Is IC Markets an ECN/STP broker or a Market Maker?

IC Markets is the issuer of the products it provides. We consider ourselves to be a forex provider offering the ECN pricing model as we source our pricing from external unrelated liquidity providers via an ECN, these prices are passed onto you with no dealing desk intervention. In order to provide you with better price certainty and to ensure fast execution speed we do not offset each and every position with our liquidity providers. We do this in order to provide you with a better overall trading experience.

With aggregated source of pricing from up to 25 institutional grade sources, IC Markets Raw Spread account was built for day traders, scalpers and expert advisors.

IC Markets cTrader platform has no restrictions on trading. We have some of the best trading conditions for scalping and high frequency trading globally, allowing traders to place orders between the spread as there is no minimum order distance and a freeze level of 0. This means orders including stop loss orders can be placed as close to the market price as you like.

cTrader’s depth of market shows the full range of executable prices coming directly from our pricing aggregator. Orders are filled in the IC Markets bridge against the full order book using Volume Weighted Average Price (VWAP). cTrader platform offers complete transparency of the liquidity of each currency pair by showing the available volumes for each price level at any given time. High liquidity, asynchronous spot prices and low latency guarantee the tightest possible spreads..

2.1 We will act as principal in Transactions with you and not as agent on your behalf.

5. Quotes and pricing
5.1 Upon your request and in accordance with this clause we will quote a higher and lower figure for each Transaction (“our Bid and Ask prices”). Subject to clause 6.10, these figures will be either effectively based on comparable Bid and Ask prices in the Underlying Market or they will be our own Bid and Ask prices.
...The Spread quoted by us will reflect our view of prevailing market conditions.

5.4 You acknowledge that our Quotes for dealing in our Financial Products are indicative only and so, are subject to the actual Quote at the time of execution of your Transaction. There is no assurance that the Contracts will actually be dealt with at the indicative Quote, especially if you delay placing the Order

6. Orders
6.9 We reserve the right to refuse an Order which is larger than the Normal Market Size. Our Quote for a Transaction equal to or greater than Normal Market Size is not guaranteed to be within any specific percentage of any Underlying Market or related market quotation and our acceptance of your Order may be subject to special conditions and requirements that we will notify you at the time we accept your Order.

6.10 Where an Underlying Instrument trades on multiple Underlying Markets, you agree that we may but are not required to base our Quote on the aggregate prices in the Underlying Markets for the Underlying Instrument.