What We Tested
- Account type: Raw Spread Account ($2,000 starting balance)
- Platform: MT5 on VPS (latency ~3-6ms to Equinix LD4)
- Trading period: 18 months, 237 manual + EA trades
- Pairs tested: EURUSD, GBPUSD, USDJPY, XAUUSD
- Withdrawal tests: 4 successful (card, wire, crypto, e-wallet)
- Support tests: 8 inquiries via live chat, email, phone
All execution data in this review comes from real trades on our own IC Markets Raw Spread account.
Regulation & Safety
- ASIC (Australia) โ License #335692: strict capital requirements, client fund segregation, dispute resolution
- CySEC (Cyprus) โ License #362/18: EU MiFID compliance, investor compensation fund (โฌ20,000)
- FSA (Seychelles) โ License #SD018: offshore entity for international clients with higher leverage
- SCB (Bahamas) โ License #SIA-F212: additional offshore coverage
How licences work and what offshore routing changes: Offshore Brokers: Jurisdiction Risk ยท How Regulated Brokers Scam Legally
Spreads & Execution
| Pair | Raw Spread Avg | Standard Avg | Commission (Raw) |
|---|---|---|---|
| EUR/USD | 0.1 pips | 1.0 pips | $3.50/lot RT |
| GBP/USD | 0.2 pips | 1.2 pips | $3.50/lot RT |
| USD/JPY | 0.1 pips | 1.1 pips | $3.50/lot RT |
| XAU/USD | 11 pips | 20 pips | $3.50/lot RT |
Spreads measured during London/NY overlap. Raw Spread charges raw interbank + commission; Standard includes markup, no commission.
Execution Quality (Tested Over 18 Months)
- Median fill time: ~3-6ms (VPS co-located at Equinix LD4, tested over 237 trades)
- Slippage (majors): +0.2 pips average, mostly neutral or positive (favorable fills)
- Requotes: <0.3% of orders (essentially zero under normal conditions)
- Order rejection rate: <0.1% (negligible, only during extreme events)
- Stop-loss execution: Precise to the pip; no widening observed in 18-month test
This is institutional-grade execution at retail pricing. 3-6ms fills are faster than most tier-1 brokers. The infrastructure holds under sustained load. No requotes, no manipulation, no dealing desk games.
What sits behind these execution numbers: Slippage and Latency ยท Anatomy of an Order ยท Trading terms glossary
Equinix Infrastructure (Why It Matters)
IC Markets co-locates servers at Equinix data centers globally:
- Equinix NY4 (New York): Primary US server, co-located with major liquidity providers
- Equinix LD4 (London): European server, direct connection to tier-1 banks
- Equinix TY3 (Tokyo): Asian session server, low-latency access to Asian markets
- Benefits: Sub-10ms latency to liquidity providers, minimal slippage, stable execution even during news events
Equinix co-location is what separates IC Markets from brokers claiming "ECN execution" while running on consumer-grade infrastructure. A VPS in Equinix gives a ~3-6ms round trip to IC Markets servers. Those servers sit alongside the same tier-1 liquidity providers they route to.
Account Types & Fees
Raw-spread account
- Min deposit: $200
- Spreads: From 0.0 pips (raw interbank)
- Commission: $3.50/lot RT
- Leverage: Up to 1:500 (ASIC: 1:30, CySEC: 1:30)
- Best for: Scalpers, day traders, EAs
Standard-type account
- Min deposit: $200
- Spreads: From 1.0 pips (markup included)
- Commission: $0
- Leverage: Up to 1:500 (ASIC: 1:30, CySEC: 1:30)
- Best for: Swing traders, position traders
Other Fees
- Deposit fees: $0 (card, wire, crypto, e-wallet)
- Withdrawal fees: $0 for most methods (wire may incur bank fees)
- Inactivity fee: $10/month after 12 months of no trading
- Swap rates: Competitive; Islamic accounts available (swap-free)
- VPS: Free for accounts meeting balance/volume thresholds (~$5K balance or 30 lots/month)
Deposits & Withdrawals (Tested)
We tested 4 withdrawal methods over 18 months:
| Method | Amount | Processing Time | Fees | Notes |
|---|---|---|---|---|
| Credit Card | $250 | 1 business day | $0 | Fast approval, instant notification |
| Bank Wire | $1,000 | 1-2 business days | Bank fee (~$15) | IC Markets doesn't charge; bank does |
| Crypto (USDT) | $300 | 4-8 hours | $0 | Fastest method, TRC-20 network |
| Neteller | $150 | Same day (6 hours) | $0 | E-wallet, very fast |
How payout problems start at weaker brokers: Withdrawal Blocking Patterns
Platforms & Tools
- MetaTrader 4 & 5: Full desktop, mobile, web. Stable API for EAs, advanced charting, custom indicators
- cTrader: Professional ECN platform with depth of market, advanced order types, cBots (algo trading in C#)
- VPS Hosting: Free Equinix VPS for qualifying accounts (or purchase at ~$30/mo)
- Tools: Economic calendar, Autochartist, Trading Central, market analysis
- Copy Trading: Available via cTrader Copy and third-party integrations
Our Take: Platform selection is comprehensive. MT4 and MT5 are rock-solid for EAs, and cTrader adds ECN features for manual traders. VPS in Equinix is a huge advantage for algo traders.
Customer Support (Tested)
We contacted IC Markets support 8 times over 18 months:
- Live Chat: 24/7, average response time ~90 seconds, multilingual, technically competent
- Email: Responses within 2-6 hours, detailed technical answers when needed
- Phone: Multiple international lines, professional staff, minimal wait times
- Quality: Support understood technical questions (EA setup, VPS configuration, execution logic). No deflection or generic answers.
Support quality is excellent. 24/7 live chat with real humans who understand technical trading. When we had VPS latency questions, support walked through server selection and optimization. This is institutional-level support.
PROS
- True ECN since 2007 with clean regulatory record
- ASIC + CySEC regulation with investor protection
- 3-6ms execution on Equinix infrastructure (tested)
- Raw spreads from 0.0 pips (0.1 pips avg EUR/USD)
- Free VPS in Equinix for qualifying accounts
- MT4/MT5/cTrader platforms
- Fast withdrawals (4-48 hours tested)
- 24/7 support with technical expertise
CONS
- Raw Spread commission ($3.50/lot RT)
- $200 minimum deposit (higher than some competitors)
- Inactivity fee after 12 months ($10/mo)
- ASIC/CySEC leverage capped at 1:30 (regulatory standard)
- VPS free tier requires $5K balance or 30 lots/month
Who Is IC Markets For?
- Great fit: Scalpers, high-frequency traders, EA/algo traders who need the fastest execution and tightest spreads. If you're serious about automated trading, this is your broker.
- Good fit: Day traders and swing traders who value institutional-grade infrastructure and tier-1 regulation.
- Maybe: Beginners with $200+ who are willing to learn on professional infrastructure (demo first).
- Not ideal: Traders with under $200, or anyone allergic to commission models. The Standard account exists, but Raw is better value for active traders.
Final Verdict
IC Markets is the gold standard for true ECN execution. Established 2007 and ASIC regulated, with 18 years of clean operations. Equinix co-located servers, institutional-grade liquidity, execution speed that beats 95% of retail brokers.
Our own 18-month test here covered 237 trades with 3-6ms fills, 0.1 pips avg spreads, minimal slippage, and zero requotes. The infrastructure works under sustained trading load.
Raw Spread account charges $3.50/lot commission, but total cost (spread + commission) beats markup pricing for active traders. Execution speed and slippage savings more than compensate for commission on scalping and day trading strategies.
Withdrawals are fast: 4 hours to 2 days in our tests. Support is responsive and technically competent, and MT4, MT5 and cTrader cover every trading style. Free VPS in Equinix for qualifying accounts is a massive advantage for algo traders.
How this score is calculated: Our testing methodology
