IC Markets Spreads Review — Raw Spread Account Tested for 30 Days

IC Markets has built its reputation on a simple promise: the tightest raw spreads in the industry through genuine ECN execution. The Australian broker consistently appears in "lowest spread" rankings, and its Raw Spread account is often cited as the gold standard for cost-conscious traders. But marketing claims and live trading data are different things.

We opened a Raw Spread account with IC Markets, deposited $2,000, and tracked live spreads across 8 currency pairs for 30 consecutive trading days. We recorded spreads every 15 minutes during the Asian, London, and New York sessions, logged every execution to measure slippage, and compared everything against our existing Exness and Pepperstone data. Here is what we found.

IC Markets Raw Spread Account: The Setup

IC Markets offers three account types. The Raw Spread account is the one that matters for this review:

• Raw Spread: From 0.0 pips, $3.50 per lot per side commission, $200 minimum deposit, MT4/MT5/cTrader
• Standard: From 1.0 pips, no commission, $200 minimum deposit
• cTrader Raw: From 0.0 pips, $3.00 per 100K per side commission, $200 minimum deposit, cTrader only

The cTrader Raw account is marginally cheaper per trade ($6.00 round trip vs $7.00 on MT4/MT5 Raw Spread), but cTrader has a smaller user base and fewer available Expert Advisors. Most traders opt for the MT4/MT5 Raw Spread account, which is what we tested.

EUR/USD Spread Data — 30-Day Results

The headline number: IC Markets averaged 0.1 pips on EUR/USD during peak hours (London and London-NY overlap). That is functionally identical to Exness Raw Spread and marginally tighter than Pepperstone Razor on this pair.

The rollover period (21:00-22:00 UTC) is where spreads deteriorate significantly — averaging 1.2 pips with spikes up to 3.1 pips. This is common across all brokers and reflects the genuine drop in interbank liquidity during the daily reset. Avoid entering new positions during this window.

Multi-Pair Spread Data

IC Markets shows a small but consistent advantage on commodity currencies (AUD/USD, USD/CAD) — likely reflecting its deep liquidity pool with Australian banks and providers. On majors, the difference between IC Markets and Exness is negligible. On gold, Exness has a slight edge.

All three brokers charge the same $7 round-trip commission on their raw/razor accounts, so the spread comparison directly translates to total cost differences.

Execution Speed and Slippage

Spreads only tell half the story. Execution quality — how fast your order fills and at what price relative to your click — determines actual trading costs.

IC Markets posted the fastest average execution at 38ms — a 4ms advantage over Exness and 7ms over Pepperstone. For scalpers executing dozens of trades daily, this translates to marginally better fill prices over time. For swing traders or anyone holding positions for hours, the difference is irrelevant.

Slippage profiles are essentially identical across all three brokers: about 60% of orders fill at the exact requested price, 20% slip positively (you get a better price), and 18-19% slip negatively. The average slippage magnitude is 0.1 pips — well within acceptable ranges for a genuine ECN/STP model.

IC Markets vs Exness: Total Cost Per Trade

Total cost combines spread + commission + average slippage impact:

The cost difference is marginal on most pairs — under $1 per standard lot either way. The choice between IC Markets and Exness should not be based on spreads alone, because they are functionally equal. Other factors matter more. For a full three-way comparison, see our IC Markets vs Fusion vs Tickmill analysis.

Where IC Markets Wins

True ECN Execution

IC Markets operates a genuine ECN model where your orders are routed to the interbank market through 25+ liquidity providers. There is no dealing desk intervention, no last-look rejection, and no re-quotes. This matters for large-volume traders and algorithmic systems where execution integrity is critical. The broker publishes its execution statistics monthly — an unusual level of transparency.

cTrader Integration

IC Markets offers cTrader alongside MT4 and MT5. cTrader provides Level II pricing (depth of market), detachable charts, advanced order types (market range, stop limit), and a more modern interface than MetaTrader. The cTrader Raw account also has a slightly lower commission ($3.00 per 100K per side versus $3.50 on MT4/MT5). For traders who value platform sophistication, cTrader is a genuine advantage. See our ECN vs STP guide for more on execution models.

Commodity Currency Spreads

IC Markets consistently delivers the tightest spreads on AUD/USD, NZD/USD, and USD/CAD among all brokers we have tested. If these pairs form a significant part of your trading, IC Markets offers a small but real cost advantage.

Where IC Markets Falls Short

$200 Minimum Deposit

IC Markets requires $200 to open any account — significantly higher than Exness ($1) or XM ($5). This creates a barrier for beginners who want to test the broker with small capital. See our lowest spread broker rankings for options with lower minimums.

Withdrawal Speed

IC Markets processes withdrawals within 24 hours on business days. E-wallet withdrawals take 1-2 hours after processing; bank transfers take 3-5 business days. This is industry-standard but significantly slower than Exness's instant processing. For traders who value immediate access to funds, Exness has a clear advantage.

Islamic Account Limitations

IC Markets offers an Islamic swap-free account, but it comes with a 7-14 day standard swap-free period. After that, an administration fee applies unless you contact support to request an extension. This is less generous than Exness's unlimited swap-free policy. For Gulf and Muslim traders who hold positions long-term, this is a meaningful limitation.

Regulation

IC Markets is regulated by ASIC (Australia), CySEC (Cyprus), and SCB (Bahamas). It does not hold an FCA or DFSA license. For traders who prioritize UK or Gulf regulatory oversight, Exness (FCA) or XM (DFSA) are stronger choices.

IC Markets Spread Behaviour During News

We specifically tracked spreads during five high-impact news events (US NFP, CPI, FOMC, ECB rate decision, UK GDP):

During news events, IC Markets spreads spike as expected — this is genuine interbank liquidity behaviour, not broker manipulation. The key metric is recovery speed: spreads returned to near-normal levels within 30-60 seconds on IC Markets, which is consistent with Exness and Pepperstone. No broker can offer tight spreads during the instant of a major data release because the interbank market itself widens. For strategies around news events, see our EUR/USD spread comparison.

Who Should Use IC Markets

• Scalpers: 38ms execution and 0.0 pip spreads create ideal conditions. No restrictions on trade frequency or duration.
• Algorithmic traders: True ECN execution, no dealing desk, cTrader API access, and VPS hosting options.
• AUD/NZD traders: Best spreads on commodity currencies among all brokers tested.
• cTrader users: The only major broker offering cTrader with genuinely competitive raw spreads.

Who Should Look Elsewhere

• Beginners with small capital: $200 minimum is a barrier. Exness ($1) or XM ($5) are better starting points.
• Traders needing instant withdrawals: Exness processes e-wallet withdrawals in seconds.
• Islamic account users: IC Markets' 7-14 day limit is restrictive compared to Exness's unlimited policy.
• Regulation-focused traders: No FCA or DFSA license. XM (DFSA) or Exness (FCA) offer stronger regulatory coverage.

Our Verdict

IC Markets delivers exactly what it promises: raw institutional spreads with fast ECN execution. The 0.1 pip average on EUR/USD during peak hours matches Exness and beats Pepperstone. The 38ms execution speed is the fastest we have measured among major brokers. cTrader integration adds genuine platform value.

However, IC Markets does not meaningfully beat Exness on cost, and it loses on minimum deposit, withdrawal speed, Islamic account flexibility, and regulation. It is the right broker for a specific profile — experienced scalpers, algo traders, and commodity currency specialists. For most traders, Exness offers the better overall package at equal or lower cost.