IC Markets vs Phillip Nova 2026: Which Broker is Better?
Choosing between IC Markets and Phillip Nova depends on your trading style, preferred markets, and budget. IC Markets is headquartered in Sydney, Australia, while Phillip Nova operates from Singapore. Phillip Nova has the longer track record, established in 2005, compared to IC Markets which was founded in 2007. This in-depth comparison covers regulation, fees, platforms, markets, and overall ratings to help you decide which broker is the better fit in 2026.
IC Markets
Phillip Nova
| IC Markets | Phillip Nova | |
|---|---|---|
| BrokerRank Score | 3.9/5 ✓ | 3.4/5 |
| Min. Deposit | $200 | $0 ✓ |
| Spread from | 0 pips ✓ | 0.6 pips |
| Max Leverage | 1:500 ✓ | 1:20 |
| Regulation | ASIC, CySEC ✓ | MAS |
| Platforms | MT4, MT5, TradingView | Proprietary Web, Proprietary Mobile, POEMS |
IC Markets is the better choice overall, scoring 3.9/5 vs 3.4/5 on BrokerRank's independent rating. On fees, IC Markets offers lower spreads (0 pips).
See full side-by-side comparison belowIC Markets vs Phillip Nova: Key Differences
IC Markets
WinnerPhillip Nova
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Fees Comparison
IC Markets
Phillip Nova
Regulation & Trust
IC Markets holds licences from ASIC, CySEC. Phillip Nova is regulated by MAS.
Markets & Assets
Both brokers offer access to Forex, Cfd, Crypto, Indices markets. IC Markets additionally covers Stocks. Phillip Nova adds Commodities.
Fees & Spreads
On spreads, IC Markets is more competitive with EUR/USD spreads from 0.0 pips, compared to 0.6 pips at Phillip Nova.
Trading Platforms
IC Markets supports MT4, MT5, TradingView, Proprietary Mobile. Phillip Nova offers Proprietary Web, Proprietary Mobile, POEMS. Both brokers are available on Proprietary Mobile.
Minimum Deposit
IC Markets requires a minimum deposit of $200, while Phillip Nova sets no minimum deposit. This makes Phillip Nova accessible to traders with any budget.
Overall Ratings
BrokerRank scores IC Markets at 3.87/5 and Phillip Nova at 3.39/5, based on 50+ data points covering regulation, fees, platforms, markets, and user experience. IC Markets leads overall with a clear advantage.
BrokerRank Verdict
Who Should Choose Which?
IC Markets
3.9/5
Choose IC Markets if you want…
- Higher overall rating (3.9/5)
- Tighter spreads (from 0 pips)
- Higher leverage (up to 1:500)
- More regulatory licences (2)
Phillip Nova
3.4/5
Choose Phillip Nova if you want…
- No per-trade commission
- No minimum deposit
- More established (est. 2005)
Also consider
We earn a commission when you open an account through these links, at no extra cost to you. Our ratings are scored independently — see the full independent ranking.
Both IC Markets & Phillip Nova are available in
Frequently Asked Questions
1Is IC Markets better than Phillip Nova?
IC Markets scores higher overall on our independent rating system. IC Markets holds a 3.9/5 rating vs Phillip Nova's 3.4/5. The best choice ultimately depends on your trading style — see our full verdict above for a detailed breakdown.
2Which has lower fees, IC Markets or Phillip Nova?
IC Markets offers spreads from 0 pips, while Phillip Nova starts at 0.6 pips. Check the fees section above for a full breakdown.
3What is the minimum deposit for IC Markets vs Phillip Nova?
IC Markets requires a minimum deposit of $200. Phillip Nova requires $0.
4Which broker is safer, IC Markets or Phillip Nova?
IC Markets is regulated by ASIC, CySEC, while Phillip Nova holds licences from MAS.
5What trading platforms do IC Markets and Phillip Nova support?
IC Markets supports MT4, MT5, TradingView, Proprietary Mobile. Phillip Nova supports Proprietary Web, Proprietary Mobile, POEMS.
6Can I use both IC Markets and Phillip Nova?
Yes, you can hold accounts at multiple brokers simultaneously. Many traders diversify across platforms to access different markets and tools.
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