If you are reading this article, you’re likely having trouble deciding whether FP Markets or IC Markets is the better Forex trading platform for you. While both platforms generally provide positive user experiences, there are some essential differences to note.
In this FP Markets vs IC Markets review, we outline the highlights of each trading platform to help you make a more informed decision. We evaluate:
- Features and Platforms
- Available Markets
- Typical Spreads and Fees
- Security and Trust
- IC Markets vs FP Markets - Verdict
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Headquarters | Australia | Australia |
Regulators | ASIC, CySEC, FSA | ASIC, CMA, CySEC, FSCA |
Tier 1 Regulator(s)? | ||
Owned by Public Company? | ||
Year Established | 2010 | 2005 |
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, cTrader, Proprietary platform, Web-based |
Average Trading Cost EUR/USD | 0.0 pips ($0.00) | 1.2 pips |
Average Trading Cost GBP/USD | 0.0 pips ($0.00) | 1.4 pips |
Average Trading Cost WTI Crude Oil | $0.03 | $0.02 |
Average Trading Cost Gold | $0.05 | $0.16 |
Retail Loss Rate | N/A | 70.70% |
Minimum Raw Spreads | N/A | 0.0 pips |
Minimum Standard Spreads | N/A | 1.0 pips |
Minimum Commission for Forex | N/A | $6.00 per Round Lot |
Islamic Account | ||
Signals | ||
US Persons Accepted? | ||
Managed Accounts | ||
| Visit Website | Visit Website |
Features and Platforms
| | |
MT4 | ||
MT5 | ||
MT4/MT5 Add-Ons | N/A | |
cTrader | ||
Proprietary Platform | ||
Automated Trading | ||
Social/Copy Trading | N/A | |
DOM? | ||
Guaranteed Stop Loss | ||
Scalping | ||
Hedging | ||
One-Click Trading | ||
OCO Orders | ||
Interest on Margin | ||
| Visit Website | Visit Website |
FP Markets and IC Markets are two of the best multi-asset brokers operating out of Australia. Upgraded MT4/MT5 trading platforms are available at both brokers alike, while FP Markets also provides its proprietary trading platform Iress, and IC Markets has the ECN trading platform cTrader. MAM/PAMM accounts supporting retail account management are equally available, together with VPS hosting for automated traders. FP Markets and IC Markets also feature social and copy trading solutions. Extending the similarities among both brokers is an excellent commission-based pricing environment and maximum leverage of 1:500.
Available Markets
| | |
Currency Pairs | ||
Cryptocurrencies | ||
Commodities | ||
Crude Oil | ||
Gold | ||
Metals | ||
Equity Indices | ||
Stocks (non-CFDs) | ||
Bonds | ||
ETFs | ||
Options | N/A | |
Futures | ||
Synthetics | ||
| Visit Website | Visit Website |
FP Markets maintains 60 currency pairs, five cryptocurrency pairs, and ten commodities. MT4/MT5 traders have just 54 equity CFDs and 15 index CFDs. Iress accounts, which remain geographically restricted, get more than 10,000 equities. IC Markets counters with 61 currency pairs, ten cryptocurrency pairs and 22 commodities, plus four futures contracts. All equity traders at IC Markets get 730+ instruments and 25 index CFDs. Eleven bond CFDs complete the asset selection at IC Markets. While FP Markets offers select clients more equities, IC Markets delivers an overall more balanced mix, available to all traders regardless of geographic location.
Typical Spreads and Fees
| | |
Average Trading Cost EUR/USD | 0.0 pips ($0.00) | 1.2 pips |
Average Trading Cost GBP/USD | 0.0 pips ($0.00) | 1.4 pips |
Average Trading Cost WTI Crude Oil | $0.03 | $0.02 |
Average Trading Cost Gold | $0.05 | $0.16 |
Average Trading Cost Bitcoin | $12.47 | $21.08 |
Minimum Raw Spreads | N/A | 0.0 pips |
Minimum Standard Spreads | N/A | 1.0 pips |
Minimum Commission for Forex | N/A | $6.00 per Round Lot |
Deposit Fee | N/A | |
Withdrawal Fee | N/A | |
Inactivity Fee | N/A | No |
| Visit Website | Visit Website |
The commission-free cost structure at both brokers remains expensive, with a minimum mark-up of 1.0 pips or $10 per 1.0 standard lot. FP Markets and IC Markets also deploy a commission-based alternative, where FP Markets has an edge. While the minimum spread is 0.0 pips at both brokers, FP Markets charges a commission of $6.00 per round lot versus $7.00 at IC Markets. Swap rates on leveraged overnight positions and third-party payment processor costs apply at both. FP Markets and IC Markets also forward all corporate actions to clients. Both brokers rank among the best-prized ones.
Security and Trust
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Country of the Regulator | Australia, The Bahamas, Cyprus, Seychelles | Australia, Cyprus, Kenya, South Africa |
Name of the Regulator | ASIC, CySEC, FSA | ASIC, CMA, CySEC, FSCA |
Regulatory License Number | 335692, SD018, SIA-F214, 362/18 | 286354, 103, 371/18, 50926 |
Regulatory Tier | 1, 4, 4, 1 | N/A |
| Visit Website | Visit Website |
Both brokers maintain a clean regulatory track record and represent a secure, trustworthy trading environment to clients with good transparency. The Australian Securities & Investments Commission (ASIC) is the primary regulator of FP Markets and IC Markets. Both maintain operating subsidiaries regulated by the Cyprus Securities and Exchange Commission (CySEC). Most international traders at FP Markets will deal with the unregulated entity operating out of St. Vincent & the Grenadines versus the IC Markets entity with a license and oversight from the Seychelles Financial Services Authority (FSA). Both brokers segregate client deposits and implement negative balance protection.
IC Markets vs FP Markets – Verdict
There are many similarities between FP Markets and IC Markets, two of the best online brokers out of Australia, one of the most competitive trading jurisdictions globally. Traders get upgraded MT4/MT5 trading platforms at both brokers, but IC Markets takes a notable lead with one of the best upgrade packages among all brokers. MAM/PAMM accounts, VPS hosting, and social trading solutions are available at both brokers. IC Markets also provides cTrader as a competitive alternative, while FP Markets has its proprietary Iress trading platform. Regrettably, it is not available to all traders, which has a significant negative impact on the overall asset selection. It provides IC Markets an additional edge, where all clients receive equal treatment. Both brokers offer one of the best commission-based cost structures, where FP Markets takes the lead with a smaller commission. Overall, IC Markets maintains a marginal edge over FP Markets.
FP Markets offers 60 Forex pairs versus 61 available at IC Markets. All traders have access to 144 CFDs at the former and 850+ at the latter.
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