IC Markets vs Interactive Brokers Comparison – 2024

Top Reasons to Choose IC Markets or Interactive Brokers

According to my evaluation, IC Markets is well-suited for short-term and algorithmic traders with intermediate to advanced skills prioritizing low spreads and rapid execution. On the other hand, Interactive Brokers caters to professional traders, investors, and portfolio managers seeking a diverse array of asset classes, financial products, platforms, security, and substantial trading liquidity. I have detailed the top reasons for these distinctions in the table below:

IC Markets: Snapshot

Established in 2007 and headquartered in Sydney, Australia, IC Markets operates as a licensed brokerage regulated by three financial authorities, including two Tier-1 regulators. The broker offers more than 2,250 tradable instruments through the MT4, MT5, cTrader, and TradingView platforms, the broker also provides extra trading tools like Trading Central and Autochartist.

IC Markets: Who is it For?

IC Markets serves intermediate to advanced short-term traders with its competitive ECN-style pricing, fast trade execution, multiple trading platforms, and algorithmic trading tools.

What Makes IC Markets Stand Out?

IC Markets stands out due to its zero requote policy and no minimum order distance restrictions. This allows traders to place market orders very close to the market price. They offer competitive trading fees and a diverse range of platforms and tools better than the industry average.

Interactive Brokers: Snapshot

Established in 1978, Interactive Brokers Group is a publicly traded company headquartered in Connecticut and listed on the NASDAQ Stock Exchange. Regulated by seven Tier-1 regulators, the broker offers over 8 million tradable instruments, including 8,500 CFDs. It provides competitive fees and a wide array of accounts, platforms, and tools tailored for professional traders.

Interactive Brokers: Who is it For?

Interactive Brokers caters to professional traders, investors, and portfolio managers in search of an extensive array of asset classes, financial products, platforms, competitive fees, safety, and deep trading liquidity.

What Makes Interactive Brokers Stand Out?

Interactive Brokers stands out with its truly global, multi-asset class offerings, competitive trading fees, and professional-grade trading platforms.

Trust

IC Markets vs Interactive Brokers Trust and Regulation Comparison

Founded in 2007, IC Markets operates under two entities regulated by Tier-1 authorities: CySEC (Cyprus) and ASIC (Australia), offering high fund security and favourable trading conditions. Additionally, one of its entities is licensed by the Tier-3 regulator FSA (Seychelles) but does provide insurance coverage up to $1 million from Lloyds of London.

Headquartered in Connecticut, USA, Interactive Brokers has been operational since 1978. Seven entities are regulated by Tier-1 authorities: SEC/CFTC (USA), IIROC (Canada), FCA (UK), CBI (Ireland), JFSA (Japan), MAS (Singapore), and ASIC (Australia). Two more entities are regulated by Tier-2 authorities SFC (Hong Kong) and SEBI (India). As a publicly traded broker listed on the Nasdaq Exchange, it maintains transparent fee structures, regulatory compliance, and stability with equity capital exceeding $11 billion.

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 Interactive Brokers Spreads, Fees and Commissions Comparison

During our live fee assessment using the IC Market’s commission-free Standard CFD Account, we found that the spread for EUR/USD averaged 0.65 pips during both the London and New York trading sessions, surpassing the industry average of 1.0 pips. Additionally, there are no inactivity fees associated with this account.

With the Interactive Brokers CFD account, we observed that the spread for EUR/USD averaged 0.25 pips with a commission of $2 per lot. This offering is highly competitive compared to the industry norm, as most brokers typically charge a commission of $3.50 per lot in addition to the spread fee. There are also no minimum balance requirements or inactivity fees associated with this account.

Platforms and Tools

IC Markets vs Interactive Brokers Trading Platforms Comparison

IC Markets offers a wide range of trading platforms: MT4, MT5, cTrader and TradingView, accessible across desktop, web, and mobile devices. These are designed to cater to the requirements of advanced traders, with cTrader specifically optimized for high-frequency, short-term trading. It provides convenient features like one-click trading and depth of market analysis. Alternatively, beginners might find the mobile apps more user-friendly for trading, although they offer limited charting functionalities. The trading signals from Autochartist and market research from Trading Central could be helpful for beginners.

Interactive Brokers provides a variety of proprietary trading platforms tailored to different types of traders and financial instruments. The IBKR Trader Workstation (TWS), IBKR Mobile app, and IBKR Client Portal offer access to over 8 million tradable instruments, including 8,500 CFDs. The IBKR Desktop, IBKR Impact, and IBKR Global Trader platforms specialize in stocks, options, and mutual funds. The flagship TWS platform primarily targets advanced, professional traders, offering customizable layouts, market scanners, integrated economic news, and various order types. Conversely, the IBKR Mobile app caters more to beginners, featuring an intuitive layout that is easy to navigate.

Tradable Instruments

IC Markets vs Interactive Brokers Instruments Selection Comparison

IC Markets offers a good range of more than 2,250 financial CFD instruments covering global asset classes, catering to beginner and intermediate traders’ needs. Stock traders will find a comprehensive selection with over 2,100 global stock CFDs.

Interactive Brokers offers the industry’s largest selection of financial products, featuring over 8 million tradable instruments from 200 countries, including 8,500+ CFDs. The product offering is ideal for intermediate to advanced multi-asset traders and portfolio managers.

Customer Support

IC Markets vs Interactive Brokers Customer Support Comparison

IC Markets offers 24/7 customer support via email, telephone, and live chat. Responses to emails were received within one day, while live chat inquiries were promptly answered within two minutes. The assistance provided was thorough and helpful. However, the general support phone number was not working.

Interactive Brokers offers customer support through live chat, phone, and a contact form, available 24/6. The agents showed a good understanding when addressing both basic and complex inquiries, although there was sometimes a delay in connecting with an agent.

Research

IC Markets vs Interactive Brokers Research Tools Comparison

IC Markets provides actionable and valuable market research for beginners and intermediate traders. Its in-house team offers market news and technical and fundamental analysis reports. Third-party analytics company Trading Central provides further research, encompassing Analyst Views, Featured Ideas, and Technical Insights suitable for advanced traders.

Interactive Brokers provides professional market research from its Traders Insights page. The content is also available on its proprietary platforms and encompasses written articles and videos covering different markets and trading styles. Third-party content is sourced from Nasdaq, Investopedia, and Redwall Analytics, catering to professional traders and investors.

Deposits & Withdrawals

IC Markets vs Interactive Brokers Deposit and Withdrawal Methods Comparison

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

Interactive Brokers provides deposit and withdrawal options primarily through bank wire transfers. Deposits are free of fees, but withdrawal fees vary based on the region and currency. Withdrawals in US dollars attract a $10 fee, while withdrawals in euros and British pounds incur a €1 or £1 fee, respectively, when using BACS/SEPA methods. Payments are typically processed within one business day.

Account Types and Terms

IC Markets vs Interactive Brokers Account Types Comparison

IC Markets offers three distinct account types that cater to different trader preferences. The Standard MetaTrader Account features zero-commission trading, making it suitable for novice traders. In contrast, the Raw Spread MetaTrader and Raw Spread cTrader accounts offer reduced spreads and include a commission per trade. Both demo and Islamic account options are also available.

Interactive Brokers provides a variety of account types to accommodate a range of clients, including individual traders, professional investors, fund managers, and family offices. These include Individual, Joint, Trust, Family Advisor, ISAs, SIPPs, Family Office, Small Business, Money Manager, Broker, and Proprietary Trading Group Accounts. The Individual Trader account is suitable for novice traders, requires no minimum deposit, and can be funded in 19 different currencies.

Education

IC Markets vs Interactive Brokers Educational Content Comparison

IC Markets offers a wide array of educational resources, including articles, tutorial videos, and live webinars. Catering to traders of all proficiency levels, the content library covers a broad spectrum of trading knowledge, from fundamental to advanced topics, including insights into algorithmic trading techniques.

Interactive Brokers offers an extensive, high-quality educational suite for traders at all skill levels, from beginners to advanced. The Traders Academy hosts 65 finance courses that include articles, videos, and quizzes, covering a wide range of topics such as stocks, bonds, cryptocurrencies, platform tutorials, and fundamental analysis. Additionally, weekly educational podcasts and interactive live trading webinars provide valuable resources for traders and investors of various backgrounds.

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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