FP Markets and IC Markets distinguish their Raw account by several means, including minimum deposit requirement, trading fees, execution speeds, and leverages.
FP Markets and IC Markets are both equally famous Australian-based forex brokers, offering nearly identical services under a no-dealing desk framework. Both also offer their own brand of Raw accounts, which are often sought after by traders. As such, potential traders may wonder, how is the comparison between FP Markets vs IC Markets Raw account?
When you trade using a Raw account, you have access to the real market price of the instrument. The spread between the bid and ask price of the instrument is in accordance with the price given by liquidity providers (usually starts at 0.0 pips), and the broker will not apply any markups in its role as intermediary. In exchange, you have to pay a certain commission fee to the broker for each lot traded.
Forex brokers usually distinguish their Raw accounts by several means, including minimum deposit requirements, trading fees, execution speeds, trading platforms, and leverages. They may also try to expand the variety of instruments available, as well as their number of liquidity providers.
So, how do FP Markets and IC Markets compare in this matter? The article will sum them up for you.
FP Markets' Raw Account Details
- 💰Minimum deposit requirement: AUD$100 or currency equivalent
- 💸Commission fees: USD$6.00 per round lot (USD$3.00 per side)
- ⚡Average execution speeds: around 80 ms
- 🖥Server location: New York
- 💻Trading platforms: Metatrader4 and Metatrader5
- ⚖Maximum leverages: up to 1:30 for Regular Account, or up to 1:500 on FP Markets Pro Account
- Range of markets: 60+ FX pairs, metals, indices, commodities, and individual stocks CFDs
FP Markets (also known as First Prudential Markets) was founded by Matthew Murphie in Sydney, Australia in 2005. Since then, the company has expanded their worldwide operation with licenses from the Australian Securities and Investments Commission (ASIC) and the Cyprus Securities and Exchange Commission (CySEC).
FP Markets provides Raw account with comparatively cheaper fees and a more affordable minimum deposit requirement. But it comes with a smaller range of markets, relatively slower execution speeds, and just two types of trading platform options.
🌐 Website
IC Markets' Raw Account Details
- 💰Minimum deposit requirement: $200
- 💸Commission fees: $7.00 per round lot for Metatrader, or $6.00 per round lot for cTrader
- ⚡Average execution speeds: around 40 ms
- 🖥Server location: New York for Metatrader, London for cTrader
- 💻Trading platforms: Metatrader4, Metatrader5, and cTrader
- ⚖Maximum leverages: up to 1:500
- Range of markets: 60+ FX pairs, metals, indices, commodities, cryptos, as well as individual stocks CFDs across the ASX, NYSE, and NASDAQ
IC Markets was established by Andrew Budzinski in Sydney, Australia, in 2007. The company grew rapidly with the help of deep and diverse liquidity, which made it superior to its competitors. IC Markets is also a multi-license holder, with a complete collection of licenses from Tier 1–3 regulators (ASIC, CySEC, and Seychelles) under their belt.
IC Markets offers Raw account with a higher minimum deposit requirement. But it comes with a wider range of markets, relatively faster execution speeds, more trading platform options, and deeper liquidity. At one time, IC Markets claimed to have access to up to 50 different liquidity providers that enable them to provide tighter spreads.
IC Markets is an online forex broker operating under the company of International Capital Markets Pty Ltd. Traders under the Australian jurisdiction are provided with the trading service of IC Markets AU that is headquartered in Australia and licensed by the Australian Securities and Investments Commission (ASIC).
On the other hand, non-Australian traders who open an account in this broker are registered under IC Markets SEY that is based in Seychelles, and regulated under the Seychelles Financial Services Authority (SFSA). The dual operation is a result of the relatively new rules from ASIC that prohibit their regulated broker to offer trading services outside Australia.
Classified as an ECN broker, IC Markets provide clients with MetaTrader 4, MetaTrader 5, cTrader as platform trading options. This broker also follows market trends to include Cryptocurrencies as one of its products, enriching its already wide selection of trading assets that include Currencies, Indices, Metals, Energies, Softs, Stocks, as well as Bonds.
The minimum deposit in IC Markets is in the middle range compared to other ASIC-regulated brokers, as it reaches $200 for every client. Market analysis materials are also prepared regularly for trading insights on IC Markets's official website, proving their competence to serve their traders with important contents created by market experts that work specifically for them.
For payment methods, IC Markets allows funding and withdrawal via wire transfer, credit card, PayPal, Skrill, Neteller, FasaPay, UnionPay, as well as Bitcoin via BitPay. The more interesting aspect from this broker is its multi-base currencies that include USD, AUD, EUR, GBP, SGD, NZD, JPY, CHF, HKD, and CAD.
As the trading technology in IC Markets is highly equipped with co-located servers and extremely low latency (especially on cTrader), the broker is widely known for its capability in hosting traders with the special needs for high-frequency trading as well as scalping.
To sum up, IC Markets is a fitting destination for active traders looking for a well-regulated broker. IC Markets is also flexible in terms of base currency and payment methods, signaling their commitment to welcome traders beyond their home country. As of late 2019, IC Markets provided their website in 18 international languages including English, Korean, Indonesian, French, Spanish, Italian, Malay, German, and Chinese.
Conclusion
IC Markets' Raw account wins overall. However, FP Markets' Raw account has its own advantage. Whichever you choose, you will be able to take advantage of tight institutional-grade spreads and Depth of Market (DOM) functionality.
Look over their respective demo accounts to examine their features further. It's also crucial to take into account additional aspects before making a choice, including customer support and the overall reputation of the broker.
5 Comments
Jerry
Jan 31 2023
What is the difference between 0.0 pip and 0 pip, standard account also offers zero spread and i think there is no difference but what confuses me is why commission in RAW spreads seems very expensive. I mean commission on FP Market is calculated at $6 per round and IC Market is at $7 per round. Every turn in this term is an exchange, isn't it. If I open 2 trading positions, will I be charged $12? What is this rose for? I mean regular commissions are calculated in batches, right?
If so, is the RAW account suitable for a beginner like me?
George
Jan 31 2023
Jerry: Let me answer, man. The difference between 0.0 pip and 0 pip is 0.0 pip more, much cheaper. Example:
which one is the cheapest? 0.01 point or 0.1 point?
0.01 of course, right? So RAW account can be defined by 0.0 pip and it is very different from 0 pip. Before discussing commissions on RAW accounts, you should know that all accounts except RAW accounts use spreads marked by brokers. SO, between one broker and another, the spread fees will be different. This is because brokers send your order to secondary liquidity provider and you as a trader will not get any DoM (Depth of Market).
Whereas in the RAW account, it allows you to view the DOMs including the actual spread, the pure extent. So of course the spread you get will be 0.0. And because the broker cannot make enough profit from this spread, he will charge you a higher commission instead
Gudjensen
Jan 31 2023
Jerry: About which account is suitable for beginners? Of course, micro account or cent account if broker; FP and IC both have. Or Standard account with 0.01 lots to trade. While the other standard accounts have higher spreads, they at least offer non-technical trading. I mean no DOM, no variety of runtimes and all that specialized stuff that used by pro and forex expert.
In standard accounts, only basic trades such as basic order matching and indicator tools. With this kind of conditions, believe me, trading will become more comfortable than trading on RAW account and besides, you will avoid higher commissions having specifications like spreads.
Keita
Jan 31 2023
Listen, I'm very interested in the RAW account offered by FP and IC Market. Looks very cheap and suitable for scalpers because the spreads are very low. And after all, I think all trading styles will suit this type of account, right?
And after reading the 0.0 spread, I was curious about how a broker can offer a RAW account. Can you explain to me how the broker can offer very low spreads. And what are the advantages of using a RAW account other than low spreads?
Gudjensen
Jan 31 2023
Keita: RAW accounts are offered by ECN brokers (Although there are brokers that are not ECN brokers). (Read here : What are ECN Brokers)
So what is ECN Broker? It is a secondary forex liquidator with access to many of the primary forex liquidators.
So it's basically like I have a connection with the department that has access to the president. So if you want to meet the president, you have to find me first! and you can also meet the president. Meanwhile, the usual broker has a condition like:
If you want to meet the president, you have to find someone who has a relationship with you, all messages from that person will be delivered by this person and forwarded to you, you to the ministry and the ministry to the president.
And we changed the word "president" to the word "Forex". If another broker passes your message through a broker, that broker will forward the message to the ECN broker and the ECN will forward it to the liquidity provider with access into Forex.