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Head to head

IC Markets vs Orbex

IC Markets is licensed by ASIC in Australia, CySEC in the European Union and SCB in The Bahamas, and also has an offshore registration. Orbex is licensed by FSC Mauritius in Mauritius (international clients), and also has an offshore registration. The licence that applies to you depends on where you live, so check which company you would contract with before comparing anything else.

Minimum deposits start at $0 at IC Markets and $100 at Orbex. Only Orbex offers negative balance protection. Both offer segregated client money.

Facts last checked: IC Markets on 20 October 2026, Orbex on 20 October 2026.

IC Markets profileOrbex profile
Broker 1
Broker 2
Broker 3

Monthly cost uses the account chosen in each slot: cost per lot × your lots. Swap and other fees are extra. The lowest monthly cost is highlighted only as a fact about cost, not as a recommendation.

Broker
IC MarketsStrictly regulatedRead the profile
OrbexRegulatedRead the profile
Comparing
IC MarketsRaw Spread (MetaTrader) account · Australia
OrbexMauritius (international clients)

Overview

Founded
Not yet checked
2011
Headquarters
Sydney, Australia
Ebène, Mauritius
Official websites
  • icmarkets.com
  • icmarkets.sc
  • icmarkets.eu
  • icmarkets.com.au
  • icmarkets.bs
  • ic.com
  • orbex.com
Facts last checked
20 October 2026
20 October 2026

Regulation and protection

Company you would contract with
International Capital Markets Pty Ltd
Orbex Global Ltd
Regulator
ASIC
Australia
FSC Mauritius
Mauritius (international clients)
Regulation level
Strictly regulated
Regulated
Licence number
AFSL 335692
Check the register
C118023330 (SEC-2.1B Investment Dealer)
Check the register
Clients this company serves
Australian residents
International clients; Orbex's trading terms name Orbex Global Limited as the counterparty
All licences held
  • ASIC (Australia)
  • CySEC (European Union)
  • SCB (The Bahamas)
  • FSA Seychelles (Seychelles)
  • FSC Mauritius (Mauritius (international clients))
  • FSA Seychelles (Seychelles (international clients))
Segregated client money
Yes
Yes
Negative balance protection
No
Yes
Compensation scheme
ICF up to €20,000 (IC Markets EU only); none for the Seychelles or Bahamas companies
None

Costs

Your monthly cost
$80$8 per lot × 10 lots
No accounts listed
Cost per lot (EUR/USD)
$8
No accounts listed
Spread from
0.0 pips
No accounts listed
Typical EUR/USD spread
0.1 pips
No accounts listed
Commission per lot (round turn)
$7
No accounts listed
Typical GBP/USD spread
Not yet checked
Not yet checked
Typical USD/JPY spread
Not yet checked
Not yet checked
Typical XAU/USD spread
Not yet checked
Not yet checked
Swap-free account
Yes
Yes

Leverage and margin

Maximum retail leverage
1:30 (EU, Australia); up to 1:5000 at the Seychelles company
Up to 1:500 (1:30 by default when the account is opened)
Retail leverage by asset class
  • Major currency pairs (EU and Australian retail): 1:30
  • All account types (Seychelles company): Up to 1:5000
  • All CFDs, up to 19.99 lots open: Up to 1:500
  • All CFDs, 20 to 39.99 lots open: 1:300
  • All CFDs, 40 lots or more open: 1:100
Margin call level
Not yet checked
100%
Stop-out level
50%
20%

Account

Minimum deposit (this account)
$0
No accounts listed
Base currencies
AUD, USD, EUR, GBP, SGD, JPY, CHF, NZD, CAD, HKD
No accounts listed
Execution
Raw spread plus $3.50 per lot per side
No accounts listed

Platforms and features

Platforms
  • MetaTrader 4
  • MetaTrader 5
  • cTrader
  • TradingView
  • Web platform
  • MetaTrader 4
  • MetaTrader 5
  • MT4 and MT5 web terminals
  • Orbex mobile app
  • FIX API
Markets
Forex, commodities, indices, metals, bonds, share CFDs and crypto CFDs (2,250 instruments on MetaTrader)
400+ CFDs on forex, stocks, metals, indices, energies and futures
Demo account
Yes
Yes
Copy trading
Not yet checked
Yes
Expert advisors (automated trading)
Yes
Yes
News trading allowed
Not yet checked
Yes
Guaranteed stops
Not yet checked
Not yet checked

Deposits and withdrawals

Deposit methods
  • Credit card
  • Debit card
  • PayPal
  • Neteller
  • Skrill
  • Bank transfer
  • Cryptocurrency
  • UnionPay
  • Broker to broker transfer
  • Visa
  • Mastercard
  • Skrill
  • Neteller
  • Perfect Money
  • UnionPay
  • Bank wire
  • Local payment methods
Withdrawal fee
Not yet checked
0% from Orbex on cards and e-wallets listed on its funding page
Inactivity fee
Not yet checked
Not yet checked

Support

Customer support
24 hours a day, Monday to Sunday
24/5 live chat, email and phone, plus call-back requests

Our notes

Strengths
  • Australian and EU companies licensed by strict regulators (ASIC and CySEC)
  • Published average EUR/USD spread of 0.1 pips on the Raw Spread account, with commission set out per currency
  • Client money held in segregated accounts, according to each IC company
  • Wide platform choice, including cTrader and TradingView
  • Orbex Global Ltd is on the FSC Mauritius register as an investment dealer (SEC-2.1B), licensed since 7 January 2019
  • Says client money is held separately from company money and offers negative balance protection on all accounts
  • Commission-free Starter account from $100, and raw-spread accounts with a published per-lot commission
  • MetaTrader 4 and 5, a FIX API and PAMM accounts
Watch out for
  • International clients join Raw Trading Ltd, regulated only in Seychelles (offshore), where leverage goes up to 1:5000
  • The Seychelles company's risk warning says losses may exceed the amount you deposit
  • The Standard account's typical spread is not published (it quotes "from 0.8 pips")
  • Brand changing from IC Markets to IC, with several regional domains; check you are on one listed here
  • Its CySEC licence (124/10, ORBEX Ltd) is shown on the CySEC register as under examination for voluntary renunciation, so new clients are not covered by EU rules or the Cyprus compensation fund, even though the website still mentions the ICF
  • The website names several operating companies (Orbex Global Ltd in Mauritius, Orbex Limited in Seychelles, an Orbex Limited registered in Saint Lucia and Orbex LLC in St Vincent); check which one is named in your agreement
  • Leverage up to 1:500, far above the 1:30 cap that applies in the UK and EU
  • The spreads it publishes are minimums ("as low as"); typical spreads are not published

Risk warnings

The buttons to a broker’s website above the table are partner links: we may earn a commission if you open an account through them. That never changes the facts shown here. Trading leveraged products such as forex and CFDs carries a high risk of losing money rapidly, and most retail accounts lose money. Each broker’s own warning:

  • IC Markets: Risk Warning: Trading in securities involves significant risk. Prices may fluctuate and securities can become entirely valueless. You may incur losses that exceed your potential profits, and in some cases, losses may exceed the amount you have deposited. Securities, futures, options, and contracts for differences are complex financial instruments and are not suitable for all investors. Engaging in such transactions requires a sound understanding of the associated risks. Please read and ensure you fully understand our Risk Disclosure.
  • Orbex: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange, you should carefully consider your investment objectives, level of experience, and risk appetite. There is a possibility that you may sustain a loss of some or all of your investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

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Other head-to-head pages

Cost per lot is the typical EUR/USD spread in busy hours × $10, plus any round-turn commission, for one standard lot. “Not yet checked” means we have not confirmed that fact yet. This page compares facts; it does not rank the brokers or recommend either. Confirm costs and licences on each broker’s site and the regulator’s public register before opening an account: see how we review brokers and check a broker yourself.

Nothing on this page is financial advice. Read the full disclaimer.

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