IC Markets vs Tickmill: raw spreads & commission compared

Both IC Markets and Tickmill have built strong reputations as true ECN brokers, offering raw spreads from 0.0 pips and charging separate commissions. For volume traders in Asia who care about all-in cost per lot, the choice between these two isn't obvious. IC Markets launched in 2007, holds ASIC, CySEC, and FSA licenses, and targets Australian and Hong Kong traders. Tickmill came later in 2014, holds FCA, CySEC, FSA, FSCA, and LFSA licenses, and markets heavily across the UK, UAE, and Southeast Asia.

The key difference is structural. IC Markets requires a $200 minimum deposit and spreads its pricing across three account types. Tickmill asks for $100 and splits its offering between low-cost accounts and commission-free Standard tiers. Both brokers claim institutional-grade execution, but commission schedules, platform support, and regional licensing vary enough to matter when you're trading 10+ lots per day.

Raw spread account structures

IC Markets offers the Raw Spread account with spreads from 0.0 pips on EUR/USD and a commission of $3.50 per side (so $7 round-turn per standard lot). Tickmill's Pro account also starts at 0.0 pips and charges $2 per side ($4 round-turn per lot). On paper, Tickmill's all-in cost looks cheaper by $3 per lot, which adds up quickly if you're doing 50 lots per week.

IC Markets supports MT4, MT5, and cTrader across all accounts. Tickmill offers MT4 and MT5 but no cTrader. If you're a cTrader user who wants Level II pricing and DOM execution, IC Markets is the only choice in this pair. Both brokers provide swap-free Islamic accounts, which matters for traders in Malaysia, Indonesia, and the UAE who need Sharia-compliant structures.

Minimum deposits differ. IC Markets wants $200 to open any account type, while Tickmill's Pro account starts at $100. That $100 gap won't matter to a trader with $5,000 in capital, but it's meaningful if you're testing a broker with a smaller allocation or coming from a low-deposit broker and stepping up to raw spreads for the first time.

All-in cost breakdown per lot

When you compare EUR/USD during the London session, IC Markets typically shows a raw spread of 0.1 pips plus the $7 commission, giving you an all-in cost of around 0.8 pips per lot. Tickmill's 0.1 pip spread plus $4 commission works out to roughly 0.5 pips per lot. That's a 0.3-pip advantage for Tickmill on the same pair at the same time.

The gap widens on lower-volume pairs. GBP/JPY raw spreads might sit at 0.4 pips on IC Markets and 0.5 pips on Tickmill during peak hours, but once you add commissions, IC Markets lands at 1.1 pips all-in while Tickmill comes in at 0.9 pips. The commission difference is more pronounced than the spread difference.

Here's a quick comparison of typical all-in costs during London hours:

If you trade 100 lots per month on EUR/USD, Tickmill saves you roughly $300 in commission costs compared to IC Markets. That's enough to cover a VPS subscription and still pocket a bit extra.

Execution quality and server locations

IC Markets operates Equinix NY4 and LD4 servers, which puts execution within single-digit milliseconds of tier-one liquidity providers. The broker advertises average execution speeds below 40 milliseconds and claims to process over 90% of orders in under 20ms. Tickmill uses Equinix LD4 and LD5 in London, plus data centers in Singapore for Asian clients, with similar sub-50ms average execution times.

For traders in Hong Kong, Singapore, or Australia, IC Markets' ASIC regulation and Sydney-based entity offer a cleaner regulatory route. Tickmill's FSA (Seychelles) entity serves most of Asia, which is offshore but well-regarded. If you're in Vietnam, Thailand, or Malaysia, both brokers accept you, but IC Markets explicitly flags strength in Australia and Hong Kong while Tickmill lists the UK, UAE, Vietnam, Thailand, Indonesia, and Malaysia as core markets.

Slippage on stop-loss and limit orders is where ECN routing shows up. IC Markets routes orders to 20+ liquidity providers, including investment banks and non-bank market makers. Tickmill claims a similar pool but doesn't publish the list. In practice, both brokers show minimal slippage during normal hours. Volatile news events (NFP, central bank rate decisions) will trigger slippage on both, but neither broker has a pattern of excessive requotes or order rejections.

Platform choice and tools

IC Markets' cTrader support is a major differentiator. If you scalp using DOM, want one-click order modification, or prefer cTrader's cleaner charting over MetaTrader, IC Markets is the only option. Tickmill's lack of cTrader forces you onto MT4 or MT5, which are perfectly capable but don't offer the same depth-of-market interface or order-panel speed.

Both brokers support MT4 and MT5 with full EA compatibility, VPS hosting options, and no restrictions on hedging or news trading. IC Markets provides a free VPS if you deposit $5,000 or trade 30 lots per month. Tickmill offers VPS discounts through third-party providers but doesn't include free hosting in its standard packages.

Mobile apps are solid on both sides. IC Markets uses the standard MetaTrader mobile apps plus cTrader Mobile. Tickmill relies on MT4/MT5 mobile. Neither broker has built a proprietary mobile app, so your experience depends on how comfortable you are with MetaTrader's mobile interface.

Regulation and fund safety

IC Markets holds ASIC (Australia), CySEC (Cyprus), and FSA (Seychelles) licenses. ASIC is a Tier-1 regulator with strict capital requirements and segregated client funds. CySEC offers €20,000 investor compensation under the ICF scheme. The FSA entity serves offshore clients who can't access ASIC or CySEC.

Tickmill is regulated by FCA (UK), CySEC (Cyprus), FSA (Seychelles), FSCA (South Africa), and LFSA (Labuan). The FCA license is top-tier, offering up to £85,000 protection under the FSCS for UK clients. CySEC adds €20,000 coverage. If you're outside the UK or EU, you'll be onboarded under FSA or FSCA, which have lower compensation caps but still require segregated funds.

For Asian traders, neither broker offers local regulation in Vietnam, Thailand, or Indonesia. Both operate under offshore entities (FSA for most of Asia), so your regulatory protection is similar. If you're in Australia, IC Markets' ASIC entity is the stronger choice. If you're in the UAE or South Africa, Tickmill's FSCA and ADGM-adjacent marketing give it a slight edge in perceived local presence.

Deposit and withdrawal options for Asia

IC Markets accepts Skrill, Neteller, credit/debit cards, bank wire, and a handful of local payment methods. Processing times are typically same-day for e-wallets, 1-2 days for cards, and 2-5 days for wire transfers. The broker doesn't charge deposit or withdrawal fees on its side, but intermediary banks may deduct wire fees.

Tickmill supports similar methods (Skrill, Neteller, cards, wire) and adds UnionPay for Chinese-speaking markets. Withdrawal times are comparable, same-day for e-wallets, 1-3 days for cards. Tickmill also waives internal fees, though again, banks may charge for wire withdrawals.

Neither broker supports UPI or local Indonesian/Filipino e-wallets like GCash or OVO. If you rely on UPI in India or GCash in the Philippines, you'll need to use Skrill or Neteller as an intermediary, which adds a conversion step. Exness and XM offer more direct local payment rails in these markets, so if deposit convenience is paramount, those brokers may fit better.

Which broker suits volume traders in Asia?

If you're trading 50+ lots per month, Tickmill's $4 round-turn commission saves you meaningful money compared to IC Markets' $7. Over a year, that's $3,600 in commission savings on 100 lots per month. The spreads are close enough that commission is the deciding factor for high-volume traders.

IC Markets makes sense if you use cTrader, need ASIC regulation, or trade from Australia or Hong Kong where local entity access matters. The broker's Trustpilot score of 4.8 out of 5 from 56,094 reviews shows consistent execution and support quality. Tickmill doesn't have enough Trustpilot reviews to compare directly, but its multi-regulator setup (FCA, CySEC, FSCA) and lower commission structure appeal to cost-focused traders in the UK, UAE, and Southeast Asia.

For swap-free accounts, both brokers offer Islamic options with no overnight rollover fees. IC Markets applies a slightly wider spread on swap-free accounts, while Tickmill uses an admin fee model on some pairs. If you hold positions overnight regularly, ask each broker's support team for the exact swap-free terms on your most-traded pairs before opening an account.

Other brokers worth comparing

If all-in cost is your top priority, Exness offers a Zero account with spreads from 0.0 pips and commissions as low as $3.50 per lot (matching IC Markets) but with a $10 minimum deposit and stronger local payment support across India, Pakistan, and Southeast Asia. Exness holds CySEC, FSCA, and FSA licenses and scores 4.7 out of 5 on Trustpilot from 31,230 reviews.

FP Markets provides a Raw account starting at 0.0 pips with similar commission structures and supports MT4, MT5, cTrader, and Iress. The broker is regulated by ASIC, CySEC, and FSA, requires a $100 minimum deposit, and scores 4.8 out of 5 on Trustpilot from 10,285 reviews. It's a strong alternative if you want cTrader at a lower entry cost than IC Markets.

Vantage runs a Raw ECN account with spreads from 0.0 pips and holds ASIC, FCA, CIMA, and VFSC licenses. The broker requires a $50 minimum deposit, supports MT4, MT5, and cTrader, and scores 4.4 out of 5 on Trustpilot from 14,726 reviews. Vantage has a growing presence in Vietnam, Thailand, the Philippines, Malaysia, and the UAE, with swap-free Islamic accounts available.

If you're starting out and want to test raw spreads with a smaller deposit, compare brokers side-by-side to see which combination of commission, platform, and local deposit methods fits your workflow. Both IC Markets and Tickmill sit in the upper tier of ECN pricing, but neither is the cheapest option available in 2026.

Bottom line

Tickmill wins on all-in cost per lot if you're trading standard pairs during peak hours. IC Markets wins on platform choice if you need cTrader, ASIC regulation if you're in Australia, and institutional-grade execution if you're willing to pay an extra $3 per lot for perceived liquidity depth. Both brokers execute cleanly, both offer swap-free Islamic accounts, and both have solid multi-regulator setups.

Calculate your monthly volume, multiply by the commission difference, and see whether $300 per 100 lots is meaningful to your P&L. If it is, open a Tickmill Pro account and run a side-by-side test with your current broker. If cTrader matters more than commission, IC Markets is the straightforward pick.

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