- Regulator
- Capital Markets Authority (CMA)
- Local company
- IC Markets (KE) Limited
- Licence number
- 199
- M-Pesa
- Not confirmed
Broker review · Checked
IC Markets review 2026: is IC Markets legit in Kenya and South Africa?
IC Markets holds a CMA licence in Kenya (199) and is known for low raw spreads on MT4, MT5 and cTrader. The minimum deposit is $200 and there is no inactivity fee. M-Pesa claims are inconsistent, and its South African licence comes from a single review source.
- Founded2007
- 🇰🇪 CMALicence 199
- 🇿🇦 FSCAFSP 53142
- Minimum deposit$200
- M-PesaNot confirmed
Is IC Markets regulated? Licence by country
- Regulator
- Financial Sector Conduct Authority (FSCA)
- Local company
- IC Markets (Pty) Ltd
- Licence number
- FSP 53142
Source: comparebroker.io, not yet checked on the register
A licence means someone supervises the broker. It does not make trading safe: most retail CFD accounts lose money.
About IC Markets
IC Markets is an Australian broker popular with scalpers and algorithmic traders for its raw-spread pricing. In Kenya it holds CMA licence 199 through IC Markets (KE) Limited.
For South Africa, CompareBroker lists IC Markets (Pty) Ltd with licence 53142. We have not found IC Markets on the FSCA list of OTC derivative providers.
Who IC Markets suits, and who should look elsewhere
Good fit if you
- trade often and care about raw spreads
- use cTrader or automated strategies
Look elsewhere if you
- want to start below $200
- need TradingView or copy trading
IC Markets account types and minimum deposit
| Account | Minimum deposit | Pricing |
|---|---|---|
| Standard | $200 | Spreads from about 0.8 pips, no commission |
| Raw Spread | $200 | Spreads from 0.0 pips plus $3.50 per lot per side |
IC Markets fees: spreads, commission and other charges
| Commission | $3.50 per lot per side on Raw Spread |
| Inactivity fee | None, per BrokerChooser |
Work out the cost of a trade before you place it with our pip value and profit and loss calculators.
IC Markets deposits and withdrawals in Kenya and South Africa
🇰🇪 Kenya
- Licensed company: IC Markets (KE) Limited, CMA licence 199.
- M-Pesa: CompareBroker claims M-Pesa deposits but leaves it out of its own deposit table; not confirmed.
- Confirmed options: bank wire, cards, Skrill, Neteller, USDT.
🇿🇦 South Africa
- IC Markets (Pty) Ltd, licence 53142, per CompareBroker.
- Not found on the FSCA list of OTC derivative providers.
M-Pesa limits, rand EFT, cards, e-wallets and the payment scams to avoid: read our deposits and withdrawals guide.
IC Markets trading platforms
- MetaTrader 4
- MetaTrader 5
- cTrader
Is your money safe with IC Markets?
- CMA licence in Kenya; ASIC and CySEC regulation for other group companies.
- Check which IC Markets company is on your agreement.
IC Markets pros and cons
Pros
- CMA licence in Kenya
- Low raw spreads
- cTrader, MT4 and MT5
- No inactivity fee
Cons
- $200 minimum deposit
- M-Pesa not confirmed
- No copy trading
Our real-money test of IC Markets
Coming
We will open a IC Markets account, deposit, place a trade and withdraw, then publish the screenshots, the time each step took and every fee we paid.
IC Markets withdrawal time: reports from traders
How long do IC Markets withdrawals really take?
Loading reports…
Median of reports from traders. Not checked by us; our own tests are marked separately.
Withdrawal stuck or refused at IC Markets? Get a ready complaint letter and the right regulator contact with our complaint desk →
IC Markets: questions people ask
Is IC Markets regulated in Kenya?
Yes. In Kenya, IC Markets operates through IC Markets (KE) Limited, which holds CMA licence 199. Check that this company is named on your client agreement, not an offshore company of the same brand.
Is IC Markets regulated by the FSCA in South Africa?
Yes. In South Africa, IC Markets operates through IC Markets (Pty) Ltd, which holds FSCA licence FSP 53142. Check that this company is named on your client agreement, not an offshore company of the same brand.
What is the IC Markets minimum deposit?
$200 (about KES 26,000).
Is IC Markets regulated in Kenya?
Yes. IC Markets (KE) Limited holds CMA licence 199.
Does IC Markets charge an inactivity fee?
No, according to BrokerChooser.
Sources for this review (checked 25 Oct 2026)
- CMA: licensed non-dealing online forex brokers
- CompareBroker: IC Markets review Kenya
- BrokerChooser: IC Markets inactivity fee
Fees, minimums and payment methods change and can differ by the company you sign with. Confirm them on the broker's site before you deposit. Spotted something out of date? Tell us.