IC Markets vs Axi: 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 Axi 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. Axi runs FCA, ASIC, DFSA, FMA NZ, SVG FSA, founded 2007, with asic and fca oversight, deep mt4 focus with copy-trading add-ons, no minimum deposit. 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 FCA, IC Markets. IC Markets runs ASIC, CySEC, FSA Seychelles, Axi runs FCA, ASIC, DFSA, FMA NZ, SVG FSA.
- For raw spreads plus commission. IC Markets EUR/USD 0.0 to 0.1 pips raw (raw spread), commission $7 round-turn (raw spread). Axi EUR/USD 1.2 pips typical (standard), 0.0 pips raw (pro), commission standard zero, pro $7 round-turn.
- For cTrader vs MT4 plus AutoChartist. IC Markets runs mt4, mt5, ctrader. Axi runs metatrader 4, axi mobile app, autochartist, axi copy trading, myfxbook autotrade.
- For minimum deposit. IC Markets: $200. Axi: $0 technical, no required initial deposit.
- For Trustpilot 2026. IC Markets: 4.8 / 5. Axi: 4.5 / 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 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 | Axi |
|---|---|---|
| Founded | 2007 | 2007 |
| Regulation | ASIC, CySEC, FSA Seychelles | FCA, ASIC, DFSA, FMA NZ, SVG FSA |
| Min deposit / fee | $200 | $0 technical, no required initial deposit |
| EUR/USD spread | 0.0 to 0.1 pips raw (Raw Spread) | 1.2 pips typical (Standard), 0.0 pips raw (Pro) |
| Commission | $7 round-turn (Raw Spread) | Standard zero, Pro $7 round-turn |
| Max leverage | 1:30 ASIC retail, up to 1:500 FSA offshore | 1:30 FCA, ASIC retail, up to 1:500 SVG offshore |
| Platforms | MT4, MT5, cTrader | MetaTrader 4, Axi mobile app, AutoChartist, Axi Copy Trading, MyFXBook AutoTrade |
| Payment / payouts | Bank wire, cards, PayPal, Skrill, Neteller. Free on most methods. | Bank wire, debit and credit cards, Skrill, Neteller, BPay (AU), local transfer in selected regions. Free on most methods. |
| Trustpilot 2026 | 4.8 / 5 | 4.5 / 5 |
| Key strength | Tight raw spreads and cTrader native | ASIC and FCA oversight, deep MT4 focus with copy-trading add-ons, no minimum deposit |
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. Axi runs AxiCorp Financial Services Pty Ltd holds ASIC AFSL 318232. AxiCorp Limited is FCA-authorised under firm reference 509746. Axi Financial Services (UK) Ltd is FCA-authorised. Axi Financial Services Pty Ltd (DFSA) is regulated by the DFSA Dubai. Axi Financial Services NZ Ltd is regulated by FMA New Zealand. AxiTrader Ltd is registered in Saint Vincent and the Grenadines. Founded 2007, headquartered in Sydney, formerly known as AxiTrader. 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 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.
Axi, by contrast, operates under AxiCorp Financial Services Pty Ltd holds ASIC AFSL 318232. AxiCorp Limited is FCA-authorised under firm reference 509746. Axi Financial Services (UK) Ltd is FCA-authorised. Axi Financial Services Pty Ltd (DFSA) is regulated by the DFSA Dubai. Axi Financial Services NZ Ltd is regulated by FMA New Zealand. AxiTrader Ltd is registered in Saint Vincent and the Grenadines. Founded 2007, headquartered in Sydney, formerly known as AxiTrader.
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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). Axi posts 1.2 pips typical (standard), 0.0 pips raw (pro) with standard zero, pro $7 round-turn. 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). Axi posts 1.2 pips typical (standard), 0.0 pips raw (pro) with standard zero, pro $7 round-turn. 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. Axi covers metatrader 4, axi mobile app, autochartist, axi copy trading, myfxbook autotrade. 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 Axi runs metatrader 4, axi mobile app, autochartist, axi copy trading, myfxbook autotrade. 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. Axi: Bank wire, debit and credit cards, Skrill, Neteller, BPay (AU), local transfer in selected regions. 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.
Axi: Bank wire, debit and credit cards, Skrill, Neteller, BPay (AU), local transfer in selected regions. Free on most methods.
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.
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 Axi
Pick Axi if you are
Pick Axi if you fit the ASIC raw-spread retail archetype that prioritises asic and fca oversight, deep mt4 focus with copy-trading add-ons, no minimum deposit. The headline differentiator is FCA, ASIC, DFSA, FMA NZ, SVG FSA regulator coverage with 1.2 pips typical (standard), 0.0 pips raw (pro) on EUR/USD. Axi is not in the partner stack the desk runs, see the pivot CTA below.
The desk’s verdict
Desk verdict
IC Markets and Axi are both credible options inside the ASIC raw-spread retail archetype. Axi wins on the no-minimum-deposit floor, the FCA UK plus ASIC dual Tier-1 stack, and the deeper copy-trading add-ons (AutoChartist, MyFXBook AutoTrade, Axi Copy Trading). IC Markets wins on the institutional-volume execution depth, cTrader native, MetaTrader 5 plus cTrader, 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 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.
FCA, ASIC and FSCA regulation. Lloyd’s of London supplementary client-fund insurance up to one million dollars per client. Raw-spread ECN execution.
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 Axi?
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 Axi?
IC Markets runs ASIC, CySEC, FSA Seychelles. Axi runs FCA, ASIC, DFSA, FMA NZ, SVG FSA. 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 FCA is the differentiator on this pair.
Are IC Markets spreads tighter than Axi?
IC Markets posts 0.0 to 0.1 pips raw (raw spread) with $7 round-turn (raw spread). Axi posts 1.2 pips typical (standard), 0.0 pips raw (pro) with standard zero, pro $7 round-turn. 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 Axi?
IC Markets: $200. Axi: $0 technical, no required initial deposit. 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 insurance and the bundled MACRO MASTERY desk overlay.
Can I run both IC Markets and Axi 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 Axi terms against each official documentation before opening an account.
Sources cross-referenced for this IC Markets vs Axi 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.axi.com/int/about-us/regulation, https://register.fca.org.uk/, https://connectonline.asic.gov.au/RegistrySearch/, https://uk.trustpilot.com/review/axi.com, Trustpilot aggregations 2026.
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