FXCC and IC Markets both advertise raw ECN pricing and both target the global forex market. On headline features they look similar. The reality once you account for all-in cost, regulation and platform choice is that they are very different products aimed at different clients. This article walks through each axis so you can pick the one that actually fits.
Regulation
IC Markets is regulated under ASIC (AFSL 335692) for Australian clients, CySEC (362/18) for EU clients, FSA Seychelles (SD018) for international clients and SCB Bahamas for certain other regions. ASIC is a tier-1 regulator with strong retail rules. CySEC is a tier-2 regulator with the Investor Compensation Fund (up to 20,000 EUR).
FXCC operates through Central Clearing Ltd under Mwali MISA (BFX2024085) for the main www.fxcc.com global retail offering, and through FX Central Clearing Ltd under CySEC (121/10) on the separate www.fxcc.eu site for EEA residents. The Mwali MISA licence is offshore and softer than ASIC or CySEC.
Edge: IC Markets. ASIC and CySEC cover is stronger than Mwali MISA for most international clients.
Account types and minimums
IC Markets runs three account types: Standard (zero commission, spreads from 0.8 pips, $200 minimum), Raw Spread (spreads from 0.0 pips, $7 commission per round-turn lot, $200 minimum) and cTrader Raw (same pricing, on cTrader). All three have the same $200 minimum.
FXCC runs one main retail account: ECN XL with spreads from 0.0 pips, zero commission and a $1 minimum.
Edge: FXCC on minimum deposit. IC Markets on account choice.
Real all-in cost per trade
This is where the comparison gets interesting.
IC Markets Raw Spread on EUR/USD: typical live spread 0.1 pips, plus $7 commission per round-turn lot. All-in cost: $1 (spread) + $7 (commission) = $8 per round-turn standard lot.
FXCC ECN XL on EUR/USD: spread advertised from 0.0 pips with zero commission. The typical executed spread is what matters. Without live comparison, the cost is indeterminate. If FXCC executes at 0.5 pips average during a live London session while IC Markets raw executes at 0.1 pips, then FXCC all-in cost is $5 (spread only, no commission) versus IC Markets $8. In that scenario FXCC is cheaper. If FXCC executes at 1.0 pips average while IC Markets is at 0.1 pips, then FXCC all-in cost is $10 versus IC Markets $8 and IC Markets wins.
The honest answer: demo both brokers side by side during the same London session. FXCC's cost advantage is real for small accounts when executed spreads hold at 0.5 pips or below. IC Markets typically wins for high-volume traders because the tight raw spread plus commission model is more consistent across market conditions.
Edge: Depends on executed spread. IC Markets is the safer assumption for high-volume traders.
Platforms
IC Markets supports MT4, MT5 and cTrader. cTrader is the main differentiator: it offers transparent depth of market, better order types, cleaner charting and a more modern feel than MT4 or MT5.
FXCC supports MT4 and MT5. No cTrader.
Edge: IC Markets.
Instrument coverage
IC Markets offers forex, indices, commodities, metals, crypto CFDs, bonds and individual stock CFDs (over 2,000 stocks on MT5). FXCC covers forex, metals, indices and crypto CFDs with a narrower overall range.
Edge: IC Markets.
Scale and track record
IC Markets is one of the largest retail forex brokers globally, with daily volumes reportedly above $29 billion and a client base in the hundreds of thousands. FXCC is significantly smaller with lower daily turnover and fewer clients.
Edge: IC Markets.
Minimum deposit friction
If you are opening an account with $50 or $100 and you need an ECN-style product, FXCC is the only option between the two. IC Markets Raw Spread requires $200 minimum. FXCC requires $1. For small accounts this is a real edge.
Edge: FXCC.
The verdict
IC Markets is the better broker on nearly every measurable axis except minimum deposit. Stronger regulation, wider instrument coverage, cTrader support, larger scale and more predictable all-in cost on the Raw Spread account.
FXCC wins in two specific scenarios: very small accounts that cannot meet the $200 IC Markets minimum, and EEA residents who specifically want the CySEC entity at www.fxcc.eu with a $1 minimum. For every other profile, IC Markets is the stronger choice.
Frequently Asked Questions
Is IC Markets cheaper than FXCC?
On raw spread accounts, cost depends on the executed spread during your typical trading sessions. IC Markets Raw Spread costs around $8 per round-turn lot on EUR/USD (0.1 pip plus $7 commission). FXCC ECN XL cost depends on how much markup is embedded in the spread. Demo both during the same London session to compare real executed costs.
Does FXCC offer cTrader?
No. FXCC supports MT4 and MT5 only. Traders who want cTrader should look at IC Markets, Pepperstone or Axi instead.
Which has better regulation, FXCC or IC Markets?
IC Markets. It holds ASIC Australia, CySEC Cyprus, FSA Seychelles and SCB Bahamas licences. FXCC's main global retail brand (www.fxcc.com) operates under Mwali MISA, which is softer than ASIC or CySEC. FXCC's EEA site (www.fxcc.eu) still uses the original CySEC licence.
What is the minimum deposit for each broker?
IC Markets Raw Spread requires $200 minimum. FXCC ECN XL requires $1 minimum. For small accounts, FXCC is the only option between the two.
Which broker is better for expert advisors?
Both support expert advisors on MT4 and MT5. IC Markets has the edge because cTrader is also available for traders who want a more modern platform, and the larger scale means tighter and more consistent execution during volatile sessions.