markets.
Updated as of: March 4, 2025