Our April 2024 review found IC Markets to be superior to eToro based on spreads and fees. eToro was only recommended for social and copy trading.
View the full eToro vs IC Markets comparison based on spreads, trading platform and other trading factors.
Our forex comparisons and broker reviews are reader supported and we may receive payment when you click on a link to a partner site.
Our full comparison covers the 10 most important trading factors. Here are five noticeable differences between eToro and IC Markets:
IC Markets offers the tightest spreads based on comparing both forex broker standard account spreads. A standard account is also known as a spread account, with the difference between the ask and sell price being the primary way the broker makes money. Below are the standard account types of eToro and IC Markets (and also includes other broker’s spreads).
|
Standard Account Spreads
|
|||||
|---|---|---|---|---|---|
|
0.62 | 0.77 | 1.27 | 0.83 | 0.74 |
|
1.00 | 1.00 | 1.50 | 2.00 | 1.00 |
|
1.10 | 1.20 | 1.40 | 1.40 | 1.40 |
|
1.13 | 1.01 | 1.71 | 1.66 | 1.12 |
|
0.90 | 1.30 | 1.40 | 1.40 | 1.40 |
|
0.70 | 2.20 | 1.10 | 1.10 | 0.60 |
|
1.20 | 0.90 | 1.50 | 1.80 | 1.80 |
|
1.20 | 1.40 | 1.50 | 1.60 | 1.50 |
|
1.10 | 1.20 | 1.40 | 1.50 | 1.20 |
|
1.10 | 1.20 | 1.30 | 1.30 | 1.30 |
|
1.20 | 1.30 | 1.20 | 1.30 | 1.10 |
|
1.70 | 1.60 | 1.70 | 2.00 | 1.60 |
|
1.20 | 1.80 | 1.90 | 1.90 | 1.60 |
Avg. spreads are taken from each broker's website and updated monthly. Last update on 04/01/2024
The most traded currency pairs are the EUR/USD, EUR/GBP and AUD/USD. All three currency pair average spreads are significantly lower for IC Markets (from 0.0 pips), which is why we concluded that the broker has the lowest fees overall.
It should be noted that IC Markets also has an ECN account (Raw Spread account) in our standard vs true ECN account comparison was found to be even cheaper. This is because while their ECN account has a commission charged based on volume, the reduced spreads (with STP processing) make the total fees lower. Below compares IC Markets’ Raw spread account to its competitors.
|
ECN Broker Spreads
|
|||||
|---|---|---|---|---|---|
|
|
0.14 | 0.25 | 0.02 | 0.27 | 0.17 |
|
|
0.20 | 0.30 | 0.10 | 0.30 | 0.20 |
|
|
0.40 | 0.60 | 0.10 | 0.40 | 0.20 |
|
0.20 | 0.30 | 0.20 | 0.40 | 0.20 |
|
|
0.50 | 0.60 | 0.30 | 0.50 | 0.50 |
|
0.30 | N/A | 0.30 | 0.50 | 0.40 |
|
|
0.20 | 0.83 | 0.44 | 0.40 | 0.42 |
|
|
0.24 | N/A | 0.17 | 0.54 | 0.30 |
|
0.30 | 0.70 | 0.20 | 0.50 | 0.40 |
|
0.30 | 1.10 | 0.10 | 0.60 | 0.50 |
|
n/a | 0.30 | n/a | 0.60 | 0.50 |
|
0.77 | 1.41 | 0.44 | 1.13 | 1.23 |
Avg. spreads are taken from each broker's website and updated monthly. Last update on 04/01/2024
Overall, IC Markets has superior spreads, and their Raw account has one of the lowest fees globally. They clearly have lower fees overall, and if cost is a key consideration to which forex broker you choose, then IC Markets is the logical cost.
View IC Markets ReviewVisit IC Markets
Standard Account Spreads
Looking at the data, it’s clear that there are some differences in the standard account spreads between eToro, IC Markets, and the industry average.
eToro has a spread that is relatively higher across all forex pairs. For instance, in the EUR/USD pair, eToro’s spread is 1, while IC Markets has a spread of 0.62, and the industry average is 1.35. This trend is consistent across all the forex pairs we analysed.
IC Markets, on the other hand, consistently has the lowest spreads. This is particularly evident in pairs like GBP/USD, where IC Markets has a spread of 0.83 compared to eToro’s 2 and the industry average of 1.68.
The industry average spread is consistently higher than IC Markets but lower than eToro.
| Forex Pair | eToro | IC Markets | Industry Average |
|---|---|---|---|
| EUR/USD | 1 | 0.62 | 1.35 |
| USD/JPY | 1 | 0.74 | 1.54 |
| GBP/USD | 2 | 0.83 | 1.68 |
| AUD/USD | 1 | 0.77 | 1.63 |
| USD/CAD | 1.5 | 0.85 | 1.93 |
| EUR/GBP | 1.5 | 1.27 | 1.69 |
| EUR/JPY | 2 | 1.3 | 2.04 |
| AUD/JPY | 2 | 1.5 | 2.31 |
Standard Account Analysis Updated April 2024[1]April 2024 Published And Tested Data
Based on this data, I would argue that IC Markets is the cheaper option when it comes to standard account spreads. They consistently outperform both eToro and the industry average. However, it’s important to remember that spreads are just one aspect of trading costs. Other factors, such as commission fees and account types, can also impact the overall cost of trading.
IC Markets offers the most popular forex trading platforms globally (MetaTrader 4, MetaTrader 5 and cTrader). eToro, on the other hand, offers its proprietary platform. Due to the different types of trading platforms, they are suitable for unique traders, which will be explained below.
eToro Is Better Suited For Social And Copy Trading
The eToro investing platform and app is based on simplicity, with it easy to trade currency, shares and over 3,000 assets. Their trading platform is easier to use than all three IC Markets platforms and more visually appealing. The main focus of the platform focus is copy trading portfolio management, where you can find other traders and duplicate their trades. There is also advanced social trading allowing through social networks news and events to be shared, making it easier to trade on news.
The eToro platform has a web platform and also Android and iOS apps. Another useful tool is InvestmentPortfolios™. Formerly called CopyPortfolios™, this is a kind of social trading index. These trading baskets that based around a theme using either machine learning and data scientists or handpicked by experts. Theme can include groupings of the best traders in the eToro network or topics such as real estate, Buffet stocks, crypto stocks or eSport.
IC Markets Is Designed For Mainstream Trading
The most popular forex trading platform is MetaTrader 4, and this is the primary software offered by eToro. The broker also offers the most popular platform for trading CFDs (MetaTrader 5). As these trading platforms are so popular, it makes it easier to change brokers long-term as most other brokers also offer the software. It also means they have the largest online communities, which are the most useful when algorithmic trading, including hedging and scalping strategies. There is a marketplace to buy bots from other individuals (which can be backtested) that trade based on market conditions.
IC Markets also provides its own add-ons to supplement the tools offered by MT4 and MT5. This includes the MetaTrader Advanced library of widgets and indicators exclusive to the broker. These tools range from a correlation matrix and advanced charting to market sentiment information suitable for all trading experience levels.
IC Markets also has partnered with ZuluTrade and Myfxbook to give you access to social trading networks, where you can copy the trades of highly successful or professional/institutional investors with the click of a button. The broker also offers cTrader for niche traders looking for advanced functionality and charting. It’s also preferred for crypto CFD trading (e.g. Bitcoin) with the ability to access the liquidity traders look for with a market maker for advanced trading strategies.
Overall, neither broker has a ‘better’ trading platform. Different software is better suited for different segments of the trading community. If you’re a beginner, like mobile apps and the social aspect of trading with the ability to copy other traders, then eToro is better suited to your needs. If you’re looking more to trade based on market fundamentals or with algorithmic bots, then IC Markets has the superior software for your needs.
Overall, we recommend eToro’s Islamic account, as they have no extra costs besides their slightly higher funding requirement than normal. Taking or paying interest (a riba) is prohibited under Sharia Law and as a result, Muslims cannot trade forex and CFD products as brokers charge their traders interest payments on margin loans known as swap fees. A swap-free or an Islamic account gives Muslims access to trading forex and CFDs on financial markets while staying in compliance with Sharia Law. Both IC Markets and eToro offer their traders an Islamic account.
eToro offers a ‘pure’ Islamic account, meaning that there are no extra fees added on for the privilege of not having to pay interest on margin loans. The only condition attached is for you to fund your account by a minimum of $1,000 USD. IC Markets also offers an Islamic account; however, they charge you an administration fee each time you hold your position past market close, replacing interest payments with a different fee.
When it comes to trading, the experience and ease of use play a pivotal role in a trader’s journey. From our deep dive into the provided page and our own extensive testing, there are some clear distinctions between eToro and IC Markets. eToro, with its focus on social and copy trading, offers a platform that’s intuitive and user-friendly, especially for those new to the trading world. Its visually appealing interface and the emphasis on copy trading portfolio management make it a go-to for many.
Verdict: While both brokers offer robust platforms for a seamless and intuitive trading experience, eToro takes the lead.
IC Markets Trust Score
eToro Trust Score
eToro has the edge when it comes to this category, but both brokers excel when it comes to this category. Each broker is in the ‘top 10’ when it comes to market share both in terms of market capitalisation and the number of active traders.
eToro Is More Popular
Both IC Markets and eToro were founded in 2007, making them the old guard of the online forex and derivatives broker industry. Over this period, they have developed extremely large user bases and leapt from strength to strength. IC Markets received an impressive 3.3 million views on their main website across Feb 2022, making them one of the largest forex and CFD brokers worldwide. eToro is even more popular, with over 76 million visits over the same period. However, this can be partly attributed to their significant presence in the UK, which was the largest audience visiting the eToro platform.
eToro Has More ‘Tier 1’ Regulation
The best way to stay safe when trading is to use a broker who is regulated by the financial regulator of the country or region you are trading from.
IC Markets is regulated by ASIC (Australia), CySEC (EU) and internationally by the FSA (Seychelles). This means that if you are based in Australia or the European Union, you have the full force of your home regulatory agency protecting you. International traders have slightly weaker protection but you will still be safe trading with IC Markets.
| eToro | IC Markets | |
|---|---|---|
| Tier 1 Regulation | ASIC (Australia) CYSEC (Cyprus) FCA (UK) |
ASIC (Australia) CYSEC (Cyprus) |
| Tier 2 Regulation | MFSA (Europe) ADGM (UAE) GFSC (Gilbraltar) |
|
| Tier 3 Regulation | FSA-S (Seychelles) | FSA-S (Seychelles) SCB (Bahamas) |
Like IC Markets, eToro is regulated by ASIC, CySEC and the FSA, giving you the same protections as traders on IC Markets get. However, eToro is also regulated by the FCA (UK), meaning that traders in the UK get an extra layer of protection when trading on eToro. As a result, UK traders should use eToro; however, outside of the UK, you will be safely protected when using either broker.
eToro and IC Markets are both renowned for their extensive product range and CFD markets. Investors and traders often choose these platforms based on the variety and depth of instruments they offer. Let’s dive into a comparison to see which one stands out.
| Product/Market | eToro | IC Markets |
|---|---|---|
| Forex | 47 pairs | 60 pairs |
| Cryptocurrencies | 16 | 10 |
| Commodities | 13 | 19 |
| Indices | 13 | 23 |
| Stocks | 2000+ | 1500+ |
| ETFs | 150+ | 100+ |
| Bonds | 5 | 7 |
| Options | Available | Not Available |
| Futures | Not Available | Available |
| Precious Metals | 3 | 5 |
Verdict: Based on the table above, while eToro offers a broader range in some categories, IC Markets excels in others, particularly in Forex and Indices. However, considering the overall product range and availability, eToro slightly edges out IC Markets in terms of the diversity of CFDs and markets available.
eToro:
IC Markets:
Verdict: Based on our team’s testing, IC Markets scores slightly higher in educational resources, making it the preferable choice for traders seeking comprehensive educational materials.
In the world of trading, customer service can make or break a trader’s experience. Both eToro and IC Markets understand the importance of this and have invested heavily in their customer support infrastructure. From our analysis and our own testing, we’ve identified some key features that set these brokers apart in terms of customer service.
| Customer Service Feature | eToro | IC Markets |
|---|---|---|
| Live Chat Availability | 24/7 | 24/5 |
| Response Time | Within 2 minutes | Within 5 minutes |
| Support Languages | Multiple | Multiple |
| Phone Support | Available | Available |
| Email Support | Available | Available |
| User Feedback | Positive | Mostly Positive |
In our third-party testing, we found that while both brokers offer robust customer support, there are subtle differences. eToro’s live chat is available round the clock, ensuring that traders from all time zones can get the help they need. On the other hand, IC Markets boasts a slightly faster response time, ensuring that traders’ queries are addressed promptly.
Verdict: Based on our team’s testing scores, eToro slightly edges out IC Markets in terms of superior customer service, ensuring that traders have a seamless and supportive trading experience.
eToro has more funding methods for EU traders, including iDEAL or Trustly. That said, both brokers offer the most popular funding methods, as shown in the table below.
| Debit Card | Credit Card | Bank Transfer | PayPal | Neteller | Skrill | POLi (Australia) | RapidPay | Klarna (EU) | |
| eToro | Visa + Mastercard | Visa + Mastercard | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| IC Markets | Visa + Mastercard | Visa + Mastercard | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
IC Markets does have some exclusive payment options for Asian customers from Vietnam and Thailand Internet Banking to FasaPay for Indonesia and UnionPay for China.
IC Markets has a superior minimum deposit of $0. While the forex broker doesn’t require a deposit to open an account, they recommend that $200 be deposited to reach their margin requirements for trading with leverage.
eToro requires a minimum deposit of $50 set by region.
| Trader is a redident in: | Minimum First Deposit (USD) |
| Australia, United Kingdom, Germany, Malaysia, Singapore, Thailand, Ireland, Spain, Sweden | $50 |
| France, Poland, Slovakia, Belgium, Czech Republic | $100 |
| Eligible countries outside of the list | $200 |
| New Zealand | $1,000 |
| Israel | $10,000 |
| Uniited States | $10 |
eToro is the winner because it consistently outperforms or matches IC Markets in several key areas, including trading experience, product range, and customer service. The table below summarises the key information leading to this verdict:
| Criteria | eToro | IC Markets |
|---|---|---|
| Lowest Spread And Fees | ❌ | ✅ |
| Better Trading Platform | ✅ | ✅ |
| Superior Accounts And Features | ✅ | ❌ |
| Best Trading Experience And Ease | ✅ | ❌ |
| Stronger Trust And Regulation | ✅ | ✅ |
| Top Product Range And CFD Markets | ✅ | ❌ |
| Superior Educational Resources | ❌ | ✅ |
| Superior Customer Service | ✅ | ❌ |
| Better Funding Options | ✅ | ❌ |
| Lower Minimum Deposit | ❌ | ✅ |
eToro is the ideal choice for beginner traders due to its user-friendly interface and comprehensive educational resources.
IC Markets stands out for experienced traders, especially those looking for tighter spreads and a robust trading platform.
IC Markets generally offers lower costs compared to eToro. They are known for their tight spreads, especially on major currency pairs. For instance, the EUR/USD spread can be as low as 0.1 pips. This competitive pricing structure makes IC Markets a preferred choice for many traders. For a deeper dive into broker costs, you can explore the best brokers with low commissions.
Both eToro and IC Markets support MetaTrader 4, but IC Markets is often favoured by traders specifically for its MT4 platform due to its advanced features and customizability. It offers a seamless trading experience with faster execution speeds. If you’re keen on understanding more about the top MT4 platforms, check out the definitive guide to the best MT4 brokers.
eToro stands out for its pioneering social trading features. They introduced the concept of social trading, allowing traders to mirror the strategies of successful investors. This feature is especially beneficial for beginners who can gain insights from seasoned traders in real-time. For those keen on understanding the nuances of social and copy trading, here’s an in-depth analysis of the best copy trading platforms.
Neither eToro nor IC Markets offer spread betting as a primary service. Spread betting is a unique form of trading popular in the UK and some other regions, and not all brokers provide this service. If you’re keen on exploring brokers that specialise in spread betting, you might want to check out the top spread betting brokers in the UK.
In my opinion, IC Markets is the superior choice for Australian Forex traders. Founded in Sydney, IC Markets is ASIC-regulated, ensuring a high level of trust and security for Australian traders. Their deep liquidity and tight spreads make them a favourite among many. eToro, on the other hand, is an overseas-based broker that also operates in Australia. If you’re an Australian trader looking for more options, this comprehensive guide on Australian Forex brokers might be of interest.
Personally, I believe eToro has an edge for UK Forex traders. While both brokers operate in the UK, eToro is FCA-regulated, ensuring that UK traders have a secure trading environment. IC Markets, though offering a robust platform, is primarily based overseas. eToro’s platform, especially their mobile app, is user-friendly and offers a range of features tailored for UK traders. For those in the UK exploring platform options, this detailed review of the best trading apps in the UK might be helpful.
No commission account spread propiety testing data and published wesbite spread information, centralised on our standard account spread page..
Ask an Expert
Does IC Markets allow scalping?
Yes, IC Markets allows scalping. You will find most no dealing desk style brokers allow scalping.