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Head to head
IC Markets or Axi? Fees, regulation, platform and product range compared side by side — with a verdict drawn from the data.
Risk warning: CFDs and leveraged products are complex instruments and come with a high risk of losing money rapidly. Investments can fall in value. Past performance is not an indicator of future results.
One of the cheapest routes to raw institutional FX pricing - as long as you check which entity you are signing with.
A 2007-vintage Australian FX broker that has quietly become one of the better all-round CFD platforms — if you check which entity you sign with.
Advertising disclosure: where a partnership is active, we may earn a commission through broker links. The provider’s terms apply. Commissions do not influence our ratings; paid placements are separately labelled as sponsored.
Four decision axes, each derived from the recorded data.
Overall IC Markets takes it, 4.2 against 3.9 out of 5. The two pricing models cannot be converted like for like; the fee rows in the table carry the detail. Axi scores 71 against 70 out of 100 on the group index. Your account's protection depends on its legal entity. IC Markets covers more ground with 9 of 14 asset classes against 8. On platform and app Axi is ahead, 4.3 against 4.1 out of 5. Which one is right depends on which of these axes matters for your trading profile.
AxiAxiAxiAxiAxiUp to four brokers at once — every row a decision point.
Data as of: 30 Aug 2026
| Criterion | ||
|---|---|---|
| Overall score | 4.2 — Better | 3.9 |
| Group index | 70 of 100 | 71 of 100 |
| Best for | Algorithmic and EA tradersScalping and high-frequency FXcTrader usersHigh-volume tradersCopy trading | Active FX and CFD tradersCopy-trading followers and signal providersTraders chasing funded capitalMulti-currency account holdersMetaTrader EA users |
| Regulation | ASICCySECFSCAFSASCBCMA | ASICFCADFSAFSA |
| Top-tier licences | 1 | 2 — Better |
| Investor protection | €20,000 | £85,000 — Better |
| Listed group | No | No |
| Banking licence | No | No |
| Segregated client accounts | Yes | Yes |
| Negative balance protection | Yes | Yes |
| Audited financials | Yes | No |
| Disclosed regulatory actions | 1 | 1 |
| Founded | 2007 | 2007 |
| Headquarters | Sydney, AU | Sydney, AU |
| Fees | 4.7 — Better | 4.1 |
| Safety & regulation | 3.9 — Better | 3.4 |
| Trading platform | 4.5 — Better | 4.2 |
| Product range | 3.7 — Better | 3.6 |
| Mobile app | 3.6 | 4.3 — Better |
| Research | 3.6 | 3.8 — Better |
| Customer support | 4.5 — Better | 4.2 |
| Deposit & withdrawal | 4.4 — Better | 4.3 |
| Account opening | 4.3 — Better | 4.2 |
| Education | 3.3 | 4.0 — Better |
| Reference order EUR 5,000 | 0.1 % (CFD) | €5.00 |
| Minimum deposit | €200 | US$100 — Better |
| Stocks (per order) | 0.1 % (CFD) | in the spread |
| US stocks | US$0.02/share (CFD) | n/a |
| ETFs | Not offered | in the spread |
| Options | Not offered | Not offered |
| Futures | in the spread | Not offered |
| Crypto | in the spread | in the spread |
| Bonds (order) | in the spread | n/a |
| Funds (order) | n/a | n/a |
| EUR/USD spread | 0.8 pips | 0.7 pips — Better |
| Index CFD spread | n/a | n/a |
| FX conversion | n/a | n/a |
| Inactivity fee | €10 · after 6 months | n/a |
| Custody fee | None | n/a |
| Withdrawal fee | free | free |
| Deposit fee | free | free |
| Overnight financing | n/a | n/a |
| Other fees |
|
|
| Asset classes (of 14) | 9 — Better | 8 |
| Exchanges | n/a | n/a |
| Stocks | Yes | Yes |
| ETFs | No | Yes |
| Options | No | No |
| Futures | Yes | No |
| Forex | Yes | Yes |
| CFDs | Yes | Yes |
| Crypto | Yes | Yes |
| Bonds | Yes | No |
| Funds | No | No |
| Commodities | Yes | Yes |
| Indices | Yes | Yes |
| Warrants | No | No |
| Spread betting | No | No |
| Social trading | Yes | Yes |
| Platforms | MetaTrader 4MetaTrader 5cTraderTradingViewIC Markets appFIX API | Axi Trading PlatformMetaTrader 4MetaTrader 5Axi Copy TradingAxi mobile apps |
| Demo account | Yes | Yes |
| Fractional shares | No | No |
| Maximum leverage | 1:30 · Pro 1:500 | 1:1000 |
| Account opening | Digital application, usually approved within one business day | Fully online with ID and proof-of-address upload; most accounts approved the same or next business day |
| Account types | Raw Spread (MT4/MT5)cTrader RawStandardRaw ProRaw Pro+Swap-free | StandardProEliteSwap-free (Islamic) |
| Payment methods | Bank transferSEPACredit cardDebit cardPayPalSkrillNetellerApple PayGoogle PayCrypto | Bank transferCredit cardDebit cardSkrillNetellerCrypto |
| Account currencies | EURUSDGBP | AUDCADCHFEURGBPHKDJPYNZDPLNSGD+1 |
| Deposit time | Instant to 12 hours on cards and e-wallets, 1-3 business days by bank transfer | Instant for cards and e-wallets; 1–3 business days for bank transfer. Local payment rails vary by region. |
| Withdrawal time | Same day to 1 business day on e-wallets and crypto, 2-5 business days by bank wire | Same-day processing on most methods; 1–3 business days to reach the account |
| Free withdrawals | n/a | n/a |
| Languages | EnglishGermanSpanishFrenchItalianPortugueseChineseVietnameseThaiArabic | EnglishGermanSpanishFrenchItalianPortuguesePolishArabicChineseThai+7 |
| Channels | PhoneEmailLive chat | Live chatEmailPhoneWhatsApp |
| Availability | 24/7 | 24/7 multilingual support, advertised across 17 languages |
Editorial assessment based on the recorded data.
IC Markets
One of the cheapest routes to raw institutional FX pricing - as long as you check which entity you are signing with.
Pros
Cons
Best for
Axi
A 2007-vintage Australian FX broker that has quietly become one of the better all-round CFD platforms — if you check which entity you sign with.
Pros
Cons
Best for
Open an account with either
A demo account costs nothing and answers the platform question in ten minutes.
Advertising disclosure: where a partnership is active, we may earn a commission through broker links. The provider’s terms apply. Commissions do not influence our ratings; paid placements are separately labelled as sponsored.
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