In this FP markets vs IG Group (IG) review, we cover each forex broker’s features, including trading accounts, fees, and products. FP markets have over 10,000 CFD products with ECN pricing, while IG has 17,000 markets and no commissions for forex.
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Our full comparison covers the 10 most important trading factors. Here are some key differences between FP Markets and IG:
Many brokers publish their average spreads on their websites, which allows us to compare the spreads of different brokers. Below, we compare the spreads of IG and FP Markets along with other brokers, and this is updated each month.
Try the IG Group vs FP Markets fee calculator below based on the most popular forex pairs and base currencies.
ECN-Pricing Account By Broker
FP Market’s best account for Forex trading is their RAW account. This account has ECN pricing, which means prices are sourced from liquidity providers with no dealing desk. IG Group have a similar account that uses Direct Market Access (DMA) trading in place of Straight Through Processing (STP). DMA is similar to STP but is recommended to professional traders, so retail traders should not really consider it.
The table below compares FP Markets with IG along with other brokers. While IG average spreads are slightly lower on average than FP Markets for EUR/USD, it is worth noting that FP Markets has better average spreads for other currency pairs. Other brokers, such as Pepperstone and IC Markets are also excellent choices for low spreads.
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ECN pricing spreads compared
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0.10 | 0.20 | 0.30 | 0.30 | 1.40 |
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0.10 | 0.20 | 0.40 | 0.60 | 2.40 |
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0.17 | 0.30 | 0.54 | 0.59 | N/A |
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0.20 | 0.20 | 0.40 | 0.50 | 1.50 |
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0.44 | 0.42 | 0.40 | 0.85 | 1.30 |
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0.20 | 0.40 | 0.50 | 0.60 | 10.00 |
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0.10 | 0.50 | 0.60 | 0.60 | 1.30 |
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n/a | 0.50 | 0.60 | 0.20 | 3.10 |
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0.44 | 1.23 | 1.13 | 1.08 | 1.85 |
Avg. spreads are taken from each broker's website and updated monthly. Last update on 04/01/2024
To keep costs true to quotes provided by the liquidity pool, commission costs are applied instead of widening the spread. The following costs apply:
Standard Account
The standard account has all-inclusive spreads, which means costs are wider in place of commissions. Beginner traders tend to prefer this type of account because of the simpler commission structure.
If this is the type of account you prefer, IG clearly presents better value than FP MarketsSpreads, with FP Markets starting from 1.0 pips while IG spreads start from 0.6 pips. If you wish to consider other brokers with no commissions accounts, take a look at Markets.com, and Pepperstone, whose spreads are similar to IG.
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Standard Account Spreads
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|---|---|---|---|---|---|
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1.13 | 1.01 | 1.71 | 1.66 | 1.12 |
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1.10 | 1.20 | 1.40 | 1.40 | 1.40 |
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0.62 | 0.77 | 1.27 | 0.83 | 0.74 |
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0.90 | 1.30 | 1.40 | 1.40 | 1.40 |
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0.70 | 2.20 | 1.10 | 1.10 | 0.60 |
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1.20 | 0.90 | 1.50 | 1.80 | 1.80 |
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1.20 | 1.40 | 1.50 | 1.60 | 1.50 |
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1.10 | 1.20 | 1.40 | 1.50 | 1.20 |
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1.10 | 1.20 | 1.30 | 1.30 | 1.30 |
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1.20 | 1.30 | 1.20 | 1.30 | 1.10 |
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1.70 | 1.60 | 1.70 | 2.00 | 1.60 |
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1.20 | 1.80 | 1.90 | 1.90 | 1.60 |
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1.30 | 1.70 | 2.10 | 1.40 | 1.50 |
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1.12 | 1.64 | 1.30 | 1.30 | 1.38 |
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1.32 | 1.95 | 1.37 | 1.70 | 1.40 |
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1.20 | 1.30 | 1.50 | 1.30 | 1.20 |
Avg. spreads are taken from each broker's website and updated monthly. Last update on 04/01/2024
Standard Account Spreads
When it comes to the average standard account spreads, both FP Markets and IG offer competitive rates across various forex pairs. However, there are some noticeable differences that could impact your trading decisions.
For instance, FP Markets consistently offers lower spreads on EUR/USD, USD/JPY, and GBP/USD compared to IG. This is particularly important if you’re trading these major currency pairs frequently. Lower spreads mean lower trading costs, which can significantly add up over time.
On the other hand, IG shines when it comes to AUD/USD, offering a spread of 1.01 compared to FP Markets’ 1.3. If you’re an Aussie trader or if you’re trading this pair often, IG might be a more cost-effective choice.
| Forex Pair | FP Markets | IG | Industry Average |
|---|---|---|---|
| EUR/USD | 1.1 | 1.13 | 1.35 |
| USD/JPY | 1.3 | 1.12 | 1.54 |
| GBP/USD | 1.3 | 1.66 | 1.68 |
| AUD/USD | 1.3 | 1.01 | 1.63 |
| USD/CAD | 1.5 | 1.98 | 1.93 |
| EUR/GBP | 1.3 | 1.71 | 1.69 |
| EUR/JPY | 1.5 | 2.27 | 2.04 |
| AUD/JPY | 1.6 | 1.62 | 2.31 |
Standard Account Analysis Updated April 2024[1]April 2024 Published And Tested Data
However, it’s crucial to consider the industry averages as well. Both FP Markets and IG have spreads that are generally below or around the industry average, indicating their competitiveness in the market. But remember, the spread isn’t the only cost to consider. Other factors such as commission fees, platform usability, and customer service should also play a role in your decision.
In my opinion, while both FP Markets and IG offer competitive spreads, FP Markets seems to have a slight edge due to its consistently lower spreads across most forex pairs. But as always, it’s essential to consider your individual trading needs and strategies when choosing a forex broker.
Verdict
ECN pricing account offers the lowest spreads, so we recommended this type of account to most brokers. IG DMA or Level 2 dealing account has some benefits; however, requires particular skills, so is not the best choice for most traders. If you are new to trading, then IG can be a good choice, especially if you plan to use the proprietary trading platform, which has risk management tools not found on other platforms.
View FP Markets ReviewVisit FP Markets
Both FP Markets and IG offer their clients the most popular trading platform, MetaTrader 4 (MT4). FP Markets clients have the option to trade CFDs and Forex on the MetaTrader 5 multi-asset platform, as well as stock trading on their proprietary software IRESS. IG offers a variety of trading platforms, including their own web platform, ProRealTime, and L2 Dealer.
MetaTrader vs IG Trading Platform
FP Markets’ primary trading platform offered to their clients is the popular MetaTrader 4 by MetaQuotes Software, which is available across all account types. MetaTrader 4 offers one-click trading, over 60 pre-installed indicators, customisable charts, and automated trading through Expert Advisors (EAs).
Traders can choose from 5 versions of the MetaTrader 4 available for Windows, Mac, WebTrader, iOS and Android.
FP Markets clients can access ECN pricing on MT4 across +60 currency pairs, 63 stocks, 14 indices, cryptocurrencies and commodities.
On the other hand, IG’s state-of-the-art web-based trading platform doesn’t require any installation and can be accessed directly from your web browser. IG web platform supports the following browsers: Mozilla Firefox, Google Chrome, Internet Explorer 11, Microsoft Edge and Safari (Mac only).
With the IG web-based trading platform, traders can access elite-level trading tools, including:
Mobile Trading
Mobile trading, right from the palm of your hand, is possible with both FP Markets and IG. On the one hand, FP Markets offers 3 different mobile apps (proprietary FP Markets Trading App, MT4 App, MT5 App) compatible with iOS and Android devices. FP markets mobile apps are powered with real-time pricing, user-friendly charting tools, funding options, one-click trading, easy scrolls and zooms, and so much more.
On the other hand, IG clients only have access to 2 mobile trading Apps (MT4 + IG trading platform) compatible only with Android devices. The only drawback is that iOS users need to use a progressive web app (PWA).
IG trading App offers the full dealing functionality of the web platform, including interactive price charts, 28 technical indicators, sentiment data, alerts with push notifications and advanced order types.
Unfortunately, the ProRealTime platform and the L2 Dealer platform don’t have mobile accessibility.
Trading Tools
For trading tools, IG’s MetaTrader 4 comes with 18 add-ons plus Autochartist. By comparison, FP Markets provides a suite of 12 additional trading tools and the Autochartist plugin for MT4. FP Markets MT4 Traders Toolbox includes:
Additionally, FP Markets offers 5 different forex trading calculators to help traders better assess the risks associated with trading the forex market.
Execution Speed
In addition to having a good platform, traders need to ensure fast and reliable execution of their orders. FP Markets has its servers collocated inside Equinix’s NY4 data centre, which enables them to offer an ultra-fast execution speed of 40ms. The low latency trade execution means you’ll have no re-quotes, minimal slippage, and tight spreads.
By comparison, IG execution technology is also fast and reliable. IG advertises 14ms execution speed and over 7 million orders executed each month. Based on internal data from IG, 89% of their orders incurred zero slippage (see table below).
We used a third-party MT4 script to verify the execution speed across multiple brokers in real time and found that FP Markets is one of the fastest MetaTrader 4 brokers after Pepperstone.
Social Trading/Copy Trading Solution
Both FP Markets and IG offer copy trading solutions; however, only FP Markets integrates social trading features. Social trading is available via FP Markets copy trading, which also allows traders to engage in discussion and share ideas besides copy trading.
FP Markets’ copy trading solution is available for MT4 and MT5. Third-party copy trading solutions are also available, which include MyFxBook Autotrade and MQL5 signals. On the other hand, IG doesn’t offer a forex trading social network, but they offer an integrated solution within MT4 (MQL5 signals) for copy trading.
IG also offers third-party trading signals from Autochartist and PIA-First.
Verdict
All in all, both forex brokers offer traders industry-leading trading platforms and excellent trading tools. IG has an exceptional choice of trading platforms, but they have a steep learning curve and are not compatible with beginner traders. On the other hand, FP Markets clients can enjoy more sophisticated trading tools and social trading features.
FP Markets is a no-dealing desk (NDD) broker which reflects the type of trading accounts they offer. IG is a Market Maker, which means most of their products are spread-only products, meaning no commissions.
| FP Markets | IG | |
|---|---|---|
| Minimum Deposit | AUD$100 | $300 |
| Number of Accounts | - 1 Standard Account - 1 Raw Account - 3 IRESS Account Types (Standard, Platinum, Premier) |
- 1 CFD Account - 1 CFD Limited Risk Account |
| Forex Spreads | From 0.0 pips (raw account) From 1.0 pips (standard account) |
From 0.6 pips |
| Commission | AUD $3.0 per side per 100k units forex (Raw Account) | No commissions forex, CFDs |
| Range of Platforms | MT4, MT5, WebTrader and IRESS | IG Platform, MT4, ProRealTime and L2 Dealer |
| Maximum Leverage | 30:1 (retail), 500:1 (pro) | 30:1 (retail) 500:1 (pro) |
| Instruments | +10,000 | +17,000 |
| Copy Trading | MyFxBook AutoTrade, FP Markets Copy Trading | IG Trading Signals (Autochartist and PIA-First) |
| Islamic Account | ✓ | ✓ (IG UAE only) |
FP Markets Trading Accounts
With FP Markets, you can choose from 5 types of trading accounts. The two accounts that will appeal to most traders are the Standard and Raw Accounts. Both accounts offer the same basic features, meaning a choice of MetaTrader 4 or MetaTrader 5 trading platforms with ECN pricing, and both have a minimum deposit of $100. Where they differ is the cost structure.
FP Markets Standard
The FP Markets Standard account is a spread-only account, which means there are no commission costs with this account. Spreads with this account start from 1.0 pips.
FP Markets RAW Account
The RAW Account is the account that offers FP Markets the lowest spreads, with this account spreads can be as low as 0.0 pips for major forex pairs such as EUR/USD. To keep spreads low, a commission-free for each standard lot is applied when you open and again when you close your account. If your base currency is AUD, then you will pay $3.50 for each lot to open your position and a $7.00 round-turn. If your account is in USD, then you will pay $3.00 to open and $6.00 in total.
FP Markets IRESS Trading Account
Only available to traders with FP Markets Australia, IRESS is a trading platform designed for trading of stocks using Direct Market Access (DMA) execution. This account allows you to access over 10,000 share CFDs compared to only 54 share CFDs that come with the MT5 retail investor accounts and just 5 with MT4. While some other CFDs are available, you would only choose this account for trading stocks.
IG Group Trading Accounts (Available For All IG Clients)
IG Market’s primary account for most traders is the IG Trading Account. As IG is a market maker, this account allows you to access most of IG CFD products without commission costs. In this sense, this account is comparable to the FP Markets Standard account. Spreads for this account start from 0.6 pips.
Limited Risk Account
As trading with leverage is a high-risk strategy, a limited-risk account is available if you lack trading experience. This account requires you to use a guaranteed stop-loss order when you open a position. For a small premium, this type of risk management tool means IG guarantees your order will close at the limit you set and protect you against slippage and, therefore, unexpected losses.
This account is available in the following countries: Australia, Switzerland, South Africa, Dubai, New Zealand, and Japan
Other Types Of Accounts Available With IG Include:
Demo Account
Forex traders can register for a free demo account with both brokerage trading firms. FP Markets’ demo account comes with USD 100,000 in paper money with no strings attached. By comparison, IG offers a free demo account with USD 20,000 in virtual funds.
Verdict
While both forex brokers provide a positive user experience, FP Markets tops IG. FP Markets is an ECN – STP forex broker, while IG runs a market maker model. On top of that, FP Markets is more accessible to beginner traders who only require USD 100 to open a live trading account.
When it comes to trading, having a seamless user experience is crucial. After conducting an in-depth analysis and our own testing, we have noticed some distinct features that set FP Markets and IG apart from each other.
Guaranteed Stop Losses (GSLO)
As part of the risk management tools, the guaranteed stop losses can help traders minimise losses from market gapping, especially slippage. Because FP Markets offers ECN pricing and your orders are matched against liquidity providers, they are not able to offer guaranteed stop losses.
On the other hand, since IG is a market maker, they support GSLO. However, there is a GSLO premium charge for placing such orders.
Negative Balance Protection
Another risk management tool that helps traders minimise their losses is negative balance protection*. Both IG and FP Markets offer a negative balance protection policy, but only for the retail trading accounts. Professional trading accounts are not protected by the NBPP.
Note* The negative balance protection policy is a regulatory requirement in the ESMA-regulated region and the UK.
When selecting a broker, it is important to consider which one aligns best with your trading style and needs, as each has its own strengths. FP Markets and IG offer unique platforms tailored to different needs.
Verdict
After our assessment, we found that IG provides a more robust trading platform with advanced tools, while FP Markets is more suitable for beginners due to its educational resources.
IG Group has a high trust score of 97, with FP Markets trailing behind with 60. Our scoring was based on each broker’s regulation, reputation, and reviews from traders.
IG Group Trust Score
FP Markets Trust Score
Regulation
It’s safe to trade with both FP Markets and IG Group. Both online brokers are globally regulated across multiple tier-1 jurisdictions worldwide. FP Markets holds two tier-1 licenses compared to six tier-1 licenses held by IG.
| FP Markets | IG Group | |
|---|---|---|
| Tier 1 Regulation | ASIC (Australia) CYSEC (Cyprus) |
ASIC (Australia) FCA (UK) BaFin (Germany) FINMA (Switzerland) NFA/CFTC (USA) CYSEC (Cyprus) MAS (Singapore) FMA (New Zealand) |
| Tier 2 Regulation | JFSA (Japan) DFSA (Dubai) |
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| Tier 3 Regulation | FSA-S (Seychelles) FSC-M (Mauritius) FSCA (South Africa) |
BMA (Bermuda) FSCA (South Africa) |
The following financial regulators regulate FP Markets and its corporate branches:
On the other hand, IG is regulated and trusted worldwide. The FCA, ASIC, FINMA, JFSA and CFTC primarily regulate it. While it misses CySEC regulation, IG is regulated by the BaFin and Deutsche Bundesbank, through which EU clients can access IG’s online trading services. The table below outlines the full list of regulatory bodies that oversee IG’s trading operations.
Segregated Bank Accounts
With FP Markets, client money is held in segregated bank accounts tier one global investment banks National Australia Bank or Commonwealth Bank of Australia.
At IG, client funds are also held in “segregated client bank (independent trust) accounts at regulated banks” and are never merged with IG’s own money. Your funds are held “at a range of authorised deposit-taking institutes (ADIs) such as the Commonwealth Bank, Westpac and HSBC.”
Reputation
FP Markets has been around since 2005, with headquarters in Sydney, Australia. On the other hand, IG Group was founded in 1974, giving them almost 50 years in the industry, stationed in London, UK.
With a search volume of 2,000,000 hits monthly on Google, IG Group sure is pretty popular among traders worldwide. FP Markets, however, only has around 12,100 hits per month.
Reviews
Despite its low search volume, FP Markets received a high TrustPilot score of 4.9/5.0 from 5,478 reviews as of this writing. In contrast, IG Group has a score of 3.9/5.0 from 6,401 reviews.
Verdict
Overall, both brokers are in good standing and comply with the most stringent regulatory frameworks. Regulators like FCA, ASIC and CySEC ensure a fair trading environment for all retail traders.
Forex traders can get 61 currency pairs at FP Markets compared to a slightly large variety of FX pairs (68 currency pairs) at IG Group. In terms of asset classes, both online brokers allow trading in index CFDs, commodity CFDs, metals, share CFDs and some cryptocurrencies.
In addition to standard financial instruments, FP Markets offers a currency index not found with IG. But IG also provides more sophisticated trading instruments like bonds, ETFs, fixed-risk digital 100s, knock-outs, options and interest rates.
| FP Markets | IG | |
|---|---|---|
| Financial Instruments | +10,000 | +17,000 |
| FX Pairs | 70+ | 68 |
| Indices CFDs | 15+ | +100 |
| Commodity CFDs | 9+ | 35 |
| Metals | 4 | 5 |
| SharesCFDs | +10,000 | 10,500 |
| Currency Index | 1 | ✗ |
| Cryptocurrencies | 12+ | 8 |
Risk Disclaimer: CFD trading carries a high level of risk, as they are highly speculative trading instruments. Beginner traders need to get proper financial education before they start trading Contracts for Differences (CFDs).
CFD Trading
Forex pairs aside, IG offers a total of 17,000 financial markets compared to 10,000 CFDs available with FP Markets. Obviously, IG has an extensive list of tradable CFDs, but that’s mainly because it offers more shares, ETFs, options and interest rates.
By comparison, FP Markets offers two options for share dealings:
IG’s main focus tends to be set on stocks and ETFs, which is why they provide over 13,000 CFD shares.
Commodity traders can access 8 instruments at FP Markets compared to 35 instruments at IG. IG also has more metals (5 pairs) and more CFD indices (+100) versus 4 metal pairs and 12 CFD indices found at FP Markets.
Cryptocurrency CFD Trading
Both brokers only provide access to a limited number of cryptocurrencies. FP Markets has 5 cryptos against 8 cryptos at IG. Cryptocurrencies shared between the two forex brokers are Bitcoin, Bitcoin Cash, Ethereum and Litecoin. Additionally, FP Markets offer Ripple compared to IG’s offering, which includes Stellar, NEO, EOS and a Crypto10 index.
Please note that UK residents who fall under the FCA regulation are not allowed to trade cryptocurrencies like Bitcoin.
Verdict
Overall, both brokers have an excellent selection of CFD products. FP Markets and IG offer a similar range of FX pairs, but IG tops FP Markets in CFD markets. We suggest using FP Markets if you’re looking to trade in the forex market, and IG if you’re interested in CFD trading.
View FP Markets ReviewVisit FP Markets
FP Markets and IG have comprehensive educational content for beginners and experienced traders alike.
Trading Course
IG Academy offers an engaging course, available at beginner, intermediate, and advanced levels. FP Markets provides educational resources for beginners including the Forex 101 section, video tutorials, and a trading glossary section to help traders understand the basic concept of trading and familiarise themselves with complex forex terms.
Webinars
In addition to the trading courses, IG and FP Markets also provide live webinars that you can register for. IG Global’s team has partnered with DailyFX’s team of experts to enhance user experience.
eBooks
At FP Markets, clients can download multiple free Forex eBooks with reliable trading insights from professional traders. By comparison, we couldn’t find any eBooks on the IG website.
Blogs And News
If you want to find forex news and blogs that are disseminating the latest developments in the market, both online brokers are equally good. FP Markets offers a daily report, technical report, market insights, fundamental analysis, forex news, and essential weekly briefings in video format (Currency Point).
On the other side, IG offers forex news and trade idea sections and expert analysis of the latest news.
Verdict
While the IG Academy is on par with FP Markets’ resources, we feel that the Australian-based FX broker content is better structured and easier to follow. You’re free to check them both.
Both forex brokers have been around for a long time to be able to provide excellent customer support service.
| FP Markets | IG Markets | |
|---|---|---|
| Live Chat | ✔ | ✔ |
| ✔ | ✔ | |
| Phone | ✔ | ✔ |
| Call Back | ✔ | ✔ |
| Messaging Service | WhatsApp, Messenger, Telegram | ✗ |
| FAQs | ✔ | ✔ |
Customer Support Comparison
FP Markets’ customer support service outpaced IG’s client support service. FP Markets offers extended client support service 24/7, including over-the-weekend support, which is not available with IG’s trading services team. IG’s customer support only runs Monday through Friday, 24 hours a day.
FP Markets staff is also available through more modern messaging services like WhatsApp, Messenger, Telegram, etc. By comparison, IG doesn’t offer such options. Additionally, at FP Markets, traders can seek help in 12 different languages. We couldn’t find whether IG offers multi-lingual support.
FP Markets’ help centre completes what is an award-winning customer support service. FP Markets received multiple prominent awards from Investment Trend Reports that testify to the quality of their products and services. At the same time, IG can boast industry recognition with their award-winning technology, but they don’t have any awards for their customer support service.
Verdict
FP Markets has been around for 16 years and delivers professional multi-lingual customer support service via traditional communication channels like live chat, email or telephone.
At FP Markets, the multi-currency account supports the following currencies: AUD, USD, EUR, GBP, SGD, HKD, NZD, CHF, CAD and CNY. At the same time, IG allows deposits and withdrawals to be made in USD, GBP, EUR, CHF, Rand and JPY.
Account Funding Options
In terms of deposit methods, both forex brokers share between them the standard methods of transferring money like credit cards, debit cards (Visa and MasterCard), plus bank transfers. It is worth mentioning that at IG, deposits made via credit cards will incur a 1% charge for Visa and a 0.5% fee for MasterCard.
At IG, the available deposit methods and minimum deposits depend on the country of residence. The table below outlines the full list of deposit and withdrawal methods and the withdrawal fees charged by IG.
Additionally, FP Markets clients can fund their accounts using different electronic wallets like PayPal, POLi, BPay, Skrill, Neteller, PayTrust (local bank transfer), Fasapay, OnlinePay, and Nganluong.vn (Vietnamese clients) Dragonpay, Perfect Money.
FP Markets also offers cryptocurrency deposit solutions via LetKnowPay. Accepted cryptocurrencies for deposit include Bitcoin, Ethereum, Ripple and USDT. With FP Markets, it’s also possible to transfer your funds from one broker to another broker.
Inactivity Fee
Only IG will charge its clients an inactivity fee of $18 if their trading account becomes inactive for 24 months. Unlike most brokers, FP Markets doesn’t charge an inactivity fee. However, if your account becomes dormant and there is no activity for over 3 months, your trading account will be disabled.
Verdict
Overall, FP Markets has more funding methods and accepts more currencies than IG. Finally, we found FP Markets does not charge any withdrawal fees, which makes this broker a better choice.
IG has a lower minimum deposit than FP Markets, with $0 and $100, respectively. This $0 minimum amount is possible via bank wire; otherwise, you have to pay more when opening an account with IG.
The table below shows the different minimum amounts for IG:
| GBP | USD | EUR | AUD | |
|---|---|---|---|---|
| Credit Card / Debit Card | £250 Minimum Deposit | $50 Minimum Deposit | €300 Minimum Deposit | $100 |
| Paypal | £250 Minimum Deposit | $50 Minimum Deposit | €300 Minimum Deposit | $100 |
| Bank Wire | £0 Minimum Deposit | $250 Minimum Deposit | €0 Minimum Deposit | $0 |
| Skrill | N/A | N/A | N/A | N/A |
With FP Markets, regardless of region or payment method, you only need to pay $100.
| GBP | USD | EUR | AUD | |
|---|---|---|---|---|
| Credit Card / Debit Card | £100 Minimum Deposit | $100 Minimum Deposit | €100 Minimum Deposit | $100 |
| Paypal | £100 Minimum Deposit | $100 Minimum Deposit | €100 Minimum Deposit | $100 |
| Bank Wire | £100 Minimum Deposit | $100 Minimum Deposit | €100 Minimum Deposit | $100 |
| Skrill | £100 Minimum Deposit | $100 Minimum Deposit | €100 Minimum Deposit | $100 |
While IG doesn’t require an initial amount, they do recommend traders start with at least $100.
| Minimum Deposit | Recommended Deposit | |
| FP Markets | $100 | $100 |
| IG | $0 | $100 |
Verdict
Technically, IG does have a smaller minimum deposit requirement. However, with the $100 minimum they recommend, we feel that FP Markets comes close.
| FP Markets | IG Markets | |
|---|---|---|
| Minimum Deposit | $100 | $300 |
| Supported Base Currencies | 10 | 6 |
| Deposit Fees | ✘ | ✔ (only credit cards will incur a fee) |
| Withdrawal Fees | ✘ | ✘ |
| Deposit and Withdrawal Methods | 14 | 9 |
| Credit&Debit Card | ✔ | ✔ |
| Bank Transfer | ✔ | ✔ |
| Inactivity Fee | ✘ | $18 |
FP Markets is the winner because of its comprehensive offerings, competitive spreads and fees, superior accounts and features, and overall better trading experience.
The table below summarises the key information leading to this verdict:
| Criteria | FP Markets | IG |
|---|---|---|
| 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 | ✅ | ❌ |
FP Markets is recommended for beginner traders due to its user-friendly interface, comprehensive educational resources, and a lower minimum deposit requirement.
IG is suitable for experienced traders because of its robust platform, advanced tools, and a wide range of products and CFD markets.
FP Markets generally offers more competitive spreads and fees than IG. On average, traders can find spreads as low as 0.0 pips on major currency pairs with FP Markets. IG, while competitive, tends to have slightly wider spreads. For an in-depth analysis of brokers with the most competitive commissions, delve into our low commission awards.
Both FP Markets and IG offer MetaTrader 4, but FP Markets is often preferred for its seamless integration and enhanced features on this platform. Traders passionate about MT4 will appreciate the offerings from FP Markets. For those keen on exploring the top brokers offering MT4, here’s our curated list of the best MT4 brokers.
IG provides a form of social trading through its platform, enabling traders to emulate the strategies of market leaders. FP Markets, in contrast, doesn’t focus heavily on social or copy trading. For enthusiasts looking to dive into the world of social trading, here’s our guide on the top copy trading platforms.
IG offers spread betting, allowing traders to speculate on price movements without owning the underlying asset. FP Markets, on the other hand, does not provide spread betting services. For those interested in exploring spread betting further, our comprehensive guide on the best spread betting brokers can be a valuable resource.
In my opinion, FP Markets stands out for Australian Forex traders. Not only is it ASIC regulated, ensuring a high level of trust and security, but it’s also an Australian-founded company. IG, while also ASIC regulated, is originally from overseas. Both brokers offer a robust trading experience, but there’s a certain home advantage with FP Markets. For a deeper dive into the best options for Australian traders, check out this list of top Australian Forex brokers.
From my perspective, IG holds the edge for UK Forex traders. It’s FCA-regulated, which instills a great deal of confidence, and its roots are firmly planted in the UK. FP Markets, while offering competitive services, is not originally from the UK. When it comes to trading platforms, tools, and overall experience, IG consistently ranks high among UK traders. For those keen on understanding the UK Forex landscape better, here’s our detailed analysis of the best Forex trading platforms in the UK.
No commission account spread propiety testing data and published wesbite spread information, centralised on our standard account spread page..
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