IC Markets vs Plus500: Which One Is Best?

2. IC Markets: Better Trading Platform

Each broker offers trading platforms that contain features that are significantly different.

IC Markets Platforms For Trading

IC Markets offers clients a choice of MetaTrader 4, MetaTrader 5 and cTrader trading platform. Each platform is available as a desktop platform, webtrader platform and mobile app for Android and Mac devices.

MetaTrader 4 (MT4) And MetaTrader 5 (MT5)

MT4 is the world’s most popular trading platform. Despite being superseded by a superior overall product in MT5 and Metaquotes ending development and support of the product, it continues to be very popular for the following reasons:

• Intuitive interface that is simple and straightforward to use
• large MT4 community and marketplace
• No reason to upgrade from an excellent product

MT5 is Metaquotes’ attempt to improve on MT4. MT5 offers all the same features as MT4 and more. Not only this, it allows you to trade more CFDs than MT4, such as shares CFD.

You are likely to prefer trading with MT5 for the following reasons:

• You want to trade shares CFD
• You want more detailed charts, analytical and graphical tools
• You want depth of market
• You want to perform more extensive backtesting
• You need more order types
• You want to create Expert Advisors with MQL5 language

Most traders will find MT4 sufficient for their needs. Only advanced traders looking for that extra edge will benefit from MT5.

Below is our comparison of the features of each product.

IC Markets also offers an add-on to the MetaTrader platform called advanced tools, which you will find useful.

IC Markets MetaTrader T4 advanced tools

Advanced Trading Tools has 20 advanced features that can lead to more successful trading:

• Alarm Manager – Provides notification about events on your account and in the general market. You can automate actions when specific events occur, such as sending automatic updates on Twitter to your followers.
• Connect – All the latest news and analysis to help you make the best investments.
• Correlation Matrix – shows in grid form the connections between pairs over a period of time.
• Correlation Trader – identify strong or weak correlations to highlight differences in variables being analysed.
• Excel RTD – with this tool, you can build your trading dashboard. This allows you to receive real-time data in 3 different Excel spreadsheets. These spreadsheets can contain information such as account equity and balance, instrument prices and open positions.
• Mini Terminal – A compact window called the mini terminal allows you to do the most important trading tasks, such as placing positions and changing stop-loss and take-profit parameters super easily.
• Market Manager – Provides information about your accounts, such as equity, balance and margin usage.
• Sentiment Trader – This helps you to see the sentiments of other traders when crafting a trading strategy.
• Stealth Orders – Used to place orders and set your position to enter the market and exit the market while also remaining hidden from the market.
• Trade Simulator – Used reliable strategies that proved successful in the past to show potential profit/ loss results.
• Session Map – Shows your local time concerning trading sessions around the world.
• Trade Terminal – You can monitor and place orders on many instruments at one time.
• Smart Lines – This utilises charts to show take profit and stop-loss positions.

cTrader

If MetaTrader is not for you, another widely available trading platform is available for free. This is cTrader. This platform is a specialised platform for forex traders, so it is not ideal if you wish to trade other instruments like commodities.

Features that differentiate cTrader from MetaTrader include:

• Depth of market (available on MT5 but not MT4) – great for scalpers
• Advanced take-profit and take-loss levels
• Greater customisation
• Detachable charts
• More detailed charts
• Cloud storing of passwords, profiles, and templates
• cAlgo, which uses C# programming language (alternative to MetaTrader Expert Advisors

The Plus500 forex trading platform

There is only one platform available with Plus500 – their proprietary trading platform. We found this platform to be one of the most user-friendly and intuitive platforms among all CFD providers.

Available for iPhone/iPad, Android and Windows mobile, Windows 10 and Web Trader, the platform is not rich in graphic features, but it has a well-designed interface that makes users feel they have all the tools and features at their disposal to take full advantage 2000+ instruments Plus500 offer of the at all times without feeling overwhelmed with information overload.

While the platform is very user-friendly, there are a few disadvantages of the platform:

• No scalping is allowed
• No compatibility with EAs
• No social trading features

Verdict

MetaTrader 5 provides an excellent range of features for a wide range of users. Mt4 is the platform that is most used by both brokers and traders. Therefore, we would recommend users choose IC Markets as they offer the Mt4 platform.

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3. IC Markets: Superior Accounts And Features

IC Markets and Plus500 both offer distinct account types and features tailored to different trading needs:

• IC Markets Raw ECN Account: This account boasts raw (ECN broker style) spreads starting from 0.0 pips for EUR/USD, a lot size ranging from 0.01 to 100 lots, and a commission of USD$3.5 for each 100k traded round-trip. The minimum deposit requirement is $200; leverage can go up to 500:1 via certain regulated branches. This account also supports hedging, scalping, and the use of expert advisors.
• Plus500 Pro Account: Plus500 offers a singular account type with features like market-making, no commission fees, a minimum deposit of $100, and spreads starting from 0.06 pips. The leverage can reach up to 300:1, depending on the regulatory entity. As a market maker, Plus500 acts as the counterparty to all trades, resulting in slightly wider spreads compared to an ECN broker.
• Trading Platforms: IC Markets provides traders with a choice between MetaTrader 4, MetaTrader 5, and cTrader platforms, each available across various devices. Plus500, on the other hand, offers its user-friendly proprietary trading platform, which is intuitive but lacks some advanced features like scalping and compatibility with EAs.
• Risk Management: IC Markets places a high emphasis on execution speed and technology to manage ‘slippage’ risks. Plus500 focuses more on its suite of risk management tools, including guaranteed stop-loss, which is not offered by IC Markets.

Verdict

When considering account features, IC Markets appears to have a slight edge due to its versatile account types, platform choices, and advanced trading features. However, traders prioritising risk management tools might find Plus500 more appealing.

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4. IC Markets: Best Trading Experience And Ease

When it comes to the overall trading experience and ease of use, both IC Markets and Plus500 have their unique strengths. From our in-depth analysis and our own testing, here’s what we found:

• IC Markets shines with its MetaTrader 5 platform, which we’ve ranked as the best MT5 platform in our tests.
• The standard account offered by IC Markets also stood out, offering traders a seamless and intuitive trading experience.
• Plus500, on the other hand, boasts its user-friendly proprietary platform, which many traders, especially beginners, find incredibly easy to navigate.
• Plus500’s focus on risk management tools, including guaranteed stop-loss, adds an extra layer of security and peace of mind for traders.

Now, diving deeper into our own experiences, we’ve always appreciated the versatility that IC Markets brings to the table. Their diverse platform choices, combined with advanced trading features, make it a top pick for both novice and experienced traders. Plus500, while it might not have the same range of platform choices, compensates with its straightforward and intuitive interface. It’s a platform that you can jump right into, even if you’re just starting out.

Verdict

Based on our comprehensive testing and analysis, IC Markets offers a slightly superior trading experience in terms of platform versatility and advanced features. However, for those prioritising simplicity and ease of use, Plus500 is a solid choice.

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5. IC Markets: Stronger Trust And Regulation

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IC Markets Regulation and Leverage

IC Markets is regulated by the Australian Securities and Investments Commission (ASIC), the Cyprus Securities and Exchange Commission (CySEC) and the Seychelles Financial Services Authority (FSA).

As ASIC and CySEC restrict leverage to 30:1 for forex, IC Markets allow all clients to trade with this amount. If you want IC Markets 500:1 leverage, you’ll need to sign up to the broker’s FSA (Seychelles) regulated branch.

Plus500 Regulation And Leverage

Plus500 operates in Australia (ASIC), the UK (FCA), Cyprus (CySEC), NZ (FMA), Singapore (MAS) and South Africa (FSCA), where the broker provides a maximum leverage of 30:1 for major fx pairs and 20:1 for minors.

Under FSA regulation in Seychelles, Plus500 traders can utilise a higher maximum leverage of 300:1.

If you have a portfolio of at least €500,000 and you have made at least 10 trades per quarter over the past 12 months, then you may qualify as a professional trader and gain access to higher leverage. With higher leverage and high-volume trading, you would only want to be a professional trader if you can afford the high risk of losing your money.

Leverage can be advantageous if you are looking to make quick profits; however, it can also amplify the risk that you may go into significant debt or loss. A margin call system or negative balance protection can only do so much to protect your funds if currency movements are unfavourable in a volatile market, and you will lose money when trading.

Verdict

You will need to decide how much leverage you are comfortable working with. If you decide to trade with IC Markets, you can easily reduce your leverage to lower levels if you wish.

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6. Plus500: Top Product Range And CFD Markets

Plus500 has one of the most extensive collections of instruments available for CFD trading among all brokers. Of the 2000+ Instruments available for trade, the following are available:

• 67 Cash Indices
• Sector Indices (Inc. cannabis and real estate).
• 17 Commodities
  • Energies (inc. brent oil, heating oil, gasoline, natural gas).
  • Precious Metals (Inc. gold, copper, palladium, silver, platinum)
  • Soft commodities (Inc. live cattle, lean hogs and feeder cattle)
  • 14 Cryptocurrencies (Inc. Bitcoin/cash, Ethereum, NEO, Litecoin, Ripple, Monero, IOTA, EOS). Not available under FCA regulation in the UK.
  • 1800+ Shares CFDs through 20 different international markets, including marijuana stocks)
  • Options
  • ETFs

IC Markets’ collection of instruments for CFD trading is also relatively extensive but not as large as Plus500. IC Markets FSA and ASIC-regulated branches offer the following:

• 17 Indices with no commissions, including the FTSE 100 index and S&P 200 Index.
• 19 Commodities (spot and futures)
  • Precious Metals (Inc. silver, gold, palladium and platinum),
  • Energies (oil, gas),
  • Soft Commodities (cotton, corn, soybean, sugar, coffee, cocoa).
• 10 Cryptocurrencies (Inc. Bitcoin and Bitcoin Cash, Ethereum, Ripple, Litecoin and Dash)
• 6 Bonds with no commissions.
• 4 Global futures
• 120+ Shares CFD (ASX, NASDAQ, NYSE) – ASX costs 0.10% per side, NYSE costs USD$0.02c per share each side.

Please note: the above CFDs are available to trade, yet the maximum leverage is capped. For example, you can trade major currency pairs with a maximum leverage of 30:1 under ASIC, FCA and CySEC regulations.

Verdict

Among all brokers, Plus500 offers one of the largest range of instruments to retail investor accounts for trading CFDs. Their platform has been designed to make trading with many instruments simple and easy to manage. Therefore, when it comes to trading with CFDs, Plus500 is an excellent option.

View Plus500 ReviewVisit Plus500

*Your capital is at risk ‘76.4% of retail CFD accounts lose money’

7. IC Markets: Superior Educational Resources

Both IC Markets and Plus500 understand the importance of equipping traders with the right educational tools and resources. From our analysis and our own testing, here’s a breakdown of the educational features of each broker:

• IC Markets:
  • Offers a comprehensive educational section with webinars, video tutorials, and articles.
  • Provides a dedicated section for beginner traders, ensuring they get off to the right start.
  • Features advanced trading strategies and insights for more experienced traders.
  • Regularly updates its blog with market analysis and news.
• Plus500:
  • Focuses on providing a user-friendly experience, making it easier for beginners to navigate.
  • Offers a range of video tutorials covering various trading topics.
  • Provides a detailed FAQ section answering common trading queries.
  • Features a ‘Trader’s Guide’ section, offering insights into trading strategies and market analysis.

When it comes to educational resources, it’s evident that both brokers have made significant efforts to cater to traders of all levels. IC Markets, with its diverse range of materials and regular updates, ensures traders are always informed. Plus500, on the other hand, simplifies the learning process with its intuitive platform and straightforward resources.

Verdict

Based on our comprehensive testing and analysis, IC Markets slightly edges out with its broader range of educational materials and regular content updates. However, beginners might appreciate the simplicity and straightforwardness of Plus500’s resources.

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8. IC Markets: Superior Customer Service

Each broker has customer support available by email and live chat at all times throughout the week. While IC Markets offers 24/7 phone support, Plus500 has no phone support.

For instant support, each broker offers a live chat feature available directly within their platform and via their website. We tested the live chat feature and found IC Market could handle all our inquiries regardless of how complex they may have been; however, Plus500 did not seem to be able to handle the more technical questions.

When it comes to email, IC Markets provides the email contact of specific departments. You may wish to address your queries. Plus500 email sending integrated directly into their Web Portal.

IC Markets, unlike Plus500, also has a range of educational tools available, including glossary terms, webinars, video tutorials and tips for starting in trading. Plus500 would benefit greatly by introducing such a feature.

Lastly, it is worth noting that both brokers have a demo account available that is free for use. While some brokers limit the features available or the time the account can be used, both IC Markets and Plus500 provide no restrictions with the demo accounts.

Verdict

You have access to a more extensive range of customer service tools with IC Markets, along with a useful education library that can help you grow your trading skills. For this reason, we recommend IC Markets if excellent customer service is important to you.

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9. IC Markets: Better Funding Options

Both IC Markets and Plus500 have made significant strides in offering a variety of funding methods to cater to their global clientele. From our analysis, here’s what we’ve observed:

IC Markets offers a plethora of funding methods, ensuring that traders from different regions have access to at least one convenient option. They’ve incorporated both traditional methods like bank transfers and credit cards, as well as more modern solutions like e-wallets. Plus500, on the other hand, while offering a slightly narrower range of options, ensures that the most popular and widely-used methods are available to their traders.

Here’s a table comparing the funding options of both brokers:

Verdict

Based on our comprehensive testing and analysis, IC Markets offers a broader range of funding options, catering to a more diverse set of traders globally. Plus500, while offering fewer options, covers the most essential and widely used methods.

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10. Plus500: Lower Minimum Deposit

Plus500 has a lower minimum deposit of $100 than IC Markets’ $200. Both brokers require these minimum amounts globally regardless of your payment method.

Here’s a table showcasing the brokers’ minimum deposit amount and their recommended minimum deposit:

Verdict

Plus500 triumphs with its lower minimum deposit. While there is a $100 difference between the two brokers, we feel that it’s negligible given your possible higher trading volume in the future. A lower deposit however can be helpful for beginner traders who are looking who may wish to trade in micro lots in order to practive using real cash..

View Plus500 ReviewVisit Plus500

*Your capital is at risk ‘76.4% of retail CFD accounts lose money’

Is Plus500 or IC Markets The Best Broker?

IC Markets is the winner because it consistently outperforms Plus500 in several key areas, offering traders a comprehensive and reliable trading experience.

The table below summarises the key information leading to this verdict:

Plus500: Best For Beginner Traders

Plus500 is better suited for beginner traders due to its user-friendly platform and lower minimum deposit requirement.

IC Markets: Best For Experienced Traders

IC Markets stands out as the preferred choice for experienced traders, offering advanced tools, competitive spreads, and a solid trading environment.