We explored Exness and IC Markets to find each Forex broker’s key trading features such as trading costs, forex platforms and financial regulators, to help you determine the right broker for your needs.
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Our comparison of IC Markets vs Exness found based on 10 criteria found 3 core differences:
There are two types of trading accounts offered by both Exness and IC Markets
Each broker has lower fees for one of the two accounts which we detail below.
Standard Account Spreads
IC Markets offers the lowest standard account spreads of any broker worldwide including Exness. This type of account has no commission making the spread the main proportion of the broker’s fee. Below are the current average spreads of both standard accounts that led to this finding that the IC Markets standard account spreads are lower than Exness.
| Standard Account | IC Markets Spreads | Exness Spreads | Industry Spreads |
|---|---|---|---|
| Overall Average | 1.09 | 1.34 | 1.6 |
| EUR/USD | 0.82 | 0.9 | 1.2 |
| USD/JPY | 0.94 | 1 | 1.4 |
| GBP/USD | 1.03 | 1.1 | 1.6 |
| AUD/USD | 0.83 | 0.9 | 1.5 |
| USD/CAD | 1.05 | 1.5 | 1.8 |
| EUR/GBP | 1.27 | 1.4 | 1.5 |
| EUR/JPY | 1.3 | 2.0 | 1.9 |
| AUD/JPY | 1.5 | 1.9 | 2.1 |
It’s important to note, that both broker’s standard account spreads are very low. Exness is considered a low-cost broker but with IC Market having the lowest no-commission account spreads it’s the clear winner.
RAW Account Spreads
When it comes to a spread + commission account known as a RAW account (also known as an ECN account) Exness has the edge. This is due to the Exness average RAW account spread being 0.21 vs 0.29 for IC Markets. Comparing some average RAW account spreads by currency pairs:
The fee component of a RAW account to take into consideration is the commission rate. This depends on the base currency a broker selects and below I have compared the most popular currency pairs traders open an account with.
| Account Based Currency | USD | AUD | GBP | EUR | CAD | SGD |
|---|---|---|---|---|---|---|
| IC Markets Commission Rate | $3.50 | $4.50 | £2.75 | €3.25 | $4.75 | $4.75 |
| Exness Commission Rate | $3.50 | N/A | N/A | N/A | N/A | N/A |
What the commission table comparison highlights is that the only currency base both brokers offer is the USD and the rate is the same. This means that if a trader is planning to open a USD base currency account Exness is the cheaper broker with the same commission rate but lower spreads. The same isn’t true though if you’re looking to open an account with the other base currencies. In these cases, IC Markets is cheaper as the commission rates will be lower and traders will save on currency conversion costs. So in summary, the cheaper RAW account comes down to what base current a trader plans to use.
The calculator below helps highlight the ECN fees of a trade depending on the base currency and forex pair traded.
Verdict
IC Markets wins this category with their lowest spreads across multiple currency pairs.
IC Markets ReviewVisit IC Markets
Both Exness and IC Markets offer a range of trading platforms to suit different trading styles and preferences. For more detailed information, you can refer to our comprehensive Trading Platform section.
| Trading Platform | Exness | IC Markets |
|---|---|---|
| MetaTrader 4 | Yes | Yes |
| MetaTrader 5 | Yes | Yes |
| cTrader | No | Yes |
| TradingView | No | Yes |
| Copy Trading | Yes | Yes |
| Proprietary Platform | Yes | Yes |
1. MetaTrader 4 and 5
Both brokers offer MetaTrader 4 and 5, which are popular for their advanced charting features and expert advisors.
2. cTrader and TradingView
IC Markets offers cTrader, which is known for its intuitive interface and fast execution speed. Exness, on the other hand, does not offer cTrader but provides TradingView charts on its website.
3. Social And Copy Trading
Exness offers social and copy trading through its partnership with ZuluTrade, while IC Markets does not have a social trading platform.
4. VPS and Other Trading Tools
Both brokers offer free VPS services to their clients, along with a range of other trading tools, such as economic calendars and market analysis.
| Broker | Limit Order Speed | Market Order Speed |
|---|---|---|
| Exness | N/A | N/A |
| IC Markets | 233 ms | 168 ms |
Verdict
In terms of trading platforms, IC Markets wins due to its cTrader, which is preferred by many traders for its superior execution speed and user-friendly interface.
Exness offers a variety of account types, including Standard Cent, Standard, Pro, and Zero accounts. IC Markets, on the other hand, offers Standard, Raw Spread, and cTrader Raw accounts. Both brokers offer demo accounts for beginners to practice trading. For more detailed information, you can refer to our comprehensive Best Brokers for Micro Trading section.
| Exness | IC Markets | |
|---|---|---|
| Standard Account | Yes | Yes |
| Raw Account | Yes | Yes |
| Swap Free Account | No | Yes |
| Active Traders | Yes | Yes |
| Spread Betting (UK) | No | No |
Verdict
Exness wins in this category due to its wider range of account types, catering to different trading styles and preferences.
When it comes to trading experience and ease of use, both Exness and IC Markets have their unique strengths. Exness offers a user-friendly interface with a variety of account types, catering to traders of all levels. On the other hand, IC Markets stands out for its advanced trading platforms, particularly cTrader, which is known for its fast execution speed and intuitive design.
Verdict
For the best overall trading experience and ease of use, IC Markets takes the lead with its superior trading platforms and fast execution speed.
IC Markets Trust Score
Exness is regulated by the Financial Services Authority (FSA) of Seychelles, while IC Markets is regulated by the Australian Securities and Investments Commission (ASIC) and the Cyprus Securities and Exchange Commission (CySEC). Both brokers are also members of the Financial Commission, which provides additional security for their clients’ funds.
| Exness | IC Markets | |
|---|---|---|
| Tier 1 Regulation | CYSEC (Cyprus) FCA (UK) | ASIC (Australia) CYSEC (Cyprus) |
| Tier 2 Regulation | ||
| Tier 3 Regulation | FSC-BVI CBSC (Saint Maaten) CMA (Kenya) FSCA (South Africa) FSA-S (Seychelles) FSC-M (Mauritius) | FSA-S (Seychelles) SCB (Bahamas) |
Verdict
In terms of trust and regulation, IC Markets has a slight edge over Exness due to its dual regulation by ASIC and CySEC.
Trust and regulation are critical factors when choosing a forex broker. Both Exness and IC Markets are regulated by top-tier authorities, ensuring a high level of trust and security for traders. For more details on their regulatory status, check out the CIRO Regulated Brokers section.
When it comes to the range of products and CFD markets, both Exness and IC Markets offer a decent variety, but with some key differences. Exness provides a range of 96 Forex CFDs, 98 Shares CFDs, and 34 Cryptos CFDs. IC Markets, on the other hand, offers a more extensive range of trading instruments, including 61 Forex CFDs, over 1600 Shares CFDs, and 25 Cryptos CFDs.
| Feature | Exness | IC Markets |
|---|---|---|
| Forex Pairs | 96 | 61 |
| Indices | 10 | 25 |
| Commodities | 10 Metals 3 Energies | 4 Metals (Gold vs 6 currencies) (Silver vs 3 currencies) 8 Softs 5 Energies |
| Stocks | No | 2100+ |
| ETFs | No | No |
| Cryptocurrencies | 34 | 23 |
| Bonds | No | 9 |
| Options/Futures | No | Yes |
According to our own testing, IC Markets is listed as the best MT5 broker and also offers the lowest spreads alongside Eightcap. This gives IC Markets an edge in terms of both product range and trading costs.
Verdict
IC Markets offers a more comprehensive range of CFDs and Markets, making it the better choice for traders looking for variety and depth in their trading options.
Exness offers a comprehensive educational section on its website, featuring webinars, articles, and video tutorials. IC Markets, on the other hand, provides a rich educational portal that includes trading guides, webinars, and a glossary.
Verdict
Based on our own testing, IC Markets offers superior educational resources, making it the better choice for traders looking to expand their knowledge and skills.
Both Exness and IC Markets offer excellent customer service, available 24/5. They provide multiple channels of communication, including live chat, email, and phone support. However, Exness offers support in more languages compared to IC Markets.
Verdict
While both brokers offer excellent customer service, Exness wins this category due to its multilingual support.
Exness provides a wide range of payment options, including credit/debit cards, e-wallets like Skrill and Neteller, and even cryptocurrencies. IC Markets also offers multiple funding options but focuses more on traditional methods like bank transfers and credit/debit cards.
IC Markets tends to have a higher minimum deposit requirement compared to Exness, which could be a deciding factor for some traders. However, it’s worth noting that Exness does not charge any deposit or withdrawal fees, which can be a significant advantage for frequent traders.
| Funding Methods | Exness | IC Markets |
|---|---|---|
| Bank Transfer | Yes | Yes |
| Visa | Yes | Yes |
| Mastercard | Yes | Yes |
| PayPal | No | Yes |
| Neteller | Yes | Yes |
| Skrill | No | Yes |
| POLi / bPay | No | Yes |
| Other methods (i.e. Crypto, digital wallets, cheque) | Yes | Yes |
Verdict
Exness offers a broader range of funding options and does not charge any fees for deposits or withdrawals, making it the better choice for traders looking for flexibility in funding their accounts.
Exness and IC Markets both offer accounts with a minimum deposit of $0, which is a significant advantage for traders who don’t want to commit a large sum upfront.
However, it’s essential to note that the $0 minimum deposit is generally for standard accounts. For specialized accounts like RAW or Pro, the minimum deposit requirements can vary. Below is a table that outlines the minimum deposit amounts for different account types for both brokers.
| Broker | Standard Account | Specialized Accounts |
|---|---|---|
| Exness | $0 | RAW- $200, Zero – $200, Pro – $200 |
| IC Markets | $0 | Raw – $0 |
Verdict
Exness and IC Markets offer a $0 minimum deposit for their standard accounts. However, IC Markets takes the lead as it also offers a $0 minimum deposit for its Raw account.
IC Markets is the winner because it excels in a majority of key areas, including trading platforms, trust and regulation, and educational resources. The table below summarises the key information leading to this verdict.
| Criteria | IC Markets | Exness |
|---|---|---|
| Lowest Spreads 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 | ✅ | ❌ |
For beginner traders, Exness is the better choice due to its lower spreads and fees and superior customer service.
For experienced traders, IC Markets stands out for its robust trading platform and extensive range of CFDs and markets.
Exness has lower costs when it comes to spreads and fees. The broker offers competitive spreads starting as low as 0.1 pips for major currency pairs like EUR/USD. IC Markets also offers low spreads but tends to be slightly higher. For more information on low-cost trading, you can visit the Lowest Commission Brokers.
For MetaTrader 4, IC Markets is the superior choice. The broker offers advanced charting features and a range of expert advisors. You can find more details on the best MT4 brokers.
When it comes to social trading, Exness is the better option. The broker offers social and copy trading through its partnership with ZuluTrade. For a comprehensive overview of brokers offering social trading, check out best social trading platforms.
Neither IC Markets nor Exness offer spread betting as part of their services. If you’re specifically looking for spread betting options, you might want to consider other brokers. For more details, you can check out the best spread betting brokers in the UK.
In my opinion, IC Markets is the superior choice for Australian Forex traders. The broker is ASIC-regulated and was founded in Australia, giving it a home-field advantage. IC Markets also offers a wide range of CFDs and has a strong reputation for low spreads. For a more comprehensive look at Australian Forex brokers, you can visit Best Forex Brokers In Australia.
For UK Forex traders, I’d recommend IC Markets. Although the broker is not FCA-regulated and was founded overseas, it offers a robust trading platform and a wide range of CFDs. If you’re based in the UK and looking for more options, you might want to explore the Best Forex Brokers In UK.
Ask an Expert
What educational resources does Exness offer?
I checked Exness Global website, while I can see they have some research material, it appears they do not have a FX education suite.