IC Markets vs easyMarkets

easyMarkets vs IC Markets Fees And Spreads

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 their clients’ trades with liquidity providers. This means they need to cover the differences with their own money. Spreads are wider as the broker is taking on more risk with their funds.

IC Markets Account Raw Spreads

IC Markets True ECN Account

• Lots trade size option range – 0.01/ 100 lots
• USD$7 commission for roundtrip swaps ($3.5 each way)  applied for every 100k of volume traded
• A minimum deposit of $200
• Spreads start at 0.0
• 1:500 Leverage (FSA branch) and 30:1 (ASIC and CySEC)
• Currency Pairs available = 64
• liquidity providers = 50
• Scalping
• Expert Advisors (EAs)
• Hedging

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 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 VIP Account

• Lot trade size is negotiable. Lots of 0.01 to 100 is the standard range
• No Commissions
• Leverage maximum of 400:1 via its offshore, FSC regulated branch in BVI. 30:1 is available in Australia, the UK and Europe with a retail account.
• 64 total Currency Pairs are available
• Expert Advisors (EAs) – available on MetaTrader 4 Platform only.
• Spreads are Fixed

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

Trading Spreads And Fees Conclusion

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.

Forex Trading Platform Comparison

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 is called ‘easyMarkets’.

MetaTrader 4

MT4 is one of the most well-regarded forex trading platforms and is available with many brokers. MetaTrader 4 has the following benefits:

• Simple and straightforward interface with order management functionality that allows for fast ordering.
• Expert Traders (EA) facility for algorithmic trading. EAs are not offered on easyMarkets own platform.
• Offered by most brokers which means there low barriers to switching to other brokers using the same platform.

Advanced Trading Tools With IC Markets 

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 types will certainly beneficial:

• Alarm Manager – allows for alerts and notifications of important trading events
• Connect – a portal that provides a calendar with economic events of interest and news feeds.
• Correlation Matrix – to help traders so they can determine correlations between assets and other markets
• Correlation Trader – to assist traders with finding similarities and differences between different markets.
• Excel RTD – for analysis, monitoring and reporting through the use of excel.
• Market Manager– so that information from insights to existing orders, orders that are pending and current market prices can be explored.
• Sentiment Trader – live sentiment data is provided so to help with trade decisions.
• Stealth Orders – Used to hide your pending orders so other traders cannot copy your trading.
• Trade Simulator– This helps you forecast likely profit and loss expectations using proven strategies.
• Session Map– a map listing when markets are open throughout the world.
• Trade Terminal– a screen showing a range of trading information on one screen.
• Smart Lines –  Profit and stop-loss positions are demonstrated via graphs and charts.

MetaTrader 5

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 the development of new features for MT4 which is a good reason to start getting familiar with MT5.

cTrader

cTrader is a competitor to MT4. It performs many of the same functions 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.

The easyMarkets Forex Trading Platforms

easyMarkets has an in-house developed custom platform called ‘easyMarkets’. It offers a few unique features not offered by IC Markets.

• dealCancellation (see risk management section for explanation)
• No Slippage (see risk management section for explanation)
• Freeze Rate
• Guaranteed pending orders (see risk management section for explanation)
• Trading of foreign exchange and contracts for different products right within its platform

Overall, the easyMarkets platform key strength and point of difference are the ‘risk management’ tools offered.

Forex Trading Platforms Conclusion

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.

IC Markets Execution Speeds vs easyMarkets Risk Management

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 speeds available in the industry. easyMarkets on the other hand offer risk management tools.

IC Markets Execution Technology

Fast order execution greatly reduces the risks of  “slippage” or ‘gapping’ occurring. IC Markets achieve this through the following methods:

• Faster Execution – This speed is achieved through dedicated fibre optic cables. These cables provide the fastest execution speeds possible which mean data congestion will not occur.
• Low Latency – Placing servers near liquidity pools means data has less distance to travel when an order is executed.
• Sponsored VPS – IC Markets will discount your Virtual Private Server subscription provided you trade the required volume each month. A VPS latency of 0.5 ms can be achieved.

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.

easyMarkets And Risk Management

An excellent portfolio of features is available with easyMarkets to reduce protect your funds and reduce your risk.

• Deal Cancellation is a feature unique to easyMarkets. Clients have the opportunity to buy ‘protection’ against unfavourable deals when commencing a trade position. If dealCancellation is bought then you can reverse your trading position provided it is within one hour from the time the position was opened.‎ If the price moves favourably, traders can still make a profit.
• Freeze Rate – this gives you a little extra time to execute your trade at the rate displayed by easyMarkets regardless of whether there has been a change in the market rates.
• Fixed Spreads –  This helps ensure spreads offered remain stable during market volatility.
• Guaranteed Stop Loss/Take Profit – You can define how much you are willing to lose (or even profit) when prices in the market move. If the market price reaches the amount you have set then easyMarkets sell your fx and will honour or guarantee funds lost due to slippage.
• Negative Balance Protection – easyMarkets use margin calls to protect your funds. This means clients must have a certain amount of excess cash in their account so that account cannot fall into negative because of volatile price movements. If ‘gapping’ does occur and a client’s accounts go into debt then the account balance will be reset to $0 and the client will not have to pay debts to easyMarkets.

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.

Verdict on Execution Speeds

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.

Leverage Comparison

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 of the ASIC and CySEC permit:

• Major currency pairs 30:1
• Minor currency pairs 20:1

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.

Verdict On Leverage

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.

Cryptocurrencies And CFDs Offered By Broker

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.

Verdict On Range Of Markets

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 that can tailor to all their CFD requirements in one place.

Customer Service By Broker

The standard phone, online chat and email tools are available for customer service with both IC Markets and easyMarkets.

IC Markets Customer Service

IC Markets customer service team have several selling points that make it stand out compared to easyMarkets. These consist of:

• 24/7 customer service – accessible throughout the week regardless of the market is open or closed.  ECN allows for trading at all hours so this availability can be helpful.
• Help Centre – Keyword search will suggest possible answers to the information you need.
• Emails – IC Markets provide the email address of their departments you can address questions to.

Customer Service With easyMarkets

easyMarkets only offer customer 24/5. The instant live chat function is available via their website and through 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 a 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.

Verdict On Which Broker Has The Best Customer Service

Both brokers offer excellent customer service however IC Markets is available for all traders throughout the week. This makes it best for all traders.

Joining Bonuses Offered

A joining bonus is not on offer with IC Markets.

easyMarkets Joining Bonus Offers

A ‘First Deposit’ bonus is on offer to where the initial deposit upon opening an account is $100 or greater. This bonus is a 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 the ‘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.

Verdict On Joining Bonuses

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.

Funding And Withdrawals By Broker

When analysing 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.

IC Markets

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 for this service. International withdrawals, can take a maximum of 5 weekdays and have a charge of $25 AUD.

easyMarkets

All funds with easyMarkets are held segregated with Bankwest. ‘Bankwest’ is owned by CBA (Commonwealth Bank of Australia).

easyMarkets have a minimum withdrawal of $50 USD from bank accounts. e-Wallets and credit/debit cards withdrawals do not require a minimum amount.

The table below demonstrates all the funding methods and their fees:

Verdict On Funding

Neither IC Markets nor 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.