IC Markets vs FXORO - Fees Review included
Which broker is better IC Markets or FXORO? 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. FXORO is one of the top brokers in the financial market with the TU Overall Score of 4.29 out of 10. Find out more about TU Overall Score.
Feature | IC Markets | FXORO |
---|---|---|
Overall |
4.7 |
3.9 |
5 |
4.1 |
|
4.9 |
3.8 |
|
4.6 |
3.7 |
|
Investment Instruments |
4.9 |
1 |
Platforms and Charting Tools |
4.4 |
3.9 |
Deposit and Withdrawal |
4.6 |
4.1 |
Research |
4.3 |
3.9 |
Education |
4.4 |
4.9 |
Support |
4.6 |
4.2 |
Bonuses |
2.5 |
2.1 |
|
|
IC Markets vs FXORO: 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.
FXORO was founded in 2012. FXORO is a brand name owned by MCA Intelifunds LTD. It is a financial firm established under the jurisdiction of the Republic of Cyprus. It is authorized and registered by the CySec with registration number 126/10. FXORO gives access to trading CFD's on various products, such as Forex, Indices, Shares, Commodities, and Cryptocurrencies. The company offers excellent trading services yet paying great attention to customer safety.
IC Markets | FXORO | |
---|---|---|
Overall Pros | World biggest Forex broker, over 180,000 clients and $1.11 trln monthly turnover in 2022 | Advanced education section |
Advanced ECN trading | Trading central signals | |
Order execution speed 40 mc | ||
Free VPS | ||
Trading servers in New York and London | ||
Strong regulation | ||
2000+ trading assets, 60+ currency pairs | ||
EURUSD Average spread 01 pip | ||
Overall Cons | No forex bonuses | |
World biggest Forex broker, over 180,000 clients and $1.11 trln monthly turnover in 2022 |
IC Markets vs FXORO: Safety and Regulation
Regulated By: | IC Markets | FXORO |
---|---|---|
US Regulation |
No |
No |
FCA (Great Britain) |
Yes |
No |
CySec (Cyprus, EU) |
Yes |
Yes |
ASIC (Australia) |
AFCA (Australia) |
No |
Other Regulators |
Yes |
FSA (Seychelles) |
IC Markets vs FXORO: Trading Conditions
Trading Conditions | IC Markets | FXORO |
---|---|---|
Minimum Deposit |
$200 |
$200 |
Trading Platforms |
MT4, MT5, cTrader |
MT4, Mobile Apps |
Max Leverage (Futures) |
1-500 |
Up to 30:1 for retail clients and up to 400:1 for professional clients |
Supported Markets |
Forex, futures, CFDs on indices, commodities, metals, stocks and bonds |
Forex, Precious Metals, Commodities, Indices and Share based CFDs |
Trading assets |
2000+ |
200+ |
Trading Accounts |
cTrader, Raw Spread, Standard |
Fix, Floating, ECN |
Base Account Currencies |
USD, AUD, GBP, CHF, JPY, NZD, SGD, CAD, HKD, BTC |
USD, EUR, GBP, CHF |
IC Markets vs FXORO: Fees
Forex Trading Fees
Fee | IC Markets | FXORO |
---|---|---|
Standard Account EURUSD Average Spread |
0.62 pips |
2 pips |
Standard Account Fee |
$0 |
$0 |
ECN/STP Account Fee |
$3 per lot |
$6/€5/£4 per lot |
ECN Account EUR Average Spread |
0.02 pip |
0.2 pips |
CFD Trading Fees
Fee | IC Markets | FXORO |
---|---|---|
CFD Trading Fee |
Floating spread |
Fixed or floating spread, depends on the account type |
Non-Trading Fees
Fee | IC Markets | FXORO |
---|---|---|
Account Fee |
No |
No |
Deposit Fee |
No |
Wire Transfer 0-4% depending on the region, Debit/credit card, electronic wallets 0% |
Withdrawal Fee |
No |
Debit/credit card USD/ EUR/ GBP/ CHF 5, Wire transfer SEPA min USD/ EUR/ GBP/ CHF 5, max USD/ EUR/ GBP/ CHF 1405 SWIFT $35 fee for 1-700 USD, 5% fee for more than 700 USD, Electronic wallets $5/€/£ ($15/€/£ for Neteller) or 1% fee for more than 500 USD (more than $1500 for Neteller) |
Inactivity Fee |
No |
$25 per month after 3 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 FXORO: Trading Assets
Asset Name | IC Markets | FXORO |
---|---|---|
Overall |
2000+ trading assets |
|
Forex |
Yes |
Yes |
Stocks |
Yes (CFD) |
Yes (CFD) |
Metals |
Yes (CFD) |
Yes (CFD) |
Cryptocurrencies |
Yes (CFD) |
Yes (CFD) |
Energy |
Yes (CFD) |
Yes (CFD) |
Indices |
Yes (CFD) |
Yes (CFD) |
ETFs |
Yes (CFD) |
Yes (CFD) |
Bonds |
Yes (CFD) |
No |
Mutual funds |
No |
No |
Stock options |
No |
No |
Futures Trading |
Yes (CFD) |
No |
Binary Options |
No |
No |
IC Markets or FXORO: Investment Programs
Asset Name | IC Markets | FXORO |
---|---|---|
Copy Trading |
Yes |
No |
MAM/PAMM |
Yes |
No |
Managed Accounts |
No |
No |
Other |
No |
No |
Trading Platforms: FXORO or IC Markets
IC Markets | FXORO | |
---|---|---|
MT4 |
Yes |
Yes |
MT5 |
Yes |
No |
cTrader |
Yes |
No |
Appropriate platform |
IC Markets terminal |
No |
Others |
No |
No |
|
|
IC Markets vs FXORO: Deposit and Withdrawal Methods
Deposit and Withdrawal Method | IC Markets | FXORO |
---|---|---|
Bank Transfer |
Yes |
Yes |
Debit Card |
Yes |
Yes |
Electronic Wallets |
Yes |
Yes |
Crypto |
No |
No |
IC Markets vs FXORO: Research
Research Type | IC Markets | FXORO |
---|---|---|
News Feed |
Yes |
Yes |
Fundamental Data |
Yes |
Yes |
Chart Analysis |
Yes |
Yes |
Trading Ideas |
Yes |
Yes |
E-Mail Reports |
Yes |
No |
IC Markets vs FXORO: Education
Education Type | IC Markets | FXORO |
---|---|---|
Demo-account/Paper Trading |
Yes |
No |
Webinars |
Yes |
Yes |
Articles |
Yes |
No |
Videos |
Yes |
No |
Cent account |
No |
No |
FXORO vs IC Markets: Support
Support Features | IC Markets | FXORO |
---|---|---|
Working Days |
24/5 |
24/5 |
Yes |
Yes |
|
Phone |
Yes |
Yes |
Online chat |
Yes |
Yes |
Other |
No |
Fax |
IC Markets vs FXORO: Forex Bonuses and Promo
Promo | IC Markets | FXORO |
---|---|---|
Forex Bonus |
Not offered |
No |
Affiliate Program |
% of trading commissions |
Yes, you will get a dynamic CPA of up to $1,000 |
Other Promos |
No |
|
|
|
Top 5 Reviews on FXORO
-
Comment
I would like to note FXORO’s good technical support and comprehensive analytical base. For those who know how to use these tools, making money here will be much easier.
-
Comment
At first, I was skeptical about FXORO broker, as I had too many disappointments with my previous company. But it turned out that I can work with this broker. Especially after my first trade brought me a profit of $120. Now I'm thinking of increasing my deposit with FXORO. The first withdrawal went smoothly.
-
Comment
Order execution at FXORO is good. It is quick and accurate, and there are almost never slippages or non-market quotes. Spreads correspond to those stated on the website, and although they are not the tightest, they remain stable. This is important to me because I prefer to avoid surprises. I can recommend FXORO.
-
Comment
It should be noted that FXORO offers quite favorable trading conditions. Spreads are also tempting. I don't want to list all the conditions, but it is not easy for a Forex broker to achieve those. I trade here and I am satisfied.
-
Comment
I can't think of any serious problems when trading with fxoro. I consider this broker reliable in matters of regulation and insurance of client funds. As for trading, anything could happen. There were even a couple of times in three years when trades were canceled due to non-market quotes. To its credit, fxoro canceled not only profitable trades, but also unprofitable ones.
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.