IC Markets vs FP Markets: Honest 2026 Comparison
Affiliate disclosure: this article contains partner links. KenMacro may earn a commission when you open an account through these links, at no additional cost to you. The desk only partners with brokers that pass our regulatory and execution-quality screen.
IC Markets and FP Markets both target the ASIC raw-spread retail archetype but with different trade-offs. IC Markets carries ASIC, CySEC, FSA Seychelles oversight, founded 2007, with tight raw spreads and ctrader native. FP Markets runs ASIC, CySEC, FSCA, FSA Saint Vincent, founded 2005, with ecn execution under asic since 2005, iress share-cfd platform, low commission on raw. For the ASIC raw-spread retail archetype, IC Markets is the cleaner fit.
By Ken Chigbo, Founder, KenMacro, 18-plus years in markets, London trading floor and institutional FX. The framework runs daily inside the MACRO MASTERY desk.
Quick verdict
- For ASIC plus CySEC vs ASIC plus CySEC, IC Markets. IC Markets runs ASIC, CySEC, FSA Seychelles, FP Markets runs ASIC, CySEC, FSCA, FSA Saint Vincent.
- For raw spreads plus commission. IC Markets EUR/USD 0.0 to 0.1 pips raw (raw spread), commission $7 round-turn (raw spread). FP Markets EUR/USD 0.0 pips raw (raw account), 1.0 pip typical (standard, spread-only), commission raw account $6 round-turn, standard zero.
- For cTrader vs IRESS share-CFD. IC Markets runs mt4, mt5, ctrader. FP Markets runs metatrader 4, metatrader 5, iress (shares cfd), tradingview, ctrader, fp markets mobile app.
- For minimum deposit. IC Markets: $200. FP Markets: $100 (Standard, Raw).
- For Trustpilot 2026. IC Markets: 4.8 / 5. FP Markets: 4.7 / 5.
- For the partner-stack alternative. Vantage Markets is the partner alternative the desk routes to. FCA UK plus ASIC Tier-1 stack with raw-spread economics, plus Lloyd’s of London supplementary insurance and the bundled MACRO MASTERY desk overlay.
Open Vantage Markets, the partner alternative →
Capital at risk. CFD and margin trading carry significant risk of loss. Past performance does not guarantee future results.
At a glance
| Variable | IC Markets | FP Markets |
|---|---|---|
| Founded | 2007 | 2005 |
| Regulation | ASIC, CySEC, FSA Seychelles | ASIC, CySEC, FSCA, FSA Saint Vincent |
| Min deposit / fee | $200 | $100 (Standard, Raw) |
| EUR/USD spread | 0.0 to 0.1 pips raw (Raw Spread) | 0.0 pips raw (Raw account), 1.0 pip typical (Standard, spread-only) |
| Commission | $7 round-turn (Raw Spread) | Raw account $6 round-turn, Standard zero |
| Max leverage | 1:30 ASIC retail, up to 1:500 FSA offshore | 1:30 ASIC, CySEC retail, up to 1:500 SVG offshore |
| Platforms | MT4, MT5, cTrader | MetaTrader 4, MetaTrader 5, IRESS (shares CFD), TradingView, cTrader, FP Markets mobile app |
| Payment / payouts | Bank wire, cards, PayPal, Skrill, Neteller. Free on most methods. | Bank wire, debit and credit cards, PayPal, Skrill, Neteller, BPay (AU), crypto. Free on most methods. |
| Trustpilot 2026 | 4.8 / 5 | 4.7 / 5 |
| Key strength | Tight raw spreads and cTrader native | ECN execution under ASIC since 2005, IRESS share-CFD platform, low commission on Raw |
Regulation and trust
IC Markets carries ASIC Australia licence 335692, CySEC Cyprus licence 362/18, and FSA Seychelles licence SD018. One of the largest retail forex brokers globally by reported trading volume. FP Markets runs First Prudential Markets Pty Ltd holds ASIC AFSL 286354. First Prudential Markets Ltd is regulated by CySEC under licence 371/18. FP Markets ZA is FSCA-regulated FSP 50926. FP Markets Saint Vincent operates under the FSA SVG offshore licence. Founded 2005, headquartered in Sydney, one of the longer-operating ECN-style retail brokers in the Australian regulatory perimeter. Regulator depth is one of the cleanest filters when picking a broker, the deeper the audited stack the better the recourse if anything goes wrong. Neither broker is in the partner stack the desk runs daily. Vantage Markets is the partner alternative the desk routes to: FCA UK plus ASIC Tier-1 stack with raw-spread economics, plus Lloyd’s of London supplementary insurance and the bundled MACRO MASTERY desk overlay.
IC Markets, the regulator footprint runs ASIC Australia licence 335692, CySEC Cyprus licence 362/18, and FSA Seychelles licence SD018. One of the largest retail forex brokers globally by reported trading volume.
FP Markets, by contrast, operates under First Prudential Markets Pty Ltd holds ASIC AFSL 286354. First Prudential Markets Ltd is regulated by CySEC under licence 371/18. FP Markets ZA is FSCA-regulated FSP 50926. FP Markets Saint Vincent operates under the FSA SVG offshore licence. Founded 2005, headquartered in Sydney, one of the longer-operating ECN-style retail brokers in the Australian regulatory perimeter.
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Spreads and commission
On the headline raw account tier, IC Markets posts 0.0 to 0.1 pips raw (raw spread) on EUR/USD with $7 round-turn (raw spread). FP Markets posts 0.0 pips raw (raw account), 1.0 pip typical (standard, spread-only) with raw account $6 round-turn, standard zero. All-in cost is the relevant comparison rather than the headline raw spread on its own, the commission rate per round-turn lot can flip the verdict for high-frequency traders. On the ASIC raw-spread retail archetype, IC Markets edges the cost stack.
On the headline raw account tier, IC Markets posts 0.0 to 0.1 pips raw (raw spread) on EUR/USD with $7 round-turn (raw spread). FP Markets posts 0.0 pips raw (raw account), 1.0 pip typical (standard, spread-only) with raw account $6 round-turn, standard zero. Both numbers are sourced from the brokers’ published spread sheets and cross-referenced against live execution windows during NFP and FOMC.
Platforms
IC Markets’s platform stack runs mt4, mt5, ctrader. FP Markets covers metatrader 4, metatrader 5, iress (shares cfd), tradingview, ctrader, fp markets mobile app. Platform fit is rarely the differentiator on its own, the question is which stack lines up with the trader’s existing chartwork and automation. For traders running MetaTrader expert advisors or TradingView native chartwork, both brokers cover the standard set, the differentiator lives in any proprietary platform extension on each side.
IC Markets’s platform stack covers mt4, mt5, ctrader, while FP Markets runs metatrader 4, metatrader 5, iress (shares cfd), tradingview, ctrader, fp markets mobile app. Platform fit is rarely the differentiator on its own, the differentiator is how the platform set lines up with the trader’s existing chartwork and automation set.
Payments and withdrawals
IC Markets: Bank wire, cards, PayPal, Skrill, Neteller. Free on most methods. FP Markets: Bank wire, debit and credit cards, PayPal, Skrill, Neteller, BPay (AU), crypto. Free on most methods. Withdrawal infrastructure is a quiet but high-impact layer. The cleanest brokers process broker-side withdrawals same-day on most methods with zero broker-side fees, intermediary-bank delays are the variable element on bank-wire withdrawals.
IC Markets: Bank wire, cards, PayPal, Skrill, Neteller. Free on most methods.
FP Markets: Bank wire, debit and credit cards, PayPal, Skrill, Neteller, BPay (AU), crypto. Free on most methods.
ASIC regulated. Strong mid-tier broker with competitive raw-spread accounts and full MT4 and MT5 support.
Who should pick IC Markets
Pick IC Markets if you are
Pick IC Markets if you fit the ASIC raw-spread retail archetype that prioritises tight raw spreads and ctrader native. The headline differentiator is ASIC, CySEC, FSA Seychelles regulator coverage with 0.0 to 0.1 pips raw (raw spread) on EUR/USD. IC Markets is not in the partner stack the desk runs, see the pivot CTA below.
Who should pick FP Markets
Pick FP Markets if you are
Pick FP Markets if you fit the ASIC raw-spread retail archetype that prioritises ecn execution under asic since 2005, iress share-cfd platform, low commission on raw. The headline differentiator is ASIC, CySEC, FSCA, FSA Saint Vincent regulator coverage with 0.0 pips raw (raw account), 1.0 pip typical (standard, spread-only) on EUR/USD. FP Markets is not in the partner stack the desk runs, see the pivot CTA below.
The desk’s verdict
Desk verdict
IC Markets and FP Markets are both credible options inside the ASIC raw-spread retail archetype. FP Markets wins on the IRESS share-CFD platform (rare in retail-broker space) and the lower minimum-deposit floor. IC Markets wins on the institutional-volume execution depth (one of the largest reported retail forex volumes globally), the longer operating history (since 2007), and the higher Trustpilot rating. Neither broker is in the partner stack. The desk’s preferred alternative is Vantage Markets: FCA UK plus ASIC Tier-1 stack with raw-spread economics, plus Lloyd’s of London supplementary insurance and the bundled MACRO MASTERY desk overlay.
Open Vantage Markets, the partner alternative →
Capital at risk. CFD and margin trading carry significant risk of loss. Past performance does not guarantee future results.
ASIC, CySEC, and FSA Seychelles regulation. Raw-spread cTrader and MT4 / MT5 execution with some of the tightest EUR/USD all-in costs in the institutional retail tier.
The MACRO MASTERY angle
Broker selection is one piece of the framework. Macro positioning is what compounds across cycles, irrespective of the execution venue. The MACRO MASTERY desk runs daily macro pulses, NFP and FOMC and CPI live coverage, BTC whale-flow signals, weekly performance scorecard, and the live MT5 signal bridge.
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Frequently asked questions
Which is better, IC Markets or FP Markets?
For the ASIC raw-spread retail archetype: IC Markets, on tight raw spreads and ctrader native. Both are credible options inside their respective regulator stacks.
Is IC Markets safer than FP Markets?
IC Markets runs ASIC, CySEC, FSA Seychelles. FP Markets runs ASIC, CySEC, FSCA, FSA Saint Vincent. Both segregate client funds per regulator rules. The deeper the audited stack the cleaner the recourse if anything goes wrong, ASIC plus CySEC vs ASIC plus CySEC is the differentiator on this pair.
Are IC Markets spreads tighter than FP Markets?
IC Markets posts 0.0 to 0.1 pips raw (raw spread) with $7 round-turn (raw spread). FP Markets posts 0.0 pips raw (raw account), 1.0 pip typical (standard, spread-only) with raw account $6 round-turn, standard zero. All-in cost is the operationally relevant comparison rather than the headline raw spread on its own.
Which has lower minimum deposit, IC Markets or FP Markets?
IC Markets: $200. FP Markets: $100 (Standard, Raw). The lower minimum is the cleaner door-opener for early-stage traders, but capital should match the trader’s risk-management plan rather than the broker’s floor.
Which has the bundled MACRO MASTERY desk overlay?
Neither broker is in the partner stack the desk runs. Vantage Markets is the partner alternative the desk routes to: FCA UK plus ASIC Tier-1 stack with raw-spread economics, plus Lloyd’s of London supplementary insurance and the bundled MACRO MASTERY desk overlay.
Can I run both IC Markets and FP Markets accounts?
Yes. Many traders run more than one broker account in parallel, eg one for ECN raw execution and one for spread-only proprietary platforms. Both brokers segregate client funds per their respective regulator rules, so capital is protected on each entity’s terms even if one entity fails.
Related reading
- Best forex brokers 2026, the institutional verdict
- How to choose a forex broker, the desk’s framework
- Vantage vs Blueberry vs Star Trader, three-way verdict
Educational analysis only. Past performance does not guarantee future results. Manage risk against your own portfolio. CFD and margin trading carry significant risk of loss. Verify current IC Markets and FP Markets terms against each official documentation before opening an account.
Sources cross-referenced for this IC Markets vs FP Markets comparison: https://www.icmarkets.com/global/en/about-us/regulation, https://connectonline.asic.gov.au/RegistrySearch/, https://uk.trustpilot.com/review/icmarkets.com, https://www.fpmarkets.com/about-us/regulation/, https://connectonline.asic.gov.au/RegistrySearch/, https://uk.trustpilot.com/review/fpmarkets.com, Trustpilot aggregations 2026.
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