24/7 Support

Learn how refunds & withdrawals work for SA traders. No ZAR accounts, no FSCA cover. Bank wires take 3-5 days. Get the real process before you open your account.

The Truth About Refunds & Withdrawals at IC Markets for South African Traders

The Short Answer – Can You Get a Refund?

No. IC Markets does not offer a “refund” on deposited funds in the sense of a money-back guarantee or a cooling-off period. Once you deposit, the money is yours to trade with or withdraw. The only “refund” you will ever see is if the broker makes a processing error on a deposit and reverses it. If you deposit USD 200 and lose it trading, that is not refundable. If you deposit and change your mind before any trade is placed, you will have to submit a withdrawal request — which is the same process as taking out profits.

I have been using IC Markets for years, and I have never once seen a refund mechanism. This is standard for any true-ECN broker. The expectation should be: deposit → trade → withdraw (or lose). The one nuance is that any unused balance in your account is always available for withdrawal, subject to verification and processing times.

The Real Withdrawal Flow for South Africans

What Money You Can Actually Get Out

Any free equity in your account — capital plus unrealised or realised profits — can be withdrawn at any time. There is no lock-up period. The broker processes withdrawals 24/5 (Monday to Friday). You cannot withdraw open positions; you must close them first.

The one hard rule: Withdrawals must go back to the original funding method. If you deposited via Skrill, you must withdraw to the same Skrill account. If you wired from your Standard Bank account, the withdrawal goes back to that account. This is a strict anti-money laundering (AML) policy. If your deposit method is closed or no longer accessible, you will have to contact support and prove the new method belongs to you.

Processing Times – What I Actually See

Method	Typical Processing Time	My Notes
Credit/Debit Card (Visa/MC)	2–5 business days	Often hits 3 days. Be patient.
Bank Wire	3–5 business days	Add 1-2 days for the intermediary bank chain.
Skrill / Neteller	1–24 hours	Fastest by far.
PayPal	1–24 hours	Very reliable, but check withdrawal limits.

The broker processes withdrawals in batches, usually same-day if submitted before their finance cut-off (around 12:00 UTC, which is 14:00 SAST). If you submit at 16:00 SAST, expect processing the next business day.

The Hidden ZAR Conversion Cost

This is the biggest watch-out for South African traders. IC Markets does NOT offer a ZAR base currency account. Your account is USD-denominated. So every time you deposit or withdraw, your bank or payment provider converts ZAR to USD (deposit) or USD to ZAR (withdrawal). The conversion cost is typically 2–3% on each leg.

Real example: You deposit ZAR 3,757 at a rate of 18.79 ZAR/USD. Your bank adds a 2% spread, so you actually get USD 196 instead of USD 200. Then when you withdraw USD 196, the bank applies another 2% conversion, and you get back ZAR 3,607 — you have lost ZAR 150 to conversion alone, with zero trading.

How I handle it: I deposit via Skrill (fund Skrill in ZAR via Instant EFT, then send USD to IC Markets). The conversion spread on Skrill is roughly 1%, better than most banks. Withdrawals go back to Skrill, same conversion path. This saves me 1–2% per trip.

The Catch – What No One Warns You About

No FSCA Cover – You Are Offshore

You will be onboarded under the Seychelles entity (Raw Trading Ltd) or possibly the Bahamas entity (IC Markets Ltd). That means you get zero statutory investor compensation from any scheme. In South Africa, there is no FSCA-managed fund forex clients can tap into if the broker collapses. The CySEC EU entity offers up to EUR 20,000 cover, but you cannot use that entity as a South African resident.

What this means in practice: If the Seychelles entity ever goes under, your segregated account funds should theoretically be returned. But you have no government-backed guarantee. The Seychelles FSA does not run a compensation fund. Your only protection is the broker's own solvency and the independent audit of segregated accounts.

My observation: I have seen this model work for a decade with IC Markets, but I also always keep only active trading capital with any offshore broker — never my life savings.

Delays on First Withdrawal (Wait for Verification)

Your first withdrawal will be delayed by up to 2–3 business days if your account is not fully verified. The broker requires: proof of identity (passport), proof of address (utility bill), and a copy of your bank card or e-wallet verification. Submit these before you deposit. If you wait until withdrawal time, you will be stuck.

Fees – Who Pays What

IC Markets charges no broker-side fee for deposits or withdrawals. But your bank will. Here is the breakdown:

Wire in/out: Expect ZAR 150–250 per wire from your SA bank (intermediary wires run ZAR 100–200 extra).
Card deposit: Usually free or a small foreign-transaction fee (2.75% at many SA banks).
Skrill/Neteller: 1–3% conversion spread.
PayPal: 2.5% conversion spread + variable funding fee.

The only way to avoid these fees is to keep funds in your IC Markets account for months and only withdraw large sums infrequently. Frequent small withdrawals will eat your capital.

The People Also Ask – Answered from Real Experience

Can I withdraw my bonus from IC Markets?

IC Markets does not offer deposit bonuses to South African clients. If you see a “bonus” on a third-party site, it is either expired or a scam. There is no bonus to withdraw. The broker avoids bonuses precisely because they complicate withdrawals.

How long does a withdrawal from IC Markets take to my South African bank account?

Typically 5–8 business days total. Bank wire from the Seychelles entity takes 3–5 business days to process, then 1–2 more business days for the receiving South African bank to clear and convert USD to ZAR. My fastest was 4 days; slowest was 10 days during a South African public holiday.

Is there a minimum withdrawal amount?

No official minimum from IC Markets. But practically, banks charge fixed fees. If you withdraw ZAR 500, the bank fee of ZAR 150 consumes 30% of your money. I never withdraw less than ZAR 5,000 at a time.

What happens if my withdrawal is rejected?

Common reasons: expired debit/credit card, mismatch between deposit and withdrawal method, or incomplete verification. Support will email you with the reason. Fix it and resubmit. It is rare — happened to me once when my card expired between deposit and withdrawal.

Who This Policy Is For (and Who It Is Not)

Who it's for: - Traders who fund via e-wallets (Skrill, Neteller) and can tolerate a ~1% conversion cost for fast withdrawals. - Scalpers and day traders who hold positions for minutes to hours and need to move money in and out within 24 hours (e-wallet route). - Experienced traders who understand that offshore brokers do not offer FSCA protection and are comfortable managing that risk.

Who it is NOT for: - South African traders who expect FSCA compensation or local ZAR base accounts. - Infrequent traders who deposit ZAR 500–1,000 and want to withdraw small amounts monthly — the conversion and bank fees will destroy you. - Anyone relying on instant EFT rails (Ozow, Capitec Pay) for funding. IC Markets does not offer these. You will use wires, cards, or e-wallets.

Final honest note: The refund and withdrawal policy at IC Markets is clean if you understand it. It is not designed for the South African retail market. It is designed for global traders who accept USD base, e-wallet funding, and offshore regulation. If you align with that, it works. If you want FSCA-licensed, ZAR-base, instant-EFT withdrawal in 1–2 days, look at local brokers — and be prepared for much wider spreads and lower leverage.