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FP Markets vs IC Markets Comparison – 2024
By:
Reviewed By:
Updated: Jul 29, 2024
FP Markets
4.6
Contracts for Difference (CFDs) are leveraged over-the-counter derivative products and carry a high level of risk to your capital. You should only risk capital that you can afford to lose. In certain circumstances, due to fluctuations in market value you may not get back your initial investment amount. You may not only lose your initial investment but you may incur a liability to pay a further amount to cover losses. This means you can lose more money than you have invested.
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
FP Markets | IC Markets | |
|---|---|---|
Overall Rating | 4.6 | 4.5 |
Trust | 4.2 | 4.1 |
Fees | 4.9 | 4.6 |
Platforms and Tools | 4.4 | 4.4 |
Tradable Instruments | 4.5 | 4.7 |
Customer Support | 4.8 | 4.6 |
Research | 5.0 | 4.7 |
Deposit and Withdrawal | 5.0 | 4.9 |
Account Types and Terms | 4.5 | 4.9 |
Education | 4.4 | 4.4 |
Regulators & Max Leverage | 1:500 (FSA), 1:500 (FSCM), 1:400 (FSCA), 1:30 (CySEC), 1:30 (ASIC), 1:500 (CMA) | 1:30 (CySEC), 1:30 (ASIC), 1:500 (FSA) |
Foundation Year | 2005 | 2007 |
Fees Test | Low | Low |
Tradable Instruments | 8977 | 2245 |
Trading Platforms | MT5, cTrader, IRESS, MT4, Mottai, TradingView | MT5, cTrader, MT4, TradingView, Zulutrade |
Minimum Deposit | $100 | $200 |
Read Reviews |
Top Reasons to Choose FP Markets or IC Markets
Based on our live testing and evaluation, FP Markets is ideally suited to experienced traders, offering a wide range of sophisticated trading platforms, trading tools, and raw spread accounts. IC Markets, too, caters to experienced traders, focusing on supporting short-term and algorithmic traders due to its fast execution speed, competitive pricing, and advanced trading platforms.
| FP Markets Best for Scalpers & Day Traders |
IC Markets Best for Short-Term & Algorithmic Traders |
| MT4, MT5, cTrader, TradingView, Iress, Mottai platforms | Execution under 40 ms |
| VPS service | MT4, MT5, cTrader, TradingView |
| Raw spread accounts | Additional indicators for MT4 |
| MT4/5 Traders Toolbox | Zero requotes |
| Trading Central & Autochartist tools | Low spreads |
| Competitive trading fees | Strong variety of tradable instruments |
FP Markets: Snapshot
Founded in 2005 and headquartered in Australia, FP Markets operates across six global entities, two of which are licensed by Tier-1 regulators. Traders can access over 10,000 markets via the MT4, MT5, cTrader, TradingView, and Iress trading platforms and apps. Trading tools include Trading Central and Autochartist, VPS services, and a comprehensive suite of educational resources.
FP Markets: Who is it For?
FP Markets caters well to experienced traders. The advanced trading platforms offer sophisticated tools and robust charting. Its tight spreads and low latency trade execution accommodate the needs of scalpers and day traders.
What Makes FP Markets Stand Out?
FP Markets stands out as a broker that offers a low-cost trading solution without compromising on customer service and research materials, both of which are also above the industry average in quality.
| Recommended in 8 best broker guides: |
| Forex | CFD | Zero Spread | Regulated | MT4 | Social Trading | Scalping | Commodities |
IC Markets: Snapshot
Founded in 2007 in Australia, IC Markets is regulated by three financial authorities, including two Tier-1 regulators. The broker offers over 2,250 tradable instruments through MT4, MT5, TradingView, and cTrader platforms, along with ECN trading accounts. Additionally, IC Markets provides comprehensive market research tools such as Trading Central and Autochartist.
IC Markets: Who is it For?
IC Markets is ideal for advanced short-term traders. It offers ECN-style pricing and trade execution in under 40 milliseconds. The broker has a zero requote policy and no minimum order distance restriction, making it perfect for short-term traders and those utilizing algorithmic strategies.
What Makes IC Markets Stand Out?
IC Markets stands out by offering a wide array of trading platforms, comprehensive market research tools, a vast selection of tradable instruments, and low trading costs, all of which exceed the industry standard in quality.
| Recommended in 8 best broker guides: |
| Forex | CFD | Platforms | Low Spreads | Crypto | Regulated | MT5 | Automated Trading |
Trust
FP Markets vs IC Markets Trust and Regulation Comparison
Trust Rank | 4.2 | 4.1 |
Regulators & Max Leverage | 1:500 (FSA), 1:500 (FSCM), 1:400 (FSCA), 1:30 (CySEC), 1:30 (ASIC), 1:500 (CMA) | 1:30 (CySEC), 1:30 (ASIC), 1:500 (FSA) |
Foundation Year | 2005 | 2007 |
Publicly Traded |
Founded in 2005, FP Markets operates under six global entities. Two of these are licensed by Tier-1 regulators: CySEC (Cyprus) and ASIC (Australia). One entity is regulated by a Tier-2 authority, the FSCA (South Africa). Two other entities are licensed by the Tier-3 regulators in the Seychelles and Mauritius. One entity is based in St. Vincent and the Grenadines and is unregulated. The Tier-1 regulated entities ensure the highest level of capital safety and transparency in trading conditions. Overall, almost 20 years of operating history and a high level of transparency indicate a solid level of trustworthiness for the broker.
Established in 2007, IC Markets operates through three global entities. Two are regulated by Tier-1 authorities: CySEC (Cyprus) and ASIC (Australia), ensuring the strongest conditions for the safety and security of client funds. Additionally, another entity is licensed by a Tier-3 authority, the FSA (Seychelles), and offers insurance coverage up to $1 million from Lloyds of London for extra protection. The broker has been in business for more than 16 years and demonstrates a high level of transparency.
If you want to learn more about brokers’ regulations, be sure to check out our article on the top regulated forex brokers.
Fees
FP Markets vs IC Markets Spreads, Fees, and Commissions Comparison
Fees Rank | 4.9 | 4.6 |
Inactivity Fee |
Our live testing shows that FP Markets offers competitive trading fees. Using its commission-free Standard CFD account, we found that the spread for EUR/USD averaged 1.0 pips during the London session and 1.1 pips during the New York session, both around the industry standard of 1.08 pips. However, a relatively high inactivity fee of $50 is charged after three months of no activity.
According to our live testing, IC Markets offers very tight spreads in both the Standard and the Raw Spread Accounts. From the IC Markets’ commission-free Standard CFD account, the spread for EUR/USD averaged 0.7 pips during the London session and 0.6 pips during the New York session, significantly outperforming the industry standard of 1.08 pips. Additionally, there are no account maintenance or inactivity fees.
Platforms and Tools
FP Markets vs IC Markets Trading Platforms Comparison
Platform Rank | 4.4 | 4.4 |
Trading Platforms | MT5, cTrader, IRESS, MT4, Mottai, TradingView | MT5, cTrader, MT4, TradingView, Zulutrade |
Mobile Apps | Android, iOS | Android, iOS |
FP Markets provides a comprehensive suite of trading platforms for both beginner and advanced traders, accessible via desktop, web, and mobile. The MT4, MT5, and cTrader platforms are tailored for advanced traders who require a high level of customization, algorithmic trading capabilities, and copy trading tools. The Iress and Mottai platforms cater to those seeking to trade direct market access share CFDs directly from stock exchanges. Beginners will find the TradingView platform the easiest to trade from as it offers a user-friendly interface and a 50 million-strong social trading community.
IC Markets offers a wide range of trading platforms for desktop, web, and mobile devices, including MT4, MT5, and cTrader. These platforms are designed for advanced traders, with cTrader optimized for high-frequency, short-term trading and featuring one-click trading and depth of market insights. For beginners, the mobile apps are user-friendly, though they have limited charting features. Additionally, beginners may find the TradingView platform beneficial, as it provides advanced charting tools, a user-friendly interface, and a strong social trading community.
Tradable Instruments
FP Markets vs IC Markets Instruments Selection Comparison
Tradable Instruments Rank | 4.5 | 4.7 |
# Tradable Instruments | 8977 | 2245 |
# Currency Pairs | 72 | 61 |
# Commodities | 26 | 25 |
# Crypto | 12 | 21 |
# Stocks | 8800 | 2100 |
# Indices | 19 | 25 |
FP Markets offers over 10,000 tradable instruments covering global asset classes. The direct market access share CFDs from stock exchanges in the UK, Europe, Hong Kong, and the USA serve avid stock traders well. The availability of 72 forex pairs is above what many other brokers offer, making FP Markets a good option for currency traders.
IC Markets offers over 2,250 tradable instruments covering various global asset classes. This extensive range is advantageous for all types of traders, but the broker particularly excels in serving commodity traders. There are over 40 commodity CFDs available, which is much higher than the industry standard.
Customer Support
FP Markets vs IC Markets Customer Support Comparison
Customer Support Rank | 4.8 | 4.6 |
Availability | Available 24/7 | Available 24/7 |
Live Chat |
FP Markets offers 24/7 customer support via live chat, phone, and email. In our test, we had a positive experience. We were connected to a live chat agent within seconds, and emails were responded to on the same day. However, phone support was less consistent, with longer wait times. Overall, the customer support agents were knowledgeable and helpful.
IC Markets also provides 24/7 customer support through email and live chat. Email inquiries are typically answered within a day, while live chat responses are usually received within two minutes. We found the support team to be thorough and helpful. However, reaching the general support phone number was challenging.
Research
FP Markets vs IC Markets Research Tools Comparison
Research Rank | 5.0 | 4.7 |
News (Top-Tier Sources) | ||
Economic calendar | ||
Videos/Webinars | ||
Trading Central (Recognia) | ||
Autochartist |
FP Markets offers a wide selection of high-quality market research through its Traders Hub, catering to both beginner and advanced traders. The material is mainly text-based and covers fundamental and technical analysis, including daily market updates and a week-ahead outlook. Research is also provided by Trading Central, which includes Analyst Views, Technical Insights, and Featured Ideas that present trading ideas.
IC Markets provides a robust Information Hub designed for dedicated traders. This includes regular market news and technical/fundamental analysis reports generated by their in-house team, offering actionable insights that benefit traders from beginners to intermediates. Additionally, the broker offers content from Trading Central, featuring Analyst Views, Featured Ideas, and Technical Insights tailored for advanced traders. Trading signals from Autochartist are also available, catering to traders of all skill levels.
Deposits & Withdrawals
FP Markets vs IC Markets Deposit and Withdrawal Methods Comparison
Deposit and Withdrawal Rank | 5.0 | 4.9 |
Deposit Options | PayPal, Wire Transfer, Skrill, Neteller, Credit Card, Bpay, Broker to Broker, Debit Card, PayID | 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, Neteller, Skrill, PayPal, Paytrust, Online Pay, Debit Card | Wire Transfer, Neteller, Skrill, Credit Card, PayPal, Klarna, Rapid Transfer, Union Pay, Bpay, Broker to Broker, Poli, Local Banks, Debit Card |
Withdrawal Fee |
FP Markets offers fee-free deposit and withdrawal methods in eleven currencies. Available methods include bank transfer, credit/debit card, Neteller, Skrill, PayPal, PayID, and BPAY. Deposits are processed within one business day, while withdrawals can take 1 to 10 business days. A 1% withdrawal fee applies when using Neteller or Skrill.
IC Markets provides 15 deposit and withdrawal methods free of charge, supporting over ten currencies. Most methods, such as debit/credit cards, PayPal, Neteller, and Skrill, offer instant processing times. Bank wire transfers have the longest processing time, usually ranging from 2 to 5 working days, with international wires potentially taking up to 14 working days.
Account Types and Terms
FP Markets vs IC Markets Account Types Comparison
Account Types and Terms | 4.5 | 4.9 |
# Base Currencies | 72 | 61 |
Islamic Account | ||
Demo Account | ||
Minimum Deposit | $100 | $200 |
FP Markets offers four account types catering to different traders. For those using MT4/MT5, the minimum deposit is $100 with a choice between the commission-free Standard Account and the commission-based Raw Account. The $3.00 per lot commission is better than the $3.50 industry standard, making it suitable for short-term traders. Beginners may prefer the commission-free account as it involves less risk management. Advanced stock traders can open a retail or wholesale/professional Iress Account with a minimum deposit of $1,000.
IC Markets provides three types of accounts. The Standard MetaTrader Account offers commission-free trading, ideal for beginners. The Raw Spread MetaTrader and Raw Spread cTrader accounts feature lower spreads but charge a commission per trade. The commission for the Raw Spread cTrader account is $3.00 per lot, which is lower than the industry standard of $3.50.
Education
FP Markets vs IC Markets Educational Content Comparison
Education Rank | 4.4 | 4.4 |
Videos | ||
Webinars |
FP Markets offers a well-rounded educational offering. The FP Markets Academy provides a wide range of online courses covering various topics such as technical indicators, chart patterns, and MT4/MT5 video tutorials. The content is well-presented and mainly caters to beginners. Experienced traders may benefit from live trading webinars and events.
IC Markets offers a wide selection of educational resources, including articles, tutorial videos, and live webinars hosted by industry experts. Beginners may find the Sunday Pre-Market Analysis live YouTube streams informative. Additionally, there are advanced topics available, such as algorithmic trading, catering to experienced traders.
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.