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FXOpen vs. IC Markets - Which Forex/CFD broker has better trading conditions?
Comparing the services of FXOpen and IC Markets. Which Forex broker has a better condition for traders?
Forex trading is on the rise due to its profit potential.
Both FXOpen and IC Markets are notable platforms in this domain.
They both support popular platforms like MetaTrader 4 and 5.
FXOpen’s web terminals work on modern browsers without additional downloads, while IC Markets offers cTrader Web and MetaTrader WebTrader.
Mobile apps from both provide real-time market data and trading capabilities. They each provide access to 7 financial markets, including Forex, cryptocurrencies, and stock CFDs.
FXOpen, known as a true ECN broker, offers over 50 forex markets and over 40 cryptocurrency markets. In contrast, IC Markets is known for its competitive spreads in Forex and a regulated cryptocurrency CFD trading platform.
Commission structures differ between the two, with FXOpen’s ranging from $1.50 to $3.50 per lot and IC Markets charging $3 USD per 100,000 USD traded.
FXOpen offers up to 1:500 leverage, while IC Markets goes up to 1:1000. Both provide negative balance protection and swap-free Islamic accounts.
FXOpen has a trading contest with a $50,000 prize, while IC Markets offers no bonuses.
Both platforms offer a variety of deposit and withdrawal methods.
Go to IC Markets Official Website
Which is better? – FXOpen vs. IC Markets
Forex trading, which involves the buying and selling of currency pairs, is becoming increasingly popular due to its potential for profit. Two of the platforms that provide forex trading services are FXOpen and IC Markets. Let’s dive into the similarities and differences between these two platforms.
1. Trading Platforms
FXOpen: They offer MetaTrader 4, MetaTrader 5, TickTrader, and TradingView.
IC Markets: Their platforms include WebTrader, MT4, cTrader, IC Social, and ZuluTrade.
Both brokers support MetaTrader 4 and MetaTrader 5, which are among the most renowned platforms in the trading industry. However, they each offer unique platforms as well: IC Markets with its IC Social and ZuluTrade, and FXOpen with TickTrader and TradingView.
2. Web Trader
FXOpen: FXOpen’s Web Terminals are compatible with all modern browsers and systems including Mac OS and Linux. No additional software download is required, allowing seamless trading via the web.
IC Markets: IC Markets offers two web-based platforms – cTrader Web and MetaTrader WebTrader. Both promise fast order execution and user-friendly interfaces that cater to traders around the globe.
Both providers prioritize web-based trading accessibility, allowing traders to participate without hefty software installations.
3. Mobile Application
FXOpen: Offers mobile applications for MT4 and MT5, as well as TickTrader. The applications provide real-time market data and allow trading on-the-go.
IC Markets: Their mobile application allows trading of Forex, CFDs on various instruments and includes features like live chat support, economic calendar, and 24/7 multilingual support.
Both platforms understand the importance of mobility in today’s fast-paced world and thus offer comprehensive mobile trading solutions.
4. Number of Markets Offered
Both FXOpen and IC Markets provide access to 7 financial markets. This gives traders diversified options to choose from, ranging from Forex, cryptocurrencies, stock CFDs, to commodities.
5. Forex and Cryptocurrencies
FXOpen: Recognized as a true ECN broker, they offer over 50 forex markets. Their cryptocurrency offering includes over 40 markets with up to 1:2 leverage.
IC Markets: Known for competitive spreads in Forex, they provide access to a vast liquid market. Their cryptocurrency CFD trading platform is regulated by FSA.
6. Commissions and Trading Costs
FXOpen: Adopts a sliding scale for commissions based on account balances and trading volumes. Commissions on ECN accounts range from $1.50 to $3.50 per lot.
IC Markets: Charges a commission of $3 USD per 100,000 USD traded on the cTrader platform. Their raw spreads start from as low as 0.1 pips.
7. Maximum Leverage
FXOpen: Offers leverage as high as 1:500 for micro accounts.
IC Markets: Leverage goes up to 1:1000, providing even higher trading capabilities.
8. Negative Balance Protection
Both platforms support negative balance protection, ensuring that traders cannot lose more money than what they have deposited.
9. Swap-Free Accounts
Both platforms offer swap-free Islamic accounts, compliant with Sharia laws. However, only FXOpen charges an additional commission for overnight positions in lieu of swaps.
10. Bonus Offers
FXOpen: Offers a trading contest called the ForexCup Trading Championship with the main prize of $50,000.
IC Markets: Does not offer deposit bonuses or a no-deposit bonus.
11. Deposit and Withdrawal Methods
While both platforms provide multiple funding options, FXOpen offers options such as FasaPay, Advcash, Bitcoin, and Litecoin, among others.
IC Markets offers a diversified set of payment methods that cater to a global audience.
Conclusion
Both FXOpen and IC Markets provide robust platforms with various trading opportunities. However, their offerings differ slightly in terms of leverage, commissions, and bonus structures. Depending on individual preferences and trading styles, traders can select the platform that aligns best with their objectives. It’s always recommended to review the features in-depth and potentially try out demo accounts before committing to one platform.
Go to IC Markets Official Website
Are you interested in trading with FXOpen?
| ECN | STP | CRYPTO | MICRO | |
|---|---|---|---|---|
| Business Model | ECN | STP | ECN | MM |
| Minimum Deposit | from $100 | from $10 | from $10 | from $1 |
| Maximum Balance | without limitations | without limitations | without limitations | $3,000 |
| Spread | floating, from 0 pips | floating | floating | floating |
| Commission (per 1 mio) | from $15 | No | 0.5% of trade volume round turn | No |
| Execution | market | market | market | instant |
| Requotes/Slippage | No/Yes | No/Yes | No/Yes | Yes/No |
| Minimum Transaction Size | 0.01 lots | 0.01 lots | 0.01 lots | 0.01 microlots |
| Maximum Transaction Size | without limitations | without limitations | without limitations | $1,000,000 |
| Open Trades Max | not limited* | not limited* | not limited* | up to 100 trades open at the same time |
| Leverage | up to 1:500 | up to 1:500 | 1:3 | up to 1:500 |
| Margin Call | 100% | 50% | 30% | 20% |
| Stop Out | 50% | 30% | 15% | 10% |
| Demo Accounts | Yes | Yes | Yes | No |
| Islamic Accounts | Yes | Yes | No | Yes |
| Instruments | 50+ FX Spot CFDs 25+ Cryptocurrency CFDs Shares CFDs Index CFDs Spot Metals CFDs Commodity CFDs |
50 currency pairs + gold and silver | 43 pairs with BTC, LTC, EOS, PPC, ETH, DASH, EMC | 28 currency pairs + gold and silver |
| Bonuses | No | Yes | No | Yes |
| Hedging | Yes | Yes | Yes | Yes |
| Expert Advisors | Yes | Yes | Yes | Yes |
| Scalping | Yes | Yes | Yes | No |
| News Trading | Yes | Yes | Yes | No |
| Phone Dealing | Yes | Yes | Yes | No |
| Market Depth with Level 2 Quotes | Yes | Yes | Yes | No |
| Sign Up | Open ECN Account | Open STP Account | Open CRYPTO Account | Open MICRO Account |
Since its inception in 2005, FXOpen has been synonymous with excellence in the world of Forex brokerage. Renowned for its swift growth trajectory, FXOpen stands as a beacon of professionalism, security, and easy access for traders worldwide.
Go to FXOpen’s Official Website
Delving into the FXOpen Legacy
Being established by a group of traders, FXOpen has a unique trader-centric approach. This ethos is deeply entrenched in every aspect of its operations, ensuring that it not only understands but empathetically resonates with the challenges and aspirations of traders. The decades of experience it possesses illuminates the path for traders, revealing the intricate labyrinth of Forex trading – its opportunities, and its hurdles.
Technological Advancements – FXOpen’s Forte
Way ahead of its time, FXOpen was the pioneer in introducing ECN trading through the celebrated MetaTrader 4 terminal. Their unique price aggregating technology guarantees traders some of the most competitive spreads, complemented by minimal trading commissions. Furthermore, their One Click Trading and Level 2 MT4 plug-in is an embodiment of efficiency, letting traders execute trades in a split second.
In 2014, they further broke new ground by offering Bitcoin trading for both retail and B2B clients, signifying their adaptability and foresight in a rapidly evolving financial landscape.
Take advantage of FXOpen’s technology
A Platter of Choices
FXOpen doesn’t believe in a one-size-fits-all approach. This is why they provide a diverse range of trading accounts – from STP and Micro to ECN, each tailored to cater to varying expertise and investment capacities. Furthermore, for those keen on leveraging the insights of experienced traders, FXOpen’s proprietary PAMM technology is a boon, ensuring automated profit and loss distribution.
The platform’s inclusivity extends to respecting diverse cultural financial practices. Catering to Islamic traders, they offer SWAP free accounts ensuring that trading remains in alignment with Sharia law.
Go to FXOpen’s Official Website
State-of-the-Art Liquidity Mechanisms
By aggregating liquidity from a plethora of Tier 1 banks and other non-bank providers, FXOpen offers a trading environment characterized by profound depth, ensuring tight spreads for traders.
Perks of Partnering with FXOpen
- Dive into cryptocurrency trading:
- A wide range including Bitcoin, Litecoin, Ethereum, and many more.
- Bespoke trading accounts:
- Whether you’re a novice or a pro, there’s an account for you.
- Competitive Edge:
- Enjoy industry-leading spreads starting from 0 pips.
- Low Entry Threshold:
- Start your trading journey with deposits as low as $1.
- High Leverage:
- Get up to 1:500 leverage for amplified returns.
- Seamless Transactions:
- A wide array of swift and reliable payment methods.
- Global Presence:
- Benefit from their expansive network of offices and representatives globally.
Go to FXOpen’s Official Website
Tools at Your Disposal with FXOpen
Traders have access to timely economic news, in-depth market analyses, and an indispensable Forex calendar. Moreover, the platform provides monthly and daily account statements, ensuring you’re always in the loop.
True ECN Trading Experience
FXOpen’s ECN model stands as a testament to transparency, equal rights, and opportunity in trading. With this model, your trade finds its counterparty in market participants like banks or other traders. Thus, ensuring you always get the best prices straight from the interbank market. It’s a haven for experienced traders, particularly those who prefer scalping.
MetaTrader & TickTrader: Tools for Modern Traders
Whether it’s the widespread MetaTrader 4 and 5 or the brand-new TickTrader, FXOpen provides multiple platforms to suit your trading style. These platforms are brimming with features, from advanced technical analysis tools to algorithmic trading and more.
Try out MetaTrader & TickTrader
A Seamless Collaboration with TradingView
Pair FXOpen’s brokerage expertise with TradingView’s charting and analysis, and you have a winning combination. From ultra-fast execution to a vast repository of trading ideas, it’s a match that promises success.
Start using the TradingView charts
Trust, Security, and Compliance
FXOpen’s commitment isn’t just limited to offering unparalleled trading experiences. They prioritize safeguarding personal data and uphold strict adherence to trading terms. As a member of The Financial Commission, you’re ensured peace of mind, knowing that you’re trading with a recognized and trusted entity.
In conclusion, FXOpen, with its innovative approaches, unmatched expertise, and commitment to traders, is poised to redefine the contours of the Forex trading landscape. Join this journey and experience the future of trading, today.
Go to FXOpen’s Official Website
Are you interested in trading with IC Markets?
| Account Type | cTrader | Raw Spread | Standard |
|---|---|---|---|
| Commission (per lot) | $3.0 ($6.0 per lot roundturn) | $3.5 ($7.0 per lot roundturn) | $0.0 |
| Spreads from (pips) | 0.0 | 0.0 | 0.6 |
| Starting Deposit (USD) | $200 | $200 | $200 |
| Leverage | 1:1000 | 1:1000 | 1:1000 |
| Max. Position Orders per Account | 2000 | 200 | 200 |
| Server Location | London | New York | New York |
| Micro Lot Trading (0.01) | Available | Available | Available |
| Currency Pairs | 61 | 61 | 61 |
| Index CFD Trading | Available | Available | Available |
| Stop Out Level | 50% | 50% | 50% |
| One Click Trading | Available | Available | Available |
| Islamic Accounts | Available | Available | Available |
| Trading Styles Allowed | All | All | All |
| Order Distance Restriction | None | None | None |
| Programming Language | C# | MQL4 | MQL4 |
| Suitable For | Day Traders & Scalpers | EAs & Scalpers | Discretionary Traders |
| Account Type | Open cTrader Account | Open Raw Spread Account | Open Standard Account |
Open an account with IC Markets
With the rise of Forex CFD trading globally, traders are continuously searching for a platform that aligns with their ever-evolving needs. IC Markets stands out as a beacon, being one of the largest MetaTrader 4 Forex CFD providers in the world. What sets them apart? It’s their commitment to offering traders precisely what they desire: low spreads, unmatched trading conditions, and an unparalleled customer support experience.
Go to IC Markets Official Website
Why Choose IC Markets?
1. Unparalleled Low Spreads:
At the heart of IC Markets’ mission is the promise of providing the lowest possible spreads irrespective of market conditions. This has been made possible by hefty investments in advanced technology and nurturing robust relationships with globally renowned liquidity providers. Through perpetual improvements and adjustments to their technological infrastructure, IC Markets guarantees top-tier industry conditions for traders.
2. Superior Execution Speed:
Speed is of the essence in Forex trading. IC Markets’ use of enterprise-grade hardware on trade servers positioned in the NY4 & LD5 data centres in New York & London promises lightning-fast trade executions. With dedicated fibre optic cross connections, IC Markets guarantees reduced latency and the fastest trade execution for their clients.
3. Cutting-Edge Technology:
Collaborations with the world’s elite trading technology companies empower IC Markets to deliver an ultimate trading experience. Tools such as Depth of Market (DoM), spread monitoring, ladder trading, and automated close of trades, among others, set traders up for success. Furthermore, their mobile trading apps for both iPhone and Android are refined for a smooth mobile trading experience.
Go to IC Markets Official Website
4. Flexibility and Transparency:
Designed with traders in mind, IC Markets offers an environment where scalping, hedging, and automated trading thrive. With flexible leverage options up to 1:1000 and acceptance of deposits in 10 major currencies, IC Markets stands as a bastion of trust and transparency in the Forex industry.
Open an account with IC Markets
5. Customer-Centric Approach:
Traders are assured of a support team with substantial industry experience, available 24/7, geared towards addressing their needs and concerns.
Go to IC Markets Official Website
6. Advanced Trading Platforms:
IC Markets has rejuvenated Forex trading by providing direct access to their Raw Pricing via popular platforms: MetaTrader 4, MetaTrader 5, and cTrader.
Get access to IC Markets’ platforms
7. Regulation and Security:
Being regulated by the Financial Services Authority of Seychelles (FSA) ensures stringent adherence to regulatory norms. Clients can rest easy knowing their funds are held in segregated client trust accounts with top-tier international banks, untouched for any operational expenses.
Go to IC Markets Official Website
Diverse Market Offerings:
Whether it’s the liquidity of Forex CFDs, global exposure via Indices CFDs, the dynamism of Stocks CFDs, or the novelty of Cryptocurrency CFDs, IC Markets offers a carefully curated selection ensuring traders access to the best opportunities 24/7.
Conclusion
In a realm as dynamic and competitive as Forex trading, IC Markets emerges as a frontrunner by consistently prioritizing its traders. Whether you’re a seasoned trader or just dipping your toes, with IC Markets, you’re not only choosing a platform but a partner committed to your success. Join the IC Markets family today and redefine your trading journey!
Go to IC Markets Official Website
FAQs to summarize the article
- What trading platforms do FXOpen and IC Markets offer?
- FXOpen offers MetaTrader 4, MetaTrader 5, TickTrader, and TradingView, while IC Markets provides WebTrader, MT4, cTrader, IC Social, and ZuluTrade.
- Are their web trading platforms compatible with all devices?
- FXOpen’s Web Terminals work with all modern browsers and systems, whereas IC Markets has cTrader Web and MetaTrader WebTrader optimized for global users.
- Do both platforms offer mobile trading solutions?
- Yes, both FXOpen and IC Markets offer mobile applications that allow real-time market data and trading on-the-go.
- How many financial markets do FXOpen and IC Markets cover?
- Both brokers provide access to 7 financial markets, including Forex, cryptocurrencies, stock CFDs, and more.
- How do FXOpen and IC Markets approach cryptocurrency trading?
- FXOpen offers over 40 cryptocurrency markets with up to 1:2 leverage, while IC Markets offers a cryptocurrency CFD trading platform regulated by the FSA.
- What are the commission structures of these platforms?
- FXOpen uses a sliding scale based on account balances and trading volumes with commissions on ECN accounts ranging from $1.50 to $3.50 per lot. IC Markets charges $3 USD per 100,000 USD traded on the cTrader platform.
- Which platform offers higher leverage?
- FXOpen provides leverage up to 1:500, whereas IC Markets offers up to 1:1000.
- Do these platforms have negative balance protection?
- Yes, both FXOpen and IC Markets support negative balance protection.
- Do they offer swap-free Islamic accounts?
- Both platforms provide swap-free Islamic accounts. However, FXOpen charges an additional commission for overnight positions in these accounts.
- Do these brokers offer bonuses or promotions?
- FXOpen has a trading contest with a $50,000 prize, while IC Markets does not provide deposit or no-deposit bonuses.
- How do deposit and withdrawal methods compare between the two?
- Both offer a variety of funding options. FXOpen includes options like FasaPay, Advcash, Bitcoin, and Litecoin, while IC Markets caters to a global audience with diverse payment methods.
- Which platform would be best for a potential trader?
- Both FXOpen and IC Markets offer unique features and benefits. The best choice depends on individual trading needs, preferences, and strategies. It’s recommended to explore both in-depth and consider demo accounts before making a decision.
