FxPro vs IC Markets: Comparison and Analysis

FxPro vs IC Markets: A Comparison Summary

When it comes to choosing a reliable and reputable forex broker, it is important to compare different options based on various factors such as security, demo accounts, account opening, social-copy trading, markets, trading fees, platforms, education, and customer care. In this comparison summary, we will explore and compare two popular brokers, FxPro and IC Markets, based on these factors.

Security

Both brokers are well-regulated, with FxPro being regulated by FCA, CySEC, FSCA, and SCB (Bahamas), while IC Markets is regulated by CySEC, ASIC, FSA, and SCB. However, FxPro has a higher security rating of 95 compared to IC Markets’ 93.

Demo Accounts

FxPro offers a 180-day demo account with virtual funds of $100,000, while IC Markets offers an unlimited demo account where traders can choose the amount of virtual funds, up to $5,000,000. FxPro’s demo account can be restored from the FxPro Direct dashboard, while IC Markets’ demo account can be restored by contacting customer support.

Account Opening

Both brokers offer multiple account options, with FxPro offering MT4, MT5, cTrader, Spread Betting, Islamic, and VIP accounts, while IC Markets offers Standard, RAW Spread, and Professional accounts. FxPro requires a minimum deposit of $100 and offers various payment methods, while IC Markets has no minimum deposit but suggests a minimum of $200, and offers a wide range of payment methods including bitcoin and local options.

Social-Copy Trading

FxPro does not offer social-copy trading features, while IC Markets allows traders to engage in copy trading through third-party platforms such as ZuluTrade.

Markets

FxPro offers a wide range of markets including forex, commodities, indices, crypto assets, and stocks, while IC Markets offers forex, commodities, indices, crypto assets, and stocks. FxPro offers more stock options with over 2000+ compared to IC Markets’ 1600+ options. However, IC Markets offers a wider range of crypto assets with 63 options compared to FxPro’s 28 options.

Trading Fees

Both brokers offer variable spreads, with FxPro’s spreads starting from 0.1 pips on forex, and IC Markets’ spreads starting from 0 pips on forex. FxPro also offers fixed spreads starting from 1.6 pips on forex, while IC Markets charges commissions per lot traded up to $7. FxPro charges higher fixed spreads but offers lower variable spreads, while IC Markets offers lower variable spreads but charges commissions per lot traded.

Platforms

Both brokers offer popular platforms such as MT4, MT5, and cTrader, with FxPro also offering its proprietary platform, FxPro EDGE. All platforms offered by IC Markets allow for algo trading, while FxPro EDGE also offers advanced features such as one-click trading and custom indicators. IC Markets also offers VPS services.

Education/Customer Care

IC Markets offers a wider range of educational materials such as webinars and podcasts, while FxPro offers basic video tutorials and PDF guides for beginners with fewer resources for professionals. Both brokers offer easy access to customer care via email and live chat in multiple languages.

Conclusion

Overall, both FxPro and IC Markets are reputable brokers with their own strengths and weaknesses. FxPro offers more account options and a proprietary platform with advanced features, while IC Markets offers a wider range of educational materials, lower variable spreads, and allows for copy trading through third-party platforms. Traders should consider their own needs and preferences when choosing between the two.