IC Markets Thailand Review: The Institutional Standard for Retail

Review Date: 2025
Category: ECN / Algo Trading
Verdict: Best for EAs (Expert Advisors) & Scalping

Executive Summary

IC Markets remains the global benchmark for ECN trading. For Thai traders using automated trading bots (EAs) or scalping, IC Markets offers the most stable environment with raw liquidity.

Key Features for Thai Traders

• True ECN Liquidity: Aggregates prices from over 25 banking providers.

• Platform Variety: MT4, MT5, and cTrader.

• Thai Banking: Integrated local payment gateways.

Trading Costs

• Raw Spread: 0.0 pips + $7.00/lot Commission.

• Standard: From 0.6 pips (No Commission).

Pros & Cons

• ✅ Tightest average spreads (0.02 pips EUR/USD).

• ✅ No restrictions on limit orders.

• ✅ High Trust Score (ASIC/CySEC).

• ❌ Minimum deposit $200.

• ❌ "Corporate" feel to customer support.

Official Link: ICMarkets.com

Regulation & Safety

IC Markets stands among the most heavily regulated forex brokers globally, operating through multiple premium-tier regulatory entities. The primary entity serving international clients, International Capital Markets Pty Ltd, is regulated by the Australian Securities and Investments Commission (ASIC) under license number 335692. ASIC is recognized as one of the world's strictest financial regulators, requiring substantial capital reserves, regular audits, and comprehensive client protection measures. Additionally, IC Markets operates IC Markets (EU) Ltd regulated by the Cyprus Securities and Exchange Commission (CySEC) under license 362/18, and IC Markets (SC) Ltd regulated by the Seychelles Financial Services Authority (FSA) under license SD018.

Client fund protection at IC Markets exceeds standard industry practices through multiple safeguards. All client deposits are held in segregated trust accounts at top-tier banks including National Australia Bank (NAB) and Westpac, completely separated from company operational funds. Under ASIC regulations, these segregated funds cannot be used for business expenses, operational costs, or creditor claims, ensuring client money remains protected even in insolvency scenarios. Client accounts are covered by negative balance protection, guaranteeing Thai traders cannot lose more than their deposited capital during extreme market events or volatility spikes.

IC Markets has operated since 2007, building a 17-year track record of reliable service, transparent execution, and institutional-grade infrastructure. The broker serves over 180,000 active clients globally, processing over $650 billion in monthly trading volume. This combination of premium ASIC/CySEC regulation, segregated accounts at major Australian banks, negative balance protection, and nearly two decades of consistent operations makes IC Markets one of the safest broker choices available to Thai traders, particularly those managing larger account balances or institutional capital.

Account Types

IC Markets offers a focused selection of account types designed around true ECN execution with direct market access:

Account Type	Minimum Deposit	Typical Spread	Max Leverage	Commission	Best For
Raw Spread	$200 USD	From 0.0 pips	1:500*	$7.00 per lot	Scalpers, day traders
Standard	$200 USD	From 1.0 pips	1:500*	None	Swing traders, beginners
cTrader Raw	$200 USD	From 0.0 pips	1:500*	$7.00 per lot	cTrader users, algo traders
Islamic	$200 USD	From 0.0 pips	1:500*	$7.00 per lot	Sharia-compliant traders

*Maximum leverage is 1:500 for ASIC entity, 1:30 for EU/CySEC entity under European regulations. Thai traders typically access the ASIC-regulated entity with higher leverage.

The Raw Spread account represents IC Markets' flagship offering, providing genuine ECN execution with spreads starting from 0.0 pips on major pairs. During liquid market hours (London/New York overlap), EUR/USD spreads average 0.02-0.05 pips, while GBP/USD and AUD/USD trade at 0.1-0.3 pips. The $7.00 per lot commission ($3.50 per side) is industry-standard for institutional ECN access, making the total round-turn trading cost approximately 0.7 pips on EUR/USD. This pricing is competitive with any broker globally and significantly lower than market maker spreads.

The Standard account eliminates commissions but widens spreads to approximately 1.0 pips on EUR/USD and 1.2-1.8 pips on other majors. This account type appeals to swing traders and position traders who execute fewer trades and prefer simplified cost structures without commission calculations. While less competitive than the Raw Spread account for active traders, the Standard account still offers tighter spreads than many market maker competitors.

The cTrader Raw account provides identical pricing to the Raw Spread account but uses the cTrader platform instead of MetaTrader. cTrader offers superior order execution, Level II pricing, depth of market display, and more intuitive interface design. This account is ideal for algorithmic traders using cAlgo (cTrader's automated trading language) or traders who prefer cTrader's modern interface over MetaTrader's dated design.

All account types support Islamic swap-free trading at no additional charge upon request, making IC Markets Sharia-compliant for Muslim traders in Thailand. The broker also supports unlimited hedging, scalping, and Expert Advisor usage without restrictions or limitations.

Trading Platforms

IC Markets provides comprehensive platform support across three major trading software ecosystems, offering more platform choice than most competitors:

MetaTrader 4 (MT4): The industry's most popular platform remains IC Markets' primary offering for most Thai traders. The platform provides exceptional stability, thousands of free indicators and Expert Advisors, and the familiar interface that most traders have experience with. IC Markets' MT4 implementation includes advanced order types, one-click trading, multiple chart timeframes, and full automated trading support via Expert Advisors programmed in MQL4.

MetaTrader 5 (MT5): The next-generation MetaTrader platform offers expanded functionality including 21 timeframes (vs 9 in MT4), economic calendar integration, depth of market display, additional order types, and support for trading stocks, commodities, and cryptocurrencies alongside forex. MT5 uses the more powerful MQL5 programming language for algorithmic trading, though it has a smaller third-party indicator ecosystem compared to MT4's mature library.

cTrader: IC Markets is one of the few major brokers offering cTrader, a modern trading platform built specifically for ECN trading. cTrader provides Level II pricing showing the full depth of market with available liquidity at each price level, enabling sophisticated order execution strategies. The platform features a more intuitive interface than MetaTrader, superior charting with detachable charts, advanced order types including trailing stops with multiple options, and cAlgo for algorithmic trading. Many professional traders consider cTrader superior to MetaTrader for discretionary trading, though it has a smaller indicator library.

All three platforms are available as desktop applications (Windows/Mac), mobile apps (iOS/Android with Thai language support), and browser-based WebTrader versions. IC Markets maintains optimized trading servers in multiple global locations including New York, London, Singapore, and Sydney. Thai traders connecting to Singapore servers typically experience 15-30ms latency, ensuring minimal execution delays for time-sensitive strategies.

The broker also supports Virtual Private Server (VPS) hosting with discounted rates for active traders, enabling 24/7 Expert Advisor operation with ultra-low latency connections directly to IC Markets' trade servers.

Deposit & Withdrawal for Thai Traders

IC Markets provides comprehensive payment infrastructure with strong support for the Thai market:

Thai Bank Transfers: Direct bank transfers from major Thai banks including Bangkok Bank, Kasikorn Bank (K-Bank), Siam Commercial Bank (SCB), and Krung Thai Bank are supported. IC Markets partners with payment processors to facilitate THB deposits that convert to your account base currency (typically USD). Deposits process within 2-24 hours during business days with no fees charged by IC Markets, though your bank may apply standard domestic transfer fees (typically 10-50 THB). Minimum deposit is $200 USD equivalent.

Credit/Debit Cards: Visa and Mastercard deposits are processed instantly, with funds appearing in your trading account within minutes. IC Markets accepts Thai-issued cards from all major banks. Card deposits are free from IC Markets' side with no processing fees. Minimum deposit is $200 USD, with maximum single transaction typically $10,000 USD (subject to card issuer limits).

PayPal: Uniquely among major brokers, IC Markets supports PayPal deposits and withdrawals for Thai traders. This provides an additional payment option for traders who maintain PayPal balances or prefer the buyer protection associated with PayPal transactions. Deposits are instant with $200 minimum. PayPal may charge currency conversion fees if depositing THB to a USD-denominated account.

E-Wallets: Skrill, Neteller, and UnionPay are supported for traders preferring e-wallet solutions. Deposits are instant with $200 minimum deposit. IC Markets does not charge deposit fees, though e-wallet providers may apply their own fees (typically 1-2% for currency conversion).

Cryptocurrency: Bitcoin deposits are supported for traders seeking privacy or speed. Crypto deposits process after blockchain confirmation (typically 30-60 minutes) with no fees from IC Markets. Minimum deposit is $200 USD equivalent in Bitcoin.

Withdrawals: IC Markets processes withdrawal requests within 24 hours on business days, with most verified accounts seeing approval within 4-12 hours. Thai bank transfers arrive in your account within 3-5 business days after approval. Credit card withdrawals process in 3-10 business days depending on card issuer. E-wallet and PayPal withdrawals are instant once approved, while Bitcoin withdrawals process after blockchain confirmation. IC Markets does not charge withdrawal fees for most methods, though receiving banks or intermediary banks may deduct fees (typically 200-500 THB for international wires). Minimum withdrawal is $200 USD, and withdrawals must be returned to the same method used for deposit to comply with AML regulations.

Who Should Use IC Markets?

IC Markets is the optimal choice for serious Thai traders who prioritize execution quality, regulatory safety, and institutional-grade infrastructure over promotional bonuses or educational support. The broker's true ECN model with 0.0 pip spreads and deep liquidity from 25+ banks makes it ideal for scalpers, day traders, and high-frequency strategies where execution quality and minimal slippage are critical. Professional traders using Expert Advisors benefit from IC Markets' unrestricted trading environment, VPS hosting options, and consistently fast execution speeds.

The broker particularly appeals to algorithmic traders and those seeking platform choice. IC Markets' support for MT4, MT5, and cTrader provides flexibility unavailable at most competitors. cTrader's Level II pricing and depth of market display enable sophisticated order flow analysis and execution strategies impossible on standard retail platforms. Traders managing larger accounts ($5,000+) appreciate IC Markets' premium ASIC regulation, segregated accounts at major Australian banks, and 17-year operational track record providing confidence in fund security.

However, IC Markets is not the ideal choice for complete beginners or very small account traders. The $200 minimum deposit is higher than XM ($5), Exness ($1), or IUX Markets ($10), making it less accessible for Thai traders starting with minimal capital. The broker provides limited educational resources compared to education-focused competitors like XM, assuming clients already understand trading fundamentals and platform operation. New traders might find the learning curve steep without the hand-holding provided by brokers targeting beginners.

Additionally, IC Markets does not offer welcome bonuses, deposit promotions, or loyalty programs. Traders seeking to boost starting capital through promotional bonuses should look toward XM or FBS. IC Markets' value proposition centers on execution quality, tight spreads, and regulatory safety rather than marketing incentives. The broker also has a more "institutional" feel to customer support compared to the personalized service at smaller brokers, though response quality remains professional and helpful.

For experienced Thai traders who have outgrown beginner-focused brokers and want institutional-grade execution with maximum regulatory protection, IC Markets represents one of the best choices globally. The combination of ECN execution, 0.0 pip spreads, ASIC regulation, and platform flexibility justifies the higher minimum deposit and absence of promotional bonuses.

Frequently Asked Questions

Is IC Markets safe for Thai traders?

Yes, IC Markets is one of the safest forex brokers available to Thai traders. The broker is regulated by ASIC (Australia), one of the world's strictest financial regulators, along with CySEC (Cyprus) for European clients. Client funds are held in segregated trust accounts at major Australian banks (NAB, Westpac), completely separate from company operational funds. IC Markets provides negative balance protection ensuring you cannot lose more than your deposit. The company has operated since 2007 with a 17-year track record of reliable withdrawals, fair execution, and no regulatory sanctions. With over $650 billion in monthly trading volume and 180,000+ active clients, IC Markets is among the most established and trustworthy brokers globally.

What is the minimum deposit at IC Markets?

The minimum deposit at IC Markets is $200 USD (approximately 7,000 THB) for all account types including Raw Spread, Standard, cTrader, and Islamic accounts. While higher than some competitors offering $5-10 minimums, the $200 threshold ensures traders have sufficient capital to practice proper risk management and withstand normal trading drawdowns. This minimum deposit requirement reflects IC Markets' positioning as a professional-grade broker targeting serious traders rather than complete beginners testing the market with minimal capital.

Does IC Markets accept Thai Baht (THB)?

Yes, IC Markets supports deposits from Thai bank accounts with automatic currency conversion. Thai traders can send Thai Baht via bank transfer from Bangkok Bank, K-Bank, SCB, or other major Thai banks, and IC Markets converts the amount to your account base currency (typically USD) at competitive exchange rates. The conversion rate is displayed transparently before confirming deposits. While accounts cannot be denominated in THB (available currencies are USD, EUR, GBP, CHF, JPY, SGD, AUD, NZD, CAD), Thai traders can deposit THB which is converted once at competitive rates.

How long do withdrawals take at IC Markets?

IC Markets processes withdrawal requests within 24 hours on business days, with most verified accounts seeing approval within 4-12 hours. Once approved, Thai bank transfers typically arrive in 3-5 business days depending on intermediary bank processing. Credit/debit card withdrawals process in 3-10 business days based on card issuer timelines. E-wallet withdrawals (Skrill, Neteller, PayPal) are instant once approved by IC Markets. Cryptocurrency withdrawals depend on blockchain confirmation times (30-90 minutes typically). First-time withdrawals require verification (ID and proof of address) which may add 1-2 days, but subsequent withdrawals from verified accounts process quickly. IC Markets does not charge withdrawal fees, though receiving banks may deduct intermediary fees.

Does IC Markets offer a demo account?

Yes, IC Markets offers unlimited demo accounts with no expiration date and no obligation to open a live account. Demo accounts can be created for any account type (Raw Spread, Standard, cTrader) and any platform (MT4, MT5, cTrader) with virtual balances from $10,000 to $100,000. The demo environment provides real-time ECN pricing identical to live accounts, including genuine 0.0 pip spreads during liquid market hours, making it an excellent tool for evaluating IC Markets' execution quality before committing real capital. Thai traders can create multiple demo accounts to test different platforms or trading strategies. Demo accounts remain active indefinitely and can be topped up if you deplete the virtual balance.