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 full comparison covers the 10 most important trading factors to help you determine the right broker for your needs. Here are the five most noticeable differences between Exness and IC Markets:
When it comes to trading costs, both Exness and IC Markets strive to offer competitive pricing. However, there are some differences to note. Standard Account Spreads and RAW Account Spreads are two key areas to consider when comparing costs.
1. Standard Account Spreads
Exness offers a slightly lower spread on its standard account compared to IC Markets. This can be beneficial for traders who prefer a fixed spread. Standard account spreads are a crucial factor to consider when choosing a forex broker. For more information on this, you can check out our Standard Account Spreads testing section.
When we look at the standard account spreads, it’s clear that there are some differences between IC Markets and Exness. IC Markets consistently offers lower spreads across all forex pairs. For instance, the EUR/USD pair has a spread of 0.62 with IC Markets, compared to 1 with Exness. This trend continues with other pairs such as GBP/USD and AUD/USD, where IC Markets offers spreads of 0.83 and 0.77, respectively, while Exness offers 1.2 and 1.4.
In my opinion, IC Markets appears to be the cheaper option when it comes to standard account spreads. However, it’s important to remember that low spreads don’t necessarily mean better value. Other factors, such as execution speed, ease of use, and customer service, are also crucial when choosing a forex broker.
| Forex Pair | IC Markets | Exness | Industry Average |
|---|---|---|---|
| EUR/USD | 0.62 | 1 | 1.35 |
| USD/JPY | 0.74 | 1.1 | 1.54 |
| GBP/USD | 0.83 | 1.2 | 1.68 |
| AUD/USD | 0.77 | 1.4 | 1.63 |
| USD/CAD | 0.85 | 2.1 | 1.93 |
| EUR/GBP | 1.27 | 1.6 | 1.69 |
| EUR/JPY | 1.3 | 2.2 | 2.04 |
| AUD/JPY | 1.5 | 2.1 | 2.31 |
Standard Account Analysis Updated September 2024[1]September 2024 Published And Tested Data
Comparing these brokers to the industry average, both IC Markets and Exness offer competitive spreads. The industry average spread for EUR/USD is 1.35, which is significantly higher than what IC Markets offers. Even Exness, which has higher spreads than IC Markets, still falls below the industry average for most forex pairs.
In conclusion, while IC Markets offers lower spreads, it’s essential to consider other factors when choosing a broker. Both IC Markets and Exness offer competitive spreads compared to the industry average, making them both viable options for forex traders.
2. RAW Account Spreads
On the other hand, IC Markets offers a lower spread on its RAW account, which can be advantageous for traders who prefer a variable spread. For more information on this, you can check out our RAW Account Testing section.
3. Commission Rates
Both brokers charge similar commission rates, making them equally competitive in this aspect.
4. Deposit & Withdrawal Fees
Exness does not charge any deposit or withdrawal fees, while IC Markets charges a small fee for certain withdrawal methods.
5. Other Fees
Both brokers do not charge any inactivity or account maintenance fees, making them cost-effective choices for long-term traders.
Verdict: Considering the overall trading costs, Exness edges out IC Markets due to its lower standard account spreads and absence of withdrawal fees.
| Criteria | Exness | IC Markets |
|---|---|---|
| Standard Account Spreads | Lower | Higher |
| RAW Account Spreads | Higher | Lower |
| Commission Rates | Similar | Similar |
| Deposit & Withdrawal Fees | No Fees | Some Fees |
| Other Fees | No Fees | No Fees |
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.
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.
| Criteria | Exness | IC Markets |
|---|---|---|
| MetaTrader 4 | Yes | Yes |
| MetaTrader 5 | Yes | Yes |
| cTrader | No | Yes |
| TradingView | yes (charts) | No |
| Other Platforms | No | No |
| VPS Services | Yes | No |
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.
Verdict: Exness wins in this category due to its wider range of account types, catering to different trading styles and preferences.
| Criteria | Exness | IC Markets |
|---|---|---|
| Account Types | Standard Cent, Standard, Pro, Zero | Standard, Raw Spread, cTrader Raw |
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.
| Product Type | Exness | IC Markets |
|---|---|---|
| Forex CFDs | 96 | 61 |
| Shares CFDs | 98 | 1600+ |
| Cryptos CFDs | 34 | 25 |
| Commodities CFDs | 10 Metals | 4 Metals, 8 Softs, 3 Energies |
| Indices CFDs | 10 | 23 |
| Bonds/Treasuries CFD | No | 9 |
| Spread Betting | No | No |
| Other Products | No | Yes |
| Minimum Deposit | Lower | Higher |
| Payment Methods | More Options | Fewer Options |
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.
When it comes to educational resources, both Exness and IC Markets have made significant efforts to cater to traders at all levels. 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.
| Criteria | Exness | IC Markets |
|---|---|---|
| Customer Service | 24/5, Multilingual | 24/5 |
When it comes to funding options, both Exness and IC Markets offer a variety of methods to suit different trader needs. 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 Option | Credit/Debit Card | Bank Transfer | Skrill | Neteller | PayPal | Cryptocurrency | WebMoney | UnionPay | FasaPay | Qiwi |
|---|---|---|---|---|---|---|---|---|---|---|
| Exness | ✅ | ✅ | ✅ | ✅ | ❌ | ✅ | ✅ | ✅ | ✅ | ✅ |
| IC Markets | ✅ | ✅ | ❌ | ❌ | ❌ | ❌ | ❌ | ❌ | ❌ | ❌ |
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.
When it comes to trading, the minimum deposit is often a crucial factor for many traders, especially those who are new to the scene. A lower minimum deposit allows for a lower barrier of entry, making it more accessible for individuals to start trading. 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: When it comes to the lowest minimum deposit, both 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.
No commission account spread propiety testing data and published wesbite spread information, centralised on our Standard Account Spreads page.
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.