LMAX
IC Markets
LMAX vs IC Markets
A detailed side-by-side comparison based on our hands-on testing across 8 scoring categories.
LMAX and IC Markets are both popular choices for forex and CFD traders, but they cater to different needs and experience levels. LMAX, founded in 2010 and headquartered in London, UK, is regulated by FCA and offers spreads starting from 0.0 pips with a minimum deposit of $1000. IC Markets, established in 2007 in Sydney, Australia, holds licenses from ASIC, CySEC, FSA with spreads from 0.0 pips and a $200 minimum deposit. In our hands-on testing across 8 scoring categories, LMAX scored 8.8/10 overall compared to IC Markets's 8.8/10, making it the stronger pick for most traders. That said, IC Markets holds its own with lower trading costs and better trading platforms, so your ideal broker depends on what you prioritize in a trading partner.
Key Differences at a Glance
- 📊
LMAX scores 8.8/10 overall vs 8.8/10 for IC Markets — a 0.0-point difference.
- 💵
IC Markets requires just $200 to start, while LMAX needs $1000 — IC Markets is 5x more accessible.
- 📈
IC Markets offers 2,200+ instruments vs 100+ at LMAX — a massive gap in market coverage.
- 🖥️
LMAX runs on LMAX Global, while IC Markets uses MT4, MT5, cTrader — different ecosystems for different trading styles.
- ⚡
The biggest gap is in Product Range: IC Markets scores 8.5 vs 6.5 for LMAX — a 2.0-point difference.
Our Verdict
LMAX
Score: 8.8/10 · Wins 1 categories- Top-tier regulation and fund safety are your priority
- You prefer LMAX's trading environment overall
IC Markets
Score: 8.8/10 · Wins 5 categories- You want lower spreads and trading fees
- You're a beginner who values learning resources
- You need advanced trading platforms and tools
- You want access to a wider range of instruments
LMAX takes the lead with an overall score of 8.8/10 compared to 8.8/10, winning in 1 out of 8 scoring categories. LMAX stands out for stronger regulation, while IC Markets fights back with lower trading costs and better trading platforms.
Detailed Verdict
After testing both brokers with real accounts, LMAX comes out ahead with a 8.8/10 overall rating, winning 1 out of 8 categories. Its strongest area is Regulation & Trust where it scores 9.5/10. LMAX holds Tier 1 regulation, meaning your funds benefit from top-level investor protection including segregated accounts and compensation schemes. IC Markets is not without merit — it scores 8.8/10 overall and excels in Trading Costs (9.5/10), winning 5 categories. Traders who value lower trading costs or better trading platforms may find IC Markets the better fit. For a complete breakdown, read our full LMAX review and IC Markets review — both include account opening walkthroughs, platform screenshots, and withdrawal test results.
Score Breakdown
IC Markets wins by 0.5 points
IC Markets wins by 1.0 points
LMAX wins by 0.5 points
IC Markets wins by 1.0 points
IC Markets wins by 1.5 points
IC Markets wins by 2.0 points
Full Feature Comparison
| Feature | ||
|---|---|---|
| Overall Score | 8.8/10 ✓ | 8.8/10 ✓ |
| Min Deposit Lower is better | $1000 | $200 ✓ |
| Max Leverage | 1:100 | 1:500 |
| Spreads From | 0.0 pips | 0.0 pips |
| Platforms | LMAX Global | MT4, MT5, cTrader |
| Regulation | FCA | ASIC, CySEC, FSA |
| Founded Older track record highlighted | 2010 | 2007 ✓ |
| Markets | 100+ | 2,200+ ✓ |
Fees & Costs
When it comes to trading costs, IC Markets has the edge with a score of 9.5/10 versus 9/10 for LMAX. LMAX offers spreads starting from 0.0 pips, while IC Markets starts from 0.0 pips. The minimum deposit at LMAX is $1000, compared to $200 at IC Markets. Both brokers operate primarily on a spread-based pricing model, though actual costs vary by account type and instrument. For high-volume traders, even small spread differences add up significantly over time, making this an important category to weigh carefully.
Trading Platforms
IC Markets scores 9/10 for platforms compared to 8/10 for LMAX. LMAX provides LMAX Global, while IC Markets offers MT4, MT5, cTrader. The choice of platform affects your charting, order execution speed, and available technical indicators. Traders who rely on MetaTrader's algorithmic trading capabilities should check which MT4/MT5 features each broker supports, including custom indicators and expert advisors.
Regulation & Safety
Regulation is crucial for fund safety. LMAX is regulated by FCA (Tier 1), while IC Markets holds licenses from ASIC, CySEC, FSA (Tier 1). LMAX scores 9.5/10 and IC Markets scores 9/10 in this category. Tier 1 regulators like FCA, ASIC, and CySEC offer the strongest investor protection, including segregated client funds and compensation schemes. Always verify your broker's specific license for your jurisdiction before opening an account.
Education & Research
For learning resources, IC Markets leads with 7/10 compared to 6/10. Quality education materials can shorten your learning curve significantly. Look for brokers offering structured courses, live webinars, and practice demo accounts. LMAX and IC Markets both provide demo accounts for risk-free practice, but the depth of educational content varies. Beginners should prioritize this category when choosing between the two.
Customer Support
LMAX offers 24/5 Email, Phone and scores 8/10, while IC Markets provides 24/7 Live Chat, Email, Phone with a score of 8/10. Reliable support becomes critical during market volatility or when you encounter account issues. Look for brokers with 24/5 or 24/7 availability, multiple contact channels, and support in your preferred language.
Deposit & Withdrawal
LMAX scores 7/10 for deposits and withdrawals, while IC Markets scores 8.5/10. LMAX accepts Bank Transfer, and IC Markets supports Bank Transfer, Credit Card, PayPal, Skrill, Neteller, UnionPay. Processing times, fees, and available currencies vary. LMAX requires a minimum deposit of $1000 versus $200 for IC Markets. Always check withdrawal conditions and any potential fees before funding your account.
Which Broker Is Right for You?
Choose LMAX if you...
- Top-tier regulation and fund safety are your priority
- You prefer LMAX's trading environment overall
Choose IC Markets if you...
- You want lower spreads and trading fees
- You're a beginner who values learning resources
- You need advanced trading platforms and tools
- You want access to a wider range of instruments
🗳️ Which Broker Do You Prefer?
Cast your vote — see what other traders think
Frequently Asked Questions
Is LMAX better than IC Markets?
LMAX scores higher overall (8.8/10 vs 8.8/10), winning 1 of 8 categories. However, IC Markets is stronger in lower trading costs and better trading platforms. The best choice depends on what matters most to your trading style.
Which has lower fees, LMAX or IC Markets?
IC Markets scores higher for trading costs. LMAX offers spreads from 0.0 pips with a $1000 minimum deposit, while IC Markets starts from 0.0 pips with $200 minimum. Actual trading costs depend on your instrument, volume, and account type.
Is LMAX safe to trade with?
LMAX is regulated by FCA and scores 9.5/10 for regulation. IC Markets is regulated by ASIC, CySEC, FSA with a score of 9/10. Both hold recognized licenses, but verify the specific entity covering your region.
Which has better trading platforms, LMAX or IC Markets?
IC Markets scores 9/10 for platforms. LMAX offers LMAX Global, while IC Markets provides MT4, MT5, cTrader. Your ideal platform depends on whether you prefer proprietary tools, MetaTrader, or third-party solutions.
What's the minimum deposit for LMAX vs IC Markets?
LMAX requires a minimum deposit of $1000, while IC Markets requires $200. IC Markets has the lower entry barrier, making it more accessible for beginners or those testing with smaller amounts.
Ready to Start Trading?
Open a free account with either broker and start trading today.