Last updated: February 2026
IC Markets Spread Test 2026 — Real Results on Major Pairs
Every broker advertises "tight spreads." We measured what IC Markets actually delivers across three trading sessions, seven currency pairs, and gold. Here are the results.
How We Tested
We recorded live spreads on an IC Markets Raw Spread MT4/MT5 account over a two-week period in February 2026. Spreads were sampled every 30 seconds during each major session. We tested seven forex pairs (EUR/USD, GBP/USD, USD/JPY, AUD/USD, EUR/GBP, USD/CAD, NZD/USD) and gold (XAUUSD).
Three sessions were analyzed: the London session (08:00-16:00 GMT, highest liquidity), the New York session (13:00-21:00 GMT, overlap with London provides tightest spreads), and the Asian session (00:00-08:00 GMT, lowest liquidity for major pairs).
This is not a demo account test. All measurements were taken on a live account with real market conditions. IC Markets did not know we were conducting this test, and we received no special treatment.
Spread Test Results — February 2026
| Pair | London | New York | Asian | All-Session Avg. |
|---|---|---|---|---|
| EUR/USD | 0.0–0.1 | 0.0–0.2 | 0.2–0.5 | 0.1 pips |
| GBP/USD | 0.1–0.3 | 0.1–0.4 | 0.4–0.8 | 0.3 pips |
| USD/JPY | 0.0–0.2 | 0.1–0.3 | 0.1–0.3 | 0.2 pips |
| AUD/USD | 0.1–0.3 | 0.1–0.4 | 0.2–0.4 | 0.2 pips |
| EUR/GBP | 0.1–0.3 | 0.2–0.4 | 0.3–0.6 | 0.3 pips |
| USD/CAD | 0.2–0.4 | 0.1–0.3 | 0.4–0.8 | 0.3 pips |
| NZD/USD | 0.2–0.4 | 0.2–0.5 | 0.3–0.6 | 0.4 pips |
| XAUUSD (Gold) | 0.5–1.5 | 0.5–2.0 | 1.0–3.0 | 1.2 pips |
All spreads measured on Raw Spread MT4/MT5 accounts. These are raw spreads only — commission of $7.00/lot (or $5.50 with our commission discount) is added on top.
Key Findings
EUR/USD delivers as advertised. IC Markets claims spreads "from 0.0 pips" and we consistently saw 0.0 pips during peak London hours. The average of 0.1 pips across all sessions is among the tightest we have measured at any broker. This aligns with IC Markets' published average of 0.02 pips during peak hours.
The London-New York overlap is where you get the best fills. Between 13:00 and 16:00 GMT, when both London and New York are active, spreads on all major pairs tighten significantly. EUR/USD regularly hits 0.0, GBP/USD drops below 0.2, and even XAUUSD narrows to 0.5-1.0 pips. If you are an active day trader or scalper, this is your optimal window.
Asian session spreads widen but remain competitive. EUR/USD widened to 0.2-0.5 pips during quiet Asian hours — wider than peak session, but still well below the 1.0+ pips you would pay on a Standard account. For AUD/USD and USD/JPY, which have natural Asian session liquidity, spreads remained tight even during off-peak hours.
Gold (XAUUSD) is more volatile. Gold spreads ranged from 0.5 pips during peak hours to 3.0 pips during quiet periods. This is typical for gold CFDs and comparable to what we have seen at other major brokers. Scalping gold during the Asian session is not recommended due to wider spreads and lower liquidity.
No artificial spread widening detected. We specifically tested during major news events (US CPI release, ECB rate decision) to check for excessive spread widening. Spreads did widen during the announcement — EUR/USD briefly hit 1.5-3.0 pips during NFP — but they returned to normal within 30-60 seconds. This is consistent with legitimate ECN behavior where spreads reflect actual market liquidity, not dealer manipulation.
Total Trading Cost — Spread + Commission
Raw spreads are only part of the cost equation. On Raw Spread accounts, you also pay a fixed commission per lot. Here is what one standard lot on EUR/USD actually costs at IC Markets:
| Account | Avg. Spread | Commission | All-in Cost/Lot |
|---|---|---|---|
| Raw MT4/MT5 (standard pricing) | 0.1 pips ($1.00) | $7.00 | $8.00 |
| Raw MT4/MT5 + Our Discount | 0.1 pips ($1.00) | $5.50 | $6.50 |
| Raw cTrader (standard) | 0.1 pips ($1.00) | $6.50 | $7.50 |
| Raw cTrader + Our Discount | 0.1 pips ($1.00) | $5.50 | $6.50 |
| Standard Account (no commission) | ~0.8 pips avg ($8.00) | $0 | $8.00 |
The data is clear: Raw Spread accounts with our commission discount deliver the lowest all-in cost at approximately $6.50 per lot on EUR/USD. That is 19% cheaper than the Standard account and cheaper than Raw MT4/MT5 at standard pricing ($8.00/lot). For a detailed comparison of the cTrader and MT5 platforms beyond just cost, see our cTrader vs MT5 comparison.
For a trader executing 100 lots per month, the difference between $8.00/lot (Standard) and $6.50/lot (Raw + discount) is $150/month — $1,800 per year. That is a significant edge that goes straight to your bottom line. Compare this to other brokers in our IC Markets vs Pepperstone and cheapest broker comparison.
Conclusion — Do IC Markets Spreads Live Up to the Hype?
Yes. After two weeks of live testing, IC Markets delivers exactly what they advertise. Raw spreads on EUR/USD regularly hit 0.0 pips during peak hours and average around 0.1 pips across all sessions. Other major pairs perform similarly, with spreads consistently below what we have measured at competing brokers like Pepperstone, XM, and Exness.
The ECN execution model works as claimed — no requotes, no artificial widening, and spreads that reflect genuine market liquidity. Combined with our commission discount (up to 21% off), IC Markets delivers some of the lowest total trading costs available to retail traders in 2026.
We will repeat this test quarterly to track any changes. For a broader comparison of how IC Markets pricing stacks up against competitors, see our IC Markets vs XM and IC Markets vs Tickmill analyses.
Choose Your IC Markets Bonus
$100 Cash Bonus
Receive a one-time $100 cash bonus deposited directly into your trading account after opening and funding your account through our IB link. Available after trading 30 lots.
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- ✓Available after trading 30 lots
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Commission Discount
Get a permanent commission discount on all trading commissions for the lifetime of your account. The more you trade, the more you save. Ideal for active traders.
- ✓Save $1.50/lot on Raw Spread MT4/MT5
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Need help choosing? Contact TradersFXPartner:
IC Markets Spread Test — FAQ
What is IC Markets average EUR/USD spread?▼
On Raw Spread accounts, IC Markets averages 0.0-0.2 pips on EUR/USD during London and New York sessions. During the Asian session, spreads widen to 0.2-0.5 pips. The Standard account averages around from 1.0 pips across all sessions.
Are IC Markets advertised spreads accurate?▼
Yes, based on our testing. IC Markets advertises "from 0.0 pips" which is accurate — we regularly saw 0.0 pips during peak London hours. Their published averages of 0.02 pips are consistent with our observations during high-liquidity periods.
When are IC Markets spreads widest?▼
Spreads are widest during the Asian session (00:00-07:00 GMT), around daily rollover time (00:00 GMT server time), and during major news events like NFP, FOMC decisions, and ECB announcements.
Does the commission discount (up to 21% off) affect spreads?▼
No. The TradersFXPartner commission discount only reduces the commission portion of your trading costs. Spreads remain exactly the same regardless of IB arrangement.
Trade IC Markets with Lower Commissions
Get the raw spreads we tested above — with $1.50 off every lot. Open an account through TradersFXPartner.
Global (IC Markets): ASIC regulated, up to 1:500 leverage · EU (IC Trading): CySEC regulated, up to 1:30 leverage