Overall, IC Markets is considered low-risk, with an overall Trust Score of 86 out of 100. IC Markets is licensed by one Tier-1 Regulator (high trust), one Tier-2 Regulator (average trust), and two Tier-3 Regulators (low trust). IC Markets offers three retail trading accounts: a cTrader Account, a Raw Spread Account, and a Standard Account.
- Louis Schoeman
Updated : May 22, 2024
Jump to:
Overall Rating
- 4.9/5
Min Deposit
270 SGD (200 USD)
Regulators
ASIC, CySEC, FSA, SCB
Trading Desk
MT4, MT5, cTrader, IC Social, Signal Start, ZuluTrade
Crypto
Yes
Total Pairs
64+
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
Overview
IC Markets presents itself as a robust trading hub for traders in Singapore by offering various financial products and innovative trading platforms such as MetaTrader 4, MetaTrader 5, and cTrader.
It caters to the different needs of Singapore’s trade community, ranging from beginner traders to seasoned professionals.
IC Markets has an excellent Trust Score of 86 out of 100, coupled with a sturdy regulatory framework that features Tier-1 licensing from ASIC (Australian Securities and Investments Commission). This assures safe trading conditions that meet the high standards expected by Singaporean traders.
The broker’s access to top-tier liquidity providers results in narrow spreads and fast execution times, critical for tactics like scalping and high-frequency trading, which are popular among Singapore’s tech-savvy investors.
Furthermore, IC Markets’ offering of Islamic accounts and the lack of inactivity fees reflect a comprehensive awareness of Singapore’s diverse trading characteristics.
The extra instructional tools and non-expiring demo accounts are especially advantageous for newbies to the area, as they provide a full support system for building trading skills.
With no limits on trading styles and 24-hour access to a worldwide market, Singaporean traders may use IC Markets’ products to traverse the forex market with agility and accuracy.
The lack of deposit and withdrawal fees and simple account creation demonstrate IC Markets’ dedication to providing a cost-effective and user-friendly trading experience that may appeal to Singapore’s financially savvy and cost-conscious population.
At a Glance
| 🏦Headquartered | Sydney, Australia |
| 🌎Global Offices | Australia |
| 🌐 Local Market Regulators in Singapore | Monetary Authority of Singapore (MAS) |
| 📌Foreign Direct Investment in Singapore | 195 billion USD (2022) |
| 🚩Foreign Exchange Reserves in Singapore | 461.1 billion SGD (November 2023) |
| ➡️Local office in Singapore? | None |
| 👤Governor of SEC in Singapore | None, the chairman of the MAS is Lawrence Wong |
| 🫴🏻 Accepts Singapore Traders? | ✅ Yes |
| 🔢 Year Founded | 2007 |
| ☎️Singapore Office Contact Number | None |
| 📱Social Media Platforms | Facebook X |
| 1️⃣Tier-1 Licenses | Australian Securities and Investments Commission (ASIC) |
| 2️⃣Tier-2 Licenses | Cyprus Securities and Exchange Commission (CySEC) |
| 3️⃣Tier-3 Licenses | Financial Services Authority (FSA) Securities Commission of the Bahamas (SCB) |
| 🔢 License Number | Seychelles – SD018 Australia – AFSL 335692 Cyprus – 362/18 Bahamas – SIA-F214 |
| ⌛MAS Regulation | None |
| ❌Regional Restrictions | United States, Canada, Iran, Yemen, and OFAC countries |
| ☪️Islamic Account | ✅ Yes |
| 🆓 Demo Account | ✅ Yes |
| 🔁 Non-expiring Demo | ✅ Yes, if it remains active |
| 📆 Demo Duration | Unlimited, but will close after 30 days of inactivity |
| 🗂️Retail Investor Accounts | 3 |
| 🌟 PAMM Accounts | ✅ Yes |
| 💧Liquidity Providers | 25 |
| 🤝Affiliate Program | ✅ Yes |
| 🧑⚖️Order Execution | Market |
| 👉OCO Orders | None |
| 💻One-Click Trading | ✅ Yes |
| ✴️Scalping | ✅ Yes |
| 🛎️Hedging | ✅ Yes |
| 🗣️Expert Advisors | ✅ Yes |
| 📰 News Trading | ✅ Yes |
| 🎈Trading API | ✅ Yes |
| 1️⃣Starting spread | From 0.0 pips |
| 💴Minimum Commission per Trade | From $3 to $3.5 |
| ⚙️Decimal Pricing | 5th decimal pricing after the comma |
| ➡️Margin Call | 100% |
| 🛑 Stop-Out | 50% |
| ⬇️Minimum Trade Size | 0.01 lots |
| ⬆️Maximum Trade Size | Unlimited |
| 💰Crypto trading offered? | ✅ Yes |
| 🫴🏻 Offers an SGD Account? | None |
| 👤Dedicated Singaporean Account Manager? | None |
| 📈Maximum Leverage | 1:500 |
| ❌Leverage Restrictions for Singaporeans? | None |
| 💴Minimum Deposit (SGD) | 270 SGD ($200) |
| 💵Deposit Currencies | AUD, USD, JPY, EUR, NZD, SGD, GBP, CAD |
| 🗂️SGD Deposits Allowed? | None |
| 💶Account Base Currency | AUD, USD, JPY, EUR, NZD, SGD, GBP, CAD |
| 👥Active Singaporean Trader Stats | 50,000+ |
| 👴🏻Active Singapore-based IC Markets customers | Unknown |
| 📆 Singapore Daily Forex Turnover | 1.2 million SGD |
| 💳Deposit and Withdrawal Options | Credit Card Debit Card PayPal Neteller Neteller VIP Skrill UnionPay Bank Wire Transfer Bpay FasaPay Broker to Broker POLi Thai Internet Banking Vietnamese Internet Banking Rapidpay Klarna |
| ⏰Minimum Withdrawal Time | Instant |
| ⏱️Maximum Estimated Withdrawal Time | Up to 14 business days |
| ✔️Instant Deposits and Instant Withdrawals? | ✅ Yes, on PayPal, Neteller, and Skrill |
| 🗂️Segregated Accounts with Singaporean Banks? | None |
| 📊Trading Platforms | MetaTrader 4 MetaTrader 5 cTrader IC Social Signal Start ZuluTrade |
| ⌚Trading Platform Time | UTC +03:00 |
| 🧐 Observe DST Change | ✅ Yes |
| 🕰️DST Change Time zone | Eastern Standard Time (EST) |
| 🛢️Tradable Assets | Forex Commodities Indices Bonds Cryptocurrencies Stocks Futures |
| 🫴🏻 Offers USD/SGD currency pair? | ✅ Yes |
| 🌟 USD/SGD Average Spread | 0.2 pips (Raw Spread) |
| 📉Offers Singapore Stocks and CFDs | None |
| 🌎Languages supported on the Website | English, Spanish, Russian, Thai, Malay, Vietnamese, Italian, Portuguese, and several others |
| 🗣️Customer Support Languages | Multilingual |
| 👥Copy Trading Support | ✅ Yes |
| ⏰Customer Service Hours | 24/7 |
| 📌Singapore-based customer support? | None |
| 🎁Bonuses and Promotions for Singaporean Traders | None |
| 🎓Education for Singaporean beginners | ✅ Yes |
| 💻Proprietary trading software | ✅ Yes |
| 🎀Most Successful Trader in Singapore | Chew Wei Xiang (±$70 million assets under management) |
| 😷Is IC Markets a safe broker for Singaporean Traders? | ✅ Yes |
| 9️⃣Rating for IC Markets Singapore | 9/10 |
| 🔢 Trust score for IC Markets Singapore | 86% |
| 🚀Open an Account | 👉 Click Here |
Regulation and Safety of Funds
Regulation in Singapore
IC Markets is not currently regulated by the Monetary Authority of Singapore (MAS). However, IC Markets’ global regulations are listed in the table below.
Global Regulations
| 🔍Registered Entity | 🌎Country of Registration | 🔢Registration Number | ➡️Regulatory Entity | 📈Tier | 🔢 License Number/Ref |
| 🥇Raw Trading Ltd | Seychelles | N/A | FSA | 3 | SD018 |
| 🥈International Capital Markets Pty Ltd. | Australia | CAN 123 289 109 | ASIC | 1 | AFSL 335692 |
| 🥉IC Markets EU Ltd | Cyprus | N/A | CySEC | 2 | 362/18 |
| 🏆IC Markets Ltd | Bahamas | 76823 C | SCB | 3 | SIA-F214 |
Protection of Client Funds
| 🔍Security Measure | ℹ️ Information |
| 🗂️Segregated Accounts | ✅ Yes |
| 👤Compensation Fund Member | No, in-house insurance |
| 💵Compensation Amount | $1 million |
| 🎓SSL Certificate | None |
| 2️⃣2FA (Where Applicable) | None |
| ⛔Privacy Policy in Place | ✅ Yes |
| ⚠️Risk Warning Provided | ✅ Yes |
| ❌Negative Balance Protection | ✅ Yes |
| 🛑 Guaranteed Stop-Loss Orders | None |
Security while Trading
IC Markets has implemented several strong security measures to protect Singaporean traders’ money and data, bolstering its reputation as a trustworthy brokerage.
The broker segregates customer cash from operating funds, providing an important layer of security against the company’s solvency difficulties. This segregation is a normal technique for preserving customers’ cash, and high-level authorities regulate it.
Furthermore, IC Markets uses modern encryption technology to protect transaction data and the privacy of sensitive personal information supplied online.
While the broker does not provide two-factor authentication (2FA) for account access, it has a strict privacy policy. It offers risk alerts as part of its commitment to trader data protection.
Furthermore, IC Markets provides negative balance protection, guaranteeing that Singaporean traders’ account balances never go below zero, offering a buffer against wild market movements and severe loss.
These steps, taken together, provide a secure trading environment that prioritizes client interests.
Pros and Cons
| ✅Pros | ❌Cons |
| IC Markets is a well-regulated broker with a high trust score | IC Markets’ negative balance protection does not protect traders from losing their invested capital when they use leverage |
| Singaporean funds are kept secure in segregated accounts | IC Markets is not regulated in Singapore |
Is IC Markets regulated?
Yes, IC Markets is regulated by numerous financial agencies, providing traders with additional protection.
How often are the trading servers monitored for security?
IC Markets’ trading systems are monitored around the clock to guarantee optimal uptime and security.
Awards and Recognition
IC Markets received the following recent awards and recognition:
✅In the 2023 Annual Awards, ForexBrokers.com named IC Markets the best MetaTrader broker.
✅The podcast “IC Your Trade” by IC Markets was recognized for “Branded Business Show and Advertising” by Signal Awards.
✅In the DayTrading.com Broker Awards for 2023, IC Markets was named the Best Overall Broker winner.
✅2019’s Best ECN Broker was awarded to IC Markets by the ADVFN International Financial Awards.
✅In the FxScouts India Annual Forex Awards, IC Markets won Best Forex MT5 Broker.
Account Types
| 🔍Live Account | 💴Minimum Dep. | 🚀Open an Account | 💵Commissions | 💶Average Trading Cost |
| 🥇cTrader | 270 SGD | 👉 Click Here | $3 or $6 per side | 6.02 USD |
| 🥈Raw Spread | 270 SGD | 👉 Click Here | $3.5 or $7 per side | 7.02 USD |
| 🥉Standard | 270 SGD | 👉 Click Here | None | 6.30 USD |
cTrader Account
IC Markets’ cTrader account caters to Singaporean traders seeking sophisticated charting tools and level II pricing, making it perfect for scalping and algorithmic trading.
This account type has a structure that many professional traders prefer, including improved order management features and a wider selection of indicators.
Singaporeans using the cTrader account should also anticipate better order execution since the platform is recognized for its quickness. It is useful for tactics that need swift market entrance and exit.
Furthermore, the platform’s openness and advanced risk management capabilities will likely appeal to Singapore’s well-informed trading community.
| 🔍Account Feature | 🌟 Value |
| 📊Trading Platform | cTrader |
| 💵Commission | $3 per side and $6 per round turn |
| 📝Typical Average Spreads | 0.0 pips |
| 💴Minimum Deposit Requirement | 270 SGD ($200) |
| 📈Leverage | 1:500 |
| ⬆️Maximum positions per account | 2,000 lots |
| 📌Server Location | London |
| 🫴🏻 Is micro-trading allowed? | ✅ Yes |
| 💶Currency Pairs | 64 |
| ✏️Index CFD Trading | ✅ Yes |
| 🛑 Stop-out | 50% |
| 💻One-Click Trading offered? | ✅ Yes |
| ☪️Islamic Accounts | ✅ Yes |
| 👉Trading Styles accepted | Scalping, hedging, expert advisors, algorithmic strategies, etc. |
| 🗣️Programming Language | C# |
| 🎀Suitable for | Day traders, scalpers, active traders |
| 🆓 Is a Demo Account offered? | ✅ Yes |
| 🚀Open an Account | 👉 Click Here |
Raw Spread Account
IC Markets’ Raw Spread account is ideal for Singaporean traders seeking the lowest spreads available. This is especially useful for high-volume traders and those who use expert advisers.
The Raw Spread account uses the MetaTrader 4 and MetaTrader 5 interfaces, which are familiar to many traders and provide a smooth transition for those switching from other brokers.
Thanks to its transparent pricing and compatibility with numerous trading tools, Singaporean forex, and CFD traders will find the Raw Spread account suitable for various trading strategies, from manual to automated systems.
| 🔍Account Feature | 🌟 Value |
| 📊Trading Platform | MetaTrader 4 and 5 |
| 💵Commission | $3.5 per side and $7 per round turn |
| 📝Typical Average Spreads | 0.0 pips |
| 💴Minimum Deposit Requirement | 270 SGD ($200) |
| 📈Leverage | 1:500 |
| ⬆️Maximum positions per account | 200 lots |
| 📌Server Location | New York |
| 🫴🏻 Is micro-trading allowed? | ✅ Yes |
| 💶Currency Pairs | 64 |
| ✏️Index CFD Trading | ✅ Yes |
| 🛑 Stop-out | 50% |
| 💻One-Click Trading offered? | ✅ Yes |
| ☪️Islamic Accounts | ✅ Yes |
| 👉Trading Styles accepted | Scalping, hedging, expert advisors, algorithmic trading, etc. |
| 🗣️Programming Language | MQL4 |
| 🎀Suitable for | Expert advisers, scalpers, |
| 🆓 Is a Demo Account offered? | ✅ Yes |
| 🚀Open an Account | 👉 Click Here |
Standard Account
IC Markets’ Standard Account simplifies commission charges by including them in the spread, making it ideal for Singaporeans who enjoy a conventional trading experience. This streamlines the trading process, making it easier for beginners and those who trade infrequently.
The Standard account is accessible on both MetaTrader platforms and provides a familiar interface and comprehensive analytical capabilities.
Singaporean traders who choose the Standard account will like the no-commission approach, especially if they are just starting or want to assess expenses immediately as they trade.
| 🔍Account Feature | 🌟 Value |
| 📊Trading Platform | MetaTrader 4 and 5 |
| 💵Commission | None |
| 📝Typical Average Spreads | 0.6 pips |
| 💴Minimum Deposit Requirement | 270 SGD ($200) |
| 📈Leverage | 1:500 |
| ⬆️Maximum positions per account | 200 lots |
| 📌Server Location | New York |
| 🫴🏻 Is micro-trading allowed? | ✅ Yes |
| 💶Currency Pairs | 64 |
| ✏️Index CFD Trading | ✅ Yes |
| 🛑 Stop-out | 50% |
| 💻One-Click Trading offered? | ✅ Yes |
| ☪️Islamic Accounts | ✅ Yes |
| 👉Trading Styles accepted | Scalping, hedging, expert advisors, algorithmic trading, etc. |
| 🗣️Programming Language | MQL4 |
| 🎀Suitable for | Discretionary Traders |
| 🆓 Is a Demo Account offered? | ✅ Yes |
| 🚀Open an Account | 👉 Click Here |
Demo Account
IC Markets’ Demo Account allows Singaporean traders to practice trading methods in a risk-free environment. This account replicates genuine trading circumstances, offering a realistic and instructive experience.
The demo account has no expiry date as long as it is active, making it ideal for long-term practice and strategy refining. It shuts after 30 days of inactivity, allowing traders plenty of opportunity to explore and learn.
This unrestricted access is especially useful for Singaporean traders who want to hone their trading abilities, try new methods, and become acquainted with the market’s subtleties before moving on to real trading.
The virtual balance, which may reach $5,000,000, allows traders to practice trading with significant funds, improving the learning experience.
Islamic Account
IC Markets offers an Islamic Account tailored to Muslim traders in Singapore, removing swap costs on overnight holdings per Sharia law. This account type respects the idea of no interest-based transactions, an important feature of Islamic banking.
It provides the same sophisticated trading infrastructure and fast execution speeds as its regular equivalents, guaranteeing that faith-based requirements do not jeopardize trading performance.
The Islamic Account is available on all main platforms, including MetaTrader 4, MetaTrader 5, and cTrader, and allows access to over 90 trading products.
While it maintains 0.0 pip spreads and offers leverage of up to 1:500, it is worth noting that Islamic accounts may suffer a minor financing penalty on transactions held for more than one day, particularly in odd currency pairings and commodities.
This account type exemplifies IC Markets’ dedication to inclusion and meeting the different demands of Singapore’s trading community.
IC Markets Professional Account
IC Markets’ Professional Account is designed for experienced traders in Singapore with a big financial portfolio and extensive trading activity.
This account type is ideal for those with substantial financial market knowledge since it provides more leverage than retail accounts and protects against negative balances.
Professional customers benefit from segregated client trust bank accounts, which provide additional protection for their cash.
Singaporean traders must understand that although the Professional Account provides improved trading circumstances, it does not contain Investor Compensation Fund coverage.
This might imply a greater danger in certain instances. To qualify, traders must fulfill two criteria: a substantial portfolio (more than EUR 500,000), a high trading frequency, and appropriate financial industry expertise.
This account demonstrates IC Markets’ commitment to meeting the complex demands of sophisticated traders in Singapore, blending high-level trading possibilities with appropriate protections.
Pros and Cons
| ✅Pros | ❌Cons |
| Scalpers can benefit from IC Markets’ zero-pip spreads | IC Markets charges admin fees on the Islamic Account |
Are swap-free accounts available?
Yes, IC Markets provides swap-free Islamic accounts and Sharia-compliant.
Can I have multiple trading accounts?
Yes, IC Markets enables traders to manage several trading accounts with a single login.
How to Open and Account Step-by-Step
To open an account with IC Markets, Singaporeans can follow these steps:
Step 1: Go to the official website and click on “Start Trading” or “Open Account”
Step 2: Complete the online registration form
This form needs your personal information, including your name, email address, and phone number. Ensure that all information given is correct and up to date.
Step 3: Wait for confirmation from IC Markets
IC Markets will request that you authenticate your identity to comply with regulatory obligations. This step entails submitting papers like a government-issued ID and proof of residence (such as a utility bill or bank statement).
Once your materials have been submitted, IC Markets will assess your application. This procedure typically takes approximately a day. You will be notified once your account is authorized and available for use.
- After you have activated your account, go to your IC Markets Client Area and deposit money. To avoid converting expenses, use a deposit method that supports SGD. Bank transfers, credit/debit cards, and e-wallets like PayPal are all accepted methods. To finish the deposit, follow the on-screen instructions.
- You are now ready to trade after funding your account. You may start trading using IC Markets’ trading platforms.
Can I open multiple accounts?
Yes, you may establish and manage several trading accounts using a single client portal.
Is there an inactivity fee for dormant accounts?
No, if an account is idle for a long time, no inactivity fee will be levied.
Trading Platforms and Software
IC Markets offers Singaporean traders a choice between these trading platforms:
➡️MetaTrader 4
➡️MetaTrader 5
➡️cTrader
➡️IC Social
➡️Signal Start
➡️ZuluTrade
MetaTrader 4
MetaTrader 4, which IC Markets offers, is an excellent choice for Singapore traders searching for a user-friendly platform with powerful features.
The reliability and resilience of the platform are essential in Singapore’s fast-paced trading environment, where prompt execution is crucial. Traders from Singapore will enjoy using this versatile software to trade forex, commodities, or indices on various platforms.
Moreover, MetaTrader 4 has customization options like custom indicators and automated trading scripts, which appeal to the creative mindset of traders from Singapore as it enables users to personalize their experience according to their preferences and unique trading style requirements.
MetaTrader 5
MetaTrader 5 offers more sophisticated trading tools than its predecessor, making it an ideal alternative for Singaporean traders. Its multi-asset trading capability is particularly useful for the various investors in Singapore who can trade stocks, futures, and currencies.
The improved analytical tools and extensive charting capabilities cater to the careful temperament of many Singaporean traders since they often rely on comprehensive market analysis to make informed trading decisions.
Furthermore, this platform’s upgraded order management system and additional periods offer more control and flexibility over their tactics reserved exclusively for the benefit of those operating from within Singapore’s borders
cTrader
cTrader’s comprehensive trading features and sophisticated user interface make it ideal for professional traders in Singapore. The platform’s focus on transparency and swift deal execution is particularly interesting in Singapore’s fast-paced trading environment.
Its extensive charting tools and level II pricing functionality are useful for traders implementing more complex techniques such as scalping. Singaporean traders may also benefit from using algorithmic trading functionalities available within cTrader.
This effectively automates their methods, providing a key advantage over others when working within Singapore – a technologically advanced sector for financial trading purposes.
IC Social
IC Social is a unique solution from IC Markets that caters to Singapore’s rising interest in social trading. This platform enables Singaporean traders to participate in community-driven trading, where they may exchange ideas and tactics and duplicate the trades of more experienced traders.
This is especially useful for novices and those wishing to broaden their trading strategies. The platform’s mobile-friendly design appeals to Singapore’s tech-savvy traders who like to trade on the move, keeping them always connected and informed.
Signal Start
IC Markets Signal Start technology provides automatic trading solutions for Singaporean traders. Users can instantly follow and duplicate trades from various expert signal sources.
This benefits Singapore traders who want to improve their trading techniques by learning from diverse global traders. The platform’s robust technology assures dependability and accessibility, which are critical in the efficiency-driven environment of Singaporean trade.
ZuluTrade
ZuluTrade, linked with IC Markets, provides Singaporean traders an interactive and community-oriented trading experience. This platform is great for Singaporeans who prefer a more collaborative trading style since it gives them access to a network of professional traders and signal suppliers.
The extensive risk management and customization tools are consistent with Singaporeans’ conservative trading practices, enabling individuals to adapt their social trading experience based on their risk tolerance and trading goals.
Because of this platform’s connectivity with IC Markets, Singaporeans may take advantage of the broker’s attractive spreads and liquidity.
Pros and Cons
| ✅Pros | ❌Cons |
| IC Markets offers a strong collection of trading platforms to Singaporeans | IC Markets does not offer a proprietary desktop or web platform |
Is an IC Markets web-based platform available?
Yes, web-based versions of trading platforms are accessible to people who do not want to download software.
Can I customize the IC Markets trading interface?
Yes, the platforms provide customizable interfaces to meet your trading needs.
Range of Markets
Singaporean traders can expect the following range of markets from IC Markets:
➡️Forex
➡️Commodities
➡️Indices
➡️Bonds
➡️Cryptocurrencies
➡️Stocks
➡️Futures
Financial Instruments and Leverage offered by IC Markets
| 🔍Instrument | 🔢 Number of Assets Offered | 📈Max Leverage Offered |
| ➡️Forex | 64 | 1:500 |
| ➡️Commodities | 22 | 1:100 |
| ➡️Indices | 25 | 1:200 |
| ➡️Stocks | 1,600 | 1:20 |
| ➡️Cryptocurrency | 18 | 1:5 |
| ➡️Futures | 4 | 1:200 |
| ➡️Bonds | 11 | 1:200 |
Pros and Cons
| ✅Pros | ❌Cons |
| Singaporeans can trade SGD forex pairs with IC Markets | Traders can still lose their invested capital due to high leverage |
Is cryptocurrency trading available with IC Markets?
Yes, you can trade cryptocurrencies like Bitcoin and Ethereum.
Is futures trading available with IC Markets?
Yes, you can trade futures contracts for various commodities and indexes.
IC Markets vs OANDA vs Hankotrade – Broker Comparison
| 🔍Broker | 🥇IC Markets | 🥈OANDA | 🥉Hankotrade |
| ⌛Regulation | ASIC, CySEC, FSA, SCB | IIROC, ASIC, CFTC, NFA, FCA, FFAJ, JFSA, MAS, MFSA, BVI FSC | None |
| 📊Trading Platform | MetaTrader 4 MetaTrader 5 cTrader | MetaTrader 4 MetaTrader 5 OANDA Platform FxTrade | MetaTrader 4 MetaTrader 5 |
| 💷Withdrawal Fee | None | ✅ Yes, bank wire | None |
| 🔢Demo Account | ✅ Yes | ✅ Yes | ✅ Yes |
| 💴Min Deposit | 270 SGD | 0 SGD | 13 SGD |
| 📈Leverage | 1:500 | 1:888 | 1:500 |
| 📝Spread | From 0.0 pips | From 0.1 pips | From 0.0 pips |
| 💵Commissions | From $3 to $3.5 | From $35 | From $2 per $100,000 |
| 🛑Margin Call/Stop-Out | 100%/50% | 100%/ 50% | M: 70% S/O: 20% |
| 🧑⚖️Order Execution | Market | Market | Market |
| ❌No-Deposit Bonus | None | None | None |
| 💰Cent Accounts | None | None | None |
| 🗂️Account Types | cTrader Account Raw Spread Account Standard Account | Standard Account Core Account Swap-Free Account Premium Account Premium Core Account | STP ECN ECN Plus |
| 🫴🏻 MAS Regulation | None | ✅ Yes | None |
| 💷SGD Deposits | None | ✅ Yes | None |
| 🗂️SGD Account | None | ✅ Yes | None |
| ⏰Customer Service Hours | 24/7 | 24/5 | 24/5 |
| ➡️Retail Investor Accounts | 3 | 3 | 3 |
| ☪️Islamic Account | ✅ Yes | ✅ Yes | ✅ Yes |
| ⬇️Minimum Trade Size | 0.01 lots | 0.01 lots | 0.01 lots |
| ⬆️Maximum Trade Size | Unlimited | 1,000 lots | Unknown |
| 🕰️Minimum Withdrawal Time | Instant | 1 business day | Instant |
| ⏰Maximum Estimated Withdrawal Time | Up to 14 business days | 2 – 5 Working Days | Instant |
| 💳Instant Deposits and Instant Withdrawals? | ✅ Yes, on PayPal, Neteller, and Skrill | ✅ Yes, Deposits | ✅ Yes |
| 🚀Open an Account | 👉 Click Here |
10 Best Forex Brokers in Singapore
Rank
Broker
Review
Regulators
Min Deposit
Official Site
Fees, Spreads and Commissions
Spreads
Singaporean traders utilizing IC Markets should anticipate different spreads depending on account type and market circumstances.
Spreads may start as low as 0.0 pips on accounts like the Raw Spread and cTrader, useful for currency pairings like EUR/USD.
The Standard Account often has greater spreads beginning at 0.6 pips. These competitive spreads benefit Singaporean traders participating in high-frequency trading or scalping since they may dramatically lower trading expenses over time.
Commissions
Commission costs at IC Markets vary by account type. Singaporean traders using the cTrader Account pay $3 for each side, a total of $6 for every round turn.
The Raw Spread Account charges a higher fee, $3.5 for each side or $7 per round turn. These fees apply to each lot traded and are important for traders who prefer accounts with tighter spreads.
The Standard Account, on the other hand, does not pay any commission charges since trading expenses are included in the spread.
Overnight Fees
IC Markets charges overnight fees, commonly known as swap rates or rollovers, for trades kept open overnight. These costs are based on the difference in interest rates between the two currencies.
Singaporean traders should know that these rates may be credited or debited from their accounts, depending on their position and the prevailing interest rate difference.
IC Markets computes these swap values in points and automatically translates them to the account’s base currency.
Deposit and Withdrawal Fees
IC Markets offers free deposits and withdrawals, making it an appealing option for Singapore traders.
This applies to various financing options, including credit/debit cards, e-wallets, and bank transfers. This fee-free system for financial transactions is especially advantageous for traders who want to manage their money effectively while avoiding unnecessary charges.
Inactivity Fees
IC Markets does not charge inactivity fees, providing a substantial benefit for Singaporean traders who may not trade often. This strategy gives traders the freedom to participate in the market at their own pace without fear of incurring penalties during times of inactivity.
Currency Conversion Fees
IC Markets does not impose currency conversion fees. However, Singaporean traders should know the possible costs when changing SGD to other currencies for deposits or withdrawals.
This is particularly true if their trading account is in a currency other than SGD. The payment provider or bank that handles the transaction normally sets these conversion costs.
Pros and Cons
| ✅Pros | ❌Cons |
| IC Markets does not charge any inactivity fees on dormant accounts | The CFD financing fees of IC Markets are high |
Are there any account maintenance fees?
IC Markets does not levy account maintenance fees.
Are commissions charged on trades?
Commissions are levied on Raw Spread accounts but not Standard accounts.
Deposit and Withdrawal Options
IC Markets offers Singaporean traders the following deposit and withdrawal methods:
➡️Credit Card
➡️Debit Card
➡️PayPal
➡️Neteller
➡️Neteller VIP
➡️Skrill
➡️UnionPay
➡️Bank Wire Transfer
➡️Bpay
➡️FasaPay
➡️Broker to Broker
➡️POLi
➡️Thai Internet Banking
➡️Vietnamese Internet Banking
➡️Rapidpay
➡️Klarna
IC Markets Deposit Currencies, Deposit and Withdrawal Processing Times
| 💳Payment Method | 💵Deposit Currencies | ⌛Deposit Processing | 📆 Withdrawal Processing |
| ➡️Credit Card | AUD, USD, JPY, EUR, NZD, SGD, GBP, CAD | Instant | 3 to 5 working days |
| ➡️Debit Card | AUD, USD, JPY, EUR, NZD, SGD, GBP, CAD, HKD, CHF | Instant | 3 to 5 working days |
| ➡️PayPal | USD, AUD, GBP, EUR, CAD, SGD, JPY | Instant | Instant |
| ➡️Neteller | AUD, GBP, EUR, CAD, SGD, JPY | Instant | Instant |
| ➡️Neteller VIP | AUD, GBP, EUR, CAD, SGD, JPY | Instant | Instant |
| ➡️Skrill | AUD, USD, JPY, EUR, SGD, GBP | Instant | Instant |
| ➡️UnionPay | RMB | Instant | Instant |
| ➡️Bank Wire Transfer | AUD, USD, JPY, EUR, NZD, SGD, GBP, CAD, CHF | 2 to 5 working days | Up to 14 days |
| ➡️Bpay | AUD | 12 to 48 hours | 2 to 3 working days |
| ➡️FasaPay | USD | Instant | 3 to 5 working days |
| ➡️Broker to Broker | AUD, USD, JPY, EUR, NZD, SGD, GPB, CAD, CHF, HKD | 2 to 5 working days | 3 to 5 working days |
| ➡️POLi | AUD | Instant | 2 to 3 working days |
| ➡️Thai Internet Banking | USD | 15 to 30 minutes | One business Day |
| ➡️Vietnamese Internet Banking | USD | Instant | One Business Day |
| ➡️Rapidpay | EUR, GBP | Instant | 3 to 5 working days |
| ➡️Klarna | EUR, GBP | Instant | 3 to 5 working days |
Pros and Cons
| ✅Pros | ❌Cons |
| Singaporeans can use local payment methods to deposit and withdraw in SGD | Some payment methods can take up to 14 days, especially on withdrawals using bank transfer |
How long do deposits take to reflect?
Most payment options allow quick deposits; however, bank transfers may take longer.
Is account verification required for withdrawals?
Yes, you must validate your account before making a withdrawal.
How to make a Deposit with IC Markets
To deposit funds to an account with IC Markets, Singaporean traders can follow these steps:
✅Begin by logging into your IC Markets account. Access the Secure Client Area, which serves as the center for all trading accounts and financial activities.
✅Once signed in, find and pick the ‘Deposit Funds’ option. This part is often easy to locate and displayed in the client area.
✅IC Markets accepts credit/debit cards, bank wire transfers, and e-wallets like PayPal, Neteller, and Skrill. Choose the technique that best matches your needs and availability in Singapore.
✅When asked to pick a currency for the deposit, choose SGD (Singapore Dollar). This is critical for Singapore traders to avoid any currency conversion fees.
✅Specify the amount you want to deposit in SGD. Ensure the amount is within the restrictions of your chosen deposit method and meets any minimum deposit criteria specified by IC Markets.
✅Depending on your deposit method, you may need to undergo extra authentication processes. This may involve verification using a secure payment channel or an OTP (One-Time Password) issued to your phone or email.
✅Review all the information and confirm the deposit if everything is right. You will then get confirmation of the transaction on the platform or by email.
How long do IC Markets Deposits take?
IC Markets provides numerous immediate deposit alternatives. However, the actual period will vary based on the deposit method used. Deposits made via credit/debit cards, e-wallets, and some Internet banking solutions are usually handled promptly.
Bank wire transfers, on the other hand, may take several working days to appear on your trading account. Singaporean traders must plan their deposits carefully, particularly if they want to initiate trades based on market timing.
Can I set a deposit limit for myself?
Yes, you may establish your own deposit restrictions to encourage ethical trading.
Can I make a deposit using multiple methods?
You can utilize different deposit methods, but withdrawals must be handled like deposits.
How to Withdraw from IC Markets
To withdraw funds from an account with IC Markets, Singaporean traders can follow these steps:
✅Start by logging into your IC Markets account. Access the Secure Client Area, which is required to manage your financial transactions.
✅Once signed in, locate and select the ‘Withdraw Funds’ option. This feature is generally readily available from the client area.
✅Decide the technique you want to employ for the withdrawal. IC Markets provides a variety of payment alternatives, including bank wire transfers, credit/debit cards, and e-wallets such as PayPal, Neteller, and Skrill. Choose the technique that is most convenient and accessible to you in Singapore.
✅Choose SGD as your withdrawal currency. When asked, choose the Singapore Dollar (SGD) as the currency for the withdrawal. Singaporean traders must avoid currency conversion expenses.
✅Specify the amount you want to withdraw in SGD. Ensure that the amount fulfills any minimum withdrawal criteria and falls within the restrictions of your chosen method.
✅Depending on your withdrawal option, you may be required to complete additional authentication processes, such as validating your identity or confirming the transaction via a secure payment gateway.
✅Double-check all of the facts and confirm the withdrawal if they are right. The transaction will be confirmed either on the platform or via email.
How long do IC Markets Withdrawals take?
Withdrawal processing times at IC Markets vary depending on the method used. Withdrawals from e-wallets such as PayPal, Neteller, and Skrill are often completed quickly or within 24 hours.
Credit/debit card withdrawals and bank wire transfers normally take longer, between 3 and 14 business days.
Singaporean traders must consider these time limits, particularly if they need immediate access to their cash. Delays may arise due to verification processes or banking procedures. Thus, it is best to arrange withdrawals ahead of time.
Is there a fee for withdrawing funds from IC Markets?
No, IC Markets does not impose withdrawal fees, but your payment provider may.
Can I cancel a withdrawal request with IC Markets?
Yes, you may cancel a withdrawal that has not yet been completed.
Educational Resources
Education
IC Markets offers the following Educational Materials to Singaporean traders:
✅Trading Knowledge
✅Advantages of Forex
✅Advantages of CFDs
✅Video Tutorials
✅Web TV
✅Webinars
✅Podcasts
✅Getting Started – which contains 10 lessons
IC Markets also offers Singaporean traders the following additional Research and Trading Tools:
✅Economic Calendar
✅Market Analysis Blog
✅Forex Calculators
✅Forex Glossary
Pros and Cons
| ✅Pros | ❌Cons |
| IC Markets is ideal for beginners and offers a range of educational resources and materials | IC Markets’ standalone tools are limited |
Do IC Markets regularly schedule webinars?
Yes, webinars are part of IC Markets’ educational programs and are routinely planned.
Do IC Markets offer one-on-one training?
No, one-on-one trading is not presently available.
Bonuses and Promotions
IC Markets has no active bonus offers or promotions for Singaporean traders.
Affiliate Program
Singaporean affiliates working with IC Markets may expect a full package of tools to enhance their affiliate experience.
One of the key benefits is the competitive commission system, which enables affiliates to make significant cash depending on the trading activity of the customers they suggest. This performance-based earning model is especially enticing since it immediately ties affiliates’ efforts to their earning potential.
IC Markets additionally provides affiliates with a range of marketing tools and services. These resources, such as customized links, banners, and other promotional materials, are specifically curated to assist you in promoting IC Markets’ services.
The accessibility of these resources streamlines the process for affiliates to connect with their desired audience while also generating referrals.
Moreover, real-time monitoring and reporting facilities enable affiliates to examine their accomplishments thoroughly.
They can gauge conversions and modify strategies appropriately since this level of transparency is fundamental for them to evaluate the effectiveness of their campaigns while making informed decisions based on data-driven insights.
The broker offers its affiliates specialized assistance, including support from affiliate managers.
These experienced individuals can provide valuable insights and referrals to help Singaporean affiliates navigate the program effectively and optimize their profits through personalized coaching sessions.
Moreover, the robust and reliable trading platform of IC Markets enhances its appeal to potential clients, which in turn benefits affiliates.
The broad range of financial instruments, top-notch trading tools, and competitive conditions make it an attractive proposition for traders, thereby increasing the possibility of successful referrals from affiliated parties.
What marketing tools are available with IC Markets?
Affiliates may access banners, landing pages, and tracking links.
Is the IC Markets affiliate program available globally?
Yes, the affiliate program is open to partners worldwide.
How to Register an Affiliate Account Step-by-Step
To register an Affiliate Account, Singaporean traders can follow these steps:
Step 1: Go to the official website and click on the “Partners” icon in the top left corner
Step 2: Click on the Green “Join Now” banner
Step 3: Complete the online register form
Complete the affiliate application form with your personal information. This will contain your name, email address, phone number, and other pertinent details. To prevent complications with your application, ensure all the information is correct.
You will need to submit papers for identification verification. This includes government-issued identification and other papers proving your residence or professional history.
Step 4: Wait for verification from IC Markets
- After you submit your application and papers, IC Markets will examine it. This procedure usually takes approximately a day. During this period, IC Markets will determine your eligibility for their affiliate program.
- After accepting your application, you will be given a unique partner ID and a campaign link. You will use this URL to introduce customers to the IC Market.
- You can start referring customers to IC Markets using your partner ID and campaign link. You may post your link on different platforms, including social media, your website, and other methods.
- As your referrals become customers and trade, you will start earning commissions. The specifics of these commissions, such as the rate and payment frequency, will be detailed in your affiliate agreement with IC Markets.
How are IC Markets affiliate commissions paid?
Commissions are paid via various methods, including bank wires and internet payment providers.
Is there a limit on how many people I can refer?
No, there is no restriction on the amount of referrals.
Customer Support
| 🫴🏻 Customer Support | 👥IC Markets Customer Support |
| ⏰Operating Hours | 24/7 |
| 🫴🏻 Support Languages | Portuguese, English, Vietnamese, Chinese |
| 🗣️Live Chat | ✅ Yes |
| 💻Email Address | ✅ Yes |
| ☎️Telephonic Support | ✅ Yes |
| 4️⃣The overall quality of IC Markets Support | 4.3/5 |
Response Time
| 🫴🏻 Support Channel | ⏰Average Response Time | ⏱️User-based Response Time |
| ☎️Phone | 5 minutes | 2 minutes |
| 24 hours | Same-day | |
| 🗣️Live Chat | 5 minutes | 4 minutes |
| 📱Social Media | 5 minutes | 2 – 3 minutes |
| 🤝Affiliate | 24 hours | Same-day |
Pros and Cons
| ✅Pros | ❌Cons |
| Traders can contact IC Markets 24 hours a day, 7 days a week | IC Markets does not offer localized support in Singapore |
What channels are available for IC Markets’ customer support?
Customer service is offered by live chat, email, and phone.
Can I reach IC Markets customer support on weekends?
Yes, customer service is accessible on weekends.
Social Responsibility
IC Markets’ social trading platform is gaining popularity among Singaporean traders. IC Markets integrates platforms such as IC Social, ZuluTrade, and cTrader Copy Trading, enabling users to follow successful signal providers and share their trading signals.
This cooperation promotes a community-driven trading strategy, allowing Singaporean traders to benefit from a broad trading community’s collective expertise and techniques. These solutions’ real-time performance indicators let users make more educated judgments.
The mobile accessibility of social trading via the IC Social app is very beneficial, making it easier for traders on the road.
Singaporean traders who use IC Markets’ social trading tools with the broker’s competitive trading circumstances (such as low spreads and strong liquidity) might get a considerable advantage in their trading attempts.
This strategy is appropriate for beginner and experienced Singapore traders who want to vary their trading tactics and learn from a worldwide trading community.
How do I choose a signal provider?
You can choose a signal source based on their performance metrics, trading strategy, and risk tolerance.
Is social trading available for all account types?
Social trading is normally accessible for most account kinds, although verifying the exact terms for each is essential.
User Comments and Reviews
🥇“The choice of CFDs available from IC Markets is outstanding, with a wide variety. I have had the opportunity to trade various instruments, which has been beneficial in terms of diversification. However, I found the platform interface quite tough initially.” – Zhi Thompson (January 2024)
🥈“I enjoy IC Markets’ narrow spreads and minimal commission structure. It has been cost-effective for my trading strategy. However, I have had occasional slippage during high volatility occurrences.” – Zachary Harris (January 2024)
🥉“I have enjoyed IC Markets’ ECN pricing, which provides direct market access. However, the mobile app might need some features and stability enhancements.” – Ethan Loh (November 2023)
In Conclusion
Our last remarks on IC Markets for Singaporean traders highlight the company’s reputation as a reliable provider of online brokerage services.
The broker’s high Trust Score and regulation by a Tier-1 body such as ASIC provide a comfortable sense of security and trustworthiness.
However, the absence of a dedicated SGD account and a physical presence in Singapore may concern certain traders.
Our Insight
In my opinion, IC Markets is a good option for Indonesian traders. Its diversified account choices, which include the cTrader, Raw Spread, and Standard Accounts, appeal to a broad spectrum of trading styles, from novice to seasoned professional.
Our Recommendations
✅Creating teaching resources that are relevant to the Singapore market, focused on local trading circumstances, regulatory environment, and investing culture, would be advantageous.
✅Adding instruments popular with Singaporean traders, such as SGD currency pairings or Singapore-based equities and indices, will help IC Markets gain traction.
✅Tailored promos and incentive offers for Singaporean customers might attract new traders while rewarding current ones.
✅While IC Markets provides 24-hour customer service, having a specialized staff accessible during Singapore trading hours may ensure rapid help adapted to the local time zone.
✅Given Singapore’s tech-savvy populace, investing in cutting-edge mobile trading technology would meet the demands of traders who want to trade while on the move.
✅Ensuring complete compliance with the Monetary Authority of Singapore (MAS) rules will boost IC Markets’ reputation as a trustworthy broker in the area.
✅Getting involved with the local trade community via events, seminars, and local financial and athletic event sponsorships may help increase brand exposure and trust.
✅Offering customized leverage choices that match Singaporean traders’ risk appetites would give them greater flexibility over their trading methods.
✅Adding locally popular payment options for deposits and withdrawals will make it easier for Singaporeans to trade.
✅Offering accounts in Singapore Dollars (SGD) would remove the need for currency conversion, sparing traders from unnecessary costs and simplifying transactions.
✅A physical presence in Singapore might boost confidence and give local traders more tailored services, such as face-to-face consultations and localized customer support.
Pros & Cons
| ✅Pros | ❌Cons |
| Singaporean investors benefit from the broker’s worldwide network and deep liquidity from 25 liquidity providers | IC Markets is not locally regulated in Singapore |
You Might Also Like Tickmill Review
You Might Also Like: FXGT.com Review
You Might Also Like FXView Review
You Might Also Like: PrimeXBT Review
You Might Also Like: Saxo Bank Review
Frequently Asked Questions
What can I trade with IC Markets in Singapore?
You can trade forex CFDs on commodities, indices, and stocks with IC Markets Singapore.
What account types does IC Markets offer in Singapore?
IC Markets has three account categories in Singapore: Raw Spread, Standard, and cTrader.
Does IC Markets have Nasdaq 100?
Yes, the Nasdaq 100 is one of IC Markets’ 2,000 CFDs that may be traded on MT4, MT5, and cTrader.
What are the minimum deposit requirements in Singapore?
The minimum deposit for Raw Spread and Standard accounts is SGD270.
Does IC Markets charge withdrawal fees in Singapore?
No, IC Markets does not impose withdrawal fees for most methods; however, third-party costs may apply.
Is IC Markets Safe or a Scam?
Yes, the Nasdaq 100 is one of IC Markets’ 2,000 CFDs that may be traded on MT4, MT5, and cTrader.
Can I use SGD to fund my IC Markets account in Singapore?
Yes, you may deposit and withdraw money in SGD in various ways, including bank transfers, credit/debit cards, and e-wallets.
What platforms does IC Markets offer in Singapore?
IC Markets provides the popular MetaTrader 4, 5, and cTrader systems.
Is IC Markets regulated?
Yes, multiple regulatory bodies regulate IC Markets’ activities, including the SCB, CySEC, FSA, and ASIC.
Is IC Markets good for beginners in Singapore?
Yes, IC Markets provides various instructional tools, including webinars, eBooks, and video tutorials in English and other languages.
How long does it take to withdraw from IC Markets?
Depending on the technique, withdrawal might occur instantly or take up to 14 days.
Does IC Markets provide educational resources in Singapore?
IC Markets has minimal spreads and beginner-friendly features, but CFDs are high-risk. Singaporean traders must consider beginning with a demo account and getting expert help.
Does IC Markets have VIX 75?
Yes, the Volatility 75 is accessible via IC Markets, enabling Singaporeans to diversify their investments.
