IC Markets vs FP Markets: Australia Broker Comparison for 2026

For Australia traders, trading costs are a critical factor, and IC Markets edges ahead with tighter spreads on its Raw Spread account, where EUR/USD spreads start at 0.0 pips with a $3.5 per lot commission. FP Markets offers a similar Raw account with spreads from 0.0 pips but a slightly higher commission of $3 per lot per side. On standard accounts, FP Markets’ spreads average 1.0 pips, while IC Markets’ standard account starts at 0.6 pips. High-volume scalpers will find IC Markets more cost-effective, while FP Markets’ lower commission on Raw accounts is competitive for frequent traders.

Both brokers cater to Australia traders with industry-leading platforms: MetaTrader 4, MetaTrader 5, and cTrader. IC Markets also offers its own WebTrader and mobile apps, while FP Markets provides access to IRESS for advanced share trading. For traders using automated strategies, IC Markets’ cTrader integration is superior for algorithmic trading. Australia traders who trade forex and CFDs will appreciate the seamless experience on both, but FP Markets’ IRESS platform gives it an edge for Aussie stock traders.

Execution quality is a key differentiator. IC Markets uses Equinix NY4 data centres for ultra-low latency execution, averaging under 40ms. FP Markets also offers fast execution via Equinix servers, but IC Markets’ No Dealing Desk (NDD) model with direct market access (DMA) provides superior speed for scalpers. Both brokers have no requotes, but IC Markets’ execution is slightly more consistent for high-frequency Australia traders.

Both IC Markets and FP Markets are regulated by the Australian Securities and Investments Commission (ASIC), providing Australia traders with strong consumer protection. ASIC imposes strict leverage limits of 1:30 for retail clients, client fund segregation, and negative balance protection. IC Markets also holds licenses from CySEC and FSA, while FP Markets is regulated by ASIC and the FSCA. For Australia residents, ASIC oversight ensures a safe trading environment, with both brokers adhering to high compliance standards.

Australia traders benefit from multiple local deposit methods at both brokers, including BPAY, POLi, and Bank Transfer. IC Markets processes deposits instantly via POLi and BPAY, with no fees for AUD transactions. FP Markets also supports these methods, with Bank Transfer taking 1-2 business days. Withdrawals are equally convenient: IC Markets offers free withdrawals via Bank Transfer, while FP Markets charges a small fee for international wires but free local transfers. Both brokers do not charge for BPAY or POLi deposits, making them cost-effective for Australia traders.

Both IC Markets and FP Markets offer Islamic (swap-free) accounts for Muslim traders in Australia, in compliance with Sharia law. These accounts eliminate overnight swap fees on positions held past market close. IC Markets provides swap-free accounts on all account types, while FP Markets offers them on Standard and Raw accounts. Australia traders can request activation via customer support, and both brokers ensure no hidden charges. This makes both brokers suitable for Islamic traders seeking ethical forex trading in Australia.

Customer support is vital for Australia traders, and both brokers deliver. IC Markets offers 24/7 live chat, email, and phone support, with quick response times. FP Markets also provides 24/5 support via live chat, email, and phone, with a dedicated Australian phone number. Both brokers have extensive FAQ sections and local language support. For Australia traders needing after-hours assistance, IC Markets’ 24/7 support is a slight advantage.