If you’re researching IC Markets spreads, wondering about their ECN account, or checking if IC Markets is regulated, this comprehensive review answers all your critical questions. More importantly, we examine whether IC Markets is a safe, reliable choice for Kenyan traders.
Quick Verdict: Yes, IC Markets is a legitimate, well-regulated ECN broker with 18 years of operational history. The broker is fully regulated in Kenya by the CMA (Capital Markets Authority) under license number 199. With ultra-tight spreads starting from 0.0 pips, institutional-grade execution, and MT4/MT5/cTrader platforms, IC Markets excels for scalpers, algorithmic traders, and cost-conscious traders. However, the $200 minimum deposit is higher than competitors, and some users report occasional withdrawal verification hurdles and complex withdrawal procedures.
What Is IC Markets?
IC Markets (International Capital Markets Pty Ltd) is an Australian-based forex and CFD broker founded in 2007 by a group of forex traders and technology professionals. The founding team’s frustration with poor execution and wide spreads from existing brokers led them to create a true ECN (Electronic Communication Network) broker focused on raw pricing and institutional-grade conditions.
Since its founding, IC Markets has grown into one of the world’s largest retail forex brokers by trading volume, consistently processing over $40 billion in daily trades and executing more than 500,000 transactions per day.
Company Background
Founded: 2007
Headquarters: Sydney, Australia
Global Offices: Cyprus (Limassol), Seychelles
Average Daily Trading Volume: $40+ billion
Daily Trades Executed: 500,000+
Algorithmic Trading: 60%+ of all executed trades
Active Traders: Undisclosed, but among industry leaders
Who Is IC Markets Best For?
IC Markets is particularly well-suited for:
- Scalpers and day traders needing ultra-tight spreads
- Algorithmic traders using Expert Advisors (EAs)
- Experienced traders seeking ECN/STP execution
- Kenyan traders wanting local CMA regulation
- High-volume traders prioritizing low trading costs
- Professional traders requiring cTrader platform
- Traders using MetaTrader 4 or MetaTrader 5
Who Should Consider Alternatives?
- Complete beginners with limited capital (minimum deposit $200)
- Traders specifically requiring M-Pesa support
- Those wanting very simple account structures
- Casual traders who don’t need institutional-grade execution
- Traders uncomfortable with commission-based pricing
Regulation & Safety: Is IC Markets Legal in Kenya?
This is the most critical question. Fortunately, IC Markets provides strong regulatory oversight including local Kenyan regulation.
Kenyan Regulation
Yes, IC Markets is fully regulated in Kenya. The broker operates through IC Markets (KE) Limited, which holds Capital Markets Authority (CMA) license number 199 granted in May 2024. This license authorizes IC Markets to operate as a non-dealing online foreign exchange broker.
What CMA regulation means for Kenyan traders:
- Full legal recourse under Kenyan law for disputes
- Client funds segregated from company operational funds in local or international banks
- Mandatory external audits ensuring capital adequacy and compliance
- Access to CMA dispute resolution mechanisms
- Compliance with AML (Anti-Money Laundering) and KYC requirements
- Negative balance protection ensuring you cannot lose more than deposited
- Regular CMA oversight and inspections
This places IC Markets among the elite group of internationally regulated brokers with local Kenyan licenses, including Exness, Pepperstone, FP Markets, HFM, and Admirals.
Global Regulatory Framework
Beyond Kenya, IC Markets maintains licenses from multiple respected authorities:
Tier-1 Regulators:
- ASIC (Australia) – Australian Securities and Investments Commission, License AFSL 335692 – Primary regulator for International Capital Markets Pty Ltd
- CySEC (Cyprus) – Cyprus Securities and Exchange Commission, License 362/18 – Regulates IC Markets (EU) Ltd for European clients under MiFID II directives
Mid-Tier Regulators:
- FSA (Seychelles) – Financial Services Authority, License SD018 – Regulates Raw Trading Ltd (IC Markets Global) for international clients
- SCB (Bahamas) – Securities Commission of Bahamas – Global operations oversight
- CMA (Kenya) – Capital Markets Authority, License 199 – Local Kenyan regulation
Important Entity Clarification: Different IC Markets entities serve different regions:
- IC Markets (KE) Ltd – Kenyan traders under CMA regulation
- International Capital Markets Pty Ltd – Australian traders under ASIC
- IC Markets (EU) Ltd – European traders under CySEC/MiFID II
- Raw Trading Ltd (IC Markets Global) – International traders under FSA Seychelles
Kenyan traders are onboarded to the CMA-regulated entity, ensuring local regulatory protection.
Fund Safety & Compensation
IC Markets protects client funds through comprehensive measures:
Segregated Accounts: Client funds are held in segregated accounts with Tier-1 banks (including Lloyds Bank London) separate from company operational funds. This ensures your money remains protected even if IC Markets faces financial difficulties.
Negative Balance Protection: Automatically included on all accounts, preventing your balance from going below zero. You cannot lose more than your deposited funds.
Insurance Coverage: IC Markets partners with Lloyds of London to provide additional insurance coverage up to $1,000,000 per client in case of insolvency. This covers your account balance and the value of all open positions.
Compensation Schemes:
- EU clients (CySEC): Protected by the Investor Compensation Fund (ICF) up to €20,000
- Australian clients (ASIC): Protected under Australian compensation schemes
- Kenyan clients (CMA): Protected under CMA regulatory framework
- Financial Commission Membership: IC Markets is a member of The Financial Commission, an independent dispute resolution organization that provides compensation up to €20,000 for unresolved complaints
Is IC Markets Safe?
Objective Assessment: Yes, IC Markets is among the safer brokers available to Kenyan traders. The combination of:
- 18-year operational track record
- Tier-1 ASIC and CySEC regulation
- Local CMA license in Kenya
- Segregated funds with Tier-1 banks
- Lloyds insurance up to $1,000,000
- Financial Commission membership
- Published financial audits
…makes IC Markets one of the most comprehensively regulated and protected brokers in the industry.
Risk Level: Low risk. IC Markets ranks among the safest options for Kenyan traders alongside Pepperstone, Exness, and FP Markets.
Account Types
IC Markets offers three primary account types, each designed for different trading approaches.
1. Raw Spread Account (MetaTrader 4/5)
Minimum Deposit: $200
Spreads: From 0.0 pips (average EUR/USD 0.1 pips)
Commission: $3.50 per side ($7 per round turn lot)
Leverage: Up to 1:500 (1:400 in Kenya under CMA regulation)
Best For: Scalpers, day traders, algorithmic traders, professional traders
The Raw Spread Account is IC Markets’ flagship offering and the reason the broker has earned its reputation. This account provides:
True ECN Execution: Direct market access to pricing from 25+ institutional liquidity providers including major banks, hedge funds, and financial institutions. No dealing desk intervention.
Ultra-Tight Spreads: EUR/USD averages just 0.1 pips during liquid trading sessions, with spreads frequently touching 0.0 pips. This is among the tightest in the global industry.
Transparent Pricing: Commission structure is fixed and clearly disclosed. Total cost (spread + commission) for EUR/USD typically totals around $8 per standard lot ($4 + $3.50 per side), significantly lower than spread-only competitors.
Ideal For:
- Scalpers requiring precision entry/exit points
- High-frequency traders and Expert Advisors
- Professional traders demanding institutional conditions
- Traders executing 5+ lots per month
Platforms: MetaTrader 4, MetaTrader 5
2. cTrader Raw Spread Account
Minimum Deposit: $200
Spreads: From 0.0 pips (average EUR/USD 0.1 pips)
Commission: $3.00 per side ($6 per round turn lot)
Leverage: Up to 1:500 (1:400 in Kenya)
Best For: Professional traders preferring cTrader, algo traders using cAlgo
Identical to the MT4/MT5 Raw Spread account but optimized for the cTrader platform, which many professional traders prefer for its advanced charting, detachable charts, Level II pricing, and built-in algorithmic trading through cTrader Automate.
Key Advantage: Slightly lower commission ($3 vs $3.50 per side) compared to MT4/MT5 Raw accounts.
Ideal For:
- Professional traders who prefer cTrader’s interface
- Algorithmic traders using cAlgo (cTrader’s native coding)
- Traders requiring Level II market depth
- Those wanting advanced order management
3. Standard Account
Minimum Deposit: $200
Spreads: From 0.8 pips (average EUR/USD 1.0 pips)
Commission: None
Leverage: Up to 1:500 (1:400 in Kenya)
Best For: Beginners, traders preferring spread-only pricing, swing traders
The Standard Account provides commission-free trading with slightly wider spreads. Spreads on this account are effectively Raw Spread + 1.0 pip (IC Markets adds 0.5 pips to the bid and 0.5 pips to the ask price).
Cost Comparison Example (EUR/USD):
- Raw Spread Account: 0.1 pip + $7 commission = approximately 0.8 pips total cost
- Standard Account: 1.0 pip spread, no commission = 1.0 pips total cost
For low-volume traders (less than 5 lots per month), the Standard Account may be more cost-effective as the simplified pricing structure is easier to manage.
Ideal For:
- Beginners who find commission-based pricing confusing
- Swing traders holding positions for days/weeks
- Low-volume traders (1-5 lots per month)
- Traders wanting simplified cost calculations
Platforms: MetaTrader 4, MetaTrader 5, cTrader
Islamic (Swap-Free) Accounts
All three account types are available in Islamic versions complying with Sharia law. Islamic accounts feature:
- No overnight swap charges (interest-free)
- Fixed administrative fees on minor currency pairs instead of swaps
- Same spreads and commissions as conventional accounts
- Verification of Islamic faith required
- Available on all platforms (MT4, MT5, cTrader)
Demo Accounts
IC Markets offers unlimited demo accounts with:
- Virtual funds from $1,000 to $5,000,000
- All trading platforms (MT4, MT5, cTrader)
- Real market conditions and live pricing
- No expiration date
- Practice Expert Advisors and strategies risk-free
Trading Platforms
IC Markets supports four professional trading platforms, each optimized for different trading styles.
MetaTrader 4 (MT4)
The globally recognized industry-standard platform.
Key Features:
- 30+ built-in technical indicators
- 9 timeframes for chart analysis
- Expert Advisors (EAs) for fully automated trading
- Custom indicator creation using MQL4
- One-click trading for fast execution
- Economic calendar integration
- Advanced charting with 23 objects and 46 graphical tools
- Trailing stops and automated order management
IC Markets MT4 Enhancements:
- Servers located in Equinix NY4 data center (New York) for <1ms latency to major liquidity providers
- Advanced Trading Tools package (20+ unique tools)
- No trading restrictions (scalping, hedging, EAs all permitted)
- VPS hosting available ($30/month, free for traders with $5,000+ balance and 5+ round lots monthly)
Availability: Windows Desktop, macOS, Linux, Web Browser (WebTrader), iOS, Android
Best For: Traditional forex traders, EA users, traders familiar with MT4 ecosystem
MetaTrader 5 (MT5)
The more advanced successor to MT4 with enhanced capabilities.
Key Improvements Over MT4:
- 21 timeframes (vs. 9 in MT4) including 2, 3, 4, 6, 8, 12-hour charts
- 38 built-in indicators (vs. 30 in MT4)
- Economic calendar with real-time data and direct trading from calendar events
- Depth of Market (DOM) for Level II pricing visibility
- 6 pending order types (vs. 4 in MT4)
- Netting and hedging position accounting
- More sophisticated backtesting engine
- Multi-currency strategy testing
Same IC Markets Infrastructure:
- Equinix NY4 data center location
- <1ms latency to liquidity providers
- Full EA support with MQL5
- Advanced Trading Tools package
Availability: Windows Desktop, macOS, Linux, Web Browser (WebTrader), iOS, Android
Best For: Advanced algorithmic traders, multi-asset traders, those needing more timeframes and indicators
cTrader
The professional-grade platform favored by many institutional traders.
Why Traders Choose cTrader:
- Clean, Modern Interface: Intuitive design more user-friendly than MT4/MT5
- Level II Pricing: View full market depth and liquidity provider pricing
- Detachable Charts: Run multiple charts across multiple monitors seamlessly
- cAlgo Algorithmic Trading: Built-in algorithm creation and backtesting (C# based)
- Advanced Order Types: 7+ order types including stop limit, trailing stop limit
- Copy Trading: cTrader Copy for social trading
- Fast Execution: Optimized for speed with asynchronous order processing
- Chart Sync: Synchronize analysis across multiple charts
IC Markets cTrader Features:
- True ECN environment with no last-look rejections
- Full market depth visibility
- Servers in Equinix NY4 (New York) and LD5 (London) data centers
- Lower commission ($3 vs $3.50 per side)
Availability: Windows Desktop, macOS (via Wine), Web Browser, iOS, Android
Best For: Professional traders, those wanting cleaner interfaces, algorithmic traders preferring C#, traders requiring Level II pricing
TradingView Integration
IC Markets offers direct trading from TradingView, combining TradingView’s advanced charting with IC Markets’ execution.
Features:
- Place trades directly from TradingView charts
- Access TradingView’s extensive library of indicators and scripts
- Cloud-based, accessible from any device
- Integration with IC Markets pricing and execution
Best For: Chart analysis enthusiasts, traders already using TradingView for analysis
Platform Reliability & Infrastructure
IC Markets invests heavily in infrastructure to ensure optimal execution:
Data Centers:
- Equinix NY4 (New York): Co-located with 600+ financial firms and liquidity providers
- Equinix LD5 (London): European execution hub
- Cross-connection: Direct fiber-optic connections to liquidity providers
- Latency: <1 millisecond to major VPS providers and liquidity pools
Execution Speed:
- Average execution time: 40 milliseconds
- 99.99% uptime across all platforms
- No dealing desk intervention
- No requotes
- No stop loss hunting
VPS Hosting:
- Available for $30/month
- Free for accounts with $5,000+ balance trading 5+ lots monthly
- Located in same data centers as IC Markets servers
- Ensures 24/7 EA operation without interruptions
Spreads, Fees & Commissions
IC Markets built its reputation on transparent, ultra-low-cost trading. Here’s the complete breakdown.
IC Markets Spreads (Raw Spread Account)
| Currency Pair | Average Spread | With Commission | Total Cost (Typical) |
|---|---|---|---|
| EUR/USD | 0.1 pips | $7/lot | ~0.8 pips total |
| GBP/USD | 0.2 pips | $7/lot | ~0.9 pips total |
| USD/JPY | 0.1 pips | $7/lot | ~0.8 pips total |
| AUD/USD | 0.2 pips | $7/lot | ~0.9 pips total |
| USD/CAD | 0.3 pips | $7/lot | ~1.0 pips total |
| EUR/GBP | 0.3 pips | $7/lot | ~1.0 pips total |
| GBP/JPY | 0.8 pips | $7/lot | ~1.5 pips total |
| XAU/USD (Gold) | $0.10 | $7/lot | ~$0.80 total |
Important Notes:
- Spreads are variable and widen during low liquidity (Asian session, major news events)
- Spreads can touch 0.0 pips on major pairs during peak liquidity (London/New York overlap)
- 95% of the time, EUR/USD spread remains under 0.3 pips
- Exotic pairs have significantly wider spreads (3-10+ pips)
IC Markets Spreads (Standard Account)
| Currency Pair | Average Spread (No Commission) |
|---|---|
| EUR/USD | 1.0 pips |
| GBP/USD | 1.2 pips |
| USD/JPY | 1.0 pips |
| AUD/USD | 1.1 pips |
| XAU/USD (Gold) | $0.80 |
Standard Account spreads are effectively Raw Spread + 1.0 pip markup (0.5 pip added to bid and ask).
Commission Structure
Raw Spread Accounts (MT4/MT5):
- $3.50 per side per standard lot
- $7.00 per round turn (open + close) per standard lot
- Applies to all forex, metals, and commodity CFDs
- Commission charged in account base currency
cTrader Raw Spread Account:
- $3.00 per side per standard lot
- $6.00 per round turn per standard lot
- Slightly lower than MT4/MT5 accounts
Standard Account:
- Zero commission
- All costs built into spread
Commission Calculation Example:
- Trade: 1.0 standard lot EUR/USD
- Opening position: $3.50 charged
- Closing position: $3.50 charged
- Total commission: $7.00 per completed trade
Swap/Overnight Fees
Swap charges apply when holding positions overnight (past 5:00 PM New York time).
Calculation: Based on interest rate differential between currency pairs:
- Long EUR/USD: Typically -$0.50 to -$1.50 per lot per night
- Short EUR/USD: Typically -$0.30 to -$0.80 per lot per night
- Wednesday (Wednesday to Thursday rollover): Triple swap (accounts for weekend)
Swap-Free Accounts: Available for traders who cannot accept interest charges (Islamic accounts). Administrative fees apply on minor pairs instead of swaps.
Additional Costs
Currency Conversion Fees: Applied when deposit currency differs from account base currency. IC Markets uses interbank rates with minimal markup (typically <0.3%).
Inactivity Fees: None. IC Markets does not charge inactivity or dormant account fees regardless of how long your account remains inactive.
Deposit Fees: None from IC Markets. However, payment providers (banks, credit card companies, e-wallets) may charge their own fees.
Withdrawal Fees:
- No fees from IC Markets
- Bank wire transfers under $50 may incur intermediary bank fees
- Your bank or payment provider may charge receiving fees
VPS Hosting: $30/month (free for accounts $5,000+ trading 5+ round lots monthly)
Hidden Costs?
IC Markets is among the most transparent brokers regarding costs. There are no:
- Account maintenance fees
- Platform fees
- Data feed charges
- Hidden markups
- Withdrawal penalties
The only potential “hidden” cost is spread widening during major news events and low liquidity periods, which affects all forex brokers.
How IC Markets Spreads Compare
IC Markets consistently ranks among brokers with the tightest spreads globally:
EUR/USD Spread Comparison (Raw/ECN Accounts):
- IC Markets: 0.1 pips average + $7 commission = ~0.8 pips total
- FP Markets: 0.0 pips + $6 commission = ~0.6 pips total (slightly tighter)
- Pepperstone: 0.09 pips + $7 commission = ~0.8 pips total (equivalent)
- Exness: 0.0 pips + $7 commission = ~0.7 pips total (slightly tighter)
IC Markets’ spreads are consistently competitive with the industry’s lowest-cost brokers.
Deposits & Withdrawals in Kenya
Understanding deposit and withdrawal processes is critical, especially for Kenyan traders.
Available Payment Methods for Kenyan Traders
Credit/Debit Cards (Visa, Mastercard)
- Minimum deposit: $200
- Processing time: Instant to 30 minutes
- Withdrawal time: 3-5 business days (up to 10 days in some cases)
- Fees: None from IC Markets; 3D Secure verification required
- Important: Withdrawals to cards limited to original deposit amount (refund policy)
Bank Transfer (Local/International Wire)
- Minimum deposit: $200
- Processing time: 1-3 business days for deposits
- Withdrawal time: 2-5 business days
- Fees: IC Markets does not charge fees; intermediary bank fees may apply
- Note: Preferred method for profit withdrawals exceeding original deposit
E-Wallets (Skrill, Neteller, PayPal)
- Minimum deposit: $200
- Processing time: Instant for deposits
- Withdrawal time: Instant to 24 hours once processed by IC Markets
- Fees: None from IC Markets; e-wallet providers may charge 1-2%
- Advantage: Fastest withdrawal method
Other Methods:
- FasaPay
- Union Pay
- POLi (Australia/New Zealand)
- Thai/Vietnamese Internet Banking
M-Pesa Support: NOT AVAILABLE
Critical for Kenyan Traders: Unlike some CMA-regulated competitors (Exness, HFM), IC Markets does NOT support M-Pesa deposits or withdrawals as of December 2025.
This is a significant limitation for Kenyan traders who prefer the convenience, accessibility, and speed of M-Pesa for forex transactions. IC Markets’ Kenyan entity (IC Markets KE Ltd) has not yet integrated M-Pesa despite operating under CMA regulation.
Alternative Options for Kenyan Traders:
- Credit/Debit Cards linked to Kenyan banks (Equity Bank, KCB, Cooperative Bank, etc.)
- International Bank Transfers (SWIFT) from Kenyan banks
- E-wallets like Skrill or Neteller (requires separate registration and verification)
If M-Pesa support is essential to your trading workflow, consider CMA-regulated alternatives like Exness, HFM, or FP Markets.
Withdrawal Process & Timing
IC Markets’ Stated Policy:
- Withdrawals processed same business day if requested before 12:00 PM AEST/AEDT (Australian Eastern Time)
- Funds returned to same method used for deposit first (AML compliance)
- Profits or amounts exceeding original deposit can be withdrawn via bank transfer
Reality Based on User Feedback:
- E-wallet withdrawals: Generally processed within 24 hours, funds arrive within 1-2 days
- Credit/Debit card withdrawals: Can take 3-5 business days, sometimes up to 10 days depending on issuing bank
- Bank wire withdrawals: Typically 2-5 business days but can extend to 7-14 days in some cases
- First withdrawal: Often requires additional verification even for previously verified accounts
Common Withdrawal Issues
Based on user reports across forums (Forex Peace Army, BrokersView), some IC Markets users experience:
1. Additional Verification Requests
Even verified accounts sometimes face requests for:
- Updated proof of address (within 3-6 months)
- Recent bank statements showing deposit sources
- Source of funds documentation
- Selfies with ID and written text
- Explanation of trading strategy or income source
Why This Happens: Enhanced due diligence for AML compliance, particularly for larger withdrawals ($5,000+) or accounts with unusual trading patterns.
Impact: Can delay withdrawals by 3-14 days while documents are submitted and reviewed.
2. Payment Method Restrictions
IC Markets strictly enforces the rule that withdrawals must return to the original deposit method up to the deposited amount. This can create complications:
Example Scenario:
- Deposit $200 via credit card
- Grow account to $1,000
- Can only withdraw $200 back to credit card (refund)
- Remaining $800 must go via bank transfer or alternative method previously used
Users report frustration when:
- Original deposit method is no longer available (expired card, closed account)
- They want all funds sent to a single destination
- Multiple deposit methods were used (complicated withdrawal routing)
3. Third-Party Payment Issues
Using payment methods not in your own name (family member’s card, company account, friend’s e-wallet) will block withdrawals entirely. This is non-negotiable due to AML regulations.
Solution: Only use payment methods registered in your own name matching your IC Markets account registration.
4. Withdrawal Delays
Some users report withdrawal requests remaining in “processing” status for 24-72 hours longer than IC Markets’ stated same-day processing, particularly for:
- First-time withdrawals
- Large withdrawals ($10,000+)
- Bank wire transfers
- Accounts with recent deposits (potential chargeback risk)
Most common delay: 1-3 extra days beyond stated timeframes. Serious delays (weeks or months) appear rare and typically involve verification issues or violations of terms.
Deposits & Withdrawals: Best Practices
To Minimize Withdrawal Issues:
- Complete full account verification immediately after registration
- Keep documents updated (address proof within 6 months)
- Use only payment methods in your own name
- Use consistent payment methods (don’t mix multiple methods unnecessarily)
- Keep records of all deposits and transactions
- For large deposits, be prepared to provide source of funds documentation
- Withdraw profits regularly rather than accumulating large balances
- Use e-wallets (Skrill, Neteller) for fastest withdrawals
Leverage
Leverage amplifies both profits and losses, making it a powerful but dangerous tool.
Maximum Leverage by Region
Kenyan Traders (CMA Regulated): Up to 1:400 for forex pairs
Australian Traders (ASIC): Up to 1:30 for retail clients (ESMA rules)
European Traders (CySEC): Up to 1:30 for retail clients (ESMA rules)
International Traders (Seychelles FSA): Up to 1:500
Kenyan traders benefit from higher leverage than EU/Australian traders due to CMA’s less restrictive approach compared to ESMA regulations.
Dynamic Leverage (Equity-Based)
IC Markets applies tiered leverage based on account equity:
| Account Equity (USD) | Maximum Leverage |
|---|---|
| $0 – $50,000 | 1:500 (1:400 Kenya) |
| $50,001 – $200,000 | 1:200 |
| $200,001+ | 1:100 |
As your account balance grows, leverage automatically reduces to manage risk.
Leverage Across Asset Classes
| Asset Class | Maximum Leverage (Kenya) |
|---|---|
| Major Forex Pairs | 1:400 |
| Minor Forex Pairs | 1:400 |
| Exotic Pairs | 1:100 |
| Gold (XAU/USD) | 1:400 |
| Silver | 1:400 |
| Oil (WTI, Brent) | 1:200 |
| Indices | 1:200 |
| Stock CFDs | 1:20 |
| Crypto CFDs | 1:5 |
Risk Warning for Beginners
High leverage is extremely dangerous without proper risk management. With 1:400 leverage:
- You control $400,000 with just $1,000
- A 0.25% adverse price movement wipes out your entire $1,000
- Margin calls happen rapidly with small price movements
- Emotional decisions multiply under leverage stress
Professional Recommendation:
- Beginners: Use maximum 1:50 leverage
- Intermediate traders: Consider 1:100
- Advanced traders: 1:200-1:400 only with proven risk management
Even though IC Markets offers 1:400 leverage, you can request lower leverage settings (1:100, 1:50, 1:20, 1:10) through customer support or your client portal.
Remember: IC Markets provides negative balance protection, so you cannot lose more than your deposit. However, you can still lose your entire deposit very quickly with high leverage and poor risk management.
Customer Support
Quality support matters when technical issues or account problems arise.
Availability
- 24/5 Live Chat: Available during forex trading hours (Monday-Friday)
- Extended Hours: Support continues during all major trading sessions
- Email Support: 24/7 email submission (response time 12-48 hours)
- Phone Support: Multiple international numbers including regional lines
Contact Methods
Live Chat: Available directly on website and through trading platforms
Email: support@icmarkets.com (general), accounts@icmarkets.com (account/verification)
Phone: Multiple numbers for Australia, Europe, Asia regions
Help Center: Comprehensive FAQ database, video tutorials, platform guides
Social Media: Active on Facebook, Twitter, Instagram
Support Quality
Strengths:
- Fast initial live chat response (typically <5 minutes)
- Professional, knowledgeable staff
- Technical support well-versed in MT4/MT5/cTrader issues
- Available during all trading sessions
- Multilingual support (English, Chinese, Russian, Spanish, Arabic, more)
Weaknesses:
- Complex issues (verification, compliance, withdrawal disputes) require escalation with significantly longer resolution times
- Accounts/verification team can be slow to respond (24-72 hours common)
- Generic responses for withdrawal delays without specific information
- Support quality varies between entities (AU/EU/Global/Kenya)
- Kenyan-specific issues may require routing through Australian headquarters
Kenyan Trader Experience:
While IC Markets has a Kenyan entity (IC Markets KE Ltd) under CMA regulation, there doesn’t appear to be a dedicated Kenyan support team. Kenyan traders report:
- Support handled by international teams (primarily Australian/Cyprus offices)
- Limited understanding of Kenyan payment systems
- No M-Pesa support expertise (since M-Pesa not offered)
- Longer resolution times for Kenya-specific regulatory questions
For routine technical support (platform issues, password resets, account management), IC Markets support is generally responsive and helpful. For complex verification, compliance, or withdrawal issues, expect slower responses and more back-and-forth communication.
Pros & Cons
✅ Pros
- CMA regulation in Kenya (License 199) – local regulatory oversight
- True ECN/STP execution – no dealing desk, no requotes, no conflicts of interest
- Ultra-tight spreads – EUR/USD from 0.0 pips, average 0.1 pips
- Tier-1 global regulation – ASIC (Australia) and CySEC (Cyprus) licenses
- Low trading costs – among the cheapest globally for high-volume traders
- Excellent platform selection – MT4, MT5, cTrader, TradingView integration
- Institutional-grade infrastructure – Equinix NY4/LD5 data centers, <1ms latency
- No minimum deposit restrictions after account opening
- Negative balance protection – cannot lose more than deposited
- No inactivity fees – account remains active indefinitely
- Segregated client funds with Tier-1 banks
- Lloyds insurance up to $1,000,000 per client
- Financial Commission membership – independent dispute resolution
- Copy trading support – via Myfxbook, ZuluTrade, cTrader Copy
- Algorithmic trading friendly – 60%+ of trades are algo-based
- VPS hosting available (free for qualifying traders)
- Islamic accounts available (swap-free)
- No restrictions on trading strategies – scalping, hedging, EAs all permitted
- 18-year track record with consistent performance
- Fast execution speeds – average 40ms
- Transparent pricing with published spreads and commissions
- Professional trader focus – caters to serious, experienced traders
- Multiple base currencies supported
❌ Cons
- NO M-Pesa support – major drawback for Kenyan traders preferring mobile money
- Higher minimum deposit ($200) compared to competitors offering $5-$50 minimums
- Commission-based pricing can be confusing for beginners
- Withdrawal verification hurdles reported by some users
- Complex withdrawal routing (must return to original deposit method)
- Not beginner-friendly – platforms and account types assume trading experience
- Spread widening during major news events and low liquidity
- Additional verification requests even for previously verified accounts before large withdrawals
- No dedicated Kenyan support team despite CMA regulation
- Payment method limitations for Kenyan traders (no local mobile money)
- Strict AML policies can delay withdrawals for documentation
- Limited educational content compared to beginner-focused brokers
- Professional focus may intimidate casual traders
- Not available to US, Canada, Japan residents
- cTrader not as widely known as MT4/MT5
- First withdrawal often delayed for additional verification
Is IC Markets Good for Beginners?
Beginner Suitability Score: 5/10
IC Markets presents a mixed picture for beginners.
What Makes It Challenging for Beginners:
⚠️ Professional trader focus – Everything about IC Markets assumes trading knowledge
⚠️ Higher minimum deposit – $200 is significant for beginners testing the waters
⚠️ Commission-based pricing – Calculating total costs (spread + commission) is less intuitive than spread-only
⚠️ Platform complexity – MT4, MT5, cTrader have steep learning curves
⚠️ Limited educational content – Minimal tutorials, webinars, or beginner guides
⚠️ High leverage temptation – 1:400 is dangerous without experience
⚠️ No M-Pesa support – Limits accessibility for Kenyan beginners
What Helps Beginners:
✅ CMA regulation provides safety and peace of mind
✅ Demo accounts available for unlimited practice
✅ Negative balance protection prevents owing money
✅ Standard Account offers commission-free, simpler pricing
✅ Competitive spreads even on beginner-friendly Standard Account
✅ Strong safety measures (segregated funds, insurance, regulation)
Recommendation for Beginners
IC Markets can work for beginners who:
- Have $200+ starting capital they can afford to lose
- Are willing to invest significant time learning MT4/MT5 or cTrader
- Are comfortable with bank transfers or e-wallets (no M-Pesa)
- Start with the Standard Account (commission-free, simpler pricing)
- Practice on demo accounts for 3-6 months minimum
- Use low leverage (1:50 maximum) despite higher offerings
- Accept the professional trader environment
However, most beginners would be better served by brokers offering:
- Lower minimum deposits ($5-$50): Exness, XM, HFM
- M-Pesa integration: Exness, HFM, FXTM
- More comprehensive educational resources: FP Markets, Pepperstone
- Simpler account structures: Standard accounts with spread-only pricing
Bottom Line: IC Markets is best suited for intermediate to advanced traders who understand trading fundamentals, appreciate institutional-grade execution, and want the lowest possible trading costs. Complete beginners should consider starting with more beginner-focused brokers and graduating to IC Markets once they have consistent profitability and understand what ECN execution offers.
Common Complaints & Issues
No broker is perfect. Here are the most frequently reported issues with IC Markets based on user reviews across multiple platforms (Trustpilot, Forex Peace Army, BrokersView, Reddit).
1. Withdrawal Delays & Verification Requests
Most Common Complaint: The most frequent negative feedback involves withdrawal processing times exceeding stated timeframes and additional verification document requests.
Typical Scenarios:
- Withdrawal remains in “processing” status for 3-7 days despite same-day processing claims
- Additional documents requested even after full account verification
- First withdrawal requiring 1-2 weeks for enhanced due diligence
- Large withdrawals ($5,000+) triggering source of funds investigations
- Requests for recent bank statements, utility bills, source of wealth documentation
Recent User Reports (Dec 2024 – Jan 2025):
- Multiple Trustpilot reviews mention 7-14 day withdrawal times for bank transfers
- Some users report receiving funds only after submitting complaints or escalating issues
- Verification delays most common for accounts with rapid profit growth or high-frequency trading
Why This Happens:
- Regulatory compliance (AML/KYC requirements are strict under ASIC, CySEC, CMA)
- Risk management procedures for unusual trading patterns
- Enhanced due diligence for large transactions
- Fraud prevention measures
IC Markets’ Position: The broker states these measures are necessary for regulatory compliance and client protection. However, users argue that verification requirements aren’t clearly communicated upfront.
2. Third-Party Payment Rejections
Issue: Strict enforcement of the rule that deposit and withdrawal methods must be in the account holder’s name.
Problem Cases:
- Using a family member’s credit card for initial deposit blocks all withdrawals
- Joint bank accounts cause verification complications
- Business accounts for personal trading flagged
- Prepaid or gift cards rejected
User Frustration: Some traders, particularly in regions with limited banking access, find these restrictions overly rigid. However, this is standard industry practice under AML regulations, not unique to IC Markets.
Solution: Only use payment methods registered in your own name matching your IC Markets account details exactly.
3. Spread Widening During News Events
Complaint: Significant spread widening during major economic announcements and low liquidity periods.
Examples Reported:
- EUR/USD spreading from 0.1 pips to 5-10+ pips during NFP (Non-Farm Payroll) releases
- Gold spreading to 50-100 pips during extreme volatility
- Sunday opening gaps with spreads 5-10x normal
- Slippage of 5-10 pips on market orders during major announcements
Reality Check: All ECN/STP brokers experience spread widening during volatility because they reflect true interbank market conditions. When liquidity providers widen their spreads during uncertainty, ECN brokers must pass this on. This is not broker manipulation but market reality.
However: Some users claim IC Markets’ spread widening is more aggressive than competitors like Pepperstone or FP Markets. This is difficult to verify objectively as market conditions vary.
Solution: Avoid trading during major news events (NFP, FOMC, GDP releases) if concerned about slippage. Use limit orders instead of market orders during volatility.
4. Platform Disconnections During Volatility
Issue: Some users report MT4/MT5 platform disconnections or frozen price feeds during extreme market volatility.
Reported Frequency: Relatively rare but devastating when it happens, particularly during:
- Flash crashes
- Major news events
- Extreme volatility (e.g., Swiss Franc crisis-type events)
User Impact: Inability to close positions or manage trades during critical moments.
IC Markets’ Response: The broker attributes disconnections to internet/VPS issues or overwhelming order flow during extreme events. Platform uptime statistics show 99.99% availability.
Mitigation: Use VPS hosting for stable connectivity, avoid trading during extremely volatile events, always use stop-loss orders.
5. Account Closure/Termination Without Warning
Serious but Rare: A small number of users report account closures or restrictions with limited explanation.
Alleged Reasons (Based on User Reports):
- Arbitrage trading between IC Markets and other brokers
- Exploiting price feed discrepancies
- High-frequency scalping on news events
- Suspected bonus abuse or credit card fraud
- Coordinated trading patterns (possible ring trading)
IC Markets’ Position: Terms of service prohibit certain trading strategies considered abusive or exploiting platform inefficiencies. The broker reserves the right to close accounts engaging in such practices.
Controversy: Some affected traders claim their strategies were legitimate and the closures unfair. Others admit to arbitrage or hedging between brokers (prohibited in T&Cs).
Frequency: Very rare compared to total client base (15+ million registered clients). Most reports involve specific circumstances rather than arbitrary closures.
6. Customer Support Slow for Complex Issues
Feedback: While routine queries receive fast responses, complex issues involving compliance, withdrawals, or disputes take significantly longer.
Typical Timeline:
- Simple questions (platform, password): Minutes via live chat
- Account verification: 1-3 days
- Withdrawal issues: 3-7 days for resolution
- Compliance investigations: 1-4 weeks
- Serious disputes: 1-2 months
User Frustration: Being passed between departments, generic responses without addressing specific concerns, conflicting information from different support agents.
7. Limited Educational Resources
Complaint: Compared to brokers like XM, FP Markets, or AvaTrade, IC Markets provides minimal educational content for beginners.
What’s Missing:
- Comprehensive trading courses
- Regular webinars for beginners
- Step-by-step trading guides
- Video tutorials beyond basic platform navigation
- Market analysis and trading strategy guides
IC Markets’ Focus: The broker clearly targets experienced traders who don’t need hand-holding. Educational content focuses on platform technical guides rather than trading education.
Impact: Beginners must seek trading education elsewhere (YouTube, trading courses, other resources).
Transparency Note
It’s important to present these issues honestly while maintaining perspective:
Positive Context:
- IC Markets serves hundreds of thousands of active traders
- Most traders don’t experience serious problems
- The broker has operated successfully for 18 years
- Billions of dollars in withdrawals processed without systemic issues
- Regulatory standing remains strong across all jurisdictions
Negative Reality:
- A meaningful minority of users report withdrawal delays and verification frustrations
- Communication could be more transparent about verification requirements
- Professional trader focus means limited support for beginners
- Strict AML compliance creates friction in the withdrawal process
IC Markets is not a scam but has some rough edges, particularly around withdrawal processes and verification procedures. For traders prioritizing ultra-low spreads and institutional-grade execution, these trade-offs may be acceptable. For those prioritizing smooth, hassle-free banking or needing M-Pesa, consider alternatives.
FAQs
Is IC Markets legit?
Yes, IC Markets is a legitimate, well-regulated ECN broker founded in 2007 with 18 years of operational history. The broker holds licenses from ASIC (Australia), CySEC (Cyprus), FSA (Seychelles), and CMA (Kenya, License 199). With over $40 billion in daily trading volume and membership in The Financial Commission, IC Markets ranks among the most established and respected brokers globally. Client funds are segregated in Tier-1 banks with Lloyds insurance coverage up to $1,000,000 per client.
Is IC Markets regulated in Kenya?
Yes, IC Markets is fully regulated in Kenya by the Capital Markets Authority (CMA) under license number 199, granted in May 2024. The broker operates through IC Markets (KE) Limited, providing Kenyan traders with local regulatory oversight, segregated client funds, negative balance protection, and access to CMA dispute resolution mechanisms. This places IC Markets among the elite group of internationally established brokers with local Kenyan regulation.
What are IC Markets spreads?
IC Markets offers some of the tightest spreads in the industry. On Raw Spread accounts, EUR/USD averages 0.1 pips (frequently touching 0.0 pips) with a $7 per lot commission ($3.50 per side), resulting in approximately 0.8 pips total cost. GBP/USD averages 0.2 pips, USD/JPY 0.1 pips, and Gold (XAU/USD) $0.10. Standard accounts offer commission-free trading with EUR/USD at 1.0 pips average spread. Spreads are variable and widen during major news events and low liquidity periods.
What is IC Markets’ ECN account?
IC Markets’ Raw Spread Account is their true ECN (Electronic Communication Network) offering. It provides direct market access to pricing from 25+ institutional liquidity providers including major banks and hedge funds. With spreads from 0.0 pips and transparent $7 per lot commissions, the ECN account offers institutional-grade execution, no dealing desk intervention, no requotes, and ultra-fast execution speeds averaging 40 milliseconds. Available on MT4, MT5, and cTrader platforms.
Does IC Markets support MT4?
Yes, IC Markets fully supports MetaTrader 4 (MT4) across all devices including Windows desktop, macOS, Linux, web browsers, iOS, and Android. IC Markets enhances MT4 with servers located in Equinix NY4 data center providing <1ms latency to liquidity providers, Advanced Trading Tools package with 20+ unique tools, and full support for Expert Advisors (EAs), scalping, and hedging. VPS hosting is available for $30/month (free for accounts with $5,000+ trading 5+ lots monthly).
Does IC Markets support M-Pesa?
No, IC Markets does NOT support M-Pesa deposits or withdrawals for Kenyan traders as of December 2025. Despite holding CMA regulation in Kenya, the broker has not integrated M-Pesa into their payment options. Kenyan traders must use credit/debit cards, bank transfers, or e-wallets (Skrill, Neteller) instead. If M-Pesa support is essential, consider CMA-regulated alternatives like Exness, HFM, or FP Markets that offer instant M-Pesa transactions.
What is the minimum deposit for IC Markets?
The minimum deposit for IC Markets is $200 for all account types (Raw Spread, Standard, cTrader). This is higher than competitors like Exness ($10), XM ($5), or HFM ($5), making IC Markets less accessible for beginners with very limited capital. The higher minimum reflects IC Markets’ focus on serious, professional traders rather than casual or novice traders.
Is IC Markets good for beginners?
IC Markets receives a beginner suitability score of 5/10. While the broker offers CMA regulation, negative balance protection, and demo accounts, several factors challenge beginners: $200 minimum deposit, commission-based pricing complexity, professional-grade platforms (MT4/MT5/cTrader) with steep learning curves, limited educational resources, no M-Pesa support, and a general focus on experienced traders. Beginners with $200+ capital who are willing to invest significant learning time can succeed with IC Markets, but most would be better served starting with more beginner-focused brokers like FP Markets, Pepperstone, or Exness.
How fast are IC Markets withdrawals?
IC Markets claims same-business-day processing for withdrawal requests submitted before 12:00 PM AEST. In reality, processing times vary: e-wallet withdrawals typically take 1-2 days, credit/debit card withdrawals 3-5 days (sometimes up to 10 days), and bank wire transfers 2-5 days (occasionally 7-14 days). First-time withdrawals often require additional verification, extending timeframes by 3-14 days. Large withdrawals ($5,000+) may trigger enhanced due diligence, causing further delays. E-wallets (Skrill, Neteller) provide the fastest withdrawal experience.
Final Verdict
Summary
IC Markets stands as one of the premier ECN brokers globally, delivering on its core promise of ultra-tight spreads, institutional-grade execution, and true direct market access. With 18 years of operational history, Tier-1 regulation from ASIC and CySEC, and recent CMA licensing in Kenya, the broker provides a level of safety and transparency that few competitors match.
For cost-conscious traders, scalpers, algorithmic traders, and professionals demanding the tightest possible spreads and fastest execution, IC Markets delivers exceptional value. The combination of 0.0-0.1 pip EUR/USD spreads, $7 per lot commissions, Equinix data center infrastructure, and support for MT4/MT5/cTrader creates an optimal environment for high-frequency and professional trading.
Who Should Use IC Markets?
IC Markets is ideal for:
- Scalpers and day traders prioritizing ultra-tight spreads
- Algorithmic traders using Expert Advisors (60%+ of IC Markets trades are algo-based)
- Professional traders seeking institutional-grade execution
- Kenyan traders wanting local CMA regulation
- High-volume traders (5+ lots per month) where commission-based pricing provides savings
- Experienced traders comfortable with MT4/MT5/cTrader
- Traders comfortable with bank transfers or e-wallets (no M-Pesa needed)
- Those willing to navigate occasional withdrawal verification processes for the benefit of lowest costs
Who Should Avoid IC Markets?
IC Markets may not be suitable for:
- Complete beginners with limited trading knowledge
- Traders with less than $200 starting capital
- Kenyan traders specifically requiring M-Pesa support
- Casual traders who prefer spread-only pricing without commissions
- Those wanting extensive educational resources and hand-holding
- Traders prioritizing absolutely seamless withdrawal processes over low trading costs
- Anyone uncomfortable with professional-grade platforms
Recommended Alternatives
If IC Markets’ cons outweigh the pros, consider:
For Beginners:
- FP Markets – CMA regulated, $50 minimum, excellent education, smooth withdrawals
- Pepperstone – CMA regulated, beginner-friendly, good support
For M-Pesa Support:
- Exness – CMA regulated, instant M-Pesa, $10 minimum
- HFM (HotForex) – CMA regulated, M-Pesa available, competitive costs
For Similar Low Costs:
- FP Markets – Comparable spreads, ECN execution, easier withdrawals
- Pepperstone – Tight spreads, excellent reputation, CMA regulated
Safety Reminder
IC Markets provides strong regulatory protection, segregated funds, negative balance protection, and Lloyds insurance. However, all forex and CFD trading involves substantial risk of capital loss. Industry statistics show 70-80% of retail traders lose money.
Only trade with capital you can afford to lose completely. Never use emergency funds, borrowed money, or capital needed for living expenses. Always employ proper risk management (risk 1-2% maximum per trade) and consider consulting a licensed financial advisor before trading.
This review is for informational purposes only and does not constitute financial advice.
Final Rating
| Category | Rating | Comment |
|---|---|---|
| Regulation & Safety | 9/10 | Excellent: ASIC, CySEC, CMA Kenya; segregated funds; Lloyds insurance |
| Trading Costs | 10/10 | Among the tightest spreads globally; transparent commissions |
| Platforms & Tools | 9/10 | Excellent platform selection (MT4, MT5, cTrader); institutional infrastructure |
| Deposits & Withdrawals | 6/10 | Major weakness: No M-Pesa; withdrawal verification delays reported |
| Customer Support | 7/10 | Fast for routine issues; slow for complex problems; no Kenya-specific team |
| Beginner-Friendly | 5/10 | Professional focus; higher barriers to entry; limited education |
| Kenya Suitability | 7/10 | CMA regulated (major plus) but no M-Pesa (major minus) |
| Overall | 7.9/10 | Excellent for experienced traders; challenging for beginners |
Bottom Line
IC Markets is a top-tier ECN broker that delivers exactly what it promises: ultra-tight spreads, true direct market access, and institutional-grade execution. For experienced traders who understand what ECN execution offers and can navigate the higher minimum deposit and occasional withdrawal verification processes, IC Markets provides exceptional value that few brokers can match.
For Kenyan traders specifically: The CMA regulation (License 199) provides important local oversight and legal protection. However, the lack of M-Pesa support is a significant drawback compared to competitors like Exness or HFM. If you can work with bank transfers or e-wallets and have $200+ starting capital, IC Markets offers world-class trading conditions.
Key Decision Factors:
- ✅ Choose IC Markets if: You’re experienced, prioritize lowest costs, don’t need M-Pesa, value CMA regulation
- ❌ Avoid IC Markets if: You’re a beginner, have <$200, need M-Pesa, want simpler processes
IC Markets earns its reputation as one of the world’s best ECN brokers, but it’s clearly designed for serious, experienced traders rather than beginners or casual traders.
Disclaimer: Forex and CFD trading carries substantial risk of loss and is not suitable for all investors. The high degree of leverage available (up to 1:400 in Kenya) can work against you as well as for you. Before deciding to trade forex or CFDs, you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with forex and CFD trading and seek advice from an independent financial advisor if you have any doubts. This review is based on research conducted in December 2025 and is for informational purposes only. It does not constitute investment advice, a solicitation to trade, or an endorsement of IC Markets. Always verify current regulatory status, terms, and conditions directly with IC Markets and consult with a licensed financial professional before making investment decisions. Past performance is not indicative of future results.
