Overview: IC Markets Islamic account
IC Markets, established in 2007, is renowned for having the tightest raw spreads in the retail forex market. The broker offers Islamic account conversions for both Standard and Raw account types.
Pros & cons
Pros
- Tightest raw spreads
- MT4 + MT5 + cTrader
- Standard and Raw Islamic
- No time limit
Cons
- Admin-fee model varies by instrument
- $200 minimum deposit
- No FCA entity
- Must apply for Islamic
Swap-free structure
IC Markets replaces swap charges with a daily admin fee that varies by instrument. This is disclosed in the Islamic account terms but requires careful examination -- the fee schedule differs significantly between currency pairs, metals and CFDs.
| Swap-free model | Swap-free with admin-fee structure |
| Availability | On request |
| Time limit | Unlimited (subject to review) |
| Admin fee | Variable admin charge per instrument per day |
| Islamic account types | Standard Islamic, Raw Islamic |
Hidden fee analysis
The admin-fee model is the primary compliance concern. While the fees are disclosed, they vary per instrument per day. Some instruments carry admin charges that are numerically similar to swap rates, which raises the question of whether the charge is genuinely distinct from interest. Traders should download the full fee schedule and compare it against standard swap rates.
Regulation & safety
ASIC 335692 (Australia), CySEC 362/18 (EU), FSA SC (Seychelles). No FCA entity -- UK clients use the CySEC entity.
| Regulators | ASIC, CySEC, FSA |
| Licences | ASIC 335692, CySEC 362/18 |
| Min deposit | $200 |
| Max leverage | 1:500 |
| Spreads from | 0.0 pips (Raw) |
| Platforms | MT4, MT5, cTrader |
Platforms
IC Markets supports: MT4, MT5, cTrader.