IC Markets vs Mitrade: which broker is better in 2026?

We compare IC Markets and Mitrade — two forex & CFD brokers — side by side across regulation, fees, platforms, minimum deposit, and our editorial scores. Based on our overall editorial score, IC Markets edges ahead (4.1/5), but the right choice depends on what matters most to you — check the breakdown below.

Side-by-side comparison

CriteriaIC MarketsMitrade

Overall score 4.1 3.6

Regulation & safety 3.5 3.5

Fees & deposit 4.5 4.0

Platform & assets 4.5 3.5

User support 4.0 3.5

Trust score80/10072/100

Minimum depositVaries by account type — check the official siteVaries by account type — check the official site

Demo accountAvailableAvailable

PlatformsMetaTrader 4, MetaTrader 5, cTrader, TradingView, WebTrader, IC Mobile AppProprietary web platform, iOS/Android mobile app

Fee modelSeveral account types (Raw Spread, Standard, Raw Pro/Pro+, cTrader Raw Spread, Swap Free) — the fee structure per account type has not been verified in detailCommission-free, spread-only pricing (plus overnight funding on leveraged positions) — exact spreads not yet verified in detail

Pros & cons

IC Markets

One of the most popular raw-spread ECN brokers for scalping/algo trading (very low costs)
Very complete platform selection (MT4/MT5/cTrader/TradingView)
Regulated by ASIC (Australia) + CySEC for certain entities

A class-action record (reported since 2024) alleging it misled investors — no verdict yet, but a relevant public fact
Many clients via offshore entities (Seychelles/Bahamas)
Leverage is high-risk

Mitrade

Multi-jurisdiction licensing (ASIC Australia, CySEC Cyprus, FSCA South Africa) with an easy, beginner-friendly proprietary platform
Commission-free spread-only pricing; Australian platform reportedly carries a Lloyd's of London excess-of-loss insurance policy (capped at AUD 1,000,000 for qualifying claims on insolvency)
Wide CFD coverage (forex, indices, commodities, crypto, ETFs, shares) on web + mobile, with demo accounts and modern payment options (Apple Pay/Google Pay in AU)

Regulatory history includes a 2023 ASIC interim stop order (later revoked) and a 2024 Philippines SEC advisory — worth reading before depositing
Own platform only — no MetaTrader 4/5 or cTrader for advanced/algorithmic traders
Leveraged CFDs are high-risk, and the UAE licence covers promotion only, not brokerage — entity coverage varies a lot by country

Regulation at a glance

IC Markets

Exact license numbers not yet verified — the official site mentions multi-regulation but the detailed regulation page was inaccessible during our check. Verify directly with the regulator (ASIC, CySEC, or the Seychelles FSA depending on the entity) before signing up.

Mitrade

Operates through separate entities per region: Mitrade Global Pty Ltd (Australia) under ASIC; MiTrade EU Limited (Cyprus) under CySEC (licence 438/23, since 9 October 2023); a Financial Sector Conduct Authority (FSCA) entity in South Africa via the 2025 acquisition of Fridah Asset Managers (to be renamed Mitrade Markets Pty Ltd); plus a 2026 UAE Capital Markets Authority Category 5 licence limited to introduction/promotion only (NOT brokerage). Which entity serves you — and its protections — depends on your country. Verify directly with the relevant regulator before signing up.