IC Markets Alternatives UK: FCA Brokers With Raw Spreads

The closest FCA-authorised alternative to IC Markets (now trading as IC) is Pepperstone: raw spreads from 0.0 plus commission from £2.25 per lot per side on its Razor account, the same MT4, MT5, cTrader and TradingView choice, and a spread betting account that IC does not offer. CMC Markets is the other true raw-pricing option through its FX Active account. IG, Spreadex, FXCM UK, StoneX Trading, Capital.com and XTB round out the list with tighter-than-average spreads and full UK protection, though not IC's exact commission model.

The reason to look elsewhere is that IC is not authorised by the FCA, and a UK resident is in practice a client of its Seychelles entity. That means 1:30 leverage limits do not apply, but neither do negative balance protection, the Financial Ombudsman or the FSCS. Every firm below is FCA authorised and gives UK retail clients those protections. Check each FRN on the FCA Register yourself before depositing.

IC features and their FCA equivalents

Most IC users chose it for one or two specific things rather than for the brand. So the useful question is which FCA-authorised firm replaces the feature you rely on most. The table maps each IC selling point to the UK firms that match it, based on the brokers’ own UK pages as we checked them in September 2026.

Read across the rows and two names keep coming up. Pepperstone matches the most IC features in one account, and CMC Markets is the other firm with genuine raw pricing. Everything else on the list is spread-based, which suits many traders but is a different cost model from IC’s.

The same map, firm by firm

"Not listed" means we did not find the platform on the firm’s UK pages; "not checked" means we have not verified the account currency options. Loss percentages, minimum deposits and fuller write-ups of each firm sit in our best FCA-regulated forex brokers guide, so we don’t repeat them here. For head-to-heads with the two big names IC users ask about, see IC Markets vs IG and IC Markets vs XTB.

If you use IC for raw pricing

Only two FCA firms on our list sell the same cost model. Pepperstone’s Razor account quotes FX from 0.0 pips with commission from £2.25 per lot per side, £4.50 round turn, against £5.50 on IC’s GBP Raw account. CMC Markets’ FX Active account offers 0.0 spreads on six major pairs, including GBP/USD and EUR/USD, with USD 2.50 commission per USD 100,000 traded, and it charges a £10 monthly inactivity fee once you stop trading for a year.

IG and Spreadex price through the spread instead, from 0.6 on EUR/USD and 0.9 on GBP/USD, with no commission. On a spread-only account the minimum spread is a floor, not an average, so compare live quotes at the hours you trade. Keep in mind that raw pricing belongs to the CFD account at both Pepperstone and CMC; their spread betting accounts are priced through a wider spread. IC Markets vs Pepperstone and IC Markets vs CMC Markets run those numbers line by line.

If you use IC for cTrader, MT5 or TradingView

cTrader is the hardest feature to replace. Pepperstone is the only FCA firm we found that offers it, for both its Razor CFD account and its spread betting account. That concentration is worth noticing if you run cBots: build them so they can move to another platform if you ever need to. MT5 users have two FCA choices, Pepperstone and IG, and IG lets you pick a spread bet or CFD version of MT5 when you open the account.

TradingView users have the widest choice. IC only connects TradingView through its cTrader Raw account, whereas seven FCA firms here link it in some form. For spread bets through TradingView, CMC is the exception: its page says spread betting accounts can’t be connected yet. Spread betting brokers by platform has the detail for each firm.

If you hold a GBP account at IC

A sterling base account is easy to keep. Pepperstone, IG, CMC Markets and XTB all offer GBP accounts, and a spread bet at any of the spread betting firms is staked in pounds per point anyway. Currency still gets converted when you trade a market priced in another currency on a CFD account: the published rates are 0.5% on CFDs at XTB, 0.7% at CMC and 0.7% to 0.8% at IG. Pepperstone says its account currency cannot be changed after opening, so pick GBP at the start. Forex brokers with GBP accounts compares the fees.

Features with no FCA match

A few IC features simply don’t exist at FCA firms for retail clients, by design. Leverage is capped at 1:30 on major pairs, 1:20 on minor pairs, gold and major indices, and lower elsewhere. Deposit bonuses are banned. Crypto CFDs can’t be sold to UK retail clients at all. The only route to higher leverage is elective professional status, which needs two of three tests and removes the retail protections.

Two others we could not confirm either way. IC gives a free VPS to clients trading 15 lots or more a month of FX and metals, and offers swap-free accounts with a flat holding fee. We have not verified equivalent VPS or swap-free terms on the UK sites of the firms above, so ask the broker directly before you move if either matters to you. The trade-off, in return, is the protection package IC can’t give a UK resident: negative balance protection, the 50% margin close-out, the Ombudsman and FSCS cover of up to £85,000.

Who should still consider IC, and who should not

IC does some things very well, and FX Recap has an affiliate relationship with it, so we want to be straight about both sides. An experienced trader who understands that the account sits offshore, sizes positions carefully, and values IC's cTrader set-up or Raw pricing enough to give up UK redress may reasonably keep using it. So might someone who is not resident in the UK. Can UK residents open an IC Markets account? explains which IC company you would be dealing with.

For most UK residents the answer is different. Beginners should stay with FCA firms, because the retail rules exist to limit losses while you learn. Anyone who wants the option of the Financial Ombudsman, FSCS cover of up to £85,000 if a firm fails, or tax-free spread betting cannot get any of those at IC. The FCA's Warning List entry against IC Markets Global says as much: UK customers won't have access to the Ombudsman or the FSCS.

Costs to compare beyond the spread

Headline spreads and commissions are only part of the bill. Overnight financing matters to anyone who holds positions for more than a day, and the FCA's November 2025 review of CFD firms found overnight funding charges that were poorly disclosed and, in some cases, hard to justify, including funding charged on both legs of hedged positions. Look up each firm's financing rate on the pairs you hold and work out a typical month's cost in pounds.

Inactivity fees, currency conversion on non-GBP markets and charges for premium data or platforms also vary. CMC's £10 monthly inactivity fee is one example. None of these is a reason to rule a firm out, but add them up before you compare a raw account with a spread-only account.

How to move from IC without losing money

1. Open and verify the new FCA account first, and confirm the FRN, website and phone number match the FCA Register.
2. Test the new platform on a demo or with small live trades for a week or two.
3. Close or run down positions at IC rather than holding them open during the move.
4. Withdraw from IC by the routes its rules require: card refunds up to the amount deposited, then bank wire. Allow up to 14 days.
5. Download full statements and trade history from IC for your tax records before closing the account.

Do not send money from IC straight to another broker, and do not use anyone who offers to transfer the account for you. Money should come back to your own UK bank account first. Our guide to IC withdrawals covers the timings and cut-offs.

Frequently asked

Related reading

• Best FCA-regulated forex brokers
• IC Markets vs Pepperstone
• Does IC Markets offer spread betting?
• IC Markets vs CMC Markets
• Spread betting brokers by platform
• Broker comparisons