After spending seven months and hundreds of hours researching 43 different forex brokers
for trading FX, our team at ForexBrokers.com team collected over 6,000 data points. For this review, we will compare IC Markets vs Plus500.
To compare these two FX brokers, we will first take a look at the fees charged for trading (no easy task). Not every forex broker publicizes their average spreads, spreads data can vary, as can execution policies and how commissions are charged. Specifically, is the broker a dealing desk (market maker), no dealing desk (agency broker) or are both execution methods offered (dealing desk + STP/ECN)? To simplify this research, we assessed everything for you and provide a single star rating for cost. IC Markets received a rating of 4.00 stars over Plus500's 3.00 stars.
Commissions and fees aside, let's take a look at regulation and currency availability. Trust is critical, and you should highly consider choosing a broker that regulated in a major hub. IC Markets alongside Plus500 are regulated in a major hub. Plus500 is a publicly traded company while IC Markets is not. As far as how many currency pairs are available for trading, here's the answer. IC Markets boasts an offering of 63 different currency pairs compared to Plus500's 60 available pairs.
Next, let's look at the tools and features fx traders desire. With trading platforms, forex traders are all familiar with MetaTrader. IC Markets offers Meta Trader while Plus500 does not. Regardless of the trading platform you use, charting should be feature rich. To help compare these two brokers, we counted the number of drawing tools and total technical indicators made available. Plus500 trails IC Markets by 31 total charting tools, with IC Markets offering 31 and Plus500 offering 0. Plus500 boasts an offering of 103 different indicators (for example, moving averages) compared to IC Markets's 51 available indicators.
Overall, IC Markets comes out on top with 4.00 stars over Plus500's 3.00 stars. And, when it comes to individual category awards, unfortunately, neither IC Markets nor Plus500 received awards Best in Class - Platforms & Tools, Best in Class - Research, Best in Class - Customer Service, Best in Class - Active Trading, Best in Class - Mobile Trading and Best in Class - Investor Education.