Best Forex Broker Comparison Table

IC Markets Offers Has Low Trading Costs With ECN Forex Broker Spreads

There are three forex account types offered by IC Markets. The standard account for more beginner/intermediate brokers has no commission on traders and spreads starting from 1.0 pips.

The other two forex accounts are ECN forex trading accounts. These forex accounts have no dealing desk which means forex traders trade directly with currency markets. In the case of IC Markets, the forex markets include 50+ banks and dark liquidity pools to secure the best prices. With no dealing desk, extra spreads are market-based (not fx broker based).

Based on no dealing desk or trade interventions know as a ‘markets maker’, experienced traders prefer the True ECN or cTrader forex account with lower spreads and modest commission rates. Exchange rates are also impacted by liquidity in the market.

Average Spreads

The table below highlights the average and minimum spreads of the true ECN account taken from the IC Markets website on the 28/10/2018.

There are 60 currency pairs offered on all forex accounts with quotes from 50+ banks and dark liquidity sources. As noted above, spreads differ by currency pairs with the EUR USD in most circumstances having the lowest spread. This is because the EUR/USD is the most popular traded currency pair reducing the difference between the ask and sell price. Other US dollar currency pairs are also commonly traded.

IC Markets stream prices on 60 different currency pairs and 4 metals on all of three online trading platforms. With quotes from over 50 different banks and dark pool liquidity sources IC Markets offers some of the best pricing in the industry, this combined with unrivalled real-time execution speeds makes IC Markets the favoured destination for day traders, scalpers and those using expert advisors (EAs).

The low spreads and commissions offered by IC Markets make it one of the leaders when it comes to price in the sector.

IC Markets Offers The Two Most Popular Forex Platforms

The two forex trading platforms are offered for Australian forex traders:

1) MetaTrader 4 + MetaTrader 5

MetaQuotes two trading platforms are the worlds most popular including MetaTrader 4 the forex trading platform while MetaTrader 5 is ideal for CFD trading and advance automated trading.

2) cTrader

The preferred forex trading platform by many Australian experienced traders as it not only can have ‘inverse spreads’ with IC Markets but it allows for scraping and automation. Like MetaTrader, it has an IOs trading app and Android mobile trading.

IC Markets allows Australian forex traders to get the most from these forex platforms due to the best hardware and infrastructure setup which is ‘first in its class’. This includes having forex trading platform servers setup near wall street (NY4) for MetaTrader users and in London (LD5) for cTrader users.

Having infrastructure so close to the main trading hubs combined financial institution partnerships ensures fast trading with deep liquidity tools. Fibre optic connections from Australia to the two forex trading hugs in London and New York minimise latency times reducing slippage and misquotes when trading.

Both the MetaTrader and cTrader accounts offer a demo account or a forex trader can open a live account for the real trading environment. Live accounts allow foreign exchange trading once proof of identity requirements are met. All order types are supported on the demo or when trading real money. The mobile app may have some restrictions when you trade forex and forex pairs.

Leverage Offered By IC Markets

With a maximum leverage level up to 500:1, IC Markets offers the equal highest leverage on a range of forex pairs compared to other top forex brokers such as Pepperstone and CMC Markets.

An example of what 500:1 means is that for every dollar that you trade you can trade an equivalent of $500. This means that for a $100 trade you could trade $50,000 worth of currency so a currency movement of 0.1% would lead to a $50 profit (which in this case would be a 50% profit). Leverage magnifies gains but also brings a high level of risk. It’s important to factor in this high-risk factor and online trading conditions to determine the right leverage level for you.

It should be noted that 500:1 is considered globally very high and is only offered on some forex markets. This is why other brokers such as OANDA only offers 50:1 and IG offers a maximum level of 200:1. Due to the high risks involved when you trade forex, IC Markets or Pepperstone can lower a traders leverage. In fact, those who are new to forex trading are often started at a lower ratio be at a level that reflects the high risks involved.

When online trading with this leverage number regulation is critical but with Australian Financial Services Licence (AFSL), IC Markets was considered the best regulated foreign exchange broker for Australia fx trading.

Customer Service

IC Markets offers outstanding customer service for Australian foreign exchange traders. Training meets ASIC requirements of staff members under Australian Financial Services Licence 335692. The team who provide customer support have strong foreign exchange market currency trading experience. Customer support is 24 hours during weekdays when foreign currency markets are open. Their customer service team excels for experienced traders who have increased requirements on their fx brokers.

Live Chat

IC Markets also offers the live chat customer service channel through live chat inc. Most pages within the IC Markets website has a live chat pop-up, there is a direct live chat listing on Google and the option is also accessible through their fx trading platforms. Live Chat is operational 24/5 and is ideal to answer short concise questions relating to forex accounts. More complex live chat conversations may lead to an e-mail or phone call support.

There is also an excellent education section for those new to foreign currency trading to those looking for more advanced strategies or the latest currency market news. Another feature is a set of video tutorials that are useful when getting used to a new platform.

With IC Markets having no trading desk, experience traders deal directly with the currency markets. Education and customer service is tailored towards this type of fx trading with a focus on training conditions that have minimal broker intervention.

Pepperstone has a similar offering to IC Markets but also are FCA regulated for UK traders. Both brokers are recommended for experienced traders. This is based on spreads, customer service and forex trading platforms offered. Beginner forex traders may require customer support and an easy to use trading platform which EasyMarkets specialises on. For all other forex traders, IC Markets is an excellent broker to meet their needs and trading strategies. View some of our other forex broker reviews here.

Finding The Right Broker

Learn how to select the right broker for your trading style.

Components Of A Review

Spreads? Reputation? Reliability? View the criteria.

ECN Brokers

View ECN forex brokers that have low spreads but charge commissions based on the volume traded.

Best FX Brokers for Currency Trading

• Pepperstone – The leading Australian Raw ECN broker offering forex trading platforms MetaTrader and cTrader and award-winning customer support.
• IC Markets – ECN/STP forex broker offering CFD trading with advanced trading tools, markets and cryptocurrency trading.
• Plus500 – CFD provider offering more than currency trading from EFTs and stocks with an exclusive trading platform.
• FXCM – Low initial deposit forex broker offering a trading platform exclusive to the forex broker allowing a range of market trading.
• AxiTrader – ECN/STP online forex broker offering advanced automated trading through MT4 EAs focusing on real-time execution and low spreads.
• Saxo Capital Markets – Stockbroker and foreign exchange broker with the lowest spreads for a no commission standard account.
• CMC Markets – Broker offering share trading as well as trading CFDs on currency markets, commodities and indices.
• Easy Markets – A beginner centric forex broker offering risk management tools to manage high risk when new to trading currencies.
• IG Markets – The largest retail forex broker offering a large range of markets and platforms to suit non-specialised currency traders.
• ThinkMarkets – MT4 forex broker offering currency and metals trading using its own propriety forex platform.
• FOREX.com – Global currency broker offering modest leverage, training and customer service in multiple regions.
• AvaTrade – CFD broker offering to trade through its exclusive trading platform offering currency and stock trading with leverage.
• Go Markets – One of the few online brokers that also offers binary options which has a high level of risk associated.