IC Markets vs FP Markets: which Sydney ECN broker wins in 2026?
FP Markets is the clear winner across every meaningful retail measure. Lower commission (AUD 3.00 vs 3.50 per side, saving AUD 1 per round-turn), lower minimum (AUD 100 vs 200), single-login across MT4 / MT5 / cTrader / IRESS where IC Markets requires a separate cTrader account, and the unique IRESS platform for direct ASX share trading. Both are Sydney-based, ASIC-regulated, and quote 0.1 pip average EUR/USD raw spreads with functionally identical Asian-session execution. IC Markets has a longer-marketed ECN brand reputation, but in live testing the routing-quality difference is invisible at retail sizes. For Australian retail traders, FP Markets is the better default.
FP Markets wins on cost, IRESS access, and lower minimum
Why FP Markets is the clear winner:
- Lower commission (AUD 3.00 vs 3.50 per side, AUD 6.00 vs 7.00 round-turn)
- Lower minimum deposit (AUD 100 vs AUD 200) - accessible to traders with smaller starting capital
- IRESS platform for direct ASX share trading from the same account (no IC Markets equivalent)
- Single-login access across MT4, MT5, cTrader, and IRESS (IC Markets requires a separate cTrader account)
- Stronger structured education content for beginners
- Two years longer continuous ASIC-regulated operating history (2005 vs 2007)
- Identical Asian-session AUD/USD spread quality - both Sydney-based with local LP relationships
At-a-glance comparison
| Feature | IC Markets | FP Markets | Winner |
|---|---|---|---|
| ASIC licence | AFSL 335692 | AFSL 286354 | Tie |
| Headquarters | Sydney | Sydney | Tie |
| Founded | 2007 | 2005 | FP Markets (slight) |
| Minimum deposit | AUD 200 | AUD 100 | FP Markets |
| EUR/USD avg spread (raw) | 0.1 pip | 0.1 pip | Tie |
| Commission per side (raw) | AUD 3.50 | AUD 3.00 | FP Markets |
| Round-turn commission | AUD 7.00 | AUD 6.00 | FP Markets |
| ECN routing quality (retail) | Strong | Strong | Tie |
| Platforms | MT4, MT5, cTrader | MT4, MT5, cTrader, IRESS | FP Markets |
| Single-login all platforms | No (cTrader separate) | Yes | FP Markets |
| TradingView integration | No | No | Tie |
| IRESS (direct ASX shares) | No | Yes | FP Markets |
| Asian-session AUD/USD spread | 0.1-0.2 pip | 0.1-0.2 pip | Tie |
| Withdrawal speed | ~22 hours | ~20-24 hours | Tie |
| PayID / Osko support | Yes | Yes | Tie |
| Education content depth | Good | Strongest among AU peers | FP Markets |
| Overall rating | 4.6 / 5 | 4.7 / 5 | FP Markets (slight) |
Regulation, history, and corporate structure
FP Markets has the longer continuous operating history of any ASIC-regulated ECN broker, two years older than IC Markets in the local market: First Prudential Markets Pty Ltd holds AFSL 286354 with Sydney operations since 2005, against International Capital Markets Pty Ltd at AFSL 335692 with Sydney operations since 2007. Both run clean ASIC records (no enforcement actions, no client fund breaches, no significant sanctions), so the ASIC-baseline protections sit identically across the two. The 19-year vs 17-year gap is small in absolute terms but matters for traders weighting through-cycle credibility.
Client protections are identical: segregated trust accounts with Australian Tier-1 banks, negative balance protection for retail accounts, AFCA dispute resolution access. FP Markets has been operating two years longer (2005 vs 2007). Both have weathered the 2008 global financial crisis, the 2015 Swiss franc shock, the 2020 COVID volatility spike, and the 2022 to 2023 rates re-pricing without major incident. Twenty years and eighteen years of clean operating history respectively are both strong by global retail broker standards.
The two share more than they differ on regulation. The differentiation lives in product structure, not licensing.
Spreads and commissions head-to-head
This is where the comparison gets concrete. Spreads on majors are functionally identical. The cost difference is in the commission.
| Cost component | IC Markets (Raw Spread) | FP Markets (Raw) |
|---|---|---|
| EUR/USD avg spread (London / NY) | 0.1 pip | 0.1 pip |
| EUR/USD spread cost per standard lot | ~AUD 1.50 | ~AUD 1.50 |
| Commission per side | AUD 3.50 | AUD 3.00 |
| Round-turn commission per standard lot | AUD 7.00 | AUD 6.00 |
| Total round-turn cost (EUR/USD, raw) | ~AUD 8.50 | ~AUD 7.50 |
What does AUD 1 per round-turn actually compound to?
The same dollars-per-year framework as the Pepperstone vs FP Markets comparison applies here, because IC Markets and Pepperstone charge identical commission. Modelled across realistic AU retail volume profiles:
- Casual trader, 5 round-turns per week: AUD 5 per week saved at FP Markets, AUD 260 per year. Marginal.
- Active scalper, 100 round-turns per week: AUD 100 per week saved, AUD 5,200 per year. Material.
- High-frequency EA, 1,000 round-turns per week: AUD 52,000 per year. Strategy-defining.
For most retail traders, the AUD 0.50 per side gap is real but not decisive on a single trade. Compounded over a year of active trading, it is the dominant factor in broker choice and makes FP Markets the obvious pick on cost grounds alone, before considering IRESS or the lower minimum deposit.
Both brokers run raw ECN-style routing fed by tier-1 liquidity providers, so retail execution quality is functionally identical. The commission saving is not offset by any measurable execution disadvantage at FP Markets, which is why the cost difference flows straight to the bottom line.
Decided? Skip ahead and open the account with our pick.
Open Account with FP MarketsIRESS: where FP Markets pulls clear
IRESS is institutional-grade Australian equity trading software. Wealth managers, financial advisers, and institutional dealers across Australia run IRESS as their primary equity platform. Retail brokerage exposure to IRESS is rare. FP Markets is the only retail forex broker offering direct IRESS access in the Australian market.
What this means in practice:
- Direct ASX share trading from the same account used for forex. No need for a separate broker for shares. Real share ownership, not synthetic CFD exposure.
- Level 2 depth of market showing the actual bid / ask ladder rather than just the top of book. Useful for entering large orders without disturbing price.
- Integrated market intelligence including company announcements, dividend dates, broker research, and corporate action data.
- Cross-asset margin in some account types, where ASX share holdings can collateralise forex margin.
For a trader who wants both forex / CFD activity and direct ASX share investing, FP Markets is structurally unique among AU brokers. The competing approach is to maintain separate accounts at a forex broker and an ASX broker (CommSec, SelfWealth, Stake), which is operationally more complex.
If you only trade forex, IRESS is a free option you may not need today. If you trade forex and ASX shares, IRESS makes FP Markets the only viable single-account option in this comparison.
Platforms and account-handling
Both brokers offer the standard MT4 / MT5 / cTrader trio. FP Markets adds IRESS on top. Neither offers TradingView integration. The differentiator beyond IRESS is account handling:
| Platform | IC Markets | FP Markets |
|---|---|---|
| MetaTrader 4 | Yes | Yes |
| MetaTrader 5 | Yes | Yes |
| cTrader | Yes (separate account) | Yes (same login) |
| IRESS | No | Yes (same login) |
| TradingView (direct order placement) | No | No |
| Mobile app quality | Strong | Strong |
IC Markets historically requires a separate account for cTrader access, with its own deposit and funding flow. This is a real annoyance for traders who want to test or switch between MT5 and cTrader. FP Markets supports all three platforms (MT4, MT5, cTrader) plus IRESS from a single login with shared funding. This is the operational reason many active multi-platform traders prefer FP Markets even if they primarily use MetaTrader.
If TradingView matters to you, neither broker offers it. The relevant comparisons there are Pepperstone vs IC Markets and Pepperstone vs Eightcap (Pepperstone and Eightcap are the two ASIC brokers with TradingView in this set).
Minimums and accessibility
FP Markets at AUD 100 minimum is the lowest among premier ASIC brokers. IC Markets at AUD 200 is also low by global standards but double FP Markets'.
For a true beginner with limited initial capital, the AUD 100 vs AUD 200 difference can be the deciding factor. Position sizing math at 1 percent risk per trade tolerates a smaller account at FP Markets without forcing micro-lot sizes that strain the platform's tick precision (the position size calculator demonstrates the maths).
For a trader funding with AUD 1,000 or more, the minimum deposit becomes irrelevant. Above that capital level, the decision flips to commission, IRESS access, and ECN routing structure.
Asian-session execution: a Sydney duel
Both IC Markets and FP Markets are Sydney-based. Both benefit from Australian liquidity provider relationships during Asian business hours. Both consistently outperform Melbourne-based and offshore brokers on AUD-pair spreads during local trading sessions.
In a direct head-to-head on Asian-hours spreads, the two are functionally indistinguishable. AUD/USD averages 0.1 to 0.2 pips at either during local business hours. AUD/JPY averages 1.0 to 1.5 pips. EUR/AUD averages 0.6 to 0.8 pips. On any given day one broker may show a tighter quote than the other; over a sample of months, neither has a durable edge.
The implication: if your trading is Asian-session focused, both brokers win versus international competitors. Between the two, FP Markets is the better pick on cost (AUD 1 saved per round-turn) and platform handling (single-login across MT4 / MT5 / cTrader / IRESS), with no measurable Asian-session execution disadvantage.
Who wins on specific use cases
Cost-sensitive active forex trader
Winner: FP Markets. AUD 0.50 per side commission saving compounds. Same Asian-session spread quality. Same raw ECN-style routing.
High-frequency or algorithmic strategy
Winner: FP Markets. Raw ECN-style routing on the Raw account, fed by a credible Sydney-based LP roster, plus the AUD 1 per round-turn saving that compounds hardest at high volume. IC Markets has a longer-marketed ECN brand but no measurable retail execution edge.
Australian investor combining forex and ASX shares
Winner: FP Markets. IRESS is structurally unique. No other ASIC retail forex broker offers direct ASX share access from the same account.
Beginner with under AUD 200 starting capital
Winner: FP Markets. AUD 100 minimum allows a meaningful start. Stronger structured education content as a secondary factor.
Multi-platform user (MT5 plus cTrader)
Winner: FP Markets. Single-login across all platforms. IC Markets requires a separate cTrader account.
Asian-hours specialist
Winner: FP Markets. Both are Sydney-based and quote 0.1 to 0.2 pip AUD/USD during local hours, but FP Markets saves AUD 1 per round-turn with no measurable spread or execution difference.
London / NY session-only trader
Winner: FP Markets. Spread quality is identical during liquid hours. FP Markets wins on cost and platform handling.
Final recommendation: FP Markets for Australian retail traders
FP Markets is the better default across every realistic Australian retail use case. Cheaper commission (AUD 1 per round-turn saved), lower minimum deposit (AUD 100 vs 200), single-login across MT4 / MT5 / cTrader / IRESS where IC Markets requires a separate cTrader account, two years' longer ASIC operating history (2005 vs 2007), and the unique IRESS platform for direct ASX share trading. Asian-session spread quality is identical, raw EUR/USD spreads are identical at 0.1 pip during liquid hours, and the underlying ECN-style routing is functionally equivalent at retail sizes.
IC Markets is not a bad broker. The "true ECN" brand reputation it has built since 2007 is real, and the documented 25+ tier-1 LP roster is more transparent than most peers. But for the typical Australian retail trader, that pedigree does not translate to a measurable execution edge that outweighs the AUD 1 per round-turn cost gap, the higher minimum, the single-login handicap on cTrader, or the absence of IRESS.
If you want both forex and ASX share access from one account, FP Markets is the only viable single-account option in this comparison.
If you are starting with under AUD 200 capital, FP Markets is the only option that takes your deposit.
For most active retail traders, FP Markets is the stronger default. The cost saving compounds, the platform handling is cleaner, and IRESS is a free option even if you do not initially plan to trade ASX shares.
For traders comparing the broader Sydney-vs-Melbourne ECN broker landscape, the Pepperstone vs IC Markets, Pepperstone vs FP Markets, and Pepperstone vs Eightcap comparisons cover the rest of the field.
FP Markets
AUD 100 minimum. AUD 6.00 round-turn. IRESS for ASX shares. Single-login MT4 / MT5 / cTrader / IRESS. AFSL 286354.
Frequently asked questions
FP Markets is the better choice for Australian retail traders. It wins on commission (AUD 3.00 vs 3.50 per side, saving AUD 1 per round-turn), minimum deposit (AUD 100 vs 200), single-login access across MT4 / MT5 / cTrader / IRESS where IC Markets requires a separate cTrader account, two years' longer ASIC operating history (2005 vs 2007), education content depth, and the unique IRESS platform for direct ASX share trading. Both are Sydney-based, ASIC-regulated, with 0.1 pip average EUR/USD raw spreads and functionally identical Asian-session execution. IC Markets has a longer-marketed ECN brand, but at retail sizes the routing-quality difference is invisible in live testing.
No. FP Markets is cheaper on commission. FP Markets charges AUD 3.00 per side (AUD 6.00 round-turn) on its Raw account. IC Markets charges AUD 3.50 per side (AUD 7.00 round-turn) on Raw Spread. EUR/USD raw spreads are functionally identical at both, averaging 0.1 pip during liquid hours. On 100 standard lots traded per month, FP Markets saves AUD 100 in commission. The gap matters most for high-volume scalpers and EA users.
No. IRESS for direct ASX share trading is exclusive to FP Markets among Australian retail forex brokers. IC Markets does not offer IRESS or any equivalent. If you want to trade ASX shares from the same account used for forex, FP Markets is the only choice in this comparison. IC Markets offers share CFDs (synthetic exposure) but not direct ASX share ownership.
Yes, for retail trading. Both brokers run raw ECN-style routing fed by tier-1 liquidity providers, both are Sydney-based, and both quote 0.1 pip average EUR/USD raw spreads during liquid hours. IC Markets publishes a more detailed LP roster (25+ tier-1 providers) and has marketed a true-ECN brand for longer, but in live testing across majors, AUD pairs, and Asian-session conditions the execution quality is functionally identical. The AUD 1 per round-turn commission saving at FP Markets is the more durable retail edge.
Yes. IC Markets holds AFSL 335692 under International Capital Markets Pty Ltd (Sydney, founded 2007). FP Markets holds AFSL 286354 under First Prudential Markets Pty Ltd (Sydney, founded 2005). Both maintain clean ASIC records, segregated client funds with Australian Tier-1 banks, negative balance protection for retail accounts, and AFCA dispute resolution access. FP Markets has been operating two years longer.
Both are excellent, with FP Markets the better value. IC Markets and FP Markets are both Sydney-based and benefit from local liquidity provider relationships during Australian business hours. Both consistently outperform Melbourne or offshore brokers on AUD-pair spreads during Asian session. Spread quality during local hours is functionally indistinguishable. The decision factor is commission, where FP Markets saves AUD 1 per round-turn.
Yes, though for most Australian retail traders FP Markets alone is the better setup. If you do want to diversify single-broker risk by splitting capital across two Sydney-based ECN brokers, the operational overhead of running both is modest provided you use the same MT4 or MT5 platform. FP Markets covers forex plus IRESS for ASX shares from one login; adding IC Markets is a defensive diversification play rather than a capability gap to fill.
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