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's score is 4.00 stars versus 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? IC Markets offers its clients access to 63 different currency pairs while eToro has 47 available pairs, a difference of 16.
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 offers Meta Trader 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. IC Markets offers its clients access to 31 charting tools while eToro has 14 charting tools, a difference of 17. eToro boasts an offering of 66 different indicators (for example, moving averages) compared to IC Markets's 51 available indicators.
Overall, both eToro and IC Markets share a rating of 4.00 stars. And, when it comes to individual category awards, eToro posted awards Best in Class - Customer Service in 2018, while IC Markets found itself with none of these.