Blueberry Markets vs IC Markets 2026: Trader-Type Verdict

Two ASIC-regulated Australian ECN brokers, both raw-spread, both built for serious traders. Most reviews stop there and call it a draw. That answer is useless. The real question is which one fits the trader you actually are, and the honest answer splits cleanly along archetype lines.

By Ken Chigbo · Founder, KenMacro · 18+ years in markets, London trading floor and institutional FX

KenMacro earns a commission if you open an account through our links, at no cost to you. Read our methodology · All broker reviews.

This guide is reviewed and refreshed periodically. The framework itself is timeless.

At-a-Glance verdict table

Before any prose, the spec sheet. These are the verified product facts as of the 2026 review cycle. Both brokers are regulated by the Australian Securities and Investments Commission (ASIC), both segregate client funds, and both honour the 30:1 retail leverage cap that ASIC mandated after the 2021 product intervention order.

Specification	Blueberry Markets	IC Markets
Founded	2016	2007
Primary regulator	ASIC AFSL 658034 + VFSC	ASIC + CySEC + FSA Seychelles
Minimum deposit	$100	$200
Max retail leverage (ASIC)	30:1	30:1
Max offshore leverage	500:1	500:1
EUR/USD Raw spread	0.1 + $7 RT	0.0 to 0.1 + $7 RT (MT) / $6 RT (cTrader)
EUR/USD Standard spread	1.2 (no commission)	1.0 (no commission)
Platforms	MT4 (30-day), MT5, MT5 mobile, DupliTrade	MT4, MT5, cTrader
Dedicated account manager	Yes, from $100	Gated, high deposit volumes only
Independent rating	Trustpilot 4.5/5 (3,200+ reviews)	ForexBrokers.com 4.6/5
MACRO MASTERY desk-bundle	Yes, free for life	Not available
KenMacro overall score	89/100	91/100

IC Markets edges the raw-execution score because it has been doing this since 2007, has a deeper liquidity provider pool, and offers cTrader. Blueberry closes the gap because the desk-bundle plus the lower entry barrier and the dedicated account manager from the first $100 reframe what "broker value" actually means for most retail traders. The 91 vs 89 spread is narrow on purpose. These are both top-tier brokers, the difference is fit.

Who Blueberry Markets vs IC Markets is actually for

This is the section every other comparison review skips, and it's the one that actually matters. The phrase "best broker" is meaningless. Best for whom, doing what, with how much capital, on what platform, with what kind of support? We segment the verdict by archetype because the honest answer changes for each one.

The macro trader who wants the institutional desk-bundle

Blueberry, no contest. The MACRO MASTERY desk only ships through the Blueberry partnership. IC Markets has no equivalent product. If you trade headlines, central-bank pricing, real yields and cross-asset rotation, the desk-bundle is the actual differentiator. Spread economics on this profile are dwarfed by the value of having a daily 07:00 London macro pulse, live FOMC coverage, and G7 rate pricing landing in Discord while you trade.

The pure scalper or EA operator running 100+ trades a day

IC Markets, honestly. The 50ms median execution, deeper LP pool, cTrader with level-2, and the fractional cost edge ($6 RT vs $7 RT on cTrader Raw) compound at high frequency. We're not going to pretend Blueberry wins this one. It doesn't. If your edge is microstructure execution, IC is the cleaner choice and you should know that before you click anything.

The $100 to $200 retail beginner

Blueberry. The $100 minimum deposit is half of IC's $200, and more importantly, Blueberry assigns a dedicated account manager from that first $100. IC Markets gates personalised support behind much higher deposit thresholds. For a beginner, having someone to call who actually knows your account is a non-trivial structural advantage.

The Australian retail trader wanting personalised service

Blueberry. Same logic as above, plus Blueberry is structurally a smaller, more relationship-driven operation. IC Markets at 200,000+ active traders is industrial scale, which is great for execution and terrible for personalised contact.

The cTrader die-hard

IC Markets. Full stop. Blueberry doesn't offer cTrader. If level-2 depth-of-market and the cTrader interface are your hard requirements, this comparison ends here.

The high-volume scalper above 100 lots a month

IC Markets. The slightly tighter raw spread and the cTrader $6 RT compound meaningfully at that turnover. Blueberry is competitive at lower volumes, IC pulls ahead as size scales.

The trader who wants institutional macro analysis daily

Blueberry plus MACRO MASTERY. This is the same answer as the macro-trader archetype, restated for the trader who hasn't yet self-identified as one. If you've ever wished you had a hedge-fund analyst's morning briefing on your desk, the desk-bundle is exactly that. The full live read on this is the kind of thing that drops daily inside the MACRO MASTERY desk.

Pros and Cons of Blueberry Markets vs IC Markets

Pros

1. Both are ASIC-regulated Tier-1 Australian brokers with segregated client funds and negative balance protection.
2. Blueberry's $100 minimum deposit is half of IC's $200, lowering the entry barrier for retail beginners.
3. Blueberry's dedicated account manager from the $100 deposit threshold is rare, IC Markets gates personal-AM tier behind much higher deposit volumes.
4. IC Markets offers cTrader with deep level-2 pricing, Blueberry does not offer cTrader.
5. Blueberry plus MACRO MASTERY is the only retail broker pairing offering a free institutional analyst desk-bundle. IC Markets has no equivalent product.

Cons

1. IC Markets has deeper LP pool, faster execution benchmarks (50ms median), and a longer track record on raw ECN execution.
2. IC Markets' Raw Spread cTrader account at $6 round turn is fractionally cheaper than Blueberry Raw at $7, at very high frequency this compounds.
3. Blueberry's MT4 access is time-limited to 30 days; IC Markets' MT4 has no such restriction.
4. IC Markets has CySEC plus FSA Seychelles regulation in addition to ASIC; Blueberry is ASIC plus VFSC only.
5. Decision is fit-driven. If you're a scalper running EAs at 100+ trades a day, IC is the cleaner choice. If you're a macro trader wanting the desk-bundle, Blueberry is the only choice.

KenMacro Trust Score, Blueberry Markets vs IC Markets head to head

Sub-rating	Blueberry	IC Markets
Regulation	4.5/5	4.75/5
Trading Costs	4.5/5	4.75/5
Platforms	4.5/5	4.85/5
Withdrawals	4.5/5	4.5/5
Customer Service	4.75/5	4.25/5
Education	4/5	4/5
Mobile	4/5	4.25/5
Macro-Trader Fit	4.75/5	3.5/5

The platform delta favours IC because cTrader is genuinely class-leading. The customer service delta favours Blueberry because the dedicated AM at $100 is materially better than what most IC retail clients experience. The macro-trader-fit delta is the largest, and that's the desk-bundle effect.

True Cost of Trading, Blueberry Markets vs IC Markets

Headline spread is a marketing number. The true cost of a trade is the all-in: spread plus commission plus swap. Most reviews never get past the headline. We do.

Worked example, EUR/USD, 1.0 lot round turn

EUR/USD raw spread sits between 0.0 and 0.1 pips on both brokers under normal liquidity conditions, the difference is at the commission tier:

• Blueberry Raw: 0.1 pip spread + $7 RT commission. Total cost on a 1.0 lot EUR/USD round turn: roughly $1 spread cost + $7 commission = $8 all-in.
• IC Markets Raw Spread (MT4/MT5): 0.0 to 0.1 pip spread + $7 RT commission. Same $8 all-in at the high end, slightly cheaper at the low end.
• IC Markets cTrader Raw: 0.0 to 0.1 pip spread + $6 RT commission. Roughly $7 all-in at the high end, $6 at the low end.

The cTrader $1 RT advantage is real. At 10 lots a month it's $10. At 100 lots a month it's $100. At 1,000 lots a month it's $1,000. If you're scaling into hundreds of lots per month, the IC cTrader account compounds an edge the Blueberry account simply cannot match. That's why we send pure scalpers to IC. We're not going to dress that up.

For the macro trader doing 5 to 20 swing-trade round turns a month, the difference is somewhere between $5 and $20. The MACRO MASTERY desk-bundle, which costs $0 if you trade through Blueberry, is structurally worth more than that delta to a trader whose edge is reading the macro tape, not microstructure execution. The MACRO MASTERY desk covers FOMC, NFP and CPI live as the prints land, that's the kind of value that doesn't show up in a spread comparison.

Standard accounts

Blueberry Standard: 1.2 pips EUR/USD, no commission. IC Markets Standard: 1.0 pip EUR/USD, no commission. IC is fractionally tighter, but Standard accounts are not where serious traders should be on either broker. Raw is the structural choice for anyone trading more than a handful of times a week.

Swap (overnight financing)

Both brokers pass through wholesale swap rates with broker margin layered on top. Neither is materially cheaper than the other on majors. For position traders holding for weeks, swap can dwarf spread cost on either broker, this is structural to the CFD product, not the broker.

Trading Platforms, Blueberry Markets vs IC Markets

MetaTrader 4

Both offer MT4. The substantive difference: Blueberry's MT4 is time-limited to 30 days, after which clients are nudged to MT5. IC Markets has no such restriction. If you're an MT4 die-hard with custom indicators or EAs you've been running for years, IC removes that friction.

MetaTrader 5

Both offer MT5 with desktop and mobile parity. Execution feels comparable on both for retail order sizes under typical liquidity conditions. IC's edge here is the deeper LP pool which becomes visible during high-volatility prints (NFP, CPI, FOMC) when liquidity thins on smaller brokers.

cTrader

IC Markets only. Blueberry does not offer cTrader. cTrader's level-2 depth-of-market, the cleaner order-entry interface, and the algorithmic order types make it the platform of choice for serious scalpers. If cTrader is your platform, Blueberry isn't an option, and we're not going to suggest workarounds. Use IC Markets.

TradingView

Neither broker has native TradingView trade-from-chart integration at the time of this review. Both can be used alongside TradingView via third-party bridges, but if first-class TradingView is your hard requirement, neither is your broker.

Copy trading

Blueberry offers DupliTrade. IC Markets has copy-trading via a separate IC Social arrangement. Both are functional, neither is class-leading, both are sufficient for the casual copy trader.

Account Types, decision tree by deposit tier

The account-type maze on both brokers is simpler than most reviews make it look. Here's the practical decision tree.

$100 to $199 deposit: Blueberry only. IC Markets won't let you in below $200. At Blueberry, take the Raw account from day one, the spread-plus-commission economics are better than Standard for anyone trading more than a couple of times a week.

$200 to $1,000 deposit: Either broker is viable. Blueberry Raw or IC Markets Raw Spread (or cTrader Raw if you want cTrader). The desk-bundle and dedicated account manager tilt this tier toward Blueberry for most traders. Pure scalpers should still take IC cTrader.

$1,000 to $10,000 deposit: Same logic, the case for IC strengthens slightly because the cost edge compounds at higher likely turnover. The case for Blueberry plus MACRO MASTERY remains intact for macro-style traders, the desk doesn't get cheaper at higher deposit tiers, it stays free for life.

$10,000+ deposit: Personalised broker dialogue matters more at this tier. Blueberry's structurally smaller, more relationship-driven operation typically delivers better contact than IC's industrial-scale support. That said, IC has institutional-tier support arrangements for serious size, ask the broker before depositing.

Regulation and Safety, Blueberry Markets vs IC Markets

Both brokers are regulated by ASIC, the gold-standard Australian regulator. ASIC's product intervention regime since 2021 has materially raised the floor on retail CFD safety in Australia, capping leverage at 30:1 on majors, mandating negative balance protection, and forcing client-fund segregation. The ASIC public regulatory database shows both brokers in good standing.

Blueberry Markets entity structure

Blueberry Markets Pty Ltd holds AFSL 658034 with ASIC. Offshore clients are onboarded via a Vanuatu Financial Services Commission (VFSC) entity. ASIC retail clients get the full 30:1 leverage cap and ASIC investor-protection arrangements. VFSC clients access higher leverage (up to 500:1) but with reduced regulatory protection, this is a deliberate trade-off and should be understood before opting for the offshore entity.

IC Markets entity structure

IC Markets is regulated by ASIC, CySEC (European clients) and FSA Seychelles (offshore). The CySEC arm provides MiFID II protections for European clients. The FSA Seychelles arm is the higher-leverage offshore entity. The multi-regulator structure is genuinely a structural advantage if you're a European client wanting CySEC protection or an offshore client wanting a more established offshore regulator than VFSC.

Client fund safety

Both brokers segregate client funds in tier-1 banks. Neither participates in a UK-style FSCS investor protection scheme (because neither is FCA-regulated for retail). Australian clients have ASIC's external dispute resolution scheme via AFCA. CySEC clients with IC Markets have access to the Investor Compensation Fund up to €20,000.

Historical regulatory record

Neither broker has a record of significant regulatory enforcement actions. IC Markets has the longer track record (since 2007) and a clean compliance history. Blueberry Markets has been operating since 2016 with no material regulatory issues. We treat both as Tier-1 by track record.

Deposit and Withdrawal, Blueberry Markets vs IC Markets

Deposit and withdrawal frictions are where most retail trader pain actually lives. Both brokers handle this competently, with some structural differences worth knowing.

Methods

Both support bank wire, credit/debit card, Skrill, Neteller and PayPal. Both support local transfer methods in major Asian markets. Crypto deposits/withdrawals: IC Markets supports a broader crypto rail, Blueberry's crypto support is narrower.

Fees

Blueberry: $0 deposit and withdrawal fees on all standard methods. IC Markets: $0 on most methods, but international wire withdrawals can incur intermediary bank charges that are not the broker's fee but still hit the client account.

Processing time

Same-day processing on most methods at both brokers during business hours. Bank wires take 1 to 3 business days at both. Trustpilot reviews on Blueberry skew positive on withdrawal speed (4.5/5 over 3,200+ reviews), with most complaints relating to KYC delays on first withdrawal rather than systemic issues. IC Markets shows similar patterns on independent review aggregators.

Education, Research and the MACRO MASTERY desk-bundle moat

This is where the comparison gets interesting, because on traditional broker-education metrics (webinars, written articles, demo accounts) the two brokers are roughly comparable. Both have decent libraries. Neither is class-leading on traditional education. But the picture changes completely once you factor in the desk-bundle.

The MACRO MASTERY desk-bundle moat

Here's what no other Blueberry vs IC Markets review can offer you: trade through Blueberry vs IC Markets via this link and you get the full MACRO MASTERY institutional analyst desk, free for life. Through our partnership (regulated by ASIC), members get the entire desk in return for trading through Blueberry vs IC Markets, funds stay with the broker in your name, withdrawable any time. Pure alignment, not a subscription.

The desk's deliverables:

• 07:00 London daily macro pulse, the briefing every desk in the City reads before the European open.
• Live trade ideas with entry, target, stop and invalidation, the full structural decomposition, not a hot tip.
• FOMC, NFP and CPI live coverage as the prints land, real-time read on the data, not a recap an hour later.
• BTC whale-flow signals, on-chain reads of size that's actually moving the tape.
• G7 central-bank rate pricing, OIS curves, terminal-rate decomposition, the stack a hedge-fund analyst runs every morning.
• Weekly performance scorecard, every win AND loss, transparent, no cherry-picking.

IC Markets has no equivalent product. Their education is the standard broker fare: webinars, written articles, demo accounts. Useful, not differentiating. The five-lens framework, including the daily-routine dashboard, is unpacked in detail inside the MACRO MASTERY desk, and that framework is the thing macro traders actually pay for at hedge funds.

Traditional research, head to head

Blueberry's market commentary is workmanlike, daily updates, weekly outlook, decent technical reads. IC Markets' research output is broader given the larger operation, more frequent webinars, more analyst voices, but also more generic and less actionable. Both lean on third-party feeds for their core macro data. Traders who want a structured macro framework rather than a stream of generic commentary find the desk-bundle does the work neither broker's in-house research is set up to do.

Customer Service and Mobile, Blueberry Markets vs IC Markets

Customer service channels

Both offer 24/5 support via live chat, email and phone. Blueberry's structurally smaller operation means responses skew faster and more personalised, the dedicated account manager from $100 is the structural differentiator here. IC Markets, at industrial scale, has competent but more generic frontline support. For non-account-manager-tier IC clients, you're rotating through a support pool, not talking to someone who knows your account.

Response time

Live chat at Blueberry typically connects within 1 to 2 minutes during business hours. IC Markets live chat is comparable on response time but the depth of the answer can vary based on which agent you reach.

Mobile apps

Both ship MT5 mobile, which is the standard retail mobile-trading experience. IC Markets' cTrader mobile is meaningfully better than MT5 mobile for active traders, the chart engine is cleaner, the order-entry workflow is faster. If mobile-first trading matters to you, that's another nudge toward IC.

Same stack a hedge-fund analyst runs every morning, delivered via MACRO MASTERY, the desk-bundle is the structural moat that resets this comparison once you factor it in.

Cross-feature scorecard, the structural deltas

Dimension	Winner	Why
Execution speed at scale	IC Markets ↑	50ms median, deeper LP pool
Platform breadth	IC Markets ↑	cTrader available, MT4 unrestricted
Cost at very high frequency	IC Markets ↑	cTrader $6 RT vs $7 RT compounds
Multi-jurisdiction regulation	IC Markets ↑	CySEC + FSA Seychelles in addition to ASIC
Entry barrier for beginners	Blueberry ↑	$100 vs $200 minimum
Personalised support	Blueberry ↑	Dedicated AM from $100 deposit
Macro-trader fit	Blueberry ↑	MACRO MASTERY desk-bundle is unmatched
Trustpilot independent rating	Blueberry ↑	4.5/5 over 3,200+ reviews

Final verdict by trader type, Blueberry Markets vs IC Markets

One last pass at the segmented verdict, this time with the affiliate links calibrated to the archetype. We're not going to send a scalper to Blueberry just because we earn a commission, that's not how this site works. The honest answer is the only answer worth publishing.

If you're a macro trader who wants the desk-bundle

Blueberry, only choice. The MACRO MASTERY desk-bundle exists nowhere else. Free for life if you trade through the link below.

Open Blueberry + claim MACRO MASTERY →

Your capital is at risk. 78% of retail CFD accounts lose money trading with Blueberry Markets.

If you're a pure scalper running EAs at 100+ trades a day

IC Markets cTrader Raw. The cost edge and execution depth compound at your turnover. We don't have an affiliate arrangement with IC and we'd send you there even if we did, that's the right answer for your profile.

If you're a $100 to $200 retail beginner

Blueberry. The $100 minimum and the dedicated account manager from day one are structural advantages. The desk-bundle is a bonus.

Open Blueberry Markets Account →

Your capital is at risk. 78% of retail CFD accounts lose money trading with Blueberry Markets.

If you're an Australian retail trader wanting personalised service

Blueberry. The relationship-driven model fits this profile better than IC's industrial-scale support.

Open Blueberry Markets Account →

Your capital is at risk. 78% of retail CFD accounts lose money trading with Blueberry Markets.

If you're a cTrader die-hard

IC Markets. Blueberry doesn't offer cTrader. End of comparison.

If you're a high-volume scalper above 100 lots a month

IC Markets cTrader Raw. The compounding cost edge is real at that volume.

If you want the institutional macro analyst desk delivered daily

Blueberry plus MACRO MASTERY. Same answer as the macro-trader archetype, restated, because this is the use-case that closes most reader decisions on this comparison.

Open Blueberry + claim MACRO MASTERY →

Your capital is at risk. 78% of retail CFD accounts lose money trading with Blueberry Markets.