IC Markets Vs FxPro

Category: Broker Guides | Author: Trading Brokers | Date: July 19, 2023

Selecting the right broker is of paramount importance for traders, as it can significantly impact their trading journey and overall success. Two prominent brokerage firms in the financial industry, IC Markets, and FxPro, offer traders diverse trading opportunities and services. IC Markets has gained recognition as the largest online forex/CFD brokerage, while FxPro has established itself as a well-established global broker. This article aims to provide an in-depth comparison of IC Markets and FxPro, examining their features, advantages, and disadvantages. By exploring their offerings, traders can make an informed decision when choosing the most suitable broker to meet their trading goals and preferences.

IC Markets Overview

IC Markets

IC Markets

IC Markets, established in 2007, is a well-known Australian-based online ECN forex broker. The company is regulated by the Australian Securities and Investments Commission (ASIC) and the Seychelles Financial Services Authority (FSA), which ensures compliance with regulatory standards. With a strong emphasis on transparency and security, IC Markets offers a diverse range of trading options across various asset classes, including forex, indices, commodities, shares, futures, cryptocurrencies, and bonds. Traders can access these markets through the popular MetaTrader 4 and MetaTrader 5 platforms, which are known for their user-friendly interfaces and advanced trading features. IC Markets provides competitive leverage of up to 500:1 and a minimum deposit requirement of $200, making it accessible to traders with different capital levels. The broker’s commitment to regulatory compliance, robust trading platforms, and wide range of tradable instruments positions IC Markets as a popular choice for traders seeking a reliable and comprehensive trading experience.

Pros and Cons of IC Markets

Pros

  • IC Markets has low trading fees, with spreads from 0.0 pips
  • IC Markets offers social trading features, such as ZuluTrade, Myfxbook, and cTrader Copy, which allow you to follow and copy other traders.
  • IC Markets supports algorithmic trading, with various tools and resources for developing and testing your own trading strategies.

Cons

  • Limited asset selection compared to some other brokers
  • IC Markets does not offer its own proprietary trading platform but relies on third-party platforms that may have outdated interfaces or limited functionality
IC Markets Logo

IC Markets is the world’s largest true ECN trading broker offering over 2,000 trading instruments across multiple markets on the most popular trading platforms. They are a multi-regulated broker with deep liquidity pools that can provide you with rapid trade execution speeds, low spreads, low commission fees, various funding options and 24/7 support.

Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.

FxPro Overview

FxPro

FxPro

FxPro, established in 2006, is a global forex broker with a strong regulatory framework. The company is regulated by reputable authorities such as the Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (CySEC), South African Financial Sector Conduct Authority (FSCA), and Dubai Financial Services Authority (DFSA). This ensures a high level of compliance and investor protection. FxPro offers a diverse range of trading options, including forex, shares, indices, metals, energies, and futures. Traders can access these markets through popular platforms such as MetaTrader 4, MetaTrader 5, and cTrader, which provide advanced trading tools and features. FxPro offers a maximum leverage of 500:1 and a minimum deposit requirement of $100, making it accessible to traders with varying capital levels. With its strong regulatory oversight, multiple trading platforms, and a wide range of tradable instruments, FxPro stands as a reputable option for traders seeking a comprehensive and secure trading experience.

Pros and Cons of FxPro

Pros

  • Strong regulation by multiple top-tier financial authorities
  • Wide range of trading instruments
  • Availability of popular trading platforms
  • Competitive leverage options
  • Low minimum deposit requirement

Cons

  • FxPro applies an inactivity fee to dormant accounts after 12 months of no trading activity. The inactivity fee is $50 per year and is deducted from the account balance until it reaches zero or the account is reactivated.
  • FxPro does not accept US-based traders due to regulatory restrictions
  • Lack of social trading platforms
  • Absence of spread betting options
FxPro Logo

FxPro is a regulated online broker that offers hundreds of tradable assets on multiple sophisticated platforms; cTrader, MetaTrader and FxPro Edge. They also offer trading tools, third-party analysis and trader education. However, the spreads and fees are not the lowest.

Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.

Comparison of IC Markets and FxPro

When it comes to selecting between IC Markets and FxPro, it’s important to consider several key factors that can impact your trading experience and outcomes. These factors include

Regulation:

When it comes to regulation, both IC Markets and FxPro are highly regulated brokers, ensuring a secure and trustworthy trading environment. IC Markets is regulated by ASIC (Australian Securities and Investments Commission) and the Seychelles Financial Services Authority (FSA), while FxPro is regulated by FCA, CySEC (Cyprus Securities and Exchange Commission), FSCA (Financial Sector Conduct Authority), and DFSA (Dubai Financial Services Authority). These multiple regulatory licenses demonstrate their adherence to strict compliance standards, providing traders with added confidence and investor protection.

Trading Platform:

IC Markets and FxPro offer robust trading platforms that cater to the needs of different traders. IC Markets provides access to the popular MetaTrader 4, MetaTrader 5 and cTrader platforms, known for their user-friendly interface, advanced charting tools, and customizable features. FxPro also supports MetaTrader and cTrader, which offers advanced order execution options and enhanced trading capabilities. Traders can benefit from the wide range of features and functionalities offered by these platforms to execute their trading strategies effectively.

Pricing and Fees:

When it comes to pricing, IC Markets and FxPro offer competitive options. In terms of spreads, IC Markets offers starting spreads from 0.0 pips, providing tight pricing for traders. FxPro, on the other hand, offers starting spreads from 1.5 pips. Traders should consider their trading style, frequency, and the impact of spreads on their overall trading costs when evaluating the pricing structure of each broker.

Broker Type:

Both IC Markets and FxPro are No Dealing Desk (NDD) brokers, which means they do not take the opposite side of their clients’ trades and instead pass them to liquidity providers. IC Markets operates as an ECN (Electronic Communication Network) broker, offering direct access to liquidity providers and ensuring fast order execution without dealing desk intervention. FxPro, on the other hand, positions itself as a hybrid broker that utilizes its own NDD (No Dealing Desk) execution system to route client orders to liquidity providers. Both broker types offer transparency and efficient trade execution, but the choice may depend on individual preferences and trading strategies.

Leverage:

When comparing IC Markets and FxPro based on leverage options, we observe that IC Markets offers a higher maximum leverage of 500:1 for professional clients and 30:1 for retail clients in Europe and Australia. In contrast, FxPro provides a maximum leverage of 200:1 for professional clients and 30:1 for retail clients in Europe and the UK. Both brokers offer different leverage levels depending on the instrument, account type, and regulatory jurisdiction. Additionally, both allow clients to change their leverage levels online through their respective portals or by contacting their support teams. Traders seeking higher leverage options may find IC Markets more appealing in this aspect, while FxPro’s leverage offerings remain competitive and suitable for retail clients under the regulated jurisdictions.

Asset Selection:

When comparing IC Markets and FxPro based on asset selection, FxPro offers a significantly larger variety of instruments, with over 2249 options available. This includes 70 forex pairs, 24 indices, 21 commodities, 150 stocks, and 30 cryptocurrencies. On the other hand, IC Markets provides around 230 instruments, featuring 61 forex pairs, 19 indices, 19 commodities, 120 stocks, and 10 cryptocurrencies. Both brokers do not offer trading in bonds, ETFs, or options. FxPro’s asset selection surpasses IC Markets, offering traders a broader range of opportunities to diversify their portfolios and access various markets. However, the final choice should depend on individual trading preferences and specific asset requirements.

Minimum Deposit:

The minimum deposit requirement is a crucial factor to consider when choosing a broker, as it determines the accessibility of their services. IC Markets requires a minimum deposit of $200, while FxPro has a lower minimum deposit requirement of $100. Traders should evaluate their available funds and trading budget to determine which broker aligns better with their financial capabilities. It’s important to choose a minimum deposit amount that allows for comfortable trading while considering other factors such as trading costs, account features, and available trading opportunities. By assessing their capital levels and trading budget, traders can make an informed decision on the broker that best suits their financial circumstances and trading objectives.

Withdrawal and Deposit Methods:

Both IC Markets and FxPro offer a variety of deposit and withdrawal methods, including bank transfers, credit/debit cards, and e-wallets, providing traders with flexibility and convenience when managing their funds. Traders should carefully consider factors such as processing times, fees, and availability associated with each method. By assessing the processing times, traders can ensure the timely availability of funds for trading or withdrawal purposes. Additionally, evaluating the fees can help traders select the most cost-effective method for their financial needs, minimizing unnecessary expenses. Availability of deposit and withdrawal methods in their region is also important to ensure seamless transactions. Taking these factors into account will allow traders to make informed decisions and choose the most suitable deposit and withdrawal methods offered by IC Markets and FxPro, streamlining their fund management process.

Which Should You Choose: IC Markets or FxPro?

The choice between IC Markets and FxPro depends on your specific trading style and preferences. For beginner traders seeking a user-friendly platform and educational resources, FxPro may be the recommended option with its intuitive features and lower minimum deposit requirement. Active traders who value advanced trading tools and tight spreads may find IC Markets more suitable, given its ECN-style execution and favorable trading conditions. Technical analysis enthusiasts can benefit from IC Markets’ wide range of technical analysis tools and charting capabilities within the MetaTrader platforms. Both brokers offer social trading features, so social traders can choose based on the specific social trading platforms and community engagement options. If diversification is a priority, IC Markets provides an extensive asset selection, allowing traders to diversify their portfolios across various instruments. It’s crucial to evaluate your trading style, objectives, and requirements to make the best choice that aligns with your individual needs and goals.

Conclusion

In conclusion, when choosing between IC Markets and FxPro, traders should carefully consider their specific trading preferences and needs. IC Markets is a suitable choice for active traders seeking competitive pricing and a wide range of trading instruments. On the other hand, FxPro is well-regulated and offers multiple trading platforms, making it appealing for traders looking for flexibility and lower minimum deposit requirements. It is important for traders to assess factors such as regulation, trading platforms, pricing, leverage, asset selection, and social trading features to determine which broker aligns best with their individual requirements. By conducting thorough research and considering these factors, traders can make an informed decision and select the broker that best suits their trading goals and objectives.


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