Most frequently asked questions
Here are the most common questions a trader would normally ask us or consider to ask before opening an account with us.
For more information on help resources related to IC Markets and the products we offer,
simply type your question below or visit our live chat service.
Raw Spread Account: This account shows the Raw inter-bank spread received from our liquidity providers. There is a commission charge of $7 per standard lot round turn.
Standard Account: We do not charge a commission on Standard accounts but instead, there is a mark up applied to the spread of 0.6 pip above the raw Inter-bank rate received from our Liquidity providers.
Further information about the different types of trading accounts available can be found on our Account Overview page.
IC Markets has two MetaTrader account types, a Standard account and our market leading, The Raw Spread account. IC Markets does not charge a commission on Standard accounts but instead applies a spread mark up of 0.6 pip above the Raw inter-bank prices received from our liquidity providers. IC Markets Raw Spread account shows the raw inter-bank spread received from our liquidity providers. On this account we commission of $7 per standard lot round turn.
Below are commission rates for different base currency accounts:
|AUD||7.00 round turn|
|USD||7.00 round turn|
|EUR||5.50 round turn|
|GBP||5.00 round turn|
|SGD||9.00 round turn|
|JPY||700.00 round turn|
|CHF||6.60 round turn|
|NZD||9.00 round turn|
|HKD||54.25 round turn|
To find more about products offering click here: range of products.
We also strongly suggest to thoroughly read our Product Disclosure Statement and Account Terms available for the attached costs, risks and your responsibilities before deciding to trade with us.
ECN: ECN stands for 'Electronic Communication Network' which is simply a technical term that is used to describe how banks and liquidity providers connect to each other to form a bid and offer price. In the Forex industry, it can be used to identify providers who use this type of pricing mechanism in order to offer raw interbank pricing to retail traders. Under this model your broker will stream raw prices and your trades will be offset with another client, a liquidity provider or held internally by the broker. This usually results in faster trade execution. This is distinct from order execution that may result in an offsetting order placed with a liquidity provider.
STP: This term stands for Straight Through Processing and is used when a Forex and CFD provider processes all trades at market prices obtained from liquidity provider(s) not on prices created by the broker themselves. This is not dissimilar to the ECN pricing model in that there is no dealing desk intervention when the trade is processed.
Market Maker: In Australia all Forex and CFD providers including IC Markets have the market making authorisation on their AFS licence, however many do not consider themselves market makers. Typically, market makers operate a dealing desk in order to create their own prices, these prices can be based on their own proprietary trading positions or overall risk exposure and may not reflect the prices in the underlying market.
IC Markets is the issuer of the products it provides. We consider ourselves to be a forex provider offering the ECN pricing model as we source our pricing from external unrelated liquidity providers via an ECN, these prices are passed onto you with no dealing desk intervention. In order to provide you with better price certainty and to ensure fast execution speed we do not hedge each and every position with our liquidity providers. We do this in order to provide you with a better overall trading experience.
Once your on-line application form has been approved by our accounts team you will be emailed your trading account login details and password.
Opening a live trading account with IC Markets is simple.
Please follow these steps to get started:
- Fill the online registration form to create an IC Markets profile
- You will receive an email containing a link to verify your email
- Verify, complete the application and submit your documents
- Get approved and receive your approval email
- Login into your IC Markets Trader’s Portal and create a live MT4 account
- Fund your account and start trading
Before a client can trade with us for the first time on a new account (even when they have previously held an account), we need to perform identity and residential address verification. Moreover, as part of the due diligence process, you may be required to provide proof of your residential verification and certain information regarding the payment method you wish to use to fund your account.
Our requirements for identity verification may include the following:
1) A government issued identification document (ID) that contains all the following information:
- Identity number
- Full name
- Date of birth
- Date of expiry
2) A residential verification document, displaying your full name and address. The residential verification document should be issued by a financial institution, utility company, government agency or a judicial authority and can be one of the following:
- Bank statement
- Credit card statement
- Electricity bill
- Water or gas bill
- Council tax bill
- Tax letter
- Phone bill
- Television services bill, or
- Internet bill
- Czech Republic