IC Markets MT5 Review 2024: Raw Spreads & Execution

IC Markets runs three distinct account structures: Standard, Raw Spread, and cTrader. For MT5 users, the relevant choice is between Standard and Raw Spread — cTrader is platform-locked and unavailable on MT5.

The Standard account has no commission and spreads starting around 1.0 pips on EUR/USD. Functional, but not exceptional. The Raw Spread account is where the real value sits: spreads from 0.0 pips on EUR/USD with a $3.50 per side commission per standard lot. For active traders running more than 20 lots per month, the math heavily favors Raw Spread over Standard.

Minimum deposit is $200 across both account types — low enough that you can fund a real account without overcommitting capital during evaluation. Maximum leverage reaches 1:500, though ASIC-regulated clients are capped at 1:30 on major forex pairs under regulatory requirements. Clients under the FSA (Seychelles) entity access the higher leverage tiers.

One genuine limitation: IC Markets doesn't offer a swap-free Islamic account on MT5 across all regions. Confirm availability with their support team before assuming it's accessible in your jurisdiction.

Execution speed is where IC Markets has consistently outperformed most retail brokers since 2019. Average execution time sits around 36-40 milliseconds on their NY4 and LD4 Equinix data center connections — the same infrastructure used by institutional desks.

Slippage on Raw Spread accounts during normal market hours is minimal. In my experience testing EUR/USD during London open, fills came within 0.1-0.3 pips of quoted price on 1-lot orders. During high-impact news events, slippage widens — expect 0.5-2.0 pips on NFP or FOMC releases, which is standard across ECN brokers at this price point.

IC Markets uses straight-through processing (STP) with no dealing desk intervention. Orders route directly to liquidity providers including Citibank, Deutsche Bank, and Morgan Stanley. This matters practically: there's no conflict of interest on trade execution, and requotes are essentially non-existent under normal conditions.

The tradeoff is that during extreme volatility, spreads on the Raw account can spike to 3-5 pips even on majors. This is a liquidity provider issue, not an IC Markets-specific problem, but budget for it in your risk calculations.

Surprisingly few brokers match IC Markets's instrument depth on MT5 specifically — many restrict their full catalog to proprietary platforms. IC Markets makes the full lineup available on MT5: 60+ forex pairs, 25 indices, 11,000+ stocks and ETFs, 20+ commodities, and major cryptocurrency CFDs including BTC, ETH, and LTC.

Forex coverage includes standard majors down to exotic pairs like USD/MXN and USD/ZAR with reasonable spreads. The commodity offering covers spot gold from 0.1 pips, WTI crude from 0.03 pips, and soft commodities including cocoa and coffee — useful for diversified strategies.

Stock CFDs are available on US, UK, German, and Australian equities. Spreads vary significantly by instrument; Apple and Tesla are tight, smaller-cap stocks carry wider spreads and lower liquidity. Crypto CFDs trade 24/7 but spreads are wider than dedicated crypto exchanges — use these for hedging or short-term speculation, not as a primary crypto venue.

One practical note for MT5 users: the symbol naming convention on IC Markets MT5 uses suffixes like ".a" or ".c" for some instruments. Set up your Market Watch carefully before running any EA or automated strategy to avoid symbol mismatch errors.

Every broker review that skips the weaknesses is selling something. IC Markets has genuine gaps worth understanding before depositing.

Educational resources are thin. There's a basic trading blog and some video content, but nothing approaching the structured learning programs at IG or CMC Markets. If you're developing a systematic approach and need structured curriculum, IC Markets isn't your first stop.

No proprietary platform exists. IC Markets relies entirely on MT4, MT5, and cTrader. That's fine for most traders — these are excellent platforms — but you won't get custom analytics, integrated news feeds, or platform-level risk tools beyond what MT5 natively provides. Brokers like Saxo or Interactive Brokers offer significantly richer proprietary environments.

Customer support quality is inconsistent. Live chat response times average 2-4 minutes during business hours, which is acceptable. After-hours support is slower and the quality of technical answers drops noticeably on complex MT5 configuration questions.

Withdrawal processing takes 1-2 business days for bank transfers. Crypto and e-wallet withdrawals are faster at under 24 hours. Not a dealbreaker, but worth factoring into cash flow planning if you're actively managing drawdowns.

Finally, the $200 minimum deposit is low, but the Raw Spread account's commission structure becomes proportionally expensive on micro-lot trading. Running 0.01 lot trades at $0.07 commission per side is fine — but the percentage cost relative to trade value is high. Raw Spread accounts work best at 0.1 lots and above.