FxPro vs IC Markets: Which One Is Best?

2. IC Markets: Better Trading Platform

The three most popular retail trading platforms worldwide are offered by both FxPro and IC Markets – MetaTrader 4, MetaTrader 5 and cTrader, yet available trading platforms and product ranges vary between account types. IC Markets Raw Spread Account holders can access MT4, MT5 or cTrader, while Standard Account holders are restricted to MetaTrader platforms. When trading with FxPro, spreads, execution and market access vary depending on the trading platform the customer is using. As both brokers provide access to multiple trading platforms, we will compare available MetaTrader 5 features in this FxPro vs IC Markets review.

MetaTrader 5 is hugely popular due to the platform’s wider market access than MT4 (share trading is allowed), Expert Advisor features and advanced technical analysis tools. Trading tools offered by both IC Markets and FxPro on MT5 include:

• Expert Advisors (EAs) developed using MQL5 programming language
• Depth of Market
• Multi-currency backtesting
• Advanced charting tools: 21 timeframes, 30 inbuilt technical indicators and 31 graphical objects
• 64-bit multi-threaded platform
• MQL5 community chat feature

While both brokers’ MT5 offering provides more than enough tools to assist with technical analysis, the main difference between FxPro and IC Markets MT5 trading platforms is the availability of the popular market-scanning tool, Autochartist. Unlike FxPro customers, those trading with IC Markets can utilise Autochartist’s pattern-recognition software that allows users to easily identify new trading opportunities.

Web & Mobile Trading

MetaTrader 4, MetaTrader 5 and cTrader are available as mobile trading apps. Whether you are trading on an Android smartphone or iPad, there is a trading app available for your device. For those wanting to trade on a computer yet not download a desktop trading platform, MT4 and MT5 webtrader platforms are available, as well as cTrader Web.

Verdict

Both online brokers offer a strong range of trading platforms, with cTrader, MT4 and MT5 available with IC Markets and FxPro. While Expert Advisor features and advanced charting tools are available, accessible through both brokers on MetaTrader platforms, IC Markets offers the unique pattern-recognition program, Autochartist. With a greater range of technical analysis tools provided to traders, IC Markets has the best trading platform offering.

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3. IC Markets: Superior Accounts And Features

While IC Markets customers can choose between a Standard account or an ECN pricing Raw Spread Account, FxPro customers are limited to spread-only account types (when using MetaTrader platforms). For IC Markets Raw Account, spreads are tighter, with traders paying a flat rate round-turn commission fee when they close their trade. Standard trading accounts offered by both brokers are inclusive of costs, with brokers receiving compensation through the spread.

No Commission Accounts (Standard Account Types)

IC Markets and FxPro’s standard account types charge wider spreads than ECN-style accounts. Yet, with all-inclusive spreads, traders avoid spending time calculating orders commission costs. Both IC Markets and FxPro’s standard account types are available on MetaTrader 4 or MetaTrader 5.

IC Markets Raw Spread (ECN-Style Account)

The IC Markets ‘True ECN’ account has been renamed as The IC Markets Raw Account. The ECN-style pricing spread structure provides traders access to the best prices available to retail investor accounts. While spreads average 0.1 pips for major currency pairs such as EUR/USD, during times of volatility, bid-ask prices can be as tight as 0.0 pips in the forex market. As well as ultra-tight spreads, ECN-like accounts allow for minimal slippage with ultra fast execution and therefore is well-suited for day trading, scalping and Expert Advisors.

Commission fees vary between trading platforms when trading under a Raw Spread account. IC Markets customers using MetaTrader 4 and MetaTrader 5 pay an AUD $7 round-turn commission fee, while cTrader users pay AUD $6 round-turn. Learn more about the two accounts with our guide on IC Markets Raw Spread Vs Standard Accounts.

Islamic Accounts

For traders who follow Islamic finance practices, swap-free accounts are available with both IC Markets and FxPro. In accordance with Sharia Law, swap-free accounts do not pay or receive interest as standard or ECN accounts do. Rather, Islamic account holders pay flat-rate overnight financing fees when positions are held open for longer than a day. Prospective IC Markets customers can easily open an Islamic Account online (although proof of religion may be required). To start trading under an Islamic Account with FxPro, traders are required to email the broker’s customer support team.

Verdict

As IC Markets offers a standard account, an ECN-like account and an Islamic account, they can offer a solution for all types of trader preferences. IC Markets’ range of solutions means you can trade spreads where a commission is all-inclusive or access ultra-tight institutional grade spreads while paying low flat rate commission fees.

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4. IC Markets: Best Trading Experience And Ease

When it comes to trading experience and ease, both FxPro and IC Markets have their unique strengths. From our in-depth analysis, we found that FxPro offers a seamless trading experience with its user-friendly interface and advanced trading tools. On the other hand, IC Markets, as highlighted in our own testing, stands out for its MT5 platform, which is considered the best in the industry.

• IC Markets boasts the title of “Best MT5” broker, ensuring traders get the most out of the MetaTrader 5 platform.
• FxPro’s platform is intuitive, making it easier for both beginners and experienced traders to navigate.
• IC Markets also shines with its “Best Standard Account”, offering traders flexibility and competitive pricing.
• Both brokers provide robust customer support, ensuring any issues are addressed promptly.

In the ever-evolving world of forex trading, it’s crucial to choose a broker that not only offers competitive pricing but also ensures a smooth trading experience. Both FxPro and IC Markets excel in this aspect, but there are subtle differences that traders should be aware of.

Verdict

Based on our comprehensive analysis and testing, IC Markets slightly edges out FxPro in offering the best overall trading experience and ease.

5. Tie: Stronger Trust And Regulation

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Forex markets are strongly regulated due to the high risk that comes with trading CFDs. Financial authorities around the globe enforce different measures to protect investors and ensure forex markets operate fairly and efficiently. While most jurisdictions, such as Australia, require brokers to hold funds in segregated accounts, areas such as the UK and Cyprus require brokers to follow stricter financial regulations.

Both IC Markets and FxPro have multiple subsidiaries that are overseen by different top-tier regulators. FxPro and IC Market’s Cyprus-based subsidiaries follow CySEC (Cyprus Securities and Exchange Commission) regulation that requires forex brokers to provide traders with Negative Balance Protection in addition to enforcing leverage caps and close-out margins.

FxPro customers registered with the FCA (Financial Conduct Authority, UK) regulated subsidiary receive the same investor protection as CySEC-regulated brokers provide. As well as being overseen by the FCA and CySEC, FxPro is authorised to operate in South Africa and The Bahamas following FSCA (Financial Sector Conduct Authority) and SCB (Securities Commission of the Bahamas) regulations.

As IC Markets is a forex broker based in Sydney, Australia, they are regulated by the Australian Securities and Investments Commission (ASIC) and hold an Australian Financial Services License (AFSL). As well as the option of signing up with IC Markets Australia and Cyprus-based subsidiaries, traders can register with the brokers FSA (The Seychelles Financial Services Authority) and CySEC-regulated subsidiaries if they prefer.

Verdict

The multiple subsidiaries of IC Markets and FxPro are regulated by top-tier financial authorities around the world. It is recommended traders research the investor protection they will receive in different locations prior to signing up with a broker. As both brokers follow regulations set by respected regulators such as ASIC, FCA and CySEC, they tie this round.

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6. IC Markets: Top Product Range And CFD Markets

When diving into the vast world of CFD trading, the range of products and markets available can be a decisive factor for many traders. From our own testing, both FxPro and IC Markets offer a diverse range of CFDs, products, and markets.

IC Markets is notably recognised for its MT5 platform and its “Best Standard Account”, which provides traders with a plethora of trading options. On the other hand, FxPro, with its extensive market reach, ensures that traders have access to a wide variety of instruments.

In the competitive landscape of CFD trading, having a diverse product range can be the difference between a good and a great trading experience. Both FxPro and IC Markets have made significant strides in this area, ensuring that traders have a plethora of options at their fingertips.

Verdict

While both brokers offer an impressive range of CFDs and markets, IC Markets takes the lead with its award-winning MT5 platform and its recognition as the “Best Standard Account” broker.

7. IC Markets: Superior Educational Resources

In the realm of forex trading, the importance of educational resources cannot be overstated. Both FxPro and IC Markets understand this and have invested heavily in providing traders with top-notch educational materials. From our analysis and our own testing, it’s evident that both brokers are committed to empowering traders with the knowledge they need to succeed.

• FxPro offers a comprehensive educational section, complete with webinars, tutorials, and e-books.
• IC Markets, on the other hand, boasts an extensive library of video tutorials, ensuring visual learners are catered for.
• Both brokers provide regular market analysis, helping traders stay updated with the latest market trends.
• FxPro’s educational content is tailored for traders of all levels, from beginners to professionals.
• IC Markets offers a demo account, allowing traders to practice their strategies without risking real money.
• Both brokers have a dedicated FAQ section addressing common queries and concerns of traders.

Education is the cornerstone of successful trading. Both FxPro and IC Markets have made it a priority to ensure their traders have access to the best educational resources available. Whether you’re a newbie looking to get started or an experienced trader seeking to refine your strategies, both brokers have got you covered.

Verdict

Based on our comprehensive testing, while both brokers offer exceptional educational resources, IC Markets slightly edges out FxPro in terms of the depth and breadth of its educational content.

8. IC Markets: Superior Customer Service

FxPro and IC Markets offer a range of methods to get in touch. To contact the FxPro multi-lingual support team, customers can use live chat, email or phone 5 days a week, 24 hours a day.

IC Markets can be reached via live chat, phone and email. An advantage that IC Markets offers is that its customer support team can be contacted 24/7, a feature most forex brokers do not provide.

Education

FxPro educational resources are limited when compared to IC Markets. While the broker provides articles and videos covering trading strategies, psychology and platforms, they are best suited to inexperienced traders requiring a basic introduction to forex markets.

On the other hand, IC Markets customers gain access to an excellent library of resources. Whether you are a beginner or an experienced trader, IC Markets provides a range of educational materials to improve a trader’s understanding of forex markets. Resources include trading platform tutorials, webinars, educational videos and articles covering topics such as risk management and technical analysis.

Verdict

With 24/7 customer service and an extensive catalogue of educational resources for beginner to experienced traders, IC Markets offers superior customer support when compared to FxPro.

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9. IC Markets: Better Funding Options

When trading CFDs with FxPro, funding methods vary depending on the subsidiary a customer is registered with. FxPro Cyprus and Bahamas customers can deposit and withdraw funds via bank transfer, broker to broker, credit card (Visa and Mastercard), Skrill, Neteller and Union Pay, with Cyprus clients also able to use Paypal. FxPro UK clients are not provided with any e-wallet methods of payment and are restricted to transferring funds via bank transfer, broker-to-broker or credit card.

With 15 deposit and withdrawal methods available, those trading with IC Markets have a greater range of traditional and e-wallet methods to transfer funds. As well as debit and credit card, broker-to-broker, wire transfer and internet banking, customers can move funds via PayPal, Neteller, Neteller VIP, Skrill, Bpay, FasaPay and POLi, although accepted currencies vary between payment methods.

Initial Minimum Deposits

To start trading, IC Markets minimum deposit is $200. FxPro, on the other hand, requires traders to make a minimum deposit of $100, although they recommend at least $500.

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Base Currencies

• FxPro offers 8 base currencies: AUD, USD, CHF, GBP, EUR, PLN, AUD and JPY.
• IC Markets offers 10 base currencies: AUD, USD, EUR, GBP, CHF, CAD, NZD, SGD, HKD, and JPY.

10. FxPro: Lower Minimum Deposit

FxPro has a lower minimum deposit of $100 than IC Markets which requires a $200 minimum. While FxPro requires a minimum deposit of $100 to start trading, they recommend traders deposit at least $1,000 for a more seamless trading experience.

Verdict

FxPro technically wins in this category because of their lower minimum deposit. However, with FxPro’s recommended amount of $1,000, IC Markets’ required $200 minimum doesn’t seem too high.

Is IC Markets or FxPro The Best Broker?

IC Markets is the winner because of its comprehensive offerings, lower minimum deposit, superior educational resources, and overall better trading experience.

The table below summarises the key information leading to this verdict:

FxPro: Best For Beginner Traders

For those just starting out in the trading world, FxPro offers a more beginner-friendly environment with its extensive educational resources and lower minimum deposit.

IC Markets: Best For Experienced Traders

For seasoned traders looking for a wider range of products and advanced trading platforms, IC Markets stands out as the preferred choice.