Our ForexBrokers.com team spent seven months and hundreds of hours assessing 43 different forex broker accounts
for trading FX. In total, over 6,000 data points were collected. For this review, we will compare eToro vs IC Markets.
To start this comparison, first, we will take a look at the fees charged for trading forex. It's important to note this is no easy task. Not every broker shares their average spreads, spreads can be fixed or variable (floating), execution policies differ, and brokers can act as market makers (dealers) or act as agents for execution. To simplify things, we analyzed everything for you and provide a single star rating for cost. IC Markets received a rating of 4.00 stars over eToro's 3.50 stars.
Cost aside, we can now turn our focus to regulation alongside currency availability. For regulation, it's very important to select a broker you can trust with your money. Both eToro and IC Markets are regulated in a major hub. eToro nor IC Markets are publicly traded companies. How many currency pairs are available to trade? eToro trails IC Markets by 16 total currency pairs (for example, EUR/USD), with IC Markets offering 63 and eToro offering 47.
To round out our comparison, let's look at the popular tools and features forex traders prefer. For platforms, some FX traders prefer MetaTrader. IC Markets makes Meta Trader available to clients, while eToro does not. Within the trading platform, charting should be robust, so we counted the number of drawing tools and total technical indicators made available. eToro trails IC Markets by 17 total charting tools, with IC Markets offering 31 and eToro offering 14. eToro offers its clients access to 66 different indicators (for example, volume) while IC Markets has 51 available indicators, a difference of 15.
Overall, both eToro and IC Markets are rated 4.00 stars. And, when it comes to individual category awards, eToro finished with awards Best in Class - Customer Service in 2018, while IC Markets came up with none of these.