IC Markets Review: FSCA-Regulated Broker for South Africa

FSP 50715 checked against the FSCA register

IC Markets Review: What South African Traders Should Know

IC Markets is a long-operating broker headquartered in Sydney, Australia, and one of the world’s largest forex CFD brokers by volume. This page covers what we’ve verified directly, including its South African FSCA licence, and is honest about the details we’re still confirming for the deeper account-level review.

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Founded 2007 HQ Sydney, Australia MT4, MT5 & cTrader

South African Regulation

FSCA-authorised, FSP 50715 (registered entity name pending our own confirmation)

Other Regulators

Licences reported across Australia’s ASIC and Cyprus’s CySEC

Platforms

MetaTrader 4, MetaTrader 5, cTrader

Account Types

Standard and Raw Spread

Cost Structure

Spread-only on Standard; raw spread plus commission on Raw Spread

ZAR & Local Payments

Local payment support reported by region; confirm specifics at sign-up

Regulation

Is IC Markets Actually Regulated for South Africans?

We don’t take “FSCA regulated” at face value from any broker’s marketing. Here’s what we checked for IC Markets specifically, and how you can check it yourself in a couple of minutes.

Situation 1: FSCA-Authorised South African Entity

IC Markets’ South African operations are authorised by the Financial Sector Conduct Authority under FSP number 50715. That means there’s a South African-authorised entity behind IC Markets’ local operations, rather than South African clients only being serviced through an offshore arrangement with no local licence. IC Markets has actively marketed to South African traders since 2020. We haven’t yet independently pinned down the exact registered company name behind this FSP number, which is a detail we’re completing for the full account-level review.

We’d encourage you to check this yourself rather than take our word for it: search FSP number 50715 on the FSCA’s public register at fsca.co.za. The register listing will show you the exact registered entity name and confirm the licence is active, both worth seeing for yourself before you fund an account.

Other Group Licences

IC Markets’ regulatory footprint is reported to span Australia (ASIC, its home regulator) and Cyprus (CySEC), among others. These cover IC Markets’ other regional entities, not necessarily the South African one, which is exactly why a group-wide licence count doesn’t tell you what you need to know about the entity you’d actually be contracting with in South Africa specifically.

What We’re Still Confirming

The exact registered name of the South African entity, account conditions, current trading terms and any South Africa-specific restrictions are all part of our deeper, account-level review, which we’re completing separately. The FSP number above is confirmed; the entity name and day-to-day trading conditions are what we’re still working through.

Platforms

What You’ll Actually Trade On

IC Markets supports both MetaTrader platforms and cTrader, with TradingView integration available for cTrader accounts.

MetaTrader 4

The older and still widely used of the two MetaTrader platforms. Known for stability, a large library of custom indicators and expert advisors, and broad familiarity among traders who’ve used it for years across other brokers.

MetaTrader 5

The newer MetaTrader platform, with more built-in timeframes, order types and a broader range of tradable asset classes in one terminal. Worth choosing if you’re starting fresh rather than migrating an existing MT4 setup.

cTrader

A platform known for its depth-of-market view, advanced charting and single-tap order execution, with TradingView integration available specifically for cTrader accounts.

Account Types

How IC Markets Structures Its Accounts

IC Markets’ core lineup is a Standard account and a Raw Spread account.

Standard

Positioned as the straightforward, spread-based account, with cost built into the spread rather than a separate per-trade commission.

Raw Spread

An ECN-style account reported to offer tighter, closer-to-institutional spreads, paired with a separate commission per trade rather than a spread markup.

We’re deliberately not publishing exact spread figures, commission rates or minimum deposit amounts here. Those numbers move, they vary by instrument and account, and a broker page repeating stale figures is worse than one that sends you to check current terms directly with IC Markets before you fund an account.

South African Fit

Funding Your Account From South Africa

IC Markets has actively marketed to South African traders since 2020, though we haven’t independently confirmed exactly which payment methods apply to South African clients specifically.

Deposits & Withdrawals

IC Markets is reported to support cards, bank transfer and e-wallets generally, with specific options varying by region. We haven’t independently confirmed the specific South African payment methods or processing times, so we’d rather point you to check this directly during sign-up than guess.

Exchange Control

Trading through a broker based outside South Africa involves moving funds offshore, which falls under South African exchange control rules. This isn’t personal financial or tax advice. If you’re unsure how these rules apply to your situation, a licensed advisor can walk you through it properly.

Weighing It Up

Where IC Markets Holds Up, and Where to Look Closer

Based on what we’ve verified so far. This isn’t a numeric score, and it will get more specific once our full account-level review is published.

Working In Its Favour

A confirmed South African FSCA licence (FSP 50715), not just an offshore arrangement.
Long operating history, trading since 2007, and one of the largest forex CFD brokers globally by volume.
A broad regulatory footprint including Australia’s ASIC and Cyprus’s CySEC.
Three widely used platforms supported: MetaTrader 4, MetaTrader 5 and cTrader.
Active, sustained presence in the South African market since 2020.

Worth Confirming Yourself

The exact registered name of the South African entity behind FSP 50715, which we haven’t independently pinned down yet.
Exact current spreads, commissions and leverage caps per account, which change over time.
Which specific local payment methods and processing times apply to South African clients right now.

Questions

IC Markets Review: Frequently Asked Questions

Is IC Markets regulated in South Africa?

Yes. IC Markets’ South African operations are authorised by the FSCA under FSP number 50715. We recommend searching that FSP number directly on the FSCA’s public register at fsca.co.za before you fund an account, since the register will show you the exact registered entity name and confirm the licence is current.

Is IC Markets a scam?

Nothing we found points to that. IC Markets has operated since 2007, is headquartered in Sydney, Australia, and holds licences across multiple jurisdictions including Australia’s ASIC, Cyprus’s CySEC and South Africa’s FSCA, having actively marketed to South African traders since 2020. Regulation reduces risk and gives you somewhere to complain if something goes wrong, but it isn’t a guarantee against losses, and forex and CFD trading itself carries real risk regardless of which broker you use.

What trading platforms does IC Markets offer?

MetaTrader 4, MetaTrader 5, and cTrader, with TradingView integration also supported for cTrader accounts.

What account types does IC Markets offer?

IC Markets’ core accounts are a Standard account, where cost is built into the spread, and a Raw Spread account, which pairs tighter spreads with a separate commission per trade. Exact spreads, commissions and minimum deposits attached to each account change over time, so we’d rather send you to check IC Markets’ own current terms than publish numbers that may be out of date.

Is Exness or IC Markets better for South African traders?

Exness is the broker Broker Verdict currently recommends first, based on its long operating history and the strength of its overall review. Both Exness and IC Markets have a confirmed South African FSP licence in our research: Exness ZA (Pty) Ltd holds FSP 51024, and IC Markets’ South African entity holds FSP 50715. We’re publishing a dedicated comparison as we complete both full reviews.

Still Deciding? See Our Recommended Broker

Of the brokers we’ve reviewed so far, Exness is the one our team recommends first, on the strength of its confirmed FSCA-authorised entity, platform range and long operating history.

Start trading with Exness

Forex and CFD trading carries significant risk, and leverage can amplify losses as well as gains. Broker Verdict may receive compensation when you sign up through this link. This does not change how we evaluate brokers. See our affiliate disclosure and full risk disclaimer.

Written by the Broker Verdict Team. The South African FSP number was supplied by IC Markets’ affiliate programme; the exact registered entity name behind it is still being confirmed independently. Trading conditions (spreads, leverage, minimum deposits) change and are not republished here as fixed figures. Read our full review methodology. Page last reviewed: August 2026.