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FxPro vs IC Markets: Comparison and Analysis

Written by Filippo Ucchino Fact-Checked by Luca Puddu Publication Date Last Updated
Our verdict · CFD/FX trading

FxPro and IC Markets are two great brokers in Australia for scalping, automated trading and crypto trading, however FxPro holds no licence in Australia. That said, IC Markets is the better choice if you are looking for a lower EUR/USD cost (US$8.00 per lot against US$11.70), while FxPro is better because it has a lower minimum deposit (US$100.00 against US$200.00) and faster execution (13 ms against 40 ms). FxPro has faster withdrawals (1 day against 5 days), API access, a smartwatch app and fixed spread accounts, while IC Markets has corporate accounts. IC Markets is regulated in Australia by ASIC, while FxPro has no Australian licence and is regulated by CySEC and the FCA. Both brokers support MetaTrader 4, MetaTrader 5, cTrader and TradingView. FxPro lists 2,100 symbols and IC Markets 2,250. Both have a demo account.

FxPro

CFDCFD FxPro offers CFD trading: leveraged contracts that follow the price of an asset without owning it. Switch the comparison to CFD/FX to rate it on that. FXFX FxPro offers forex trading: currency pairs such as EUR/USD, traded with leverage. Forex is rated together with CFDs, on the CFD/FX side. Not regulated in your country FxPro does not accept residents in Australia because it is not regulated by ASIC.
FxPro review ›
85CFD/FXOverall score FxPro scores 85/100 for CFD/FX trading. The overall score is calculated from the data in this comparison across 12 areas.
Not licensed in Australia

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.

IC Markets

CFDCFD IC Markets offers CFD trading: leveraged contracts that follow the price of an asset without owning it. Switch the comparison to CFD/FX to rate it on that. FXFX IC Markets offers forex trading: currency pairs such as EUR/USD, traded with leverage. Forex is rated together with CFDs, on the CFD/FX side. Regulated in your country IC Markets is allowed by ASIC to onboard clients residing in Australia.
IC Markets review ›
84CFD/FXOverall score IC Markets scores 84/100 for CFD/FX trading. The overall score is calculated from the data in this comparison across 12 areas.
Open Account

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.

Best for

What we compare A comparison of the kinds of traders FxPro and IC Markets are best suited to, based on what each one actually offers in Australia.
1 / 12

FxPro is better than IC Markets for high-volume traders. Professional traders, scalpers and swing traders can choose either FxPro or IC Markets.

Best for
Overall score FxPro 85 IC Markets 84 -1
Day trading i
Long-term investing i
Professional traders i
High-volume traders i
Scalpers i
Swing traders i
News traders i
Algo traders i
Stock traders i
Crypto traders i
Futures traders i
Options traders i

Regulation

What we compare A comparison between the financial authorities that supervise FxPro and the ones that supervise IC Markets.
2 / 12

Only IC Markets is regulated in Australia, by ASIC. FxPro holds no licence in Australia and is regulated by CySEC and the FCA (United Kingdom).

Regulation
Section score FxPro 100 IC Markets 100
Tier-1 regulators
ESMA (European Union) i
FCA (United Kingdom) i
ASIC (Australia) i
CFTC (United States) i
NFA (United States) i
SEC (United States) i
CIRO (Canada) i
MAS (Singapore) i
SFC (Hong Kong) i
JFSA (Japan) i
FINMA (Switzerland) i
Tier-2 regulators
FMA (New Zealand) i
CBR (Russia) i
FSCA (South Africa) i
DFSA (Dubai) i
CSRC (China) i
ISA (Israel) i
LFSA (Malaysia) i
JSC (Jordan) i
CMA (Kenya) i
Tier-3 regulators
FSA (Seychelles) i
MMA (Maldives) i
SCB (Bahamas) i
FSC (Mauritius) i
VFSC (Vanuatu) i
FSC (Belize) i
CIMA (Cayman Islands) i
SV FSA (Saint Vincent and the Grenadines) i
FSRC (St. Kitts & Nevis) i
BMA (Bermuda) i
BVI FSC (British Virgin Islands) i
EDR (External Dispute Resolution) i

Safety

What we compare A comparison of the tools and services that FxPro and IC Markets have in place to protect your money in Australia.
3 / 12

Both FxPro and IC Markets offer segregated client funds and two-factor authentication. FxPro also offers additional money insurance.

Safety
Section score FxPro 74 Best IC Markets 65 -9
Company info
Is it publicly traded i
Is it a bank i
Year founded i 2006 2007
Parent company i FxPro Group Limited International Capital Markets Pty Ltd
CEO i Charalambos Psimolophitis Andrew Budzinski
Money safety
Segregated client funds i
Two-factor authentication i
Investor compensation scheme i
Additional money insurance i
Partner bank i Barclays, Julius Baer, Royal Bank of Scotland Eurobank
Brand power
Number of customers worldwide i 2,180,000
Annual revenue i US$900,000
Monthly website search traffic i 323.9K monthly visits 2.2M monthly visits

Costs

What we compare A comparison of what it costs to trade with FxPro and with IC Markets in Australia, both on each trade and on holding the account.
4 / 12

IC Markets is better than FxPro for costs, since IC Markets is cheaper on EUR/USD, at US$8 per lot (against FxPro's US$11.7), has tighter S&P 500 CFD spreads, at 0.49 points (against FxPro's 0.85 points), and has tighter gold CFD spreads, at 0.08 points (against FxPro's 0.34 points). Neither FxPro nor IC Markets charges account maintenance fees or deposit fees.

Costs
Section score FxPro 49 -15 IC Markets 64 Best
Broker fees
Deposit fees i
Withdrawal fees i
Overnight fees i
Inactivity fees i
Currency conversion fees i
Discounts on volume i
Real time market data fee i
Dividend withholding i
Account opening fees i
Account maintenance fee i
Portfolio management fee i
Fees on CFDs
Forex commission per lot i US$7 US$7
EUR/USD average standard spread i
1.43 pips
0.8 pips
EUR/USD average raw spread i
0.21 pips
0.1 pips
EUR/USD average fixed spread i
EUR/USD total cost per lot i US$11.7 US$8
S&P 500 fees (CFD) i 0.85 points 0.492 points
Gold fees (CFD) i 0.34 points 0.08 points
Bitcoin fees (CFD) i US$15.74 US$12.01
US stocks fees (CFD) i Free US$0.02
Fees on stocks
Stock fee type i Spread Commission, Percentage
US stocks fees (real) i
ETF fees (real) i
Management costs i
Connection costs i
Fees on futures
Futures fees per contract i
Platform fees i
Fees on options
Options fees per contract i
Event fees i
Fees on savings plans
IRA opening fee i
IRA maintenance fee i
401k opening fee i
401k maintenance fee i

Available markets

What we compare A comparison of the markets and products you can trade with FxPro and with IC Markets in Australia, and of how many instruments each one gives access to.
5 / 12

FxPro and IC Markets are close on available markets. Both FxPro and IC Markets offer CFDs on commodities, crypto, ETFs, forex, indices and stocks. IC Markets goes a step further, as it gives access to 2,250 tradable symbols (against FxPro's 2,100).

Available markets
Section score FxPro 75 IC Markets 75
Total tradable symbols i 2,100 2,250
Currency pairs i
Indices i
Commodities i
Stocks i
ETF i
Cryptocurrencies i
Bonds i
Interest rates i
Portfolios i
CFDs i Commodities, Crypto, ETF, Forex, Indices, Stocks Commodities, Crypto, ETF, Forex, Indices, Stocks
Futures i
Options i
Assets you can own i

Platform

What we compare A comparison of the trading platforms that FxPro and IC Markets make available to their clients in Australia.
6 / 12

FxPro is better than IC Markets for platforms, as FxPro offers a proprietary platform, which IC Markets does not. FxPro and IC Markets both offer cTrader and MetaTrader 5.

Platform
Section score FxPro 94 Best IC Markets 89 -5
Proprietary platform i
MetaTrader 4 i
MetaTrader 5 i
cTrader i
Social trading platform i
Copy trading platform i
ZuluTrade i
TradingView i
Duplitrade i
Mirror Trader i
NinjaTrader i
AutoChartist i
Real time pricing i
5 digit pricing i
One-click trading i

Mobile

What we compare A comparison of the mobile apps of FxPro and IC Markets in Australia, and of what each one lets you do from your phone.
7 / 12

FxPro is better than IC Markets for mobile trading, as FxPro offers a social trading app, a copy trading app and mobile trading signals, which IC Markets does not. FxPro and IC Markets both offer a proprietary mobile app and the cTrader app.

Mobile
Section score FxPro 100 Best IC Markets 86 -14
Proprietary app i
Social trading app i
Copy trading app i
MetaTrader 4 app i
MetaTrader 5 app i
cTrader app i
Mobile trading signals i
Mobile alerts i
Mobile charting tools i
Mobile drawing tools i
Mobile watchlist i
Smartwatch app i

Trading features

What we compare A comparison of the trading tools and strategies that FxPro and IC Markets allow on their platforms in Australia.
8 / 12

FxPro is better than IC Markets for trading features, because FxPro executes orders faster, within 13 ms (against IC Markets' 40 ms), and offers guaranteed stop losses, which IC Markets does not. FxPro and IC Markets both offer negative balance protection and trailing stops. The leverage shown for FxPro is set by its Bahamas entity and exceeds the retail limit in Australia (30:1 on major currency pairs).

Trading features
Section score FxPro 93 Best IC Markets 87 -6
Trade execution
Broker type i NDD Hybrid
Average execution time i 13 ms 40 ms
Slippage occurrence i 9%
Requotes occurrence i 0% 0%
Tier-1 liquidity providers i
PFOF i
Leverage
Major FX pairs leverage i 200:1 30:1
Minor/Exotic FX pairs leverage i 500:1 20:1
Major indices leverage i 200:1 20:1
Minor indices leverage i 200:1 10:1
Gold leverage i 200:1 20:1
Commodities leverage i 200:1 10:1
Equities leverage i 25:1 5:1
Cryptocurrency leverage i 20:1 2:1
Risk management
Stop losses i
Take profits i
Limit orders i
Trailing stop i
Margin call i
OCO orders i
Guaranteed stop loss i
Negative balance protection i
Minimum trade size (FX) i 0.01 lots 0.01 lots
Minimum trade size (stocks) i US$0 US$0
Fractional stocks i
Trading compliance
Scalping strategies allowed i
Hedging strategies allowed i
Automated trading strategy allowed i
EAs use allowed i
HFT strategy allowed i
VPS use allowed i
API use allowed i
Price scraping allowed i
FIFO rule applies i

Account types

What we compare A comparison of the kinds of account you can open at FxPro and at IC Markets in Australia, and of who each one is meant for.
9 / 12

FxPro is better than IC Markets for account types, since FxPro offers a managed account, a copy trading account and a fixed spread account, which IC Markets does not. Both FxPro and IC Markets offer a demo account and a professional traders account.

Account types
Section score FxPro 95 Best IC Markets 74 -21
Demo account i
Unlimited demo account i
Standard account i
Micro account i
Cent account i
Nano account i
Raw spread account i
ECN account i
Swap-free account i
Islamic account i
Professional traders account i
Fixed spread account i
Spread betting account i
Copy trading account i
Corporate account i
Managed account i
Stock investing account i
Margin investing account i
Savings account i
Retirement account i

Account opening

What we compare A comparison of what it takes to open and fund an account with FxPro and with IC Markets in Australia.
10 / 12

IC Markets is better than FxPro for account opening, given that IC Markets offers 10 account base currencies (against FxPro's 7). That said, FxPro asks for no minimum deposit at all (against IC Markets' US$200). FxPro holds no licence in Australia.

Account opening
Section score FxPro 75 -10 IC Markets 85 Best
Minimum deposit i US$0 US$200
Minimum withdrawal i US$0 US$0
Wire transfers i
Credit cards i
Debit cards i
eWallets i PayPal, Neteller, Skrill
Local payment methods i
Account base currencies i AUD, CHF, EUR, GBP, JPY, PLN, USD AUD, USD, EUR, CAD, GBP, SGD, NZD, JPY, HKD, CHF
Deposit waiting time i up to 1 business days up to 5 business days
Withdrawal waiting time i up to 1 business days up to 5 business days
Bonus program i

Customer care

What we compare A comparison of the customer support of FxPro and IC Markets in Australia, in how it can be reached and how fast it answers.
11 / 12

There is little between FxPro and IC Markets on customer care, as both offer a dedicated account manager and phone support. FxPro goes a step further, as it offers customer support in 18 languages (against IC Markets' 17), and has a website in 24 languages (against IC Markets' 17).

Customer care
Section score FxPro 91 -1 IC Markets 92
Number of languages supported i 24 17
Website languages i Arabic, Czech, Danish, German, English, Estonian, Finnish, French, Croatian, Hungarian, Indonesian, Italian, Korean, Lithuanian, Malay, Norwegian, Polish, Portuguese, Russian, Spanish, Swedish, Urdu, Vietnamese, Chinese Arabic, Bulgarian, Czech, German, English, French, Croatian, Indonesian, Italian, Korean, Malay, Portuguese, Russian, Spanish, Thai, Vietnamese, Chinese
Website available in English i
Customer support languages i Arabic, Czech, German, English, French, Hungarian, Indonesian, Italian, Korean, Malay, Polish, Portuguese, Russian, Spanish, Thai, Urdu, Vietnamese, Chinese Arabic, Bulgarian, Czech, German, English, French, Croatian, Indonesian, Italian, Korean, Malay, Portuguese, Russian, Spanish, Thai, Vietnamese, Chinese
Customer support in English i
Call back request i
Email support i
Phone support i
Live chat i
Priority customer support i
Dedicated account manager i
Cash sweep i
Stock lending i
Distributes proceeds i
Tax withholding agent i
Tax assistance i

Learning

What we compare A comparison of the educational material that FxPro and IC Markets provide to their clients in Australia.
12 / 12

IC Markets is better than FxPro for learning, as IC Markets offers webinars, which FxPro does not. FxPro and IC Markets both offer education for advanced traders and professional reports.

Learning
Section score FxPro 88 -12 IC Markets 100 Best
Education
Education center i
Education for beginners i
Education for advanced traders i
Webinars i
Tutorials i
Glossary i
Research
Economic calendar i
Traders' sentiment i
Daily market commentary i
Daily trading ideas i
News via social media i
Professional reports i
Watchlist i
FxPro
Not licensed in Australia CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.
IC Markets
Open Account CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.
Our verdict

FxPro vs IC Markets: which one should you choose?

FxPro

CFD/FX Choose FxPro if you want a forex brokerage service with fast execution, API access and fixed spread accounts and live in a country where it is licensed to operate.

Not licensed in Australia CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.
IC Markets

CFD/FX Choose IC Markets if you want a CFD broker regulated in Australia by ASIC, with low spreads and corporate accounts.

Open Account CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.

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