Forex.com vs IC Markets: Comparison and Analysis

Forex.com vs IC Markets: A Comparison Summary

When it comes to choosing a broker, it’s important to consider various factors such as security, demo accounts, account opening, social-copy trading, markets offered, trading fees, platforms, education, and customer care. In this comparison summary, we will compare Forex.com and IC Markets based on these factors.

Security

Forex.com is regulated by multiple financial authorities, including CySEC, FCA, ASIC, JFSA, MAS, HKSFC, CIMA, IIROC, NFA, and CFTC. This makes Forex.com available in many countries, including the USA. Forex.com’s security rating is 95. On the other hand, IC Markets is regulated by CySEC, ASIC, FSA, and SCB, and its security rating is 93. Both brokers are well-regulated and have high security ratings.

Demo Accounts

Forex.com offers a demo account with a duration of 30 days and virtual funds of $10,000. The virtual funds can be restored by contacting customer support. IC Markets offers an unlimited demo account, and traders can choose the virtual funds amount (up to $5,000,000). The virtual funds can be restored by contacting customer support. IC Markets has a slight advantage in this category, as its demo account is unlimited and traders can choose the virtual funds amount.

Account Opening

Forex.com requires a minimum deposit of $100, and it offers various types of accounts, including Standard, MT4 and MT5, commission, corporate, DMA, STP Pro, Islamic, and Professional accounts for advanced traders. Payment methods include wire transfers, credit/debit cards, and eWallets (PayPal only). IC Markets doesn’t have a minimum deposit in place, but it suggests a minimum deposit of $200. It offers Standard, RAW Spread, and Professional accounts for advanced traders. Payment methods include wire transfers, credit/debit cards, eWallets, bitcoin deposits, and several local payment methods. IC Markets has a slight advantage in this category, as it offers more base currencies and payment methods.

Social-Copy Trading

Forex.com doesn’t offer social-copy trading. IC Markets allows traders to engage in copy trading through third-party platforms such as ZuluTrade. IC Markets has an advantage in this category, as it offers social-copy trading.

Markets Offered

Forex.com offers 80 forex pairs, 12 commodities, 18 indices, 80 crypto assets, and 220+ stocks. It’s mostly a CFD trading broker, which means that it’s better for short-term trading and price speculation rather than long-term investing. IC Markets offers 63 forex pairs, 21 commodities, 25 indices, 63 crypto assets, and 1600+ stocks. Like Forex.com, it’s a CFD trading broker and better for short-term investing. Forex.com has an advantage in terms of the number of forex pairs and crypto assets offered, while IC Markets has an advantage in terms of the number of stocks offered.

Trading Fees

Forex.com offers variable spreads, starting from 0.2 pips on forex (lower than the market average), but it can be higher depending on the trader’s country. IC Markets offers variable spreads, starting from 0 pip on forex (lower than the market average), and commissions per lot traded up to $7. IC Markets also charges variable spreads on stocks. These low spreads and commissions make IC Markets a good broker for scalping. IC Markets has an advantage in terms of trading fees.

Platforms

Forex.com offers a proprietary platform available via web and mobile devices, MT4, and MT5. The proprietary platform is user-friendly, with a wide range of charting, trading, and drawing tools (over 130). IC Markets offers MT4, MT5, and cTrader platforms, all available via webtrader, desktop, and mobile. All the platforms offered by IC Markets allow traders to engage in algo trading, and IC Markets also offers VPS services. Forex.com has an advantage in terms of its proprietary platform’s features, while IC Markets has an advantage in terms of the number of platforms offered and algo trading capabilities.

Education/Customer Care

Forex.com offers detailed guides and tutorials on how to set up trades and technical analysis courses, and its customer care is easy to contact via email, phone, and live chat, but only English and Chinese are available. IC Markets offers a wide range of educational material, including webinars and podcasts, and its customer care is easy to contact via email and live chat, with over 18 languages available. IC Markets has an advantage in terms of customer care and language support.

Conclusion

Overall, both Forex.com and IC Markets are well-regulated brokers with high-security ratings. IC Markets has an advantage in terms of demo accounts, account opening, social-copy trading, trading fees, and customer care. Forex.com has an advantage in terms of the number of forex pairs and crypto assets offered, its proprietary platform’s features, and its user-friendly interface. Ultimately, the choice between Forex.com and IC Markets depends on individual traders’ needs and preferences.