FxPro vs IG Markets: Comparison and Analysis

FxPro vs IG Markets: A Comprehensive Comparison

When it comes to choosing a broker, security, markets, fees, and platforms are all important factors to consider. In this comparison, we will take a closer look at FxPro and IG Markets to help you decide which one is better suited to your trading needs.

Security

Both FxPro and IG Markets are well-regulated brokers with strong security ratings. FxPro is regulated by the FCA, CySEC, FSCA, and SCB, while IG Markets is regulated by ten different regulatory bodies, including the FCA, ASIC, and NFA. IG Markets has a slightly higher security rating of 98, while FxPro’s rating is 95.

Demo Accounts

FxPro’s demo account offers a virtual fund of $100,000 and a duration of 180 days. It can be restored directly from the FxPro Direct dashboard. In comparison, IG Markets offers an unlimited demo account with a virtual fund of $30,000, which can be restored by contacting customer support. IG Markets has an advantage in this category, as an unlimited demo account is preferable to a time-limited one.

Account Opening

Both brokers offer a variety of accounts to suit different trading styles and skill levels. FxPro has a minimum deposit requirement of $100 and accepts multiple currencies, including USD, EUR, GBP, CHF, PLN, AUD, JPY, and ZAR. Payment methods include wire transfers, credit/debit cards, and eWallets. FxPro offers MT4, MT5, cTrader, Spread Betting, Islamic, and VIP accounts.

IG Markets has a higher minimum deposit requirement of $300 for most countries, with some exceptions. The account currency options are more limited, including USD, GBP, and EUR. Payment methods are the same as FxPro’s, and account offerings include Standard, Limited Risk, Spread Betting, Option and Turbo24, Share Dealing, Islamic, Professional, and Select accounts. IG Markets offers more account types, but the higher minimum deposit may be a disadvantage for some traders.

Social and Copy Trading

Neither FxPro nor IG Markets offer social or copy trading features. This may be a disadvantage for some traders who value these features.

Markets

FxPro offers over 70 forex pairs, 15 commodities, 18 indices, 28 cryptocurrencies, and over 2,000 stocks. FxPro offers only CFDs, making it suitable for short-term investors. IG Markets offers a wider range of assets, including over 90 forex pairs, 35 commodities, 80+ indices, 12 cryptocurrencies, over 16,000 stocks, 5,400+ ETFs, and 30+ futures and options. IG Markets is suitable for both short and long-term investments.

Trading Fees

FxPro’s spreads are both variable and fixed, with variable spreads starting from 0.1 pips on forex (lower than market average) and fixed spreads starting from 1.6 pips on forex (higher than market average). IG Markets’ spreads are variable, starting from 0.6 pips on forex (in line with market average). IG Markets also offers commission-free US stock trading for FCA, ASIC, DFSA, and JFSA traders, which is a significant advantage.

Platforms

FxPro offers its proprietary platform, FxPro EDGE via WebTrader, and FxPro Mobile App. MT4, MT5, and cTrader are also available. IG Markets offers its proprietary platform via web and desktop, L2 Dealer for stockbroking, ProRealTime platform for advanced chart analysis, and MT4. Both brokers offer a good selection of platforms, but IG Markets has an advantage due to its ProReal Time Platform for advanced chart analysis.

Education and Customer Care

FxPro’s education material is limited, with only basic video tutorials and PDF guides available for beginners, and very few resources for professionals. Customer care is easy to contact via phone, email, and live chat, with over 30 available languages.

IG Markets has an extensive education section suitable for every trader, with a dedicated Academy App. Customer care is easy to contact via phone, email, and live chat, with over 13 available languages. IG Markets has an advantage in education, as their resources are more comprehensive.

Conclusion

Both FxPro and IG Markets are well-regulated brokers with strong security ratings. However, IG Markets has the advantage in several categories, including an unlimited demo account, a wider range of assets, commission-free US stock trading, and comprehensive education resources. FxPro may be a better option for short-term investors who prioritise low spreads, while IG Markets may be a better option for long-term investors who value comprehensive education resources and a wider range of assets. Ultimately, the choice between FxPro and IG Markets will depend on your trading style and priorities.