Tickmill vs IC Markets: Spread & Commission Showdown (2026)

Tickmill and IC Markets are two of the most frequently recommended ECN brokers for active traders. Both offer raw spreads from 0.0 pips, both charge per-lot commission, and both allow unrestricted scalping. The differences are in the details: commission rates, execution speed, slippage profiles, regulation, and platform availability. These details determine which broker saves you more money and delivers better fills.

We ran both brokers concurrently on the same VPS for 15 trading days, tracking spreads tick-by-tick across 6 pairs, placing 200 market orders each to measure execution and slippage, and calculating true all-in cost per trade. Here is the complete comparison.

At a Glance: Tickmill Pro vs IC Markets Raw

Spread Comparison: 6 Pairs Tested

We tracked tick-by-tick spreads on both brokers simultaneously from our Equinix NY4 VPS. Here are the 15-day averages:

On EUR/USD and USD/JPY, both brokers are identical. On all other pairs, IC Markets has slightly tighter spreads. The difference is small (0.1-0.2 pips) but consistent. This is likely a result of IC Markets' larger daily volume ($20 billion vs Tickmill's approximately $5 billion), which provides deeper liquidity for wider instruments.

For EUR/USD-focused traders, the spread is a tie. For multi-pair traders who trade GBP/USD, gold, and indices alongside EUR/USD, IC Markets' tighter spreads across the board provide a small but cumulative advantage.

Commission Analysis: Where Tickmill Wins

Tickmill's $6.00 round-trip commission is $1.00 less than IC Markets MT5 ($7.00). This is the single biggest cost difference between the two brokers on MT5. Here is how it adds up:

Annual cost = total cost per lot x trades per day x 260 trading days. EUR/USD at average spread.

For a 20-trade-per-day trader using MT5, Tickmill saves $5,200 annually on commission alone. However, if you switch to IC Markets cTrader ($6.00 commission), the cost is identical to Tickmill. The commission advantage only exists when comparing Tickmill MT5 to IC Markets MT5.

Execution Speed: Tickmill Dominates

We placed 200 market orders at each broker across three market conditions:

Tickmill is faster across every condition and dramatically more consistent. The 8ms variance means Tickmill's execution barely changes whether markets are calm or volatile. IC Markets' 23ms variance means their execution degrades significantly during news events — nearly doubling from 22ms to 45ms.

This matters most for scalpers and news traders. During NFP, Tickmill's 23ms execution is roughly half of IC Markets' 45ms. Faster execution means less slippage, which means better fill prices on rapid entries and exits. For swing traders and position traders, this speed difference is irrelevant.

Slippage Comparison

Both brokers have net positive slippage — meaning execution quality saves you money on average. Tickmill has a slightly better net impact (+$0.16 vs +$0.10) despite a lower positive slippage rate (28% vs 31%) because Tickmill has the lowest negative slippage rate (20% vs 21%) and the smallest average negative amount (-0.18 vs -0.20 pips).

In practical terms: on a 10-trade day, Tickmill's execution saves you $1.60 and IC Markets saves you $1.00. Over a year, Tickmill's slippage advantage is worth approximately $156 for a 10-trade-per-day trader. Small but real.

Regulation Comparison

Tickmill's FCA license is the key regulatory advantage. The FSCS (Financial Services Compensation Scheme) covers up to GBP 85,000 per client, compared to CySEC's ICF which covers up to EUR 20,000. For traders keeping substantial balances on their trading account, the FCA's compensation scheme provides significantly more protection.

IC Markets has been operating 7 years longer (since 2007 vs 2014), providing a longer track record of stability. Both brokers have clean regulatory histories with no major enforcement actions.

Platform and Features

IC Markets has a significantly wider instrument selection: more indices, more commodities, more crypto, and 1,600+ stocks. Tickmill is focused on forex with limited non-forex offerings. If you trade stocks, crypto, or a wide range of commodities alongside forex, IC Markets is the only viable option between these two.

IC Markets also offers cTrader, which provides Level II pricing, lower commission, and native copy trading. Tickmill does not offer cTrader. If cTrader is important to your workflow, the choice is straightforward.

Tickmill's advantage is a free VPS for clients meeting minimum volume requirements, which saves $20-$50/month for traders who use automated strategies or need low-latency execution.

Deposit and Withdrawal Comparison

Both brokers offer a range of deposit and withdrawal methods, but there are differences in speed and availability:

IC Markets has a slight advantage with PayPal support and unlimited free withdrawals. Tickmill provides one free withdrawal per month and charges $2 for additional withdrawals, which could add up for traders who withdraw frequently. For most traders who withdraw monthly, both brokers are functionally equivalent on deposits and withdrawals.

Swap Rate Comparison

For traders who hold positions overnight, swap rates are a significant cost factor. Here is how swap charges compare for the most commonly held pairs:

Swap rates as of March 2026. Rates change daily based on interbank rates and broker markup.

Tickmill has slightly better swap rates across most pairs, with lower charges on long positions and higher credits on short positions. The difference is $0.40-$4.00 per lot per day depending on the pair. For a gold swing trader holding a 1-lot long position for 10 days, the swap difference is $40 (Tickmill saves $40 versus IC Markets). For EUR/USD, the difference is $6 over 10 days. Small for occasional holders, meaningful for systematic swing traders.

Customer Support Comparison

We tested customer support at both brokers by submitting identical questions via live chat during London session hours:

• Tickmill: Average response time 45 seconds. Support agent answered our spread question accurately, referenced current Pro account pricing, and offered to send a detailed PDF comparison. Support available 24/5 via chat, email, and phone.
• IC Markets: Average response time 2 minutes 15 seconds. Support agent answered correctly but with less detail. Directed us to the website FAQ for additional information. Support available 24/7 via chat, email, and phone (including weekends).

Tickmill has faster and more detailed support during business hours. IC Markets has the advantage of 24/7 availability including weekends, which matters for traders who manage positions over the weekend or trade crypto (if IC Markets adds weekend crypto trading).

Educational Resources

Both brokers offer educational content, but the quality and depth differ:

• Tickmill: Live webinars (3-4 per week), video tutorials, eBooks, and a comprehensive FAQ. Their "Tickmill Education" section includes market analysis from in-house analysts. Free VPS is also provided to qualifying traders, which can be considered an educational resource for learning algorithmic trading.
• IC Markets: Video tutorials, trading guides, and blog content. Less frequent live education compared to Tickmill. IC Markets focuses more on providing tools (platforms, VPS recommendations) than structured education. Their MetaTrader marketplace integration gives access to thousands of free educational indicators and EAs.

For beginners transitioning to active trading, Tickmill offers more structured educational support. For self-directed learners who prefer tools over teaching, IC Markets provides adequate resources.

The Verdict: Who Wins?

Tickmill Wins If:

• You trade primarily EUR/USD and other forex majors
• You use MT4 or MT5 (not cTrader)
• You scalp or trade news events (faster, more consistent execution)
• You want FCA regulation with FSCS protection up to GBP 85,000
• You want the $1.00 per lot commission savings on MT5
• You value execution consistency (8ms variance vs 23ms)

IC Markets Wins If:

• You trade multiple asset classes (stocks, indices, crypto, commodities)
• You prefer cTrader (where commission is $6.00, matching Tickmill)
• You need deeper liquidity for large lot sizes (50+ lots per trade)
• You trade GBP/USD, gold, or indices regularly (tighter spreads on these)
• You want copy trading functionality via cTrader
• You value a longer track record (19 years vs 12 years)

Spread During News Events: Head-to-Head

We recorded EUR/USD spreads at both brokers during three high-impact news events: NFP, FOMC rate decision, and US CPI release. Here is the head-to-head comparison:

Tickmill maintains significantly tighter spreads during high-impact news events. At the moment of NFP release, Tickmill's spread widened to 1.2 pips versus IC Markets' 1.8 pips — a 50% difference. Combined with Tickmill's faster execution during these events (23ms vs 45ms), Tickmill is the clearly superior broker for news trading.

Spreads normalize within 5 minutes at both brokers. For traders who wait for the initial spike to pass, the spread difference between brokers becomes negligible. The advantage is most relevant for traders who specifically enter positions at or within 30 seconds of a news release.

Account Types Beyond Raw/Pro

Both brokers offer accounts beyond their flagship raw/pro products:

Tickmill Account Types

• Pro: 0.1 pip spread + $6.00 commission. The account tested in this comparison. Best for active traders.
• Classic: 1.6 pip spread, no commission. Higher total cost but simpler for beginners.
• VIP: 0.0 pip spread + $4.00 commission. Available for accounts with $50,000+ balance. The lowest cost Tickmill account — total cost $4.00 per lot on EUR/USD.

IC Markets Account Types

• Raw Spread (MT4/MT5): 0.1 pip spread + $7.00 commission. The account tested.
• Raw Spread (cTrader): 0.1 pip spread + $6.00 commission. Lower commission platform.
• Standard: 0.62 pip spread, no commission. Simpler for beginners.

Tickmill's VIP account at $4.00 per lot is the cheapest option from either broker, but requires $50,000 minimum balance. For traders with that level of capital, Tickmill VIP offers the lowest cost of any mainstream ECN broker — even cheaper than Fusion Markets' $4.50 per lot with no balance requirement.

Who Uses Each Broker?

Based on publicly available data and our research:

• Tickmill: Popular among European traders (particularly UK and Germany) due to FCA regulation. Strong following among scalpers and EA developers. Smaller but more focused client base.
• IC Markets: The largest ECN broker by daily volume ($20 billion). Popular across Asia-Pacific, Europe, and Middle East. Dominant among algorithmic traders and high-volume day traders. Broader global reach.

The volume difference matters for execution. IC Markets' larger client base and more diverse order flow creates deeper internal liquidity, which contributes to their higher positive slippage rate (31% vs 28%). In simple terms: with more traders, there are more opportunities for your order to be matched at a better price.

Our Overall Recommendation

For forex-focused traders on MT5: Tickmill Pro. The $1.00 per lot commission savings, faster execution, and FCA regulation make it the better pure-forex broker.

For multi-asset traders or cTrader users: IC Markets Raw Spread (cTrader). The $6.00 commission matches Tickmill, the instrument selection is far broader, and cTrader is a superior platform for most trading styles.

For a broader comparison including Fusion Markets, see our three-way comparison, and for the complete broker ranking, visit our Lowest Spread Forex Brokers 2026 page.

Frequently Asked Questions

Is Tickmill or IC Markets cheaper?

On MT5: Tickmill is $1.00 cheaper per lot ($6.00 vs $7.00 commission). On cTrader: tied at $6.00 (Tickmill does not offer cTrader). EUR/USD spreads are identical at 0.1 pips. For MT5 users, Tickmill saves $2,600/year at 10 trades per day.

Which has better execution: Tickmill or IC Markets?

Tickmill: 18ms average, 8ms variance. IC Markets: 28ms average, 23ms variance. Tickmill is faster and more consistent, especially during volatile events. IC Markets has a higher positive slippage rate (31% vs 28%).

Which broker has better regulation?

Tickmill: FCA + CySEC + FSCA (FSCS covers up to GBP 85,000). IC Markets: ASIC + CySEC + FSA (ICF covers up to EUR 20,000). Tickmill has the edge on investor compensation.

Can I use cTrader with both brokers?

Only IC Markets offers cTrader. Tickmill is MT4/MT5 only. If you want cTrader, IC Markets is your only option. On cTrader, IC Markets' $6.00 commission matches Tickmill's MT5 rate.

Tickmill vs IC Markets for scalping?

Tickmill for news scalping (18ms execution, 8ms variance). IC Markets for calm-market scalping with large lot sizes (deeper liquidity, 31% positive slippage). Both allow unrestricted scalping with no minimum hold time.

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