IC Markets review
Details checked 27 Sept 2026. Always confirm current terms on the broker's site.
Our verdict
IC (formerly IC Markets) is an Australian-founded CFD broker known for raw-spread pricing and a wide platform choice. Its gold costs are among the lowest measured, but most international clients are served through offshore entities.
IC, which traded as IC Markets until its 2026 move to the ic.com domain, was founded in Sydney in 2007 and is best known for raw-spread pricing aimed at active traders. The group holds Tier-1 licences from ASIC in Australia and CySEC in Cyprus, plus licences in Kenya, the Bahamas and the Seychelles. Clients outside Australia and the EU are normally placed with the Seychelles entity, Raw Trading Ltd, which offers much higher leverage but weaker oversight and no compensation scheme. For gold, the Raw Spread account publishes a minimum XAUUSD spread of $0.05 and an average of $0.09, with a commission of $3.50 per lot per side, while the Standard account builds its cost into a wider spread. Gold can be traded from 0.01 lots on MT4, MT5, cTrader and TradingView. The minimum deposit is around $200 according to reviewers, and a swap-free account is available. Retail clients get negative balance protection and segregated funds. Indian readers should note that IC Markets appears on the Reserve Bank of India Alert List of unauthorised forex platforms, which means trading with it from India carries legal risk under FEMA regardless of the broker's overseas licences. Overall, IC suits cost-sensitive gold traders who understand which entity they are signing up with.
Pros
- Among the lowest measured raw gold spreads (average $0.09 per official data)
- Choice of MT4, MT5, cTrader and TradingView for gold execution
- Micro lots (0.01) let small accounts size gold positions precisely
- Tier-1 ASIC and CySEC licences in the group
- Swap-free account available for gold holders who need it
- No broker fees on most deposit and withdrawal methods
Cons
- Clients outside Australia/EU are usually onboarded via the Seychelles or Bahamas entity with weaker protection
- Very high offshore leverage on metals increases the risk of rapid losses
- Raw account commission must be added to the spread when comparing costs
- Listed on the RBI Alert List, so Indian residents face FEMA/LRS legal risk
- Brand transition from IC Markets to IC may confuse new users
Key facts
| Founded | 2007 |
|---|---|
| Headquarters | Sydney, Australia |
| Regulators | ASIC (International Capital Markets Pty Ltd) (Tier-1); CySEC (IC Markets (EU) Ltd) (Tier-1); CMA Kenya (IC Markets (KE) Ltd); SCB Bahamas (IC Markets Ltd); FSA Seychelles (Raw Trading Ltd, licence SD018) |
| Gold (XAUUSD) available | Yes |
| Gold spread, standard account | Official: from $0.10 min (Standard, no commission); average not published |
| Gold spread, raw/ECN account | Official: $0.05 min / $0.09 average (Raw); $0.03 per BrokerChooser XAU/USD spread benchmark, updated 17 Sep 2026, in USD per ounce |
| Commission, raw account | $3.50 per lot per side ($7 round turn) on MT4/MT5 Raw; $3 per $100k per side on cTrader; lower on Raw Pro/Pro+ tiers |
| Max gold leverage (offshore entity) | Up to 1:5000 on FX & metals (IC Global / FSA Seychelles, per official trading-conditions page); gold-specific cap not separately published |
| Max gold leverage (Tier-1 entity) | 1:20 (ASIC/CySEC retail) |
| Minimum trade size | 0.01 lot (1 oz) |
| Platforms | MT4, MT5, cTrader, TradingView, IC Social app |
| Minimum deposit | $200 |
| Account types | Standard, Raw Spread (MT4/MT5), cTrader Raw Spread, Raw Pro / Raw Pro+, Swap Free |
| Indian deposit methods | No UPI/Netbanking confirmed; international bank wire, cards and e-wallets (Skrill, Neteller) listed by reviewers |
| Accepts clients from India | Yes, via offshore entity (per ForexBrokers.com India guide, Sep 2026) |
| Negative balance protection | Yes for retail clients |
| Segregated client funds | Yes |
| Investor compensation | CySEC ICF up to EUR 20,000 for EU clients only; none for ASIC or offshore clients |
| Swap-free account | Yes |
| On RBI Alert List | Yes: 2025-11-19 (latest RBI update found; checked 2026-09-27) |
Member reviews
Sources used for this review
- ic.com/en/trading-pricing/spreads
- ic.com/en/trading-pricing/trading-conditions
- icmarkets.com.au/en/trade-gold
- brokerchooser.com/broker-reviews/ic-markets-review
- brokerchooser.com/broker-reviews/ic-markets-review/xauusd-spread
- daytrading.com/ic-markets
- ic.com/blog/from-icmarkets-to-ic/
- fxscouts.com/forex-brokers/best-gold-trading-brokers/
- forexbrokers.com/guides/india
- upstox.com/news/personal-finance/trading/rbi-alert-list-updated-full-list-of-unauthorised-
- completetradersedge.com/rbi-alert-list/
- au.bank.in/hi/hi/assets/banner-text-table/pdf/unauthorised-forex-transactions.pdf
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