IC Markets vs FP Markets

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

Independently measured, IC Markets averages 0.88 pips all-in on EUR/USD against FP Markets's 1.16. That makes IC Markets the cheaper of the two by 0.28 pips. These are spread plus commission on the account we measure, not advertised minimums — a broker quoting 0.0 pips with a commission can cost more than one quoting a wider spread with none.

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