IC Markets Review 2026
The full IC Markets write-up for Kenya traders: the kitchen inspection, the ingredient costs, the bill, and our straight verdict.
Regulation in Kenya
| Regulator | FSA FSA, Seychelles Financial Services Authority (FSA) |
| Licence Number | SD018 |
| Regulated Entity | Raw Trading Ltd |
| Max Leverage (Forex) | 1:500 |
| Minimum Deposit | $200 |
| EUR/USD Spread | From 0.0 pips (ECN/Raw) |
| Instruments | 2,250+ |
| Platforms | MT4, MT5, cTrader |
| Copy Trading | ✗ |
| Real Stocks | ✗ |
| Inactivity fee | No inactivity fee |
Verdict
Cooks under FSA (licence SD018). Cover charge $200. In Kenya, forex leverage is capped at 1:500.
About IC Markets
IC Markets opened its doors in 2007 out of a kitchen in Sydney, Australia. Its menu runs to 2,250 tradeable instruments, forex pairs alongside CFDs on stocks, indices and commodities. It holds licences across several jurisdictions, with the head licence carried by Raw Trading Ltd under FSA.
In Kenya, IC Markets serves as Raw Trading Ltd, cleared by FSA under licence number SD018. Under FSA house rules, Kenya traders are poured no more than 1:500 leverage on forex pairs.
Trading Platforms
Pros
- FSA regulated, licence SD018
- 2,250+ instruments to trade
- Negative balance protection in Kenya
- Platforms: MT4, MT5, cTrader
- Founded in 2007 (19 years operating)
- Headquartered in Sydney, Australia
Cons
- No inactivity fee
- 70.64% of retail clients burn their fingers
- CFDs only, you trade the price, you never own the dish
- No real stock ownership
Key Facts, IC Markets
- Processes over $20 billion in daily volume, one of world's largest forex ECN brokers
- True ECN pricing with interbank liquidity from 25+ sources including banks and dark pools
- Average EUR/USD spread of 0.0 pips on Raw account (commission: $3.50/lot/side)
Known Limitations
- FSA (Seychelles) entity used for clients outside AU/EU/SG
- Limited educational content vs competitors
- Swap rates can be high on popular instruments held overnight
Frequently Asked Questions
Is IC Markets regulated?
Yes. IC Markets is authorised by FSA, issued to the entity Raw Trading Ltd, an authorisation you can look up for yourself on the official FSA public register.
What is the minimum deposit for IC Markets in Kenya?
The cover charge is $200, the smallest amount Kenya traders need to open a live account with IC Markets under FSA rules.
What leverage does IC Markets offer in Kenya?
In Kenya, FSA rules cap IC Markets at 1:500 on forex pairs. A larger pour is sometimes available through offshore-regulated entities, with thinner protection to match.
Is IC Markets safe to trade with?
The kitchen passes inspection: IC Markets cooks under FSA. A tier-1 regulator insists on segregated client money, negative balance protection and independent audits, while lighter offshore regimes offer weaker cover and often no compensation scheme. That does not make trading risk-free, so check which entity holds your account and what protections actually apply before you deposit.
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