IFC Markets vs FXOpen - Fees Review included
Which broker is better IFC Markets or FXOpen? Our expert assessment conducted according to TU’s own methodology showed that IFC Markets is one of the top brokers in the financial market with the TU Overall Score of 5.6 out of 10. FXOpen is one of the top brokers in the financial market with the TU Overall Score of 6.33 out of 10. Find out more about TU Overall Score.
Feature | IFC Markets | FXOpen |
---|---|---|
Overall |
3.8 |
4.6 |
2.6 |
4.5 |
|
3.5 |
4.8 |
|
4.3 |
4.3 |
|
Investment Instruments |
1 |
3.9 |
Platforms and Charting Tools |
4.5 |
4.6 |
Deposit and Withdrawal |
4.6 |
4.7 |
Research |
3.7 |
4.2 |
Education |
3.6 |
4.3 |
Support |
4.7 |
4.7 |
Bonuses |
4.1 |
4.7 |
|
|
IFC Markets vs FXOpen: Pros and Cons
IFC Markets was established in 2006. The company is owned by IFCM Group, a financial corporation that turned the services of providing access to international asset markets into a separate business. The broker focuses on two areas – classical trading services and synthetic instrument trading services. The broker is regulated by BVI FSC (British Virgin Islands). Deposits of the traders are insured at AIG Europe Limited.
FXOpen Broker Company was established in Cairo in 2003. In 2005 it commenced dealing services, and thereafter became one of the leaders in the Forex industry. The company has held its high-level service through optimum trading conditions, innovative technologies, and a wide range of financial services.
IFC Markets | FXOpen | |
---|---|---|
Overall Pros | Unique instruments for trading: portfolio quoting, continuous stock indices and derivatives, and a proprietary trading platform. | profitable trading conditions for the trader of any experience level from beginner to professional |
Insurance against risks of professional liability. | minimum commissions for withdrawal and Cash-back program, which will reduce your commission fees further | |
Over 600 trading assets of different classes, including synthetic instruments. | PAMM-service for successful traders’ transactions copying | |
auto-trading availability | ||
convenient reports on account status to the end of the day and month. | ||
Overall Cons | Relatively high spread – from 1.8 pips. | insufficient amount of training materials |
Complex verification. Certification of the documents by a notary public and their translation into English may be required. | there is no way to order a call back | |
Offshore regulation, which is unlikely to help a trader in any way. | ||
The broker’s proprietary platform does not envisage the use of an advisor and indicators on MQL. Translation into the platform’s language is performed at the trader’s expense. | ||
There are no passive income programs. |
IFC Markets vs FXOpen: Safety and Regulation
Regulated By: | IFC Markets | FXOpen |
---|---|---|
US Regulation |
No |
No |
FCA (Great Britain) |
No |
Yes |
CySec (Cyprus, EU) |
No |
No |
ASIC (Australia) |
No |
Yes |
Other Regulators |
BVI FSC (British Virgin Islands) and LFSA (Labuan, Malaysia). |
Nevis |
IFC Markets vs FXOpen: Trading Conditions
Trading Conditions | IFC Markets | FXOpen |
---|---|---|
Minimum Deposit |
$1 |
$1 |
Trading Platforms |
МТ4, МТ5, NetTradeX |
MT4, MT5, WebTrader, Mobile app |
Max Leverage (Futures) |
1-400 |
1-500 |
Supported Markets |
Currencies, assets of stock and commodity markets, synthetic instruments |
Forex, CFD, indices, gold and silver, Cryptocurrencies |
Trading assets |
600+ |
|
Trading Accounts |
NetTradeX - Beginner-Fixed, Standard-Fixed, Beginner-Floating, and Standard-Floating accounts; MetaTrader 4 – Micro-Fixed and Standard-Fixed accounts; MetaTrader 5 – Micro-Floating and Standard-Floating accounts |
Demo, Micro, ECN, STP, Crypto, Islamic accounts |
Base Account Currencies |
EUR, USD, and JPY |
USD, EUR, GBP, CAD, AUD, CHF, JPY, CNY |
IFC Markets vs FXOpen: Fees
Forex Trading Fees
Fee | IFC Markets | FXOpen |
---|---|---|
Standard Account EURUSD Average Spread |
1.8 pips |
0.1 pips |
Standard Account Fee |
$0 |
$0 |
ECN/STP Account Fee |
Not supported |
$1.5-3.5 per lot |
ECN Account EUR Average Spread |
Not supported |
0.1 pips |
CFD Trading Fees
Fee | IFC Markets | FXOpen |
---|---|---|
CFD Trading Fee |
Fixed or floating spread |
Floating spread, shares - 0.1% |
Non-Trading Fees
Fee | IFC Markets | FXOpen |
---|---|---|
Account Fee |
No |
No |
Deposit Fee |
Bank transfer around $30 / €30 / ¥3000 per transfer, Perfect Money 0,5-2%, Debit/Credit card 0%, Bitwallet 0%, Webmoney 20% |
No |
Withdrawal Fee |
Bank transfer around from $25 / €25 / ¥2500, Perfect Money 0,5%, Debit/Credit card 2% + $7,5 / 2% + €6 / ¥1500, Bitwallet 0%, Webmoney 0.8% |
Bank Transfer from $45, Bank Cards - 2.5%, China's Union Pay 3.5%, Electronic Wallets 0.5 - 2% |
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.
IFC Markets vs FXOpen: Trading Assets
Asset Name | IFC Markets | FXOpen |
---|---|---|
Overall |
600+ |
200+ |
Forex |
Yes |
Yes |
Stocks |
Yes (CFD) |
Yes (CFD) |
Metals |
Yes |
Yes (CFD) |
Cryptocurrencies |
Yes (CFD) |
Yes (CFD) |
Energy |
Yes (CFD) |
Yes (CFD) |
Indices |
Yes (CFD) |
Yes (CFD) |
ETFs |
Yes (CFD) |
Yes |
Bonds |
No |
No |
Mutual funds |
No |
No |
Stock options |
No |
No |
Futures Trading |
No |
No |
Binary Options |
No |
No |
IFC Markets or FXOpen: Investment Programs
Asset Name | IFC Markets | FXOpen |
---|---|---|
Copy Trading |
No |
Yes |
MAM/PAMM |
No |
No |
Managed Accounts |
No |
No |
Other |
No |
No |
Trading Platforms: FXOpen or IFC Markets
IFC Markets | FXOpen | |
---|---|---|
MT4 |
Yes |
Yes |
MT5 |
Yes |
Yes |
cTrader |
No |
No |
Appropriate platform |
No |
No |
Others |
NetTradeX |
No |
|
|
IFC Markets vs FXOpen: Deposit and Withdrawal Methods
Deposit and Withdrawal Method | IFC Markets | FXOpen |
---|---|---|
Bank Transfer |
Yes |
Yes |
Debit Card |
Yes |
Yes |
Electronic Wallets |
Yes |
Yes |
Crypto |
Yes |
No |
IFC Markets vs FXOpen: Research
Research Type | IFC Markets | FXOpen |
---|---|---|
News Feed |
No |
Yes |
Fundamental Data |
Yes |
No |
Chart Analysis |
Yes |
Yes |
Trading Ideas |
Yes |
No |
E-Mail Reports |
No |
No |
IFC Markets vs FXOpen: Education
Education Type | IFC Markets | FXOpen |
---|---|---|
Demo-account/Paper Trading |
Yes |
Yes |
Webinars |
No |
No |
Articles |
No |
Yes |
Videos |
Yes |
No |
Cent account |
No |
Yes |
FXOpen vs IFC Markets: Support
Support Features | IFC Markets | FXOpen |
---|---|---|
Working Days |
24/5 |
24/5 |
Yes |
Yes |
|
Phone |
Yes |
Yes |
Online chat |
Yes |
Yes |
Other |
Skype, messenger, Telegram, WhatsApp, Call Back |
No |
IFC Markets vs FXOpen: Forex Bonuses and Promo
Promo | IFC Markets | FXOpen |
---|---|---|
Forex Bonus |
Follow Your Dream, This is an opportunity to win a car +30% activity bonus. To participate, a trader must make a minimum deposit of $250. Annual Interest +7% annual interest for the sum that is not used for trading operations |
A $10 bonus is credited after opening a personal account (eWallet) and passing the 2nd level of verification. (for STP-type accounts); A welcome bonus of $1 is credited when opening a Micro account. |
Affiliate Program |
Yes |
There is a flexible system of remunerations and coefficients depending on these indicators. 1st level — 100% of the standard commission, 2nd level — 35% of the standard commission, 3rd level — 10% of the standard commission. |
Other Promos |
Forex Cup - A bonus in the amount of 1% of the profit is credited for participating in contests for traders on a virtual account, FXOpen Cashback - The broker refunds a part of the funds for the trading operations conducted, including unprofitable ones. The amount depends on the margin involved in all accounts and ranges from $5 to $1,000. |
|
|
|
Top 5 Reviews on FXOpen
-
Comment
Normal broker. However, it is gradually moving away from microtrading. On the plus side, it is really regulated and fulfills the requirements of regulators.
-
Comment
I have been trading with this broker for almost 5 years. I like its favorable trading conditions; what is most important to me is the minimum spreads and commissions. Execution of transactions in the terminal is instantaneous, which is very important for intraday trading and scalping trading. Profits are withdrawn quickly, but during the day, that is, you have to wait.
-
Comment
I started trading at FXOpen a few months ago, trading on the EURUSD pair, the spread is relatively low, I like scalping, and trading with the MT4 platform, and order execution is smooth, both when opening orders and closing orders.
-
Comment
FXOpen complies with conditions of the promotion with the account transfer. I recently finished the process. The promised 30% was credited to the account. The broker’s manager said that the bonus is tradable. I haven’t been able to check it yet, since it requires a decent drawdown. But I think that's true. At least the manager assured me and this is specified in the documents provided on the website. I have been actively trading for several days, so far there are no comments for FXOpen.
-
Comment
I have been working with fxopen for more than a year, and so far my opinion is rather neutral. There were no problems, technically everything was fine too. The service level corresponds to an experienced broker. I don’t yet see any reason for criticism, as well as for admiration. I got what I expected. But I’m trading with TradersWay not for long, so my review is not yet objective.
Top 5 Reviews on IFC Markets
-
Comment
Reviews about IFC Markets I am one better than the other, well, I will have a negative one, because I did not see anything good with this company. I traded here for 10 months, drained and restored the deposit more than once, the terminal was buggy and transactions were closed without my participation. Finally my patience ran out and I left.
-
Comment
I made a deposit to the trading account, but there is no deposit in the personal account or in the terminal, although the status transfer is accepted.
-
Comment
After IFC Markets drained $2,000 from my account, of course I do not trade with it, this is my personal negative experience. Others want to say that they have no access to bidding, everything is skillfully imitated. Everything is fine as long as you deposit money, when you take more than you deposit, they drain you. It's just a pyramid scheme.
-
Comment
I trade in IFCMarkets on a cent account, because I'm not sure yet whether to trust this broker. For a month of work, the impressions are positive, but I also revealed some minor flaws. For example, on my account, the broker offers an MT4 terminal, which will not be available on a standard account. From what I liked: in your personal account, you can set the level of leverage yourself. I believe that the maximum 1:400 for an inexperienced trader will lead to a loss of money, therefore, on the advice of the company's specialists, it was limited to 1:100. Another advantage of IFCMarkets is that its website has a section with daily technical analysis of currency pairs, which helps me a lot at this stage. I recommend this broker to beginners like me.
-
Comment
The IFC Markets broker talks about innovative trading, but through personal experience I can say that these are just all bark and no bite. In fact, this broker still needs to improve upon the service quality to gain the trust of traders. Several times I was subject to the fact that orders did not work for some unknown reason. The impression was that the company artificially twisted with the charts at the right moment (I found this with MT4). The profit comes out a penny because of this. I spend a lot of time and energy on trading, but it wasn’t worth it.
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.
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.