Quick Comparison
| Feature | IC Markets | FP Markets |
|---|---|---|
| Rating | ⭐ 4.8/5 | ⭐ 4.5/5 |
| Spreads | From 0.0 pips (Raw) | From 0.0 pips (Raw) |
| Regulation | ASIC, CySEC, FSA | ASIC, CySEC |
| Min. Deposit | $200 | $100 |
| Platforms | MT4, MT5, cTrader | MT4, MT5, cTrader, IRESS |
Detailed Analysis
Both are Australian ASIC-regulated brokers targeting active traders with raw spread pricing. This comparison matters because they occupy the same niche — low-cost, execution-focused trading environments. FP Markets differentiates by also offering real share trading via IRESS, while IC Markets focuses purely on CFD and forex execution.
Spreads & Trading Costs
Both offer raw spread accounts starting from 0.0 pips. In practice, average spreads are extremely close — typically 0.1 to 0.2 pips on EUR/USD during London-New York overlap. Commission structures are comparable at roughly $3.00 to $3.50 per side per lot. IC Markets processes higher daily volumes, which may contribute to deeper liquidity pools and marginally more consistent fills during peak conditions. FP Markets competes effectively on pricing and occasionally edges ahead on specific instrument spreads. For most active traders, the spread and commission differences are negligible — execution consistency under volatility is the more meaningful differentiator.
Regulation & Safety
IC Markets holds ASIC, CySEC, and FSA (Seychelles) licences. FP Markets holds ASIC and CySEC. Both offer comparable protection for Australian and European traders. IC Markets' additional FSA entity provides an option for traders wanting higher leverage, though with reduced regulatory protection. Neither broker holds an FCA licence, which may matter for UK-based traders seeking FSCS coverage.
Trading Platforms
Both support MetaTrader 4, MetaTrader 5, and cTrader. FP Markets adds IRESS — a professional platform designed for trading real shares on the Australian Stock Exchange and other equity markets. This makes FP Markets the stronger choice for traders who want both forex CFDs and direct share market access from a single broker. For pure forex and CFD trading, platform experiences are comparable.
Minimum Deposit
IC Markets requires $200, while FP Markets requires $100. The lower minimum at FP Markets provides a slightly lower barrier for testing live execution, though neither amount represents significant starting capital for active trading.
Our Verdict
The Bottom Line
IC Markets wins on execution volume handling and pure forex focus — it is the preferred choice for high-volume forex traders and algorithmic strategies. FP Markets offers better value with a lower minimum deposit and access to real shares via IRESS, making it more versatile for traders who want both forex and equity exposure from a single account.
Read Full Reviews
IC Markets
Full in-depth review with detailed analysis of features, fees, and trading conditions.
Read IC Markets Review →FP Markets
Complete review covering regulation, platforms, costs, and our expert verdict.
Read FP Markets Review →Not Sure Which Broker Is Right for You?
Our AI analyses your trading profile to find the best match from 165+ brokers — it might be one of these, or something different entirely.