IC review
IC (formerly IC Markets) is a CFD and forex broker founded in Sydney, Australia in 2007 by Andrew Budzinski, a former stockbroker and compliance officer, and built around an ECN/raw-spread model aimed at active and algorithmic traders. Its Australian entity is regulated by ASIC, with EU market access via MiFID passporting reported by some reviewers, alongside separate offshore entities registered in the Bahamas, Seychelles (trading as Raw Trading Ltd) and Mauritius that carry lighter oversight than ASIC. The broker's main draw is a very wide tradeable-symbol range across MT4, MT5 and cTrader, all with TradingView integration, plus consistently tight raw spreads on its commission-based accounts. Share trading is limited to Australian stocks only, it has no proprietary mobile app, and it has faced multiple reported class-action investigations in Australia since 2024 alleging it misled investors, though public detail on those claims is limited.
IC key facts
- Website: ic.com
- Category: ECN CFD / forex broker
- Founded: 2007
- Headquarters: Sydney, Australia
- Regulation: ASIC Australia; FSA Seychelles; SCB Bahamas; additional Mauritius entity
- Platforms: MT4, MT5, cTrader, TradingView integration
- Min. deposit: $200
- Account types: Standard, Raw Spread (MT4/MT5), cTrader Raw Spread
- CEO: Andrew Budzinski
- FYI Score: 94.8/100 (ranked #5 of the 136 CFD brokers we track)
Regulation & licences
- The core entity is ASIC-regulated in Australia (AFSL 335692), IC Markets' home jurisdiction since 2007.
- A Seychelles entity, Raw Trading Ltd, holds a Securities Dealer's licence (SD018) from the Seychelles FSA and serves much of IC Markets' non-Australian client base.
- An additional entity is licensed by the Bahamas Securities Commission, and a separate Mauritius entity trades under the IC Trading brand.
- IC Markets has faced multiple reported prospective class-action investigations in Australia since 2024 alleging it misled investors; specific allegations and outcomes are not fully public.
Spreads & fees
- Standard account is commission-free with spreads built in, averaging around 0.6-0.62 pips on EUR/USD.
- Raw Spread accounts (MT4/MT5) charge roughly $3.5 per side per 100,000 units traded (about $7 round turn) on top of near-zero raw spreads.
- cTrader Raw Spread charges a slightly lower commission, around $3 per side ($6 round turn).
- Minimum deposit is $200 across account types, consistent across the sources reviewed.
Platforms & tools
- MetaTrader 4, MetaTrader 5 and cTrader, all supported natively rather than as an afterthought.
- TradingView chart integration across platforms.
- Strong support for algorithmic and automated trading strategies.
- No proprietary forex trading app — clients rely on third-party platform apps (MT4/MT5/cTrader mobile, IC Social).
Markets & instruments
- 61 forex pairs, plus CFDs on roughly 1,659 equities, 25 indices, 22 commodities and 13 cryptocurrencies per third-party data (exact totals vary by source).
- Share CFDs are broad, but direct share trading (IC Shares) is limited to the Australian market only.
- Copy trading is available through cTrader Copy, Myfxbook, ZuluTrade and MetaTrader Signals.
Account types
- Standard account: spread-only, commission-free, for simpler pricing.
- Raw Spread account on MT4/MT5: near-zero spreads plus a per-lot commission.
- cTrader Raw Spread: the same raw-pricing model on the cTrader platform.
- Swap-free accounts available for eligible clients.
Markets
[object Object], [object Object], [object Object], [object Object], [object Object], [object Object]
Platforms
MetaTrader 4, MetaTrader 5, cTrader, TradingView
Who IC is for
IC Markets suits active or algorithmic traders who prioritize tight raw spreads and platform choice (MT4/MT5/cTrader) over a polished in-house app or wide direct-equity coverage.
Pros
- Very large tradeable-symbol range versus most CFD competitors, with thousands of instruments across asset classes.
- Consistently tight raw spreads and competitive commission pricing on active-trader accounts.
- Native support for MT4, MT5 and cTrader with TradingView integration.
- Strong fit for algorithmic and high-frequency trading strategies, with free VPS for qualifying volumes.
Cons
- Offshore entities in the Bahamas, Seychelles and Mauritius carry materially lighter oversight than the ASIC-regulated core business.
- Reported prospective class-action investigations in Australia since 2024 allege misleading conduct toward investors; outcomes are not yet public, which is worth tracking for any current risk assessment.
- No proprietary mobile trading app — relies entirely on third-party platform apps.
- Direct share trading is restricted to Australian stocks only.
IC FAQ
Is IC Markets regulated?
Its core entity is regulated by ASIC in Australia. It also operates separate entities in the Seychelles (Raw Trading Ltd, under the Seychelles FSA), the Bahamas, and Mauritius, which carry lighter regulatory oversight than the ASIC-regulated business.
What is the minimum deposit at IC Markets?
$200 across its Standard, Raw Spread and cTrader Raw Spread account types.
Does IC Markets have its own trading app?
No. It supports MetaTrader 4, MetaTrader 5 and cTrader, all with TradingView integration, but does not offer a proprietary mobile app of its own.
Who founded IC Markets?
Andrew Budzinski founded IC Markets in 2007 in Sydney, Australia, after working as a stockbroker and later as a compliance officer at CMC Markets.
Compare IC with other CFD brokers
See all CFD brokers ranked by FYI →
Home · CFD Brokers · Brokers · Crypto · Prop firms · Prediction markets · Media · Influencers · Solutions