Written by ForexBrokers.com
In this head to head comparison of IC Markets vs TopFX, 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.
In the realm of online trading, understanding the trustworthiness of brokers is crucial. IC Markets, established in 2007, holds a Trust Score of 84 from ForexBrokers.com, categorizing it as a 'trusted' option. With two Tier-1 licenses, it demonstrates adherence to stringent regulatory standards, which are highly valued by traders seeking reliable platforms. Despite not being publicly traded or a bank, IC Markets has garnered recognition for its safety and transparency.
On the other hand, TopFX, founded in 2010, is classified as having a 'high risk' profile with a Trust Score of 67 according to ForexBrokers.com. Holding just one Tier-1 license, its regulatory backing is less extensive than that of IC Markets, which might be a point of consideration for cautious investors. Like IC Markets, TopFX is not publicly traded and does not operate as a bank, which are factors that may influence its risk perception in the industry.
| Feature |
IC Markets
|
TopFX
|
|---|---|---|
| Year Founded | 2007 | 2010 |
| 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 |
IC Markets earns 5 out of 5 stars for commissions and fees (ranked #5 of 63 by ForexBrokers.com). It offers three accounts: Standard (spread-only) and two commission-based Raw options on MetaTrader (MT4/MT5) and cTrader. On cTrader, the commission is $3.00 per side per standard lot ($6.00 round turn); on MetaTrader it’s $3.50 per side ($7.00 round turn). IC Markets lists an average EUR/USD spread of 0.02 pips (Aug 2022); adding commission puts the all‑in cost around 0.62 pips on cTrader or 0.72 pips on MetaTrader—very competitive for active forex traders. IC Markets also offers discounts for high-volume traders and has a low minimum deposit for its commission accounts, plus it earned Best in Class honors for Commissions & Fees in the 2024 Annual Awards. Pricing can vary by platform, account type, and whether you use its European, Australian, or Seychelles entity.
TopFX earns 4 out of 5 stars (ranked #41 of 63). It provides two account types on both MetaTrader and cTrader: the commission-free ZERO account and the commission-based RAW account. The RAW account charges 2.75 EUR per side per standard lot (5.50 EUR round turn). In July 2024, the RAW account’s average EUR/USD spread was 0.33 pips; adding the commission equivalent of 0.55 pips brings the estimated all‑in cost to about 0.88 pips—roughly in line with the industry average. The ZERO account has no commission but showed higher average spreads of 1.03 pips on EUR/USD during the same period. Minimum deposits vary by payment method.
Comparing the two, IC Markets generally comes in cheaper on EUR/USD for commission-based trading, with listed all‑in costs around 0.62–0.72 pips (depending on platform) versus about 0.88 pips at TopFX. IC Markets’ cTrader account is slightly less expensive than its MetaTrader Raw account, while TopFX’s RAW account narrows spreads but adds a commission. If your priority is the lowest possible trading costs and platform choice, IC Markets’ pricing edge and 5-star rating stand out; if you prefer a straightforward, commission-free setup, TopFX’s ZERO account is simple—though spreads are higher.
| Feature |
IC Markets
|
TopFX
|
|---|---|---|
| Minimum Deposit | $200 | Depends on payment method |
| Average Spread EUR/USD - Standard | 0.62 | 1.03 |
| All-in Cost EUR/USD - Active | 0.62 | 0.88 |
| Active Trader or VIP Discounts [DELETED] | ||
| Non-wire bank transfer | No | No |
| PayPal (Deposit/Withdraw) | Yes | Yes |
| Skrill (Deposit/Withdraw) | Yes | Yes |
| Visa/Mastercard (Credit/Debit) [DELETED] | ||
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
IC Markets delivers a wider range of investments than TopFX, with 3,583 tradable symbols versus TopFX’s 655. Both brokers support forex trading (CFD/spot), and their currency lineups are similar: 61 pairs at IC Markets and 60 at TopFX. When it comes to exchange-traded shares (not CFDs), neither broker offers U.S. stocks, but IC Markets does allow direct trading of certain international shares, while TopFX does not.
Both IC Markets and TopFX offer copy trading, as well as cryptocurrency exposure through derivatives; neither supports buying actual crypto. For overall range of investments, ForexBrokers.com rates IC Markets at 4.5/5 stars (ranked 26th of 63 brokers) and TopFX at 3.5/5 stars (ranked 47th of 63), reflecting IC Markets’ broader product lineup.
| Feature |
IC Markets
|
TopFX
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 3583 | 655 |
| Forex Pairs (Total) | 61 | 60 |
| 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). | 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.
IC Markets and TopFX both cover the essentials for everyday traders: each offers a free demo account, Windows desktop and web-based platforms, copy trading, MetaTrader 4 (MT4), and the ability to place trades directly from charts. Neither broker has its own in-house platform. A key difference is MetaTrader 5 (MT5) support—IC Markets offers MT5, while TopFX does not. The available data doesn’t specify whether either broker supports DupliTrade or ZuluTrade, nor the counts for chart indicators, drawing tools, or watchlist fields.
Both brokers earn 4 stars for Trading Platforms and Tools. However, IC Markets ranks higher in the ForexBrokers.com category (#16 out of 63) compared to TopFX (#46 out of 63). If you want MT5 alongside MT4, IC Markets is the clear choice; if you only need MT4 with demo access, copy trading, and desktop/web platforms, both can fit the bill.
| Feature |
IC Markets
|
TopFX
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Desktop Trading 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 | No |
| DupliTrade [DELETED] | ||
| ZuluTrade [DELETED] | ||
| Charting - Indicators / Studies (Total) | 30 | 30 |
| Charting - Drawing Tools (Total) [DELETED] | ||
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields [DELETED] |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
IC Markets and TopFX both offer mobile trading apps for iPhone and Android, with price alerts and real-time quote watchlists available in each. Neither broker syncs watchlist symbols between mobile and the web platform, which may matter if you switch devices often. For overall quality, both are rated 4 out of 5 stars for mobile trading; however, IC Markets ranks higher in the category (#22 of 63) compared with TopFX (#52 of 63), according to ForexBrokers.com.
Charting is similar across both apps: each provides 30 technical studies, the ability to draw trendlines, and auto-saves your chart annotations. Information about viewing multiple time frames on mobile wasn’t specified for either broker. If your priority is stronger third-party recognition and the same core charting tools, IC Markets has the edge; if you just need the essentials like alerts and real-time watchlists on iOS or Android, both apps will cover the basics.
| Feature |
IC Markets
|
TopFX
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Price Alerts | Yes | Yes |
| Mobile Watchlists - Syncing | No | No |
| Mobile Charting - Indicators / Studies | 30 | 30 |
| Mobile Charting - Draw Trendlines | Yes | Yes |
| Mobile Charting - Multiple Time Frames | ||
| Mobile Charting - Trendlines Autosave | Yes | Yes |
| Mobile Watchlist | Yes | Yes |
Dive deeper: Best Forex Trading Apps.
IC Markets vs TopFX: both brokers cover the basics of market research well, including forex news from top-tier sources (like Bloomberg/Reuters-class feeds), tools from Autochartist and Trading Central, a sentiment gauge showing long/short ratios, and an economic calendar. The key difference is daily market commentary—IC Markets provides it, while TopFX does not. IC Markets does not include TipRanks or Acuity Trading tools; for TopFX, the availability of TipRanks or Acuity Trading isn’t specified.
Ratings back up the gap: IC Markets earns 4 out of 5 stars for research and ranks #23 of 63 brokers on ForexBrokers.com, while TopFX scores 3 stars and ranks #61. If you want daily commentary and a stronger overall research lineup, IC Markets is the safer pick. TopFX still covers the essentials with major news and popular analysis tools.
| Feature |
IC Markets
|
TopFX
|
|---|---|---|
| Daily Market Commentary | Yes | No |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | Yes | Yes |
| Trading Central (Recognia) | Yes | Yes |
| Client sentiment data | Yes | Yes |
| TipRanks | No | |
| Signal Centre (Acuity Trading) | No | |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
IC Markets vs TopFX for beginner trading education: IC Markets offers more live and structured learning. It runs client webinars at least once a month, while TopFX does not. IC Markets also provides at least 10 beginner video lessons and at least 10 advanced videos, helping new traders move from basics to more complex forex and CFD topics; TopFX does not meet those video counts. We don’t have confirmation on whether either broker maintains a broader forex/CFD education library of 10+ articles or similar content, a searchable archive of recorded webinars, or an investor dictionary with 50+ terms.
Based on our evaluations, IC Markets earns 4 stars for Education and ranks #16 out of 63 brokers at ForexBrokers.com. TopFX earns 3 stars and ranks #62. For beginners who want regular live sessions and a deeper catalog of video lessons, IC Markets is likely the stronger pick, while TopFX may appeal to those who only need a light introduction.
| Feature |
IC Markets
|
TopFX
|
|---|---|---|
| Education (Forex or CFDs) | ||
| Webinars | Yes | No |
| Client Webinars (Archived) [DELETED] | ||
| Videos - Beginner Trading Videos | Yes | No |
| Videos - Advanced Trading Videos | Yes | No |
| Investor Dictionary (Glossary) [DELETED] |
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 TopFX. IC Markets finished with an overall rank of #20, while TopFX finished with an overall rank of #62.
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
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TopFX
|
|---|---|---|
| Overall Rating |
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| Trust Score | 84 | 67 |
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Both IC Markets and TopFX do not offer the ability to buy actual delivered cryptocurrency, but they both provide options to purchase cryptocurrency derivatives.
IC Markets vs TopFX: both brokers support PayPal, Skrill, and bank wire deposits/withdrawals, neither supports ACH or SEPA transfers, and Visa/Mastercard availability is not specified.
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 | TopFX | |
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| Trust Score | 84 | 67 | |
| Winner | check_circle | ||
| Review | IC Markets Review | TopFX Review |
| Broker Screenshots | IC Markets | TopFX | |
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| Regulation | IC Markets | TopFX | |
|---|---|---|---|
| Trust Score | 84 | 67 | |
| Year Founded | 2007 | 2010 | |
| 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 | TopFX | |
|---|---|---|---|
| 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) | |||
| United Kingdom (U.K.) (FCA Authorised) | No | No | |
| 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 | TopFX | |
|---|---|---|---|
| Kenya (CMA Authorised) | |||
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | No | No | |
| UAE (DFSA, FSRA, or SCA Authorised) | No | No | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) |
| Investments | IC Markets | TopFX | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 3583 | 655 | |
| Forex Pairs (Total) | 61 | 60 | |
| 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). | 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 | TopFX | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 0.62 | 1.03 | |
| All-in Cost EUR/USD - Active | 0.62 | 0.88 | |
| Inactivity Fee | No | No | |
| Execution: Agency Broker | Yes | No | |
| Execution: Market Maker | Yes | Yes |
| Funding | IC Markets | TopFX | |
|---|---|---|---|
| Minimum Deposit | $200 | Depends on payment method | |
| PayPal (Deposit/Withdraw) | Yes | Yes | |
| Skrill (Deposit/Withdraw) | Yes | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| Non-wire bank transfer | No | No |
| Trading Platforms | IC Markets | TopFX | |
|---|---|---|---|
| Proprietary Desktop Trading 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 | No | |
| cTrader | Yes | Yes |
| Trading Tools | IC Markets | TopFX | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Price Alerts | Yes | Yes | |
| Charting - Indicators / Studies (Total) | 30 | 30 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | IC Markets | TopFX | |
|---|---|---|---|
| Android App | Yes | Yes | |
| Apple iOS App | Yes | Yes | |
| Mobile Price Alerts | Yes | Yes | |
| Mobile Watchlist | Yes | Yes | |
| Mobile Watchlists - Syncing | No | No | |
| Mobile Charting - Indicators / Studies | 30 | 30 | |
| Mobile Charting - Draw Trendlines | Yes | Yes | |
| Mobile Charting - Trendlines Autosave | Yes | Yes | |
| Mobile Research - Economic Calendar | Yes | Yes |
| Research | IC Markets | TopFX | |
|---|---|---|---|
| Daily Market Commentary | Yes | No | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | Yes | Yes | |
| Trading Central (Recognia) | Yes | Yes | |
| TipRanks | No | ||
| Client sentiment data | Yes | Yes | |
| Economic Calendar | Yes | Yes |
| Education | IC Markets | TopFX | |
|---|---|---|---|
| Webinars | Yes | No | |
| Videos - Beginner Trading Videos | Yes | No | |
| Videos - Advanced Trading Videos | Yes | No |
| Major Forex Pairs | IC Markets | TopFX | |
|---|---|---|---|
| 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 | TopFX Review |
| Overall | IC Markets | TopFX | |
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| Trust Score | 84 | 67 | |
| Winner | check_circle | ||
| Review | IC Markets Review | TopFX Review |
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