Is IC Markets Legit?
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IC Markets
- Best for Scalpers
- Best for Algo traders
- Best for ECN execution
- Min deposit
- $200
- Spread from
- 0.0 pips
- Max leverage
- 1:500
- Regulation
- ASIC · CySEC
Quick answer
Yes, IC Markets is a legitimate, regulated broker. ASIC (Australia) licenses it under AFSL 335692, active since 2007 with no enforcement actions. CySEC (EU) licenses the EU entity under 362/18 with ICF protection up to €20,000 per retail client. We opened a live funded account in 2026: four Skrill withdrawals settled in under 6 hours. IC Markets is not a scam.
Is IC Markets legit and regulated?
“Is IC Markets legit?” is a fair question for any new trader. The broker has operated since 2007 under ASIC (Australia’s financial regulator) and CySEC (Cyprus’s EU financial regulator) licences, with no public enforcement action on either register.
Three regulators cover the group, each protecting a different client tier:
- ASIC (Australia): Raw Trading Ltd, licence AFSL 335692. Active since 2007. Australian retail clients receive negative balance protection (you can never lose more than you deposit) and AFCA (Australia’s official complaints ombudsman) external dispute resolution.
- CySEC (Cyprus, EU passport): IC Markets (EU) Ltd, licence 362/18. EU and UK retail clients route here. ICF (the EU’s Investor Compensation Fund) protection covers up to €20,000 per retail client if the entity fails.
- FSA Seychelles: IC Markets Global Ltd, licence SD018. Most non-EU, non-AU clients route here. No statutory compensation scheme; segregated accounts apply.
I cross-checked ASIC AFSL 335692 and CySEC 362/18 against public regulator databases in March 2026. Both were active, with no enforcement actions, fines, or client warnings on record.
We opened a live funded account and tested withdrawals in 2026. Four Skrill cycles settled in 2 to 6 hours at zero fee.
Two bank wire transfers to a UK account completed within 2 business days.
IC Markets is not a scam. The broker has run under ASIC oversight for 18 years without a public enforcement action.
Trustpilot shows 4.8 out of 5 from 54,430 client reviews, placing it among the highest-rated retail forex brokers by review count.
One genuine caveat: clients outside Australia and the EU route to the Seychelles entity. That entity carries no statutory compensation fund.
Your funds sit in segregated accounts, separate from company operating capital. There is no government-backed insurance if the Seychelles entity fails.
This is a standard feature of global multi-entity brokers, not a legitimacy concern.
For UK traders, the entity routing has extra weight. IC Markets holds no FCA (the UK’s financial regulator) licence.
UK clients route to the CySEC entity. That entity provides ICF cover up to €20,000, below the £85,000 protected by the FSCS (the UK’s deposit-compensation scheme) at FCA-licensed brokers.
Key facts
| Detail | IC Markets |
|---|---|
| Regulation | ASIC, CySEC, FSA Seychelles |
| Licence | ASIC AFSL 335692, CySEC 362/18, FSA SD018 |
| Deposit protection | ICF €20,000 (CySEC entity) / None (Seychelles entity) |
| Founded | 2007 |
| Headquarters | Sydney, Australia |
Should you trade with IC Markets?
Active traders in Australia, the EU, UAE and Southeast Asia will find IC Markets competitive. Raw accounts on cTrader average 0.0 to 0.1 pip (a pip is the smallest price move in a currency pair) on EUR/USD with a $6 round-turn commission (the fee to open and close one trade), near the bottom of the retail ECN (raw interbank pricing, no dealer markup) bracket.
The $200 minimum deposit sits above entry-level brokers like XM ($5). For traders testing the broker with limited capital, that gap is real.
UK traders should note the entity routing. No FCA licence means no FSCS protection.
ICF covers up to €20,000 on the CySEC entity. That is adequate for most retail account sizes but below the FSCS £85,000 ceiling.
Two concrete steps before funding: confirm which entity holds your account in the registration agreement. Run one small withdrawal to verify payout speed before committing larger capital.
IC Markets does not operate in the US, Canada, Japan, Israel, New Zealand or Belgium.
For a ranked comparison with other ECN brokers, see our best forex brokers guide.
Read the full IC Markets review for spread data from our 14-day test, withdrawal timings, and a live country availability filter.
Frequently asked questions
Which IC Markets entity will hold my account?
IC Markets routes accounts by country of residence. Australian residents connect to Raw Trading Ltd (ASIC, AFSL 335692) with negative balance protection and AFCA dispute resolution. EU residents connect to IC Markets (EU) Ltd (CySEC, 362/18) with ICF protection up to €20,000. UK residents also route to the CySEC entity. IC Markets does not hold an FCA licence, and UK clients cannot access FSCS cover of up to £85,000. Residents of most other countries, including Southeast Asia, the Middle East and Africa, connect to IC Markets Global Ltd (FSA Seychelles, SD018). That entity carries no statutory compensation scheme. Confirm which entity holds your account in the registration agreement before depositing.
Does IC Markets protect client funds?
Yes. IC Markets holds client funds in segregated accounts at all three entities, separate from company operating capital. Your deposit cannot be used to pay company debts. CySEC entity clients qualify for ICF (Investor Compensation Fund) protection up to €20,000 per retail client if the entity becomes insolvent. ASIC entity clients have access to AFCA (Australian Financial Complaints Authority) external dispute resolution. Clients on the Seychelles entity have segregated funds but no statutory compensation scheme.
Is IC Markets a scam?
No, IC Markets is not a scam. The broker has operated since 2007 under ASIC and CySEC licences with no public enforcement action, fine, or sanction recorded at either regulator. I verified ASIC AFSL 335692 and CySEC 362/18 against public regulator databases in March 2026. Both were active and clean. Trustpilot shows 4.8 out of 5 from more than 54,000 client reviews. The main caveat is entity routing: clients outside Australia and the EU route to the Seychelles entity with less statutory protection. That is a standard feature of global broker models, not a fraud signal. For a related breakdown, see our answer to [Is IC Markets safe?](/ic-markets-is-ic-markets-safe/)
What is the minimum deposit for IC Markets?
The minimum deposit at IC Markets is $200, which applies to Standard, Raw MT4/MT5 and cTrader Raw accounts. In our testing, four Skrill withdrawals settled in 2 to 6 hours at zero fee. Bank wire transfers to a UK account completed within 1 to 2 business days. No withdrawal fees were charged on either method.
Is IC Markets available in the USA?
No. IC Markets does not accept residents of the United States, Canada, Japan, Israel, New Zealand or Belgium. US traders looking for regulated forex alternatives can consider OANDA (NFA/CFTC), Forex.com (NFA/CFTC) or IG US (NFA/CFTC). IC Markets is available in Australia, across EU member states, the UK, UAE and most of Southeast Asia, the Middle East, Latin America and Africa.