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IC Markets Alternatives

Written by
Adam N.
Fact checked by
Updated
1w ago

The best alternatives to IC Markets are

  1. Pepperstone - Australian forex and CFD broker
  2. Vantage - Global CFD and forex broker
  3. Axi - Australian forex broker
  4. Eightcap - Global forex broker

Let's see in a bit more detail how the IC Markets alternatives compare to IC Markets and each other:

IC Markets alternatives comparison
Axi
Overall score
4.5 stars 4.4 stars 4.2 stars 4.4 stars 4.2 stars
Fees score
4.4 stars 4.3 stars 4.1 stars 4.0 stars 4.2 stars
Account opening score
5.0 stars 5.0 stars 5.0 stars 4.4 stars 5.0 stars
Deposit and withdrawal score
4.9 stars 4.8 stars 4.4 stars 5.0 stars 4.4 stars
Web platform score
2.8 stars 2.8 stars 4.5 stars 2.8 stars 3.1 stars
Markets and products score
2.4 stars 2.6 stars 2.2 stars 2.3 stars 1.8 stars
Visit broker
74-89% of retail CFD accounts lose money
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74-89% of retail CFD accounts lose money
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76.3% of retail CFD accounts lose money
Visit broker
74-89% of retail CFD accounts lose money

Why are these brokers considered good alternatives to IC Markets? There are many areas based on which IC Markets can be compared with others. When we say a given online broker is a good alternative to IC Markets we mean these brokers are comparable in the following areas:

  • The products they offer, meaning you can buy mostly the same things, i.e. stocks, CFDs, options, etc.
  • The type of clients they target, i.e. beginners, experienced investors, or day traders.

IC Markets alternatives recommendations

Brokers are different in a number of ways, which means each of them may be suitable for different people. Here's how they compare overall:

  • IC Markets is recommended for forex and cfd traders who value easy account opening and free deposit/withdrawal options
  • Pepperstone is recommended for forex traders looking for great account opening and customer service
  • Vantage is recommended for forex and cfd traders familiar with the metatrader trading platforms
  • Axi is recommended for forex traders familiar with the metatrader 4 platform
  • Eightcap is recommended for forex traders who prefer the metatrader platform

Important factors of finding IC Markets alternatives

So far BrokerChooser has reviewed 101 online brokers in detail, which gives this comparison a solid starting point.

Not only that, but all of these brokers are reviewed using the exact same broker review methodology, which makes everything easily comparable. For each broker, we

  • open a live account
  • check over 100 criteria, with weighting based on readers' preferences
  • refresh data regularly

Whether IC Markets or one of its alternatives is the best choice for you is on the following five broker characteristics that most interest people:

Fees. There are different types of fees that your online brokerage may charge, and both the number and the size of these fees may vary significantly from broker to broker. Both of these aspects can impact your returns and your overall experience. IC Markets is one of the cheaper brokers, so if this is an important consideration for you, make sure you pick a similarly low-cost IC Markets alternative.

Account opening. To open an account some brokers require at least €50,000 to be invested, while others don't set a minimum first-time deposit. The time it takes to open your account can be very different as well. At IC Markets this is not a problem as you can have it ready on the same day you registered.

Deposit/withdrawal. The number of ways that you can deposit or withdraw money to or from your account matters a lot. For example, while you can make a deposit with a credit card at IC Markets, this might not be the case at its alternatives.

Web trading platform. While online brokers are usually available on various platforms like mobile apps, tablet apps or desktop software, most people use them through their web platform in a browser. User-friendly trading platforms that offer many different resources can significantly increase your trading comfort.

Markets and products. A lot of people have specific products they would like to invest in. Knowing whether stocks, forex, mutual funds, and other products are available at the given IC Markets alternative is a must.


Now let's dive into the details of how IC Markets and its alternatives perform in the most important areas!

Pepperstone

Pepperstone is a top-shelf broker for forex and CFD traders, striking a good balance between competitive fees and a solid forex/CFD product selection. I found Pepperstone’s forex fees particularly favorable. By default, Pepperstone uses the old-school MetaTrader platforms, a turn-off for many novice traders; but thankfully, you can link your Pepperstone account to external trading interfaces, including the popular TradingView platform.

Recommended for forex traders looking for great account opening and customer service

Visit broker
74-89% of retail CFD accounts lose money

Pepperstone vs. IC Markets: Trading fees
FX commission per lot
$3.50 commission per lot per trade $3.50 commission per lot per trade
EURUSD spread
0.1 0.0
GBPUSD spread
0.2 0.0
AUDUSD spread
0.2 0.0
USDJPY spread
0.3 0.1
USDCAD spread
0.3 0.2
Pepperstone vs. IC Markets: Minimum deposit, time to open an account
Minimum deposit
$0
$200
Time to open account
1 day 1 day

If you are interested more in Pepperstone minimum deposit, this overview will help you.

Pepperstone vs. IC Markets: Withdrawal options
Bank transfer
Yes Yes
Credit/debit card
Yes Yes
Electronic wallets
Yes Yes
Withdrawal fee
$0
$0
Web trading platform of Pepperstone, a IC Markets alternative
Pepperstone vs. IC Markets: Trading platform scores
Web platform score
2.8 stars 2.8 stars
Mobile platform score
3.3 stars
3.3 stars
Desktop platform score
3.4 stars 3.4 stars

Learn more about Pepperstone's web trading platform in the detailed Pepperstone review.

Visit broker
74-89% of retail CFD accounts lose money

Pepperstone vs. IC Markets: Markets and products
Stocks
No
No
ETFs
No
No
Forex
Yes
Yes
Funds
No No
Bonds
No No
Options
No No
Futures
No No
CFDs
Yes Yes
Crypto
No
Yes

Vantage

Vantage is a forex and CFD broker regulated by the Cayman Islands, Australian financial authorities and the Vanuatu Financial Services Commission.

Its non-trading fees are very favorable (e.g. there is no inactivity fee). Opening an account at Vantage is super-fast (less than 5 minutes) and fully digital. The broker offers a great variety of deposit and withdrawal options, most of them free of charge.

On the negative side, the product portfolio is rather limited as the broker only offers forex and some CFDs to trade. Customer service could be better, especially the relevance of email responses. Lastly, Vantage provides investor protection only in the UK.

BrokerChooser gave Vantage a 4.2/5 rating based on analyzing 600+ criteria and testing via opening a live account.

Recommended for forex and CFD traders familiar with the MetaTrader trading platforms

Visit broker
74-89% of retail CFD accounts lose money

Vantage vs. IC Markets: Trading fees
FX commission per lot
$3.00 commission per lot per trade $3.50 commission per lot per trade
EURUSD spread
0.1 0.0
GBPUSD spread
0.3 0.0
AUDUSD spread
0.4 0.0
USDJPY spread
0.3 0.1
USDCAD spread
0.4 0.2
Vantage vs. IC Markets: Minimum deposit, time to open an account
Minimum deposit
$50
$200
Time to open account
1 day 1 day

If you are interested more in Vantage minimum deposit, this overview will help you.

Vantage vs. IC Markets: Withdrawal options
Bank transfer
Yes Yes
Credit/debit card
Yes Yes
Electronic wallets
Yes Yes
Withdrawal fee
$0
$0
Web trading platform of Vantage, a IC Markets alternative
Vantage vs. IC Markets: Trading platform scores
Web platform score
4.5 stars 2.8 stars
Mobile platform score
3.8 stars 3.3 stars
Desktop platform score
3.4 stars 3.4 stars

Learn more about Vantage's web trading platform in the detailed Vantage review.

Visit broker
74-89% of retail CFD accounts lose money

Vantage vs. IC Markets: Markets and products
Stocks
No No
ETFs
No No
Forex
Yes Yes
Funds
No No
Bonds
No No
Options
No No
Futures
No No
CFDs
Yes Yes
Crypto
Yes
Yes

Axi

Australia-based Axi is a low-cost forex broker ideal for those who need some extra tools to build their trading strategies.

It has low forex fees and a great forex pair selection, compensating for a less impressive CFD lineup. Opening an account is easy and no minimum deposit is required. You can choose from many account base currencies, which can save you in conversion costs.

Like most competitors, Axi uses the well-known MetaTrader 4 trading platform, but it offers copy trading and some additional analytical tools for those who like to experiment with their strategies.

Recommended for forex traders familiar with the MetaTrader 4 platform

Visit broker
76.3% of retail CFD accounts lose money

Axi vs. IC Markets: Trading fees
Axi
FX commission per lot
$3.50 commission per lot per trade $3.50 commission per lot per trade
EURUSD spread
0.2 0.0
GBPUSD spread
0.6 0.0
AUDUSD spread
0.4 0.0
USDJPY spread
0.4 0.1
USDCAD spread
0.4 0.2
Axi vs. IC Markets: Minimum deposit, time to open an account
Axi
Minimum deposit
$0
$200
Time to open account
1-3 days 1 day

If you are interested more in Axi minimum deposit, this overview will help you.

Axi vs. IC Markets: Withdrawal options
Axi
Bank transfer
Yes Yes
Credit/debit card
Yes Yes
Electronic wallets
Yes Yes
Withdrawal fee
$0
$0
Web trading platform of Axi, a IC Markets alternative
Axi vs. IC Markets: Trading platform scores
Axi
Web platform score
2.8 stars 2.8 stars
Mobile platform score
3.3 stars 3.3 stars
Desktop platform score
3.4 stars 3.4 stars

Learn more about Axi's web trading platform in the detailed Axi review.

Visit broker
76.3% of retail CFD accounts lose money

Axi vs. IC Markets: Markets and products
Axi
Stocks
No No
ETFs
No No
Forex
Yes Yes
Funds
No No
Bonds
No No
Options
No No
Futures
No No
CFDs
Yes Yes
Crypto
Yes
Yes

Eightcap

Eightcap is definitely worth a try if fees are more or less your only concern when choosing a forex broker. Its forex fees are the lowest among Australia-based forex brokers, withdrawals are free, and there is no inactivity fee.

Account opening is super fast, and the $100 minimum deposit is reasonable for a forex/CFD-only broker. As a plus, Eightcap offers a great lineup of crypto products, making up for a poor CFD selection and generally basic services when it comes to research, education or customer support.

Like many of its peers, Eightcap uses the popular MetaTrader platforms.

Recommended for forex traders who prefer the MetaTrader platform

Visit broker
74-89% of retail CFD accounts lose money

Eightcap vs. IC Markets: Trading fees
FX commission per lot
$3.50 commission per lot per trade $3.50 commission per lot per trade
EURUSD spread
0.1 0.0
GBPUSD spread
0.2 0.0
AUDUSD spread
0.3 0.0
USDJPY spread
0.2 0.1
USDCAD spread
0.3 0.2
Eightcap vs. IC Markets: Minimum deposit, time to open an account
Minimum deposit
$100
$200
Time to open account
1 day 1 day

If you are interested more in Eightcap minimum deposit, this overview will help you.

Eightcap vs. IC Markets: Withdrawal options
Bank transfer
Yes Yes
Credit/debit card
Yes Yes
Electronic wallets
Yes Yes
Withdrawal fee
$0
$0
Web trading platform of Eightcap, a IC Markets alternative
Eightcap vs. IC Markets: Trading platform scores
Web platform score
3.1 stars 2.8 stars
Mobile platform score
3.3 stars 3.3 stars
Desktop platform score
3.4 stars 3.4 stars

Learn more about Eightcap's web trading platform in the detailed Eightcap review.

Visit broker
74-89% of retail CFD accounts lose money

Eightcap vs. IC Markets: Markets and products
Stocks
No No
ETFs
No No
Forex
Yes Yes
Funds
No No
Bonds
No No
Options
No No
Futures
No No
CFDs
Yes Yes
Crypto
Yes
Yes

IC Markets

IC Markets is highly recommended for forex traders, mostly because of its low trading fees. I won’t be lying to you: it’s the super tight spreads that keep me coming back to IC Markets, though its currency pair selection is also quite impressive. Beginners may find IC Markets’s industry-standard MetaTrader platform outdated and clunky, but seasoned traders will welcome its familiar features.

Recommended for forex and CFD traders who value easy account opening and free deposit/withdrawal options

IC Markets alternatives trading fees
Axi
FX commission per lot
$3.50 commission per lot per trade $3.50 commission per lot per trade $3.00 commission per lot per trade $3.50 commission per lot per trade $3.50 commission per lot per trade
EURUSD spread
0.0 0.1 0.1 0.2 0.1
GBPUSD spread
0.0 0.2 0.3 0.6 0.2
AUDUSD spread
0.0 0.2 0.4 0.4 0.3
USDJPY spread
0.1 0.3 0.3 0.4 0.2
USDCAD spread
0.2 0.3 0.4 0.4 0.3
IC Markets alternatives minimum deposit and account open times
Axi
Minimum deposit
$200
$0
$50
$0
$100
Time to open account
1 day 1 day 1 day 1-3 days 1 day

Learn more about IC Markets minimum deposit here.

IC Markets and alternatives withdrawal options and fees
Axi
Bank transfer
Yes Yes Yes Yes Yes
Credit/debit card
Yes Yes Yes Yes Yes
Electronic wallets
Yes Yes Yes Yes Yes
Withdrawal fee
$0
$0
$0
$0
$0
IC Markets - Web trading platform
IC Markets and alternatives trading platform scores
Axi
Web platform score
2.8 stars 2.8 stars 4.5 stars 2.8 stars 3.1 stars
Mobile platform score
3.3 stars 3.3 stars
3.8 stars 3.3 stars 3.3 stars
Desktop platform score
3.4 stars 3.4 stars 3.4 stars 3.4 stars 3.4 stars

Learn more about IC Markets's web trading platform in the detailed IC Markets review.

IC Markets and alternatives markets and products
Axi
Stocks
No No
No No No
ETFs
No No
No No No
Forex
Yes Yes
Yes Yes Yes
Funds
No No No No No
Bonds
No No No No No
Options
No No No No No
Futures
No No No No No
CFDs
Yes Yes Yes Yes Yes
Crypto
Yes
No
Yes
Yes
Yes

Bottom line

Based on our analysis, there are several good alternatives to IC Markets. They all offer similar products and target similar customers. Here's a recap of the results in a table.

IC Markets alternatives
Broker intro
Recommended for
Global forex broker Forex and CFD traders who value easy account opening and free deposit/withdrawal options
Australian forex and CFD broker Forex traders looking for great account opening and customer service
Global CFD and forex broker Forex and CFD traders familiar with the MetaTrader trading platforms
Axi
Australian forex broker Forex traders familiar with the MetaTrader 4 platform
Global forex broker Forex traders who prefer the MetaTrader platform

Still unsure? Use our broker finder and find the best broker for you or learn more about investing your money.

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Author of this article

Adam Nasli

Financial Wizard | Trading • Safety • Market Analysis

I bring extensive financial expertise as one of BrokerChooser's earliest team members. Personally, I tested nearly all 100+ brokers on our site, opening real-money accounts, executing trades, assessing customer services, and providing firsthand assessment. My professional background includes roles in the banking sector and a degree from Central European University, where I teach finance. My passions lies in in-depth research of the financial industry, building trading algorithms, and managing long-term investments.

Everything you find on BrokerChooser is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology.

Visit IC Markets 74.32% of retail CFD accounts lose money
Visit Pepperstone 74-89% of retail CFD accounts lose money
Visit Vantage 74-89% of retail CFD accounts lose money
Visit Axi 76.3% of retail CFD accounts lose money
Visit Eightcap 74-89% of retail CFD accounts lose money

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