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FOREX.com vs IC Markets 2023

BrokerNotes.co

Written by BrokerNotes.co

March 14, 2023

Trying to decide between FOREX.com and IC Markets? We’ve taken the guesswork out of the equation with our Comparison Tool. Use our tool to compare hundreds of data points, side-by-side, to see how these two brokers stack up against each other.

Based on our extensive research, hands-on testing, and expert analysis of over a hundred data-driven variables, we've determined that, overall, FOREX.com ranks more highly than IC Markets.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 65% and 82% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

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Compare

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Overall RatingFOREX.comIC Markets
Overall Rating 9.3 / 10 8.2 / 10
Account TypeFOREX.comIC Markets
Standard Trade Size (100,000 units) Yes Yes
Mini Trade Size (10,000 units) Yes Yes
Micro Trade Size (1,000 units) Yes Yes
Islamic Account Yes Yes
Copy TradingFOREX.comIC Markets
Social Trading / Copy Trading No Yes
DupliTrade No No
ZuluTrade No Yes
CryptocurrencyFOREX.comIC Markets
Cryptocurrency (Physical) No No
Cryptocurrency (CFD) Yes Yes
Bitcoin Yes Yes
ethereum Yes Yes
Forex Trading (Spot or CFDs)FOREX.comIC Markets
Forex Trading (Spot or CFDs) Yes Yes
Mobile Trading - Forex or CFDs Yes Yes
Indices (Index CFDs)FOREX.comIC Markets
DAX Yes Yes
Dow Jones Yes Yes
FTSE Yes Yes
NASDAQ 100 Yes Yes
Nikkei Yes Yes
SP 500 Yes Yes
InvestmentsFOREX.comIC Markets
Forex Trading (Spot or CFDs) Yes Yes
Spread Betting No No
Social Trading / Copy Trading No Yes
Metals Yes Yes
Energies Yes Yes
Agriculturals Yes Yes
ETF Yes Yes
U.S. Stocks (CFD) Yes Yes
Trading PlatformsFOREX.comIC Markets
Apple iOS App Yes Yes
Android App Yes Yes
Proprietary Platform Yes No
Desktop Platform (Windows) Yes Yes
Web Platform Yes Yes
MetaTrader 4 (MT4) Yes Yes
MetaTrader 5 (MT5) Yes Yes
Regulatory LicensesFOREX.comIC Markets
Tier-1 Licenses 4 1
Australia (ASIC Authorised) No Yes
Canada (SRO Authorised) Yes No
United Kingdom (U.K.) (FCA Authorised) Yes No
Hong Kong (SFC Authorised) No No
Singapore (MAS Authorised) No No
Switzerland (FINMA Authorised) No No
USA (CFTC Authorized) Yes No
Tier-2 Licenses 2 1
Tier-3 Licenses 1 1
Research, EducationFOREX.comIC Markets
Trading Central (Recognia) Yes Yes
Forex News (Top-Tier Sources) Yes Yes
Daily Market Commentary Yes Yes
Autochartist No Yes
Investor Dictionary (Glossary) Yes Yes
Videos - Beginner Trading Videos Yes Yes
Client Webinars (Archived) No Yes
Trading CostsFOREX.comIC Markets
Minimum Deposit $100 $200
Average Spread EUR/USD - Standard 1.0 info 0.62 info
All-in Cost EUR/USD - Active 1.0 info 0.62 info
Active Trader or VIP Discounts Yes Yes
Bank Wire (Deposit/Withdraw) Yes Yes
Visa/Mastercard (Credit/Debit) Yes Yes
PayPal (Deposit/Withdraw) Yes Yes
Trading ToolsFOREX.comIC Markets
Watchlists - Total Fields 20 7
Mobile Watchlist Yes Yes
Charting - Indicators / Studies (Total) 203 30
Mobile Charting - Indicators / Studies 88 30
Trust FactorsFOREX.comIC Markets
Year Founded 1999 2007
Publicly Traded (Listed) Yes No
Bank No No
European Union Authorised (MiFID) Yes info Yes info
Trust Score 99 86
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FOREX.com vs IC Markets Comparison

Comparing forex brokers side by side is no easy task. For our 2023 annual forex broker review, we spent hundreds of hours assessing 39 forex and CFD brokerages to find the best forex broker. Let's compare FOREX.com vs IC Markets.

Can I trust FOREX.com?

FOREX.com has a trust score of 99, giving it a "Highly Trusted" trust label. Here's what each trust score label means:

  • "Highly Trusted" (90-99) - These brokers are considered the most trustworthy firms in the industry. Simply put, we would not hesitate to open and fund an account with a Highly Trusted broker.
  • "Trusted" (80-89) - These brokers are reliable and trustworthy. "Trusted" firms are a solid choice, and may simply hold fewer regulatory licences or feature different corporate structures than those brokers that have earned our top Trust Score rating.
  • "Average Risk" (70-79) - Average Risk brokers are firms we generally consider to be safe, but that may warrant a closer inspection before you open and fund a live trading account. At the least, we always encourage traders to check the regulatory licenses for Average Risk firms to verify that they are regulated in their own country of residence.
  • "High Risk" (60-69) - High-risk firms should be scrutinized and carefully reviewed before opening an account. These forex brokers are – in most cases – operating without credible regulatory licensing, and likely have a history of legal or financial issues. Before considering an account with a high-risk firm, we recommend checking our country guides for your country of residence to see if a more trusted broker is available.
  • "Do Not Trust" (<59) - We do not recommend opening an account of any kind with a broker that earns a “Do Not Trust” rating.

Can I trust IC Markets?

IC Markets has a trust score of 86, giving it a "Trusted" trust label.

Is FOREX.com a good broker?

FOREX.com, part of the StoneX Group, is a trusted brand with a long history of offering forex in the U.S. and internationally. CFD markets are available within its proprietary platform, though fewer are available on MetaTrader. While great for active traders, FOREX.com's pricing is not its best feature. Overall, the broker is a great, well-balanced choice – regardless of your experience level.

Is IC Markets a good broker?

IC Markets' combination of low spreads and commissions, as well as its supportive execution policies that accomodate algorithmic traders make it our pick for the best MetaTrader broker. In addition, IC Markets recently bolstered its range of markets, sending the total available to over 3,000. It's worth noting, however, that its reserach and educational offerings still have lots of room to improve.

What tier-1 jurisdictions is each broker regulated in?

Tier-1 regulators go above and beyond by requiring additional capital requirements, checking in on brokers more frequently, and putting brokers through a tougher screening process. FOREX.com is Canada (SRO Authorised), Japan (SFC Authorised), United Kingdom (U.K.) (FCA Authorised) and USA (CFTC Authorized), while IC Markets is Australia (ASIC Authorised).. Neither have Hong Kong (SFC Authorised), CBI Authorised (Ireland), Singapore (MAS Authorised), New Zealand (FMA Authorised) and Switzerland (FINMA Authorised)

What tier-2 jurisdictions is each broker regulated in? What about tier-3?

Tier-2 and tier-3 licenses are still important in evaluating the overall trustworthiness of forex brokers. As far as tier-2 licenses go, FOREX.com is Cyprus (CySEC Authorised) and UAE (DFSA/Central Bank Authorised), while IC Markets is Cyprus (CySEC Authorised).. Neither have China (CBRC Authorised), India (SEBI Authorised), Israel (ISA Authorised), Russia (CBR Authorised), South Africa (FSCA Authorised) and Thailand (SEC Authorised). When comparing tier-3 licenses FOREX.com is Cayman Islands (CIMA Authorised), while IC Markets is Bahamas (SCB Authorised).. Neither have Belize (FSC Authorised), Bermuda (BMA Authorised), British Virgin Islands (FSC Authorised), Mauritius (FSC Authorised) and Vanuatu (VFSC Authorised).

Which broker offers more trading platforms?

For trading platforms FOREX.com supports a Proprietary Platform and Desktop Platform (Windows), whereas IC Markets supports a Desktop Platform (Windows), cTrader and ZuluTrade.. Neither have DupliTrade

Does FOREX.com offer MetaTrader? Does IC Markets offer MetaTrader?

Both FOREX.com and IC Markets offer the whole MetaTrader suite, which consists of both MetaTrader 4 and MetaTrader 5. If you’re new to MetaTrader 4 here’s our educational guide on how to use MT4.

How do FOREX.com and IC Markets differ in terms of minimum deposit? What about average spreads and funding options?

FOREX.com requires a minimum deposit of $100, while IC Markets requires a minimum deposit of $200. From our testing we found FOREX.com offers spreads of 1.0, while IC Markets offers spreads of 0.62. FOREX.com supports Bank Wire (Deposit/Withdraw), Visa/Mastercard (Credit/Debit) and PayPal (Deposit/Withdraw) for popular funding options, where IC Markets supports Bank Wire (Deposit/Withdraw), Visa/Mastercard (Credit/Debit), PayPal (Deposit/Withdraw) and Skrill (Deposit/Withdraw).

Which brokers offers more tradeable asset classes, FOREX.com or IC Markets?

FOREX.com offers a more diverse selection of investment options than IC Markets allowing you to trade Forex Trading (Spot or CFDs), Metals, Energies, Agriculturals, ETF and U.S. Stocks (CFD).. Neither have Spread Betting Looking at total tradeable symbols, FOREX.com has 5500, compared to 3583 from IC Markets.

Can I trade cryptocurrency with FOREX.com or IC Markets?

Crypto trading is popular with forex traders. Most crypto assets are offered either as the underlying physical asset or as a CFD or other derivative — including spot forex contracts. In terms of trading physical cryptocurrency neither FOREX.com nor IC Markets allow you to trade physical cryptocurrencies.

Who offers more research tools, FOREX.com or IC Markets?

In terms of research and research tools FOREX.com gives traders the following tools: Daily Market Commentary, Stock Charts, Forex News (Top-Tier Sources) and Trading Central (Recognia). In comparison IC Markets has the tools listed here: Autochartist, Daily Market Commentary, Stock Charts, Forex News (Top-Tier Sources), Trading Central (Recognia) and Social Trading / Copy Trading.

Broker Reviews

Still looking for more information, read our broker reviews.

FOREX.com Review

IC Markets Review

Overall winner: FOREX.com

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announcementPlease note:

We review each broker’s overall global offering – a “Yes” checkmark in our Compare Tool does not guarantee the availability of any specific features in your country of residence. To verify the availability of any features within your country of residence, please contact the broker directly.

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