IC Markets vs Exness: Entity and Protection Check

IC Markets or Exness: they only overlap in Cyprus

In FXCN's records, the only jurisdiction both share is Cyprus. IC Markets otherwise has an Australian ASIC entity; Exness has a UK FCA entity and a South African FSCA entity. So for Australian residents the realistic regulated option recorded here is IC Markets' ASIC entity; for UK residents it is Exness's FCA entity; for EU residents both have CySEC entities.

Licence data from FXCN records (IC Markets checked 9 October 2026; Exness 9–10 October 2026, FSCA 30 August 2026). Rules checked 11 October 2026. This page recommends neither firm.

1. Which company is likely to serve you FXCN records

If you live in	IC Markets	Exness	Rules
EU / EEA	IC Markets (EU) Ltd, CySEC 362/18	Exness (Cy) Ltd, CySEC 178/12	ESMA-based; ICF
Australia	International Capital Markets Pty Ltd, 335692	None recorded	ASIC order; CSLR excludes FX
United Kingdom	None recorded	Exness (UK) Ltd, FRN 730729	FCA COBS 22.5; FSCS
South Africa	None recorded	Exness ZA (PTY) Ltd, FSCA 51024	Not reviewed here
Elsewhere	not verified Entities for other countries are not in FXCN's records		Those of the entity in your agreement

2. Use the leverage you are offered as a clue

Retail entities in the EU, UK and Australia cap major pairs at about 30:1. Leverage well above that means you are not with one of those retail entities. This is an inference from public rules, not a statement about either firm's account arrangements.

3. Checks before you sign

Confirm the entity and its countryin your agreement.
Search the register,or start with the licence check.
Read negative balance and close-out terms;see negative balance protection.
Test a small withdrawal.

Sources and open items

FXCN records: CySEC 362/18, CySEC 178/12, FCA 730729.
Rules: ESMA; FCA COBS 22.5; FSCS; ASIC; CSLR.

Five-dimension scores

Dimension	Weight	IC Markets	Exness	Δ
Regulation	0.3	100.0	100.0	+0.0
Risk control	0.2	90.0	100.0	-10.0
Transparency	0.2	85.0	85.0	+0.0
Reputation	0.2	50.0	50.0	+0.0
Disclosure	0.1	100.0	50.0	+50.0

What you actually get at each of these two

You contract with one of the licensed entities below, not with the brand. Protection differs enormously between jurisdictions — this section matters an order of magnitude more than spreads.

IC Markets

Licenses compared	Retail leverage cap	Investor compensation	Negative balance protection
ASIC T1 Australia · ASIC Entity: International Capital Markets Pty Ltd	1:30	No statutory investor compensation scheme	Mandatory
CySEC T1 Cyprus · CySEC Entity: IC Markets (EU) Ltd	1:30	ICF, up to €20,000 per person	Mandatory

Exness

Licenses compared	Retail leverage cap	Investor compensation	Negative balance protection
CySEC T1 Cyprus · CySEC Entity: Exness (Cy) Ltd	1:30	ICF, up to €20,000 per person	Mandatory
FCA T1 United Kingdom · FCA Entity: Exness (UK) Ltd	1:30	FSCS, up to £85,000 per person	Mandatory
FSCA T2 South Africa · FSCA Entity: Exness ZA (PTY) Ltd	No cap	No statutory investor compensation scheme	Not recorded

Leverage caps, compensation limits and negative balance protection are the jurisdiction’s general rules for retail clients, not a promise by any individual broker; professional clients are treated differently. The licensed entity that onboards you governs in practice.
Source: ASIC Checked 2026-08 Source: CySEC Checked 2026-08 Source: FCA Checked 2026-08 Source: FSCA Checked 2026-08

Too close to call

The two differ by 3.0 points, below the 5.0 threshold — under our scoring that gap is not enough to say one is better. Look at the protection table instead: which jurisdiction the entity that onboards you sits in usually decides your real risk more than the total score does.