IC Markets vs FP Markets Compared 2024: Pros, Cons, and More!

Published :
Updated :
Written by

IC Markets and FP Markets are Forex and CFD brokers that offer online trading services to traders and investors worldwide. Both brokers are regulated by top-tier regulatory authorities. IC Markets is regulated by two Tier-1, and one Tier-4 jurisdictions, including ASIC, CySEC, and FSA.  On the other hand, the FP Markets is regulated by two Tier-1 jurisdictions, one Tier-2 jurisdiction, and one Tier-4 jurisdiction including ASIC, CySEC, SVGFSA, and FSCA. These two brokers offer almost similar services. However, each broker has its strengths and weaknesses.

In this article, we will compare and contrast IC Markets with FP Markets regarding trading platforms, regulations, tradable assets, fees, customer support, and overall trading experience score. We will also explore if IC Markets is better than FP Markets and vice versa. This comparison lets you understand which broker is better for your trading style and preferences

IC Markets vs FP Markets: In a Nutshell

IC Markets

Andrew Budzinksi founded IC Markets in 2007 with the aim of using superior technology to provide forex and CFD trading services to both institutional and retail traders. Over the years, the broker has improved in quality and services. It offers true ECN trading with low spreads, high leverage, and fast executions to a global clientele.

ICMarkets Overview

ICMarkets Overview
  • Founded In: 2007 
  • Founder: Andrew Budzinksi
  • Minimum Deposit: $200
  • Maximum Leverage: Upto 1000:1 for FSA Jurisdiction, 30:1 for ASIC, CySEC clients.  
  • Regulations: ASIC, CySEC,  and FSA
  • Trading platform: MT4, MT5 and cTrader
  • Trading Instruments: 2150+ Trading Instruments including Forex, Crypto, Stock, Commodity Indices, Bonds, Futures.
  • Account Types: Standard, Standard, Raw (Metatrader, Ctrader) 
  • Fees: Spread starting from 0.8 Pips(Standard Accounts) or $3 to 3.5 Commission (Raw Accounts)
  • Payment Options: bank/wire transfer, Paypal, credit card, Skrill, Neteller, UnionPay, Bpay, FasaPay and Poli.
  • US Traders: Not Accepted 

FP Markets

FP Markets was established in 2005 in Australia but has become a global brand with multiple regulations across the world. Traders have access to trade more than 10,000 forex and CFDs on its 4 platforms; MT4, MT5, IRESS, and cTrader. It also provides access to tools like Autochartist, Trading Central, free VPS, social trading, etc.

FP Markets Overview
  • Founded In: 2005
  • Minimum Deposit: 100 AUD or equivalent.
  • Maximum Leverage: 500:1
  • Regulations: ASIC, CySEC, FSCA, FSA
  • Trading platform: MT4, MT5 and Ctrader 
  • Account Types: Islamic , Account Funding, Fund withdraw
  • Payment Options: Bank Wire (BankTransfer/SWIFT), VISA, MasterCard, BPAY, Dragonpay, FasaPay, Klarna, Neteller, Ngan Luong, PayPal, PayTrust88, PerfectMoney, Poli, Rapid Transfer, Skrill, SticPay, Transfer from Existing Broker, UnionPay
  • US Traders: Not Accept

IC Markets vs FP Markets: Pros and Cons

IC Markets

Pros
  • Fully Regulated broker, ( One tire-1 , jurisdiction, one tire-2 jurisdiction) 
  • Super fast trade execution speed 
  • Straightforward registration process 
  • Low spread, starting from 0 pips. 
  • Easy and Fast Account Opening 
  • Free deposit and withdrawal 
  • Offers standard and raw spread account
  • Trading EA is Allowed 
  • Ability to trade from a mobile device 
  • A demo Account is available
Cons
  • Higher minimum deposit 
  • No investor protection for non-EU Clients 
  • Limited Product Selection 
  • No weekend Trading 
  • US Traders are not accepted

FP Markets

Pros
  • Regulated by ASIC, CySEC, FSCA, SVGFSA, AFS, FSP 
  • The Maximum leverage is 1:500
  • Offers popular trading platforms like MT4, MT5, cTrader, WebTrader, IRESS
  • Hedging, Scalping, EA/Robot, and Copy trading are allowed 
  • Easy, Fast and Digital account opening
  • Offers passive investment programs like MAM, PAMM Accounts
  • Faster order execution (40ms) 
  • FP Markets offers consistently tighter spreads from 0.0 pips
Cons
  • No FCA regulation. 
  • The Minimum deposit is $100, which might be high for a beginner
  • High Stock CFD fees 
  • US traders are not accepted 
  • Only two types of accounts ( Standard, Raw) 

IC Markets vs FP Markets: Side-by-Side Comparison

ICMarkets
FP Markets
Product
Founded In
Founded In
2007
2005
Founded By
Founded By
Andrew Budzinksi
Matthew Murphie
Headquarters
Headquarters
Sydney, Australia
Sydney , Australia
Regulations
Regulations
ASIC, CySEC, FSA, and SCB
ASIC, CySEC, FSCA, FSA
Min Deposit
Min Deposit
$200
100 AUD or equivalent
Max Leverage
Max Leverage
1:500
500:1
Tradable Assets
Tradable Assets
Over 2100 forex, CFDs in stocks, indices, commodities, cryptos, and Bonds.
Forex,Shares,Metals,Commodities,Indice,Digital Currencies,Bonds,ETFs
Fees
Fees
Spreads from 0.6 pips, Commissions $7/round lot
Spread from 0.0 pips
Platforms and Tools
Platforms and Tools
MT4, MT5, and cTrader
MT4, MT5, Ctrader
US Traders
US Traders
Not Allowed
Not Allowed

IC Markets Vs FP Markets: Our Scores and Ratings

We rated both brokers, IC Markets and FP Markets, on a scale of 1 to 10, with 0.1 increments. To achieve a comprehensive rating, we broadly grouped all services offered by brokers into 6 macro categories and assigned percentage weights to them. Each macro category is subdivided into several data points which contributes to the total score of 1.0-10.0 assigned to each macro category. Since all categories are not equally important, our weight percentage plays a significant role in assessing the broker accurately. For example, Regulation and Security contributes a total weight of 40% to the whole ratings because this is the most important rating category. To learn more, read our methodology.

IC Markets :

9.3
IC Markets Scores
Regulation and Security (40%)9.5
Fees and Commissions (20%)9.5
Trading (15%)8.5
Trading tools (10%)9
Customer Support (10%)9.6
Trading Education (5%)9.4

FP Markets:

9.2
Total Score
Regulation and Security (40%)9.2
Fees and Commissions (20%)9
Trading (15%)9
Trading tools (10%)9.5
Customer Support (10%)9.5
Trading Education (5%)9.6

Final Verdict :

IC Markets and FP Markets are regulated forex and CFD brokers in the industry. They offer similar trading services including forex and CFD trading. They both allow scalping, hedging, EA trading and Copy trading. Neither of these brokers accept US Clients. The minimum order size for both of them is 0.01. 

However, there are a few areas where you may find some differences. For example, the minimum deposit for IC Markets is $200, whereas the minimum deposit for FP Markets is $100 AUD or equivalent. Additionally, the maximum leverage for the IC Market is generally 500:1 (in some countries IC Markets offers 1000:1 leverage). On the other hand, the maximum leverage for FP Markets is 500:1. IC Market offers passive investment programs or copy trading programs like MAM, and Zulutrade. In contrast, FP Markets also offer passive investment programs like MAM and PAMM.

Our score for IC Markets is 9.3, and for FP Markets, it is 9.2. So, if you are looking for trusted forex brokers with tight spreads and  MAM account services, you may choose IC Markets. However, If you prefer a forex broker with a lower minimum deposit and similar trading services, you may select FP Markets.

Written by

Jason Paine is a forex trader, researcher, and tech enthusiast. He is passionate about financial markets and cutting-edge technology. With a dynamic 16-year trading career, he's on a mission to guide fellow traders. Having navigated diverse forex brokers, Jason shares his insights at Brokersway to bridge the gap between traders and the right brokerage.

DisclosureAt Brokersway we're committed to delivering unbiased information. our opinions are our own and are not influenced by the payment we receive from our advertising partners. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here's an explanation of how we make money.

Leave a Comment