Dukascopy Versus IC Markets: Which Broker is Better for Your Trading?

• Features and Platforms
• Available Markets
• Typical Spreads and Fees
• Security and Trust
• Dukascopy vs IC Markets - Verdict

Dukascopy and IC Markets are leading global Forex brokers, but which one should you trust for your Forex portfolios?

I have conducted an in-depth review of Dukascopy vs. IC Markets to determine which presents the better overall choice and which types of traders will benefit the most at either broker.

Headquarters	Australia	Switzerland
Regulators	ASIC, CySEC, FSA	FINMA, JFSA
Tier 1 Regulator(s)?
Owned by Public Company?
Year Established	2010	2004
Execution Type(s)	ECN/STP	ECN/STP
Minimum Deposit	$200	$100
Negative Balance Protection	N/A
Trading Platform(s)	MetaTrader 4, MetaTrader 5, cTrader	MetaTrader 4, MetaTrader 5, Proprietary platform, Web-based
Average Trading Cost EUR/USD	0.0 pips ($0.00)	0.3 pips ($3.00)
Average Trading Cost GBP/USD	0.0 pips ($0.00)	0.8 pips ($8.00)
Average Trading Cost WTI Crude Oil	$0.03	$0.05
Average Trading Cost Gold	$0.05	$0.32
Islamic Account
Signals
US Persons Accepted?
Managed Accounts
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The Main Advantages of Dukascopy and IC Markets

Notable Advantages of Dukascopy

• In-house developed Swiss FX Marketplace (SWFX)
• Deep liquidity and fast order execution via 20+ banks
• API trading using SWFX
• STP/NDD/ECN trading environment
• Volume-based commission discounts
• Regulated capital of approximately CHF 40,000,000
• Swiss bank with its cryptocurrency coin, Dukascoin
• MT4, MT5, proprietary JForex platform, and a dedicated binary options trading platform
• Volume-based rebate program

Notable Advantages of IC Markets

• Low commission-based trading fees
• Leading algorithmic Forex trading broker
• NY4 & LD5 data center in New York & London
• Average execution speed under 0.04 seconds
• $89B+ daily Forex trading volume processing

Features & Platforms

MT4
MT5
cTrader
Proprietary Platform
Automated Trading
DOM?
Guaranteed Stop Loss
Scalping
Hedging
One-Click Trading
OCO Orders
Interest on Margin
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Available Markets

Currency Pairs		N/A
Cryptocurrencies		N/A
Commodities
Crude Oil
Gold
Metals
Equity Indices
Stocks (non-CFDs)
Bonds		N/A
ETFs
Futures
Synthetics
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During my IC Markets review, traders received 2,250+ assets versus just 430+ at Dukascopy, but both brokers offered Forex traders 61 currency pairs.

Here is why Dukascopy is a better choice for many traders:

• In-house developed SWFX for ultra-fast order execution
• Deep liquidity via 20+ banks
• Lower trading fees with volume-based rebate program

Typical Spreads & Fees

Average Trading Cost EUR/USD	0.0 pips ($0.00)	0.3 pips ($3.00)
Average Trading Cost GBP/USD	0.0 pips ($0.00)	0.8 pips ($8.00)
Average Trading Cost WTI Crude Oil	$0.03	$0.05
Average Trading Cost Gold	$0.05	$0.32
Average Trading Cost Bitcoin	$12.47	$73.95
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IC Markets offers commission-free and commission-based accounts versus commission-based accounts at Dukascopy, but which one is cheaper?

Dukascopy takes the overall lead as IC Markets fees are higher and lack volume-based rebates.

Account Types

The IC Markets account types have higher fees for MT4/MT5 traders, while the Dukascopy account types include in-house managed accounts. Both brokers provide demo accounts and support algorithmic and copy trading.

Are there any other noteworthy differences in the account structure between Dukascopy vs. IC Markets?

Here is what stands out the most:

• Dukascopy has lower trading fees
• Dukascopy has volume-based rebates
• TradingView is equally available

Minimum Deposit

How difficult is it to deposit at Dukascopy vs. IC Markets?

The Dukascopy minimum deposit and the IC Markets minimum deposit are $200, both reasonable requests but higher than the minimum deposit requirements at many competitors. IC Markets offers more payment processors, while Dukascopy allows more deposit currencies, including gold, placing it slightly ahead of IC Markets.

Minimum Withdrawal

Which withdrawal process is better: Dukascopy or IC Markets?

Traders have fewer Dukascopy withdrawal methods than IC Markets withdrawal methods. The latter offers same-day withdrawals if withdrawal requests arrive before 12:00 AEST/AEDT. IC Markets has no internal withdrawal fees versus internal costs at Dukascopy, which also supports cryptocurrency withdrawals. Minimum withdrawal amounts are equally non-existent.

Security & Trust

Country of the Regulator	Australia, The Bahamas, Cyprus, Seychelles	Switzerland, Japan, Latvia
Name of the Regulator	ASIC, CySEC, FSA	FINMA, JFSA
Regulatory License Number	335692, SD018, SIA-F214, 362/18	Undisclosed but confirmed, Undisclosed, Undisclosed
Regulatory Tier	1, 4, 4, 1	1, 1, 1
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Which Broker Is More Secure and Trustworthy?

Dukascopy and IC Markets segregate client deposits from corporate funds and offer negative balance protection. My Dukascopy and IC Markets review confirmed an excellent regulatory track record spanning 14+ years. Dukascopy is a Swiss bank with a regulated capital of approximately CHF 40,000,000, and all client accounts have deposit protection up to CHF 100,000. IC Markets insures all client accounts up to $1,000,000, which covers deposits and open CFD positions. Therefore, I rank both brokers as equally secure and trustworthy.

Dukascopy Versus IC Markets Verdict

Dukascopy

IC Markets

Which forex broker is better?

Dukascopy and IC Markets are industry-leading brokers, and I recommend traders test the trading environments in the Dukascopy demo account versus the IC Markets demo account.

My Verdict

IC Markets is a world-class broker and leader in algorithmic trading, but Dukascopy takes the lead due to lower fees, when volume-based rebates apply, and banking services.

FAQs

Is Dukascopy a true ECN?

Dukascopy is a true ECN broker with its in-house developed Swiss FX Marketplace (SWFX).

Can I trust IC Markets?

IC Markets belongs to the most trusted brokers and is an industry leader for algorithmic traders with 14+ years of experience and a spotless regulatory track record.

Is Dukascopy a real bank?

Dukascopy is a real bank based and regulated in Switzerland.

Do Dukascopy and IC Markets both offer MetaTrader and copy trading?

Dukascopy and IC Markets offer the MT4/MT5 trading platforms and support copy trading, but IC Markets offers more copy trading solutions.

Is Dukascopy a good broker?

Dukascopy is an excellent broker offering cutting-edge trading infrastructure, ultra-low trading fees when volume-based rebates apply, a balanced asset selection, and deep liquidity via 20+ banks.

Is Dukascopy or IC Markets safer for Forex and CFDs trading?

Both brokers rank as equally safe for Forex and CFD trading. Dukascopy and IC Markets comply with multiple regulators, have 14+ years of operational excellence, protect client deposits, segregate client deposits from corporate funds, and offer negative balance protection.