IC Markets vs FP Markets: fees, cashback and which to choose

IC Markets is one of the world's largest forex and CFD brokers; FP Markets is an Australian ECN broker with some of the tightest spreads. We compare them on fees, available cashback and which trader profile each suits — plus how to recover part of your fees on both.

Quick comparison

Fees

IC Markets. Very tight ECN spreads (from 0.0 pips) plus per-lot commission; among the lowest total cost in forex.

FP Markets. ECN spreads from 0.0 pips plus per-lot commission; MT4/MT5, cTrader and IRESS support.

Available cashback

IC Markets offers more cashback (28%) than FP Markets (26%), so you recover a larger share of every fee you pay. The gap matters most if you trade with volume.

Work out how much you'd recover for your volume with the cashback calculator.

Pros and cons

IC Markets

Pros

• Among the lowest ECN spreads
• Fast, deep execution
• Regulated across jurisdictions
• 28% cashback via Omanero

Cons

• Aimed at somewhat experienced traders
• Per-lot commission on top of the spread

FP Markets

Pros

• Among the lowest ECN spreads
• Wide platform variety (cTrader, IRESS)
• Long track record and regulation
• 26% cashback via Omanero

Cons

• Inactivity fees
• Less educational material than XM

Best for each profile

Choose IC Markets if you're forex and CFD traders who prioritize low spreads and institutional execution. Choose FP Markets if you're forex and CFD traders who prioritize low cost and platform variety.

Verdict

If your priority is recovering the most fees, IC Markets leads with 28% cashback. If you value FP Markets's profile more, you still recover fees at 26%. Best of all: you don't have to choose — use both and earn cashback on each.

Frequently asked questions