IC Markets vs FP Markets (2026)

IC Markets vs FP Markets verdict

FP Markets wins on cost: all-in EUR/USD of 0.57 pips against 0.74 pips in our 5 to 9 October 2026 capture, with commission of A$7.00 against A$9.00 round turn. IC Markets wins on overall standing, 88 against 79, and on the tighter eight-pair raw spread, 0.29 pips against 0.39. I would send cost-focused traders to FP Markets and ranking-focused traders to IC Markets.

The decision really comes down to a few measurable differences: commission, raw spread and what you get beyond the RAW account. Every cost below is stated in Australian dollars, and every spread comes from one capture, run by Noam Korbl on our CFB SpreadLogger from the market open on 5 October 2026 to the close on 10 October 2026. Because both brokers were logged in the same week from live accounts, the comparison is like for like.

IC Markets vs FP Markets regulation

Both brokers hold Australian financial services licences. IC Markets operates through International Capital Markets Pty. Ltd. under AFSL 335692, current since 2 July 2009, and FP Markets operates through First Prudential Markets Pty Ltd under AFSL 286354, held since 31 May 2005. You can confirm either licence yourself on the ASIC register. The protections attached to your account are identical at both: the 30:1 leverage cap on major forex pairs, mandatory negative balance protection, the 50% margin close-out and AFCA membership.

One thing you should know about the IC Markets name: it is also used by offshore entities regulated in Cyprus, Seychelles and the Bahamas. Those entities carry none of the Australian protections, and I recommend none of them. Make sure you deal with the ASIC entity on www.icmarkets.com.au. Our Trust sub-scores, 8 of 10 for IC Markets and 6 of 10 for FP Markets, are our editorial judgement on register status, licence age, AFCA membership and desk-assessed parent backing, and David Levy checked every licence figure here against the register.

IC Markets vs FP Markets spreads and commission

Commission is the published part of the cost, and it favours FP Markets. The FP Markets Raw account charges A$3.50 per side, A$7.00 round turn per standard lot on AUD-base MT4 and MT5 accounts, while IC Markets charges A$4.50 per side, A$9.00 round turn on its Raw Spread account for MetaTrader. Spread is the measured part. In our 5 to 9 October 2026 capture, FP Markets posted the tighter EUR/USD raw spread, 0.08 pips against 0.11 pips, but IC Markets won the eight-pair basket, 0.29 pips against 0.39 pips.

Add commission back in and FP Markets is cheaper on both measures. All-in EUR/USD came to 0.57 pips at FP Markets against 0.74 pips at IC Markets, and the all-in eight-pair average was 0.96 pips against 1.03 pips. Over a month of active trading, that difference compounds on every round turn you make, which is why I treat the all-in figure, not the advertised spread, as the number that matters.

My advice is to check the pairs you actually trade against our lowest spread forex brokers data, because EUR/USD and the eight-pair basket are averages, not a quote for your account.

IC Markets vs FP Markets platforms and markets

Both brokers run MT4, MT5 and cTrader, and both offer TradingView, though IC Markets delivers TradingView trading through its cTrader Raw Spread account while FP Markets offers it on the Raw account. FP Markets adds IRESS Trader and Mottai, which IC Markets has no equivalent for, and neither broker has a proprietary platform. If you trade through MetaTrader and nothing else, my view is that you lose nothing by picking either one here.

The market range is where the two diverge. FP Markets states 10,000+ share CFDs across ASX, NYSE, NASDAQ, LSE and major EU exchanges, and its IRESS account gives you DMA-priced ASX share CFDs at 0.06% brokerage with an A$6 minimum, with an A$1,000 minimum deposit on IRESS and Mottai. IC Markets lists 1,700+ share CFDs, 61 forex pairs, 25 indices, 24 commodities, 21 crypto CFDs, 9 bonds and 4 futures on its Australian home page as at 27 September 2026, against FP Markets’ 70+ forex pairs. If ASX share CFDs are part of your plan, that difference alone decides the page, and I would not let the rest of the comparison sway you past it.

IC Markets vs FP Markets accounts, funding and fees

Neither broker forces a minimum deposit on its main accounts. FP Markets states no minimum on Standard and Raw in its AU FAQ as at 9 October 2026, and IC Markets’ CFD PDS dated 25 September 2026 sets none either, though its website states US$200 for full access to all markets. Both offer swap-free accounts, with a trade-off at each: IC Markets’ swap-free option pays no swap but charges an Overnight Position Holding Fee on overnight contracts, while FP Markets’ Islamic account covers forex, metals, indices and commodities but excludes share and crypto CFDs. A trader holding positions overnight should read that holding fee closely before choosing, and it is the clause I would check before opening the swap-free option.

Funding favours FP Markets. It takes PayID, BPAY, cards, PayPal and more, and charges no inactivity fee. IC Markets offers eight free deposit methods but no PayID on its Australian menu, and it charges A$20 a month after 12 idle months under its September 2026 Account Terms. One term worth knowing: IC Markets keeps the interest on client money under clause 17.3 of those same Account Terms. For anyone parking cash between sessions, that clause is the one I would weigh first, because idle client money earns interest for the broker, not the trader.

Which should you choose, IC Markets or FP Markets?

IC Markets is my pick of the two if you want the higher-ranked broker and you trade the majors on a RAW account. Its eight-pair raw average of 0.29 pips in our 5 to 9 October 2026 capture was tighter than FP Markets’ 0.39, and its overall score of 88 sits second of 33. You pay for it in commission, A$9.00 round turn, and you give up PayID and DMA-priced ASX share CFDs. For a pure forex trader who values standing, that is a fair trade.

FP Markets is where I would point you if cost and share market access drive your choice. Its all-in EUR/USD of 0.57 pips beat IC Markets’ 0.74, commission is A$7.00 round turn, and its IRESS account opens DMA-priced ASX share CFDs that IC Markets cannot match. You can see where both sit in our best forex brokers in Australia ranking, and if Fusion Markets is also on your shortlist, read our IC Markets vs Fusion Markets comparison next, because Fusion undercuts both on price.