Written by ForexBrokers.com
In this head to head comparison of FP Markets vs iFOREX, we will compare the trading platforms, mobile apps, range of investments, costs, market research, and more. Let's dive in.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 51% and 89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
FP Markets and iFOREX are two online brokers that differ significantly in their regulatory standings and trust scores. Established in 2005, FP Markets is not a publicly traded company nor a bank, but it holds 2 highly trusted Tier-1 licenses and 1 trusted Tier-2 license. With a Trust Score of 89 out of 99 from ForexBrokers.com, FP Markets is considered a trusted option in the financial world.
On the other hand, iFOREX was founded earlier, in 1996, but like FP Markets, it is neither publicly traded nor a bank. iFOREX holds 1 Tier-1 license and lacks any Tier-2 licenses, which positions it differently in terms of regulatory assurance. With a Trust Score of 75, iFOREX falls into the average risk category. While both brokers offer viable services, FP Markets edges out in trustworthiness according to ForexBrokers.com ratings.
| Feature |
FP Markets
|
iFOREX
|
|---|---|---|
| Year Founded | 2005 | 1996 |
| Publicly Traded (Listed) | No | No |
| Bank | No | No |
| Tier-1 Licenses | 2 | 1 |
| Tier-2 Licenses | 1 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 1 | 1 |
When it comes to commissions and fees, FP Markets stands out with its competitive pricing structure, earning a 5-star rating and ranking 6th out of 63 brokers according to ForexBrokers.com. Particularly noteworthy is their Raw ECN account, which boasts spreads as low as 0.1 pips, making it an appealing choice for traders seeking value. However, for those using the Iress platform in Australia, a variety of account levels are available, each with distinct deposit requirements. While higher-tiered accounts like Premier offer cost efficiencies, less frequent traders might find the monthly fees less attractive.
Conversely, iFOREX presents a slightly different scenario with average spread data unavailable. This broker ranks lower on the scale, receiving a 3-star rating and placing 61st out of the same 63 brokers. While they may not offer the cost efficiency of FP Markets, iFOREX could still appeal to traders whose priorities extend beyond strictly commission and fee structures.
The disparity in star ratings and rankings between FP Markets and iFOREX underscores a clear difference in value for traders focused on cost reduction. With FP Markets earning accolades for their pricing, particularly with their ECN account offerings, they remain a strong contender for the cost-conscious trader. iFOREX, while still a valid option, may not be the go-to choice for those primarily concerned with fees and commissions.
| Feature |
FP Markets
|
iFOREX
|
|---|---|---|
| Minimum Deposit | $100 AUD | $100 |
| Average Spread EUR/USD - Standard | 1.2 | N/A |
| All-in Cost EUR/USD - Active | 0.7 | N/A |
| Active Trader or VIP Discounts | Yes | No |
| ACH or SEPA Transfers | No | No |
| PayPal (Deposit/Withdraw) | Yes | Yes |
| Skrill (Deposit/Withdraw) | Yes | Yes |
| Visa/Mastercard (Credit/Debit) | Yes | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
When comparing FP Markets and iFOREX for available investment options, both platforms allow forex trading as a CFD or spot contract. FP Markets provides a broad range of opportunities, offering up to 10,000 tradable symbols, while iFOREX presents 750 symbols. Despite having fewer overall symbols, iFOREX offers a slightly higher number of forex pairs at 88 compared to FP Markets' 71. However, neither broker offers the chance to buy exchange-traded securities on U.S. or international exchanges, and both focus on derivatives for cryptocurrency trading. FP Markets distinguishes itself with the option for copy trading, which is not available on iFOREX.
In terms of ratings, FP Markets scores 4.5 stars for its range of investments and is ranked 18th among 63 brokers by ForexBrokers.com. Conversely, iFOREX receives 3.5 stars and is ranked 41st. While both brokers offer similar services, FP Markets has a broader array of assets and the added benefit of copy trading, making it a potentially more versatile choice for investors seeking diverse trading options.
| Feature |
FP Markets
|
iFOREX
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 10000 | 750 |
| Forex Pairs (Total) | 71 | 88 |
| U.S. Stock Trading (Non CFD) | No | No |
| Int'l Stock Trading (Non CFD) | No | No |
| Social Trading / Copy Trading | Yes | No |
| Cryptocurrency (Physical) | No | No |
| Cryptocurrency (Derivative) | Yes | Yes |
| Disclaimers | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). |
Dive deeper: Best Copy Trading Platforms.
FP Markets stands out with its extensive offering of trading platforms and tools. Traders can benefit from a free virtual demo account, making it a great option for those new to trading or looking to test strategies without financial risk. FP Markets provides both a proprietary platform and widely recognized MetaTrader platforms (MT4 and MT5), catering to diverse trading needs. Additionally, FP Markets offers a Windows-based desktop platform and a browser-based platform, while enabling traders to engage in copy trading. With 17 drawing tools and the ability to trade directly from stock charts, FP Markets equips traders with essential features for effective trading decisions.
On the other hand, iFOREX offers a proprietary, web-based platform, which may appeal to those looking for a straightforward trading experience without reliance on downloads. However, iFOREX lacks a demo account feature and renowned platforms like MetaTrader, which could be a drawback for some traders. Despite not supporting copy trading or certain other popular tools, iFOREX provides a greater number of drawing tools with 25 available options for charting and offers more watchlist customization with 9 fields. Both brokers are rated four stars for their trading platforms and tools, but FP Markets holds a higher rank, positioned at #23 compared to iFOREX's #54, reflecting broader recognition in the industry for platform features.
| Feature |
FP Markets
|
iFOREX
|
|---|---|---|
| Virtual Trading (Demo) | Yes | No |
| Proprietary Platform | Yes | Yes |
| Desktop Platform (Windows) | Yes | No |
| Web Platform | Yes | Yes |
| Social Trading / Copy Trading | Yes | No |
| MetaTrader 4 (MT4) | Yes | No |
| MetaTrader 5 (MT5) | Yes | No |
| DupliTrade | No | No |
| ZuluTrade | No | No |
| Charting - Indicators / Studies (Total) | 30 | 57 |
| Charting - Drawing Tools (Total) | 17 | 25 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 7 | 9 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
When comparing FP Markets and iFOREX, both brokers offer mobile trading apps for iPhone and Android devices. FP Markets stands out with its versatile features, including the ability to receive stock and forex price alerts and draw trendlines on charts. Users can view different time frames on charts, such as daily or weekly, and the app automatically saves these drawings. Additionally, FP Markets provides real-time quote watchlists, making it easier for traders to keep track of their investments.
On the other hand, iFOREX offers a more straightforward mobile app experience, but it lacks several advanced features found in FP Markets. For instance, iFOREX does not offer price alerts, trendline drawing, or real-time watchlists in its app. Although both brokers have a four-star rating for their mobile apps, FP Markets ranks significantly higher at number 18 out of 63 brokers, compared to iFOREX's rank of 55. This higher ranking reflects the comprehensive functionalities that FP Markets offers to enhance the trading experience for its mobile users.
| Feature |
FP Markets
|
iFOREX
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | No |
| Watchlist Syncing | No | No |
| Mobile Charting - Indicators / Studies | MetaTrader (Default) | N/A |
| Mobile Charting - Draw Trendlines | Yes | No |
| Mobile Charting - Multiple Time Frames | Yes | No |
| Mobile Charting - Drawings Autosave | Yes | No |
| Mobile Watchlist | Yes | No |
Dive deeper: Best Forex Trading Apps.
When comparing FP Markets and iFOREX for their market research offerings, both brokers provide daily market commentary to keep traders informed. However, FP Markets stands out by delivering forex news from top-tier sources such as Bloomberg and Reuters, a feature that iFOREX lacks. Both platforms include tools from Trading Central for technical analysis, but FP Markets has a broader selection of research tools, including Autochartist, which iFOREX does not offer. Both brokers also provide sentiment-based trading tools and comprehensive economic calendars to help traders identify potential opportunities.
FP Markets is rated 4 stars for research, reflecting its wide range of tools and information, while iFOREX receives a 3.5-star rating. According to ForexBrokers.com, FP Markets ranks 25th out of 63 brokers in the research category, whereas iFOREX is ranked 48th. This comparison highlights FP Markets' superior research capabilities, making it a more attractive choice for traders who prioritize comprehensive market analysis.
| Feature |
FP Markets
|
iFOREX
|
|---|---|---|
| Daily Market Commentary | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | No |
| Autochartist | Yes | No |
| Trading Central (Recognia) | Yes | Yes |
| Social Sentiment - Currency Pairs | Yes | Yes |
| TipRanks | No | No |
| Signal Centre (Acuity Trading) | No | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
When it comes to educational resources for beginners interested in forex and CFDs trading, FP Markets stands out compared to iFOREX. FP Markets offers a comprehensive selection of educational materials, including over ten articles, videos, and archived webinars focused on forex and CFDs. Additionally, they provide monthly online webinars and maintain a searchable archive of these sessions, allowing clients to learn at their own pace. Beginners can also benefit from more than ten introductory videos specific to trading, on top of advanced content for more experienced traders. An investor dictionary with over fifty definitions ensures that even the newest trader understands key terminologies.
On the other hand, while iFOREX offers at least ten beginner-oriented educational videos, its resources are more limited in comparison. The platform does not provide a sufficient library of forex-focused educational content or monthly webinars, nor does it offer an archive of previous sessions. iFOREX lacks an investor dictionary as well. When it comes to broker rankings, FP Markets secures a higher position, ranked 23rd out of 63 brokers by ForexBrokers.com for Education, earning a 4-star rating. Meanwhile, iFOREX holds the 53rd spot with a 3.5-star rating, indicating that FP Markets delivers a more extensive educational experience for those just starting in trading.
| Feature |
FP Markets
|
iFOREX
|
|---|---|---|
| Education (Forex or CFDs) | Yes | No |
| Client Webinars | Yes | No |
| Client Webinars (Archived) | Yes | No |
| Videos - Beginner Trading Videos | Yes | Yes |
| Videos - Advanced Trading Videos | Yes | No |
| Investor Dictionary (Glossary) | Yes | No |
Dive deeper: Best Forex Brokers for Beginners.
After testing 63 of the best forex brokers, our research and account testing finds that FP Markets is better than iFOREX. FP Markets finished with an overall rank of #19, while iFOREX finished with an overall rank of #52.
FP Markets shines as a low-cost broker for trading forex and CFDs – as long as you use the MetaTrader platform. The Iress platform suite offers well over 9,000 tradeable symbols, but it’s mostly a share trading platform – and is generally a much pricier option.
| Feature |
FP Markets
|
iFOREX
|
|---|---|---|
| Overall Rating |
|
|
| Trust Score | 89 | 75 |
| Range of Investments |
|
|
| Commissions & Fees |
|
|
| Platforms & Tools |
|
|
| Research |
|
|
| Mobile Trading |
|
|
| Education |
|
|
Both FP Markets and iFOREX provide the option to trade cryptocurrency derivatives but do not offer the purchase of actual delivered cryptocurrencies.
Both FP Markets and iFOREX provide options such as PayPal, Skrill, Visa or Mastercard, and bank wires for depositing or withdrawing account funds, yet neither offers ACH or SEPA transfers.
Please note:
We review each broker’s overall global offering – a “Yes” checkmark in our Compare Tool does not guarantee the availability of any specific features in your country of residence. To verify the availability of any features within your country of residence, please contact the broker directly.
Select Brokers
↓×Compare
0 of 5| Overall Rating | FP Markets | iFOREX | |
|---|---|---|---|
| Overall Rating |
|
| |
| Commissions & Fees |
|
| |
| Range of Investments |
|
| |
| Platforms & Tools |
|
| |
| Mobile Trading |
|
| |
| Research |
|
| |
| Education |
|
| |
| Trust Score | 89 | 75 | |
| Winner | check_circle | ||
| Review | FP Markets Review |
| Broker Screenshots | FP Markets | iFOREX | |
|---|---|---|---|
| Trading Platforms Gallery (click to expand) |
| ||
| Mobile Trading Gallery (click to expand) |
| ||
| Research Gallery (click to expand) |
| ||
| Education Gallery (click to expand) |
|
| Regulation | FP Markets | iFOREX | |
|---|---|---|---|
| Trust Score | 89 | 75 | |
| Year Founded | 2005 | 1996 | |
| Publicly Traded (Listed) | No | No | |
| Bank | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes | |
| Tier-1 Licenses | 2 | 1 | |
| Tier-2 Licenses | 1 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 1 | 1 |
| Tier-1 Licenses (Highly Trusted) | FP Markets | iFOREX | |
|---|---|---|---|
| Australia (ASIC Authorised) | Yes | No | |
| Canada (CIRO Authorised) | No | No | |
| Hong Kong (SFC Authorised) | No | No | |
| Japan (SFC Authorised) | No | No | |
| Singapore (MAS Authorised) | No | No | |
| Switzerland (FINMA Authorised) | No | No | |
| United Kingdom (U.K.) (FCA Authorised) | No | Yes | |
| USA (CFTC Authorized) | No | No | |
| New Zealand (FMA Authorised) | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes |
| Tier-2 Licenses (Trusted) | FP Markets | iFOREX | |
|---|---|---|---|
| Kenya (CMA Authorised) | No | No | |
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | Yes | No | |
| UAE (DFSA/Central Bank Authorised) | No | No | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) | No | No |
| Investments | FP Markets | iFOREX | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 10000 | 750 | |
| Forex Pairs (Total) | 71 | 88 | |
| U.S. Stock Trading (Non CFD) | No | No | |
| Int'l Stock Trading (Non CFD) | No | No | |
| Social Trading / Copy Trading | Yes | No | |
| Cryptocurrency (Physical) | No | No | |
| Cryptocurrency (Derivative) | Yes | Yes | |
| Disclaimers | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). |
| Cost | FP Markets | iFOREX | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 1.2 | N/A | |
| All-in Cost EUR/USD - Active | 0.7 | N/A | |
| Active Trader or VIP Discounts | Yes | No | |
| Inactivity Fee | No | No | |
| Execution: Agency Broker | No | No | |
| Execution: Market Maker | Yes | Yes |
| Funding | FP Markets | iFOREX | |
|---|---|---|---|
| Minimum Deposit | $100 AUD | $100 | |
| PayPal (Deposit/Withdraw) | Yes | Yes | |
| Skrill (Deposit/Withdraw) | Yes | Yes | |
| Visa/Mastercard (Credit/Debit) | Yes | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| ACH or SEPA Transfers | No | No |
| Trading Platforms | FP Markets | iFOREX | |
|---|---|---|---|
| Proprietary Platform | Yes | Yes | |
| Desktop Platform (Windows) | Yes | No | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | Yes | No | |
| MetaTrader 4 (MT4) | Yes | No | |
| MetaTrader 5 (MT5) | Yes | No | |
| cTrader | Yes | No | |
| DupliTrade | No | No | |
| ZuluTrade | No | No |
| Trading Tools | FP Markets | iFOREX | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | No | |
| Alerts - Basic Fields | Yes | No | |
| Watchlists - Total Fields | 7 | 9 | |
| Charting - Indicators / Studies (Total) | 30 | 57 | |
| Charting - Drawing Tools (Total) | 17 | 25 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | No |
| Mobile Trading | FP Markets | iFOREX | |
|---|---|---|---|
| Android App | Yes | Yes | |
| Apple iOS App | Yes | Yes | |
| Mobile Alerts - Basic Fields | Yes | No | |
| Mobile Watchlist | Yes | No | |
| Watchlist Syncing | No | No | |
| Mobile Charting - Indicators / Studies | MetaTrader (Default) | N/A | |
| Mobile Charting - Draw Trendlines | Yes | No | |
| Mobile Charting - Multiple Time Frames | Yes | No | |
| Mobile Charting - Drawings Autosave | Yes | No | |
| Mobile Economic Calendar | Yes | No |
| Research | FP Markets | iFOREX | |
|---|---|---|---|
| Daily Market Commentary | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | No | |
| Autochartist | Yes | No | |
| Trading Central (Recognia) | Yes | Yes | |
| TipRanks | No | No | |
| Social Sentiment - Currency Pairs | Yes | Yes | |
| Economic Calendar | Yes | Yes |
| Education | FP Markets | iFOREX | |
|---|---|---|---|
| Education (Forex or CFDs) | Yes | No | |
| Client Webinars | Yes | No | |
| Client Webinars (Archived) | Yes | No | |
| Videos - Beginner Trading Videos | Yes | Yes | |
| Videos - Advanced Trading Videos | Yes | No | |
| Investor Dictionary (Glossary) | Yes | No |
| Major Forex Pairs | FP Markets | iFOREX | |
|---|---|---|---|
| GBP/USD | Yes | Yes | |
| USD/JPY | Yes | Yes | |
| EUR/USD | Yes | Yes | |
| USD/CHF | Yes | Yes | |
| USD/CAD | Yes | Yes | |
| NZD/USD | Yes | Yes | |
| AUD/USD | Yes | Yes | |
| Review | FP Markets Review |
| Overall | FP Markets | iFOREX | |
|---|---|---|---|
| Overall Rating |
|
| |
| Commissions & Fees |
|
| |
| Range of Investments |
|
| |
| Platforms & Tools |
|
| |
| Mobile Trading |
|
| |
| Research |
|
| |
| Education |
|
| |
| Trust Score | 89 | 75 | |
| Winner | check_circle | ||
| Review | FP Markets Review |
IG
CMC Markets
FOREX.com
XTB
eToro
AvaTrade
Plus500
Pepperstone
FP Markets
Tickmill