IC Markets vs SimpleFX - Fees Review included
Which broker is better IC Markets or SimpleFX? 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. SimpleFX is one of the top brokers in the financial market with the TU Overall Score of 6.48 out of 10. Find out more about TU Overall Score.
| Feature | IC Markets | SimpleFX |
|---|---|---|
Overall |
4.7 |
3.3 |
5 |
1 |
|
4.9 |
3.5 |
|
4.6 |
3.3 |
|
Investment Instruments |
4.9 |
2.5 |
Platforms and Charting Tools |
4.4 |
4.1 |
Deposit and Withdrawal |
4.6 |
4.0 |
Research |
4.3 |
1 |
Education |
4.4 |
1 |
Support |
4.6 |
3.2 |
Bonuses |
2.5 |
4.1 |
|
|
|
IC Markets vs SimpleFX: 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 SimpleFX broker was registered in the state of Saint Vincent and the Grenadines in 2014 and provides services to traders globally. A distinctive feature of this company is that the broker provides its clients with the opportunity to open accounts and withdraw funds in cryptocurrency. The SimpleFX broker is registered as an international financial company (IBC), but its activities are not subject to the financial regulator. At the moment, there are no awards in the SimpleFX asset.
| IC Markets | SimpleFX | |
|---|---|---|
| Overall Pros | World biggest Forex broker, over 180,000 clients and $1.11 trln monthly turnover in 2022 | the ability to open an account in cryptocurrency |
| Advanced ECN trading | the minimum deposit amount is $1 | |
| Order execution speed 40 mc | ETH 2.0 Staking | |
| 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 | Not regulated |
| World biggest Forex broker, over 180,000 clients and $1.11 trln monthly turnover in 2022 | The broker's website lacks key information about spreads and trading conditions | |
| No bank transfer withdrawal |
IC Markets vs SimpleFX: Safety and Regulation
| Regulated By: | IC Markets | SimpleFX |
|---|---|---|
US Regulation |
No |
No |
FCA (Great Britain) |
Yes |
No |
CySec (Cyprus, EU) |
Yes |
No |
ASIC (Australia) |
AFCA (Australia) |
No |
Other Regulators |
Yes |
The SimpleFX broker is registered as an international financial company (IBC), but its activities are not subject to the financial regulator. |
IC Markets vs SimpleFX: Trading Conditions
| Trading Conditions | IC Markets | SimpleFX |
|---|---|---|
Minimum Deposit |
$200 |
$1 |
Trading Platforms |
MT4, MT5, cTrader |
MetaTrader 4, SFX |
Max Leverage (Futures) |
1-500 |
1-500 |
Supported Markets |
Forex, futures, CFDs on indices, commodities, metals, stocks and bonds |
Currencies, stocks, indices, commodities, cryptocurrencies |
Trading assets |
2000+ |
70+ |
Trading Accounts |
cTrader, Raw Spread, Standard |
Standard |
Base Account Currencies |
USD, AUD, GBP, CHF, JPY, NZD, SGD, CAD, HKD, BTC |
USD, cryptocurrencies |
IC Markets vs SimpleFX: Fees
Forex Trading Fees
| Fee | IC Markets | SimpleFX |
|---|---|---|
Standard Account EURUSD Average Spread |
0.62 pips |
1.1 pips |
Standard Account Fee |
$0 |
$0 |
ECN/STP Account Fee |
$3 per lot |
Not supported |
ECN Account EUR Average Spread |
0.02 pip |
Not supported |
CFD Trading Fees
| Fee | IC Markets | SimpleFX |
|---|---|---|
CFD Trading Fee |
Floating spread |
Floating spread |
Non-Trading Fees
| Fee | IC Markets | SimpleFX |
|---|---|---|
Account Fee |
No |
No |
Deposit Fee |
No |
No |
Withdrawal Fee |
No |
FasaPay e-wallet - 1%, Skrill and Neteller – 3%, crypto - free |
Inactivity Fee |
No |
Yes |
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 SimpleFX: Trading Assets
| Asset Name | IC Markets | SimpleFX |
|---|---|---|
Overall |
2000+ trading assets |
70+ |
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) |
No |
Bonds |
Yes (CFD) |
No |
Mutual funds |
No |
No |
Stock options |
No |
No |
Futures Trading |
Yes (CFD) |
No |
Binary Options |
No |
No |
IC Markets or SimpleFX: Investment Programs
| Asset Name | IC Markets | SimpleFX |
|---|---|---|
Copy Trading |
Yes |
No |
MAM/PAMM |
Yes |
No |
Managed Accounts |
No |
No |
Other |
No |
ETH 2.0 staking |
Trading Platforms: SimpleFX or IC Markets
| IC Markets | SimpleFX | |
|---|---|---|
MT4 |
Yes |
Yes |
MT5 |
Yes |
No |
cTrader |
Yes |
No |
Appropriate platform |
IC Markets terminal |
SimpleFX |
Others |
No |
No |
|
|
|
IC Markets vs SimpleFX: Deposit and Withdrawal Methods
| Deposit and Withdrawal Method | IC Markets | SimpleFX |
|---|---|---|
Bank Transfer |
Yes |
No |
Debit Card |
Yes |
Yes |
Electronic Wallets |
Yes |
Yes |
Crypto |
No |
Yes |
IC Markets vs SimpleFX: Research
| Research Type | IC Markets | SimpleFX |
|---|---|---|
News Feed |
Yes |
No |
Fundamental Data |
Yes |
No |
Chart Analysis |
Yes |
No |
Trading Ideas |
Yes |
No |
E-Mail Reports |
Yes |
no |
IC Markets vs SimpleFX: Education
| Education Type | IC Markets | SimpleFX |
|---|---|---|
Demo-account/Paper Trading |
Yes |
Yes |
Webinars |
Yes |
No |
Articles |
Yes |
No |
Videos |
Yes |
No |
Cent account |
No |
no |
SimpleFX vs IC Markets: Support
| Support Features | IC Markets | SimpleFX |
|---|---|---|
Working Days |
24/5 |
24/5 |
Yes |
Yes |
|
Phone |
Yes |
No |
Online chat |
Yes |
Yes |
Other |
No |
No |
IC Markets vs SimpleFX: Forex Bonuses and Promo
| Promo | IC Markets | SimpleFX |
|---|---|---|
Forex Bonus |
Not offered |
First deposit bonus |
Affiliate Program |
% of trading commissions |
SimpleFX Affiliate. The client of the company can earn extra income by attracting new clients: up to 25% of the spread of the invited trader and 5% of the spread of the traders who were invited by the invited traders. |
Other Promos |
||
|
|
|
Top 5 Reviews on SimpleFX
-
Comment
I never thought that I would be able to let myself be deceived. Last year I fell for the tricks of this SimpleFX company. They swindled $10,000 out of me. And after a month of trading with a mentor, there was nothing left in my account. Be careful!
-
Comment
Blatant deception, your money was used, in the end you are in the zeros and nothing more
-
Comment
About a month ago, my account was reset. Just one, and one zero. Luckily there wasn't much money. Support says "it's just a glitch". But they can't restore it! So draw your own conclusions.
-
Comment
A broker that offers accounts with standard terms. I traded with him for six months, but I could not reach a normal income. It seems that the spreads are not so high, but the profit that I expected when opening an account was still not there. I think that this is due to the speed of order execution - SimpleFX does not have it very good. More precisely, it is suitable for intraday traders, but for high-frequency trading it is better to look for another broker. SimpleFX also has advantages. For example, you can open a cryptocurrency account with this broker. You can also withdraw income in crypto. Leverage for majors is high - up to 1:500. In general, a normal intermediary, but definitely not for scalpers.
-
Comment
SimpleFX is a mid-level company, so I can't say anything particularly bad. Everything is fine here, both the terms and the quality of work. There's not much to praise either. But I've been with them for a few years now)
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.
- IC Markets vs FxPro
- Pepperstone vs IC Markets
- Capital.com vs IC Markets
- IC Markets vs AMP Global
- IC Markets vs NinjaTrader
- IC Markets vs Moneta Markets
- IC Markets vs Vantage
- IC Markets vs BlackBull Markets
- IC Markets vs London Capital Group (LCG)
- IC Markets vs FXCC
- IC Markets vs Tradeview
- IC Markets vs Fullerton Markets
- IC Markets vs Trading 212
- IC Markets vs FXORO
- IC Markets vs BDSwiss
- IC Markets vs Amarkets
- IC Markets vs MultiBank
- IC Markets vs City Index
- IC Markets vs Swissquote
- IC Markets vs IG
- IC Markets vs Saxo Bank
- IC Markets vs Dukascopy
- IC Markets vs LiteForex
- IC Markets vs WelTrade
- IC Markets vs FXTM
- IC Markets vs CMC Markets
- IC Markets vs FP Markets
- IC Markets vs OctaFX
- IC Markets vs HotForex
- IC Markets vs TD Ameritrade
- IC Markets vs FBS
- IC Markets vs Pepperstone
- IC Markets vs Fusion Markets
- IC Markets vs XTB
- IC Markets vs Interactive Brokers
- IC Markets vs AvaTrade
- IC Markets vs Forex.com
- IC Markets vs Kot4x
- IC Markets vs HugosWay
- IC Markets vs Libertex
- IC Markets vs XM
- IC Markets vs InstaForex
- FXTM vs IC Markets
- Oanda vs IC Markets
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.
The area of responsibility of Mikhail includes covering the news of currency and stock markets, fact checking, updating and editing the content published on the Traders Union website. He successfully analyzes complex financial issues and explains their meaning in simple and understandable language for ordinary people. Mikhail generates content that provides full contact with the readers.
Mikhail’s motto: Learn something new and share your experience – never stop!