IC Markets Stock Broker Review

IC Markets for stocks: ECN infrastructure meets global equities

IC Markets extends its ECN-adjacent execution model to Shares CFDs, offering access to 2,000+ global stocks spanning the US (NYSE, Nasdaq), UK (LSE), Australian (ASX), European (XETRA, Euronext), and major Asian exchanges. Equity CFDs are accessible on MT5 and through the IRESS platform - giving traders two routes depending on their needs: MetaTrader's algorithmic environment or IRESS's professional DMA infrastructure.

IRESS for direct market access

IC Markets offers the IRESS platform for traders who want genuine Direct Market Access (DMA) to equity markets, particularly the ASX. IRESS provides live Level II market depth, direct exchange routing, and transparent exchange pricing - a meaningful step above standard CFD access. A monthly platform fee applies for lower-volume IRESS users, but for active equity traders, the DMA infrastructure is worth the cost.

MT5 share CFDs

For traders already using MT5 for forex and index trading, IC Markets' share CFDs integrate naturally into the same account. The MT5 environment allows running Expert Advisors across forex and equity positions simultaneously, and provides access to US, European, and Asian shares without a separate platform or account.

Trading costs

Share CFD commissions at IC Markets are among the most competitive in the ECN broker space. US share CFDs carry a commission of USD 0.02 per share (minimum USD 2), broadly in line with direct market access brokers. Australian shares on IRESS are priced at 0.08% of trade value. There is no spread markup on top of the commission - a fully transparent cost model.

Regulation

IC Markets is regulated by ASIC (335692) in Australia, CySEC (362/18) in Cyprus/EU, and FSCA (47546) in South Africa. The ASIC licence is the primary regulatory anchor - the FSA applies strict client money rules and requires tier-1 bank segregation.

Limitations

IC Markets' share CFD range at 2,000+ is narrower than CMC Markets (10,000+) or Interactive Brokers (150+ exchanges). There is no real share ownership, ISA or SIPP tax wrapper, or dividend reinvestment programme. Equity CFDs are leveraged instruments; the 5:1 leverage cap applies to most shares under ASIC retail rules. The IRESS monthly fee makes DMA access uneconomical for low-frequency equity traders.

Bottom line

IC Markets is the strongest ECN-style broker for active traders who want competitive-cost equity CFDs alongside raw forex pricing from a single account. For pure equity investors who need real stock ownership, tax wrappers, or a wide international share range, a specialist stockbroker is the better option.