IC Markets vs FP Markets 2026: Which Broker is Best for Iraq Traders?

For Iraq traders, trading costs are critical, especially when trading high volumes. IC Markets offers spreads from 0.0 pips on its Raw Spread account with a commission of $3.50 per lot per side (round turn $7.00). FP Markets offers a similar Raw account with spreads from 0.0 pips but a commission of $3.00 per lot per side (round turn $6.00). However, IC Markets has a slight edge on average spreads for major pairs like EUR/USD (0.1 pips vs 0.2 pips). On a standard account, IC Markets' spreads start from 0.6 pips with no commission, while FP Markets' standard spreads start from 0.8 pips. For Iraq traders trading 10+ lots per month, IC Markets can save approximately $10-$20 in costs. Both brokers offer zero swap fees on Islamic accounts, but IC Markets' lower spreads make it more cost-effective for active traders.

Both brokers offer MetaTrader 4 (MT4) and MetaTrader 5 (MT5), the industry-standard platforms favored by Iraq traders for their advanced charting tools, automated trading via Expert Advisors (EAs), and mobile access. IC Markets additionally provides cTrader, a modern platform with superior order execution and depth of market, ideal for scalpers. FP Markets offers IRESS, a professional platform for advanced traders, plus WebTrader for browser-based trading. For Iraq traders, MT4/MT5 are widely used due to their reliability and support for Arabic language. IC Markets' cTrader is a bonus for those needing faster execution, while FP Markets' IRESS suits high-volume traders. Both platforms support VPS hosting for automated strategies, which is beneficial for Iraqi traders in regions with variable internet connectivity.

IC Markets is renowned for its low-latency execution, with servers located in the NY4 data center (New York) and average execution speeds of under 1 millisecond. FP Markets also offers fast execution with servers in LD4 (London) and NY4, averaging 1-2 milliseconds. For Iraq traders, IC Markets' faster execution is advantageous for scalping and high-frequency strategies, as it reduces slippage. FP Markets' execution is still excellent for most retail traders. Both brokers offer no re-quotes and use ECN/STP models for direct market access.

IC Markets is regulated by ASIC (Australia), CySEC (Cyprus), and the FSA (Seychelles), while FP Markets is regulated by ASIC, CySEC, and the FSCA (South Africa). For Iraq traders, these regulations provide a high level of security, including client fund segregation and negative balance protection. The local financial regulator in Iraq does not license forex brokers, so traders must rely on offshore regulators. ASIC is the strictest, offering robust investor protection, while CySEC and FSA provide additional oversight. Both brokers are members of compensation schemes (e.g., FSCS for UK clients, but not for Iraq). Iraq traders should verify that their chosen broker's regulatory status is valid and consider using a broker with ASIC regulation for maximum safety. FP Markets' additional FSCA regulation may offer more diversification.

Iraq traders can fund their accounts at both IC Markets and FP Markets using Bank Transfer, Skrill, Neteller, and USDT (Tether). Bank Transfers are free but take 2-5 business days, while Skrill and Neteller are instant with no deposit fees (though FP Markets charges a 1% fee on withdrawals via Skrill/Neteller). USDT deposits are processed instantly with low fees—IC Markets supports ERC20 and TRC20 networks, while FP Markets supports ERC20 only. Withdrawals at both brokers are processed within 24 hours via USDT, Skrill, or Neteller, but Bank Transfers may take 2-3 days. IC Markets has a minimum deposit of $200 (or equivalent in USDT), while FP Markets requires $100. Both brokers do not charge internal withdrawal fees, but third-party fees may apply. USDT is the most popular method for Iraq traders due to its speed and low cost.

Both IC Markets and FP Markets offer Islamic (swap-free) accounts for Muslim traders in Iraq, in compliance with Sharia law that prohibits interest (riba). These accounts have no swap or rollover fees on overnight positions. IC Markets provides Islamic accounts on request via email or live chat, with a minimum deposit of $200. FP Markets offers Islamic accounts automatically when opening an account, with a minimum deposit of $100. Both brokers apply swap-free status to most forex pairs and CFDs, but may charge a flat fee on positions held for extended periods (e.g., 7+ days). Iraq traders should confirm that their preferred instruments are swap-free. FP Markets has a more straightforward process for obtaining an Islamic account, while IC Markets requires a manual request.

IC Markets offers 24/7 customer support via live chat, email, and phone, with Arabic language support available during business hours. FP Markets also provides 24/5 support via live chat and phone, with email support available 24/7, but Arabic support is limited. For Iraq traders, IC Markets' round-the-clock support is beneficial for trading during Middle East hours. Both brokers have extensive FAQ sections and educational resources. Response times are typically under 1 minute for live chat at both brokers.