Spec Markets vs IC Markets: Which Broker Is Right for You?
Compare Spec Markets and IC Markets to find the right broker for your trading style, covering spreads, leverage, platforms, and account types.
Compare Spec Markets and IC Markets to find the right broker for your trading style, covering spreads, leverage, platforms, and account types.
#spec-markets-vs-ic-markets
When you're ready to commit to a broker, the comparison stage matters. You're not browsing anymore — you're deciding. And if you've landed here, you're likely weighing Spec Markets against IC Markets, two brokers that compete in the same space: tight spreads, raw pricing, and serious trading infrastructure.
IC Markets has been around since 2007 and built a strong reputation, particularly among forex and CFD traders who care about execution quality. Spec Markets is the newer, growth-focused challenger — purpose-built for traders who want competitive conditions, high leverage, and a platform that doesn't get in the way.
This comparison covers what actually moves the needle: spreads, commissions, leverage, account types, platforms, and what kind of trader each broker serves best. No filler, no vague "it depends" answers — just a clear breakdown so you can make the right call.
Spec Markets is a CFD broker offering trading across forex, indices, commodities, metals, and cryptocurrencies. The platform runs on MetaTrader 5 (MT5) and offers two core account types: the Raw Zero account and the Pure Spread account. Leverage goes up to 1000:1 on select instruments.
Beyond the basics, Spec Markets includes social trading, a rewards program, and weekly trading competitions with real cash prizes — features aimed at traders who want more than just a place to execute orders.
IC Markets is an Australian-based broker, regulated by ASIC and CySEC, with a long-standing reputation in the retail and professional trading space. They offer cTrader, MT4, and MT5, with a focus on raw spread accounts and institutional-grade liquidity. Their True ECN model is one of their most cited selling points.
IC Markets is well-established, well-reviewed, and widely used by algorithmic traders and scalpers.
Here's where the comparison gets specific.
Raw Zero Account
Pure Spread Account
Both accounts support leverage up to 1000:1 and run on MT5.
IC Markets offers three account types:
Raw Spread Account (MT4/MT5)
Raw Spread Account (cTrader)
Standard Account
The structure is similar — raw pricing with commission, or wider spreads with no commission. The key difference is that IC Markets offers cTrader as a lower-commission alternative to MT4/MT5.
Trading costs aren't just about the headline spread. You need to look at the all-in cost per trade — spread plus commission — to understand what you're actually paying.
On a raw/zero account, both brokers advertise spreads starting from 0.0 pips on EUR/USD. In practice, average spreads during liquid market hours tend to hover around 0.0–0.1 pips on both platforms.
The difference shows up in the commission structure:
| Account Type | Spec Markets Raw Zero | IC Markets Raw (MT5) | IC Markets Raw (cTrader) |
|---|---|---|---|
| Spread from | 0.0 pips | 0.0 pips | 0.0 pips |
| Commission | Competitive per lot | $7 round turn/lot | $6 round turn/lot |
| No-commission option | Pure Spread (1.0 pip) | Standard (1.0 pip) | N/A |
IC Markets' cTrader account has a slight commission edge over their MT5 offering. Spec Markets' commission structure on the Raw Zero account is designed to be competitive — worth comparing directly for your typical trade size and frequency.
For high-volume traders, even a small difference in commission adds up fast. If you're trading 50+ lots a month, the commission rate matters more than almost anything else.
This is one area where Spec Markets makes a strong statement.
Spec Markets offers leverage up to 1000:1 on MT5.
IC Markets offers leverage up to 500:1 for retail clients, and up to 1000:1 only for professional clients who meet specific eligibility criteria under ASIC regulations.
For traders who want maximum capital efficiency — particularly those trading smaller accounts or using specific strategies that benefit from higher leverage — Spec Markets' 1000:1 leverage is available without the professional client classification hurdle.
High leverage amplifies both gains and losses, and responsible risk management is essential regardless of what leverage ceiling your broker offers. But access to 1000:1 as a standard offering is a meaningful differentiator for traders who want that flexibility.
Spec Markets runs exclusively on MetaTrader 5. MT5 is the more advanced successor to MT4 — it offers more timeframes, more order types, a built-in economic calendar, and better support for multi-asset trading. For traders who want a clean, focused environment, MT5 is a strong choice.
The trade-off is that MT5 doesn't support the same volume of legacy MT4 Expert Advisors (EAs). If you've built or purchased automated strategies specifically for MT4, you'll need to verify compatibility or migrate.
IC Markets gives traders three platform options. This is a genuine advantage for traders with existing setups — particularly algorithmic traders who rely on MT4 EAs, or those who prefer cTrader's interface and order flow tools.
cTrader is especially popular among scalpers and traders who value depth-of-market visibility and one-click execution. If that's your workflow, IC Markets has an edge here.
For traders who are either new to trading platforms or already committed to MT5, the platform difference is less relevant.
Both brokers cover the core CFD categories:
| Asset Class | Spec Markets | IC Markets |
|---|---|---|
| Forex | ✓ | ✓ |
| Indices | ✓ | ✓ |
| Commodities | ✓ | ✓ |
| Metals | ✓ | ✓ |
| Cryptocurrencies | ✓ | ✓ |
| Stocks/Shares CFDs | Not specified | ✓ |
| Bonds | Not specified | ✓ |
IC Markets has a broader instrument range, particularly in individual stock CFDs and bonds. For traders whose strategies focus on forex, major indices, metals, and crypto, both brokers cover the ground well. If you need access to a wide range of individual equities as CFDs, IC Markets has the deeper catalogue.
This is an area where Spec Markets differentiates itself beyond just pricing.
These features are aimed at traders who want a more engaged platform experience. The competition element appeals to traders who are motivated by performance benchmarks and the chance to win additional capital.
IC Markets focuses primarily on execution quality and infrastructure. They offer copy trading through third-party integrations (ZuluTrade and Myfxbook Autotrade), but the experience is less native compared to a built-in social trading layer.
For traders who want a pure execution environment with no extra layers, IC Markets' lean approach works well. For traders who value community features, leaderboards, or copying strategies, Spec Markets' built-in social trading is more seamless.
This matters. Before you deposit anything, you need to know your broker is operating within a regulated framework.
IC Markets is regulated by:
ASIC regulation is considered one of the stronger regulatory frameworks in retail trading, with client fund protections and strict operational requirements.
Spec Markets — traders should review the current regulatory status directly at specmarkets.com before opening an account. Regulation details and entity information are important to verify, especially for traders in specific jurisdictions.
IC Markets has a longer regulatory track record and the credibility that comes with operating under ASIC for nearly two decades. That's a real point in their favour, particularly for traders who prioritise regulatory standing above all else.
IC Markets has built its reputation largely on execution quality. Their True ECN model routes orders directly to liquidity providers, with average execution speeds they publish as sub-40 milliseconds. For scalpers and algorithmic traders, this matters.
Spec Markets operates on MT5 with a focus on delivering competitive conditions for active traders. For the majority of retail trading strategies — swing trading, day trading, position trading — execution quality on a modern MT5 infrastructure is more than adequate.
Execution becomes a critical differentiator in high-frequency strategies, tight scalping, and news trading. If your strategy depends on sub-millisecond execution or you're running complex EAs at scale, IC Markets' infrastructure and track record give them an edge in this specific area.
Spec Markets makes the most sense for:
IC Markets makes the most sense for:
| Feature | Spec Markets | IC Markets |
|---|---|---|
| Raw spread from | 0.0 pips | 0.0 pips |
| No-commission account | Pure Spread (1.0 pip) | Standard (1.0 pip) |
| Maximum leverage | 1000:1 (standard) | 500:1 retail / 1000:1 professional |
| Platform | MT5 | MT4, MT5, cTrader |
| Social trading | Built-in | Third-party integrations |
| Trading competitions | Weekly, cash prizes | Not offered |
| Rewards program | Yes | No |
| Regulation | See specmarkets.com | ASIC, CySEC, FSA |
| Established | Newer broker | Since 2007 |
| Instrument range | Forex, indices, commodities, metals, crypto | Broader including stocks and bonds |
IC Markets is a strong broker. There's a reason it's one of the most recognised names in retail CFD trading — the execution quality, regulatory standing, and platform variety are genuinely good. If you're an algorithmic trader, a cTrader loyalist, or someone who puts regulatory track record above everything else, IC Markets is a solid choice.
But Spec Markets isn't trying to be IC Markets. It's built for a different kind of trader — one who wants high leverage without the professional client hoops, a modern MT5 environment, and a platform that rewards active participation through competitions and social trading. The weekly cash competitions alone set a different tone: this is a broker that wants its traders engaged and winning.
If you're comparing the two, the decision often comes down to a few specific factors: how much leverage you want, which platform you trade on, and whether community features matter to you. On leverage and social trading, Spec Markets wins clearly. On platform variety and regulatory history, IC Markets has the edge.
Neither broker is the wrong choice. But depending on what you're optimising for, one of them is clearly the better fit for you.
Opening a demo account is the fastest way to test conditions, execution, and platform feel without risking capital. If the combination of high leverage, competitive spreads, and an active trading environment sounds like your kind of setup, Spec Markets is worth a closer look.
Learn more and open your account at specmarkets.com.
