IC Markets offers Standard and Raw Spread accounts through different entity and platform routes. This review uses IC Markets (EU) Ltd’s documents for the European account. Separate the legal counterparty from the pricing label, and distinguish a fixed commission per standard lot from a charge on USD-converted turnover. Those checks prevent importing global terms into an EU agreement.

Who IC Markets is and where it comes from

A raw spread does not prove that your trade enters one global forex order book or that the provider acts only as an agent. IC Markets EU’s execution policy permits company or third-party execution and describes OTC CFDs. Its external hedging arrangements are separate from the company’s role in your contract. Read the ECN and market-maker comparison alongside that policy rather than treating an infrastructure label as a legal classification.

Margin level can fall without a new price loss

The equity-to-margin ratio has two components. A change in required collateral can lower it even when equity is unchanged.

Scroll sideways to see the full diagram

Margin level can fall without a new price lossHypothetical model: equity remains USD 1,400 while margin rises from USD 1,000 to USD 2,000. Margin level falls from 140% to 70% and free margin from USD 400 to minus USD 600, although floating P/L stays minus USD 100.Equity in both cases: 1,400 USDBalance 1,500 USD − floating loss 100 USDBefore the changeMargin: 1,000 USDLevel: 140%Free: +400 USDAfter the changeMargin: 2,000 USDLevel: 70%Free: −600 USDPrice and P/L are unchanged in the model.Required collateral has increased.
Assumptions: a fictional collateral change on an unchanged position, with no new costs, price movement or cash flows. This is not a forecast that the broker will double its requirements. IC Markets EU Leverage Policy, version 3.0 describes leverage changes and equity/margin. In that document, 100% refers to margin call and 50% to stop-out; the model's 70% lies between them. Margin itself is not a fee deducted from P/L.
A higher margin requirement can lower margin level without a new price loss.

Calculation: 1,400 / 1,000 × 100 = 140%; afterwards, 1,400 / 2,000 × 100 = 70%. Free margin: 1,400 − 2,000 = −600 USD. When comparing account screenshots, check equity and required margin separately; a lower percentage alone does not prove a new price loss.

Regulation and safety of funds

The EU website names IC Markets (EU) Ltd, CySEC licence 362/18 and company number HE356877. The global IC/IC Markets Global website names Raw Trading Ltd, Seychelles licence SD018. These are separate companies and document sets. Neither a licence elsewhere in the brand nor a successful payment establishes the safeguards for a different contract. Confirm eligibility and the exact company before comparing prices.

The legal company, product and client classification determine the relevant rules. Do not assume every European resident is assigned to Cyprus or every other retail client to Seychelles or the Bahamas. Check country eligibility, national measures, client-money arrangements and any compensation conditions for the account actually offered. Before you deposit a single euro, read which company is named on your agreement and verify its licence with the relevant regulator.

Costs: spread, commission and swap

For forex, Standard incorporates its charge in the spread, while Raw Spread has a separate commission. The European cost page distinguishes MT4’s account-currency rate per lot from cTrader’s USD-turnover basis. For an MT4 USD account it lists USD 3.50 per standard lot per side. For cTrader it lists USD 3 per USD 100,000 traded per side, with conversion to account currency. Neither pricing model establishes agency execution, and a minimum advertised spread is not your average transaction cost.

In a hypothetical one-standard-lot EUR/USD trade at 1.2000 on both sides, the cTrader USD-turnover method uses USD 120,000 each time: USD 3.60 per side and USD 7.20 round trip. The stated MT4 USD lot method gives USD 7.00. This USD 0.20 commission difference does not decide the full cost: spreads, funding and actual fills may differ. Calculate the same position, then read spread and commission and the scalping comparison. Do not multiply by trade frequency until the per-trade assumptions are comparable.

Platforms and instruments

The European catalogue includes MT4, MT5, cTrader and TradingView integration; the TradingView page specifies a cTrader Raw Spread route. Confirm the actual account and supported features. MQL4, MQL5 and cTrader automation use distinct environments, and displayed depth is not the entire global FX market. The cTrader and MT5 comparison helps you check order and software functions without assuming a platform determines the provider’s legal execution role.

The instrument range covers currency pairs, indices, commodities, bonds, and share and crypto CFDs — but the set of available markets depends on the entity and the jurisdiction in which you open the account. That is another reason to check the details for your specific company rather than for the global brochure.

Who IC Markets suits, and who it does not

For automation, test symbol names, contract sizes, minimum volume, position-management mode and partial closing in the eligible environment. A programme can run without preserving its intended cash risk after a broker or platform change. Keep a log of requested orders and actual fills; latency or an error-free start does not guarantee price or full execution.

IC Markets EU’s leverage policy distinguishes a numeric margin call at 100% from stop-out at 50%, with market conditions affecting liquidation. Negative-balance protection is specified for retail clients and excluded for the stated professional categories. ICF membership is also conditional: a qualifying EUR 10,000 claim produces EUR 9,000 under the 90% method, subject to eligibility; the overall cap is EUR 20,000. None of these mechanisms reimburses ordinary trading losses or guarantees an ordinary stop price.

Deposits, withdrawals and customer service

Read account charges and payment conditions separately from dealing costs. IC Markets EU’s March 2025 inactivity policy allows ten units of account currency per account per month after six full inactive months, subject to exceptions and any applicable VAT. Activity means an executed opening or closing trade on any account of the same client; login, funding or a transfer does not reset the period. The fee must not create a negative balance. Two hypothetical eligible EUR accounts with sufficient funds could therefore incur EUR 20, while an actual trade on either changes the client’s activity criterion. This is a calculation, not a reason to make an unnecessary trade.

What to do if you are weighing IC Markets

  1. Establish which company you will get. Check the agreement for whether it is the Cypriot CySEC entity or an offshore one — and verify the licence in the appropriate regulator’s register. Your level of protection depends on that, not on the advertising. The broader broker-selection walk-through on forexmechanics.com — choosing a broker is a useful starting point.
  2. Calculate the full round-turn cost for your style. Take your real number of trades per month and add spread plus commission together on the Raw Spread account, then compare it with the Standard account. The spread alone is not enough to judge which is cheaper.
  3. Pick the platform to match how you trade. If you already run an automated strategy written in MQL4, staying on MT4 costs you the least work. If you make decisions off visible market depth, test cTrader. Settle on how you trade first, and only then match the platform to it — not the other way round.
  4. Read the payment and account terms. Confirm verification, supported methods, currency and any intermediary charges before funding. One successful small withdrawal is evidence of that transaction, not proof of future solvency or lawful service scope. Check closure options if you no longer need the account.