FOREX.com vs IC Markets Comparison

FOREX.com vs IC Markets Comparison

FOREX.com vs IC Markets
Online BrokerMinimum DepositTrading PlatformsMarketsRegulated
$50MT4, Advanced Platform, Web Trader300+FCA, ASIC, CFTC, IIROC, SFC, CIMA, FSA
$200MT4, MT5, cTrader230+ASIC

FOREX.com and IC Markets Comparison

In terms of similarities, FOREX.com and IC Markets have a range of platforms, including MT4. Both support automated trading, including trading robots via a VPS. However they diverge in platform offering, in that FOREX.com's other platforms are for discretionary trading. It is more than possible to use IC Markets's other platforms for discretionary trading as well, but they are also optimised for automated and ECN trading, and in fact IC Markets is an ECN broker.

IC Markets can offer low spreads (plus a commission charge), provides high speed order execution, via Equinix infrastructure (in New York and London) and does not restrict trading styles. However while not an ECN broker, FOREX.com can also offer low latency excecution on MT4. On MT4 they have a similar number of markets, FOREX.com has more overall on its other platforms.

Both brokers are regulated by the ASIC in Australia. FOREX.com is additionally regulated by the FCA in the United Kingdom, the CFTC in the United States, the IIROC in Canada, the SFC in Hong Kong, the CIMA in the Cayman Islands and the FSA in Japan.

Quick comparison

IC Markets is an ECN broker offering infrastructure to support this kind of trading, FOREX.com provides MT4 and a web trading platforms and apps.

Minimum deposit and account types

The minimum deposit for FOREX.com is $/€/£50. The minimum deposit for IC Markets is $200.

  • FOREX.com offers Forex and CFD trading. The minimum trade size is 0.01 lots. It has an Economic Calendar, Market Research and a news feed on its platforms and a Trader Education course on its 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 Advanced Platform, FOREX.com offers Forex, Indices, Energy, Cryptocurrencies, Soft Commodities, Stocks and Metals, with 300+ available.
  • On MT4, FOREX.com offers Forex, Indices, Energy, Soft Commodities and Metals, with 110+ available.
  • IC Markets offers Forex, Indices, Energy, Cryptocurrencies, Soft Commodities, Stocks, Precious Metals, ETFs and Bonds, with 230+ available.

Cryptocurrency CFDs

  • FOREX.com offers Bitcoin, Ethereum, Litecoin, Bitcoin Cash and Ripple.
  • IC Markets offers Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Ripple, DASH, Emercoin, Namecoin, Peercoin and EOS.

Spreads and leverage

  • Spreads at FOREX.com are variable or fixed depending on the market, with variable spreads from 1.4 for EUR/USD, a fixed spread of 1 for UK100, a typical variable spread of 0.61 for Gold and 0.04 for US Crude Oil.
  • 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.

The maximum leverage for FOREX.com (FCA regulated) is . Maximum leverage for IC Markets is 500:1.

Commissions

  • FOREX.com does not charge commissions, except for Shares CFDs.
  • 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

FOREX.com offers the Advanced Platform, a web trader, MT4, an MT4 web trader and apps. IC Markets provides MT4, MT5 and cTrader desktop, MT4, MT5 and cTrader apps and an MT4 based web trader.

Comparison summary

  • Both brokers provide Forex and CFD trading
  • Each offers automated trading on MT4
  • FOREX.com provides other platforms (Advanced Platform, web trader) for discretionary trading
  • IC Markets provides other platforms (MT5, cTrader) for automated (or discretionary) trading
  • Both have a similar number of markets on MT4, FOREX.com has more overall
  • FOREX.com has a lower minimum deposit
  • Both have a range of Cryptocurrency CFDs
  • Each is regulated

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