IC Markets vs eToro Comparison – 2024

Top Reasons to Choose IC Markets or eToro

According to our evaluation, IC Markets caters to intermediate and advanced short-term and algorithmic traders who seek low spreads and ultra-fast execution. On the other hand, eToro is perfect for beginner traders looking for a social and copy trading service, as well as experienced traders interested in earning revenue from copy subscribers.

IC Markets: Snapshot

Established in 2007 and based in Sydney, Australia, IC Markets is a licensed brokerage overseen by three financial authorities, including two Tier-1 regulators. The company offers more than 2,250 tradable instruments on the MT4, MT5, and cTrader platforms, along with a specialized trading blog featuring market updates.

IC Markets: Who is it For?

IC Markets targets experienced short-term traders with its ECN-style pricing and ultra-fast trade execution, averaging less than 40 milliseconds. The broker has a zero requote policy and imposes no minimum order distance restriction, making it ideal for short-term traders and those utilizing algorithmic strategies.

What Makes IC Markets Stand Out?

IC Markets distinguishes itself with a zero requote policy and no minimum order distance restrictions, allowing you to execute market orders at levels very close to the market price. Additionally, it provides competitive trading fees and a broader selection of trading platforms and instruments compared to the industry standard.

eToro: Snapshot

Founded in 2007 and based in Israel, eToro is regulated by four Tier-1 financial authorities. The broker transformed the social and copy-trading landscape with its cutting-edge proprietary platform, enabling one-click copy trading, pre-made investment portfolios, and commission-free trading across over 5,800 instruments.

*51% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

eToro: Who is it For?

eToro is well-suited for novice traders looking to leverage the advantages of copying successful traders and experienced traders aiming to generate extra income from copy subscribers. The platform also caters to stock investors of all levels by offering commission-free investing and pre-built investment portfolios.

What Makes eToro Stand Out?

eToro is a pioneer in the copy trading sector. Users can easily view the performance of other trades and copy their trades with the click of a button. eToro also offers pre-built stock investment portfolios known as Smart Portfolios, which focus on global themes.

Trust

IC Markets vs eToro Trust and Regulation Comparison

Founded in 2007, IC Markets operates through two entities licensed by Tier-1 regulators: CySEC (Cyprus) and ASIC (Australia), ensuring a high level of fund safety and trading conditions. One of its entities is licensed by the Tier-3 regulator FSA (Seychelles), providing insurance coverage up to $1 million from Lloyds of London.

Also founded in 2007, eToro operates through four entities overseen by Tier-1 regulators, including the FCA (UK), CySEC (Cyprus), ASIC (Australia), and FINRA (USA), along with one entity regulated by a Tier-3 authority, the FSA (Seychelles). Tier-1 regulators ensure the highest investor protection and transparency regarding trading terms and fees.

If you want to learn more about brokers’ regulations, be sure to check out our article on the top regulated forex brokers.

Fees

IC Markets vs eToro Spreads, Fees and Commissions Comparison

IC Markets offers highly competitive spreads in both the Standard and ECN accounts. For example, our analysis found that the EUR/USD spread averaged 0.65 pips during the London and New York sessions on the commission-free Standard CFD Account, beating the industry average of 1.0 pips. ECN account commissions are also low, and there are no account maintenance or inactivity fees.

eToro’s fees vary depending on the instrument and asset class. Using the eToro commission-free CFD account, we found the EUR/USD spread averaged 1.0 pips at the London open and 0.9 pips at the US open, matching the industry average of 1.0 pips. There is a $10 monthly inactivity fee after 12 months of no activity. We consider eToro’s fees competitive for copy and social trading, particularly since the broker does not charge a service commission for subscribing to other traders’ strategies.

Platforms and Tools

IC Markets vs eToro Trading Platforms Comparison

IC Markets offers a wide range of trading platforms, including MT4, MT5, and cTrader, accessible on desktop, web, and mobile devices. These platforms are designed to meet the demands of experienced traders, with cTrader specifically optimized for high-frequency, short-term trading and equipped with features like one-click trading and depth of market. Beginners may prefer the mobile apps due to their ease of use, although they have limited charting capabilities. Additionally, new traders can benefit from trading signals provided by Autochartist and market research from Trading Central.

eToro offers its own custom-built web platform and mobile app. The web platform features a simple and user-friendly interface with charts powered by TradingView, including 105 technical indicators, over 55 drawing tools, 9 timeframes, and 9 chart types. While customization options are limited, copy trading can be done with a click of a button, making the platform ideal for beginners. The mobile app provides the same features as the web platform, including the copy trading functionality.

Tradable Instruments

IC Markets vs eToro Instruments Selection Comparison

IC Markets provides a diverse selection of over 2,250 financial CFD instruments across various global asset classes, catering to a wide range of traders. This includes 61 currency pairs, 44 commodities, 25 indices and 21 cryptocurrency CFDs. Stock traders will find a robust offering of over 2,100 stock CFDs from major regions, including the U.S., Australia, Amsterdam, Spain, France, Germany, and the UK.

eToro provides access to over 5,800 CFDs and real shares from global markets. This diverse selection includes 4,902 stocks covering Europe, Australia, Hong Kong, Saudi Arabia, the UK, and the U.S. There are also 670 ETFs, 170 cryptos, 55 forex pairs, 35 commodities, and 21 indices. With this extensive instrument offering, eToro caters to traders of all levels, from beginners to intermediate and advanced traders.

Customer Support

IC Markets vs eToro Customer Support Comparison

IC Markets offers 24/7 customer support via email and live chat. Email responses were received promptly within one day, and live chat responses typically within two minutes, providing comprehensive and helpful assistance. However, the general support phone number was not operational during our test.

eToro provides customer support through a ticketing form, with responses expected within two business days. Active traders holding at least $5,000 in their accounts have access to live chat and phone support. During our live test, after submitting a ticket, we received a thorough and detailed response within two days.

Research

IC Markets vs eToro Research Tools Comparison

The IC Markets Information Hub is tailored for dedicated traders. It features regularly updated market news and curated technical and fundamental analysis reports from the in-house team. This actionable content benefits traders at all levels, from beginners to intermediates. The broker also offers content from Trading Central, including Analyst Views, Featured Ideas, and Technical Insights, catering specifically to advanced traders. Additionally, Autochartist’s trading signals are valuable tools for traders of all skill levels.

eToro provides a variety of in-house and third-party research resources, including a news and analysis section, an earnings calendar, a news screener, and video market updates on its YouTube channel. The content is generally aimed at beginner traders. Within the eToro platform, each stock features an analysis, news, and stats tab with research from TipRanks, offering analyst price forecasts and targets suitable for all levels of stock traders.

Deposits & Withdrawals

IC Markets vs eToro Deposit and Withdrawal Methods Comparison

IC Markets offers 15 fee-free deposit and withdrawal options supporting ten currencies. Debit/credit cards, PayPal, Neteller, Skrill, and other e-payment methods provide instant processing times. However, bank wire transfers have the longest processing time, usually taking 2 to 5 working days, and international wires may take up to 14 working days to process.

eToro provides various deposit and withdrawal options, including bank wire, credit/debit card, PayPal, Neteller, Skrill, Rapid Transfer, iDeal, Klarna, Trustly, Przelewy24, and the eToro Money Wallet. Most payment transactions are instant, except for bank transfers, which may take 4 to 7 business days to process. Deposits are free of charge (conversion fees may apply), but withdrawals incur a $5 fee.

Account Types and Terms

IC Markets vs eToro Account Types Comparison

IC Markets offers three specialized account types to accommodate different trader preferences. The Standard MetaTrader Account provides zero-commission trading, making it well-suited for novice traders. Alternatively, the Raw Spread MetaTrader and Raw Spread cTrader accounts feature narrower spreads and charge a commission per trade. Notably, the Raw Spread cTrader commission is $3.00 per lot, better than the industry average of $3.50.

eToro provides a variety of trading and investing account options. This includes a CFD trading account designed for personal and copy trading, as well as an investing account tailored for real shares and access to ready-made Smart Portfolios. The CFD trading account offers leverage of up to 1:30 and includes multiple membership tiers. Larger account sizes unlock additional products, services, and discounts, catering to a wide range of traders and investors.

Education

IC Markets vs eToro Educational Content Comparison

IC Markets offers comprehensive educational resources, including articles, tutorial videos, and live webinars. Their content library covers trading topics suitable for traders at all levels, from foundational to advanced knowledge, and includes insights into algorithmic trading techniques. Regular webinars and platform tutorials are particularly beneficial for newcomers.

eToro provides educational resources specifically designed for beginners. The eToro Academy provides 21 trading courses combining written materials and videos, mainly covering general investment topics. The Digital & Invest podcast delves deeper into various trading and investing subjects. Additionally, eToro offers many step-by-step tutorials and guides on how to use its platform and services.

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.

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