Exness vs IC Markets: Spread Comparison on EUR/USD, Gold & Indices (2026)

Exness and IC Markets are two of the most popular low-spread brokers in the world. Both target active traders who want raw pricing, deep liquidity, and minimal slippage. But which one is actually cheaper? We opened live accounts at both brokers, deposited real money, and measured spreads across three instrument categories: forex majors, gold (XAU/USD), and stock indices.

This is not a general broker review. We are only comparing one thing: the total cost of trading. Spread plus commission, measured during live market conditions across the London, New York, and Asian sessions in March 2026.

The short answer: Exness wins on gold and forex majors. IC Markets wins on indices. The details matter, so read on.

Testing Methodology

We funded both accounts with $5,000 and traded identical instruments during overlapping sessions. All spread measurements were taken from live MT5 accounts, not demo environments. We recorded the bid-ask spread every 5 seconds using a custom EA over a two-week period (March 10-24, 2026).

For each instrument, we calculated the average spread, the median spread, the minimum spread observed, and the 95th percentile spread (worst-case during normal conditions, excluding major news events). Commission was added to raw spread to arrive at total cost per lot.

We tested the following account types:

• Exness Zero Account: 0.0 pip spreads on top 30 instruments, $3.50 per lot per side commission
• IC Markets Raw Spread Account: Variable raw spreads from 0.0 pips, $3.50 per lot per side commission

Both accounts have identical commission structures, making the comparison straightforward. The only variable is the raw spread itself.

Account Types Overview

Before diving into spread data, it is important to understand the full account lineup at each broker. Your choice of account type determines your total trading cost.

Exness Account Types

Exness offers five main account types. The Standard and Standard Cent accounts have no commission but wider spreads. The Pro account has no commission with tighter spreads (starting from 0.1 pips) but requires a $200 minimum deposit. The Raw Spread account starts from 0.0 pips with $3.50 per side commission. The Zero account guarantees 0.0 pips on the top 30 instruments for 95% of the trading day, also with $3.50 per side commission.

For this comparison, we focus on the Zero account because it delivers the most consistent pricing for active traders.

IC Markets Account Types

IC Markets offers three account types. The Standard account has spreads from 0.8 pips with no commission. The Raw Spread account on cTrader charges $3.00 per side. The Raw Spread account on MT4/MT5 charges $3.50 per side. We tested the MT5 Raw Spread account to keep the commission structure identical to Exness.

EUR/USD Spread Comparison

EUR/USD is the most liquid currency pair in the world, so this is where both brokers show their best pricing. We measured over 240,000 spread snapshots across all three sessions.

Winner: Exness. The Zero account's guaranteed 0.0 pip spread on EUR/USD makes it marginally cheaper. IC Markets' 0.08 pip average adds roughly $0.80 per lot to the total cost. Over 100 trades, that is an $80 difference. Not huge, but it compounds for high-volume traders.

During the Asian session (lower liquidity), IC Markets' spread widened to 0.2-0.5 pips on several occasions. Exness maintained 0.0 pips consistently, with brief widening to 0.1 pips during the Tokyo close. This consistency is the main advantage of Exness's Zero account model.

GBP/USD Spread Comparison

GBP/USD is typically wider than EUR/USD due to slightly lower liquidity. Both brokers showed more spread variation on this pair.

Winner: Exness. The gap widens on GBP/USD. Exness saves you roughly $2 per lot compared to IC Markets. For traders who focus on GBP pairs, this is a meaningful cost advantage.

Gold (XAU/USD) Spread Comparison

Gold is where things get interesting. XAU/USD is one of the most traded CFD instruments globally, and spread costs can be substantial because gold is priced in dollars per ounce. A "pip" in gold is typically $0.01, and a standard lot is 100 ounces. So a 10-cent spread costs $10 per lot.

Winner: Exness, by a clear margin. The $4 per lot difference on gold is significant. If you trade 5 lots of gold per day, that is $20 per day, $500 per month, or $6,000 per year in savings by using Exness instead of IC Markets. For gold scalpers, this is not a rounding error. It directly impacts profitability.

Exness also showed less spread widening during high-volatility gold moves. When NFP data dropped on March 7, Exness gold spreads widened to $0.35 briefly before returning to normal. IC Markets widened to $0.60 during the same event and took approximately 90 seconds longer to normalize.

For a deeper look at gold trading costs across more brokers, read our lowest spread brokers for gold guide.

Index CFD Spread Comparison

This is where IC Markets takes the lead. Their index CFDs are sourced from deep institutional liquidity pools, and the pricing reflects that advantage.

Winner: IC Markets, across the board. The difference on indices is not marginal. IC Markets' US30 spread is roughly 3x tighter than Exness. For the DAX, it is more than 2x tighter. Index commissions are typically built into the spread at both brokers (no separate commission on index CFDs), so the spread number represents the total cost.

If you trade indices as a core part of your strategy, IC Markets is the clear winner. Exness's index pricing is not competitive enough for active index traders who care about precision entries and exits.

Execution Speed and Slippage

Spread is not the whole story. Execution speed affects whether you get the quoted price. We measured execution time and slippage on 200 market orders at each broker.

IC Markets has a slight edge in execution speed (32ms vs 38ms) and experiences slightly less negative slippage. This is consistent with their use of Equinix data centers and direct access to multiple liquidity providers. For scalpers executing dozens of trades per day, the slippage difference can add up to a few dollars per lot traded.

Neither broker produced requotes during our testing period, which is excellent. Both use market execution (no dealing desk), meaning your orders go directly to liquidity providers.

Overnight Swap Rates

For traders who hold positions overnight, swap rates matter. Both brokers charge or pay daily interest based on the interbank rate differential. We compared swap rates on the most commonly held positions.

Exness offers slightly more favorable swap rates on both long and short positions. The difference is most pronounced on gold, where holding a long XAU/USD position costs $3.50 less per night at Exness. For swing traders who hold gold positions for days or weeks, this adds up.

It is worth noting that Exness also offers swap-free accounts for clients in certain regions, which eliminates overnight costs entirely. IC Markets offers swap-free Islamic accounts as well, but with more restrictive conditions.

Regulation and Safety Comparison

Both brokers are regulated by multiple authorities, but their regulatory profiles differ.

Exness holds licenses from the FCA (UK), CySEC (Cyprus), FSA (Seychelles), FSCA (South Africa), and several others. FCA and CySEC are tier-1 regulators with strict capital requirements and investor compensation schemes. UK clients are covered by the FSCS up to GBP 85,000.

IC Markets holds licenses from ASIC (Australia), CySEC (Cyprus), and FSA (Seychelles). ASIC and CySEC are both tier-1 regulators. Australian clients benefit from strict segregation of client funds and ASIC oversight.

Both brokers are well-regulated and trustworthy. Neither has a history of major regulatory actions or withdrawal complaints. For EU clients specifically, both operate under CySEC with identical protections including the Investor Compensation Fund (up to EUR 20,000).

Deposit and Withdrawal Comparison

This is where Exness has a clear operational advantage.

Exness processes instant withdrawals with an average completion time of 22 seconds via e-wallets (Skrill, Neteller, Perfect Money) and within minutes via crypto. Bank wire withdrawals take 1-3 business days. Exness does not charge withdrawal fees.

IC Markets processes e-wallet withdrawals within 24 hours and bank transfers within 1-3 business days. No withdrawal fees are charged by IC Markets, though your payment provider may apply fees.

For traders who value fast access to their funds, Exness's instant withdrawal system is a genuine differentiator. There is no other major broker that consistently delivers sub-minute withdrawal processing.

Which Broker Should You Choose?

The answer depends on what you trade most. Here is our recommendation based on instrument focus:

Many professional traders maintain accounts at both brokers. They route forex and gold trades through Exness for the tighter spreads and lower swaps, while routing index trades through IC Markets for superior index pricing and execution speed. This is not unusual and is arguably the optimal approach for diversified active traders.

If you are forced to pick one, we recommend Exness for most traders. Forex and gold account for the majority of retail trading volume, and Exness is cheaper on both. The instant withdrawal feature is also a practical advantage that reduces friction when you need to access profits.

For a broader view of how these brokers stack up against the full market, see our complete lowest spread forex brokers ranking. If you want to understand the difference between raw and standard accounts in more detail, read our guide on raw spread vs standard accounts.

Final Verdict: Total Cost Summary

Let us put the full picture together. Assume a trader executes 100 standard lots per month across a typical mix of instruments: 50 lots forex, 30 lots gold, 20 lots indices.

Interesting. If this specific mix represents your trading, IC Markets actually comes out ahead because of its dominant index pricing. But if we adjust the mix to 60 lots forex, 35 lots gold, and 5 lots indices (which is more typical of retail traders), Exness wins by approximately $200 per month.

The takeaway: know your own trading profile. If indices represent more than 30% of your volume, IC Markets is cheaper overall. If forex and gold dominate your book (as they do for most retail traders), Exness delivers lower total costs.

Frequently Asked Questions