Written by ForexBrokers.com
In this head to head comparison of IC 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.
IC Markets and iFOREX are both well-established online brokers, but they differ in their regulatory backing and trust ratings. Founded in 2007, IC Markets has a Trust Score of 84 out of 99 from ForexBrokers.com, placing it in the 'trusted' category. It holds two Tier-1 licenses, which are deemed highly trusted. Meanwhile, iFOREX, established in 1996, has a Trust Score of 75, categorizing it as 'average risk.' iFOREX holds one Tier-1 license, suggesting a slightly lower level of regulatory backing compared to IC Markets.
Neither IC Markets nor iFOREX is publicly traded on any stock exchange nor function as a bank. While they both serve as key players in the financial trading space, IC Markets tends to offer stronger regulatory protection with more Tier-1 licenses. These licenses are significant as they are considered a mark of high trust, helping traders gauge the reliability of a broker. Each company's standing might appeal differently to traders depending on their risk tolerance and need for regulatory assurance.
| Feature |
IC Markets
|
iFOREX
|
|---|---|---|
| Year Founded | 2007 | 1996 |
| 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 |
When comparing the commissions and fees of IC Markets and iFOREX, IC Markets emerges as a top choice for cost-conscious traders. Earning a stellar 5-star rating, IC Markets is recognized for its competitive trading costs, even ranking #5 out of 62 brokers in the Commissions & Fees category by ForexBrokers.com. With its three types of accounts, including the commission-free Standard account and the commission-based Raw Spread and cTrader Raw Spread accounts, traders have options based on their trading platform preferences. Notably, the cTrader Raw Spread account offers slightly lower commissions compared to MetaTrader accounts, charging $3.0 per side for every 100,000 units. Overall, IC Markets provides a low-cost, efficient trading experience reinforced by discounts for active traders handling over 100 standard lots per month.
On the contrary, iFOREX lags behind in terms of commissions and fees, receiving just a 3-star rating from ForexBrokers.com and ranking a disappointing #60 out of 62 brokers. The lack of available average spread data adds to its opacity regarding trading costs, making it less attractive for traders who prioritize transparency and low fees. While iFOREX may offer different strengths, its commission and fee structure does not compare favorably to more competitive brokers like IC Markets.
In summary, IC Markets is the superior choice between the two for those focused on saving on trading costs. With notably low effective spreads, appealing account options, and high ratings, IC Markets stands out as a broker that delivers value and options to its users. In contrast, iFOREX falls short in this area, offering less clarity and cost-effectiveness in comparison. Traders seeking economical trading options would likely prefer what IC Markets has to offer.
| Feature |
IC Markets
|
iFOREX
|
|---|---|---|
| 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 | 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.
IC Markets and iFOREX both offer multiple investment opportunities, including forex trading as CFDs. However, when it comes to the range of tradeable symbols, IC Markets leads with 3,583 symbols compared to iFOREX's 750. Despite having a fewer total number of symbols, iFOREX offers a broader selection of forex pairs with 88 available, surpassing IC Markets' offering of 61 forex pairs. Neither broker provides access to exchange-traded securities on U.S. exchanges, yet IC Markets grants access to international securities, which iFOREX does not offer. Both brokers allow trading in cryptocurrency derivatives but not actual cryptocurrencies.
IC Markets also has the added feature of copy trading, which is not available at iFOREX. With these offerings, IC Markets earns a commendable 4.5 stars for its range of investments, whereas iFOREX achieves a 3.5-star rating. Within a group of 62 brokers, IC Markets ranks at 25th place while iFOREX sits at 41st in the category of Range of Investments, highlighting IC Markets as a more versatile option for traders seeking variety in their investment options.
| Feature |
IC Markets
|
iFOREX
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 3583 | 750 |
| Forex Pairs (Total) | 61 | 88 |
| U.S. Stock Trading (Non CFD) | No | No |
| Int'l Stock Trading (Non CFD) | Yes | 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 the trading platforms and tools of IC Markets and iFOREX, both brokers provide unique offerings that cater to different trader preferences. IC Markets stands out by offering a free virtual demo account, ideal for beginners looking to practice without financial risk. Their platform functionalities include a Windows-based desktop download and support for popular platforms like MetaTrader 4 and MetaTrader 5. Additionally, IC Markets offers various trading options like copy trading and integration with ZuluTrade. With 7 fields for watch lists and 15 drawing tools, it ensures a solid analytical experience for its users.
In contrast, iFOREX provides a proprietary platform, distinct for traders seeking a tailor-made solution. Although they don't offer a demo account or support MetaTrader platforms, iFOREX compensates with an easy-to-navigate web-based trading platform and an impressive selection of 25 drawing tools. Moreover, their platform allows direct trading from stock charts, complemented by 9 columns in watch lists for detailed market monitoring. Both brokers are rated similarly for their trading platforms and tools, with IC Markets placed significantly higher in global rankings, suggesting a more established reputation among traders.
| Feature |
IC Markets
|
iFOREX
|
|---|---|---|
| Virtual Trading (Demo) | Yes | No |
| Proprietary Platform | No | 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 | Yes | No |
| Charting - Indicators / Studies (Total) | 30 | 57 |
| Charting - Drawing Tools (Total) | 15 | 25 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 7 | 9 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
Both IC Markets and iFOREX provide mobile trading apps for iPhone and Android users, ensuring traders can engage with the market on the go. However, when it comes to features, IC Markets stands out by offering price alerts and the ability to draw trendlines on charts, whereas iFOREX lacks these capabilities. IC Markets further enhances user experience by allowing multiple time frame views and auto-saving drawings on stock or forex charts, which are absent in the iFOREX app. Moreover, IC Markets grants the ability to create watchlists with real-time quotes, offering a more dynamic trading environment.
While both platforms received a four-star rating for their mobile trading apps, IC Markets is positioned higher in rankings, being 22nd out of 62 brokers according to ForexBrokers.com, compared to iFOREX which is ranked 55th. Despite these differences, it's important to note that neither app currently supports syncing watchlists with users’ online accounts. For traders who prioritize technical chart analysis and market alerts, IC Markets might be the preferable choice due to its wider range of tools and features.
| Feature |
IC 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 | 30 | 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 it comes to market research, both IC Markets and iFOREX provide traders with vital tools, although IC Markets offers a bit more comprehensive package. Both platforms deliver daily market commentaries, ensuring traders stay informed about market trends. However, IC Markets stands out by providing forex news from top-tier sources like Bloomberg and Reuters, a feature not available with iFOREX. Additionally, IC Markets includes technical analysis from Autochartist, enhancing its research capabilities beyond what iFOREX offers, although both brokers include analysis tools from Trading Central and provide sentiment-based trading tools showing the ratio of long and short positions. Both brokers also feature economic calendars to track global news events, keeping traders abreast of influential economic developments.
While neither IC Markets nor iFOREX provides research tools from Acuity Trading or market insights from TipRanks, IC Markets still maintains an edge in overall research quality, reflected in its higher rating of four stars compared to iFOREX's 3.5 stars. In rankings, IC Markets holds the 22nd position out of 62 brokers as per ForexBrokers.com, whereas iFOREX is ranked at #48. This suggests that traders who prioritize access to high-quality research tools and market insights may find IC Markets to be the more suitable option between the two.
| Feature |
IC 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, IC Markets stands out with a strong selection. They provide over ten educational pieces, including articles, videos, and archived webinars focused on forex and CFDs. In addition, beginners can enjoy monthly webinars and access a comprehensive archive of past sessions. IC Markets also caters to newcomers with more than ten beginner-friendly trading videos and offers advanced resources for experienced traders. An investor dictionary with definitions of over 50 terms further enhances their educational offerings. Consequently, they receive a commendable rating of 4 out of 5 stars, placing them 16th out of 62 brokers in the education category according to ForexBrokers.com.
On the other hand, iFOREX presents a more limited educational suite. While they do provide over ten beginner-focused videos, they fall short in other areas. iFOREX does not offer the same depth of educational content as IC Markets, missing out on monthly webinars, archived sessions, and a broad range of advanced videos. Similarly, the absence of an investor dictionary further limits their educational scope. As a result, iFOREX is rated 3.5 out of 5 stars and ranks 53rd out of 62 brokers in the education category by ForexBrokers.com. For beginners seeking extensive educational resources, IC Markets offers a more comprehensive learning experience.
| Feature |
IC 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 IC Markets is better than iFOREX. IC Markets finished with an overall rank of #20, while iFOREX finished with an overall rank of #52.
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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iFOREX
|
|---|---|---|
| Overall Rating |
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| Trust Score | 84 | 75 |
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Both IC Markets and iFOREX provide the opportunity to invest in cryptocurrency derivatives rather than facilitating the purchase of actual cryptocurrencies, as neither platform offers the ability to buy and deliver real cryptocurrencies, but both allow trading of cryptocurrency derivatives.
Both IC Markets and iFOREX accommodate a variety of deposit and withdrawal options, including PayPal, Skrill, Visa, Mastercard, and bank wires, while neither supports 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 | IC Markets | iFOREX | |
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| Trust Score | 84 | 75 | |
| Winner | check_circle | ||
| Review | IC Markets Review |
| Broker Screenshots | IC Markets | iFOREX | |
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| Regulation | IC Markets | iFOREX | |
|---|---|---|---|
| Trust Score | 84 | 75 | |
| Year Founded | 2007 | 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 | 0 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 3 | 1 |
| Tier-1 Licenses (Highly Trusted) | IC 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) | IC Markets | iFOREX | |
|---|---|---|---|
| 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 | iFOREX | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 3583 | 750 | |
| Forex Pairs (Total) | 61 | 88 | |
| U.S. Stock Trading (Non CFD) | No | No | |
| Int'l Stock Trading (Non CFD) | Yes | 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 | IC Markets | iFOREX | |
|---|---|---|---|
| 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 | No | |
| Inactivity Fee | No | No | |
| Execution: Agency Broker | Yes | No | |
| Execution: Market Maker | Yes | Yes |
| Funding | IC Markets | iFOREX | |
|---|---|---|---|
| Minimum Deposit | $200 | $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 | IC Markets | iFOREX | |
|---|---|---|---|
| Proprietary Platform | No | 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 | Yes | No |
| Trading Tools | IC 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) | 15 | 25 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | No |
| Mobile Trading | IC 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 | 30 | 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 | IC 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 | IC 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 | IC 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 | IC Markets Review |
| Overall | IC Markets | iFOREX | |
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| Trust Score | 84 | 75 | |
| Winner | check_circle | ||
| Review | IC Markets Review |
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