IC Markets vs Forex.com - Fees Review included
Which broker is better IC Markets or Forex.com? Our expert assessment conducted according to TU’s own methodology showed that IC Markets is one of the top brokers in the financial market with the TU Overall Score of 8.62 out of 10. Forex.com is one of the top brokers in the financial market with the TU Overall Score of 5.24 out of 10. Find out more about TU Overall Score.
| Feature | IC Markets | Forex.com |
|---|---|---|
Overall |
4.7 |
4.3 |
5 |
5 |
|
4.9 |
4.3 |
|
4.6 |
4.4 |
|
Investment Instruments |
4.9 |
3.5 |
Platforms and Charting Tools |
4.4 |
4.5 |
Deposit and Withdrawal |
4.6 |
4.2 |
Research |
4.3 |
4.7 |
Education |
4.4 |
4.3 |
Support |
4.6 |
4.8 |
Bonuses |
2.5 |
4.2 |
|
|
IC Markets vs Forex.com: Pros and Cons
IC Markets Trading Company was founded in 2007 in Sydney, Australia. The broker is licensed under the Australian Financial Services License (AFSL) and the Australian Securities and Investment Commission (ASIC). The broker is also a member of the Australian Financial Complaint Authority (AFCA), the governing body that sets the industry standard for the resolution of disputes between consumers and financial service providers, and regularly undertakes audits.
Speaking of recognitions and awards, Oanda doesn’t lag behind as it has several awards to its name. The US Foreign Exchange Report awarded it the Best Customer Service, while FX Week crowned it the Best Trading Platform. There’s also an award from the UK Forex Awards where Oanda bagged top honors in the Best Forex Trading Technologies category.
| IC Markets | Forex.com | |
|---|---|---|
| Overall Pros | World biggest Forex broker, over 180,000 clients and $1.11 trln monthly turnover in 2022 | Orders executed at high speeds |
| Advanced ECN trading | 4500+ instruments across various markets | |
| Order execution speed 40 mc | Tight spreads on over 90 assets | |
| Free VPS | Rebate and discount programs are available | |
| Trading servers in New York and London | High-level investor protection | |
| Strong regulation | Diverse technical research tools | |
| 2000+ trading assets, 60+ currency pairs | Caters to a wider audience of users | |
| EURUSD Average spread 01 pip | Creates a variety of quality, written content daily | |
| Low fees and relatively cheap commission costs | ||
| Overall Cons | No forex bonuses | Fewer deposit and withdrawal options |
| World biggest Forex broker, over 180,000 clients and $1.11 trln monthly turnover in 2022 | Lacks a multi-language version |
IC Markets vs Forex.com: Safety and Regulation
| Regulated By: | IC Markets | Forex.com |
|---|---|---|
US Regulation |
No |
Yes (CFTC) |
FCA (Great Britain) |
Yes |
Yes |
CySec (Cyprus, EU) |
Yes |
No |
ASIC (Australia) |
AFCA (Australia) |
No |
Other Regulators |
Yes |
Japanese Financial Services Authority (JFSA), nvestment Industry Regulatory Organization of Canada (IIROC), Cayman Islands Monetary Authority (CIMA), The Securities and Futures Commission (SFC), The Monetary Authority of Singapore (MAS) |
IC Markets vs Forex.com: Trading Conditions
| Trading Conditions | IC Markets | Forex.com |
|---|---|---|
Minimum Deposit |
$200 |
$100 |
Trading Platforms |
MT4, MT5, cTrader |
МТ4 |
Max Leverage (Futures) |
1-500 |
1-500 |
Supported Markets |
Forex, futures, CFDs on indices, commodities, metals, stocks and bonds |
Forex, CFDs (not for all entetities): Forex, Indexes, Stocks, Commodities, Metals, Cryptocurrencies |
Trading assets |
2000+ |
4500+ |
Trading Accounts |
cTrader, Raw Spread, Standard |
Standard, Commission, and Direct Market Access |
Base Account Currencies |
USD, AUD, GBP, CHF, JPY, NZD, SGD, CAD, HKD, BTC |
USD, EUR, GBP |
IC Markets vs Forex.com: Fees
Forex Trading Fees
| Fee | IC Markets | Forex.com |
|---|---|---|
Standard Account EURUSD Average Spread |
0.62 pips |
1.1 pips |
Standard Account Fee |
$0 |
$0 |
ECN/STP Account Fee |
$3 per lot |
$8-$3 per lot (volume based fees) |
ECN Account EUR Average Spread |
0.02 pip |
0.2 pips |
CFD Trading Fees
| Fee | IC Markets | Forex.com |
|---|---|---|
CFD Trading Fee |
Floating spread |
Floating spread |
Non-Trading Fees
| Fee | IC Markets | Forex.com |
|---|---|---|
Account Fee |
No |
No |
Deposit Fee |
No |
No |
Withdrawal Fee |
No |
No |
Inactivity Fee |
No |
$15 monthly after 12 months of inactivity |
A conversion fee may be applied as withdrawals and deposits are conducted in USD. Any other currency will have to be converted.
IC Markets vs Forex.com: Trading Assets
| Asset Name | IC Markets | Forex.com |
|---|---|---|
Overall |
2000+ trading assets |
4500+ |
Forex |
Yes |
Yes |
Stocks |
Yes (CFD) |
No |
Metals |
Yes (CFD) |
Yes (CFD) |
Cryptocurrencies |
Yes (CFD) |
Yes (CFD) |
Energy |
Yes (CFD) |
Yes (CFD) |
Indices |
Yes (CFD) |
Yes (CFD) |
ETFs |
Yes (CFD) |
No |
Bonds |
Yes (CFD) |
Yes (CFD) |
Mutual funds |
No |
No |
Stock options |
No |
No |
Futures Trading |
Yes (CFD) |
No |
Binary Options |
No |
No |
IC Markets or Forex.com: Investment Programs
| Asset Name | IC Markets | Forex.com |
|---|---|---|
Copy Trading |
Yes |
No |
MAM/PAMM |
Yes |
No |
Managed Accounts |
No |
No |
Other |
No |
No |
Trading Platforms: Forex.com or IC Markets
| IC Markets | Forex.com | |
|---|---|---|
MT4 |
Yes |
Yes |
MT5 |
Yes |
Yes |
cTrader |
Yes |
No |
Appropriate platform |
IC Markets terminal |
Forex.com |
Others |
No |
No |
|
|
IC Markets vs Forex.com: Deposit and Withdrawal Methods
| Deposit and Withdrawal Method | IC Markets | Forex.com |
|---|---|---|
Bank Transfer |
Yes |
Yes |
Debit Card |
Yes |
Yes |
Electronic Wallets |
Yes |
Yes (not for all markets) |
Crypto |
No |
No |
IC Markets vs Forex.com: Research
| Research Type | IC Markets | Forex.com |
|---|---|---|
News Feed |
Yes |
Yes |
Fundamental Data |
Yes |
Yes |
Chart Analysis |
Yes |
Yes |
Trading Ideas |
Yes |
Yes |
E-Mail Reports |
Yes |
Yes |
IC Markets vs Forex.com: Education
| Education Type | IC Markets | Forex.com |
|---|---|---|
Demo-account/Paper Trading |
Yes |
Yes |
Webinars |
Yes |
Yes |
Articles |
Yes |
Yes |
Videos |
Yes |
Yes |
Cent account |
No |
Yes |
Forex.com vs IC Markets: Support
| Support Features | IC Markets | Forex.com |
|---|---|---|
Working Days |
24/5 |
24/5 |
Yes |
Yes |
|
Phone |
Yes |
Yes |
Online chat |
Yes |
Yes |
Other |
No |
Complaint form, FAQ support |
IC Markets vs Forex.com: Forex Bonuses and Promo
| Promo | IC Markets | Forex.com |
|---|---|---|
Forex Bonus |
Not offered |
Yes (Not for all countries) |
Affiliate Program |
% of trading commissions |
Yes |
Other Promos |
||
|
|
Top 5 Reviews on Forex.com
-
Comment
Yes, Forex.com has good conditions for trading various assets. I myself started trading here and was worried that I would face some kind of manipulation. At first, of course, there were losses, but now I was able to recover the losses and start making a profit. I can recommend Forex.com for making profits on Forex.
-
Comment
This company has been operating in the Forex market for a long time. And it seems that traders don't have any serious complaints about Forex.com. So I decided to try trading here and see how my trading strategies would work. After five months of cooperation, I can say the following. Spreads at Forex.com are not the smallest. Therefore, it's better not to rely on fast trades. The platform works well, there are no restrictions on trading time and trading strategies. Forex.com has a withdrawal to a bank card within 7 days, and they stick to this timeframe.
-
Comment
I am completely satisfied with Forex.com as a broker. I like their convenient platform, developed by the company’s specialists. You can use mobile and other versions of the platform. I won't call myself an expert, but my little experience tells me that this is the right broker for me.
-
Comment
Forex.com offers good conditions. It's essential to understand that the broker operates based on European legislation and complies with regulatory requirements. Commissions at Forex.com are not particularly low. Additionally, the spread in the terminal is slightly above average. However, for me, it's one of the oldest and most reliable brokers. Therefore, I have been trading here for three years.
-
Comment
I finally decided to try my hand at trading in the Forex market. Choosing a broker was not easy, given my relatively low level of knowledge about this exchange. I was primarily interested in the opportunity to receive quality education and master all the intricacies of trading. As a result, I chose Forex.com and immediately enrolled in their online training course. However, it's unfortunate that they don't offer micro accounts here for practicing trading without risking significant amounts of money.
Top 5 Reviews on IC Markets
-
Comment
I decided to use the services of IC Markets not long ago. Now I think that not all negative reviews are justified. This is a good broker and I have already withdrawn profits several times, everything went without problems. IC Markets’ rates differ from those of other brokers. But you can adapt to this problem.
-
Comment
I initially paid $3000 to start with and an account manager demonstrated a growth of $500 in quick time. A specialist then came in and tried to get me to invest $25000 to which I bluntly denied and they tried with $20K, then $10K and even $5K to all of which I refused! They have now kept me hanging and I asked for a refund to which they are asking for more money from me and I don't know what more to do! Also as of yesterday, the site itself is DOWN!! I cannot log in anymore and the email contact i had from there, when i sent the email to check it came back saying that domain does not exist anymore!! I am at loss of words and my hard earned money unfortunately i was able to recover my money back with the help of Olivia teams get in touch with them oliviatrader 44 at gmail com WhatApp +1 (423) 248 - 2140
-
Comment
I was looking for a reliable broker and noticed the long existence and good reputation of ICMarkets. Moreover, my friend, who has been trading for a long time, recommended contacting them. After several years, I have become a more experienced trader and I am satisfied with the work of the broker.
-
Comment
I have been trading with IC Markets for some time now and I can draw some conclusions. The platform works stably, which indicates a serious approach to its work. Spreads are quite optimal, although for cryptocurrencies they are higher than average as compared to those of its competitors. Slippages occur, there is nothing you can do about it. But there are no problems with requotes at all. In general, I think it’s possible to rate IC Markets “good”.
-
Comment
There are many advantages to IC Markets broker. First, of course, is the presence of a license from a reputable regulator. Accounts can be opened for citizens of many countries. Second, the platform works very well. Order execution speed is high, and you can actively trade manually or with the help of an advisor. I am quite satisfied with IC Markets as a broker.
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FAQs
What should I start Forex trading with?
It is desirable for novice traders to explore trading using a demo account to learn the market and how to work on the trading platform without the risk of suffering losses. At the same time, it is advisable to review the educational materials of the broker, learn trading basics. Then you can deposit the minimum required amount to perform a small number of transactions. If you manage to close several months in a row in the black, without substantial drawdowns on the account, then you can try increasing your deposit. Also trying to copy trades automatically is a good option for a start.
What amount should I start trading with?
The minimum deposit of $10 may be enough to trade on the cent account. However, for trading on Standard/ECT accounts, experts recommend starting with at least $200-500. With this amount, you can use not a very big leverage. Remember, getting carried away with the margin is the main cause of losses among beginners.
What should I take into consideration when choosing a broker?
Experts recommend looking at the broker’s reliability first and foremost. The other important features include basic trading conditions, commissions and fees, customer reviews. If brokers are approximately the same in terms of basic criteria, you need to choose based on your experience and tasks. One broker may be good for professionals and another – for novice traders.
Is it possible to be scammed by a broker with a license from a reputable regulator?
In theory, yes. But in practice, it takes so much time and money to comply with the requirements of reputable regulators that it is not worth it for scammers to bother obtaining a legitimate license.
Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.