IC Markets Review South Africa – Unbiased Pros & Cons Revealed (2021)



IC Markets’ philosophy is to give beginners, Forex day traders and scalpers an opportunity to access pricing that may only be available to entities and individuals with high net worth, giving retail clients the same advantages that financial institutions have in the markets.

They are ranked amongst the leaders of CFD trading and have been operational since 2007.

This innovative company commits to promoting responsible trading habits by prioritizing the reliability and flexibility of their platforms and earning the trust of their clients through transparency and integrity.

They strongly believe in good corporate governance, and they are a highly regulated, customer-centric brokerage.

IC Markets is fully invested in using the best technology available to improve execution speeds of transactions, connectivity to servers and exceptional platform performance, through the power fibre optics and superior technology.

Their promise to their clients is providing low, raw spreads, regardless of market conditions, as well as access to innovative trading tools for any type of trader, whether they are beginners or experts, and without or without a trading strategy in mind.

IC Markets qualifies as one of the safest brokerages currently in operation, due to their utmost compliance to international financial and trading regulations, willingness to be audited externally and the use of advanced cyber-security systems.


Time to open an account 10-15 minutes for application and 1 day for activation
Bonus None
Publicly traded – listed on stock exchange No
Country of regulation Cyprus (CySEC), Australia (ASIC), Seychelles
Trust score 85 out of 99
Platforms cTrader and MetaTrader
Mobile App iPhone, iPad, Android
Copy Trading Yes
Islamic account Yes
Demo account Yes
Base currencies  USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, RUB, SGD, ZAR
Ave spread EUR/USD
Leverage Up to 1:500
Trading fees (low, average, high) Low
Minimum deposit $200USD
Withdrawal fee none
Currency pairs 64
Cryptocurrency trading Yes
Deposit with electronic wallet Yes



Pros Cons
Low-cost transactions Negative balance is not protected
Accounts are registered and activated quickly Research tools may appear inadequate
No costs on withdrawals and deposits High rates to finance CFDs
Variety of trading platforms to choose from  
High-level security and regulated  
Impressive educational resources  
No penalty fees  



IC Markets complies with stringent regulatory standards and is fully compliant with regulatory bodies in the various operational jurisdictions including:

  1. Australian Securities and Investment Commission (ASIC)
  2. Cyprus Securities and Exchange Commission (CySEC)
  3. Financial Services Authority (FSA)

IC Markets is audited externally and strictly supervised by the Australian Securities and Investment Commission (ASIC), which authorizes its business activities and regulates how business is conducted.

They are registered with the Financial Ombudsman Service (FOS) and clients have the assurance that their funds will never be used for business operations or classified as a business asset because the ASIC requires that all client funds be saved in segregated accounts with top-tier financial institutions globally.





IC Markets is one of the only Australian Forex brokers that offers a maximum leverage of 1:500, which is currently considered as being one of the highest leverage options available to traders.

The flexible leverage range allows ordinary retail traders to enter markets with low initial deposits, greatly increasing their chances to gain profits and trade in bigger markets.

With a reliable risk profile and a trading strategy in mind, Forex traders can use leverage to trade with up to 500 times their initial deposit and leverage risks can be managed effectively by controlling the parameters of transactions.



IC Markets is accepted in most countries globally, with the exception of being accessed by Canada, Israel and the United States.

IC Markets allows traders to choose from three uniquely tailored accounts for different types of traders, each with its own trading platforms, rates and fees, and spread options.

IC Markets also offers Islamic swap-free accounts in adherence to Sharia Laws for all the account types listed below:

  1. cTrader Account – Requires a $200USD minimum deposit, 1:500 maximum leverage, $3.5USD commission rates and access to the cTrader platform. Suitable for Day Traders & Scalpers.
  2. Rawspread (True ECN) Account – Requires a $200USD minimum deposit, 1:500 maximum leverage, $3USD commission rates and access to the MT4 & 5 platforms. Suitable for EAs & Scalpers.
  3. Standard Account – Requires a $200USD minimum deposit, 1:500 maximum leverage, no commission rates and access to the MT4 & 5 platforms. Suitable for Discretionary Traders.

The trading accounts offered can be used for all styles of Forex trading and each type includes 64 currency pairs, along with the option to use a demo-account of each type.



IC Markets traders can choose from a variety of CFD and Forex trading instruments, including Forex, indices, commodities, stocks, bonds, futures and cryptocurrencies.

IC Markets’ traders can easily diversify their portfolios with more than 120 stocks, over 100 large-cap stocks, 4 global futures and 64 currency pairs to choose from. Clients can trade 24 hours a day, 5 days a week.


Financing rates for CFDs may be noticeably higher with IC Markets, but their competitive pricing on trading and non-trading fees makes them an affordable option for traders who do not trade with CFDs.

IC Markets’ commission fees are structured according to the type of account used, with the highest commission rate being $3,5USD for cTrader accounts, and no commission rates charged on standard accounts.

There is no penalty fee for inactivity, as with most brokerages, and withdrawals can be made free of charge unless it is an international bank transfer.

No conversion fees are payable if your account is funded in the same currency as your bank account or if assets are traded in the same currency as your account base currency, and there are 10 base currencies (EUR, USD, GBP, AUD, SGD, NZD, JPY, CHG, KHD and CAD).



Deposits and withdrawals can be made in the base currencies listed above, free of charge. Deposits can be made using bank transfers, credit/debit cards and e-wallets.

Traders should take note that bank transfer deposits may take several business days to be processed, while card payments are instantaneous.

The withdrawal process is straightforward, but for extra security, traders need to submit a withdrawal form before withdrawals will be approved.

On the bright side, withdrawals are free for all payment options, unless done using an international Bank Wire Transfer ($20AUD).

Withdrawals usually take 3 business days to be credited to the trader’s account but may be delayed by international and institutional requirements and processes.



IC Markets offers several great platforms to traders:

  • Desktop Trading –full access to features and markets using your desktop
  • Mobile Trading –compatibility with Android and IOS devices
  • Web Trading – no software needed, trade securely online
  • MetaTrader 4 – innovative retail Forex trading platform
  • MetaTrader 5 – used for technical analysis and advanced trading operations
  • cTrader – popular multi-asset Forex and CFD trading platform with innovative trading tools

These platforms offer traders an opportunity to experiment with advanced trading tools, such as Depth of Marker (DOM), Ladder trading, Copy trading, Spread monitoring, automated position control and multi-account management (MAM) systems for high-volume traders.

IC Markets is ideal for social traders who are interested in using Copy trading for free. They are affiliated with Zulutrade, which is a popular Greek financial technology company and social trading platform with Copy trading tools.



There are five simple steps to opening an account with IC Markets:

  1. Provide contact information
  2. Enter your personal details
  3. Choose a type of account and a base currency.
  4. Complete the Forex trading experience survey.
  5. Verify your identity and submit proof of residency



IC Markets can be contacted via telephone, email and live chat. The live chat service is available 24/7 but answers may not always be relevant.

Their phone support and email channels are more reliable, with great response times.

The Help Centre section on their website can be used to answer common questions, as well as plenty of in-depth explanations of other challenges traders might encounter when using the platform.



IC Markets gives beginners and experts access to a variety of video tutorials that show users how to download the MetaTrader platforms, how to use them and how to create accounts.

There is a vast library of educational content and plenty of tutorials and articles, that will make any beginner Forex trader feel welcome on this platform.

Forex Traders can use demo-accounts on any of the account types, which will also serve as a way of learning how to trade and use the tools and features offered by IC Markets.

IC Markets also streams live WebTV and Webinars, presented by experienced financial and market analysts, along with access to updated news articles and an exceptional 10-lesson program on getting started with IC Markets.



IC Markets provides Forex traders with research tools that can be used to perform technical analysis and charting.

There is also an updated newsfeed, an economic calendar and a Forex calculator that can all be used respectively to make informed decisions when trading.

There is an extensive number of detailed articles written on trading instruments, trading strategies, using leverage and finding your trading style and strategy, all of which serve as resources for research and information.



IC Markets has received the following awards:

  • 2020 – Best Forex Broker Award, awarded by Daytrading.com
  • 2020 – Best Trading App Award, awarded by Daytrading.com
  • 2020 – Runner-up for Best ECN Broker, awarded by Daytrading.com
  • 2021 – Lowest spread account
  • 2021 – Runner-up for Best MT4/MT5 Broker, awarded by Daytrading.com
  • 2021 – Runner-up for Best Forex Broker Award, awarded by Daytrading.com



IC Markets has been operational for over a decade and they have tailored their website to accommodate the needs of beginners and experts alike.

Their educational Forex content is superior to most websites, with a huge repository of articles and tutorials on trading and using MetaTrader platforms.

They offer deep liquidity market instruments and access to some of the most popular global markets. Their services are affordable, with free withdrawals, low initial deposits and one of the highest leverage options.

Their accounts are designed for the convenience of specific types of traders and different styles of trading, but all accounts have access to 64 currency pairs and all the functions and features any trader would need to trade successfully, along with the option to experiment with demo-accounts.

They are prepared to answer any questions you might have and offer support around the clock. They are highly regulated and compliant to ASIC, making them one of the most credible brokers around in 2021, along with a reputation for providing technologically advanced trading tools and superior performance and execution speeds.