NextTrade is the new FSC Mauritius broker launched by the team behind FunderPro. IC Markets is one of the oldest ECN names in the business, licensed by ASIC, CySEC and FSA Seychelles. They fight over the same trader: the one who wants raw spreads, fast execution and MetaTrader.
This side by side is built on the specs each broker publishes as of April 2026. No spin, just what the trader actually gets on each side.
Quick verdict
If regulation and track record matter more than leverage, IC Markets wins comfortably. It has been around since 2007 and holds an ASIC AFSL, which is about as hard as retail broker licensing gets. NextTrade, launched in 2026 under FSC Mauritius, cannot match that on paper.
If you want higher leverage, a smaller minimum deposit or you already know the FunderPro team, NextTrade is the more flexible pick. It offers 1:1000 against IC Markets' 1:500 offshore cap, and its entry bar is half the size.
Spreads and commission
Both brokers publish 0.0 pip raw spreads on their premium accounts during London session, so the real comparison is the round turn cost.
- NextTrade Raw: $4 per lot round turn. VIP drops to $2 per lot round turn above a monthly volume threshold.
- IC Markets Raw Spread (MT4/MT5): $7 per lot round turn ($3.50 per side).
- IC Markets Raw (cTrader): $6 per lot round turn on $100k notional.
On pure cost, NextTrade is cheaper per trade. The gap widens further on the VIP tier if you scale. For a scalper running 100 round-turn lots a day, that is $200-$500 a month less in commission, which is not nothing.
Regulation and safety
IC Markets is authorised under ASIC (AFSL 335692), CySEC (362/18) and FSA Seychelles. The ASIC entity is the strongest of the three, with segregated client funds held at tier-one Australian banks and formal reporting obligations.
NextTrade operates under a single FSC Mauritius licence (GB25204563). Mauritius is a legitimate offshore jurisdiction but enforcement and investor compensation sit below tier-one standards. There is no client-funds guarantee scheme behind it.
For traders who prioritise regulator quality, this is where IC Markets pulls ahead and it is not close.
Leverage and account sizing
NextTrade offers up to 1:1000 leverage on its offshore entity. That is high even by offshore standards. IC Markets caps at 1:500 offshore and 1:30 in EU and Australia.
Minimum deposit is $100 at NextTrade versus $200 at IC Markets. For traders opening a first live account after prop firm challenges, a lower entry bar matters.
Platforms and execution
IC Markets supports MetaTrader 4, MetaTrader 5 and cTrader. That choice is one of its selling points, especially for cTrader users who want depth of market and proper ECN order routing.
NextTrade is MT5 only at launch. If you rely on MT4 expert advisors that never migrated, or you prefer cTrader, NextTrade will not suit you until the platform list grows.
Instruments
IC Markets covers forex, share CFDs, indices, commodities, crypto, bonds and futures CFDs. NextTrade focuses on forex, indices, metals and energies at launch. If you trade single-name equity CFDs or bonds, IC Markets is the only option of the two.
Deposits and withdrawals
Both accept card, bank wire and crypto. NextTrade also lists alternative payment methods through its processor partners. IC Markets supports PayPal, which NextTrade does not.
Processing speed is broadly similar on card and crypto. Bank wire at IC Markets can be slower outside the AUD corridor.
Who should pick which
Pick IC Markets if you want ASIC protection, cTrader, share CFDs or a ten-plus year track record. Pick NextTrade if you want lower commission per lot, higher leverage, lower entry bar or you specifically want to trade with the FunderPro team on a live account after their prop firm.
FAQ
Is NextTrade regulated?
NextTrade holds a single licence with the Financial Services Commission of Mauritius, licence GB25204563. It is not authorised by the FCA, ASIC or CySEC.
Is IC Markets safer than NextTrade?
On regulator tier, yes. IC Markets holds an ASIC AFSL, which enforces segregated client funds and formal reporting. NextTrade operates under FSC Mauritius only, which is a weaker investor protection regime.
Which has lower commission per trade?
NextTrade. Its Raw account is $4 per lot round turn and the VIP tier drops to $2 per lot round turn. IC Markets Raw is $7 per lot round turn on MT4 or MT5.
Does NextTrade support MT4 or cTrader?
No. NextTrade is MetaTrader 5 only at launch. IC Markets supports MT4, MT5 and cTrader.
What is the minimum deposit at each?
NextTrade is $100. IC Markets is $200. Both accept card, bank wire and crypto funding.
Which has higher leverage?
NextTrade at 1:1000 offshore. IC Markets caps at 1:500 offshore and 1:30 for EU or Australian retail clients.