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Forex.com vs IC Markets Comparison – 2024
By:
Reviewed By:
Updated: Jul 29, 2024
Forex.com International
4.5
72.5% of retail investor accounts lose money when trading CFDs with this provider.
VS
IC Markets
4.5
Trading Forex and CFDs carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Forex and CFDs may not be suitable for all investors, so please ensure that you fully understand the risks involved and seek independent advice if necessary.
General
Forex.com International | IC Markets | |
|---|---|---|
Overall Rating | 4.5 | 4.5 |
Trust | 4.7 | 4.1 |
Fees | 3.7 | 4.6 |
Platforms and Tools | 4.6 | 4.4 |
Tradable Instruments | 5.0 | 4.7 |
Customer Support | 4.6 | 4.6 |
Research | 5.0 | 4.7 |
Deposit and Withdrawal | 5.0 | 4.9 |
Account Types and Terms | 4.9 | 4.9 |
Education | 5.0 | 4.4 |
Regulators & Max Leverage | 1:30 (FCA), 1:30 (ASIC), 1:50 (NFA), 1:25 (JFSA), 1:20 (MAS), 1:20 (SFC), 1:250 (CIMA), 1:30 (CySEC), 1:45 (IIROC) | 1:30 (CySEC), 1:30 (ASIC), 1:500 (FSA) |
Foundation Year | 2001 | 2007 |
Fees Test | High | Low |
Tradable Instruments | 5680 | 2245 |
Trading Platforms | MT4, WebTrader | MT5, cTrader, MT4, TradingView, Zulutrade |
Minimum Deposit | $100 | $200 |
Read Reviews |
Top Reasons to Choose FOREX.com or IC Markets
FOREX.com and IC Markets are two global leaders in the world of forex and CFD trading with rich and varied offerings. FOREX.com is based in the US, while IC Markets hails from Australia.
Both brokers are well-rounded and excel in multiple categories, including research and education.
My assessment showed that FOREX.com has the edge in trust and the breadth of tradable instruments, whereas IC Markets performs better in areas such as fees and deposits/withdrawals. I found that FOREX.com caters well to a broader range of traders, while IC Markets is recognized as a discount leader, ideally suited to active, experienced traders.
| Forex.com Best for Stability, Versatility, Tradable Instruments |
IC Markets Best for Tight Spreads, Low Fees, Algo Trading |
| High trust rating | Low trading costs |
| Strong variety of tradable instruments | Robust platforms and tools |
| Flexible account types | Fast order execution |
| Proprietary platform | No inactivity or withdrawal fees |
| FX Blue and Trading Central | Trading Central and Autochartist |
| Performance Analytics | 24/7 support |
| Trading Academy | $1M insurance via Lloyds of London |
| Available in the US | Free VPS |
| 23 years of experience | 14 years of experience |
FOREX.com: Snapshot
FOREX.com is a pioneering forex and CFD broker founded in 2001. The Bedminster, New Jersey-based firm provides access to trading in over 5,500 trading instruments. Clients can trade CFDs on forex, commodities, stocks, indices, and cryptocurrencies via the proprietary Web Trader platform, MetaTrader 5, or the FOREX.com mobile app. FOREX.com has 9 corporate entities across the globe and is overseen by multiple top-tier regional regulators.
FOREX.com: Who is it For?
FOREX.com is a versatile broker that can accommodate both beginners and experienced traders. Newbies can take advantage of a 30-day free demo account, excellent educational resources, and reliable customer support. Experienced traders have access to advanced tools, a solid choice of platforms, and competitive trading conditions via the Raw Spreads account type.
What Makes FOREX.com Stand Out?
FOREX.com excels in multiple areas. My assessment showed that in trustworthiness, platforms, tradable instruments, research, and educational materials, FOREX.com comfortably beats the industry average. It has also gone the extra mile to provide technology and tools – for example, FX Blue and Performance Analytics – that help give its clients an edge in the markets.
IC Markets: Snapshot
Founded in 2007, IC Markets is a time-tested veteran of the forex and CFD industry based in Sydney, Australia. It provides access to trading in over 2250 CFDs on currency pairs, commodities, indices, shares, ETFs, futures, and cryptocurrencies. Clients can use the popular MetaTrader 4 and MetaTrader 5 platforms and the better-designed cTrader. A broker with global reach, IC Markets has entities in Australia, Cyprus and the Seychelles.
IC Markets: Who is it For?
With low trading costs and state-of-the-art technology, IC Markets is a good fit for day traders, scalpers, and algo traders. My research showed that IC Markets is popular among traders using automated strategies – 60% of all trades are algorithmic at this broker. The order matching engine located in the New York Equinix NY4 data center processes over 500,000 trades per day, with most trades coming from automated trading systems.
What Makes IC Markets Stand Out?
I found the trading fees, such as spreads and commissions to be far better than the industry average. IC Markets has also made speed a priority, with average order execution under 40ms. A better-than-average range of tradable instruments, 24/7 customer support, and strong research and education resources also distinguish the Australian brokerage giant.
| Recommended in 8 best broker guides: |
| Forex | CFD | Platforms | Low Spreads | Crypto | Regulated | MT5 | Automated Trading |
Trust
FOREX.com vs IC Markets Trust and Regulation Comparison
Trust Rank | 4.7 | 4.1 |
Regulators & Max Leverage | 1:30 (FCA), 1:30 (ASIC), 1:50 (NFA), 1:25 (JFSA), 1:20 (MAS), 1:20 (SFC), 1:250 (CIMA), 1:30 (CySEC), 1:45 (IIROC) | 1:30 (CySEC), 1:30 (ASIC), 1:500 (FSA) |
Foundation Year | 2001 | 2007 |
Publicly Traded |
FOREX.com is one of the world’s most extensively regulated CFD brokers. Its subsidiaries are regulated by top-tier authorities including the FCA, CySEC, and ASIC. The company is owned by financial services giant StoneX, a publicly traded company (NASDAQ: SNEX). My tests showed the company to be highly transparent. These factors combine to give FOREX.com one of the highest trust ratings of any broker I have reviewed.
IC Markets is overseen by two top-tier regulators: CySEC and ASIC. The offshore (global) entity is regulated by the Seychelles Financial Services Authority (FSA). With a substantial operating history of over 17 years, IC Markets is a well-established broker. It ensures that all client funds are fully segregated from company funds and held in top-rated international banks. Moreover, accounts with its Seychelles entity are insured for up to $1M by Lloyds of London.
If you want to learn more about brokers’ regulations, be sure to check out our article on the top regulated forex brokers.
Fees
FOREX.com vs IC Markets Spreads, Fees and Commissions Comparison
Fees Rank | 3.7 | 4.6 |
Inactivity Fee |
Trading costs at FOREX.com vary by account type. The Standard and MT5 accounts feature industry-average spreads and swap fees, which could be more competitive. More favorable pricing is available through the Raw Spread account type. Additionally, a standard inactivity fee is charged to dormant accounts.
IC Markets offers exceptionally tight spreads in both the Standard Account and the Raw Spread account. Commissions for the Raw Spread account are also competitive. These low costs are crucial for profitability, especially for high-volume, short-term traders. Both swap fees and inactivity fees are average for the industry.
Platforms and Tools
FOREX.com vs IC Markets Trading Platforms Comparison
Platform Rank | 4.6 | 4.4 |
Trading Platforms | MT4, WebTrader | MT5, cTrader, MT4, TradingView, Zulutrade |
Mobile Apps | Android, iOS | Android, iOS |
FOREX.com provides a robust selection of platforms and tools. The flagship Web Trader platform is feature-rich, highly customizable, and includes advanced charts from TradingView. Performance analytics provide real-time statistics to help fine-tune your trading performance. Additionally, MetaTrader 5 is available for traders interested in automated trading.
IC Markets provides a comprehensive suite of platforms, including MetaTrader 4, MetaTrader 5, cTrader, and TradingView. These platforms feature robust charting capabilities, support a wide range of order types, and cater to the needs of algorithmic traders. This is a strong lineup of platforms, handily beating the industry average.
Tradable Instruments
FOREX.com vs IC Markets Instruments Selection Comparison
Tradable Instruments Rank | 5.0 | 4.7 |
# Tradable Instruments | 5680 | 2245 |
# Currency Pairs | 84 | 61 |
# Commodities | 46 | 25 |
# Crypto | 12 | 21 |
# Stocks | 5500 | 2100 |
# Indices | 38 | 25 |
FOREX.com excels in tradable instruments, with a range that only a few CFD brokers can match. Clients have access to thousands of CFDs on forex, commodities, indices, stocks, and cryptocurrencies. Additionally, FOREX.com goes above and beyond by offering CFDs in ETFs, bonds, sectors, and thematic indices.
IC Markets also offers a strong range of CFD instruments. Besides providing numerous assets in forex, metals, energies, indices, shares, and cryptocurrencies, this broker also offers CFDs in less commonly traded instruments, including bonds, ETFs, futures, and soft commodities such as sugar.
Customer Support
FOREX.com vs IC Markets Customer Support Comparison
Customer Support Rank | 4.6 | 4.6 |
Availability | Available 24/5 | Available 24/7 |
Live Chat |
FOREX.com offers 24/5 support via live chat, phone, and email. In my tests, I experienced high-quality support, with short wait times and helpful agents. Overall, my assessment indicates that FOREX.com provides better-than-average customer support.
IC Markets delivered solid customer support during my two-week trial period. My email inquiries were answered almost immediately, and the responsive 24/7 live chat support proved to be very convenient. The agents I interacted with were helpful and knowledgeable.
Research
FOREX.com vs IC Markets Research Tools Comparison
Research Rank | 5.0 | 4.7 |
News (Top-Tier Sources) | ||
Economic calendar | ||
Videos/Webinars | ||
Trading Central (Recognia) | ||
Autochartist |
FOREX.com shines in the area of research, providing insightful market analysis, trade ideas, and live webinars hosted by seasoned experts. Additional high-quality content from Trading Central and FX Blue offers traders further inspiration.
IC Markets delivers a blend of helpful in-house research alongside popular third-party tools like Trading Central and Autochartist. Their materials, suitable for both beginners and advanced traders, include actionable trading setups. I consider the research offerings at IC Markets to be above average for the industry.
Deposits & Withdrawals
FOREX.com vs IC Markets Deposit and Withdrawal Methods Comparison
Deposit and Withdrawal Rank | 5.0 | 4.9 |
Deposit Options | Wire Transfer, Credit Card, PayPal, Visa, Mastercard | Poli, PayPal, Wire Transfer, Skrill, Neteller, Credit Card, Union Pay, Klarna, Rapid Transfer, Bpay, Broker to Broker, Debit Card, Local Banks |
Withdrawal Options | Wire Transfer, Credit Card, PayPal, Visa, Mastercard | Wire Transfer, Neteller, Skrill, Credit Card, PayPal, Klarna, Rapid Transfer, Union Pay, Bpay, Broker to Broker, Poli, Local Banks, Debit Card |
Withdrawal Fee |
FOREX.com offers a solid range of deposit and withdrawal methods. Processing times are fast, with no fees for deposits or withdrawals. Clients can make deposits via bank wire, credit/debit cards, or digital wallets; however, withdrawals are limited to credit/debit cards and bank wire.
IC Markets provides 15 funding and withdrawal methods, including bank wire, credit cards, and digital wallets, making it dead easy to transfer money in and out of your account. Withdrawal requests are processed internally within 24 hours, which is relatively fast. IC Markets does not charge any fees for deposits or withdrawals, earning it a full score in this category.
Account Types and Terms
FOREX.com vs IC Markets Account Types Comparison
Account Types and Terms | 4.9 | 4.9 |
# Base Currencies | 84 | 61 |
Islamic Account | ||
Demo Account | ||
Minimum Deposit | $100 | $200 |
FOREX.com offers three main account types catering to different trader profiles: the Standard Account, MT5 Account, and Raw Spreads account. Spreads are identical for the Standard and MT5 accounts, but more competitive spreads are available through the Raw Spreads account. Demo accounts are accessible via FOREX.com Web Trader and MT5. Maximum leverage varies by region, with up to 1:400 available through the GAIN Global Markets Inc. entity.
IC Markets offers Standard, MetaTrader Raw Spread, and cTrader Raw Spread accounts. Each account type has unique features tailored for different trading preferences. Demo accounts are available for MetaTrader, cTrader and TradingView platforms. Maximum leverage varies by region, with up to 1:1000 offered through the Raw Trading Ltd. entity.
Education
FOREX.com vs IC Markets Educational Content Comparison
Education Rank | 5.0 | 4.4 |
Videos | ||
Webinars |
FOREX.com delivers first-class education through its Trading Academy, featuring courses, platform tutorials, individual lessons, and live webinars. Courses are structured by experience level—beginner, intermediate, and advanced. The learning process includes progress tracking and quizzes to enhance engagement. Content is presented in both text and video formats, covering topics from the basics of CFD trading to advanced technical analysis.
IC Markets goes the extra mile with its educational materials, which comprise extensive articles, tutorial videos, and live webinars. The rich library is suitable for both beginners and experienced traders, offering insights into trading psychology, market analysis, forex strategies, and advanced topics like algorithmic trading. I rate IC Markets’ educational content as better than average.
Our Methodology
Since 2011, FX Empire has developed a detailed methodology for evaluating CFD brokers, involving over 250 variables across nine crucial categories. Our team of experts, with deep industry knowledge, conducts live testing and research by interacting with the brokers directly. We check regulations, open accounts, test spreads, account costs, platform functionality, instrument variety, customer support reliability, and the quality of research and educational content. This granular analysis helps us identify each broker’s strengths and weaknesses, keeping our comparisons current with market trends and ensuring our guides meet traders’ needs.
We strive to evaluate each broker objectively, considering how their offerings align with the diverse trading goals and preferences of our readers. Our focus is on providing a balanced overview of each broker’s strengths and weaknesses. This method ensures that our readers receive clear, insightful comparisons to aid in making well-informed trading decisions.
We employ a comprehensive rating system across nine key categories:
- Trust
- Fees
- Platforms and Tools
- Tradable Instruments
- Customer Support
- Research
- Deposits and Withdrawals
- Account Types and Terms
- Education
In each category, we conduct an in-depth analysis for both brokers, outlining features, advantages, and disadvantages and determining their suitability for different trader profiles. By blending insights from our extensive reviews with first-hand experiences and observations, we ensure each comparison is balanced, informative, and tailored to the trader’s unique needs. You can read more about our review process here.