Written by ForexBrokers.com
In this head to head comparison of IC Markets vs FXOpen, 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.
IC Markets and FXOpen are both established online brokers, with IC Markets founded in 2007 and FXOpen in 2003. Neither company is publicly traded nor operates as a bank. When it comes to regulatory standing, both brokers hold two Tier-1 licenses, indicating a high level of trust according to ForexBrokers.com standards. This type of license is seen as highly trustworthy, ensuring a strong level of protection and oversight for traders choosing either broker.
In terms of Trust Scores, IC Markets has a rating of 84, classifying it as a trusted broker. FXOpen, on the other hand, holds a Trust Score of 76, placing it in the average risk category. Neither broker holds any Tier-2 licenses, which would otherwise add an additional layer of trust according to ForexBrokers.com’s rating system. Ultimately, both brokers offer competitive trustworthiness and regulation, helping traders make informed decisions based on what level of regulatory assurance they prefer.
| Feature |
IC Markets
|
FXOpen
|
|---|---|---|
| Year Founded | 2007 | 2003 |
| Publicly Traded (Listed) | No | No |
| Bank | No | No |
| Tier-1 Licenses | 2 | 2 |
| Tier-2 Licenses | 0 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 3 | 0 |
When comparing the online brokers IC Markets and FXOpen regarding commissions and fees, IC Markets stands out as a top choice for cost-conscious traders. IC Markets offers a variety of account options, including commission-free and commission-based accounts, allowing traders to select an option that best suits their trading style. With low effective spreads and competitive commission costs, IC Markets rivals leading forex brokers such as IG and CMC Markets. This has resulted in IC Markets being recognized as Best in Class for commissions and fees in the 2024 Annual Awards. The broker is distinguished by its rating of 5 stars and ranks #5 out of 62 brokers according to ForexBrokers.com.
IC Markets provides several account types to cater to different trading needs. The commission-free Standard account operates with spread only, while the Raw Spread and cTrader Raw Spread accounts come with relatively low commission costs. The cTrader Raw Spread account boasts a lower commission rate of $3.0 per side for every 100,000 units ($6.00 per round turn), slightly cheaper than the MetaTrader account that charges $3.5 per side ($7.00 per round turn). IC Markets lists an average spread on the EUR/USD at just 0.62 pips using the cTrader account, a figure that remains competitive within the industry.
In contrast, FXOpen, while a solid choice, does not disclose average spread data. The broker, which is rated 4 stars for commissions and fees, ranks significantly lower at #45 on the same list by ForexBrokers.com. This indicates that while FXOpen offers reasonable pricing, it doesn't match the low-cost leadership that IC Markets has established. As such, traders looking to minimize costs might find IC Markets to be the more appealing choice given its superior rating and industry recognition.
| Feature |
IC Markets
|
FXOpen
|
|---|---|---|
| Minimum Deposit | $200 | $100 |
| Average Spread EUR/USD - Standard | 0.62 | N/A |
| All-in Cost EUR/USD - Active | 0.62 | N/A |
| Active Trader or VIP Discounts | Yes | Yes |
| ACH or SEPA Transfers | No | No |
| PayPal (Deposit/Withdraw) | Yes | No |
| 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 the range of investments available between IC Markets and FXOpen, it's clear that IC Markets provides a far more extensive selection. IC Markets impressively offers 3,583 tradeable symbols including 61 forex pairs, while FXOpen provides access to 87 tradeable symbols with 25 forex pairs. Both brokers support forex trading as a CFD or spot contract, allowing traders to choose the option that best suits their strategy. However, neither of them offer exchange-traded securities from U.S. exchanges. For international investors, IC Markets stands out by offering exchange-traded securities on international exchanges, an option not available with FXOpen.
In the realm of copy trading, both brokers remain competitive, each allowing users to engage in this social trading feature. However, when it comes to cryptocurrency investments, both platforms limit themselves to derivatives, not permitting the purchase of actual cryptocurrencies. Evaluating their overall offering, IC Markets achieves a rating of 4.5 stars for its range of investments, significantly higher than FXOpen's 3-star rating. This superior offering is further reflected in their ForexBrokers.com ranking, with IC Markets placing at #25, while FXOpen is positioned at #61 among 62 brokers.
| Feature |
IC Markets
|
FXOpen
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 3583 | 87 |
| Forex Pairs (Total) | 61 | 25 |
| 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). |
Dive deeper: Best Copy Trading Platforms.
IC Markets and FXOpen both provide traders with a robust selection of platforms and tools to enhance their trading experience. Each broker offers MetaTrader 4 (MT4) and MetaTrader 5 (MT5), allowing access to their extensive features. While neither offers a proprietary platform, both provide a Windows-based desktop download and a web-based trading platform, ensuring flexibility for traders' different preferences. Additionally, both brokers support copy trading and offer the popular ZuluTrade service. For those seeking a virtual start, simulated (or paper) trading accounts are available with each broker.
When it comes to charting capabilities, IC Markets and FXOpen present a similar toolkit, equipped with 15 drawing tools and the option to trade directly from stock charts. Both brokers allow for watch lists with up to seven columns, providing a comprehensive view of the market. Despite these similarities, their services are perceived differently in rankings. IC Markets holds a higher position at #16 compared to FXOpen's #53 in the Trading Platforms and Tools category by ForexBrokers.com. Each, however, earns a commendable rating of four stars out of five in this category, highlighting their competitive offerings in the online trading space.
| Feature |
IC Markets
|
FXOpen
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary 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 | Yes |
| DupliTrade | No | No |
| ZuluTrade | Yes | Yes |
| Charting - Indicators / Studies (Total) | 30 | 30 |
| Charting - Drawing Tools (Total) | 15 | 15 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 7 | 7 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
When it comes to mobile trading apps, both IC Markets and FXOpen offer seamless experiences for iPhone and Android users. They both provide the convenience of stock and forex price alerts and allow traders to draw trendlines and view multiple time frames on charts. Each app also includes 30 technical studies for in-depth chart analysis. However, a key difference emerges in the auto-saving capabilities; IC Markets automatically saves chart drawings, while FXOpen does not. Although neither app supports syncing watchlist symbols across platforms, each enables users to create watchlists with real-time quotes.
With both brokers rated four stars for their mobile apps, the decision may come down to specific features and personal preferences. IC Markets holds a stronger position, ranked #22 out of 62 brokers on ForexBrokers.com, compared to FXOpen's #54 ranking. This distinction may influence traders looking for higher-rated app functionalities. Overall, each broker provides solid app experiences, catering to mobile traders seeking essential tools for fast-paced trading environments.
| Feature |
IC Markets
|
FXOpen
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | No | No |
| Mobile Charting - Indicators / Studies | 30 | 30 |
| Mobile Charting - Draw Trendlines | Yes | Yes |
| Mobile Charting - Multiple Time Frames | Yes | Yes |
| Mobile Charting - Drawings Autosave | Yes | No |
| Mobile Watchlist | Yes | Yes |
Dive deeper: Best Forex Trading Apps.
When comparing the market research offerings of IC Markets and FXOpen, it's clear that both brokers provide essential resources such as daily market commentary and forex news from prestigious sources like Bloomberg and Reuters. However, IC Markets stands out with its additional tools, such as Autochartist and Trading Central, which offer technical and fundamental analysis options unavailable with FXOpen. Furthermore, IC Markets provides a sentiment-based trading tool that gives insights into market trends by showing the ratio of long or short positions across currency pairs, a feature FXOpen lacks.
Both platforms offer economic calendars to keep traders informed about global news events affecting the market. However, IC Markets takes the lead in research quality, earning a 4-star rating compared to FXOpen's 3 stars, and ranks significantly higher at 23 out of 62 brokers in this category, compared to FXOpen's rank of 62. These distinctions make IC Markets a stronger choice for traders seeking more comprehensive research tools and insights.
| Feature |
IC Markets
|
FXOpen
|
|---|---|---|
| Daily Market Commentary | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | Yes | No |
| Trading Central (Recognia) | Yes | No |
| Social Sentiment - Currency Pairs | Yes | No |
| TipRanks | No | No |
| Signal Centre (Acuity Trading) | No | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
When comparing educational resources for beginners between IC Markets and FXOpen, IC Markets clearly provides more comprehensive support. IC Markets offers a variety of educational materials focusing on forex and CFDs, including over ten articles, videos, and archived webinars. Additionally, IC Markets hosts monthly webinars aimed at educating their clients, with all previous sessions available in a searchable archive. They cater to newcomers with over ten beginner-specific trading videos and also support more experienced traders with advanced content. FXOpen, on the other hand, lacks these resources, offering fewer educational materials without regular webinars or archives.
Both brokers provide an investor dictionary containing definitions of at least 50 investing terms, aiding users in understanding complex trading jargon. However, IC Markets stands out with a higher education rating of 4 stars compared to FXOpen’s 3 stars. In terms of rankings, IC Markets holds the 16th position out of 62 brokers according to ForexBrokers.com in the Education category, while FXOpen is ranked at 58th. This makes IC Markets a more attractive option for beginners seeking educational support in their trading journey.
| Feature |
IC Markets
|
FXOpen
|
|---|---|---|
| Education (Forex or CFDs) | Yes | No |
| Client Webinars | Yes | No |
| Client Webinars (Archived) | Yes | No |
| Videos - Beginner Trading Videos | Yes | No |
| Videos - Advanced Trading Videos | Yes | No |
| Investor Dictionary (Glossary) | Yes | Yes |
Dive deeper: Best Forex Brokers for Beginners.
After testing 62 of the best forex brokers, our research and account testing finds that IC Markets is better than FXOpen. IC Markets finished with an overall rank of #20, while FXOpen finished with an overall rank of #54.
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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FXOpen
|
|---|---|---|
| Overall Rating |
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| Trust Score | 84 | 76 |
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Both IC Markets and FXOpen do not offer the ability to buy actual delivered cryptocurrency, but they do provide the option to trade cryptocurrency derivatives.
While both IC Markets and FXOpen do not support ACH or SEPA transfers, IC Markets offers PayPal for transactions while FXOpen does not, with both brokers providing options for Skrill, Visa or Mastercard, and bank wires for depositing and withdrawing account funds.
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 | FXOpen | |
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| Trust Score | 84 | 76 | |
| Winner | check_circle | ||
| Review | IC Markets Review |
| Broker Screenshots | IC Markets | FXOpen | |
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| Regulation | IC Markets | FXOpen | |
|---|---|---|---|
| Trust Score | 84 | 76 | |
| Year Founded | 2007 | 2003 | |
| Publicly Traded (Listed) | No | No | |
| Bank | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes | |
| Tier-1 Licenses | 2 | 2 | |
| Tier-2 Licenses | 0 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 3 | 0 |
| Tier-1 Licenses (Highly Trusted) | IC Markets | FXOpen | |
|---|---|---|---|
| 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) | IC Markets | FXOpen | |
|---|---|---|---|
| Kenya (CMA Authorised) | No | No | |
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | No | No | |
| UAE (DFSA/Central Bank Authorised) | No | No | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) | No | No |
| Investments | IC Markets | FXOpen | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 3583 | 87 | |
| Forex Pairs (Total) | 61 | 25 | |
| 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). |
| Cost | IC Markets | FXOpen | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 0.62 | N/A | |
| All-in Cost EUR/USD - Active | 0.62 | N/A | |
| Active Trader or VIP Discounts | Yes | Yes | |
| Inactivity Fee | No | Yes | |
| Execution: Agency Broker | Yes | Yes | |
| Execution: Market Maker | Yes | Yes |
| Funding | IC Markets | FXOpen | |
|---|---|---|---|
| Minimum Deposit | $200 | $100 | |
| PayPal (Deposit/Withdraw) | Yes | No | |
| 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 | IC Markets | FXOpen | |
|---|---|---|---|
| Proprietary 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 | Yes | |
| cTrader | Yes | No | |
| DupliTrade | No | No | |
| ZuluTrade | Yes | Yes |
| Trading Tools | IC Markets | FXOpen | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 7 | 7 | |
| Charting - Indicators / Studies (Total) | 30 | 30 | |
| Charting - Drawing Tools (Total) | 15 | 15 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | IC Markets | FXOpen | |
|---|---|---|---|
| Android App | Yes | Yes | |
| Apple iOS App | Yes | Yes | |
| Mobile Alerts - Basic Fields | Yes | Yes | |
| Mobile Watchlist | Yes | Yes | |
| Watchlist Syncing | No | No | |
| Mobile Charting - Indicators / Studies | 30 | 30 | |
| Mobile Charting - Draw Trendlines | Yes | Yes | |
| Mobile Charting - Multiple Time Frames | Yes | Yes | |
| Mobile Charting - Drawings Autosave | Yes | No | |
| Mobile Economic Calendar | Yes | Yes |
| Research | IC Markets | FXOpen | |
|---|---|---|---|
| Daily Market Commentary | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | Yes | No | |
| Trading Central (Recognia) | Yes | No | |
| TipRanks | No | No | |
| Social Sentiment - Currency Pairs | Yes | No | |
| Economic Calendar | Yes | Yes |
| Education | IC Markets | FXOpen | |
|---|---|---|---|
| Education (Forex or CFDs) | Yes | No | |
| Client Webinars | Yes | No | |
| Client Webinars (Archived) | Yes | No | |
| Videos - Beginner Trading Videos | Yes | No | |
| Videos - Advanced Trading Videos | Yes | No | |
| Investor Dictionary (Glossary) | Yes | Yes |
| Major Forex Pairs | IC Markets | FXOpen | |
|---|---|---|---|
| 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 |
| Overall | IC Markets | FXOpen | |
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| Trust Score | 84 | 76 | |
| Winner | check_circle | ||
| Review | IC Markets Review |
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