Written by ForexBrokers.com
In this head to head comparison of IC Markets vs FXOpen, 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.
IC Markets and FXOpen are both established online brokers, with IC Markets founded in 2007 and FXOpen in 2003. Neither company is publicly traded nor operates as a bank. When it comes to regulatory standing, both brokers hold two Tier-1 licenses, indicating a high level of trust according to ForexBrokers.com standards. This type of license is seen as highly trustworthy, ensuring a strong level of protection and oversight for traders choosing either broker.
In terms of Trust Scores, IC Markets has a rating of 84, classifying it as a trusted broker. FXOpen, on the other hand, holds a Trust Score of 76, placing it in the average risk category. Neither broker holds any Tier-2 licenses, which would otherwise add an additional layer of trust according to ForexBrokers.com’s rating system. Ultimately, both brokers offer competitive trustworthiness and regulation, helping traders make informed decisions based on what level of regulatory assurance they prefer.
| Feature |
IC Markets
|
FXOpen
|
|---|---|---|
| Year Founded | 2007 | 2003 |
| Publicly Traded (Listed) | No | No |
| Bank | No | No |
| Tier-1 Licenses | 2 | 2 |
| Tier-2 Licenses | 0 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 3 | 0 |
When comparing the commissions and fees between online brokers IC Markets and FXOpen, IC Markets emerges as a top choice for traders seeking low trading costs. IC Markets stands out with a full score of 5 stars in the Commissions and Fees category and holds an impressive ranking of 5 out of 63 brokers as rated by ForexBrokers.com. It provides a competitive edge with its low trading costs, often rivaling leading forex brokers like IG and CMC Markets. Traders can select from three different account types, including the commission-free Standard account and the commission-based Raw Spread and cTrader Raw Spread accounts. The cTrader account offers even lower commissions compared to MetaTrader accounts, and IC Markets caps its average spread on EUR/USD at a mere 0.62 pips when combined with the cTrader account commission.
IC Markets offers a unique advantage with its tiered discount system for active traders who exceed 100 standard lots per month. This flexibility in trading cost structure makes IC Markets a highly appealing option for both casual and active traders. In contrast, FXOpen, while still a viable choice with a 4-star rating for commissions and fees, falls behind IC Markets, ranking 44th out of 63 brokers. Unfortunately, FXOpen does not publicly provide average spread data, which might be a drawback for traders looking to analyze and compare fees transparently.
Overall, while FXOpen offers a solid brokerage service, IC Markets' offering stands out due to its lower trading costs, high level of transparency, and supportive structure for active traders.
| Feature |
IC Markets
|
FXOpen
|
|---|---|---|
| Minimum Deposit | $200 | $100 |
| Average Spread EUR/USD - Standard | 0.62 | N/A |
| All-in Cost EUR/USD - Active | 0.62 | N/A |
| Active Trader or VIP Discounts | Yes | Yes |
| ACH or SEPA Transfers | No | No |
| PayPal (Deposit/Withdraw) | Yes | No |
| 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 IC Markets and FXOpen for their range of investment options, IC Markets clearly stands out with a significantly larger selection. With 3,583 tradeable symbols, including 61 forex pairs, IC Markets provides traders with ample opportunities to diversify and explore various markets. In contrast, FXOpen offers 87 tradeable symbols and 25 forex pairs, presenting a more limited range of choices for investors. Both brokers offer forex trading as CFDs or spot contracts and provide the option for copy trading. However, neither platform allows clients to purchase exchange-traded securities on U.S. exchanges, like Apple shares.
Despite both brokers enabling cryptocurrency derivative trading, neither allows the purchase of actual cryptocurrencies. IC Markets further sets itself apart by enabling access to exchange-traded securities on international exchanges, unlike FXOpen. This broader range of investments earns IC Markets a 4.5-star rating for its investment variety, compared to FXOpen's 3-star rating. According to ForexBrokers.com, IC Markets is ranked #25 out of 63 brokers for Range of Investments, while FXOpen ranks significantly lower at #62, highlighting the broader investments spectrum available at IC Markets.
| Feature |
IC Markets
|
FXOpen
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 3583 | 87 |
| Forex Pairs (Total) | 61 | 25 |
| U.S. Stock Trading (Non CFD) | No | No |
| Int'l Stock Trading (Non CFD) | Yes | No |
| Social Trading / Copy Trading | Yes | Yes |
| 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). |
Dive deeper: Best Copy Trading Platforms.
When comparing the online trading platforms and tools of IC Markets and FXOpen, both brokers provide traders with a comprehensive set of features. IC Markets and FXOpen offer free virtual demo accounts, allowing newcomers or seasoned traders to practice without financial risk. Both brokers support popular platforms such as MetaTrader 4 (MT4) and MetaTrader 5 (MT5), but neither has developed a proprietary trading platform in-house. For those who prefer different methods of access, both brokers ensure availability with a Windows-based desktop platform and an efficient web-based option. Copy trading enthusiasts will find opportunities on both platforms, as they both support ZuluTrade.
Charting tools are well-equipped on both platforms, offering 15 drawing tools and the ability to trade directly from the stock charts. Traders looking to monitor their investments can utilize watch lists with up to 7 columns of data. Although both brokers received a commendable 4-star rating for their trading platforms and tools, there is a notable difference in their ranks: IC Markets ranks 16th out of 63 brokers on ForexBrokers.com, while FXOpen stands at 53rd. This difference in ranking suggests IC Markets might offer a more refined experience, although both provide solid options for traders seeking advanced capabilities.
| Feature |
IC Markets
|
FXOpen
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Platform | No | No |
| Desktop Platform (Windows) | Yes | Yes |
| Web Platform | Yes | Yes |
| Social Trading / Copy Trading | Yes | Yes |
| MetaTrader 4 (MT4) | Yes | Yes |
| MetaTrader 5 (MT5) | Yes | Yes |
| DupliTrade | No | No |
| ZuluTrade | Yes | Yes |
| Charting - Indicators / Studies (Total) | 30 | 30 |
| Charting - Drawing Tools (Total) | 15 | 15 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 7 | 7 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
When it comes to mobile trading apps, both IC Markets and FXOpen offer iPhone and Android applications, making them accessible to a broad range of users. The apps from both brokers include crucial features like stock or forex price alerts and the ability to draw trendlines on charts. Additionally, each provides a substantial set of 30 technical studies for charting, catering to traders who like to delve into analysis. Users can also access multiple time frames, such as daily, weekly, or intraday, providing flexibility in how they view market data. However, IC Markets stands out slightly with its auto-save feature for chart drawings, a convenience that FXOpen does not offer. Both apps allow traders to create watchlists with real-time quotes, but neither supports the synchronization of watchlists between mobile app and online account.
Both IC Markets and FXOpen receive similar 4-star ratings for their mobile trading apps. Despite this, IC Markets holds a higher ranking, positioned at #22 out of 63 brokers by ForexBrokers.com in the Mobile Trading Apps category, relative to FXOpen's rank at #54. This difference in ranking might influence traders who prioritize app performance in their mobile trading decisions. Overall, both brokers offer competent apps, but those looking for the convenience of auto-saving chart drawings might lean towards IC Markets.
| Feature |
IC Markets
|
FXOpen
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | No | No |
| Mobile Charting - Indicators / Studies | 30 | 30 |
| Mobile Charting - Draw Trendlines | Yes | Yes |
| Mobile Charting - Multiple Time Frames | Yes | Yes |
| Mobile Charting - Drawings Autosave | Yes | No |
| Mobile Watchlist | Yes | Yes |
Dive deeper: Best Forex Trading Apps.
When it comes to market research, both IC Markets and FXOpen provide daily market commentary and access to forex news from leading sources like Bloomberg and Reuters. However, IC Markets shines by offering a broader array of advanced tools. This includes access to technical analysis and fundamental research tools from Autochartist and Trading Central, enhancing traders' ability to make informed decisions. In contrast, FXOpen does not offer similar tools, which could be a limitation for traders relying on advanced analytics.
Furthermore, IC Markets provides a sentiment-based trading tool that gives insights into long or short positions across various currency pairs, a feature absent in FXOpen’s offerings. Both brokers offer economic calendars displaying important global news events, helping traders stay updated with market developments. Despite these similarities, IC Markets outpaces FXOpen with a higher research rating of 4 stars compared to FXOpen's 3 stars, and a better ranking of 23 out of 63 brokers in research, whereas FXOpen ranks at the bottom. This suggests that IC Markets is more comprehensive for traders seeking enriched research features.
| Feature |
IC Markets
|
FXOpen
|
|---|---|---|
| Daily Market Commentary | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | Yes | No |
| Trading Central (Recognia) | Yes | No |
| Social Sentiment - Currency Pairs | Yes | No |
| 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, IC Markets stands out as a strong option in the realm of online trading platforms. This broker provides a wealth of learning materials focused on forex and CFDs, including over ten educational articles, videos, and access to archived webinars. Their client webinars, offered monthly, help traders stay updated with the latest market insights and strategies, and previous sessions can be searched through an archived library. Additionally, their comprehensive suite of beginner-friendly videos helps newcomers easily grasp trading concepts, alongside advanced resources for those wanting to delve deeper. Notably, IC Markets also assists traders with an investor dictionary containing over 50 investing terms, making the learning curve smoother for those new to the trading world.
In contrast, FXOpen seems to offer less for those starting their trading journey. While they do provide a dictionary with investing terms to guide beginners, the lack of a full-fledged educational library is noticeable. FXOpen does not offer the same breadth of learning materials, such as webinars or an archive of past sessions, and their selection of educational videos is limited. These aspects significantly impact their overall educational rating, placing them at 58th out of 63 brokers by ForexBrokers.com, with a 3-star rating. Meanwhile, IC Markets enjoys a position closer to the top, ranking 16th with a solid 4-star rating, demonstrating its commitment to empowering traders with comprehensive and accessible educational content.
| Feature |
IC Markets
|
FXOpen
|
|---|---|---|
| Education (Forex or CFDs) | Yes | No |
| Client Webinars | Yes | No |
| Client Webinars (Archived) | Yes | No |
| Videos - Beginner Trading Videos | Yes | No |
| Videos - Advanced Trading Videos | Yes | No |
| Investor Dictionary (Glossary) | Yes | Yes |
Dive deeper: Best Forex Brokers for Beginners.
After testing 63 of the best forex brokers, our research and account testing finds that IC Markets is better than FXOpen. IC Markets finished with an overall rank of #20, while FXOpen finished with an overall rank of #54.
IC Markets’ competitive pricing and scalable execution make it an excellent option for algorithmic traders. Though it supports an impressive range of third-party tools and plugins, IC Markets’ research and education offerings are not as impressive as those offered by industry leaders.
| Feature |
IC Markets
|
FXOpen
|
|---|---|---|
| Overall Rating |
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| Trust Score | 84 | 76 |
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Both IC Markets and FXOpen do not offer the ability to buy actual delivered cryptocurrency, but they do provide the option to trade cryptocurrency derivatives.
While both IC Markets and FXOpen do not support ACH or SEPA transfers, IC Markets offers PayPal for transactions while FXOpen does not, with both brokers providing options for Skrill, Visa or Mastercard, and bank wires for depositing and withdrawing account funds.
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.
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0 of 5| Overall Rating | IC Markets | FXOpen | |
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| Trust Score | 84 | 76 | |
| Winner | check_circle | ||
| Review | IC Markets Review |
| Broker Screenshots | IC Markets | FXOpen | |
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| Regulation | IC Markets | FXOpen | |
|---|---|---|---|
| Trust Score | 84 | 76 | |
| Year Founded | 2007 | 2003 | |
| Publicly Traded (Listed) | No | No | |
| Bank | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes | |
| Tier-1 Licenses | 2 | 2 | |
| Tier-2 Licenses | 0 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 3 | 0 |
| Tier-1 Licenses (Highly Trusted) | IC Markets | FXOpen | |
|---|---|---|---|
| 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) | IC Markets | FXOpen | |
|---|---|---|---|
| Kenya (CMA Authorised) | No | No | |
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | No | No | |
| UAE (DFSA/Central Bank Authorised) | No | No | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) | No | No |
| Investments | IC Markets | FXOpen | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 3583 | 87 | |
| Forex Pairs (Total) | 61 | 25 | |
| U.S. Stock Trading (Non CFD) | No | No | |
| Int'l Stock Trading (Non CFD) | Yes | No | |
| Social Trading / Copy Trading | Yes | Yes | |
| 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). |
| Cost | IC Markets | FXOpen | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 0.62 | N/A | |
| All-in Cost EUR/USD - Active | 0.62 | N/A | |
| Active Trader or VIP Discounts | Yes | Yes | |
| Inactivity Fee | No | Yes | |
| Execution: Agency Broker | Yes | Yes | |
| Execution: Market Maker | Yes | Yes |
| Funding | IC Markets | FXOpen | |
|---|---|---|---|
| Minimum Deposit | $200 | $100 | |
| PayPal (Deposit/Withdraw) | Yes | No | |
| 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 | IC Markets | FXOpen | |
|---|---|---|---|
| Proprietary Platform | No | No | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | Yes | Yes | |
| MetaTrader 4 (MT4) | Yes | Yes | |
| MetaTrader 5 (MT5) | Yes | Yes | |
| cTrader | Yes | No | |
| DupliTrade | No | No | |
| ZuluTrade | Yes | Yes |
| Trading Tools | IC Markets | FXOpen | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 7 | 7 | |
| Charting - Indicators / Studies (Total) | 30 | 30 | |
| Charting - Drawing Tools (Total) | 15 | 15 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | IC Markets | FXOpen | |
|---|---|---|---|
| Android App | Yes | Yes | |
| Apple iOS App | Yes | Yes | |
| Mobile Alerts - Basic Fields | Yes | Yes | |
| Mobile Watchlist | Yes | Yes | |
| Watchlist Syncing | No | No | |
| Mobile Charting - Indicators / Studies | 30 | 30 | |
| Mobile Charting - Draw Trendlines | Yes | Yes | |
| Mobile Charting - Multiple Time Frames | Yes | Yes | |
| Mobile Charting - Drawings Autosave | Yes | No | |
| Mobile Economic Calendar | Yes | Yes |
| Research | IC Markets | FXOpen | |
|---|---|---|---|
| Daily Market Commentary | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | Yes | No | |
| Trading Central (Recognia) | Yes | No | |
| TipRanks | No | No | |
| Social Sentiment - Currency Pairs | Yes | No | |
| Economic Calendar | Yes | Yes |
| Education | IC Markets | FXOpen | |
|---|---|---|---|
| Education (Forex or CFDs) | Yes | No | |
| Client Webinars | Yes | No | |
| Client Webinars (Archived) | Yes | No | |
| Videos - Beginner Trading Videos | Yes | No | |
| Videos - Advanced Trading Videos | Yes | No | |
| Investor Dictionary (Glossary) | Yes | Yes |
| Major Forex Pairs | IC Markets | FXOpen | |
|---|---|---|---|
| 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 | IC Markets Review |
| Overall | IC Markets | FXOpen | |
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| Trust Score | 84 | 76 | |
| Winner | check_circle | ||
| Review | IC Markets Review |
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