Written by ForexBrokers.com
In this head to head comparison of IC 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.
IC Markets and iFOREX are both well-established online brokers, but they differ in their regulatory backing and trust ratings. Founded in 2007, IC Markets has a Trust Score of 84 out of 99 from ForexBrokers.com, placing it in the 'trusted' category. It holds two Tier-1 licenses, which are deemed highly trusted. Meanwhile, iFOREX, established in 1996, has a Trust Score of 75, categorizing it as 'average risk.' iFOREX holds one Tier-1 license, suggesting a slightly lower level of regulatory backing compared to IC Markets.
Neither IC Markets nor iFOREX is publicly traded on any stock exchange nor function as a bank. While they both serve as key players in the financial trading space, IC Markets tends to offer stronger regulatory protection with more Tier-1 licenses. These licenses are significant as they are considered a mark of high trust, helping traders gauge the reliability of a broker. Each company's standing might appeal differently to traders depending on their risk tolerance and need for regulatory assurance.
| Feature |
IC Markets
|
iFOREX
|
|---|---|---|
| Year Founded | 2007 | 1996 |
| Publicly Traded (Listed) | No | No |
| Bank | No | No |
| Tier-1 Licenses | 2 | 1 |
| Tier-2 Licenses | 0 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 3 | 1 |
When comparing commissions and fees between IC Markets and iFOREX, IC Markets stands out as a cost-effective choice for forex trading. It offers several account types, including a commission-free Standard account and commission-based Raw Spread accounts through MetaTrader and cTrader. The commission for the cTrader Raw Spread account is notably lower at $6.00 per round turn for every 100,000 units, compared to $7.00 for the MetaTrader Raw Spread account. IC Markets lists an average spread of 0.02 pips on the EUR/USD, making overall trading costs competitive. Additionally, active traders can benefit from discounts if they trade over 100 standard lots per month.
In contrast, iFOREX does not provide average spread data, making it harder to evaluate its cost-effectiveness directly. The lack of detailed commission and fee information puts iFOREX at a disadvantage compared to IC Markets, especially for those focused on minimizing trading costs. While iFOREX provides various trading options, the absence of detailed commissions and fees data makes it less attractive for traders who require transparency and low-cost trading conditions.
Based on a five-star rating system, IC Markets receives a stellar 5-star rating for its commissions and fees, whereas iFOREX holds a modest 3-star rating. In the Commissions and Fees category, IC Markets is impressively ranked #5 out of 63 brokers by ForexBrokers.com, demonstrating its cost-effectiveness. In contrast, iFOREX ranks at #61, further underscoring the competitive edge IC Markets has in offering lower-cost trading options.
| Feature |
IC Markets
|
iFOREX
|
|---|---|---|
| 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 | 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 the range of available investments between IC Markets and iFOREX, both offer forex trading with CFDs or spot contracts. However, they differ significantly in the number of tradeable symbols and forex pairs. IC Markets stands out with an impressive 3,583 tradeable symbols compared to iFOREX's 750. Interestingly, iFOREX slightly surpasses IC Markets in the number of tradeable forex pairs, offering 88, while IC Markets provides access to 61 pairs. However, neither broker offers exchange-traded securities on U.S. exchanges, but IC Markets allows investment in international stocks such as Vodafone, giving it a slight edge. Additionally, IC Markets supports copy trading, which is absent in iFOREX, and both brokers offer cryptocurrency derivatives rather than actual cryptocurrencies.
IC Markets generally earns higher accolades for its range of investments, securing a 4.5-star rating and ranking 25th out of 63 brokers according to ForexBrokers.com. Conversely, iFOREX receives a 3.5-star rating, placing it at 41st in the same evaluation. This comparative analysis indicates that IC Markets provides more diverse investment options, making it a potentially better choice for investors seeking a broader spectrum of trading opportunities.
| Feature |
IC Markets
|
iFOREX
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 3583 | 750 |
| Forex Pairs (Total) | 61 | 88 |
| U.S. Stock Trading (Non CFD) | No | No |
| Int'l Stock Trading (Non CFD) | Yes | 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.
When comparing IC Markets and iFOREX, their offerings in trading platforms and tools differ significantly, catering to various needs for traders. IC Markets shines with its extensive selection of popular third-party platforms, including MetaTrader 4 and 5. This broker also supports a Windows-based desktop platform and a web-based trading environment, ensuring flexibility across devices. What sets IC Markets apart is its provision of a free virtual demo account, allowing users to practice trading without risk. Furthermore, traders can engage in copy trading and utilize the well-regarded ZuluTrade platform. With seven fields for watch lists and the ability to trade directly from stock charts, IC Markets is a strong contender in the world of online trading.
On the other hand, iFOREX carves its niche with a proprietary trading platform, which is browser-based, designed to cater to unique user needs. While it doesn't offer a downloadable desktop platform or simulated trading with a demo account, iFOREX compensates with 25 drawing tools and nine fields for watch lists, promising an enriched charting experience. Both brokers allow trading directly from stock charts, but iFOREX notably lags in platform rankings, coming in at #54 compared to IC Markets' position at #16. Despite both receiving four-star ratings for their trading platforms and tools, the brokers present distinct advantages, allowing traders to choose based on their specific preferences and requirements.
| Feature |
IC Markets
|
iFOREX
|
|---|---|---|
| Virtual Trading (Demo) | Yes | No |
| Proprietary Platform | No | 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 | Yes | No |
| Charting - Indicators / Studies (Total) | 30 | 57 |
| Charting - Drawing Tools (Total) | 15 | 25 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 7 | 9 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
When comparing the mobile apps of IC Markets and iFOREX, both platforms offer apps for iPhone and Android. However, IC Markets stands out with its advanced features tailored for forex and stock traders. It offers useful price alerts, which iFOREX lacks, allowing traders to stay up-to-date with market movements effortlessly. While neither platform provides syncing for watchlist symbols between mobile and online accounts, IC Markets compensates with a variety of technical studies in its app, offering 30 options for chart analysis. Furthermore, IC Markets supports traders with the ability to draw trendlines and view charts across multiple time frames, from daily to intraday views. Additionally, the app saves these drawings automatically, enhancing the user experience. In contrast, iFOREX does not provide these advanced charting capabilities.
IC Markets also edges out iFOREX with the ability to create watchlists featuring real-time quotes, an essential feature for active traders, which iFOREX does not provide. Despite these differences, both trading apps are equally rated at four stars for their mobile performance. However, in a broader assessment by ForexBrokers.com, IC Markets is ranked significantly higher at number 22 out of 63 brokers, while iFOREX stands at number 55. This ranking reflects IC Markets’ stronger app features and its appeal to traders who require comprehensive tools on the go.
| Feature |
IC 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 | 30 | 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 the market research offerings between IC Markets and iFOREX, both brokers provide daily market commentary to keep traders informed. IC Markets stands out by delivering forex news from prestigious sources such as Bloomberg and Reuters, while iFOREX does not offer news from these top-tier providers. Both platforms provide innovative tools like Trading Central for technical analysis, but IC Markets further enhances its toolkit with Autochartist solutions, which iFOREX lacks. Both brokers also offer a sentiment-based trading tool to help gauge market dynamics.
Both IC Markets and iFOREX feature an economic calendar to track vital global news events. However, neither offers market research from TipRanks or Acuity Trading's Signal Centre. In terms of ratings, IC Markets holds a slight edge with a 4-star research rating compared to iFOREX's 3.5 stars. According to ForexBrokers.com, IC Markets ranks 23rd among 63 brokers, showcasing stronger research capabilities compared to iFOREX's 48th place ranking.
| Feature |
IC 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 comparing the educational resources available for beginners from IC Markets and iFOREX, IC Markets stands out with its comprehensive offerings. IC Markets provides a wide range of educational materials including over 10 pieces focused on forex and CFDs. Beginners can benefit from their live monthly webinars and a library of archived sessions to revisit. They also have a collection of beginner and advanced educational videos designed to enhance trading knowledge, along with an extensive investor dictionary featuring definitions of more than 50 investing terms.
On the other hand, iFOREX, while offering a selection of beginner educational videos, falls short in several areas compared to IC Markets. iFOREX does not provide the same depth of educational content, with fewer than 10 pieces dedicated to forex and CFDs and a lack of live monthly webinars and archived content. Their resources for advanced traders are limited as well. As a result, IC Markets boasts a 4-star education rating and ranks 16th out of 63 brokers on ForexBrokers.com, whereas iFOREX holds a 3.5-star rating and ranks 53rd.
| Feature |
IC 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 IC Markets is better than iFOREX. IC Markets finished with an overall rank of #20, while iFOREX finished with an overall rank of #52.
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
|
iFOREX
|
|---|---|---|
| Overall Rating |
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| Trust Score | 84 | 75 |
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Both IC Markets and iFOREX provide the opportunity to invest in cryptocurrency derivatives rather than facilitating the purchase of actual cryptocurrencies, as neither platform offers the ability to buy and deliver real cryptocurrencies, but both allow trading of cryptocurrency derivatives.
Both IC Markets and iFOREX accommodate a variety of deposit and withdrawal options, including PayPal, Skrill, Visa, Mastercard, and bank wires, while neither supports 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.
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0 of 5| Overall Rating | IC Markets | iFOREX | |
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| Trust Score | 84 | 75 | |
| Winner | check_circle | ||
| Review | IC Markets Review |
| Broker Screenshots | IC Markets | iFOREX | |
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| Regulation | IC Markets | iFOREX | |
|---|---|---|---|
| Trust Score | 84 | 75 | |
| Year Founded | 2007 | 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 | 0 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 3 | 1 |
| Tier-1 Licenses (Highly Trusted) | IC 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) | IC Markets | iFOREX | |
|---|---|---|---|
| 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 | iFOREX | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 3583 | 750 | |
| Forex Pairs (Total) | 61 | 88 | |
| U.S. Stock Trading (Non CFD) | No | No | |
| Int'l Stock Trading (Non CFD) | Yes | 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 | IC Markets | iFOREX | |
|---|---|---|---|
| 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 | No | |
| Inactivity Fee | No | No | |
| Execution: Agency Broker | Yes | No | |
| Execution: Market Maker | Yes | Yes |
| Funding | IC Markets | iFOREX | |
|---|---|---|---|
| Minimum Deposit | $200 | $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 | IC Markets | iFOREX | |
|---|---|---|---|
| Proprietary Platform | No | 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 | Yes | No |
| Trading Tools | IC 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) | 15 | 25 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | No |
| Mobile Trading | IC 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 | 30 | 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 | IC 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 | IC 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 | IC 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 | IC Markets Review |
| Overall | IC Markets | iFOREX | |
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| Trust Score | 84 | 75 | |
| Winner | check_circle | ||
| Review | IC Markets Review |
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