IC Markets vs FP Markets 2026

Both brokers run ECN/STP raw-spread accounts with commission on top. We recorded quotes at three fixed windows daily through Q1 2026 — 10:00 AEDT (Asian), 17:00 AEDT (London open) and 23:00 AEDT (New York peak). IC Markets cTrader Raw averaged 0.08 pips on EUR/USD; FP Markets ECN Raw averaged 0.12 pips. IC is clearly tighter on the spread alone.

But spread is only half the cost. FP Markets charges a lower commission on MetaTrader — A$3.00 per side versus IC Markets’ A$3.50 per side. That A$1.00 per round-turn difference more than offsets FP’s slightly wider spread on MetaTrader. The result surprises most traders: FP Markets is actually cheaper all-in on MetaTrader, while IC Markets is cheaper on cTrader where both charge A$3.00 per side.

In early 2026, IC Markets raised commission rates on AUD base-currency MetaTrader accounts. IC Markets now charges A$3.50 per side on MT4/MT5, while FP Markets stayed at A$3.00 per side. For a MetaTrader trader, that is A$1.00 saved per round-turn lot at FP Markets.

On a 0.04-pip wider spread, FP gives back roughly A$0.40 of that saving — so FP still comes out about A$0.60–A$0.70 cheaper per round-turn lot on MetaTrader. Across 100 lots a month, that is around A$60–A$70 in FP’s favour. We recommend verifying current commission rates directly with each broker before opening an account, as these change.

On 12 February 2026 (US CPI release), we placed EUR/USD market orders at both brokers within 2 minutes of the data. IC Markets cTrader widened to about 3.4 pips momentarily; FP Markets ECN widened to about 3.1 pips. Both returned to normal inside 90 seconds. This is standard ECN behaviour — the 0.08 vs 0.12 pip average gap disappears entirely during these windows, so it shouldn’t drive your decision if you trade news.

This is FP Markets’ clearest advantage. Both brokers run MT4, MT5 and cTrader to an equivalent standard. But FP Markets adds two platforms IC Markets does not offer at all: TradingView live execution, and IRESS — a true direct-market-access platform used by Australian institutional desks.

IRESS gives you genuine direct market access to ASX-listed shares — real share ownership with live order books and exchange execution, not a synthetic CFD. IC Markets is a CFD-only broker and offers nothing comparable. If you want to trade actual Australian shares alongside forex and CFDs from one provider, FP Markets is the only choice between these two.

The catch: the IRESS account requires a A$1,000 minimum deposit and carries a A$55/month platform fee, waived if you generate A$200+ in monthly commissions or hold A$50,000+. For pure forex traders this is irrelevant — you’d use MetaTrader or cTrader, where there is no such fee.

In our 50-trade execution test, FP Markets averaged 29ms per fill versus IC Markets’ 34ms on MT4 — both fast, FP marginally faster and the quickest in our entire 2026 broker test set. Both recorded zero requotes across 120+ live test trades. For most traders the MetaTrader and cTrader experience is interchangeable between these two brokers; the platform decision comes down to whether you need TradingView or IRESS, which only FP provides.

Both brokers are ASIC-regulated — the baseline we insist on for any broker listed on KolaTrading. Both hold client funds in segregated accounts at major Australian banks, provide negative balance protection to retail clients, and are AFCA members. For Australian retail traders, the protection is functionally identical at both.

Not materially. FP Markets holds more licences (5 vs 3), and it is also the older firm — its ASIC AFSL dates to 2005, two years before IC Markets. But neither broker holds a tier-1 FCA or BaFin licence, and for a purely Australian-based retail trader both provide the same ASIC negative balance protection, segregated funds and AFCA dispute access. You can verify both AFSLs on the ASIC Connect register at any time. Treat this category as a tie in practice.

We processed real AUD bank withdrawals at both brokers in March 2026. IC Markets funds arrived 1 business day after submission; FP Markets funds also arrived in 1 business day. Both requests were processed within 24 hours and neither charged a fee. On processing speed, this is a tie.

The practical differences: FP Markets lets you start on MetaTrader with A$100 versus IC Markets’ A$200, and adds Skrill/Neteller as funding options. IC Markets keeps things simpler — there is no IRESS platform fee to think about, because there is no IRESS. If you only ever trade forex and CFDs, that simplicity is a mild point in IC’s favour.