IC Markets and Axitrader are two of Australia’s leading forex brokers offering 63 and 80 currency pairs respectively, low ECN spreads started at 0.0 pips and the MT4 trading platform with AxiTrader offering a lower minimum deposit of $0 compared to $200 for IC Markets.
Compare IC Markets with AxiTrader below to find the right forex broker for your needs.
1. True ECN Broker with low spreads and fees 2. Choice Of The Best Forex Platforms 3. Fast Order Execution and Low Latency 4. Superior Technology 5. 24/7 Customer Service
1. Low spreads through their Pro Account 2. Medium-High leverage of 400:1 3. Enhanced MT4 Trading with NexGen 4. Award-Winning Customer Service 5. No Minimum Deposits
Weaknesses
1. Limited Risk Management Tools Offered 2. Lacking in Range in CFDs Offered 3. No Sign on or Promotion Bonus
3. Lack of Trading Platform options 4. Leverage is 400:1 5. Not an ECN trader
Spreads + Commissions
Spread Value
9.2
Commission Value
9.9
Spread Value
9.0
Commission Value
8.5
Forex Trading Platform
1. MetaTrader 4 and 5 2. cTrader including cAlgo for automated trading
1. MetaTrader 4 with MT NexGen
Execution Speeds
Trading Speed
10
Trading Speed
8.5
Leverage
500:1
400:1
Risk Management
1. Minimum Balance Protection 2. Margin Stop Loss Orders 3. Australia Securities & Investments Commission (ASIC) Regulation 4. Segregated accounts with NAB and Westpac
1.Bullion, Metals, Commodities 2. Gold and Silver 3. Oil 4. Indices 5. Bitcoin
Customer Support
1) Live Chat (24/7) hour support. 2) Telephone (24/7 hour support) in Australia and China 3) Call back request 4) Email Support
1) Live Chat is available (24/5) 2) Telephone Support (24/5) 3) Email
Bonus Programs
No Joining Bonus Offered
No Joining Bonus offered
Funding Methods
1. Credit Card/DEbit Cards (VIsa and Master Card) 2. PayPal 3. Neteller 4. Neteller VIP 5. QIWI 6. Skrill 7. UnionPay 8. Wire Transfer 9. Bpay 10. FasaPay 11. Broker to Broker 12. Poli 13. Thai Internet Banking
1. Debit and Credit Cards (Visa, Mastercard, Maestro, JCB) 2. Neteller 3. Skrill/Moneybookers 4. Global Collect 5. BPAY 6. China Union Pay (only for Chinese residents) 7. Bank Transfer 8. Broker to Broker Transfer
Reviews
Trustpilot 4 out of 5 stars - 436 reviews
Trustpilot 3 out of 5 Stars - 3 reviews
Recommended For
1. Advanced high volume traders (Active Traders) 2. Traders utilising robots, scalping and hedging 3. Traders needing customer service outside business hours
1. Beginner traders as it has realistic demo account 2. Discretionary traders needing low deposits 3. Traders needing award winning customer support
1. Advanced high volume traders (Active Traders) 2. Traders utilising robots, scalping and hedging 3. Traders needing customer service outside business hours
1. Beginner traders as it has realistic demo account 2. Discretionary traders needing low deposits 3. Traders needing award winning customer support
Spreads + Commissions
Spread Value
9.2
Commission Value
9.9
Spread Value
9.0
Commission Value
8.5
Execution Speeds
Trading Speed
10
Trading Speed
8.5
MetaTrader
cTrader
ECN Trading Account
Deal Cancellation
Guaranteed Stop Loss
Guaranteed Negative Balance Protection
No Fees On Deposits + Withdrawals
Stockbroking Services
MetaTrader
cTrader
ECN Trading Account
Deal Cancellation
Guaranteed Stop Loss
Guaranteed Negative Balance Protection
No Fees On Deposits + Withdrawals
Stockbroking Services
IC Markets vs AxiTrader comparison of Spreads
Our table below of IC Markets vs AxiTrader forex broker comparison of ‘ECN’ style accounts average spreads show that IC Markets has the better offering. It should be noted that neither foreign exchange broker offers fixed spreads so spreads can vary throughout the day.
Both IC Markets and AxiTrader are Electronic Communication (ECN) brokers. ECN brokers achieve low costs by obtaining spreads from a ‘deep’ liquidity pool. This pool is compiled from various Tier-1 banks, financial institutions and financial brokers. ECN technology also means additional brokerage costs associated with a dealing desk or market makers are not incurred.
The difference in average spreads is likely because IC Markets are using a different ‘liquidity pool’ that offer better rates. The EUR USD average spread is a good example which are a lot higher for AxiTrader. This eur usd difference could be due to many factors but past spreads should be a key guide to trading costs with a foreign exchange broker.
IC Markets True ECN Account
Features of IC Markets True ECN Account include:
Spreads from 0.0
Minimum lots of 0.01 and maximum lots of 100
AU$3.5 commission for swap transactions for each 100k traded(when using MT4 platform)
Minimum deposit $200
64 Pairs for Trade
Leverage 500:1
Expert Advisors (EAs)
Scalping and Hedging
All the expected features of an ECN broker are provided by IC Markets. IC Makets promote themselves as a ‘true’ ECN broker. This is because they use ECN and STP (straight-through-processing) meaning there is no human intervention in the spread quoting process unlike a fixed spread broker.
AxiTrader Pro Account
AxiTrader Pro Account is a true ECN platform.
Spreads from 0.0
Minmum trade size of 0.1 lots and Maximum Trade size of 100 lots
AU$3.5 commission for swap transactions for each 100k traded (when using MT4 platform)
Minimum deposit $0
One click trading
Expert Advisors (EAs)
Over 80 Pairs available for Trade
When comparing IC Markets vs AxiTrader accounts, the main difference of interest for most online brokers is the minimum deposit. While AxiTrader’s $0 minimum deposit is great if you simply want to open an account, traders will want at least $200 to actually trade.
The other main difference our AxiTrader review found was the online broker offers more trading pairs. Most traders will only be concerned with traditional pairs. Niche pairs offered by AxiTrader will only be of benefit to a very small subset of traders. The extra pairs offered are unlikely to be a consideration for most traders. Axitrader also has one click trading to speed up executions.
Trading Spreads And Commission Conclusion
We recommend IC Markets for its low trading fees based on average spreads reported by both brokers.
Both IC Markets and AxiTrader offer MetaTrader 4 (called MT4). We recommend MT4 among all available platforms because it is the platform most online brokers offer and the world’s most popular platform. MT4 is a great platform for all types of users. Beginners that only need basic tools and experienced users that may be after more advanced features. One great benefit from using MT4 is that traders can easily change from one broker with MT4 to another broker using the same platform.
AxiTrader MT4 Enhancement Feature
NexGen is an enhancement tool offered by AxiTrader. NexGen enables better trading by offering very useful additional functionality for both beginner and experienced traders. It is free to all traders. Features on offer by NexGen consist of:
Advanced Order Management – this is suit of tools that allows for for management of funds and trades directly from your charts.
Sentiment Indicator for real time insight into how others are trading.
Trade journal for advanced trade analysis. This helps with learning what trades are working or failing.
Twitter feeds and relevant Forex news so you are informed on forex news events you may need to know.
Overall, NexGen gives traders invaluable tools to assist with decision making, trade management and execution.
IC Markets MT4 Additional Option
Advanced Trading Tools is an enhancement tool offered for the MT4 IC Markets. This tool offers traders 20 advanced features to assist with decision, trade management and execution. Advanced Trading Tools consists of many of the same features that NexGen however there are some additional features. This includes Market Manager and Smart Lines. Market Manager is a watch list of open positions. Smart Lines utilises objects drawn on charts that can be used to become a take-profit or stop-loss positions.
Advanced Trader Tools is a feature rich tool that gives traders an invaluable edge when trading. It assists with trade decision making and trade execution. Advanced Trader Tools offers more features than NexGen.
Multi Account Manager (MAM)
Both forex brokers offer Multi Account Manager software. This software has the ability to communicate all the allocations directly with the MT4 server. Multi account manager therefore allows seamless trading for those looking for automation and other technical ways to process through an MT4 master account.
Forex Platform Conclusion
As Advanced Trading Tools offers more trading tools than NexGen we recommend IC Markets when it comes to choosing a platform.
Some of the fastest execution speeds in forex broker industry is achieved by IC Markets. This is because IC Markets uses a dedicated fibre optic cable to interconnect Australia to liquidity providers at major financial centres. Faster execution speeds prevent “slippage” occurring. Our AxiTrader review found they offer execution technology is acceptable for most traders but also offer Virtual Private Servers (VPS) for trader needing additional execution speed.
IC Markets Execution Technology
Faster Execution through use of cables with fibre optic technology. Dedicated cables mean a lower likelihood of data congestion and therefore greater bandwidth. IC Markets advise average order execution speed is under 40ms.
Low Latency by connecting directly to Equinox servers in New York for MT4 and London for cTrader. Placing servers in data centres close to different financial centres achieve lower latency by spreading loads.
Lags due to average execution speed can result in large losses. This makes IC Markets fast execution a very valuable asset when trading.
AxiTrader Execution Technology
VPS servers for low Latency – VPS are (virtual) private servers for use by clients that are placed near financial centres. By giving client exclusive access to servers that are connected via a fibre optic cable super fast data transmission speeds can be achieved. VPS servers are maintained 24 hours a day which means no downtime.
Use of VPS server provides numerous benefits over provided infrastructure include guaranteed 24 hours connectivity, minimal data congestion and fast execution however with this comes a price. AxiTrader has an arrangement with multiple VPS providers. While this is not free, discounts are available provided a certain number of trades are executed each month.
VPS is best for traders using automation to trade at all hours of the day and don’t want to risk downtime with their connection.
IC Markets vs AxiTrader Execution Conclusion
Our comparison shows IC Markets provides some of the best technology to achieve the highest execution for Australian traders. The average trader will not have a need for VPS infrastructure. The average trader is not likely to will want to worry about the required set up and expenses associated with VPS. With this in mind, we recommend IC Markets over AxiTrader when selecting a broker based on execution.
IC Markets vs AxiTrader Leverage
IC Markets offers leverage of 500:1 while AxiTrader offer leverage of 400:1. Leverage is the amount a forex broker allows a trader to borrow when trading. Higher leverage can mean greater risk of losses.
IC Markets vs AxiTrader Leverage Conclusion
While most traders will find 400:1 leverage adequate for their trading needs. We recommend IC Markets because 500:1 is only the maximum allowed leverage, traders are free to reduce their leverage lower when trading.
Indeed IC Markets and also AxiTrader are lacking in specialised risk management tools. There are however, some standard features available:
‘Automatic margin stop out‘ or ‘minimum balance protection’ detects when a traders account will fall below a minimum amount. If the traders balance falls below the minimum level then the online broker will try to close the traders position before their account goes into negative. This however is not guaranteed meaning traders can still go into negative.
‘Margin stop loss order’ allows a trader to define an amount they willing to lose on a trade. The online broker will try to exit the trader before the trader loses more than amount set. Traders however can still go into negative in volatile market therefore this is stop loss is not guaranteed.
‘Take profit’ is the same as a stop loss order however the trader exits the market when a trader has reached a desired profit.
Industry Regulated. IC Markets and AxiTrader is authorised and regulated under the financial regulation jurisdictions of Australian Securities & Investments Commission (ASIC). AxiTrader also falls under Financial Conduct Authority (FCA).
Segregated Accounts – IC Markets use 2 account. NAB and Westpac. AxiTrader only uses NAB
IC Markets vs AxiTrader Risk Management Conclusion
Both IC Markets and AxiTrader offer the same basic risk management approaches. The only real difference between each broker is that AxiTrader falls under the regulation of two different financial regulatory bodies. FCA regulation might not matter so much for traders in Australia but the peace of mind offered with the security two financial regulation bodies is why we are recommending you on an account with AxiTrader when it comes to risk management.
IC Markets vs AxiTrader Other CFDS (e.g. Cryptocurrencies)
Both IC Markets and AxiTrader offer various Contracts for Difference (called CFD for short). IC Markets, however offer a more extensive range. Both ECN brokers offer the following:
When it comes to cryptocurrencies, IC Markets offer the following – Bitcoin, Bitcoin Dash, Ethereum, Dash, Litecoin and Ripple with leverage of 5:1. AxiTrader however only offers Bitcoin and this is with leverage of 10:1.
IC Markets offers the following CFDs that is not offered by AxiTrader:
Bonds
Futures
Stocks
IC Markets vs AxiTrader CFDs Conclusion
IC Markets CFD range is more extensive than AxiTraders. If traders are looking for an ‘all in one’ type product then IC Markets is the product we recommend.
Both IC Markets and AxiTrader offer live chat, phone and email support that all brokers typically offer.
IC Markets Customer Support
IC Markets trader support team has quite a few selling points. These are:
24/7 customer service. Most brokers only offer customer service 24/5. IC Markets offer customer service weekdays and weekends. ECN traders seeking trades when markets are closed will find this feature useful.
Help Centre. Traders can type in a keyword which will suggest answers for questions they may have.
Emails that can be directed to specific IC Markets departments. Departments include Client Relations, Support, Accounts, Info, Marketing.
AxiTraders Customer Service
In 2017, AxiTrader was awarded the most reliable broker by atoZforex.com. AxiTrader have a reputation for being one of the most trustworthy brokers. Part of the reason AxiTrader is considered trustworthy is because of the excellent customer service they provide.
AxiTrader offer toll free local phone support in numerous countries in Australia, Europe and Asia. Very few brokers offer support for such a range of companies.
IC Markets vs AxiTrader Customer Service Conclusion
IC Markets offer 24/7 customer service which is unique among forex brokers. In addition to this they have a useful library so users can search for answers they may have questions for without needing to contact customer service. Therefore we recommend IC Markets.
Both IC Markets and AxiTrader offer the standard deposit and withdrawal methods however there are some differences in range of funding available.
IC Markets offers the following deposit and withdrawal methods; Visa, MasterCard, Skrill, Wire Transfer, Neteller VIP, Local Bank Transfer (outside Australia), WebMoney, bPAY Deposit (Australia Only), Branch Cash Deposit (Australia Only), China UnionPay, Neteller, Broker to Broker Transfer, Fasapay, Qiwi. IC Markets does not charge deposit or withdrawal fees however providers may charge fees at their end.
AxiTrader, by contrast, accept the following deposit and withdrawal methods; Visa, MasterCard, Neteller, Skrill/Moneybookers, Local to International Bank Transfers, BPAY, China Union Pay, WeChat and Bank Wire. Broker to Broker transfer is also available for select few companies.
Those having accounts in Australia will not have to pay a commission. International bank transfers however are subject to a $15 to $25 commission.
Neither fx broker offer a joining bonus. This is common for an ECN forex broker as margins are tighter.
IC Markets vs AxiTrader Deposits and Withdrawals Conclusion
IC Markets offer a wider range of funding methods. We therefore recommend IC Markets as one of the top Australian Forex Brokers.
Features of IC Markets True ECN Account include:
AU$3.5 commission for swap transactions for each 100k traded (when using MT4 platform)
Both IC Markets and AxiTrader offer MetaTrader 4 (called MT4). We recommend MT4 among all available platforms because it is the platform most online brokers offer and the world’s most popular platform. MT4 is a great platform for all types of users. Beginners that only need basic tools and experienced users that may be after more advanced features. One great benefit from using MT4 is that traders can easily change from one broker with MT4 to another broker using the same platform.
IC Markets offers leverage of 500:1 while AxiTrader offer leverage of 400:1. Leverage is the amount a forex broker allows a trader to borrow when trading. Higher leverage can mean greater risk of losses.
