The IC Markets referral code is 89420.

IC Markets calls it an Introducing Broker code. Some traders search for it as an IB code, partner code, or affiliate code. All of these refer to the same field on the registration form. Enter 89420 and your account is configured for Raw Spread pricing from 0.0 pips with leverage up to 1:5000 on eligible accounts. Currently active.

That is the quick answer. The rest of this page explains what Raw Spread actually means for your money, which platform saves you the most, and the three things most people get wrong during registration.

The reason this code matters comes down to one number — your cost per trade.

IC Markets runs two pricing models. The Standard model bakes a markup into the spread. EUR/USD starts from 0.8 pips. No separate commission. Simple to understand but expensive to trade on. One standard lot costs roughly $8 to $10.

The Raw Spread model — unlocked by code 89420 — strips the markup out. You see the raw interbank price. EUR/USD sits at 0.0 pips during peak liquidity. Instead of a markup you pay a flat commission. On cTrader that commission is $3.00 per side. On MetaTrader 4 or 5 it is $3.50 per side.

Total cost per lot on cTrader Raw: $6 to $7. On MetaTrader Raw: $7 to $8. On Standard: $8 to $10.

The gap is $2 to $4 per lot. That is the value of the referral code expressed in dollars. Multiply it by every lot you trade for the rest of your time on IC Markets.

Most traders pick MetaTrader without thinking about it. If you do not run Expert Advisors, that decision costs you $1 per round turn on every trade.

cTrader charges $3.00 per side. MetaTrader charges $3.50. Same spreads. Same execution. Same instruments. Same account. The only difference is the commission and the interface.

At 20 lots per day the $1 difference is $20 daily. $440 monthly. $5,280 annually. At 50 lots per day: $50 daily, $1,100 monthly, $13,200 annually. This is not a rounding error. It is a real cost difference determined by which button you click during registration.

Pick cTrader unless you specifically depend on MT4 Expert Advisors. If you already chart on TradingView, connect your IC Markets account there and execute directly from charts.

The code goes into the registration form on ic.com. Look for a field labeled referral code, IB code, or campaign. Enter 89420. If you register through a partner link the code is embedded and applies automatically.

Three things people get wrong here.

First — they skip the field entirely. It may be collapsed or look optional. It is not optional if you want Raw Spread pricing through this code.

Second — they register through Google or Apple login without checking whether the code field appeared. Some social login flows skip it.

Third — they assume the code can be added later. It cannot. IC Markets does not support retroactive code entry. If your account is created without 89420, you need to open a new additional account and transfer funds.

Leverage through code 89420 reaches 1:5000 on eligible accounts. What you actually receive depends on your country.

If you are in Australia or the EU as a retail client, regulators cap you at 1:30. This is not IC Markets' choice. EU professional clients can qualify for up to 1:500. International clients through the FSA Seychelles entity access the highest ratios. The code routes you to the best available entity for your location.

Negative balance protection applies on all accounts at any leverage level.

IC Markets has been operating since 2007 from Sydney. Regulated by ASIC and CySEC — both Tier-1. Over 200,000 active clients in 200 countries. $29 billion in daily forex volume. Execution averages under 40 milliseconds on Equinix NY4 and LD5 servers. 25+ liquidity providers. True ECN — no dealing desk, no requotes. 4.8 out of 5 on Trustpilot across 55,000+ reviews.

2,250+ instruments: 61 forex pairs, 2,100+ stock CFDs, 25 indices, 28 commodities, bonds, futures, and crypto. Raw Spread pricing covers everything.

Copy trading runs through IC Social, ZuluTrade, and Myfxbook. Free VPS for algorithmic traders. Islamic swap-free accounts available — code 89420 applies fully.

If you already have an IC Markets account created without the code, open an additional account through a partner link. The code applies to the new one. Transfer funds internally. Your existing account stays active.

The referral code is 89420. Enter it once during registration. Pick cTrader Raw Spread for the lowest cost. That is it.