IC Markets vs FP Markets: A UK Trader's Guide for 2026

When comparing trading costs for UK traders, IC Markets generally holds a slight edge, particularly for high-volume traders. On its flagship Raw Spread account, IC Markets offers spreads from 0.0 pips on major forex pairs with a commission of $3.50 per lot per side, translating to very low all-in costs. FP Markets is highly competitive, offering spreads from 0.0 pips on its Raw account with a similar commission structure. However, IC Markets often provides tighter spreads on average, especially during peak London trading hours. For UK traders who trade frequently or in large volumes, this difference can lead to significant savings over time. FP Markets, on the other hand, offers a Standard account with no commission but wider spreads, which may be more suitable for casual or beginner traders who prefer simplicity.

Both IC Markets and FP Markets cater to the diverse platform needs of UK traders. IC Markets stands out by offering MetaTrader 4 (MT4), MetaTrader 5 (MT5), and the advanced cTrader platform, giving traders a wide choice. This is particularly beneficial for UK algorithmic traders who rely on Expert Advisors (EAs) on MT4/MT5 or those who prefer cTrader's modern interface and depth of market. FP Markets also provides MT4, MT5, and its own WebTrader, but notably does not offer cTrader. For UK traders who value cTrader's advanced charting and order execution, IC Markets is the clear winner. Both brokers offer full mobile trading apps, essential for traders on the go in the UK.

Execution quality is a key differentiator for UK traders, especially those using scalping or EAs. IC Markets operates a true ECN/STP model with servers located in the Equinix LD4 data centre in London, ensuring ultra-low latency for UK-based traders. FP Markets also uses an ECN/STP model with servers in New York and London, but its London presence is less prominent. IC Markets generally offers faster execution speeds and less slippage, making it the preferred choice for high-frequency and algorithmic traders in the UK. FP Markets provides solid execution, but for those prioritising speed, IC Markets has the edge.

For United Kingdom traders, regulation is paramount, and both IC Markets and FP Markets deliver peace of mind through their FCA authorisation. IC Markets is regulated by the FCA under reference number 528965, while FP Markets holds FCA regulation under reference number 606225. This means both brokers must comply with stringent UK rules, including client money segregation, negative balance protection, and adherence to the FCA's conduct of business standards. UK traders can also escalate disputes to the Financial Ombudsman Service if needed. While both are equally safe from a regulatory standpoint, the FCA oversight ensures that UK traders are protected by one of the world's most respected financial regulators, making either broker a secure choice.

For UK traders, depositing and withdrawing funds is straightforward at both IC Markets and FP Markets, with support for popular local payment methods. Bank Transfer is available at both brokers for GBP deposits and withdrawals, typically taking 1-3 business days with no fees from the brokers. PayPal is a key feature for UK users, and both brokers accept PayPal deposits, which are often instant and free, making it easy to fund your account quickly. Skrill is also supported by both, providing another fast e-wallet option for UK traders. Withdrawals are generally processed within 24 hours by both brokers, with PayPal and Skrill offering the fastest returns. IC Markets has a slight advantage with its wider range of funding currencies, but for UK traders using GBP, both offer a seamless experience.

Both IC Markets and FP Markets offer Islamic (swap-free) accounts to accommodate UK Muslim traders who require accounts compliant with Sharia law. These accounts do not charge or pay overnight swap or rollover interest on positions held open. UK traders can request an Islamic account during the registration process, and it is typically available on most account types, including the Raw Spread and Standard accounts. It's important to note that while both brokers offer this facility, some restrictions may apply on certain instruments or holding periods. FP Markets is often praised for its straightforward Islamic account policy, while IC Markets also provides a transparent process. UK traders should confirm the specific terms with each broker before opening an account.

Customer support is critical for UK traders, especially during the London trading session. Both IC Markets and FP Markets provide 24/5 live chat, email, and phone support in English. IC Markets is known for its fast and knowledgeable responses, particularly for technical issues related to platforms and connectivity. FP Markets also offers responsive support, with the added benefit of dedicated account managers for higher-tier deposit levels. For UK traders, the availability of UK-based phone numbers and local business hours ensures timely assistance. Overall, both brokers deliver excellent support, with IC Markets slightly ahead in technical expertise and speed.