Choosing the right forex broker is key to success in trading. In this post, we will compare two popular brokers: IC Markets and Doo Prime. This comparison will help you make an informed decision by analyzing various factors, including trading platforms, account types, fees, and customer service. Let’s dive into the detailed comparison between IC Markets vs Doo Prime.
This table provides a clear and concise comparison between the two brokers, highlighting their key features.
| Feature | IC Markets | Doo Prime |
|---|---|---|
| Founded | 2007 | 2014 |
| Regulation | ASIC, CySEC, FSA | VFSC, FSA |
| Trading Platforms | MT4, MT5, cTrader | MT4, MT5, Doo Prime InTrade |
| Minimum Deposit | $200 | $100 |
| Spreads | From 0.0 pips (Raw Spread) | From 0.1 pips (STP/ECN) |
| Commissions | $3.5 per lot (Raw Spread) | $3 per lot (Prime ECN) |
| Account Types | Standard, Raw Spread, cTrader Raw | STP/ECN, Prime ECN, Islamic |
| Withdrawal Fees | None (may vary by method) | May apply (varies by method) |
| Customer Support | 24/7 support via live chat, email | Support via live chat, email, phone |
| Trading Instruments | Forex, commodities, indices, stocks, cryptocurrencies | Forex, commodities, stocks, indices, futures |
1. Overview of IC Markets and Doo Prime
IC Markets
Founded in 2007, IC Markets is an Australian-based broker known for its low spreads, fast execution, and extensive range of trading instruments. It is a favorite among forex traders who appreciate a reliable, well-regulated broker with advanced technology.
- Regulation: IC Markets is regulated by ASIC (Australia), CySEC (Cyprus), and FSA (Seychelles).
- Trading Platforms: MT4, MT5, and cTrader.
- Trading Instruments: Forex, commodities, indices, cryptocurrencies, stocks, and bonds.
- Minimum Deposit: $200.
- Spreads: Starting from 0.0 pips.
Doo Prime
Doo Prime, established in 2014, is a fast-growing multi-asset broker with a global presence. It offers clients access to multiple markets with competitive pricing and powerful trading tools. Doo Prime is focused on providing quality service and advanced trading solutions to its clients.
- Regulation: Doo Prime is regulated by the VFSC (Vanuatu) and the FSA (Seychelles).
- Trading Platforms: MT4, MT5, Doo Prime InTrade.
- Trading Instruments: Forex, commodities, stocks, indices, and futures.
- Minimum Deposit: $100.
- Spreads: Starting from 0.1 pips.
2. Account Types
IC Markets
IC Markets offers three main account types:
- Standard Account: Suitable for beginner traders with a spread starting from 1.0 pips and no commission.
- Raw Spread Account: Best for experienced traders with spreads from 0.0 pips but with a commission of $3.5 per lot.
- cTrader Raw Account: This account type also offers spreads starting from 0.0 pips, with a commission of $3 per lot per side.
Doo Prime
Doo Prime provides a variety of account types:
- STP/ECN Accounts: Spreads start from 0.1 pips. These accounts offer direct market access with minimal slippage and commissions.
- Prime ECN: For experienced traders, with tight spreads starting from 0.0 pips and commissions applied per trade.
- Islamic Account: Swap-free accounts available for traders who follow Islamic principles.
3. Trading Platforms Comparison
IC Markets
IC Markets offers a variety of platforms, including:
- MetaTrader 4 (MT4) and MetaTrader 5 (MT5): Both are industry-leading platforms known for their extensive features, such as charting tools, technical analysis, and automated trading with Expert Advisors (EAs).
- cTrader: A platform ideal for advanced traders with more sophisticated charting tools and order types than MT4/MT5.
Doo Prime
Doo Prime also supports MT4 and MT5, which are highly popular among traders globally. In addition, they offer their proprietary platform:
- Doo Prime InTrade: A comprehensive platform that provides advanced trading tools, custom indicators, and superior execution.
4. Fees and Spreads
IC Markets
IC Markets is well-known for its low spreads, especially for its Raw Spread Account, where spreads can start as low as 0.0 pips. In addition, the commission on this account is $3.5 per lot traded, making it competitive for traders who trade in high volumes.
Doo Prime
Doo Prime offers spreads from 0.1 pips on STP/ECN accounts, but for the Prime ECN account, the spreads can drop to 0.0 pips with a commission of $3 per lot. Overall, Doo Prime offers competitive pricing, especially for experienced traders who prefer tighter spreads and lower fees.
5. Regulation and Security
IC Markets
IC Markets is regulated by top-tier authorities, including ASIC, which ensures strong oversight and trader protection. This adds a layer of trust and security, making it a favorite for traders who prioritize safety.
Doo Prime
Doo Prime is regulated by VFSC and FSA, providing adequate regulatory oversight. However, VFSC regulation is not considered as strict as ASIC, so some traders may prefer IC Markets for its higher level of regulatory protection.
6. Deposit and Withdrawal Methods
IC Markets
IC Markets supports a variety of deposit and withdrawal methods, including bank transfers, credit/debit cards, PayPal, Skrill, Neteller, and cryptocurrencies. The processing times are fast, and IC Markets does not charge fees for deposits or withdrawals.
Doo Prime
Doo Prime also offers multiple payment options, including bank transfers, credit/debit cards, Skrill, Neteller, and cryptocurrencies. While Doo Prime doesn’t charge fees for deposits, withdrawal fees may apply depending on the payment method.
7. Customer Support
IC Markets
IC Markets provides 24/7 customer support via live chat, email, and phone. They are known for their quick response times and helpful service, ensuring that clients can resolve issues promptly.
Doo Prime
Doo Prime also offers responsive customer support through live chat, email, and phone, although their support may not be available 24/7 like IC Markets. However, Doo Prime focuses on providing personalized assistance to their clients.
8. Conclusion: Which Broker is Better?
The comparison between IC Markets vs Doo Prime highlights that both brokers offer strong features but cater to slightly different types of traders.
- Choose IC Markets if you prioritize low spreads, top-tier regulation, and access to a wide range of trading instruments. IC Markets is ideal for both beginner and professional traders looking for reliability and fast execution.
- Choose Doo Prime if you want competitive pricing, multiple account options, and access to their proprietary InTrade platform. Doo Prime may appeal to traders seeking more tailored trading solutions, especially if you prefer lower minimum deposits.
Ultimately, your choice between IC Markets vs Doo Prime will depend on your trading goals, preferences, and the features that matter most to you.
By weighing all the factors mentioned in this post, you can make an informed decision that best suits your trading style. Whether you choose IC Markets or Doo Prime, both brokers offer unique advantages to help you thrive in the forex market.
Editorial Staff at Chweya is a team of financial experts led by Vincent Nyagaka, with over 9 years of experience in finance, commerce, forex, crypto, and marketing. Started in 2014, Chweya is now among the largest free financial resource sites in the industry and is often referred to as Wikipedia for business.