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IC Markets vs Plus500 Comparison – 2024
By:
Reviewed By:
Updated: Jul 29, 2024
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.
VS
Plus500
4.3
CFD Service, 82% 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
Comparison Table
IC Markets | Plus500 | |
|---|---|---|
Overall Rating | 4.5 | 4.3 |
Trust | 4.1 | 4.5 |
Fees | 4.6 | 4.1 |
Platforms and Tools | 4.4 | 4.2 |
Tradable Instruments | 4.7 | 4.7 |
Customer Support | 4.6 | 3.4 |
Research | 4.7 | 4.0 |
Deposit and Withdrawal | 4.9 | 5.0 |
Account Types and Terms | 4.9 | 5.0 |
Education | 4.4 | 3.3 |
Regulators & Max Leverage | 1:30 (CySEC), 1:30 (ASIC), 1:500 (FSA) | 1:30 (CySEC) |
Foundation Year | 2007 | 2009 |
Fees Test | Low | Medium |
Tradable Instruments | 2245 | 2047 |
Trading Platforms | MT5, cTrader, MT4, TradingView, Zulutrade | Plus500 Web Platform, Mobile Platform |
Minimum Deposit | $200 | $100 |
Read Reviews |
Top Reasons to Choose IC Markets or Plus500
Based on our comparative assessment, IC Markets is ideal for advanced short-term traders who require low spreads, fast trade execution, and zero requotes. Plus500, on the other hand, is suited for beginner traders who need a user-friendly trading platform, commission-free trading, and educational resources.
| IC Markets Best for Short-Term & Algorithmic Traders |
Plus500 Best for Beginner Trading Platform & App |
| Raw spread pricing accounts | Commission-free trading |
| Zero requote policy | User-friendly trading platform |
| Trade execution under 40 ms | Feature-rich mobile app |
| MT4, MT5, cTrader platforms | 2,800+ CFD markets |
| Third-party tools Trading Central and Autochartist | +Insights innovative tool |
| Extensive range of instruments | Tightly regulated publicly traded company |
IC Markets: Snapshot
Founded in 2007, Sydney-based broker IC Markets is regulated by three financial authorities, including two Tier-1 regulators. It offers access to over 2,250 tradable instruments on the MT4, MT5, and cTrader platforms through raw spread ECN trading accounts, as well as various research tools.
IC Markets: Who is it For?
With zero requotes, no minimum order distance, and an average trade execution under 40 milliseconds, IC Markets is ideal for short-term traders and those using algorithmic strategies.
What Makes IC Markets Stand Out?
IC Markets stands out with its zero requote policy, no minimum order distance restrictions, competitive trading fees, and a wider range of platforms and instruments than the industry average.
| Recommended in 8 best broker guides: |
| Forex | CFD | Platforms | Low Spreads | Crypto | Regulated | MT5 | Automated Trading |
Plus500: Snapshot
Founded in 2008, Plus500 is listed on the London Stock Exchange and regulated by four Tier-1 regulators worldwide. It offers commission-free trading on over 2,800 instruments through an intuitive web platform and mobile trading app.
Plus500: Who is it For?
Plus500 is ideal for novice traders seeking a user-friendly experience. It provides an intuitive, feature-rich web trading platform and mobile app. Educational resources include videos, e-books, and webinars for beginner and intermediate traders.
What Makes Plus500 Stand Out?
Plus500 stands out as a publicly listed broker, offering a straightforward approach to trading thousands of global markets with user-friendly products.
| Recommended in 5 best broker guides: |
| Mobile App | Gold| UK | Australia | Platforms in Europe |
Trust
IC Markets vs Plus500 Trust and Regulation Comparison
Trust Rank | 4.1 | 4.5 |
Regulators & Max Leverage | 1:30 (CySEC), 1:30 (ASIC), 1:500 (FSA) | 1:30 (CySEC) |
Foundation Year | 2007 | 2009 |
Publicly Traded | ||
Has a Bank |
Founded in 2007, IC Markets is regulated by Tier-1 authorities CySEC (Cyprus) and ASIC (Australia), ensuring the high level of safety of client funds and trading conditions. Another entity is licensed by the Tier-3 regulator FSA (Seychelles), which provides insurance coverage up to $1 million from Lloyds of London.
Founded in 2008, Plus500 has four entities regulated by Tier-1 authorities: the FCA (UK), CySEC (Europe), MAS (Singapore), and ASIC (Australia). Three entities are regulated by Tier-2 authorities: the FSCA (South Africa), FMA (New Zealand), and EFSA (Estonia). One entity is regulated by a Tier-3 authority, the FSA (Seychelles). The Tier-1 regulated entities ensure the highest safety standards of client funds and trading conditions.
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 Plus500 Spreads, Fees and Commissions Comparison
Fees Rank | 4.6 | 4.1 |
Inactivity Fee |
Overall, IC Markets offers very tight spreads in both the Standard and the Raw Spread accounts. Using its commission-free Standard CFD Account, we found the average spread for EUR/USD was 0.65 pips during the London and New York sessions, beating the industry average of 1.08 pips. Additionally, there are no account maintenance or inactivity fees.
We found Plus500’s fees to be average to competitive. Using the Plus500 commission-free Standard CFD Account, the spread for EUR/USD averaged 0.8 pips across the London and New York sessions, also beating the industry average of 1.08 pips. However, an inactivity fee of $10 per month applies to accounts that remain dormant for three months.
Platforms and Tools
IC Markets vs Plus500 Trading Platforms Comparison
Platform Rank | 4.4 | 4.2 |
Trading Platforms | MT5, cTrader, MT4, TradingView, Zulutrade | Plus500 Web Platform, Mobile Platform |
Mobile Apps | Android, iOS | Android, iOS |
IC Markets provides access to the MT4, MT5, and cTrader platforms on desktop, web, and mobile devices. The desktop versions are ideal for high-frequency, short-term, and advanced traders, offering features like one-click trading, customizable options, and depth of market. Beginners might prefer mobile apps and web platforms for their user-friendly interfaces, though these options offer limited charting and algorithmic capabilities.
Plus500 provides a proprietary web trading platform and mobile app, both designed with beginner traders in mind. The web platform offers access to over 2,800 CFD markets and includes standard drawing tools, various chart types, timeframes, and indicators, along with one-click trading and guaranteed stop-loss orders. The mobile app offers the same features, plus the +Insights tool, which provides market sentiment data.
Tradable Instruments
IC Markets vs Plus500 Instruments Selection Comparison
Tradable Instruments Rank | 4.7 | 4.7 |
# Tradable Instruments | 2245 | 2047 |
# Currency Pairs | 61 | 65 |
# Commodities | 25 | 22 |
# Crypto | 21 | 17 |
# Stocks | 2100 | 1500 |
# Indices | 25 | 29 |
IC Markets offers over 2,250 CFD markets covering all asset classes. While appealing to traders of all kinds, it particularly excels in offering thousands of stocks from major regions like the U.S., Australia, Amsterdam, Spain, France, Germany, and the UK.
Plus500 provides a selection of over 2,800 leveraged financial CFD instruments across global asset classes. Advanced traders also have access to CFD options contracts on selected forex pairs, indices, commodities and stocks.
Customer Support
IC Markets vs Plus500 Customer Support Comparison
Customer Support Rank | 4.6 | 3.4 |
Availability | Available 24/7 | Available 24/7 |
Live Chat |
IC Markets offers 24/7 customer support through email and live chat. Email queries are usually answered within one day, and live chat responses are typically received within two minutes. However, our live test also revealed that the general support phone number was not operational.
Plus500 also provides 24/7 customer support through live chat and email, but does not offer phone support. Accessing live chat was quick, and responses from knowledgeable customer support agents were almost immediate.
Research
IC Markets vs Plus500 Research Tools Comparison
Research Rank | 4.7 | 4.0 |
News (Top-Tier Sources) | ||
Economic calendar | ||
Videos/Webinars | ||
Trading Central (Recognia) | ||
Autochartist |
The IC Markets’ Information Hub delivers fresh market news and analysis reports, courtesy of their dedicated in-house team, suitable for traders at any skill level. Moreover, the broker supplies content sourced from Autochartist and Trading Central, comprising Analyst Views, Featured Ideas, and Technical Insights, aimed towards intermediate and advanced traders.
Plus500 delivers detailed market research accessible through its website and trading platforms. Their in-house analyst team produces fundamental articles covering news and market insights three to four times a week. Additionally, the platform features the +Insights tool, providing data on the buying and selling trends of other clients, along with an integrated economic calendar. These resources are tailored to accommodate both beginner and intermediate traders.
Deposits & Withdrawals
IC Markets vs Plus500 Deposit and Withdrawal Methods Comparison
Deposit and Withdrawal Rank | 4.9 | 5.0 |
Deposit Options | Poli, PayPal, Wire Transfer, Skrill, Neteller, Credit Card, Union Pay, Klarna, Rapid Transfer, Bpay, Broker to Broker, Debit Card, Local Banks | PayPal, Wire Transfer, Moneybookers, Skrill, Credit Card |
Withdrawal Options | Wire Transfer, Neteller, Skrill, Credit Card, PayPal, Klarna, Rapid Transfer, Union Pay, Bpay, Broker to Broker, Poli, Local Banks, Debit Card | Wire Transfer, Moneybookers, Skrill, Credit Card, PayPal |
Withdrawal Fee |
IC Markets offers 15 deposit and withdrawal options, all free of charge and processed instantly. These options include debit/credit cards, PayPal, Neteller, Skrill, and various other e-payment methods. However, bank wire transfers have the lengthiest processing time, usually requiring 2 to 5 working days, with international wires taking up to 14 working days.
Plus500 offers deposit and withdrawal options without fees. These include bank wire transfers, Visa, Mastercard, Maestro, PayPal, and Skrill. While bank wire deposits may take 1 to 5 business days, other methods are instant. Withdrawals are processed within 1 business day.
Account Types and Terms
IC Markets vs Plus500 Account Types Comparison
Account Types and Terms | 4.9 | 5.0 |
# Base Currencies | 61 | 65 |
Islamic Account | ||
Demo Account | ||
Minimum Deposit | $200 | $100 |
IC Markets caters to different trader needs with three specialized account options. The Standard MetaTrader Account offers zero-commission trading, suitable for novice traders. Advanced short-term traders may find the Raw Spread MetaTrader and Raw Spread cTrader accounts more appealing. These accounts offer narrower spreads and charge a commission per trade. The Raw Spread cTrader commission stands at USD 3.00 per lot, better than the industry average of USD 3.50.
Plus500 provides a choice of four account types: Standard, Professional, Islamic, and Demo. While most accounts are tailored for beginners, featuring a straightforward account opening process and a minimum deposit of 100 units in 16 different currencies, the Professional account targets advanced traders. It offers increased leverage but clients must pass a suitability test and may lose some investor protections.
Education
IC Markets vs Plus500 Educational Content Comparison
Education Rank | 4.4 | 3.3 |
Videos | ||
Webinars |
IC Markets offers a wide range of educational materials, including articles, tutorial videos, and live webinars. These cover diverse trading subjects suitable for traders of any skill level. Beginner traders, in particular, will find the platform tutorials and frequent live trading webinars beneficial.
Plus500 also offers a broad selection of educational materials, including articles, videos, e-books, an extensive webinar series, and YouTube content. These resources cover fundamental aspects of CFD trading, trading psychology, technical analysis, and trading strategies. The material is of high quality and primarily tailored for beginner and intermediate 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.