When looking for a reliable forex broker, IC Markets and FXPro are two names that often come up. Both are well-established and offer a range of services suited for traders at all levels. But how do they compare? In this article, we’ll break down the key differences between IC Markets and FXPro to help you decide which broker is the best for your trading needs.
Here’s a simple comparison table for IC Markets vs FXPro:
| Feature | IC Markets | FXPro |
|---|---|---|
| Founded | 2007 | 2006 |
| Regulation | ASIC, CySEC, FSA | FCA, CySEC, FSCA |
| Trading Platforms | MT4, MT5, cTrader | MT4, MT5, cTrader, FXPro Edge |
| Spreads | From 0.0 pips (Raw Spread account) | From 0.3 pips (cTrader) |
| Commission | $3.50 per side (Raw Spread account) | $4.50 per side (cTrader) |
| Leverage | Up to 1:500 | Up to 1:200 (1:30 for retail clients) |
| Account Types | Standard, Raw Spread, Islamic | MT4, MT5, cTrader, FXPro Edge, Islamic |
| Customer Support | 24/7 | 24/5 |
| Deposit Methods | Bank transfer, credit/debit cards, PayPal, Skrill, Neteller, crypto | Bank transfer, credit/debit cards, PayPal, Skrill, Neteller |
| Education | Webinars, tutorials, market analysis | Webinars, articles, market insights |
| Best For | Low-cost trading, high-frequency traders | Research, education, long-term traders |
1. Overview of IC Markets and FXPro
- IC Markets: Founded in 2007 and headquartered in Australia, IC Markets is known for its low-cost trading environment. It offers traders access to various financial markets, including forex, indices, commodities, and cryptocurrencies. IC Markets is especially popular for its fast trade execution and low spreads.
- FXPro: Established in 2006, FXPro is a global broker with multiple awards for its services. It offers access to forex, shares, indices, metals, and energies. With offices in the UK and Cyprus, FXPro caters to both beginner and advanced traders, offering a wide range of trading platforms and tools.
2. Regulation and Trustworthiness
- IC Markets: 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). These regulators ensure that IC Markets operates with strict financial standards and transparency, making it a trusted option for traders worldwide.
- FXPro: FXPro is regulated by several authorities, including the Financial Conduct Authority (FCA) in the UK, CySEC in Cyprus, and the Financial Sector Conduct Authority (FSCA) in South Africa. Like IC Markets, FXPro operates under strict regulatory guidelines, which boosts its trustworthiness and ensures the safety of its clients’ funds.
3. Trading Platforms
- IC Markets: IC Markets offers three main trading platforms: MetaTrader 4 (MT4), MetaTrader 5 (MT5), and cTrader. These platforms are renowned for their user-friendly interfaces and advanced trading features. MT4 and MT5 are particularly popular for forex trading, while cTrader is favored for its advanced charting tools and ease of use. All platforms are available on desktop, mobile, and web versions.
- FXPro: FXPro also offers a wide variety of platforms, including MT4, MT5, cTrader, and their own FXPro Edge platform. Like IC Markets, these platforms are available on different devices, allowing you to trade from anywhere. The addition of FXPro Edge is an advantage for traders looking for a customizable platform with advanced trading tools.
4. Spreads and Fees
- IC Markets: IC Markets is known for its extremely competitive spreads. For instance, the EUR/USD spread can be as low as 0.0 pips on the Raw Spread account, although a commission of $3.50 per side is charged. On their Standard Account, there is no commission, but the spreads are slightly wider. IC Markets is ideal for traders who prioritize low-cost trading.
- FXPro: FXPro offers slightly higher spreads compared to IC Markets. On the MT4 platform, the EUR/USD spread starts from 1.4 pips, while on the cTrader platform, it starts from 0.3 pips with a commission of $4.50 per side. Although the costs are slightly higher, FXPro remains competitive and is known for its fast execution speeds and lack of re-quotes.
5. Leverage
- IC Markets: IC Markets offers leverage of up to 1:500 for forex trading, making it a suitable choice for traders who want to maximize their potential gains. However, it’s essential to use high leverage cautiously, as it also increases the potential for losses.
- FXPro: FXPro offers leverage of up to 1:200 for professional clients, while retail clients are limited to a maximum of 1:30 under EU regulations. The lower leverage may appeal to risk-averse traders, but professional traders seeking more flexibility may find IC Markets’ offering more attractive.
6. Account Types
- IC Markets: IC Markets provides three main types of accounts: Standard, Raw Spread, and Islamic (swap-free) accounts. The Standard account is commission-free but has wider spreads, while the Raw Spread account offers tighter spreads with a commission. Both account types are available with ECN execution, which appeals to traders looking for deep liquidity and tight pricing.
- FXPro: FXPro offers four account types: MT4, MT5, cTrader, and Edge. Each account type is tailored to different trading styles, with the cTrader account offering tighter spreads but higher commissions. FXPro also offers Islamic accounts, making it a suitable option for traders who need a swap-free account.
7. Customer Support
- IC Markets: IC Markets provides 24/7 customer support via live chat, email, and phone. Their support team is well-regarded for its responsiveness and helpfulness, which is crucial for traders needing quick assistance during volatile market conditions.
- FXPro: FXPro offers 24/5 customer support, available via live chat, email, and phone. While the support hours are slightly shorter than IC Markets, FXPro’s team is known for being professional and attentive to customer needs.
8. Deposit and Withdrawal Options
- IC Markets: IC Markets supports a variety of deposit and withdrawal methods, including bank transfers, credit/debit cards, PayPal, Neteller, Skrill, and cryptocurrencies. Deposits are usually free, and withdrawals are processed quickly, making it convenient for traders.
- FXPro: FXPro also offers numerous deposit and withdrawal options, such as bank transfers, credit/debit cards, Skrill, Neteller, and PayPal. Processing times for withdrawals are generally fast, and the fees are minimal, similar to IC Markets.
9. Education and Research
- IC Markets: IC Markets offers a variety of educational resources, including webinars, video tutorials, and market analysis reports. However, the educational content may not be as extensive as what some other brokers offer.
- FXPro: FXPro provides a comprehensive educational section with webinars, articles, and market news. Their detailed research tools, economic calendar, and market insights make FXPro a good option for traders who rely on analysis and news to inform their trades.
10. Final Verdict: IC Markets vs FXPro
Both IC Markets and FXPro are reputable brokers offering excellent trading services, but they cater to slightly different types of traders.
- Choose IC Markets if you prioritize low spreads, high leverage, and advanced trading platforms like cTrader. It’s particularly suitable for high-frequency traders and scalpers who want the best execution at low costs.
- Choose FXPro if you prefer a broker with a broader range of account types and a strong focus on research and education. FXPro’s slightly higher spreads are balanced by their fast execution and comprehensive trading tools, making it a good choice for long-term traders and those looking for a solid educational foundation.
In conclusion, both brokers are excellent, but the right one for you will depend on your trading style, experience, and needs.
By comparing the two brokers in these essential areas, you can make a more informed decision when choosing between IC Markets and FXPro. Both platforms offer unique advantages, so consider what matters most to you when deciding where to open your trading account.
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.