Written by ForexBrokers.com
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.
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.
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
|
TopFX
|
|---|---|---|
| Year Founded | 2007 | 2010 |
| 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 it comes to commissions and fees, IC Markets stands out as a top choice for cost-effective trading, earning a five-star rating and ranking 5th out of 62 brokers according to ForexBrokers.com. With consistently low spreads and flexible account options, traders can benefit from competitive pricing whether they choose the commission-free Standard account or the commission-based Raw Spread and cTrader Raw Spread accounts. On the cTrader platform, traders pay a commission of $3.0 per side for 100,000 units, while MetaTrader users incur a $3.5 per side charge for the same amount, leading to all-in costs that are hard to beat. The broker’s active trader program further enhances their appeal by offering discounts on commissions for high-volume traders.
TopFX, on the other hand, provides two account varieties: the commission-free ZERO account and the more cost-efficient RAW account. The RAW account pairs a 2.75 EUR commission per side per standard lot with an average spread of 0.33 pips for the EUR/USD, resulting in an effective cost of about 0.88 pips for July 2024. Although the ZERO account offers no commission, it delivers higher spreads, averaging 1.03 pips on the EUR/USD for the same period. Earning a respectable four-star rating and ranking 40th out of 62 brokers for their competitive pricing model, TopFX remains a solid choice but lags behind IC Markets in terms of cost efficiency.
In summary, IC Markets excels with its low trading costs, making it ideal for budget-conscious traders seeking value. Its top-tier rating and high ranking reflect the broker’s commitment to offering affordable trading options. Meanwhile, TopFX, while still competitive, offers a broader choice with their account options but at a relatively higher effective cost. Choosing between these two brokers largely depends on your trading style and platform preference, with IC Markets holding a slight edge for those prioritizing the lowest overall costs.
| Feature |
IC Markets
|
TopFX
|
|---|---|---|
| Minimum Deposit | $200 | Depends on payment method |
| Average Spread EUR/USD - Standard | 0.62 | 1.03 |
| All-in Cost EUR/USD - Active | 0.62 | 0.88 |
| 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 TopFX both offer forex trading as CFDs or spot contracts, providing similar opportunities for currency trade enthusiasts. However, in terms of total tradeable symbols, IC Markets takes the lead with 3,583 options, compared to TopFX's 655. Both brokers provide a nearly equal range of forex pairs, with IC Markets offering 61 pairs and TopFX 60. When it comes to exchange-traded securities, IC Markets allows for international share trading, whereas TopFX does not. This distinction may appeal to traders looking to diversify globally within their portfolios.
Neither IC Markets nor TopFX offers the purchase of actual delivered cryptocurrencies, though both support trading cryptocurrency derivatives. For investors interested in mirroring successful traders, both platforms provide copy trading options. Despite these similarities, IC Markets is rated higher, receiving 4.5 stars for its range of investments, while TopFX holds 3.5 stars. In rankings by ForexBrokers.com, IC Markets is positioned at #25 out of 62 brokers, indicating a more favorable standing compared to TopFX's #46 rank. The broader selection and better rating make IC Markets a more attractive choice for a diverse investment strategy.
| Feature |
IC Markets
|
TopFX
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 3583 | 655 |
| Forex Pairs (Total) | 61 | 60 |
| 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). | 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.
Both IC Markets and TopFX provide a wide range of trading platforms and tools that cater to the diverse needs of traders. They each offer simulated trading with free virtual demo accounts, allowing users to test their strategies without financial risk. While neither broker has developed their own trading platform in-house, they both support Windows-based desktop downloads and web-based platforms, ensuring accessibility and convenience for traders. IC Markets and TopFX also embrace the popular MetaTrader 4 platform, though IC Markets extends its offering with MetaTrader 5, which TopFX does not. For those interested in copy trading, both brokers support this feature, with IC Markets providing additional options through ZuluTrade, a service not available with TopFX.
Charting tools are plentiful with each broker offering a consistent set of 15 drawing tools. Trading directly from stock charts is also possible with both IC Markets and TopFX, facilitating seamless trading experiences. Watch lists offer seven configurable columns for monitoring market data, ensuring traders can customize their views. Despite the similarities, IC Markets edges slightly ahead in industry recognition, with a notable ranking at #16 for Trading Platforms and Tools by ForexBrokers.com, compared to TopFX's ranking at #44. Both brokers, however, share a four-star rating for their offerings in this category, reflecting strong performance and user satisfaction.
| Feature |
IC Markets
|
TopFX
|
|---|---|---|
| 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 | No |
| DupliTrade | No | No |
| ZuluTrade | Yes | No |
| 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 deciding between IC Markets and TopFX for mobile trading, both platforms provide iPhone and Android apps that cater to modern traders' needs. They ensure traders stay informed with stock or forex price alerts and offer the capability to draw trendlines and choose from different chart time frames. Additionally, these mobile apps automatically save any chart drawings and allow users to create watchlists with real-time quotes. However, both apps lack watchlist symbol syncing, meaning adjustments made on the app don't sync with the online account and vice versa.
For charting, IC Markets and TopFX each offer 30 technical studies, supporting traders to make more informed decisions. Despite these similarities, rankings differentiate the two platforms. In the ForexBrokers.com rankings, IC Markets scores higher, placed at 22 out of 62 brokers, while TopFX holds the 51st position. Both apps receive a four-star rating for their user experience, reflecting generally positive feedback from their users.
| Feature |
IC Markets
|
TopFX
|
|---|---|---|
| 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 | Yes |
| Mobile Watchlist | Yes | Yes |
Dive deeper: Best Forex Trading Apps.
When it comes to market research and resources, IC Markets and TopFX bring a distinct set of offerings. IC Markets shines by providing daily market commentary, which is an advantage for traders looking for frequent insights. Both platforms deliver forex news from reputable sources like Bloomberg and Reuters, and offer valuable tools like Autochartist and Trading Central, which help traders with technical and fundamental analysis. They also provide sentiment-based trading tools, giving traders an edge with insights into market movements. Additionally, both brokers feature an economic calendar to keep traders informed about global financial events.
However, the two differ in their overall ratings and rankings. IC Markets earns a commendable 4 stars for research, buoyed by its diverse offerings, while TopFX receives 3 stars. This difference is reflected in their rankings on ForexBrokers.com, where IC Markets is positioned at #23 compared to TopFX's #59 out of 62 brokers. Neither broker offers research tools from Acuity Trading or insights from TipRanks, making these aspects a non-factor in comparison. Overall, for those prioritizing in-depth and frequent research assistance, IC Markets appears to have the edge over TopFX.
| Feature |
IC Markets
|
TopFX
|
|---|---|---|
| Daily Market Commentary | Yes | No |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | Yes | Yes |
| 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.
For beginners dipping their toes into the world of forex and CFDs, IC Markets shines brightly with a wealth of educational resources. It offers more than ten educational pieces, including articles, videos, and recorded webinars focused on forex and CFDs. Each month, it hosts online webinars and maintains a searchable archive of these sessions. Beginners can find a plethora of videos tailored to their level, alongside advanced videos for experienced traders seeking to polish their skills. Additionally, IC Markets provides an investor dictionary with definitions of over 50 investing terms, making it a comprehensive learning platform for traders. With an impressive 4-star education rating and a rank of 16 out of 62 brokers by ForexBrokers.com, it's a top choice for novices eager to learn.
In contrast, TopFX offers much less in terms of educational resources. It does not meet the threshold of ten educational items that concentrate on forex or CFDs, nor does it provide monthly webinars or archives of recorded sessions. Beginners looking for educational videos will find their options limited, and advanced traders will notice a similar scarcity of resources. The absence of an investor dictionary adds to the challenge for learners seeking to understand complex investing terms. With a 3-star rating and a ranking of 60 out of 62 brokers for education, TopFX may not be the best starting point for beginners looking for educational support in their trading journey.
| Feature |
IC Markets
|
TopFX
|
|---|---|---|
| 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 | 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 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
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TopFX
|
|---|---|---|
| Overall Rating |
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| Trust Score | 84 | 67 |
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Both IC Markets and TopFX do not offer the ability to buy actual delivered cryptocurrency, but they both provide options to purchase cryptocurrency derivatives.
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.
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 | TopFX | |
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| Trust Score | 84 | 67 | |
| Winner | check_circle | ||
| Review | IC Markets Review | TopFX Review |
| Broker Screenshots | IC Markets | TopFX | |
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| Regulation | IC Markets | TopFX | |
|---|---|---|---|
| Trust Score | 84 | 67 | |
| Year Founded | 2007 | 2010 | |
| 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 | TopFX | |
|---|---|---|---|
| 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 | No | |
| 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 | TopFX | |
|---|---|---|---|
| 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 | TopFX | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 3583 | 655 | |
| Forex Pairs (Total) | 61 | 60 | |
| 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). | 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 | 0.62 | 1.03 | |
| All-in Cost EUR/USD - Active | 0.62 | 0.88 | |
| Active Trader or VIP Discounts | Yes | No | |
| Inactivity Fee | No | No | |
| Execution: Agency Broker | Yes | No | |
| Execution: Market Maker | Yes | Yes |
| Funding | IC Markets | TopFX | |
|---|---|---|---|
| Minimum Deposit | $200 | Depends on payment method | |
| 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 | TopFX | |
|---|---|---|---|
| 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 | No | |
| cTrader | Yes | Yes | |
| DupliTrade | No | No | |
| ZuluTrade | Yes | No |
| Trading Tools | IC Markets | TopFX | |
|---|---|---|---|
| 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 | TopFX | |
|---|---|---|---|
| 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 | Yes | |
| Mobile Economic Calendar | Yes | Yes |
| Research | IC Markets | TopFX | |
|---|---|---|---|
| Daily Market Commentary | Yes | No | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | Yes | Yes | |
| Trading Central (Recognia) | Yes | Yes | |
| TipRanks | No | No | |
| Social Sentiment - Currency Pairs | Yes | Yes | |
| Economic Calendar | Yes | Yes |
| Education | IC Markets | TopFX | |
|---|---|---|---|
| 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 | No |
| Major Forex Pairs | IC Markets | TopFX | |
|---|---|---|---|
| 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 | TopFX Review |
| Overall | IC Markets | TopFX | |
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| Trust Score | 84 | 67 | |
| Winner | check_circle | ||
| Review | IC Markets Review | TopFX Review |
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