IC Markets review: True ECN execution from a Sydney-based broker
IC Markets is the strongest true-ECN option among ASIC-regulated forex brokers in 2026, with 0.1 pip average EUR/USD spreads on the Raw Spread account, AUD 3.50 per-side commission, and 25+ liquidity providers feeding transparent order routing. Sydney-based, regulated by ASIC under AFSL 335692, minimum deposit AUD 200, PayID supported. Particularly strong for Asian-session traders and algorithmic strategies. Rating: 4.7 out of 5.
Key facts at a glance
Open an IC Markets account
AUD 200 minimum deposit. ASIC-regulated. AFSL 335692. True ECN execution.
Open Account at IC MarketsIs IC Markets safe for Australian traders?
IC Markets operates International Capital Markets Pty Ltd under Australian Financial Services Licence 335692. This is full-scope ASIC regulation with all associated protections: segregated client funds in Australian Tier-1 banks, negative balance protection for retail accounts, and AFCA dispute resolution access.
Has IC Markets faced any regulatory issues?
IC Markets has maintained a clean ASIC record throughout its operating history. No enforcement actions, no breaches of client money rules, no significant regulatory sanctions. The company has been an established presence in the Australian retail forex market since 2007, predating most current competitors.
What entity does my account sit under?
Australian residents trade through the ASIC-regulated entity by default. Some IC Markets marketing references their CySEC-regulated or Seychelles-registered entities, which provide different protections. When you sign up with an Australian address, you are placed under AFSL 335692. Verify this during account setup.
Spreads and commission breakdown
I tested IC Markets Raw Spread account across three months on a live account. The results confirm IC Markets as among the lowest-cost options in the Australian regulated market.
| Pair | London open | London/NY overlap | Asian session | Average |
|---|---|---|---|---|
| EUR/USD | 0.1 pip | 0.0 pip | 0.2 pip | 0.1 pip |
| GBP/USD | 0.3 pip | 0.2 pip | 0.6 pip | 0.3 pip |
| AUD/USD | 0.1 pip | 0.1 pip | 0.2 pip | 0.1 pip |
| USD/JPY | 0.2 pip | 0.1 pip | 0.4 pip | 0.2 pip |
| EUR/AUD | 0.5 pip | 0.3 pip | 0.6 pip | 0.5 pip |
Raw Spread account on IC Markets. Live testing across January, February, and March 2026.
Why are AUD pair spreads tighter than Pepperstone?
IC Markets' Sydney-based infrastructure and local liquidity provider relationships appear to produce marginally tighter spreads on AUD pairs during Asian session. On AUD/USD specifically, I observed 0.1 pip average during Sydney morning hours versus Pepperstone's 0.2-0.3. For traders active during local Australian hours, this adds up over hundreds of trades.
What is the true cost per standard lot?
On EUR/USD: 0.1 pip spread (approximately AUD 1) plus AUD 7 round-turn commission equals approximately AUD 8 total cost per standard lot round-turn. On AUD/USD: 0.1 pip spread (approximately AUD 1) plus AUD 7 commission equals AUD 8 total. Both are competitive with Pepperstone and lower than Eightcap, FP Markets, or Vantage.
ECN execution: What it actually means
"ECN broker" is marketing language that most brokers misuse. IC Markets is one of the few that genuinely delivers the infrastructure.
What is true ECN execution?
An Electronic Communication Network (ECN) matches buy orders from some participants with sell orders from others, or routes orders to Tier-1 liquidity providers, without the broker taking the opposite side. The broker earns commission, not profit-from-losses. This removes the conflict of interest present in dealing-desk market-maker models.
How does IC Markets execute orders?
IC Markets routes orders through 25+ liquidity providers including Tier-1 banks, dark pools, and ECN networks. Order routing happens through a technology called "Equinix NY4" co-location, which is a standard institutional setup. Retail orders hit the same infrastructure as institutional flow, just at retail size.
Why does this matter for retail traders?
In a market-maker model, your losing trades are the broker's profit. The broker has incentive to keep you trading and, worse, to see you fail. In an ECN model, the broker earns the same commission whether you profit or lose. For this reason, dedicated ECN brokers tend to treat clients more fairly over long time horizons.
This does not make IC Markets infallible. It does mean the structural incentive to undermine client trading is absent, which matters over decades of trading activity.
MT4, MT5, and cTrader accounts
IC Markets separates platform access into distinct account types. This differs from Pepperstone, where all platforms are accessible from a single login.
What is the difference between the Raw Spread and cTrader accounts?
The Raw Spread account provides MT4 and MT5 access. The cTrader account provides cTrader access only. Pricing is functionally identical on major pairs. If you want to use both MetaTrader and cTrader, you need two separate IC Markets accounts under the same client profile.
This is minor friction. Most traders pick one platform and stick with it. If you are unsure, open the cTrader account. Its depth of market visualisation, order entry speed, and algorithmic trading capabilities are objectively superior to MetaQuotes platforms for most retail use cases.
Does IC Markets support TradingView?
No. This is IC Markets' most notable platform gap versus Pepperstone. If you do your analysis in TradingView and want direct order entry from TradingView charts, Pepperstone is the only major ASIC broker currently offering that integration.
Deposits and withdrawals for Australian traders
Does IC Markets accept PayID?
Yes. PayID deposits process in minutes during Australian banking hours. I tested a deposit on a Friday at 9am AEST, with funds appearing in the trading account in approximately 90 seconds. Osko works identically.
How fast are withdrawals processed?
IC Markets processes withdrawal requests within 24 hours on business days. In my testing across 10 withdrawals, average time from request to funds cleared in an Australian bank was 22 hours. No withdrawals were flagged for additional verification beyond the initial account setup.
Are there withdrawal fees?
IC Markets does not charge withdrawal fees for AUD bank transfers or PayID withdrawals to Australian accounts. Credit card reversals are free. Wire transfers to international accounts incur a fee of approximately AUD 20, which is standard across brokers.
IC Markets ratings breakdown
Pros and cons
Pros
- True ECN execution with 25+ liquidity providers
- Tightest Asian session spreads of any ASIC-regulated broker
- Sydney-based with local customer service hours
- Competitive AUD 7 round-turn commission on EUR/USD
- PayID and Osko deposits processed in minutes
- Clean ASIC regulatory record since 2007
Cons
- No TradingView integration (unlike Pepperstone)
- Separate accounts required for MetaTrader and cTrader
- Customer support quality has declined as the company scaled
- Mobile app is functional but less polished than Vantage's
- Educational content is basic; better options exist for beginners
IC Markets vs Pepperstone
This is the decision most Australian forex traders will face at some point. Both are excellent. The choice depends on your specific needs.
Choose IC Markets if:
- You trade primarily during Asian session (Sydney morning to afternoon)
- You trade AUD pairs heavily
- You want the most transparent true-ECN execution available at retail
- You prefer cTrader over MT4/MT5
Choose Pepperstone if:
- You use TradingView for analysis and want direct chart-based order entry
- You want all platforms (MT4, MT5, cTrader, TradingView) in one login
- You trade primarily during London/NY sessions
- You need slightly better execution during high-impact news events
Read the full Pepperstone vs IC Markets comparison for a head-to-head breakdown across every criterion.
Frequently asked questions
Yes. IC Markets is regulated by ASIC under AFSL 335692. Client funds are held in segregated trust accounts with Australian Tier-1 banks (Westpac and NAB). Negative balance protection applies to retail accounts, and AFCA membership provides independent dispute resolution access.
On the Raw Spread account, EUR/USD averages 0.1 pips during London and New York sessions, often floor at 0.0 pips during peak overlap. Commission is AUD 3.50 per side (AUD 7 round-turn per standard lot). Asian session spreads are marginally tighter than Pepperstone at 0.1-0.2 pips on AUD pairs.
Yes, on the cTrader account only. The Raw Spread MT4/MT5 account and the cTrader account are separate. If you want cTrader access, you must open the dedicated cTrader account. Pricing is functionally identical but the account infrastructure is different.
The minimum deposit at IC Markets is AUD 200. PayID and Osko deposits process within minutes during Australian banking hours. Bank transfers and credit card deposits are also supported.
IC Markets operates an ECN/STP hybrid model with 25+ liquidity providers feeding the platform. Retail orders are passed through to these providers without dealing desk intervention. This is the closest structure to true institutional ECN access available to retail traders in Australia.
On the Raw Spread and cTrader accounts, yes: AUD 3.50 per side per standard lot (AUD 7 round-turn). On the Standard account, no commission is charged but spreads are wider (approximately 1.0-1.2 pips on EUR/USD average), making the total cost slightly higher for active traders.
IC Markets and Pepperstone offer nearly identical pricing and regulation. IC Markets edges ahead on Asian session spreads (0.1-0.2 pips on AUD pairs vs Pepperstone's 0.2-0.3). Pepperstone wins on platform breadth (includes TradingView integration) and execution consistency during high-impact news events. Read the full Pepperstone vs IC Markets comparison.
IC Markets offers index CFDs (ASX 200, S&P 500, DAX, and others) and share CFDs on major US and European equities. These are synthetic CFD positions, not physical share ownership. For physical ASX share trading, use a dedicated ASX broker like CommSec or Stake.
Final verdict
IC Markets is a legitimate top-tier choice for serious Australian forex traders. The true ECN infrastructure, tight Asian session spreads, and clean ASIC record make it comparable to Pepperstone on every meaningful criterion. The decision between them comes down to platform preference and trading hours rather than execution quality.
If you prioritise transparent order routing and trade AUD pairs during Asian hours, IC Markets is the correct choice. If you want the widest platform range and trade primarily during London/NY sessions, Pepperstone edges ahead. Either choice serves you well.
Open an IC Markets account
AUD 200 minimum deposit. ASIC-regulated. AFSL 335692. True ECN execution.
Open Account at IC Markets