IC Markets
WriterAbir KhanWriterWrites the guides · checks every figure against primary sources View profileAbout Abir →
Written byAbir KhanWriter
Market analysisTanbir Habib RiyadForex & Crypto AnalystForex and crypto analyst · technical and fundamental analysis View profileAbout Tanbir →
Market analysis byTanbir Habib RiyadForex & Crypto Analyst
Fact-checking & riskJannatul FerdaushFact-Checker & Risk AnalystFact-checks every figure · risk analysis · Applied Statistics, University of Dhaka View profileAbout Jannatul →
Fact-checked byJannatul FerdaushFact-Checker & Risk Analyst
Trading reviewJowel RanaCo-Founder & Forex TraderCo-founder · forex trader · reviews guides from a trader's view View profileAbout Jowel →
Reviewed byJowel RanaCo-Founder & Forex Trader
Final approvalRanjan NiskrityFounder, Owner & Forex TraderFounder and owner · forex trader · signs off every guide View profileAbout Ranjan →
Approved byRanjan NiskrityFounder, Owner & Forex TraderLast verified Against each broker's review
CFDs are complex instruments and carry a high risk of losing money rapidly due to leverage. Figures come from our reviews and can change; the terms, leverage and protection you get depend on the broker entity for your country. Some links are affiliate links; they never change our scores.
Popular broker comparisons
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XM vs ExnessMin. deposit $5 vs $10 · rating 4.75 vs 4.75vs
Exness vs IC MarketsMin. deposit $10 vs $200 · rating 4.75 vs 4.50vs
XM vs Elev8Min. deposit $5 vs $25 · rating 4.75 vs 4.40vs
IC Markets vs FP MarketsMin. deposit $200 vs $100 · rating 4.50 vs 4.75vs
Exness vs RoboForexMin. deposit $10 vs $10 · rating 4.75 vs 4.50
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LiteFinance vs IUXMin. deposit $10 cent / $50 vs $50 · rating 4.50 vs 4.50vs
XM vs AvaTradeMin. deposit $5 vs $100 · rating 4.75 vs 4.50vsRoboForex vs FP MarketsMin. deposit $10 vs $100 · rating 4.50 vs 4.75vsIC Markets vs Elev8Min. deposit $200 vs $25 · rating 4.50 vs 4.40Every broker comparison (36)
Each broker is tested against the other eight. Filter by a broker to see all of its head-to-heads.
AvaTrade vs IUXAvaTrade vs Elev8AvaTrade vs FP MarketsAvaTrade vs LiteFinanceAvaTrade vs IC MarketsAvaTrade vs RoboForexRoboForex vs IUXIC Markets vs IUXLiteFinance vs IUXIUX vs FP MarketsIUX vs Elev8Exness vs Elev8RoboForex vs IC MarketsRoboForex vs LiteFinanceRoboForex vs FP MarketsRoboForex vs Elev8LiteFinance vs Elev8LiteFinance vs FP MarketsIC Markets vs LiteFinanceIC Markets vs Elev8IC Markets vs FP MarketsExness vs FP MarketsExness vs IUXExness vs LiteFinanceExness vs IC MarketsExness vs RoboForexExness vs AvaTradeFP Markets vs Elev8XM vs Elev8XM vs FP MarketsXM vs IUXXM vs LiteFinanceXM vs RoboForexXM vs AvaTradeXM vs IC MarketsXM vs ExnessWhich broker suits which trader
Quick matches from our review data. Each still needs the checks below for your own country and entity.
Regulation compared
A stricter licence brings rules such as segregated client money, negative balance protection and, in some countries, a compensation scheme. Most of these brands also run offshore entities with higher leverage and fewer protections; your country decides which one you join.
| Broker | Top-tier licences in the group | Other licences |
|---|---|---|
| XM | ASIC, CySEC, DFSA | FSA Seychelles, FSC Mauritius |
| Exness | FCA, CySEC | FSA SVG, FSCA |
| AvaTrade | ASIC, CySEC, CIRO, FSRA (ADGM), ISA | FSCA, BVI FSC |
| RoboForex | None (offshore only) | FSC Belize |
| IC Markets | ASIC, CySEC | FSA Seychelles |
| LiteFinance | CySEC | FSA SVG |
| IUX | ASIC | FSA SVG, FSC Mauritius, FSCA |
| FP Markets | ASIC, CySEC | FSCA, CMA Kenya, FSA Seychelles, FSC Mauritius |
| Elev8 | None (offshore only) | FSC Mauritius, MISA Comoros |
What each licence protects: see forex regulators explained.
How we compare forex brokers
Every broker goes through the same six stages before a score is published. Nothing is estimated, and nothing is taken from a broker's own marketing page.
- Research and data collection
We pull licence data straight from the regulator, the FCA Register, ASIC Connect, NFA BASIC and the CySEC database, and check it against the broker's legal documents. No licence number is accepted at face value.
- Live account testing
We fund real and demo accounts and trade through the London, New York and Asian sessions, logging spreads, order fill times and slippage, then run a full deposit-to-withdrawal cycle to see how long the money takes to come back out.
- Platform and UX audit
Every platform is tested by hand on desktop, in the browser, iOS and Android, including charting tools, order types and how well the connection holds up under heavy market conditions.
- Support and withdrawal testing
We contact support through live chat, email and phone at different times of day and time the real response. Withdrawal requests go through several payment methods, timed from submission to cleared funds.
- Community sentiment
Verified reviews from Trustpilot, Forex Peace Army, Reddit and broker-specific communities feed into our SCAT score, which weighs star ratings and filters out patterns that look bought or fake.
- Scoring and publication
Two reviewers score each parameter independently and reconcile before anything goes live. A broker can flag factual errors, but the score stays out of its hands. Every review is rechecked each quarter, or sooner if something material changes.
What we weight most
Every broker gets one score out of 100, built from ten weighted criteria. Safety, satisfaction and cost make up 48 of the 100 points, because those are the three things most likely to catch out a new trader.
Decides what happens to your money if something goes wrong. A tier-1 licence (FCA, ASIC, CySEC and similar) scores well; offshore-only registration caps the whole score at 55/100.
Verified trader reviews run through our SCAT formula, which weighs star ratings and strips out anything that looks bought.
Live-tested spreads on Standard and ECN accounts during active hours, plus deposit, withdrawal and inactivity charges.
MT4, MT5, cTrader, proprietary apps, TradingView, VPS, API access and 2FA, all tested by hand.
Payment methods, base currencies and how long a withdrawal takes once requested, timed to cleared funds.
Automatic overrides. An open regulatory investigation, a suspended licence or any sign that client funds are not held separately overrides the scorecard; the broker is capped, flagged or removed.
How to compare two brokers yourself
Check the licence on the regulator's own register
Search the firm on the FCA Register, ASIC Connect or CySEC, and make sure the website and phone number match the register, not only the name.
Find the entity you would sign with
Many brands run a strictly regulated company alongside offshore ones. The name on the client agreement decides which rules and protections apply to you.
Compare the full cost of a trade
Add the spread and any commission for the pairs you trade, then overnight swap if you hold positions. A "zero spread" account with a high commission can cost more.
Test a small withdrawal early
Deposit a small amount, trade a little, and withdraw. How long it takes, and whether support asks for the same documents twice, tells you more than any review.
Try the platform on a demo first
Place and modify orders, set a stop, and check the charts on the device you will use. Execution and app stability matter more than the number of indicators.
Check the safety net
Negative balance protection, segregated client money and a compensation scheme differ by regulator. Know which ones you have before you fund the account.
Brokers by category
Broker comparison FAQs
How do you compare two forex brokers?
Start with regulation and the legal entity you would sign with, then compare the all-in cost of trading the pairs you use, the platforms, withdrawal times and support. Our head-to-head pages put those side by side for the brokers we review, using figures from live testing.
What matters most when comparing brokers?
Regulation and safety carry the most weight in our scores, followed by user satisfaction and trading costs. A polished app cannot make up for weak regulation, because the licence decides what protection you have if something goes wrong.
Are the broker comparisons on FX Recap independent?
Some brokers pay us when readers sign up through our links. The team that scores brokers has no visibility of those earnings, and whoever manages partnerships cannot change a score. Every score follows the same published methodology.
How often are the comparisons updated?
Every review is rechecked each quarter, or sooner if something material changes, such as a licence change, a fee change or a regulatory action. Comparison pages pull from those reviews, so they update with them.
Is the cheapest broker always the best choice?
No. The cheapest spread is worth little if withdrawals are slow, the broker is regulated offshore only, or the platform fails in fast markets. Compare cost only between brokers that already pass on regulation and reliability.
Can I compare brokers that are not listed here?
Use the same checks: verify the licence on the regulator's own register, confirm the entity on the client agreement, add up the full cost of a trade, and test a small withdrawal before depositing more.
Which of these brokers has the lowest minimum deposit?
XM, from $5. RoboForex and Exness start from $10, and LiteFinance offers a $10 cent account. IC Markets has the highest here at $200.
Which of these brokers hold top-tier licences?
XM, Exness, AvaTrade, IC Markets, LiteFinance, IUX and FP Markets each hold at least one stricter licence, such as ASIC, FCA or CySEC, in their group. RoboForex and Elev8 are regulated offshore only. Check which entity would open your account, because that decides your protection.
Which broker is best for swap-free trading?
RoboForex and Elev8 apply swap-free conditions to all accounts by default. The others offer Islamic or swap-free accounts on request or for certain instruments; check for admin fees.
Sources: FX Recap broker methodology, FCA Register, ASIC Connect professional register.