We have done a comparison of IC Markets vs easyMarkets forex brokers to guide you in making an informed decision on the differences between each broker. We looked at what we consider to be the main features to consider when choosing a broker and compared them.
IC Markets vs easyMarkets when their average spreads are compared, it is noticeable easyMarkets spreads are wider
IC Markets Electronic Communication Network (ECN) Broker this is why their spreads are tighter. This type of broker allows you to trade directly with liquidity providers with no interference from the broker themselves. This means spreads quoted are lower because prices are obtained directly from the liquidity provider with no human intervention. ECN brokers charge a commission for each trade so rely on trading volume for earnings.
A traditional market maker like easyMarkets and plus500, on the other hand, set their own bid and offer prices from which they will buy or sell. Market makers will quote higher prices because they do not typically cover it’s clients trades with liquidity providers. This means they need to cover differences with their own money. Spreads are wider as the broker is taking on more risk with their funds.
IC Markets True ECN Account
As IC Markets is a broker using ECN pricing so they charge a commission when you buy and sell (i.e. $7 round trip) your trades. This is because IC Markets want do not want to interfere with the spreads offered by the market which allows them to keep spreads low. You can view the Raw vs Standard guide to understand the differences between the accounts they offer.
easyMarkets average spreads are higher when compared with IC Markets but they do not charge commission. One benefit of the trading model used by easyMarkets is that they used fixed spreads as opposed to variable spreads. Fixed spreads mean prices are predictable and do not change through the ordering process. This makes it a great option for inexperienced traders who may not understand price movements, especially in volatile markets.
The following account types are offered by easyMarkets: VIP, Premium and Standard. Accounts are very similar but better spreads are offered with accounts requiring a higher deposit.
For clients outside the UK and Europe
For clients in the UK and Europe
ECN accounts such as those offered by IC Markets forex broker offer smaller spreads and require less deposit we recommend IC Markets when trading forex.
MetaTrader 4 is available on IC Markets and easyMarkets. IC Markets also offer another common platform in cTrader while easyMarkets offer their custom platform which called ‘easyMarkets’.
MT4 is one of the most well-regarded forex trading platforms and is available with many brokers. MetaTrader 4 has the following benefits:
Advanced Trading Tools enhancement product gives traders extra trading features. To access these features you need to be using the MetaTrader platform. Advanced Trading Tools contains some 20 features which traders of all type will certainly beneficial:
This platform is an upgrade on MT4. While MT4 continues to be more popular, MT5 will become the primary platform made by MetaQuotes in time. This is because MT5 offers all the features MT4 offers and more. MetaQuotes have announced they will cease development of new features for MT4 which is a good reason to start getting familiar with MT5.
cTrader is a competitor to MT4. It performs many of the same function MT4 does when it comes to trading but has a few different features. One useful feature is enhanced interface customisation and more advanced charting.
Overall IC Markets offers a choice of platforms. If MT4 is chosen, traders have access to a wealth of tools to enhance the users trading experience.
easyMarkets has an in-house developed custom platform called ‘easyMarkets’. It offers a few unique features not offered by IC Markets.
Overall,easyMarkets platform key strength and point of difference are the ‘risk management’ tools offered.
If you are a risk-averse trader then the easyMarkets platform is worth considering for the risk management tools offered. We endorse Ic Markets because we feel all traders will benefit from the in-depth tools provided by IC Markets.
Both IC Markets and easyMarkets seek to minimise the potential risks associated with execution speed using different approaches. IC Markets to reduce ‘slippage’ risks by offering some of the fastest execution speed available in the industry. easyMarkets on the other hand offer risk management tools.
Fast order execution greatly reduces the risks of “slippage” or ‘gapping’ occurring. IC Markets achieve this through the following methods:
IC Markets infrastructure allows traders to achieve excellent execution speeds. While not ´guaranteed´(Ic Markets will not pay for any losses due to slippage) risk of gapping with IC Markets is unlikely.
An excellent portfolio of features is available with easyMarkets to reduce protect your funds and reduce your risk.
Note: IC Markets offer both pending orders and negative balance protection. IC Markets do not provide a guarantee. Both brokers offer traditional risk management tools like limit orders and trailing stops.
Traders with experience are likely to prefer the tighter spreads offered by IC Markets, this makes execution speed a major consideration. Those new to trading may benefit from the risk management tools available with easyMarkets.
High leverage can result in major earnings (even for minor price changes in currency spreads) provided price moments are in your favour. While the temptation to take advantage of the high leverage is great, leverage can also result in large losses. While high leverage might seem appealing, it needs to be used wisely.
Both brokers are regulated by the Australian Securities and Investments Commission (ASIC) in Australia and the Cyprus Securities and Exchange Commission (CySEC) in Europe. In these jurisdictions, the brokers offer the maximum allowable leverage the ASIC and CySEC permit:
Both brokers offer higher leverage via their offshore regulated entities. IC Markets operate globally through a subsidiary regulated in the Seychelles (FSA) where 500:1 leverage is permitted. easyMarkets has a subsidiary in the British Virgin Islands (FSC) where the broker is allowed to offer maximum forex of 400:1.
If choosing a broker based on leverage then choose IC Markets global branch overseen by the FSA where 500:1 leverage is available. Both brokers tier-1 regulated entities are restricted to 30:1 forex leverage.
A collection of contracts for difference are available by IC Markets and easyMarkets:
IC Markets can be considered an all-in-one broker as their portfolio cover a wider range of trade options as shown by our comparison table.
While easyMarket’s CFD suite is not as broad as IC Markets it offers a solid range of trading options. One feature easyMarkets do offer is vanilla options (as opposed to futures offered by IC Markets). A vanilla option is when a seller offers the buyer the option to buy or sell a CFD at a price before a fixed date. A future is very similar but is a binding contract.
We believe IC Markets are the better broker when it comes to CFDs. This is mostly because traders looking into different CFDs are likely to be looking for a broker than can tailor to all their CFD requirements in one place.
The standard phone, online chat and email tool are available for customer service with both IC Markets and easyMarkets.
IC Markets customer service team have several selling points that make it stand out compared to easyMarkets. These consist of:
easyMarkets only offer customer 24/5. The instant live chat function available via their website and through the trading platforms. Facebook messenger and Viber messenger services can also be used to get in touch with easyMarkets. Clients in Australia can use a toll-free 1300 number when phoning in for support.
easyMarkets have a FAQs page listed under the educational resources which are very helpful when seeking answers to common questions.
Those considering Standard account or Premium account should note that access to a few features is not available. The table on the right shows the customer service features offered for each account.
Both brokers offer excellent customer service however IC Markets is available for all traders throughout the week. This makes it best for all traders.
A joining bonus is not on offer with IC Markets.
A ‘First Deposit’ bonus is on offer to where the initial deposit upon opening an account is of $100 or greater. This bonus is percentage based and this percentage varies by how much is deposited. Clients need to sign on for the bonus when registering. To claim the bonus, the relationship manager will need to be contacted.
easyMarkets in addition to ‘First Deposit’ bonus also offer a ‘Partnership program’ and ‘refer a friend’ program. If you refer a new client then you can receive trading credits of up to $2,500.
IC Markets do not offer a joining bonus. This can be interpreted positively if we assume this is a reliable indicator IC Markets are offering ECN pricing. If IC Markets offered a joining bonus, then costs would have to be recouped by other means such as wider spreads.
When analysing of IC Markets and easyMarkets funding methods we found that easyMarkets has a larger range of payment issuers and that these accounts don´t have fees. Traders in Australia should note that some of the payment issuers are not available in Australia So may not be of interest if you are trading from Australia.
The following methods are available with IC Markets to manage your funding. Credit and Debit Cards, Bank Wire Transfers, Broker to Broker transfer, Branch Cash Deposit, BPay Deposit, PayPal, Skrill, Neteller, WebMoney, QIWI, China Union Pay, and FasaPay. These deposits are usually instant with no fee charges for both IC account types.
Domestic withdrawals are processed on the same day and no fee is charged or this service. International withdrawals, can take a maximum of 5 weekdays and have a charge of $25 AUD.
All funds with easyMarkets are held segregated with Bankwest. ‘Bankwest’ are owned CBA (Commonwealth Bank of Australia).
easyMarkets have a minimum withdrawal of $50USD from bank accounts. e-Wallets and credit/debit cards withdrawals do not require a minimum amount.
The table below demonstrates all the fundings methods and their fees:
Neither IC Markets or easyMarkets have fees for funds coming in or going out. Traders will need to decide which merchant they wish to use for funding and then check which broker offers their service.
Justin Grossbard has been investing for the past 20 years and writing for the past 10. He co-founded Compare Forex Brokers in 2014 after working with the foreign exchange trading industry for several years. He also founded a number of FinTech and digital startups including Innovate Online and SMS Comparison. Justin holds a Masters Degree and an Honours in Commerce from Monash University. He and his wife Paula live in Melbourne, Australia with his son and Siberian cat. In his spare time, he watches Australian Rules Football and invests on global markets.