While Swissquote has 76 forex pairs compared to IC Markets 64, this comparison found IC Markets has better and cheaper accounts and more trading platform options. This review looks at Swissquote vs IC Markets.
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Our comprehensive comparison covers the 10 most crucial trading factors to help you make an informed choice between IC Markets and Swissquote. Here are the top five differences:
Brokerage fees come in two types, a spread cost, and commission fees. These are the main trading fees we will look at to determine whether it will be cheaper for you to trade on IC Markets or Swissquote.
Comparing Standard Account Fees
A standard account (commission-free account) has primarily wide spreads allowing the broker to make money. As the name implies, you will have no commission fees on a standard account. However, your spread cost will be higher than market prices, as your broker will artificially increase it as their brokerage fee.
We maintain an average spread table to help you estimate how much you can expect to pay in spread costs on a standard account.
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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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1.70 | 1.60 | 1.70 | 2.00 | 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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1.10 | 1.20 | 1.40 | 1.50 | 1.20 |
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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 04/01/2024
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Looking at this module, one can clearly see that IC Markets consistently offers superior spreads compared to Swissquote’s Prime account. Regardless of the currency pair you trade, IC Markets is not only superior to Swissquote but among the best choices of all brokers.
IC Markets has a minimum spread of 0.6 pips on the EUR/USD and other popular forex pairs, and on average, you can expect to pay pretty close to that minimum spread level. In comparison, Swissquote has higher spreads (both minimum and average). However, spreads can be lower if you choose accounts that require a larger minimum deposit.
If you are trading from the UK or EU, Swissquote has two standard accounts. The Premium account has a 1.3 pip minimum spread and the Prime account has a 0.6 pip minimum. The only other difference between these accounts is the minimum deposit, with the Prime account requiring much higher deposits.
Outside of the UK and EU, there is a ‘Standard’ account with a minimum spread of 1.7 pips, a Premium with 1.4 pips, and a Prime with 1.1 pips. Unfortunately, you need a $50,000 minimum deposit to access the Prime account type so may not be suitable for the average retail trader.
Comparing ECN Style Account Fees
A STP-style ‘raw’ accounts (also known as commission-based trading accounts) come with market-priced spreads. In exchange, you get charged a commission on trades. Although Swissquote doesn’t advertise their average spreads for their commission-based trading accounts, you can compare IC Markets’ offerings to other brokers.
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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 |
Avg. spreads are taken from each broker's website and updated monthly. Last update on 04/01/2024
IC Markets spreads compare well with other similar No dealing desk style brokers such as Pepperstone, Eightcap and Fusion Markets. The Raw account has a minimum of zero pips (like one would expect for a broker using STP execution) and you can expect spreads in the range between 0 and 0.2 pips for popular pairs like the EUR/USD.
Commission fees on IC Markets are set at $7 AUD or USD to trade for each standard lot round-turn. For other base currencies, you can refer to the comparison image, but otherwise, the commission is converted to USD at base rates.
Swissquote’s commission-based Elite and Pro accounts come with 0 pip minimum spreads. However, you have to be trading within the UK and European Union to get access to these accounts, only the standard account is available to traders outside this region. The broker’s commission is at €5 round-turn for a standard lot. This is a bit cheaper than IC Markets which have a commission set at €5.50. However, the minimum deposit is much higher as shown below.
Funding And Minimum Deposit Requirements
While IC Markets has no minimum deposit for either account, they do recommend that you deposit $200 so you can meet margin requirements and open trades. Deposit methods range from bank transfers, Visa/Mastercard credit cards or debit cards or BPay/POLi in Australia. You could also use eWallets like Neteller, Skrill, Klarna and UnionPay.
Swissquote has many different accounts with their own minimum deposits. You can only fund a Swissquote account with a bank deposit or Visa/Mastercard.
For the UK/EU accounts: Premium has a $1000 minimum deposit, in a base currency or the equivalent in USD. Prime is at $5000, and Elite and Prime are at $10,000. For accounts outside this region, the Standard is at $1000, Premium at $10,000, and Prime at $50,000.
Verdict: IC Markets has tighter spreads than Swissquote making the overall trading fees lower. It should be noted that commissions are slightly higher with IC Markets but this has a lower impact on fees compared to wider spreads charged. The broker also has easier funding methods and a lower minimum deposit requirement.
View IC Markets ReviewVisit IC Markets
IC Markets comes with a strong range of platforms for you to choose between. The platforms offered are MetaTrader 4 and MetaTrader 5 (MT4/MT5), plus cTrader.
Both MetaTrader options are incredibly popular and have been around for over a decade and a half. MetaTrader’s user-friendliness plus the ability to use Expert Advisors (EAs) to automate trading has pushed it to become the best CFD and forex trading platform in the world. cTrader is also a great option, as a more advanced platform with specialised features such as depth of market and specialised types of orders.
Like with IC Markets, Swissquote also offers both MT4 and MT5 but they also have their proprietary trading platform called Advanced Trader. On Advanced Trader, you get a range of different chart and order types, and the platform is very customisable. You could create your own tools to help with your analysis and become an ‘Advanced Trader’.
Verdict: Both brokers offer very similar trading platforms with IC Markets offering add-ons to enhance the trading environment. These enhancements are why IC Markets won the trading platform category.
When it comes to accounts and features, both brokers have their merits, but one stands out more than the other.
Here’s a quick table to break it down:
| Features | IC Markets | Swissquote |
|---|---|---|
| Number of Account Types | 3 | 2 |
| Demo Account | ✓ | ✓ |
| Islamic Account | ✓ | ✗ |
| Minimum Deposit | $200 | $1,000 |
| Maximum Leverage | 1:500 | 1:100 |
Verdict: IC Markets takes the lead in this category. With more account types, lower minimum deposits, and higher leverage, it offers traders more flexibility and options.
In the realm of trading experience, IC Markets is a clear frontrunner. Their MetaTrader 4 and 5 platforms are not just user-friendly; they’re also loaded with advanced features that can make trading a breeze. From one-click trading to a plethora of charting tools, IC Markets has it all.
Swissquote isn’t far behind, though. Their proprietary platform, Advanced Trader, is highly customisable and offers a range of chart and order types. It’s a platform that can cater to traders who are looking for something more than just the basics. Advanced Trader also offers risk management tools, which can be a lifesaver in volatile markets.
Verdict: If you’re after a seamless trading experience with lower costs, IC Markets is your go-to. However, if you’re seeking a more customisable platform and are willing to shell out a higher deposit, Swissquote offers a compelling alternative.
IC Markets Trust Score
Swissquote Trust Score
Trust and regulation are paramount in the world of forex trading. Here’s how IC Markets and Swissquote stack up:
Here’s a table for a quick comparison:
| IC Markets | Swissquote | |
|---|---|---|
| Tier 1 Regulation | ASIC (Australia) CYSEC (Cyprus) |
FCA (UK) CYSEC (Cyprus) MAS (Singapore) |
| Tier 2 Regulation | DFSA (Dubai) MFSA (Europe) SFC CSSF FINMA (Switzerland) |
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| Tier 3 Regulation | FSA-S (Seychelles) SCB (Bahamas) |
Verdict:
While Swissquote has the edge in being a publicly traded company and having more years in business, IC Markets offers a broader range of regulatory protections. It’s a close call, but IC Markets slightly edges out in terms of stronger trust and regulation.
| Feature | IC Markets | Swissquote |
|---|---|---|
| Forex Pairs | 61 | 76 |
| Stock CFDs | Over 1,600 | 300 |
| Cryptocurrencies | Over 25 | N/A |
| Indices | Yes | Yes |
| Commodities | Yes | Yes |
| ETFs | Yes | Yes |
| Leverage | Up to 500:1 | Up to 400:1 |
| Social Trading | Yes | No |
| Charting Tools | Yes | Yes |
| Automated Trading | Yes | Yes |
Verdict: When it comes to the range of CFDs and Markets, IC Markets is the undisputed champion. They offer a much broader product offering, especially in stock CFDs and cryptocurrencies, making them the ideal choice for traders who want variety and depth in their trading portfolio.
IC Markets offers a robust set of educational resources that include webinars, tutorials, and even a demo account for hands-on practice. These resources are designed to cater to traders of all levels, from novices to experts.
Verdict: Based on our team’s comprehensive scoring, IC Markets offers a more well-rounded set of educational resources. Whether you’re a beginner looking to learn the ropes or an experienced trader aiming to sharpen your skills, IC Markets has got you covered.
IC Markets offers 24/7 customer service, a significant advantage for traders who operate in different time zones. Swissquote offers customer service but with limited hours, which could be a drawback for traders who need assistance outside of business hours.
| Feature | IC Markets | Swissquote |
|---|---|---|
| 24/7 Support | Yes | No |
| Live Chat | Yes | Yes |
| Email Support | Yes | Yes |
| Phone Support | Yes | Yes |
| Language Support | Multiple | Multiple |
| FAQ Section | Yes | Yes |
Verdict: Based on our team’s in-depth analysis and the 24/7 availability, IC Markets offers a superior customer service experience. If round-the-clock support is crucial for you, IC Markets is the clear choice.
Both brokers offer a variety of funding options, but IC Markets has a slight edge due to its more flexible methods. From traditional bank transfers to modern eWallets, IC Markets offers a plethora of options to suit every trader’s needs.
| Funding Option | IC Markets | Swissquote |
|---|---|---|
| Bank Transfer | ✓ | ✓ |
| Credit Card | ✓ | ✓ |
| Debit Card | ✓ | ✓ |
| eWallets | ✓ | ✗ |
| BPay/POLi | ✓ | ✗ |
| Neteller | ✓ | ✗ |
| Skrill | ✓ | ✗ |
Verdict: IC Markets offers a more diverse range of funding options, making it easier for traders to deposit and withdraw funds. If flexibility in funding is a priority for you, IC Markets is the better choice.
IC Markets is incredibly accessible with no minimum deposit requirement, making it an excellent choice for traders who are just starting out or those who prefer to trade with smaller amounts. Swissquote, on the other hand, requires a minimum deposit of $1,000, which could be a barrier for some traders.
| Broker | Minimum Deposit |
|---|---|
| IC Markets | No minimum |
| Swissquote | $1,000 |
Verdict: If you’re looking for a broker that offers lower barriers to entry, IC Markets is the undisputed choice. Their no minimum deposit requirement makes them highly accessible, especially for novice traders or those who prefer to start small.
IC Markets is the winner because it offers lower spreads, a robust trading platform, and a more comprehensive range of trading instruments. The table below summarises the key factors that led us to this conclusion.
| Criteria | IC Markets | Swissquote |
|---|---|---|
| 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 beginners, IC Markets is the better choice due to its user-friendly platform and educational resources.
For the pros, IC Markets takes the cake with its advanced trading features and lower spreads.
IC Markets has lower costs. They offer spreads starting from 0.0 pips on major currency pairs, while Swissquote’s spreads start at 1.3 pips. For more on low-cost brokers, visit our lowest spread brokers in Canada.
IC Markets is your go-to for MetaTrader 4. They offer a seamless MT4 experience with a range of customisable features. Check out our best MT4 brokers for more details.
Neither IC Markets nor Swissquote offer social trading. If social trading is your thing, you might want to look elsewhere. Here’s our guide on the best social trading platforms.
Neither IC Markets nor Swissquote offer spread betting. For those interested, here’s our list of best spread betting brokers.
In my opinion, IC Markets is superior for Australian traders. They are ASIC-regulated and offer a comprehensive trading experience. For more, visit our Australian Forex brokers page.
For UK traders, I’d recommend IC Markets. They are FCA-regulated and offer a robust trading platform. For more, check out our best UK Forex brokers page.
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