IC Markets has STP trading with 60+ forex pairs, Markets.com is a market maker with 50+ currency pairs. Both brokers have MT4 and MT5 trading platforms. See which broker is best in this IC Markets vs Markets.com review.
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Our full comparison covers the 10 most important trading factors to consider when choosing between IC Markets and Markets.com.
The two primary forms of trading fees you can expect to incur when trading is the spread and commission. Spreads are measured in pips, and the smaller the spread, the cheaper it will be to trade. Depending on your account type, you may also have commission fees when you open and close trades.
Standard account information
Most standard accounts are commission-free, making the main trading cost the spread. However, be aware that there may still be other trading costs, like currency conversion fees.
To allow you to compare the typical spreads that you can expect on a standard account, we’ve created a spreads module below. Markets.com does not provide typical spreads, so they don’t feature in the module below.
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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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1.10 | 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 |
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1.32 | 1.95 | 1.37 | 1.70 | 1.40 |
Avg. spreads are taken from each broker's website and updated monthly. Last update on 10/01/2024
IC Markets ReviewVisit IC Markets
As the module shows, you can see that IC Markets is the broker with the lowest typical spreads. You can expect to pay between a 0.6 – 0.65 pip spread for the EUR/USD, much lower than any other broker. The minimum is 0.6 pips, available for all major currency pairs. Minor and exotic currency pairs come with a minimum spread of 1 pip.
While the typical spread for Markets.com is not known, they also have a minimum spread of 0.6 pips, although this is only available for the EUR/USD and AUD/USD currency pairs. Other pairs have slightly higher minimum spreads.
Commission-based STP account (IC Markets only)
An STP-style account has a fee structure consisting of both a spread cost and commission fees to open and close trades. However, as spreads are executed via straight-through-processing, you will get lower spreads in comparison to the standard accounts of brokers.
In this category, we will only be looking at IC Markets’ STP-style account, the Raw Spread account (MT4/MT5), as Markets.com does not offer a commission-based account type. As above, we have a typical spreads module available.
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ECN Broker Spreads
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0.14 | 0.25 | 0.02 | 0.27 | 0.17 |
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0.20 | 0.30 | 0.10 | 0.30 | 0.20 |
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0.40 | 0.60 | 0.10 | 0.40 | 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 10/01/2024
Markets.com ReviewVisit Markets.com
As the module shows, you can expect a spread of around 0 – 0.05 pips on IC Markets for the EUR/USD. The minimum is at 0 pips for all major pairs with this quote available 95% of the time.
If using MetaTrader, you will pay $9 AUD or $7 USD per standard lot round-turn (to open and close trades). In other base currencies, the commission is at £5.5 GBP, €6.5 EUR, or $9.5 SGD. For non-base currencies like CAD, JPY or CHF, your commission will be converted from USD rates at the spot forex rate.
cTrader is USD $6 converted to your account currency for every $100,000 you trade.
Funding and minimum deposit information
The biggest step you need to take before trading is depositing some money into your trading account to start trading.
There is no minimum deposit to open an account with IC Markets, however, $200 is recommended as there are margin requirements to open a trade.
Alongside traditional funding methods like bank transfers, Visa/Mastercard credit card and debit cards, you can deposit funds via eWallets like BPAY, POLi, PayPal, and Klarna. However, EU traders will have slightly fewer eWallets available.
Markets.com does have a minimum deposit, set at $100 in AUD, USD, or EUR. Alongside Visa/Mastercard, the eWallets available are Neteller, Skrill, PayPal, Sofort, and iDeal.
Verdict
IC Markets is our winner for both types of trading accounts. For the standard account, you can expect much lower spreads, plus, the lack of a minimum deposit makes IC Markets a bit more accessible for beginners. Meanwhile, IC Markets wins the STP-style account category by default, as Markets.com does not have a commission account available for traders to use.
IC Markets ReviewVisit IC Markets
IC Markets and Markets.com each have three platforms for you to choose from.
On IC Markets, you can trade on MetaTrader 4 & MetaTrader 5 (MT4/MT5) and cTrader.
Verdict
When it comes to trading platforms, IC Markets clearly takes the lead. They offer a wider range of platforms including MetaTrader 4, MetaTrader 5, and cTrader, each packed with advanced features and customisability options. Whether you’re a beginner or an experienced trader, IC Markets provides the tools and flexibility to suit your trading style.
When it comes to account types and features, IC Markets clearly has the upper hand. They offer a variety of account types to suit different trading styles, including Standard, Raw Spread, and cTrader accounts.
Markets.com, on the other hand, offers two main types of accounts: Standard and Premium. While they do offer some unique features like advanced charting tools, they lack the diversity that IC Markets provides.
| Feature / Account Type | IC Markets | Markets.com |
|---|---|---|
| Standard Account | ✓ | ✓ |
| Raw Spread Account | ✓ | ✗ |
| cTrader Account | ✓ | ✗ |
| Premium Account | ✗ | ✓ |
| Social Trading | ✓ | ✗ |
| Advanced Charting | ✓ | ✓ |
Verdict
IC Markets offers superior accounts and features, providing more flexibility and options for traders of all levels. Whether you’re a beginner or an experienced trader, IC Markets has an account that will suit your needs.
When it comes to trading experience, IC Markets is a clear standout. Their platforms, particularly cTrader, are designed for ultra-fast order execution. This is a game-changer for advanced traders who are looking for an STP-style account.
Markets.com isn’t too shabby either. Their proprietary WebTrader platform is packed with unique tools that can significantly aid in making informed trading decisions. However, if you’re an advanced trader, IC Markets offers more customisability and a wider range of platforms.
Verdict: For traders seeking a seamless and advanced trading experience, IC Markets is the go-to option. Their platform diversity and ultra-fast execution make them a superior choice.
IC Markets Trust Score
Markets.com Trust Score
Trust and regulation are paramount in the forex trading world. IC Markets has built a strong reputation for being a trustworthy broker, and it’s regulated by some of the most stringent financial authorities.
Markets.com is also a reputable broker but is regulated by fewer financial authorities.
| IC Markets | Markets.com | |
|---|---|---|
| Tier 1 Regulation | ASIC (Australia) CYSEC (Cyprus) |
FCA (UK) ASIC (Australia) CYSEC (Cyprus) |
| Tier 2 Regulation | ||
| Tier 3 Regulation | FSA-S (Seychelles) SCB (Bahamas) |
FSC-BVI FSCA (South Africa) |
Verdict
When it comes to trust and regulation, IC Markets takes the lead. Being regulated by multiple financial authorities, including ASIC, gives it a higher level of trustworthiness and reliability. If you’re looking for a broker with strong regulatory backing, IC Markets is the way to go.
| Broker | Forex Pairs | Stocks | Cryptos | Leverage (Retail) | Leverage (Pro) |
|---|---|---|---|---|---|
| IC Markets | 61 | 1,600+ | 18 | 30:1 | 500:1 |
| Markets.com | 52 | 2,000+ | N/A | 30:1 | 300:1 |
Verdict
While Markets.com offers a good range of stocks, IC Markets takes the lead with a more comprehensive range of forex pairs and cryptos, making it the go-to broker for traders looking for a diverse trading portfolio.
Both brokers offer a variety of educational resources, but IC Markets has a slight edge based on our testing.
Verdict
IC Markets offers a more comprehensive set of educational resources, making it the ideal choice for traders who are keen to expand their knowledge base.
Customer service is critical to forex trading, and both brokers offer decent options. However, IC Markets excels in live chat support and offers support in multiple languages.
| Feature | IC Markets | Markets.com |
|---|---|---|
| Live Chat | Yes | Yes |
| Email Support | Yes | Yes |
| Phone Support | Yes | Yes |
| Languages | Multiple | Multiple |
| 24/5 Support | Yes | Yes |
| 24/7 Support | No | No |
Verdict
IC Markets offers superior customer service, scoring higher in our tests for responsiveness and support quality, making it the better choice for traders who value excellent customer service.
Both brokers offer a variety of funding options, but IC Markets has a slight edge due to the absence of a minimum deposit requirement.
| Funding Option | IC Markets | Markets.com |
|---|---|---|
| Bank Transfer | ✓ | ✓ |
| Credit/Debit Card | ✓ | ✓ |
| PayPal | ✓ | ✓ |
| Skrill | ✗ | ✓ |
| Neteller | ✗ | ✓ |
Verdict
IC Markets offers better funding options, especially for traders who don’t want to commit to a minimum deposit, making it the more flexible option for a wide range of traders.
Markets.com has a lower minimum deposit of $100 than IC Markets which requires $200 to open an account. Regardless of the minimum amount, you will end up needing to deposit the same amount to meet the margin requirements to open a trading position.
Here’s a quick summary of both brokers regarding minimum deposit:
| Minimum Deposit | Recommended Deposit | |
| IC Markets | $200 | $200 |
| Markets.com | $100 | $100 |
Verdict
While Markets.com does have a lower minimum deposit of $100 compared to IC Markets, the amount you will need to actually start trading is the same.
IC Markets is the winner because it consistently outperforms Markets.com across multiple key trading factors. The table below summarises the key information leading to this verdict.
| Criteria | IC Markets | Markets.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 | ✓ | ✗ |
IC Markets is the better choice for beginner traders due to its user-friendly platforms and comprehensive educational resources.
IC Markets also takes the cake for experienced traders, offering advanced features and a wide range of trading instruments.
IC Markets has lower costs. They offer some of the lowest spreads in the industry, starting from 0.0 pips. For more information, visit our Lowest Commission Brokers page.
IC Markets is the superior choice for MetaTrader 4 users. They offer a more customisable experience and better trading conditions. For more details, check out our best MT4 brokers page.
IC Markets offers social trading through platforms like MetaTrader Signals and Myfxbook. For more on social trading platforms, visit our page looking at the best social trading platforms.
Neither IC Markets nor Markets.com offer spread betting. For those interested in spread betting, you can check out our best broker for spread betting page.
In my opinion, IC Markets is the superior choice for Australian Forex traders. They are ASIC regulated and were founded in Australia. For more details, you can visit our Best Forex Brokers In Australia page.
In my view, Markets.com is the better choice for UK Forex traders. They are FCA regulated and offer a range of trading platforms. For more information, you can visit our Best Forex Brokers In UK page.
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