TradingClubsMan

I recently shared my plan for a structured Forex broker review series, along with the evaluation framework I’ll be using.

Today — let’s get into the first results.

I started with IC Markets.

I won’t go too deep into every category — those who’ve been in the industry long enough already understand the basics.

Here’s a quick breakdown:

• Regulation & reliability — 2/2
• Account opening & KYC — 1/2 (not fully aligned with current “5-minute automated verification” standards)
• Platforms & account types — 2/2

Now, the interesting part — trading conditions.

IC Markets positions itself as a low-cost broker with some of the lowest spreads on the market.

But after recording real data using my spread-tracking tool, the results were very different.

XAUUSD:
Displayed spread: ~$5.59
Average maximum spread: ~$44.4

And this isn’t a one-time widening.
This is the average maximum spread per minute, based on 10,000+ data points.

On Forex pairs, the situation is slightly better — but still significant:

EURUSD (for example):
Displayed spread: ~1.15
Average maximum: ~5.22

That’s more than a 400% increase.

Also worth noting:
Swaps on RAW/ECN accounts are on average ~40% higher compared to standard accounts — which helps explain why many retail traders are moving away from ECN account types.

Score for trading conditions: 1/2
(only due to the wide range of instruments offered)

Now — the biggest issue.

Deposits & withdrawals.

I deposited via USDT on March 26.
Later, I discovered that crypto withdrawals were not available.

This raises a simple question:
Why accept funds through a method that cannot be used for withdrawal?

After multiple conversations with support and the accounts team, I finally withdrew funds on April 19 via Skrill.

Total loss on transfers: ~7.5%

Score for deposits/withdrawals: 0/2

Final score: 6/10

Not what I expected from one of the biggest names in the industry.

Next — which broker should I review?

#forexbrokers #brokerreview #tradinganalysis