IC Markets vs Interactive Brokers - Fees Review included
Which broker is better IC Markets or Interactive Brokers? 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. Interactive Brokers is one of the top brokers in the financial market with the TU Overall Score of 7.45 out of 10. Find out more about TU Overall Score.
| Feature | IC Markets | Interactive Brokers |
|---|---|---|
Overall |
4.7 |
4.9 |
5 |
5 |
|
4.9 |
4.9 |
|
4.6 |
5 |
|
Investment Instruments |
4.9 |
4.2 |
Platforms and Charting Tools |
4.4 |
5 |
Deposit and Withdrawal |
4.6 |
4.1 |
Research |
4.3 |
4.7 |
Education |
4.4 |
4.5 |
Support |
4.6 |
4.2 |
Bonuses |
2.5 |
3.1 |
|
|
IC Markets vs Interactive Brokers: 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.
The biggest international broker
| IC Markets | Interactive Brokers | |
|---|---|---|
| Overall Pros | World biggest Forex broker, over 180,000 clients and $1.11 trln monthly turnover in 2022 | Access to 135 markets in 33 countries |
| Advanced ECN trading | 30.000+ trading instruments | |
| Order execution speed 40 mc | Regulated in the US, UK and 8 other countries | |
| Free VPS | Advanced trading platform | |
| Trading servers in New York and London | Free stocks for registration | |
| Strong regulation | Low fees | |
| 2000+ trading assets, 60+ currency pairs | Low margin rates | |
| EURUSD Average spread 01 pip | Nasdaq Listed company | |
| 25 supported account currencies | ||
| Overall Cons | No forex bonuses | long and complex registration procedure |
| World biggest Forex broker, over 180,000 clients and $1.11 trln monthly turnover in 2022 |
IC Markets vs Interactive Brokers: Safety and Regulation
| Regulated By: | IC Markets | Interactive Brokers |
|---|---|---|
US Regulation |
No |
Yes |
FCA (Great Britain) |
Yes |
Yes |
CySec (Cyprus, EU) |
Yes |
No |
ASIC (Australia) |
AFCA (Australia) |
No |
Other Regulators |
Yes |
Investment Industry Regulatory Organization of Canada (IIROC), Central Bank of Ireland (CBI, reference number C423427), Central Bank of Hungary (Magyar Nemzeti Bank), Australian Securities and Investments Commission (AFSL: 453554) and is a participant of ASX, ASX 24 and Cboe Australia, Hong Kong Securities and Futures Commission, and is a member of the SEHK and the HKFE, India SEBI Registration No. INZ000217730, Japan - Kanto Local Finance Bureau (Registration No.187) and is a member of Japan Securities Dealers Association and The Commodity Futures Association of Japan, Monetary Authority of Singapore (Licence No. CMS100917) |
IC Markets vs Interactive Brokers: Trading Conditions
| Trading Conditions | IC Markets | Interactive Brokers |
|---|---|---|
Minimum Deposit |
$200 |
$0 |
Trading Platforms |
MT4, MT5, cTrader |
IB Trader Workstation, IBKR GlobalTrader, Client Portal |
Max Leverage (Futures) |
1-500 |
1-50 |
Supported Markets |
Forex, futures, CFDs on indices, commodities, metals, stocks and bonds |
Stocks, Forex, ETFs, Mutual Funds, Bonds, Stock options, Commodity Futures, Currency futures, Cryptocurrencies, Robo-portfolios, hedge funds |
Trading assets |
2000+ |
30000+ |
Trading Accounts |
cTrader, Raw Spread, Standard |
Cash account, margin account |
Base Account Currencies |
USD, AUD, GBP, CHF, JPY, NZD, SGD, CAD, HKD, BTC |
USD, EUR, GBP, AUD, CAD, CZK, DKK, HKD, HUF, ILS, JPY, MXN, NZD, NOK, PLN, SGD, SEK, CHF, CNH |
IC Markets vs Interactive Brokers: Fees
Forex Trading Fees
| Fee | IC Markets | Interactive Brokers |
|---|---|---|
Standard Account EURUSD Average Spread |
0.62 pips |
0.1 pips |
Standard Account Fee |
$0 |
0.08 to 0.20 bps times trade size |
ECN/STP Account Fee |
$3 per lot |
0.08 to 0.20 bps times trade size |
ECN Account EUR Average Spread |
0.02 pip |
0.1 pips |
CFD Trading Fees
| Fee | IC Markets | Interactive Brokers |
|---|---|---|
CFD Trading Fee |
Floating spread |
0.05% on all share CFDs |
Non-Trading Fees
| Fee | IC Markets | Interactive Brokers |
|---|---|---|
Account Fee |
No |
No |
Deposit Fee |
No |
No |
Withdrawal Fee |
No |
$10 per wire transfer, $1 per BACS/GIRO/ACH/EFT/SEPA |
Inactivity Fee |
No |
No |
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 Interactive Brokers: Trading Assets
| Asset Name | IC Markets | Interactive Brokers |
|---|---|---|
Overall |
2000+ trading assets |
30000+ |
Forex |
Yes |
Yes |
Stocks |
Yes (CFD) |
Yes |
Metals |
Yes (CFD) |
Yes |
Cryptocurrencies |
Yes (CFD) |
Yes |
Energy |
Yes (CFD) |
Yes |
Indices |
Yes (CFD) |
Yes |
ETFs |
Yes (CFD) |
Yes |
Bonds |
Yes (CFD) |
Yes |
Mutual funds |
No |
Yes |
Stock options |
No |
Yes |
Futures Trading |
Yes (CFD) |
Yes |
Binary Options |
No |
No |
IC Markets or Interactive Brokers: Investment Programs
| Asset Name | IC Markets | Interactive Brokers |
|---|---|---|
Copy Trading |
Yes |
No |
MAM/PAMM |
Yes |
No |
Managed Accounts |
No |
No |
Other |
No |
Robo-portfolios, hedge funds, Bonds |
Trading Platforms: Interactive Brokers or IC Markets
| IC Markets | Interactive Brokers | |
|---|---|---|
MT4 |
Yes |
No |
MT5 |
Yes |
No |
cTrader |
Yes |
No |
Appropriate platform |
IC Markets terminal |
IB Trader Workstation, IBKR GlobalTrader, Client Portal |
Others |
No |
No |
|
|
IC Markets vs Interactive Brokers: Deposit and Withdrawal Methods
| Deposit and Withdrawal Method | IC Markets | Interactive Brokers |
|---|---|---|
Bank Transfer |
Yes |
Yes |
Debit Card |
Yes |
No |
Electronic Wallets |
Yes |
No |
Crypto |
No |
No |
IC Markets vs Interactive Brokers: Research
| Research Type | IC Markets | Interactive Brokers |
|---|---|---|
News Feed |
Yes |
Yes |
Fundamental Data |
Yes |
Yes |
Chart Analysis |
Yes |
Yes |
Trading Ideas |
Yes |
No |
E-Mail Reports |
Yes |
Yes |
IC Markets vs Interactive Brokers: Education
| Education Type | IC Markets | Interactive Brokers |
|---|---|---|
Demo-account/Paper Trading |
Yes |
Yes |
Webinars |
Yes |
Yes |
Articles |
Yes |
Yes |
Videos |
Yes |
Yes |
Cent account |
No |
No |
Interactive Brokers vs IC Markets: Support
| Support Features | IC Markets | Interactive Brokers |
|---|---|---|
Working Days |
24/5 |
24/5 |
Yes |
Yes |
|
Phone |
Yes |
Yes |
Online chat |
Yes |
Yes |
Other |
No |
Community forum, Software bug reports |
IC Markets vs Interactive Brokers: Forex Bonuses and Promo
| Promo | IC Markets | Interactive Brokers |
|---|---|---|
Forex Bonus |
Not offered |
No |
Affiliate Program |
% of trading commissions |
As Referrer you can earn up to USD 1000 of IBKR stock. The Refer a Friend program allows eligible IBKR clients to refer people to IBKR for a flat fee payment. Residents of Japan, Spain and Israel are not eligible to participate in the program. |
Other Promos |
||
|
|
Top 5 Reviews on Interactive Brokers
-
Comment
I am very glad that I found Interactive Brokers, because it is convenient to work with — the service is well made and streamlined, the user account is convenient, and you can trade on different platforms and use robots. There are a lot of tools for traders. In general, their approach to work is serious.
-
Comment
I recently started trading with interactive brokers, but I am already trading on a live account. There is no delay in withdrawing money, the execution is excellent, and they make life easier for traders, as they allow you to trade with different strategies. You can try whatever you want and the choice of platforms is amazing, so there is a space for experiments.
-
Comment
There are no problems with Interactive Brokers. All trading operations are carried out as needed. There is a license and regulators, and that definitely says a lot.
-
Comment
Attempts to successfully invest funds haven’t always brought me the positive results that were promised to me by the brokers with whom I worked. I had to start searching, and those who search always find. I found interactive brokers. As a result, in six months, I doubled the money invested. I hope that I will stay here for a long time.
-
Comment
No worries with Interactive Brokers. I know for sure that the company will not let you down. How many years here and only a positive opinion about Interactive Brokers. Always, on all thematic resources, I advise this company.
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.