Compare FXOpen vs IC Markets

Compare FXOpen vs IC Markets

FXOpen vs IC Markets
Online BrokerMinimum DepositTrading PlatformsMarketsRegulated
$300MT465+FCA, ASIC, FSRC
$200MT4, MT5, cTrader230+ASIC

FXOpen vs IC Markets Comparison

These are two ECN brokers, offering access to Interbank liquidity, and providing low spreads, plus a commission charge. They each also have STP accounts, which do not charge commissions. Both FXOpen and IC Markets offer a range of Cryptocurrency CFDs to trade.

IC Markets provides a wider range of platforms, as it offers MT4, MT5 and cTrader, while FXOpen offers MT4. FXCOpen can offer a lower minimum commission charge, but this is dependent on the volume traded and its highest commission charge is higher than IC Market's charge. Both are regulated by the ASIC in Australia. FXOpen is additionally regulated by the FCA in the United Kingdom and the FSRC in Nevis.

ECN conditions

These are each no dealing desk and neither restricts trading styles, thus news trading, scalping and automated trading is allowed. Both use Equinix's NY4 Data Center in New York for MT4, IC Markets uses Equinix LD5 Data Centre in London for cTrader.

Quick comparison

Both are ECN brokers. Each provides MT4, IC Markets also offers MT5 and cTrader. On MT5, IC Markets can provide particularly more markets.

Minimum deposit and account types

The minimum deposit for FXOpen is €/$300 or £200. The minimum deposit for IC Markets is $200.

  • FXOpen offers three accounts types, ECN, STP and Crypto. The ECN account charges commissions on its markets, the STP does not charge commissions. The ECN account has a wider range of market available. The Crypto account is an STP account which additionally offers a range of Cryptocurrencies (which have a commission charge). The minimum trade size is 0.01 lots. Market news and analysis are available via RSS and an economic calendar is provided on FXOpen's website.
  • IC Markets offers four account types. These are Standard, True ECN, Islamic (Swap Free) and the cTrader ECN account. IC Markets provides Forex news, video tutorials and and economic calendar on its website. IC Markets uses Equinix NY4 and London LD5 Data Centres to deliver low latency trading conditions and has micro lot trading.
  • IC Markets's Standard account does not charge a commission, but the True ECN account charges a commission. The cTrader ECN also charges commissions.
  • IC Markets says that the True ECN and cTrader accounts are more suited to EAs and Scalpers, but all trading styles are welcome on each account type.

Markets

  • On the ECN account, FXOpen offers Forex, Indices, Energy and Precious Metals, with 65+ available.
  • On the STP account, FXOpen provides Forex and Precious Metals, for a total of 50+.
  • On the Crypto account, FXOpen offers Forex, Precious Metals and Cryptocurrencies, for a total of 55+.
  • IC Markets offers Forex, Indices, Energy, Cryptocurrencies, Precious Metals, Soft Commodities, Bonds, Stocks and ETFs, with 230+ available.

FXOpen provides 45+ Forex pairs, IC Markets provides 60+ Forex pairs.

Cryptocurrency CFDs

  • FXOpen offers Bitcoin, Ethereum, Litecoin, DASH, Bitcoin Cash, Ripple, EOS, Namecoin, Peercoin, Emercoin, NEO, OMNI, Monero, IOTA and Ethereum Classic.
  • IC Markets offers Bitcoin, Ethereum, Litecoin, DASH, Bitcoin Cash, Ripple, EOS, Namecoin, Peercoin and Emercoin.

Spreads and leverage

  • Spreads at FXOpen are variable and are from 0.0 for EUR/USD, 0.0 for UK 100, 0.0 for Gold and 0.0 for US Crude Oil (all plus commission). The STP account has higher spreads.
  • Spreads at IC Markets are variable and are from -0.3 (on cTrader) and 0.0 on MT4 with an average of 0.1 for EUR/USD with a commission charge, from 1 for UK100, 0.3 for Gold, and 0.01 for US Crude Oil. For the Standard account EUR/USD spreads (without a commission charge) are from 1, with an average of 1.1.

Maximum leverage for FXOpen (FCA regulated) is . Maximum leverage for IC Markets is 500:1.

Commissions

  • For Forex, FXOpen charges a commission, which depends on volume traded, from $1.5 - $5 per standard lot per side. Other instruments have differing commission charges.
  • IC Markets charges a commission of $3.50 per lot per side for the True ECN account and the cTrader account charges a commission of $3 per 100,000 USD traded per side.

Platforms

FXOpen offers MT4 desktop, MT4 apps and an MT4 based web trader. IC Markets provides MT4, MT5 and cTrader desktop, MT4, MT5 and cTrader apps and an MT4 based web trader.

Comparison summary

  • The are each ECN brokers
  • They can provide low spreads plus a commission charge
  • Each provides a range of Cryptocurrency CFDs to trade
  • Both offer ECN and STP trading
  • IC Markets can offer a wider range of markets
  • FXOpen provides MT4
  • IC Markets offers MT4, MT5 and cTrader
  • IC Markets can offer Stocks CFDs on MT5
  • Both are ASIC regulated
  • FXOpen is also FCA regulated

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