Written by ForexBrokers.com
In this head to head comparison of FP 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.
FP Markets and iFOREX are two online brokers that differ significantly in their regulatory standings and trust scores. Established in 2005, FP Markets is not a publicly traded company nor a bank, but it holds 2 highly trusted Tier-1 licenses and 1 trusted Tier-2 license. With a Trust Score of 89 out of 99 from ForexBrokers.com, FP Markets is considered a trusted option in the financial world.
On the other hand, iFOREX was founded earlier, in 1996, but like FP Markets, it is neither publicly traded nor a bank. iFOREX holds 1 Tier-1 license and lacks any Tier-2 licenses, which positions it differently in terms of regulatory assurance. With a Trust Score of 75, iFOREX falls into the average risk category. While both brokers offer viable services, FP Markets edges out in trustworthiness according to ForexBrokers.com ratings.
| Feature |
FP Markets
|
iFOREX
|
|---|---|---|
| Year Founded | 2005 | 1996 |
| Publicly Traded (Listed) | No | No |
| Bank | No | No |
| Tier-1 Licenses | 2 | 1 |
| Tier-2 Licenses | 1 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 1 | 1 |
FP Markets is a highly rated online broker when it comes to commissions and fees, earning a 5-star rating and securing the 6th position out of 62 brokers by ForexBrokers.com. The broker offers a variety of account options designed to cater to different trading needs. Its Raw ECN account, for example, provides competitive spreads averaging 0.1 pips with a commission that brings the all-in cost to 0.8 pips. The Standard account is less cost-effective, with an average spread of 1.1 pips for the EUR/USD. Traders on the cTrader platform can also choose between a spread-only standard account and a commission-based Raw account with a flat rate of $6 per round-turn lot for forex trades.
iFOREX, on the other hand, received a lower 3-star rating for its commissions and fees from ForexBrokers.com, ranking 60th out of 62 brokers. The specific spread data for iFOREX is not available, making it challenging to comprehensively compare its cost structures to those of FP Markets. The broker's lack of transparency in its pricing may concern traders seeking clear and predictable trading expenses.
Overall, FP Markets stands out as a more cost-competitive option, especially for those utilizing the Raw ECN account to take advantage of its low spreads and commission structure. While iFOREX provides basic trading services, traders focused on minimizing their trading expenses might consider FP Markets as a more favorable choice due to its highly competitive pricing and transparent fee structure.
| Feature |
FP Markets
|
iFOREX
|
|---|---|---|
| Minimum Deposit | $100 AUD | $100 |
| Average Spread EUR/USD - Standard | 1.2 | N/A |
| All-in Cost EUR/USD - Active | 0.7 | 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 FP Markets and iFOREX based on the variety of investments they offer, it’s clear that FP Markets provides a larger selection. FP Markets boasts a staggering 10,000 tradeable symbols, compared to iFOREX's 750. However, iFOREX offers a slightly larger number of tradeable forex pairs, with 88 compared to FP Markets' 71. Both brokers allow forex trading through CFDs or spot contracts but do not offer exchange-traded securities on either U.S. or international exchanges. Neither platform provides the ability to purchase actual, delivered cryptocurrency, although both do offer cryptocurrency derivatives.
Additional features differ somewhat as well, with FP Markets supporting copy trading, giving investors the option to follow and replicate the trades of others, a feature iFOREX doesn’t offer. In terms of range of investments, FP Markets is rated higher at 4.5 stars, placing it 18th out of 62 brokers on ForexBrokers.com, whereas iFOREX scores 3.5 stars and ranks 41st. These reviews underline FP Markets' wider array of offerings, making it a potentially more versatile choice for investors seeking exposure to different markets.
| Feature |
FP Markets
|
iFOREX
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 10000 | 750 |
| Forex Pairs (Total) | 71 | 88 |
| U.S. Stock Trading (Non CFD) | No | No |
| Int'l Stock Trading (Non CFD) | No | 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 FP Markets and iFOREX, prospective traders will find key differences in their trading platforms and tools. FP Markets offers a wide range of features that cater to both beginners and advanced traders. It provides a free simulated trading experience with a demo account, allowing users to hone their trading skills without financial risk. The platform supports both the popular MetaTrader 4 and MetaTrader 5, making it a versatile choice for those familiar with these interfaces. Users can also access a proprietary platform developed by FP Markets, available as a Windows desktop download or via a web browser. Additionally, the trading experience is enhanced with copy trading options, allowing users to follow successful traders. In contrast, iFOREX delivers its services through a proprietary web-based platform, lacking options like copy trading or support for MetaTrader software. However, iFOREX compensates with a greater number of charting tools, offering 25 drawing tools compared to FP Markets’ 17.
Both FP Markets and iFOREX allow direct trading from stock charts and provide customizable watch lists, with iFOREX offering slightly more columns for personalization. In terms of user satisfaction and ranking, both brokers received a four-star rating for their trading platforms and tools. Despite offering some valuable features, iFOREX ranks lower than FP Markets, sitting at 54th out of 62 brokers on ForexBrokers.com compared to FP Markets' 23rd position. This discrepancy highlights that FP Markets may be seen as a more comprehensive choice for traders seeking a broad set of tools and customizable features. Overall, the selection between the two brokers will largely depend on individual trading needs and preferences regarding platform capabilities.
| Feature |
FP Markets
|
iFOREX
|
|---|---|---|
| Virtual Trading (Demo) | Yes | No |
| Proprietary Platform | Yes | 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 | No | No |
| Charting - Indicators / Studies (Total) | 30 | 57 |
| Charting - Drawing Tools (Total) | 17 | 25 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 7 | 9 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
FP Markets and iFOREX both provide apps for iPhone and Android users, allowing seamless trading on the go. While both platforms offer basic app functionalities, FP Markets stands out with additional features. It supports stock and forex price alerts and allows various charting enhancements. Traders can utilize MetaTrader's default technical studies and easily draw trendlines, view multiple time frames, and auto-save their chart drawings directly within FP Markets' app. Furthermore, FP Markets enables the creation of watchlists with real-time quotes, a useful tool for active traders who rely on up-to-the-minute data.
On the other hand, iFOREX lacks several features offered by FP Markets. It does not provide price alerts or allow drawing trendlines on charts; nor does it offer multiple time frames or real-time quote watchlists, which could hinder more sophisticated trading strategies. Despite this, both platforms receive a decent rating of 4 out of 5 stars for their mobile trading apps. Nevertheless, when looking at overall rankings, FP Markets ranks significantly higher at #18 compared to iFOREX's #55 in the Mobile Trading Apps category according to ForexBrokers.com. This indicates a preference for FP Markets among trading users, possibly due to its more comprehensive mobile features.
| Feature |
FP 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 | MetaTrader (Default) | 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 FP Markets to iFOREX for market research offerings, FP Markets stands out with a higher rating and superior resources. Both brokers provide daily market commentary for traders, keeping them informed with regular updates. Notably, FP Markets has an edge by offering forex news from prestigious sources like Bloomberg, Reuters, and Dow Jones, enhancing the credibility and depth of their information. iFOREX, on the other hand, lacks access to these top-tier news sources. Both platforms supply sentiment-based trading tools, allowing traders to see the ratio of long or short positions, and they each have technical analysis tools from Trading Central. However, FP Markets offers additional technical insights with Autochartist tools, which iFOREX does not provide.
In terms of available research tools, neither FP Markets nor iFOREX employ services from companies like Acuity Trading or TipRanks. They both feature economic calendars that showcase global news events, aiding traders in making informed decisions. Despite these similarities, FP Markets is rated slightly higher with 4 stars for research compared to iFOREX's 3.5 stars, and it holds a stronger position in ForexBrokers.com's research category rankings, positioned at #25 out of 62 brokers, while iFOREX ranks at #48. This overall comparison highlights FP Markets as the more favorable option for those prioritizing comprehensive market research capabilities alongside reliable technical analysis resources.
| Feature |
FP 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 it comes to educational resources for beginners, FP Markets stands out with a comprehensive selection geared towards helping new traders. Offering more than 10 educational pieces primarily focused on forex and CFDs, this broker provides a wealth of articles and videos alongside archived webinars. Their commitment to ongoing learning is evident with monthly online client webinars, alongside a searchable archive of past sessions. For those just starting, FP Markets caters to their needs with a series of beginner educational videos, complemented by advanced ones for more seasoned traders. New investors can also take advantage of an extensive investor dictionary containing over 50 terms to deepen their understanding of the market. With these offerings, FP Markets earns a commendable four-star education rating and holds the 23rd place in the education category out of 62 brokers as ranked by ForexBrokers.com.
In contrast, iFOREX offers a more limited range of educational materials for beginners. While they do provide at least 10 beginner educational videos, they fall short in other areas, such as not offering enough articles or videos specifically focused on forex and CFDs. iFOREX also does not host monthly educational webinars or provide a library of archived content, which can be a disadvantage for those who prefer learning through interactive sessions. Furthermore, the lack of advanced trading videos and an investor dictionary might limit the learning potential for both beginners and experienced traders. As a result, iFOREX receives a 3.5-star rating in education and ranks 53rd in ForexBrokers.com's educational category.
| Feature |
FP 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 62 of the best forex brokers, our research and account testing finds that FP Markets is better than iFOREX. FP Markets finished with an overall rank of #19, while iFOREX finished with an overall rank of #52.
FP Markets shines as a low-cost broker for trading forex and CFDs – as long as you use the MetaTrader platform. The Iress platform suite offers well over 9,000 tradeable symbols, but it’s mostly a share trading platform – and is generally a much pricier option.
| Feature |
FP Markets
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iFOREX
|
|---|---|---|
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| Trust Score | 89 | 75 |
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Both FP Markets and iFOREX provide the option to trade cryptocurrency derivatives but do not offer the purchase of actual delivered cryptocurrencies.
Both FP Markets and iFOREX provide options such as PayPal, Skrill, Visa or Mastercard, and bank wires for depositing or withdrawing account funds, yet neither offers 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 | FP Markets | iFOREX | |
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| Trust Score | 89 | 75 | |
| Winner | check_circle | ||
| Review | FP Markets Review |
| Broker Screenshots | FP Markets | iFOREX | |
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| Regulation | FP Markets | iFOREX | |
|---|---|---|---|
| Trust Score | 89 | 75 | |
| Year Founded | 2005 | 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 | 1 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 1 | 1 |
| Tier-1 Licenses (Highly Trusted) | FP 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) | FP Markets | iFOREX | |
|---|---|---|---|
| Kenya (CMA Authorised) | No | No | |
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | Yes | No | |
| UAE (DFSA/Central Bank Authorised) | No | No | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) | No | No |
| Investments | FP Markets | iFOREX | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 10000 | 750 | |
| Forex Pairs (Total) | 71 | 88 | |
| U.S. Stock Trading (Non CFD) | No | No | |
| Int'l Stock Trading (Non CFD) | No | 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 | FP Markets | iFOREX | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 1.2 | N/A | |
| All-in Cost EUR/USD - Active | 0.7 | N/A | |
| Active Trader or VIP Discounts | Yes | No | |
| Inactivity Fee | No | No | |
| Execution: Agency Broker | No | No | |
| Execution: Market Maker | Yes | Yes |
| Funding | FP Markets | iFOREX | |
|---|---|---|---|
| Minimum Deposit | $100 AUD | $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 | FP Markets | iFOREX | |
|---|---|---|---|
| Proprietary Platform | Yes | 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 | No | No |
| Trading Tools | FP 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) | 17 | 25 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | No |
| Mobile Trading | FP 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 | MetaTrader (Default) | 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 | FP 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 | FP 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 | FP 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 | FP Markets Review |
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| Trust Score | 89 | 75 | |
| Winner | check_circle | ||
| Review | FP Markets Review |
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