This IC Markets vs FOREX.com comparison found FOREX.com has more FX pairs (91 vs 63), but IC Markets has lower spreads and commissions for retail traders. Other key trading features compared include platforms and account types.
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Our full comparison covers the 10 most important trading factors. Here are five noticeable differences between IC Markets and FOREX.com:
Are you looking for a new forex broker? We compare IC Markets vs FOREX.com to help you choose between them.
IC Markets was founded in 2007 in Australia, and since then, it has grown to become the largest forex broker in the world by trading volume. Each day, 18.9 billion transactions are traded via the broker platforms.
Unlike the independent IC Markets, FOREX.com is part of the StoneX group (following their purchase of Gain Capital). FOREX.com focus on traders in the Americas (the US and Canada), the UK, Europe and Japan.
Do IC Markets or FOREX.com have lower brokerage fees?
Account types generally differ based on the way the broker applies their brokerage trading fees. Standard accounts are spread-only, which means the bid-ask spread, or simply the ‘spread’, is the main cost to be aware of. The second type of trading fee is a commission on trades. These types of accounts are closer to pure STP or ECN conditions where spreads are set by liquidity providers, and you pay a commission on top of this.
Standard (commission-free) account comparison
On a standard account, you will only pay spread costs, as the account is typically commission-free. However, brokers will artificially increase spreads above market prices as their brokerage fee.
We’ve created a typical spreads module for you to compare the spreads you will get on different brokers easily.
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Standard Account Spreads
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0.62 | 0.77 | 1.27 | 0.83 | 0.74 |
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1.20 | 1.80 | 1.60 | 1.70 | 1.60 |
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1.10 | 1.20 | 1.40 | 1.40 | 1.40 |
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1.13 | 1.01 | 1.71 | 1.66 | 1.12 |
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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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0.60 | 0.70 | 0.80 | 0.90 | 0.60 |
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1.10 | 1.20 | 1.30 | 1.30 | 1.30 |
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1.20 | 1.80 | 1.90 | 1.90 | 1.60 |
Avg. spreads are taken from each broker's website and updated monthly. Last update on 09/01/2024
IC Markets ReviewVisit IC Markets
From the module, you can see that IC Markets has one of the lowest typical spreads in the market. Spread with IC Markets is typically in the 0.6 – 0.65 pip range for the EUR/USD. This is much better than FOREX.com’s typical spread, which is in the 1.5 – 1.6 pips range.
On IC Markets’ standard account, the minimum spread you will get is 0.6 pips on all major forex pairs like the EUR/USD. For minor and exotic currency pairs, the minimum spread is 1 pip.
On FOREX.com’s standard account, the minimum spread you will get is 0.8 pips (but this will be 1 pip if you trade in the USA). However, this only applies to the EUR/USD and AUD/USD. For other forex pairs, you face higher minimum spreads, for example, at 1.8 pips for the EUR/JPY.
STP-style (commission-based) account comparison
Unlike standard accounts, an STP-style/ECN-like or commission-based account comes with both types of trading fees. This means that there will be a spread component and a commission component to the fee you pay for trading. However, the spread will be ‘raw’, which means you get top-of-book pricing or the best available price from the broker’s pool of liquidity providers.
Like above with our standard account comparison, we’ve compiled a spreads module below to help you quickly compare average spreads for the STP-style accounts of different brokers, including IC Markets’ ‘Raw Spread’ account.
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ECN Broker Spreads
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0.40 | 0.60 | 0.10 | 0.40 | 0.20 |
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0.20 | 0.30 | 0.10 | 0.30 | 0.20 |
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0.20 | 0.30 | 0.20 | 0.40 | 0.20 |
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0.30 | N/A | 0.30 | 0.50 | 0.40 |
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0.24 | N/A | 0.17 | 0.54 | 0.30 |
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0.30 | 0.70 | 0.20 | 0.50 | 0.40 |
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0.30 | 1.10 | 0.10 | 0.60 | 0.50 |
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0.77 | 1.41 | 0.44 | 1.13 | 1.23 |
Avg. spreads are taken from each broker's website and updated monthly. Last update on 09/01/2024
FOREX.com ReviewVisit FOREX.com
Your capital is at risk up to ‘77.7% of retail CFD accounts lose money with FOREX.com’
While FOREX.com does not provide typical spreads, you can see that the spread range for the EUR/USD on the IC Markets Raw Spread account will be around 0 – 0.05 pips wide.
The minimum spread on the Raw Spread account is 0 pips, which is on all majors and all but two minor forex pairs. Many exotic currency pairs also come with a minimum spread of 0 pips.
On IC Markets, commission fees are at $7 AUD or USD round-turn per standard lot of 100k units. These commission costs are pretty standard for the industry. For other base currencies commission is at; £5.0 GBP, €5.5 EUR, or $9 SGD for a standard lot round-turn. On other currencies like CAD, CHF or NZD, your commission will be converted at spot rates from USD.
FOREX.com has two types of commission-based accounts.
The commission account is available Commission account has a minimum spread of 0.2 pips, which applies to popular forex pairs. On the STP Pro account, spreads begin from 0 pips.
Commission fees differ depending on the account type you choose and which FOREX.com entity you are trading with.
A commission account with a flat commission of $5 per standard lot ($10 round-turn) for traders in the US and traders with the brokers ‘offshore’ subsidiary based in the Cayman Islands subsidiary.
A DMA account (called an STP account in the US) with a tiered commission is also available. This account offers reduced commissions for high-volume traders. These accounts are available to all FOREX.com clients except traders in Europe, where no equivalent account exists. Traders in the UK and with the broker’s offshore entity can pay commissions as low as $40 for each million traded, while traders in the US and Canada can pay as low as $60 for each million traded.
If you use the FOREX.com DMA or STP account, you will need to be using one of the FOREX.com trading platforms. MetaTrader 4 is not available as an option.
Verdict
IC Markets has much lower brokerage fees for both account types. As a result, they are our broker choice over FOREX.com. With no minimum deposit and a wide range of funding methods, it is also much easier to start trading on IC Markets.
IC Markets ReviewVisit IC Markets
Both IC Markets and FOREX.com offer a range of platforms and trading tools for you to choose between.
On IC Markets, you can trade on MetaTrader 4 & MetaTrader 5 (MT4/MT5) and cTrader.
FOREX.com has MT4 and TradingView available, as well as NinjaTrader and their proprietary platform. Traders in Europe have MT5 in place of MT4 available, while traders with the broker’s offshore subsidiary can choose either MT4 or MT5.
One advantage of choosing the FOREX.com trading platform is the availability of a guaranteed stop loss, something IC Markets doesn’t offer.
FOREX.com ReviewVisit FOREX.com
Your capital is at risk up to ‘77.7% of retail CFD accounts lose money with FOREX.com’
IC Markets and FOREX.com both offer distinct account features tailored to different trader needs. IC Markets stands out with its Raw Spread account, boasting ultra-low spreads, often ranging from 0 – 0.05 pips for the EUR/USD. Their commission fees are competitive, with rates like $7 AUD or USD round-turn per standard lot of 100k units.
On the other hand, FOREX.com provides two types of commission-based accounts, with spreads starting from 0.2 pips on their commission account. Their DMA or STP account offers tiered commissions, benefiting high-volume traders. Additionally, IC Markets recommends a deposit of $200 for margin requirements, while FOREX.com has a minimum deposit of $100.
Verdict
Based on the account features and flexibility in trading conditions, IC Markets seems to offer a more advantageous package for traders, especially with its competitive spreads and commission structure.
When it comes to trading, the experience and ease of use are paramount. From our deep dive into the platforms and features of IC Markets and FOREX.com, combined with our own testing, we’ve gathered some insights. IC Markets stands out with its MetaTrader 5 (MT5) platform, which is renowned for its user-friendly interface and advanced trading tools. On the other hand, FOREX.com offers a range of platforms, including MT4 and their proprietary platform, which caters to different trader preferences.
Verdict
Based on the trading experience and the ease of use of their platforms, IC Markets offers a more comprehensive and user-friendly trading environment.
IC Markets Trust Score
FOREX.com Trust Score
We will measure safety by regulation – which we divide into tier-one and tier-three regulators. Tier-three regulators are sometimes referred to as offshore regulators since brokers use them as their regulators when they don’t have regulation from the country you are trading from.
IC Markets are regulated by two different top-tier regulators, plus a third-tier regulator. These are:
This means traders in Australia and the European Union are regulated by ASIC and CySEC, respectively. All other traders sign up with the broker’s offshore subsidiary based in Seychelles.
In comparison, FOREX.com are regulated by three top-tier and one second-tier regulator:
FOREX.com is more extensively regulated than IC Markets. So will be a more suitable choice for traders in the UK, Canada and the US. Markets where IC Markets are not regulated and, in the case of the US and Canada, will not accept traders.
While FOREX.com don’t serve the Australian, Singapore and UAE markets, their sister company, City Index, are regulated in their countries. City Index products are much aligned with FOREX.com, so can be a suitable alternative if you have a particular interest in joining FOREX.com.
| IC Markets | FOREX.com | |
|---|---|---|
| Tier 1 Regulation | ASIC (Australia) CYSEC (Cyprus) |
FCA (UK) CIRO (CANADA) NFA/CFTC (USA) CYSEC (Cyprus) |
| Tier 2 Regulation | JFSA (Japan) | |
| Tier 3 Regulation | FSA-S (Seychelles) SCB (Bahamas) |
CIMA (Cayman) |
Verdict
FOREX.com are regulated in more countries, so if regulation with a tier-1 broker is important to you, then FOREX.com is likely to be a better choice. IC Markets, however, is the world’s largest broker, so while many traders might be with their Seychelles entity, your funds are still segregated, and IC Markets’ reputation as a trusted broker remains strong.
FOREX.com ReviewVisit FOREX.com
Your capital is at risk up to ‘77.7% of retail CFD accounts lose money with FOREX.com’
The financial instruments offered by the two brokers are contracts-for-differences (CFDs). These are a form of derivative, with underlying assets ranging from forex pairs to shares/ETFs/indices, commodities, and even cryptos.
IC Markets offers over 61 different currency pairs and over 18 different cryptocurrencies like Bitcoin. If you are a retail trader, your leverage will be capped at 30:1 on major forex pairs, but if you are a pro trader or trade outside Australia or the EU, you can get up to 500:1 leverage,
You will be able to get more currency pairs with FOREX.com, at 82 in the US and 91 outside of the US. However, you only get 8 different cryptos to trade. Leverage is set at 50:1 in the US and 33:1 in Canada, and for other regions, at 200:1. If you are classified as a pro trader, leverage goes up to 400:1.
Verdict
Overall, FOREX.com’s more comprehensive range of CFD products, led by forex CFDs, gives them the win in the products category.
FOREX.com ReviewVisit FOREX.com
Your capital is at risk up to ‘77.7% of retail CFD accounts lose money with FOREX.com’
IC Markets:
FOREX.com:
Verdict
Based on our team’s testing, IC Markets scores 8.5, while FOREX.com scores 7.5 in educational resources. Hence, IC Markets offers superior educational resources compared to FOREX.com.
In the world of forex trading, having reliable customer service can make all the difference. It’s not just about solving issues; it’s about the speed, efficiency, and the quality of the support provided. From our in-depth analysis and our own testing, we’ve observed how IC Markets and FOREX.com fare in this department.
IC Markets is known for its prompt response times, with a dedicated team available 24/7. They offer multiple channels of communication, ensuring that traders can reach out via their preferred method. FOREX.com, on the other hand, also provides 24/7 support, but their response times can vary. They too have a variety of contact methods, ensuring accessibility for their clients.
| Customer Service Feature | IC Markets | FOREX.com |
|---|---|---|
| Availability | 24/7 | 24/7 |
| Response Time | Fast | Moderate |
| Contact Methods | Multiple | Multiple |
| Support Quality | High | Good |
| Dedicated Team | Yes | Yes |
| User Feedback | Positive | Mixed |
Verdict
Based on our team’s testing and scores, IC Markets offers superior customer service, ensuring traders receive prompt and high-quality support when needed.
When it comes to funding options, both IC Markets and FOREX.com offer a variety of methods to cater to the diverse needs of their clients. From traditional bank transfers to modern e-wallet solutions, traders have the flexibility to choose the method that best suits their financial preferences. It’s essential for traders to have access to multiple funding options, as it provides them with the convenience to deposit and withdraw funds seamlessly. Moreover, the availability of diverse funding methods can be a determining factor for many traders when choosing a broker.
The table below provides a comprehensive comparison of the funding options available with both brokers:
| Funding Option | IC Markets | FOREX.com |
|---|---|---|
| Bank Transfer | ✅ | ✅ |
| Credit Card | ✅ | ❌ |
| PayPal | ❌ | ✅ |
| Skrill | ✅ | ✅ |
| Neteller | ✅ | ❌ |
| Bitcoin | ❌ | ❌ |
| Ethereum | ✅ | ❌ |
| Wire Transfer | ✅ | ✅ |
| Western Union | ❌ | ✅ |
| MoneyGram | ✅ | ❌ |
Verdict
Based on the available funding options, IC Markets offers a more diverse range of methods, making it the preferable choice for traders looking for flexibility in their transactions.
FOREX.com has a lower minimum deposit of $100 against the $200 set by IC Markets. It is also worth noting that neither broker has fees from their end for making deposits or withdrawals. The minimum does apply globally for either broker.
FOREX.com
| Minimum Deposit | GBP | USD | EUR | AUD |
|---|---|---|---|---|
| Credit Card / Debit Card | £100 | $100 | €100 | $100 |
| Bank Wire | £100 | $100 | €100 | $100 |
| Skrill | £100 | $100 | €100 | $100 |
| Neteller | £100 | $100 | €100 | $100 |
IC Markets
| GBP | USD | EUR | AUD | |
|---|---|---|---|---|
| Credit Card / Debit Card | £200 Minimum Deposit | $200 Minimum Deposit | €200 Minimum Deposit | $200 |
| Paypal | £200 Minimum Deposit | $200 Minimum Deposit | €200 Minimum Deposit | $200 |
| Bank Wire | £200 Minimum Deposit | $200 Minimum Deposit | €200 Minimum Deposit | $200 |
| Skrill | £200 Minimum Deposit | $200 Minimum Deposit | €200 Minimum Deposit | $200 |
Verdict
FOREX.com wins by having a lower minimum deposit. However, to reach margin requirements, they recommend that you deposit $1,000 in your base currency.
FOREX.com ReviewVisit FOREX.com
Your capital is at risk up to ‘77.7% of retail CFD accounts lose money with FOREX.com’
IC Markets is the winner because it excels in a majority of the key areas that traders prioritise, such as spreads, fees, educational resources, customer service, and funding options. The table below summarises the key information leading to this verdict:
| Criteria | IC Markets | FOREX.com |
|---|---|---|
| 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 | ❌ | ✅ |
For those just starting out in the trading world, IC Markets offers a more comprehensive educational platform, making it the better choice for beginner traders.
For seasoned traders looking for advanced tools and a wide range of trading options, FOREX.com might be the most suitable option. However, IC Markets still remains a strong contender due to its competitive offerings.
IC Markets generally offers lower costs compared to FOREX.com. They are known for their competitive spreads, often starting from as low as 0.0 pips for major pairs. This makes them one of the top choices for traders looking for cost-effective trading. For a more detailed comparison on spreads and commissions, you can check out this comprehensive Lowest Commission Brokers.
Both IC Markets and FOREX.com offer MetaTrader 4, but IC Markets is often preferred for its seamless integration and advanced tools on the platform. MT4 is globally recognized for its user-friendly interface and comprehensive charting tools. If you’re keen on exploring more, this detailed review on the best MT4 brokers can provide further insights.
IC Markets offers social trading features, allowing traders to copy strategies from experienced traders. Social or copy trading has become increasingly popular as it provides an opportunity for beginners to learn from seasoned traders. For those interested in diving deeper into the world of social trading, here’s a comprehensive guide on the best social trading platforms.
FOREX.com offers spread betting, while IC Markets does not. Spread betting is a popular form of trading in the UK, allowing traders to speculate on the price movements of financial instruments without owning the underlying asset. For those interested in exploring the best brokers for spread betting, especially on the MT4 platform, you can check out this comprehensive guide on the best MT4 spread betting brokers.
In my opinion, IC Markets stands out as the superior choice for Australian forex traders. Not only is IC Markets ASIC regulated, ensuring a high level of trust and security, but it’s also an Australian-founded broker. This gives them a deep understanding of the local market and the specific needs of Australian traders. Their competitive spreads, diverse trading platforms, and robust infrastructure make them a top choice. If you’re keen to explore more about the best brokers in Australia, here’s a detailed review of the Best Forex Brokers In Australia.
For UK traders, I personally believe FOREX.com has the edge. They are FCA regulated, which provides a significant level of trust and security for UK-based traders. While IC Markets is a strong contender globally, FOREX.com’s deep roots in the UK market and their comprehensive offerings tailored to UK traders give them an advantage. If you’re a UK trader looking for a platform that offers a seamless trading experience, you might want to check out this guide on the Best Forex Brokers In UK.
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