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IC Markets vs TopFX 2025

ForexBrokers.com

Written by ForexBrokers.com

February 05, 2025

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.

IC Markets
4.5/5 Stars Overall
  • Minimum Deposit: $200
  • Trust Score: 84
  • Tradeable Symbols (Total): 3583
TopFX
3.5/5 Stars Overall
  • Minimum Deposit: Depends on payment method
  • Trust Score: 67
  • Tradeable Symbols (Total): 655

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.

Regulation

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 logoIC Markets
TopFX logoTopFX
Year Founded info 2007 2010
Publicly Traded (Listed) info No No
Bank info No No
Tier-1 Licenses info 2 1
Tier-2 Licenses info 0 0
Tier-3 Licenses info 0 0
Tier-4 Licenses info 3 1

Fees

When comparing the commissions and fees of IC Markets and TopFX, IC Markets stands out with a 5-star rating and ranks impressively at #5 out of 63 brokers according to ForexBrokers.com. Offering three account types, IC Markets caters to both beginners and experienced traders. Their Raw Spread and cTrader Raw Spread accounts charge competitive commissions, with the cTrader account at $3 per side per 100,000 units and the MetaTrader account at $3.5 per side. The average spread for the EUR/USD currency pair is notably low at 0.62 pips for the cTrader account, making it an attractive choice for those seeking cost efficiency. Additionally, IC Markets provides discounts for traders who exceed 100 standard lots per month, further enhancing value for active traders.

TopFX, rated 4 stars and ranked #40 for commissions and fees, offers two account types: the spread-only ZERO account and the commission-based RAW account. The RAW account, available on both MetaTrader and cTrader platforms, charges a commission of 2.75 EUR per side, or 5.50 EUR for a round turn standard lot. While the average spread for the EUR/USD is 0.33 pips, the overall cost rises to approximately 0.88 pips when including commissions. This cost aligns with the industry average but remains less competitive compared to IC Markets. The ZERO account, though commission-free, comes with higher spreads, averaging 1.03 pips for the EUR/USD pair.

In summary, while both IC Markets and TopFX provide viable options for forex trading, IC Markets offers more competitive pricing and a broader range of benefits for active traders. With lower spreads and commission rates, alongside its impressive industry ranking, IC Markets proves to be a superior choice for those focused on minimizing trading costs.

Feature IC Markets logoIC Markets
TopFX logoTopFX
Minimum Deposit info $200 Depends on payment method
Average Spread EUR/USD - Standard info 0.62 info 1.03 info
All-in Cost EUR/USD - Active info 0.62 info 0.88 info
Active Trader or VIP Discounts info Yes No
ACH or SEPA Transfers info No No
PayPal (Deposit/Withdraw) info Yes Yes
Skrill (Deposit/Withdraw) info Yes Yes
Visa/Mastercard (Credit/Debit) info Yes Yes
Bank Wire (Deposit/Withdraw) info Yes Yes

Dive deeper: Best Low Spread Forex Brokers.

Featured Offers


Range of investments

IC Markets and TopFX both offer forex trading through CFDs, but IC Markets stands out with a wider range of investment options. With 3,583 tradeable symbols, it far surpasses TopFX's offering of 655. There's a slight edge in forex pairs too, with IC Markets providing 61 pairs compared to TopFX’s 60. Neither platform offers exchange-traded U.S. securities like Apple shares, but IC Markets provides access to international securities such as Vodafone, a feature not available with TopFX. Both brokers offer copy trading services and cryptocurrency derivatives, although neither offers the capability to purchase actual cryptocurrencies directly.

In terms of overall investment variety, IC Markets receives a rating of 4.5 stars and ranks 25th out of 63 brokers on ForexBrokers.com for its range. This is significantly higher than TopFX, which is rated at 3.5 stars and ranks 46th. These distinctions suggest that IC Markets provides a more comprehensive selection of investment opportunities, making it a preferred choice for traders seeking diverse asset classes.

Feature IC Markets logoIC Markets
TopFX logoTopFX
Forex Trading (Spot or CFDs) info Yes Yes
Tradeable Symbols (Total) info 3583 655
Forex Pairs (Total) info 61 60
U.S. Stock Trading (Non CFD) info No No
Int'l Stock Trading (Non CFD) info Yes No
Social Trading / Copy Trading info Yes Yes
Cryptocurrency (Physical) info No No
Cryptocurrency (Derivative) info 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.

Trading platforms and tools

When comparing IC Markets and TopFX in terms of their trading platforms and tools, both brokers offer a range of capabilities that appeal to their users. IC Markets and TopFX provide simulated trading with free virtual demo accounts, making them accessible for those wanting to practice without financial risk. Both brokers do not have proprietary platforms and rely on well-established options. Desktop traders can enjoy Windows-based platforms from each broker, coupled with web-based platforms for those who prefer browser trading. Taking versatility further, both brokers support copy trading, though IC Markets has an edge with support for MetaTrader 5, which TopFX lacks. While TopFX does not offer ZuluTrade, IC Markets integrates this feature, appealing to traders interested in social and copy trading functionalities.

In terms of trading charts, both IC Markets and TopFX provide 15 drawing tools and a functionality to trade directly from stock charts, along with seven columns for constructing comprehensive watch lists. Despite this parity, IC Markets slightly edges out TopFX in overall user experience, rated four stars in Trading Platforms and Tools and securing a rank of 16 out of 63 on ForexBrokers.com, whereas TopFX also holds four stars but ranks 45 in the same category. Although these brokers are on equal footing in many aspects, IC Markets’ broader platform support and higher ranking make it a slightly more attractive choice for those seeking a comprehensive trading experience.

Feature IC Markets logoIC Markets
TopFX logoTopFX
Virtual Trading (Demo) info Yes Yes
Proprietary Platform info No No
Desktop Platform (Windows) info Yes Yes
Web Platform info Yes Yes
Social Trading / Copy Trading info Yes Yes
MetaTrader 4 (MT4) info Yes Yes
MetaTrader 5 (MT5) info Yes No
DupliTrade info No No
ZuluTrade info Yes No
Charting - Indicators / Studies (Total) info 30 30
Charting - Drawing Tools (Total) info 15 15
Charting - Trade From Chart info Yes Yes
Watchlists - Total Fields info 7 7
View More

Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.

Forex trading apps

When it comes to mobile trading, both IC Markets and TopFX offer highly accessible apps for iPhone and Android users. Each app ensures traders receive stock or forex price alerts and allows them to draw trendlines and access various time frames for charting. Both brokers offer 30 technical studies in their respective apps and save chart drawings automatically. However, neither provider supports watchlist symbol syncing, meaning any changes made to the watchlist on the app won't be reflected in the user's online account.

IC Markets and TopFX both allow traders to create watchlists with live quotes right at their fingertips. Each app is rated four stars for its mobile trading experience. However, trading enthusiasts may take note of the distinct ranking difference, with IC Markets positioned at number 22 out of 63 brokers on ForexBrokers.com compared to TopFX, which ranks at number 51. This suggests a slightly better user experience for those choosing IC Markets for their mobile trading needs.

Feature IC Markets logoIC Markets
TopFX logoTopFX
Android App info Yes Yes
Apple iOS App info Yes Yes
Mobile Alerts - Basic Fields info Yes Yes
Watchlist Syncing info No No
Mobile Charting - Indicators / Studies info 30 30
Mobile Charting - Draw Trendlines info Yes Yes
Mobile Charting - Multiple Time Frames info Yes Yes
Mobile Charting - Drawings Autosave info Yes Yes
Mobile Watchlist info Yes Yes

Dive deeper: Best Forex Trading Apps.

Market research

When comparing the market research offerings of IC Markets and TopFX, IC Markets stands out with its daily market commentary, which TopFX does not provide. Both brokers deliver forex news from reputable sources like Bloomberg and Reuters, keeping traders informed with reliable information. Additionally, both platforms offer technical and fundamental analysis tools from well-known companies like Autochartist and Trading Central, along with sentiment-based trading tools that present the ratio of long and short positions in the market.

While neither broker offers market research tools from TipRanks or Acuity Trading, both do provide an economic calendar that highlights significant global news events. However, IC Markets holds a higher research rating of 4 stars compared to TopFX's 3 stars, showcasing its more comprehensive market research features. Furthermore, in the competitive landscape of 63 brokers, IC Markets is ranked 23rd in the Research category by ForexBrokers.com, significantly outperforming TopFX, which is ranked 60th.

Feature IC Markets logoIC Markets
TopFX logoTopFX
Daily Market Commentary info Yes No
Forex News (Top-Tier Sources) info Yes Yes
Autochartist info Yes Yes
Trading Central (Recognia) info Yes Yes
Social Sentiment - Currency Pairs info Yes Yes
TipRanks info No No
Signal Centre (Acuity Trading) info No No
Economic Calendar info Yes Yes

Dive deeper: Best Brokers for Forex Research.

Beginners and education

When it comes to educational resources for beginners, IC Markets clearly stands out compared to TopFX. IC Markets offers an impressive array of over ten educational pieces, including articles, videos, and archived webinars, all focused on forex and CFDs. They also provide at least one live educational webinar each month for clients, alongside a searchable archive of past sessions. Beginners can benefit from a series of educational videos specifically tailored to their needs, with over ten videos dedicated to beginner traders. Additionally, there are more than ten advanced videos for those looking to deepen their knowledge. An investor dictionary with over 50 investing terms further enhances IC Markets' offerings.

Meanwhile, TopFX currently falls short in these areas. They do not provide the same level of educational material, as they lack the minimum quantity of educational content seen at IC Markets and do not host monthly client webinars. Archival access to past webinars is also not an option with TopFX. While IC Markets boasts a 4-star rating for education and ranks 16th out of 63 brokers in the Education category according to ForexBrokers.com, TopFX holds a slightly lower 3-star rating and is positioned at 61st place, making IC Markets a more appealing choice for beginners seeking comprehensive educational support.

Feature IC Markets logoIC Markets
TopFX logoTopFX
Education (Forex or CFDs) info Yes No
Client Webinars info Yes No
Client Webinars (Archived) info Yes No
Videos - Beginner Trading Videos info Yes No
Videos - Advanced Trading Videos info Yes No
Investor Dictionary (Glossary) info Yes No

Dive deeper: Best Forex Brokers for Beginners.

Winner

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 #61.

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 logoIC Markets
TopFX logoTopFX
Overall Rating info 4.5/5 Stars 3.5/5 Stars
Trust Score info 84 67
Range of Investments 4.5/5 Stars 3.5/5 Stars
Commissions & Fees 5/5 Stars 4/5 Stars
Platforms & Tools 4/5 Stars 4/5 Stars
Research 4/5 Stars 3/5 Stars
Mobile Trading 4/5 Stars 4/5 Stars
Education 4/5 Stars 3/5 Stars

FAQs

Can you trade cryptocurrency with IC Markets or TopFX?

Both IC Markets and TopFX do not offer the ability to buy actual delivered cryptocurrency, but they both provide options to purchase cryptocurrency derivatives.

What funding options does each broker offer?

Both IC Markets and TopFX provide multiple options for depositing or withdrawing funds, including PayPal, Skrill, Visa or Mastercard, and bank wires, but neither supports ACH or SEPA transfers.




announcementPlease 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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Compare

0 of 5
Overall Rating IC Markets TopFX
Overall Rating info 4.5/5 Stars 3.5/5 Stars
Commissions & Fees 5/5 Stars 4/5 Stars
Range of Investments 4.5/5 Stars 3.5/5 Stars
Platforms & Tools 4/5 Stars 4/5 Stars
Mobile Trading 4/5 Stars 4/5 Stars
Research 4/5 Stars 3/5 Stars
Education 4/5 Stars 3/5 Stars
Trust Score info 84 67
Winner check_circle
Review IC Markets Review TopFX Review
Broker Screenshots IC Markets TopFX
Trading Platforms Gallery (click to expand) info
Mobile Trading Gallery (click to expand) info
Research Gallery (click to expand) info
Education Gallery (click to expand) info
Regulation IC Markets TopFX
Trust Score info 84 67
Year Founded info 2007 2010
Publicly Traded (Listed) info No No
Bank info No No
Regulated in one or more EU or EEA countries (MiFID). info Yes info Yes info
Tier-1 Licenses info 2 1
Tier-2 Licenses info 0 0
Tier-3 Licenses info 0 0
Tier-4 Licenses info 3 1
Tier-1 Licenses (Highly Trusted) IC Markets TopFX
Australia (ASIC Authorised) info Yes No
Canada (CIRO Authorised) info No No
Hong Kong (SFC Authorised) info No No
Japan (SFC Authorised) info No No
Singapore (MAS Authorised) info No No
Switzerland (FINMA Authorised) info No No
United Kingdom (U.K.) (FCA Authorised) info No No
USA (CFTC Authorized) info No No
New Zealand (FMA Authorised) info No No
Regulated in one or more EU or EEA countries (MiFID). info Yes info Yes info
Tier-2 Licenses (Trusted) IC Markets TopFX
Kenya (CMA Authorised) info No No
Israel (ISA Authorised) info No No
South Africa (FSCA Authorised) info No No
UAE (DFSA/Central Bank Authorised) info No No
India (SEBI Authorised) info No No
Jordan (JSC Authorised) info No No
Investments IC Markets TopFX
Forex Trading (Spot or CFDs) info Yes Yes
Tradeable Symbols (Total) info 3583 655
Forex Pairs (Total) info 61 60
U.S. Stock Trading (Non CFD) info No No
Int'l Stock Trading (Non CFD) info Yes No
Social Trading / Copy Trading info Yes Yes
Cryptocurrency (Physical) info No No
Cryptocurrency (Derivative) info 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 info 0.62 info 1.03 info
All-in Cost EUR/USD - Active info 0.62 info 0.88 info
Active Trader or VIP Discounts info Yes No
Inactivity Fee info No No
Execution: Agency Broker info Yes No
Execution: Market Maker info Yes Yes
Funding IC Markets TopFX
Minimum Deposit info $200 Depends on payment method
PayPal (Deposit/Withdraw) info Yes Yes
Skrill (Deposit/Withdraw) info Yes Yes
Visa/Mastercard (Credit/Debit) info Yes Yes
Bank Wire (Deposit/Withdraw) info Yes Yes
ACH or SEPA Transfers info No No
Trading Platforms IC Markets TopFX
Proprietary Platform info No No
Desktop Platform (Windows) info Yes Yes
Web Platform info Yes Yes
Social Trading / Copy Trading info Yes Yes
MetaTrader 4 (MT4) info Yes Yes
MetaTrader 5 (MT5) info Yes No
cTrader info Yes Yes
DupliTrade info No No
ZuluTrade info Yes No
Trading Tools IC Markets TopFX
Virtual Trading (Demo) info Yes Yes
Alerts - Basic Fields info Yes Yes
Watchlists - Total Fields info 7 7
Charting - Indicators / Studies (Total) info 30 30
Charting - Drawing Tools (Total) info 15 15
Charting - Trade From Chart info Yes Yes
Charts can be saved info Yes Yes
Mobile Trading IC Markets TopFX
Android App info Yes Yes
Apple iOS App info Yes Yes
Mobile Alerts - Basic Fields info Yes Yes
Mobile Watchlist info Yes Yes
Watchlist Syncing info No No
Mobile Charting - Indicators / Studies info 30 30
Mobile Charting - Draw Trendlines info Yes Yes
Mobile Charting - Multiple Time Frames info Yes Yes
Mobile Charting - Drawings Autosave info Yes Yes
Mobile Economic Calendar info Yes Yes
Research IC Markets TopFX
Daily Market Commentary info Yes No
Forex News (Top-Tier Sources) info Yes Yes
Autochartist info Yes Yes
Trading Central (Recognia) info Yes Yes
TipRanks info No No
Social Sentiment - Currency Pairs info Yes Yes
Economic Calendar info Yes Yes
Education IC Markets TopFX
Education (Forex or CFDs) info Yes No
Client Webinars info Yes No
Client Webinars (Archived) info Yes No
Videos - Beginner Trading Videos info Yes No
Videos - Advanced Trading Videos info Yes No
Investor Dictionary (Glossary) info Yes No
Major Forex Pairs IC Markets TopFX
GBP/USD info Yes Yes
USD/JPY info Yes Yes
EUR/USD info Yes Yes
USD/CHF info Yes Yes
USD/CAD info Yes Yes
NZD/USD info Yes Yes
AUD/USD info Yes Yes
Review IC Markets Review TopFX Review
Overall IC Markets TopFX
Overall Rating info 4.5/5 Stars 3.5/5 Stars
Commissions & Fees 5/5 Stars 4/5 Stars
Range of Investments 4.5/5 Stars 3.5/5 Stars
Platforms & Tools 4/5 Stars 4/5 Stars
Mobile Trading 4/5 Stars 4/5 Stars
Research 4/5 Stars 3/5 Stars
Education 4/5 Stars 3/5 Stars
Trust Score info 84 67
Winner check_circle
Review IC Markets Review TopFX Review
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