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In this honest IC Markets trading platform and broker review, our experts will discuss the most important features offered by IC Markets as a broker and its available trading platforms. We have carefully assessed the broker’s advantages and disadvantages so that you can make a well-informed decision whether to sign up, deposit, and trade with IC Markets or with a different broker or trading platform instead.
IC Markets (International Capital Markets) is an Australian forex and CFD broker founded in 2007. It has over 180,000 users globally and offers access to over 2,250 CFDs on 2,100+ stocks, 75 forex pairs, 40 ETFs, 13 cryptocurrencies, 28 commodities, 25 indices, and 9 bonds.
IC Markets offers MetaTrader 4, MetaTrader 5, and cTrader trading platforms. Additionally, the broker is licensed and regulated by the Securities and Commodities Authority (ASIC), the Cyprus Securities and Exchange Commission (CySEC), the Financial Services Authority (FCA), the Financial Sector Conduct Authority (FSCA), and the Securities Commission of The Bahamas (SCB).
Apart from three available account types (Standard, Raw Spread, and Raw Spread cTrader), the broker supports automated and high-frequency trading using Expert Advisors, trading scripts, and other trading automation software.
IC Markets also offers its clients a broad range of research and analytical tools and educational material in the form of explainer videos, tutorial guides, trading platform guides, a financial glossary, webinars, an economic calendar, and the broker’s WebTV, recorded daily from the floor of the New York Stock Exchange in collaboration with Trading Central.
Additionally, beginner traders have access to a freely available demo account to familiarize themselves with the IC Markets trading platforms, the broker itself, and trading in general. Experienced traders can use this demo account to backtest their trading strategies.
For traders of the Muslim faith who want to trade according to Sharia Law, IC Markets has Islamic swap-free accounts available. These accounts allow traders to trade without earning or paying interest (swaps) and invest in Halal companies and other assets only.
The average spread at IC Markets is 0,0 pips (on EUR/USD with Raw Spread or Raw Spread cTrader accounts) and $3,00 or $3,50 commission per round-traded lot per side. CFD and forex trading at IC Markets is commission-free (on Standard accounts).
Now that we have discussed the most important aspects of IC Markets, it is time to take a closer look at the available assets at the broker.
Assets (Best ECN Forex and CFD Broker)
IC Markets provides its clients access to over 2,250 financial instruments, including:
- 75 Forex pairs
- 2,100+ Stock CFDs
- 40 ETF CFDs
- 13 Crypto CFDs
- 25 Index CFDs
- 28 Commodity CFDs
- 9 Bond CFDs
Apart from a wide range of tradable assets, IC Markets has faster execution than most other brokers, as its trade servers are located in the NY4 and LD5 data centers in New York and London, respectively.
IC Markets has also partnered with the best trading technology companies to offer its clients tools such as a Depth of Market (DoM) Scanner, built-in spread monitoring, ladder trading, and automated trade closing through the use of custom order templates.
Although users can trade over 2,250 CFDs and over 75 forex pairs, IC Markets does not offer real stock, ETF, or investing trading. Because forex and CFD trading are more complex trading techniques, our experts have labeled IC Markets suitable for experienced and professional traders.
The table below compares IC Markets’ available assets with those of the top two competitors in the UAE.
| IC Markets | eToro | Interactive Brokers | |
| Stock CFDs | 2,100+ | 2,000 | 8,500 |
| Forex | 75 | 52 | 100+ |
| Indices CFDs | 25 | 20 | 13 |
| ETF CFDs | 40 | 264 | – |
| Commodity CFDs | 28 | 32 | – |
| Crypto CFDs | 13 | 74 | – |
| Bond CFDs | 9 | – | – |
| FX Options | N/A | N/A | N/A |
| OPEN ACCOUNT | OPEN ACCOUNT | OPEN ACCOUNT |
Commission, Fees, and Spreads
IC Markets offers commission-free forex and CFD trading via its Standard accounts with spreads starting from 0,8 pips (on EUR/USD) or charges a commission of either $3,00 or $3,50 per round-traded lot per side for trading on the broker’s supported trading platforms cTrader and MetaTrader, respectively, with Raw Spread accounts.
IC Markets does not charge any deposit fees, inactivity fees, withdrawal fees, or account management fees. The only non-trading fees users are subject to are 0,01% conversion fees on deposits made in any other currency than the United States Dollar.
The minimum deposit requirement to open a live trading account with IC Markets as a UAE trader is $200. Paper trading is also available at IC Markets through a free demo account. Additionally, Islamic swap-free accounts are available at IC Markets for traders of the Muslim faith who want to trade Halal according to Sharia law.
Compare the trading and non-trading fees of IC Markets with those charges by other brokers available to UAE traders and investors.
Trading Fees
| Trading Fee | IC Markets | eToro | Interactive Brokers |
| Stock CFDs | $0,00, $3,00 or $3,50 | $0,00 | $0,00 |
| Crypto CFDs | $0,00, $3,00 or $3,50 | 1% | 0,18% |
| Forex | 0,8 pip + $0,00, 0,0 pip + $3,00, or 0,0 pips + $3,50 | 1,0 pip (EUR/USD) | 1,4 pips (EUR/USD) |
| Other CFDs | $0,00, $3,00 or $3,50 | 0,5 – 1,0 pip/trade | 0,05% |
Non-trading fees
| Type of Fee | IC Markets | eToro | Interactive Brokers |
| Inactivity Fees | None | $10/month after 12 months of inactivity | None |
| Conversion Fees | 0,01% | 0,0050 pips | $50/conversion |
| Deposit Fee | None | None | None |
| Withdrawal Fee | None | $5 | None (only in USD) |
| Management/Administration Fees | None | None | None |
| Social Copy Trading Fees | None | None | N/A |
| Overnight Funding | Depends on the asset class and the direction of the trade. Users may pay or receive overnight funding. | Yes | Yes |
With low trading and non-trading fees, spreads, and commissions and an ECN pricing model available, IC Markets is one of the best forex and CFD brokers in the UAE in 2024.
Deposits and Withdrawals
IC Markets is an internationally operating CFD broker that supports various payment methods, including Visa, MasterCard, PayPal, Neteller, Skrill, Klarna, FasaPay, Poll, Transact365, RapidPay and bank wire transfers. All credit and debit card and eWallet transactions are processed instantly, while bank wire transfers take between two and five business days to process by IC Markets.
UAE traders can set their IC Market accounts in USD, EUR, and GBP. Although a small conversion fee applies when depositing AED (of 0,01%), this non-trading fee charged by IC Markets is below the industry average.
The table below compares the available payment methods at the best forex and CFD brokers in the UAE in 2024.
| Broker | IC Markets | eToro | AvaTrade |
| Bank Wire Transfer | ✓ | ✓ | ✓ |
| Credit/Debit Card | ✓ | ✓ | ✓ |
| E-wallets | ✓ | ✓ | ✓ |
| Crypto | ✘ | ✓ | ✘ |
| Account Minimum | $200 | $200 | $100 |
| Deposit Charges | None | None | None |
| Withdrawal Charges | None | $5 | None |
IC Markets Account Types
IC Markets 5 accounts available, including the:
- Standard Account – The standard account supporting MetaTrader 4 and 5 offers commission-free forex and CFD trading and spreads from 0,8 pip on EUR/USD.
- Raw Spread Account – The ECN account supports MetaTrader 4 and 5 with commissions from $3,50 and spreads from 0,0 pips on EUR/USD.
- Raw Spread Account (cTrader) – The alternative ECN account that supports cTrader with commissions of $3,00 per lot per side and spreads from 0,0 pips on EUR/USD.
- Demo Account – The freely available demo account allows users to practice trading or backtest their strategies. It comes loaded with virtual funds and mirrors real financial market conditions.
- Islamic Swap-free Account – A unique type of Standard Account aimed at Muslim traders who want to trade according to Sharia Law.
All account types have access to a watchlist, dynamic charting features, such as indicators and technical analysis tools, trading alerts, and social or copy trading features. Additionally, the broker offers a wide range of educational tools to all its users, including videos, tutorials, trading platform user guides, a financial glossary, forex calculators, and webinars.
Creating a live trading account at IC Markets is easy. Users must fill in their details, configure their trading accounts, review their details, sign a declaration, and optionally make a first deposit.
Trading Platforms & Tools (Best ECN Broker in UAE in 2024)
IC Markets has no proprietary trading platform but offers both MetaTrader platforms (MT4 and MT5), and cTrader. Web-based trading is available through MT4 Web, MT5 Web, and cTrader Web, while the cTrader iOS and cTrader Android apps are designed to facilitate users who prefer to trade on the go.
All available trading platforms enable users to trade at low trading and non-trading fees, use dynamic charting features, and trade automation software, such as Expert Advisors. Additionally, trading techniques and strategies like day trading, swing trading, intraday trading, hedging, shorting, and scalping are allowed across all platforms.
These are the details of all available trading platforms at IC Markets:
- MetaTrader 4 – Supports micro-lot trading, allows leveraged trading up to 30:1, and the usage of Expert Advisors.
- MetaTrader 5 – Enables access to raw pricing, spreads from 0,1 pips, low latency trading, deep liquidity, level 2 pricing data, and a multi-asset platform that supports forex, stock, index, bonds, cryptocurrency, and commodity trading.
- cTrader – Provides users access to real-time forex and CFD quotes, micro-lot trading, level 2 pricing, LD5 IBX Equinix Data Center servers, low commissions, and tight spreads.
- cTrader Automate – Allows users to build and deploy their own C# automated trading scripts through its GUI and FIX API.
The table below compares the platform features available at IC Markets with those of other highly popular brokers in the UAE in 2024.
| Feature / Broker | IC Markets | eToro | AvaTrade |
| Desktop Platform | ✓ | ✓ | ✓ |
| Web Platform | ✓ | ✓ | ✓ |
| Mobile Platform | ✓ | ✓ | ✓ |
| Easy to Use | ✓ | ✓ | ✓ |
| Watchlist | ✓ | ✓ | ✓ |
| Market Depth/Level 2 | ✗ | ✗ | ✗ |
| Advanced Charting | ✓ | ✗ | ✓ |
| Trading Alerts | ✓ | ✓ | ✓ |
| Demo Account | ✓ | ✓ | ✓ |
| MT4/MT5 | ✓ | ✗ | ✓ |
| TradingView | ✗ | ✗ | ✗ |
| Other non-Proprietary | ✓ | ✗ | ✗ |
| Proprietary | ✗ | ✓ | ✓ |
| Social/Copy Trading | ✓ | ✓ | ✓ |
| Strategy Tester | ✓ | ✗ | ✓ |
| Scalping | ✓ | ✓ | ✓ |
IC Markets is one of the fastest ECN forex and CFD brokers with average order execution speeds of under 66ms, low-latency fiber optic cross-connects to liquidity providers, and free collocated VPS server access.
Moreover, the broker does not recycle liquidity, significantly reducing slippage. Other trading platform features include a one-click trading module, market depth scanner, spread monitor, trade risk monitor, and advanced order types.
Research and Education
IC Markets has a comprehensive suite of educational materials on its website for traders of different levels, from beginners to intermediate, and advanced. These educational materials include videos, tutorials, trading platform guides, financial glossaries, and webinars.
Customer Support
The IC Markets customer support staff is available 24/7 in English and several other languages via live chat, email, and phone. Additionally, users can consult the FAQ pages on the official IC Markets website.
Regulation
IC Markets is regulated by 5 top-tier financial regulators, including the ASIC, CySEC, FSA, FSCA, and SCB. The company is registered in Cyprus under company registration number HE 356877 and in several other jurisdictions. Therefore, IC Markets can be seen as a safe and trustworthy broker that adheres to local and international trade rules.
Security
As per the extensive research of our experts, IC Markets puts a high emphasis on safe and secure trading and investing. Not only are its trading platforms completely protected with SSL encryption technology, but traders can also further protect their accounts by enabling two-factor authentication.
Added to this, the broker provides guides on cybersecurity threats and trading scams, such as phishing emails, fake websites, unregistered brokers, impersonation, pressured sales tactics, misleading information, social media scams, fake investment clubs, inadequate risk disclosures, and more.
IC Markets UAE Special Features
IC Markets allows its users to trade forex and CFDs with raw spreads on MetaTrader 4, 5, or cTrader. Additionally, users can access a wide range of educational materials and research and analysis tools. Automated trading through Expert Advisors is supported, and the broker has Islamic swap-free accounts available.
Some of the most unique features of IC Markets include level 2 pricing and market depth screeners, and no restrictions on trading techniques, meaning scalping, hedging, and high-frequency trading are allowed.
Pros
- Lightning-fast order execution (average of 66ms)
- Expert Advisors and automated trading supported
- MetaTrader 4, MetaTrader 5, and cTrader trading platforms available
- Islamic swap-free and demo accounts are available
- Level 2 pricing and market depth screeners for advanced traders
- Social or copy trading features are offered
- High leverage of up to 30:1 or 500:1 (for retail and professional traders, respectively)
Cons
- No proprietary trading platform
- TradingView is not supported
- No real stock or ETF trading is available
Conclusion
IC Markets is one of the best forex and CFD brokers for advanced to professional traders. The broker provides users access to more than 2,250 CFDs and 75 forex pairs with up to 30:1 or 500:1 leverage for retail and institutional traders, respectively. Additionally, the broker supports the full MetaTrader suite (4 & 5) and cTrader.
Users can open live trading accounts from $200 (800 AED) and request these to be converted to Islamic swap-free accounts if they wish to do so. Alternatively, users can familiarize themselves with the IC Markets trading platforms by creating a free demo account.
Overall, its ECN pricing model, fast order execution speeds, institutional-grade liquidity provided by over 50 global liquidity providers, demo accounts and Islamic swap-free accounts, and UAE availability make IC Markets one of the best forex and CFD brokers in the UAE in 2024.
Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71,65% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
The information presented is not directed at residents of any particular country outside the United Arab Emirates and is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.
Disclaimer
Giles Thomas is the CEO of Business24-7 and has considerable experience in the financial industry as Executive Director and Head of Asia for the Family Office Industry focused business FOE.Global. He is also a veteran internet marketer with 13 years of experience in SEO and digital asset M&A.