IC Markets' standard account offers higher spreads but no commissions, while the raw spread account offers lower spreads and small commissions.
IC Markets is one of the largest Australian-based brokers globally with over 100,000 active clients from no less than 140 countries around the world.
Regulated by the CySEC and ASIC, among other regulatory bodies, the broker currently offers 65 forex pairs, including major and minor ones. If you prefer to trade with other instruments, IC Markets also facilitates trading with indices, commodities, futures, shares CFD, and cryptocurrencies.
Now, a crucial part of trading with a top broker is the spreads and commissions. The amount usually varies based on the account type you use. In IC Markets, you can choose to open a standard account or a raw spread account. The two are basically distinguished by these 3 aspects:
Feature | Standard | Raw Account |
📈Spread | 1 pip | 0.0 pip |
💸Commission | ❌ | $ 3.50 ($7.00 round-turn) |
💻Platforms | MT4, MT5, cTrader | MT4, MT5, cTrader |
To understand more differences between IC Markets accounts, let's see the details below.
IC Markets Standard Account
As the name suggests, the standard Account is the most basic live trading account type offered by IC Markets. This account offers commission-free spreads starting at 1 pip, meaning traders should only pay for spreads when trading.
However, since the broker charges no commission, the account has a requote. This means, there's an additional 1 pip added to the spread as a form of payment for the broker for providing the service.
The distinguishing features of IC Markets' standard account are as follows:
- Spreads starting from 1 pip.
- No commission.
- One-click trading.
- Available on MetaTrader 4, MetaTrader 5, MetaTrader Webtrader, MetaTrader Android for mobile trading, and MetaTrader MAC trading platforms.
- Level II pricing – Market depth.
With tight spreads and no commission, the IC Markets standard account is particularly suitable for beginners or smaller traders. Once the trader upgrades their skills, they might want to try the ECN-style pricing and switch to the raw spread account.
IC Markets is an online forex broker operating under the company of International Capital Markets Pty Ltd. Traders under the Australian jurisdiction are provided with the trading service of IC Markets AU that is headquartered in Australia and licensed by the Australian Securities and Investments Commission (ASIC).
On the other hand, non-Australian traders who open an account in this broker are registered under IC Markets SEY that is based in Seychelles, and regulated under the Seychelles Financial Services Authority (SFSA). The dual operation is a result of the relatively new rules from ASIC that prohibit their regulated broker to offer trading services outside Australia.
Classified as an ECN broker, IC Markets provide clients with MetaTrader 4, MetaTrader 5, cTrader as platform trading options. This broker also follows market trends to include Cryptocurrencies as one of its products, enriching its already wide selection of trading assets that include Currencies, Indices, Metals, Energies, Softs, Stocks, as well as Bonds.
The minimum deposit in IC Markets is in the middle range compared to other ASIC-regulated brokers, as it reaches $200 for every client. Market analysis materials are also prepared regularly for trading insights on IC Markets's official website, proving their competence to serve their traders with important contents created by market experts that work specifically for them.
For payment methods, IC Markets allows funding and withdrawal via wire transfer, credit card, PayPal, Skrill, Neteller, FasaPay, UnionPay, as well as Bitcoin via BitPay. The more interesting aspect from this broker is its multi-base currencies that include USD, AUD, EUR, GBP, SGD, NZD, JPY, CHF, HKD, and CAD.
As the trading technology in IC Markets is highly equipped with co-located servers and extremely low latency (especially on cTrader), the broker is widely known for its capability in hosting traders with the special needs for high-frequency trading as well as scalping.
To sum up, IC Markets is a fitting destination for active traders looking for a well-regulated broker. IC Markets is also flexible in terms of base currency and payment methods, signaling their commitment to welcome traders beyond their home country. As of late 2019, IC Markets provided their website in 18 international languages including English, Korean, Indonesian, French, Spanish, Italian, Malay, German, and Chinese.
IC Markets Raw Spread Accounts
IC Markets is an Electronic Communication Network (ECN) broker, meaning they are the issuer of their products. The ECN pricing model means that the broker can access their pool of external liquidity providers and pass over the prices to their clients without any requotes or dealing desk intervention.
As a result, it allows IC Markets to offer raw spread as low as 0.0 pips. A fixed volume-based commission of $ 3.50 ($7.00 round-turn) is applied per lot to compensate for that.
Furthermore, two types of raw spread accounts are available at IC Markets: MetaTrader raw spread account and cTrader raw spread account. The difference lies in the trading platform and the commissions charged.
In the cTrader raw spread account, the commission is $3 per $100,000 traded. cTrader is considered more suitable for specialized traders who need advanced charting options, while MetaTrader is great for retail traders in general.
The distinguishing features of IC Markets' raw spread account are as follows:
- Tight spreads using the ECN pricing model.
- Spreads starting from 0 pips.
- Volume-based commission of $3.50 on each side or $7 per round turn.
- For cTrader platform users, the commission is $3 per $100,000 traded.
- Speedy trading execution.
- Available on MetaTrader and cTrader platforms.
- Level II pricing – Market depth
The extremely tight spreads make the Raw Spread account highly beneficial for high-volume traders, especially scalpers. In scalping, traders typically open multiple short-term trades and close their positions as soon as the trade becomes profitable. They use small price movements to pile small profits into a higher overall gain. Raw Spread accounts can minimize the cost of making such high-volume trades.
Conclusion: Which Account Type is the Best?
Generally speaking, the raw spread account has the best trading conditions regarding fees and execution speed. IC Markets' raw spread accounts is suitable for scalpers compared to other brokers, so it's certainly a great choice for retail traders. On the other hand, the standard account is recommended for novice traders who just started getting into online trading.
It's important to note that brokers like IC Markets provide multiple account types to satisfy many different types of traders. Thus, whether the account type will be best depends largely on your trading style, volume, and the amount of spread you're willing to pay. IC Markets offer their clients high flexibility and freedom, so read the details of each account and pick the one that suits you the most.
Following the debacle on the account type, trading is also about making sure that you can withdraw your funds easily anytime you want. For IC Markets, you can learn all about the withdrawal in this article.
18 Comments
Yamin
Dec 6 2022
What makes a standard account more suitable for beginners, even after the fact that a raw spread account offers far lower spread per position? I thought some scalpers would rather make trades on account with the lowest possible spread? In the long run, which one accrue more trading costs? (provided that we have the same amount of initial deposit
Divany
Dec 27 2022
Yamin: Hi, Yasmin. The Standard account is considered more suitable for beginners because it's free of commissions, whereas the Raw Spread account may offer lower spreads, but it charges commission per trade, which can be quite burdensome after a while. On the other hand, scalpers would prefer Raw Spread accounts to get the tightest spreads possible as it can increase their chance of getting profit. To answer your second question, I think in the long run, the total trading cost depends on the strategy that you use and how you manage your trades. Since each broker offers different account types, you can compare them yourself to see which one works best for you. Hope it helps!
Jason chen
Jan 13 2023
I agree with Tiffany! The standard account does not offer any commission and the spread will be 1 pip. In my opinion, if you are a beginner and want to learn more about scalping, it is best to learn on a demo account a little longer than day trading. I mean scalping trading takes a lot of experience and is difficult to trade with it while day trading is more comfortable and about trading itself we can use many indicators to assist us in transaction. There are several trading styles that you can read about in this article: 4 styles of forex trading. Hopefully this can be a reflection of your trading and account styles you may be used to. Remember that when using day trading you only open certain positions and target more pips, while in scalping you have to trade more often and sometimes you can open hundreds of positions in one day with fewer targeted pips. The fees that will happen also vary, the more positions you have, the more commissions will be whereas, the fewer positions you open, the less commission you will be charged.
Timmy
Dec 14 2022
If I frequently use EA (trading bots), which account type is the best? I've tried many other low spread brokers, but it seems that my EA still couldn't make it past break event point (minor losses more often than not). Or should I look for better EAs? Any suggestions would be welcomed
Jeremy Renner
Jan 13 2023
In my opinion, there is no better account to trade with EA. It really depends on your EA settings. If your EA needs automated trading with multiple inputs such as EA Trading to scale, I recommend using a raw spread account. If you have small losses and higher spread losses, you can follow my suggestion. But if your loss is due to some other factor, such as your EA not being able to accurately determine the SL or your EA's price action is not accurate, then you need to review your EA. Which is best for Standard account and Raw account for EA depends on your EA settings. Be sure to update your EA too!
Rayson
Jan 13 2023
Can someone explain to me the volume-based commission of $3.50 per side or $7 per spin on IC Market's ECN account. I have heard about lot based commission i.e, when your trade goes up to 1 lot you will be charged a commission per lot eg 7$. But first time I heard about commission per side or per turn. If we compare commissions, which is more expensive:lot based or round-turn? Thank you!
Andrew
Jan 13 2023
As far as I know, round-trip commission works like this. So, the commission on IC Market's ECN account is $3.5 per side. So, when you open an entry position, you will pay $3.50, and if you close the position, you will pay an additional $3.50. The total commission you have to pay is $7, and these commissions are called round-trip/round-trip commissions! Which is the most expensive? It depends on the account type and transaction size. Remember that round-trip commissions do not see your trade size. So if you enter with a lot of 0.01 you will be charged $3.50, while you enter with $1 as well. Whereas when you trade with lot commission, you will get commission after your trade reaches one lot. And note: most ECN accounts already use this type of commission, but with an ECN account, you can dig deeper into the market. Find the best Raw Brokers with the low commissions at here raw spread brokers with low commision
Morrison
Jan 13 2023
I agree with your statement about the high/ expensive fees. Obviously, as traders, we look for brokers that offer the lowest spreads, and where possible, we, as traders and clients, also need the lowest commissions. But we must know that the broker also does not make a profit to exist so that they can give you the best service for traders. Don't confuse trading with a lot of fees because, without a broker, you cannot enter the forex market quickly with low equity. How can we overcome the fees by knowing the trading styles? And choose the best account type that suits your trading style.
Arden Kevin
Jan 20 2023
If you have been a member of Forex for a while and are wondering whether to choose a standard account or an ECN account, please read my explanation.
An ECN account can be the best premise for trading, but you should know that ECN fees are a bit complicated and you should learn it before you decide to go for an ECN account
The standard account seems of little interest, but in fact this account is the best choice for all types of traders. It offers more trading freedom than a micro account and has some limitations than pro account and ECN account, but the restrictions allow you to manage your trades properly. , so it can be calculated well. However, we have to admit that spreads on standard accounts were usually marked up by the broker.
Jansenn Havero
Jan 23 2023
Arden Kevin: Agree with your opinion. But the problem is, the standard account is usually the initial capital is high and the minimum lot that must be opened is not flexible for a scalper.
So if you say the standard account is the best, not really. This all comes back to our individual needs. That's why there are people who prefer low spreads, there are those who choose no commission.
I myself am currently comfortable trading on a micro account, because I need an account that allows us to trade in small lots.
Groge Deb
Mar 25 2023
How does IC Markets' Raw Spread account pricing structure impact traders' overall costs, and what are the potential benefits and drawbacks of this pricing model compared to the Standard account's higher spreads? Additionally, how might traders with different trading styles or strategies, such as scalpers or swing traders, be affected by these pricing differences?
Nahid Khan
Mar 25 2023
Beyond pricing, what are the key differences between IC Markets' Standard and Raw Spread accounts in terms of features, tools, and platform options? Specifically, how does each account type's range of trading instruments, available platforms, and additional features like cTrader access or free VPS hosting impact traders' overall trading experience and potential profitability? Additionally, how might traders with different levels of experience or preferred trading styles benefit from or be better suited to one account type over the other?
Miguel
Jun 19 2023
@Nahid Khan: When it comes to IC Markets, mate, their Standard and Raw Spread accounts have some noteworthy differences beyond just pricing. Let's break it down.
First up, the trading instruments. Both account types offer a wide range of trading instruments, including forex pairs, indices, commodities, and more. So, no worries there.
Now, platform options. The Standard account hooks you up with the popular MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms. They're user-friendly and packed with tools and indicators to enhance your trading experience. On the other hand, the Raw Spread account takes it a step further and gives you access to cTrader as well. cTrader is known for its advanced features and lightning-fast order execution, which can be a game-changer for certain traders.
Let's talk features. The Raw Spread account gets an edge with their raw spread pricing model, which means you'll have access to ultra-tight spreads directly from liquidity providers. It's all about that transparent pricing, my friend. Plus, the Raw Spread account holders get free Virtual Private Server (VPS) hosting, which can keep your trading platform running smoothly without interruptions. That's handy if you rely on automated trading strategies or want to minimize latency.
Now, choosing between the two account types depends on your experience level and trading style. If you're a beginner or prefer a more straightforward approach, the Standard account with MT4 or MT5 might suit you just fine. But if you're an experienced trader or want more advanced features and direct market access, the Raw Spread account with cTrader and those tight spreads could be a better fit.
Martin Clark
Apr 14 2023
In IC Markets, the ECN pricing model is used for MetaTrader raw spread, cTrader raw spread, and Islamic accounts.
Hey, dude, I just read about cTrader in IC Markets, and I'm really curious about what makes it a good platform to use, especially for ECN pricing. I've been using MetaTrader 4 for a while, but I'm interested in exploring other options. I want to know which platform delivers the best features for ECN pricing and ECN features. Are there any performance differences between the two platforms? How do they compare in terms of indicators, charting tools, and other features that are important for trading on an ECN platform? I'm excited to learn more about cTrader and see how it stacks up against my current platform.
Saiko
Apr 14 2023
@Martin Clark: Hey! cTrader is a platform offered by IC Markets that is designed specifically for ECN trading. It's known for its user-friendly interface and advanced charting tools, making it a popular choice among traders who are looking for an alternative to the traditional MetaTrader platforms. Compared to MetaTrader 4, cTrader offers more advanced charting capabilities and a wider range of order types, including market, limit, and stop orders. It also has a built-in depth of market feature, which allows traders to see the current bid and ask prices for a particular currency pair.
Overall, both platforms are well-suited for ECN trading, but cTrader may be a better choice if you're looking for more advanced charting and order management tools. However, the best platform for you will depend on your individual trading needs and preferences.
Bella
Jun 20 2023
It stated that IC Markets offers a commission-free model with spreads starting at 1 pip. This means that traders only need to pay for the spreads when executing trades. Now, moving on to an interesting aspect of IC Markets' standard account, it offers Level II pricing, which is often referred to as Market Depth.
With that said, let's shift gears and engage in a friendly chat. Have you ever tried trading with IC Markets or any other brokerage? If so, what has been your experience so far? Are you more inclined towards the standard account with commission-free spreads, or do you prefer other types of accounts that might offer different benefits? Feel free to share your thoughts and any questions you may have!
Jacky
Apr 8 2024
So, what's the deal with IC Markets' Raw Spread account pricing? How does it affect what traders end up paying in the end? And are there any upsides or downsides to this compared to the Standard account with its higher spreads? Also, I'm curious about how this pricing stuff plays out for different types of traders, like those who do quick trades (like scalpers) versus those who hold onto their trades for a bit (swing traders). How does it all shake out for them?
Oliver
Apr 10 2024
Hello there! So, IC Markets' Raw Spread account pricing structure can have a significant impact on traders' overall costs. With the Raw Spread account, traders typically face lower spreads but might encounter commissions on each trade instead. On the flip side, the Standard account usually comes with higher spreads but without additional commissions.
Now, the benefit of the Raw Spread account is that lower spreads can potentially save traders money, especially if they're making frequent trades. However, the drawback is those commissions can add up, so traders need to consider their trading volume and frequency. As for different trading styles, like scalping or swing trading, it's essential to understand how these pricing differences affect them. Scalpers, who make lots of quick trades, might prefer the Raw Spread account because lower spreads mean less cost per trade. On the other hand, swing traders, who hold onto positions for longer, might not be as bothered by slightly higher spreads in the Standard account since they're not trading as frequently. So, it really depends on the trader's strategy and preferences. (additional information, about Raw Spread, you can read in this article : Raw Spread Pros and Cons in Forex Trading)