IFC Markets vs Topstep - Fees Review included
Which broker is better IFC Markets or Topstep? 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. Topstep is one of the top brokers in the financial market with the TU Overall Score of 9.65 out of 10. Find out more about TU Overall Score.
| Feature | IFC Markets | Topstep |
|---|---|---|
Overall |
3.8 |
2.5 |
2.6 |
1 |
|
3.5 |
2.5 |
|
4.3 |
2.7 |
|
Investment Instruments |
1 |
2.0 |
Platforms and Charting Tools |
4.5 |
4.8 |
Deposit and Withdrawal |
4.6 |
2.8 |
Research |
3.7 |
1 |
Education |
3.6 |
3.9 |
Support |
4.7 |
2.1 |
Bonuses |
4.1 |
2.1 |
|
|
|
IFC Markets vs Topstep: 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.
The TopStep broker is an international intermediary registered in the USA. The company has been providing financial services since 2012 and offers exclusive trading terms for clients from different countries. TopStep provides financing of real trading accounts of its clients if they prove the skill to make trades and manage risks on a simulation account. Traders can trade CME Group futures and currency pairs. Trading on real accounts is carried out through the ECN broker Equiti Capital
| IFC Markets | Topstep | |
|---|---|---|
| Overall Pros | Unique instruments for trading: portfolio quoting, continuous stock indices and derivatives, and a proprietary trading platform. | Loyal testing conditions: trading activity - from 5 days (for most competitors - from 10 days), a relatively high percentage of allowable maximum drawdown |
| Insurance against risks of professional liability. | There is no time limit to achieve the target profit. At the end of the term, the subscription is renewed with the preservation of the money earned up to this point | |
| Over 600 trading assets of different classes, including synthetic instruments. | Before paying monthly e-subscription, there is the possibility of free testing of the platform for 14 days | |
| High level of remuneration in comparison with competitors after passing the test: 100% profit from the first 5000 USD and 80% from subsequent trading | ||
| It is possible to open multiple subscriptions - multiple accounts Trading Combin | ||
| Overall Cons | Relatively high spread – from 1.8 pips. | There are restrictions on fundamental trading: at the time of the release of important news, transactions must be closed |
| Complex verification. Certification of the documents by a notary public and their translation into English may be required. | No information about licenses. The investor does not know who controls the platform and who to contact in case of protecting their interests | |
| Offshore regulation, which is unlikely to help a trader in any way. | Relatively difficult to understand trading conditions of Step 1 and Step 2 of the Trading Combine. The trader must keep track of the scaling plan, daily and weekly drawdown, close trades at the time of news releases, etc. | |
| 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. | When switching to a real trading account, there are requirements for a mandatory subscription to professional exchange data - additional fixed costs for the trader | |
| There are no passive income programs. |
IFC Markets vs Topstep: Safety and Regulation
| Regulated By: | IFC Markets | Topstep |
|---|---|---|
US Regulation |
No |
No |
FCA (Great Britain) |
No |
No |
CySec (Cyprus, EU) |
No |
No |
ASIC (Australia) |
No |
No |
Other Regulators |
BVI FSC (British Virgin Islands) and LFSA (Labuan, Malaysia). |
If you are interested in the issue of a license, ask the support through which broker the company offers access to CME from a real account. And ask the broker directly about the license |
IFC Markets vs Topstep: Trading Conditions
| Trading Conditions | IFC Markets | Topstep |
|---|---|---|
Minimum Deposit |
$1 |
The minimum subscription cost is 165 USD/month - the cost of the trial period |
Trading Platforms |
МТ4, МТ5, NetTradeX |
NinjaTrader, TradingView, TSTrader and other |
Max Leverage (Futures) |
1-400 |
|
Supported Markets |
Currencies, assets of stock and commodity markets, synthetic instruments |
CME Equity Futures, CME Foreign Exchange Futures, CME Agricultural Futures, CME NYMEX Futures, Futures of CME CBOT |
Trading assets |
600+ |
35+ |
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 |
Trading Combine - an account for passing the test, which consists of two Steps. Funded Account and Premium Funded Account - real accounts provided after passing the test |
Base Account Currencies |
EUR, USD, and JPY |
USD |
IFC Markets vs Topstep: Fees
Forex Trading Fees
| Fee | IFC Markets | Topstep |
|---|---|---|
Standard Account EURUSD Average Spread |
1.8 pips |
Market stock spread |
Standard Account Fee |
$0 |
$0.3-0.62 - TSTrader, $0.8-1.12 for other platforms for each contract. There is also a brokerage fee of 2.5-3.1 USD per contract, depending on the instrument |
ECN/STP Account Fee |
Not supported |
Not supported |
ECN Account EUR Average Spread |
Not supported |
Not supported |
CFD Trading Fees
| Fee | IFC Markets | Topstep |
|---|---|---|
CFD Trading Fee |
Fixed or floating spread |
Market stock spread |
Non-Trading Fees
| Fee | IFC Markets | Topstep |
|---|---|---|
Account Fee |
No |
$116-$132/month for each exchange you are trading |
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% |
No |
Inactivity Fee |
No |
If trading is inactive, the account subscription expires after a while |
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 Topstep: Trading Assets
| Asset Name | IFC Markets | Topstep |
|---|---|---|
Overall |
600+ |
35+ |
Forex |
Yes |
No |
Stocks |
Yes (CFD) |
No |
Metals |
Yes |
No |
Cryptocurrencies |
Yes (CFD) |
No |
Energy |
Yes (CFD) |
No |
Indices |
Yes (CFD) |
No |
ETFs |
Yes (CFD) |
No |
Bonds |
No |
No |
Mutual funds |
No |
No |
Stock options |
No |
No |
Futures Trading |
No |
Yes |
Binary Options |
No |
No |
IFC Markets or Topstep: Investment Programs
| Asset Name | IFC Markets | Topstep |
|---|---|---|
Copy Trading |
No |
No |
MAM/PAMM |
No |
No |
Managed Accounts |
No |
No |
Other |
No |
Getting into management an account with a real deposit after passing a two-stage test. You invest in your own development |
Trading Platforms: Topstep or IFC Markets
| IFC Markets | Topstep | |
|---|---|---|
MT4 |
Yes |
No |
MT5 |
Yes |
No |
cTrader |
No |
No |
Appropriate platform |
No |
No |
Others |
NetTradeX |
TSTrader, NinjaTrader and +10 other platforms |
|
|
|
IFC Markets vs Topstep: Deposit and Withdrawal Methods
| Deposit and Withdrawal Method | IFC Markets | Topstep |
|---|---|---|
Bank Transfer |
Yes |
Yes |
Debit Card |
Yes |
Yes |
Electronic Wallets |
Yes |
No |
Crypto |
Yes |
No |
IFC Markets vs Topstep: Research
| Research Type | IFC Markets | Topstep |
|---|---|---|
News Feed |
No |
No |
Fundamental Data |
Yes |
No |
Chart Analysis |
Yes |
No |
Trading Ideas |
Yes |
No |
E-Mail Reports |
No |
No |
IFC Markets vs Topstep: Education
| Education Type | IFC Markets | Topstep |
|---|---|---|
Demo-account/Paper Trading |
Yes |
Free version of the platform before subscribing for 14 days |
Webinars |
No |
Yes |
Articles |
No |
Yes |
Videos |
Yes |
Yes |
Cent account |
No |
No |
Topstep vs IFC Markets: Support
| Support Features | IFC Markets | Topstep |
|---|---|---|
Working Days |
24/5 |
Weekdays: 7:00 am to 6:00 pm CST |
Yes |
No |
|
Phone |
Yes |
Yes |
Online chat |
Yes |
No |
Other |
Skype, messenger, Telegram, WhatsApp, Call Back |
IFC Markets vs Topstep: Forex Bonuses and Promo
| Promo | IFC Markets | Topstep |
|---|---|---|
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 |
No |
Affiliate Program |
Yes |
Reward 50 USD for each referral who opened a Trading Combine account |
Other Promos |
||
|
|
|
Top 5 Reviews on Topstep
-
Comment
Trading with Topstep has been amazing and i think it is because i spent time navigating the platform and asking customer service questions on aspects on the platform that I do not rightly understand. I did not look away from any resource that teaches about trading on the platform. That is how i came about the live interaction with top performance coaches, discussing set-ups, analyzing trade levels, and strategizing on what's happening in the markets on Mondays to Fridays morning. If you're getting started, leverage all options that will make you better, don't hesitate to reach out to the customer service if you do not understand the terms and services.
-
Comment
Signing up on TopStep is easy and fast. The first stage requires your personal information and ther second stage requires you to verify your account, which requires verifying the code sent to your line. This platform integrates a technical analysis blog series for beginners, which was what helped me get started and update what i know about technical analysis. The blog touches on how to use chart patterns and statistical indicators to identify trends, support and resistance levels, and potential entry and exit points for trades. With free coaching and educational materials developed by seasoned traders, Topstep prioritizes education above all else.
-
Comment
One of the steps you must take to get your evaluation underway is selecting a trading platform. Qwantower is a good platform to start with as you won't pay fees for trading combine or funded account. I prefer this trading platform because of the synchro connection to other brokers. However, if you are using windows you may need to download the .NET 8.0 DESKTOP RUNTIME (v8.0.3) windows x64 installer for this program to install on your PC if it is not yet installed.
-
Comment
topstep is a good company. There are not very high fees and quite tight spreads. The topstep platform differs from other companies in that the deposit does not go into minus, but positions are simply closed if the drawdown reaches the set level. And there is also no possibility of placing counter trades. It is more convenient to trade here if your deposit is above $1,000.
-
Comment
Impressions from Topstep can be assessed as positive. It always fully meets my requirements for successful trading. I prefer to use my own indicators and here I have to limit myself to the available capabilities. However, it is worth noting that Topstep provides a wide choice of available assets for trading. Order execution is quite fast.
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.