Best IC Markets Alternatives for 2024

Published :
Updated :
Written by

IC Markets is one of the leading forex and CFD brokers in our world today. With its multiple regulations, cutting-edge platforms, low charges, deep liquidity pool, and multiple trading tools; the broker boasts of a strong client base of over 200,000 traders.

But, IC Markets is not the only broker with excellent services; other alternative brokers offer great services that are at par with IC Markets. In this article, we will examine other brokers that qualify as alternatives to IC Markets. 

What is IC Markets?

IC Markets is a forex/CFD broker that offers more than 2250 trading instruments on its MT4, MT5, and cTrader platforms. The broker was founded in Melbourne Australia in 2007 by Andrew Budzinksi and his team of financial industry experts. Over the years, the broker has become a global leader with premium services across several countries.

ICMarkets Overview

ICMarkets Overview
  • Founded In: 2007 
  • Founder: Andrew Budzinksi
  • Minimum Deposit: $200
  • Maximum Leverage: Upto 1000:1 for FSA Jurisdiction, 30:1 for ASIC, CySEC clients.  
  • Regulations: ASIC, CySEC,  and FSA
  • Trading platform: MT4, MT5 and cTrader
  • Trading Instruments: 2150+ Trading Instruments including Forex, Crypto, Stock, Commodity Indices, Bonds, Futures.
  • Account Types: Standard, Standard, Raw (Metatrader, Ctrader) 
  • Fees: Spread starting from 0.8 Pips(Standard Accounts) or $3 to 3.5 Commission (Raw Accounts)
  • Payment Options: bank/wire transfer, Paypal, credit card, Skrill, Neteller, UnionPay, Bpay, FasaPay and Poli.
  • US Traders: Not Accepted 

A List of IC Markets Alternatives for 2024

  • Pepperstone | Best broker for TradingView
  • XM | Best for low-cost forex trading
  • eToro | Best for social trading
  • FBS | Best for beginner traders
  • FP Markets | Best for trading CFDs
  • JustMarkets | Best for promos and bonuses
  • Hotforex | Best for market analyses

Side-by-Side Comparison: IC Markets with Competitors

Pepperstone

Pepperstone

  • Founded In:  2010
  • Minimum Deposit: $0, Recommended: $200
  • Maximum Leverage: 500:1
  • Regulations: FCA, ASIC, CySEC, SCB, FSA
  • Trading Platforms : MT4, MT5, cTrader, DupliTrade, TradingView
  • Trading Instruments: Forex, CFD, Crypto CFD, and More
XM

XM

  • Founded In:  2009
  • Minimum Deposit: $5
  • Maximum Leverage: 1000:1
  • Regulations: ASIC, CySEC, FSC, DFSA
  • Trading Platforms: MT4, MT5, XM App
  • Trading Instruments: Forex, CFD (Gold, Silver, Stocks, Stock Indexes, Oil, Other Commodities)
Etoro

Etoro

  • Founded In:  2007
  • Minimum Deposit: $50
  • Maximum Leverage: 30:1 EU, 50:1  USA
  • Regulations: SEC, FINRA, FCA, CySEC, FSA-S, SIPC, 
  • Trading Platforms: eToro Trading Platforms
  • Trading Instruments: Forex, Cyptos, CFDs Stocks, Indices, ETFs, Currencies, Commodities, Cryptoassets.
FBS

FBS

  • Founded In:  2009
  • Minimum Deposit: $5
  • Maximum Leverage: 3000:1
  • Regulations: ASIC, CySEC, FSC, 
  • Trading Platforms : MT4, MT5, WebTrader, FBS Trader
  • Trading Instruments: Forex, Cryptos, CFDs (Gold, Silver, Other Precious Metals, Stocks, Stock Indexes, Oil, Other Commodities)
FP Markets

FP Markets

  • Founded In:  2005
  • Minimum Deposit: 100 AUD or equivalent.
  • Maximum Leverage: 500:1
  • Regulations: ASIC, CySEC, SVGFSA, FSCA
  • Trading Platforms : MT4, MT5, cTrader, WebTrader, IRESS
  • Trading Instruments: Forex, Cryptos (Bitcoin, Litecoin, Ethereum), CFDs 
Just Markets

Just Markets

  • Founded In: 2012
  • Minimum Deposit: $1
  • Maximum Leverage: 1:3000
  • Regulations: Cysec, FSC, FSA-S, FSCA, 
  • Trading Platforms : MT4, MT5, MobileTrader (MobileApp)
  • Trading Instruments: Forex, Cryptos, CFDs (Gold, Silver, Other Precious Metals, Stocks, Stock Indexes, Oil)
Hotforex

Hotforex

  • Founded In:  2010
  • Minimum Deposit: $1
  • Maximum Leverage: 2000:1
  • Regulations: FCA, CySEC, CMA, FSC, SVGFSA, FSA-S, FSCA, DFSA, 
  • Trading Platforms: MT4, MT5 
  • Trading Instruments: Forex, Cryptos, CFDs (Gold, Silver, Other Precious Metals, Stocks, Stock Indexes, Bonds, Bond Indexes, Oil, Other Commodities, Futures, ETF)

Top 7 Alternatives of IC Markets for 2024 (Reviewed and Rated)

Pepperstone

Having been in operation for over a decade, Pepperstone is one of the top brokers on the internet today. It is regulated across 6 jurisdictions including the top regulators like FCA, ASIC, etc. Powered by modern technological infrastructure, Pepperstone boasts swift trade executions, a deep liquidity pool, and advanced platforms.

The broker has an in-house team of analysts who prepare the daily market analysis and webinars. Tools like ‘smart trader tools,’ cTrader Automate, Autochartist, etc are provided at no extra cost to the trader. Social traders are not left out as they can link their accounts to ‘AutoTrade’ or ‘DupliTrade’.

Pros

  • Authorized and regulated by the tier-1 regulators such as ASIC, CySEC, FCA, BaFin, etc. 
  • Access to trade on 4 platforms: MT4, MT5, cTrader, and TradingView platforms.
  • Social traders have access to DupliTrade and AutoTrade.
  • Provides trading tools including Autochartist, MT4 smart trader tools, free VPS, Market analysis, Capitalise.ai, etc
  • There is no minimum deposit, no inactivity fees, and no deposit or withdrawal fees.

Cons

  • Traders from certain countries like the USA are not accepted.
  • Pepperstone Demo accounts expire after 30 days.
  • There is no comprehensive trading academy for newbies.
  •  Bank fees on International bank withdrawals are transferred to clients. 

XM

XM was established in 2009 as trading-point.com with a head office in Limassol, Cyprus. Today, it has become a global broker that serves over 10 million clients from over 190 countries. The broker asserts that 99.35% of clients’ orders are executed in less than a second without requotes or rejections.

The broker offers multiple account types including the ‘ultra-low account’; which comes with low spreads from 0.6 pips, leverage up to 1:1000, no commissions, and no swaps on selected assets like major currency pairs, Gold, etc. XM’s shares account allows investors to invest in real stocks as traded in the stock exchanges.

Pros

  • Regulated by ASIC in Australia, CySEC in Cyprus, DFSA in UAE and FSC Belize
  • Trading on the MT4 and MT5 platforms.
  • More than 1000 forex/CFDs and real stocks can be traded on its platforms.
  • Clients have access to trading tools like exclusive indicators, Market news, Trade ideas, Autochartist, free VPS, etc
  • Customer service is available in over 30 languages

Cons

  • Inactivity fees are charged from dormant accounts.
  • Clients from the USA, Canada, and Israel are not accepted.
  • Only clients from the FSC-regulated jurisdiction can trade real stocks.
  • Only the MetaTrader platforms are available. 

eToro

Focused on trading and investing, eToro has successfully built a social trading platform where millions of traders and investors interact, share ideas, copy trades, and invest. Generally, trading fees are low and order executions are fast. Clients can only trade on eToro’s proprietary web and mobile platforms.

In addition to forex and CFD trading; eToro clients can trade real stocks and ETFs with zero commissions. They can also invest in real cryptos. Traders who qualify for eToro club membership are treated to exclusive services such as dedication support, free withdrawals, Trading Central analysis, the Wall Street Journal subscription, cashback programs, etc.

Pros

  • Regulated by ASIC, CySEC, FCA, FinCEN, FSA Malta, FSA Seychelles, and FSC Gibraltar.
  • Large trading and investing platform.
  • You can trade over 3000 forex/CFDs and also real stocks, ETFs, and cryptos.
  • Proprietary platform with trading tools like news feed, market sentiments, etc
  • Anyone can invest in customized asset baskets via ‘CopyPortfolios’ with no management fees.   

Cons

  • Limited trading platforms and strategies.
  • Non-trading fees like inactivity fees, withdrawal fees, conversion fees, etc are charged.
  • USD is the only available account currency.
  • No automation of strategies via trading robots. 

FBS

Founded in 2009, FBS is an experienced forex and CFD broker that gives its clients access to trade over 500 instruments. The broker is known for high leverage; max is 1:3000, low spreads, and fast executions; 0.1 seconds. In addition to the MetaTrader platforms, FBS offers its proprietary FBS trader mobile platform; available on iOS and Android.

FBS has multiple account types such as cent accounts, standard, pro accounts, etc. Trading accounts can be funded using various methods including popular e-wallets and cryptos. The broker boasts of 23 million traders drawn from over 150 countries. It has also won over 70 industry awards for excellence in different areas of operation.

Pros

  • Regulated by CySEC, ASIC, FSCA and FSC Belize
  • Multiple account types to suit all traders.
  • Daily expert analysis is produced by a dedicated team of analysts.
  • Multiple training resources such as video lessons and Forex guidebook.
  • Client support is available in 8 languages via different channels 24/7.

Cons

  • Limited assets index.
  • Account currencies are few.
  • Premium analytics is reserved for only VIPs.
  • No services to clients from the USA, Iran, Israel, etc. 

FP Markets

First Prudential Markets is a trusted forex and CFD broker that began operations in 2005. The broker gives its clients access to trade more than 10,000 instruments on its MT4, MT5, cTrader, and IRESS platforms. FP Markets insists that its spreads are raw; starting from 0.0 pips as streamed from its Liquidity providers.

CFD traders are given direct market access (DMA) via the IRESS platform. Trading of real stocks from the Australian exchange is available. There are no restrictions on strategies. Compared to other competitors, its trading fees are low. FBS does not charge deposit, withdrawal, or inactivity fees.

Pros

  • Regulated by the ASIC, CySEC, FSCA, FSC Mauritius, FSA Seychelles
  • Research and trading tools like daily reports, market analyses, Autochartist, Trading Central, etc
  • Free VPS to high-volume traders.
  • Social trading is available through ‘Copy Trading’.
  • The customer support desk is available 24/7 and speaks multiple languages.

Cons

  • International withdrawals via bank transfers attract a fee.
  • IRESS platform requires a deposit of at least AUD 1,000
  • No proprietary trading platforms.
  • Clients from certain countries are restricted from opening accounts. 

JustMarkets

JustMarkets started in 2012 as ‘JustForex’ by ‘JF Global Ltd’ in St. Vincent and the Grenadines. The broker offers low spreads, high leverage, and fast executions courtesy of its modern technological infrastructure. You can trade on the MT4 and MT5 platforms as well as JustMarkets mobile apps; available on Android and iOS.

The broker supports multiple accounts; from cent accounts to standard and pro accounts. There is an account that fits every type of trader. A wide range of payment options is available including Cryptocurrencies. There are no deposit or withdrawal fees. CopyTrading, Training resources, and daily market analysis are also available.

Pros

  • Regulated by CySEC, FCSA, FSC Mauritius, and FSA Seychelles.
  • Bonuses and promos; such as a $30 welcome bonus, 120% deposit bonus, and Trading Triumph contest.
  • Multiple account types including ‘cent accounts’.
  • Minimum deposit is $10 while max leverage is up to 1:3000
  • The support desk is multilingual and can be reached 24/7 via multiple channels.

Cons

  • Limited tradable assets.
  • No robust trading tools. 
  • No managed accounts. 
  • No PayPal deposits or withdrawals.

HotForex Markets (HFM)

HFM is a well-regulated and experienced broker that facilitates the trading of forex and CFDs on its platforms. Its head office is in Cyprus but it has offices in other cities; its clients come from over 180 countries. You can trade over 1000 forex and CFDs with fast executions and competitive trading fees.

There is no minimum deposit and no deposit/withdrawal fees. Apart from the MetaTrader platforms, HFM mobile trading app is available; though it is just an average mobile trading app with no complex tools. Not to worry, quality market news and analyses are produced by the in-house team of experts. HFM is one of our European top brokers. 

Pros

  • Regulated by the CySEC, FCA, FSCA, DFSA, CMA, FSC Mauritius, and FSA Seychelles.
  • Trading is available on the MT4, MT5, and HFM trading app
  • Available trading tools are MT4 premium trader tools, Autochartist, free VPS, etc
  • Copy trading via HF Copy.
  • Market news, analysis, outlook, and webinars are provided by a dedicated team of analysts.

Cons

  • Premium Pro account requires a $5000 minimum balance
  • To copy trades on HF copy, you need a deposit of €300.
  • No micro accounts for European beginner traders.

Why IC Markets might not be right for you

We have established the fact that IC Markets is one of the top-rated forex and CFD brokers in the world today. However, when it comes to forex brokers, every trader has his peculiarities and needs.

Below are a few reasons why IC Markets might not be the perfect broker for you:

Beginner traders

Most beginners start from training and demo accounts. When they have perfected their strategies on the demo account, they start live trading with micro accounts. This gives them a firsthand trading experience while risking very little. 

IC Markets do not afford beginners these necessary early steps. A broker like FBS is completely beginner-friendly; it has comprehensive training resources, demo accounts, and cent accounts; unlike IC Markets.

Minimum account deposit

IC Markets requires an initial deposit of $200 for all account types. We do not understand the rationale behind this decision because there is a wide gap between the risk appetite of a beginner and that of an experienced professional. While $200 might be too much for a newbie to risk, it is a paltry sum to a pro trader who makes his living from forex/CFD trading.

IC Markets Alternatives and Competitor: Our Ratings

Find below, our ratings for IC Markets and its alternatives on a scale of 1-10.0. We arrived at the scores by researching and testing over 170 data points drawn from the services offered by the brokers. The 6 macro areas of focus are; regulation, Fees, Trading, tools, support, and education. 

How we selected IC Markets alternatives

It is common knowledge that all forex brokers are not the same. Some are well-established multinationals with fully functional offices, and have a huge client base while others are just struggling brokerages. Since IC Markets is a leading broker, we selected other brokers that can replace it by looking at the following criteria:

Regulations

IC Markets is regulated by two tier-1 regulators: ASIC and CySEC. So, we choose brokers that have at least one tier-one regulation. Some of the alternatives have more regulations while some have fewer. For example, Pepperstone and eToro have 4 tier-1 regulations while JustMarkets have one tier-1 regulation.

Regulations contribute the greatest score when rating brokers because any broker whose operations are not licensed and supervised by a stringent authority might be cheating its clients. Most unregulated or offshore brokers are just scammers masquerading as forex brokers.

Fees

Traders are very observant when it comes to trading fees because it is charged for every transaction. High trading fees can cancel out any profits made by a trader when he closes a position; especially for scalpers. We chose only brokers whose trading fees are within the same range as those of IC Markets.

We chose brokers that offer standard accounts with spreads ranging from 0.5-1.0 pip on the benchmark EURUSD or ECN accounts with commissions of $3-3.5 per side per lot. Just like IC Markets, most of the alternatives do not charge non-trading fees.  

Account opening

We only chose alternatives whose account opening procedures are similar to those of IC Markets. It is done by completing the online form, and uploading verification documents while the broker approves the account. All the processes are completed electronically.

Deposit/Withdrawal

IC Markets accepts multiple payment options, so, any broker that qualifies as its alternative must also do the same. So, we chose brokers that accept a wide range of deposit and withdrawal methods. All of the alternatives do not charge deposit fees; only a few charge withdrawal fees.

Safety

Generally, regulated brokers are mandated to maintain standard security features to ensure a safe trading environment. IC Markets has been in operation for 16 years. It has gained significant brokerage experience and has grown exponentially through the years.

It will only be fair if an alternative for IC Markets is equally an old, experienced, and secure broker. So, we only chose brokers that have been in operation for at least a decade. These IC Markets alternatives have no scandals and have been operating consecutively for years. Security is guaranteed because they are all well-established top brokers in the industry.

Frequently Asked Questions (FAQs)

Who are the competitors of IC Markets? 

Every online forex and CFD broker is technically a competitor of IC Markets. However, being a leading broker puts IC Markets ahead of many forex brokers. So, their competitors should be other leading brokers with an equally large clientele.  

By our standards, the competitors of IC Markets are Pepperstone, XM, eToro, FBS, FP Markets, and JustMarkets. 

Are there any commission-free alternatives to  IC Markets? 

Yes! eToro is an alternative broker to IC Markets that does not charge commissions on their trading instruments. eToro offers commission-free trading of real stocks and ETFs while forex and CFD trading fees are incorporated into the spreads. 

Are there alternatives to IC Markets that offer social trading and copy trading services?

Yes, eToro, FP Markets, and Pepperstone are IC Markets’ alternatives that run social trading services for its clients. eToro has a social trading platform with a very large community of traders. Pepperstone offers social trading via partnerships with ‘DupliTrade’ and ‘MyFxbook’. 

Is there any IC Markets Alternative that offers no minimum Deposit? 

Yes! Clients of Pepperstone Brokerage can start trading with any deposit amount. There are no restrictions but only recommendations by the broker. 

Final thoughts

IC Markets is a top player in the forex/CFD online brokerage industry. Perhaps, because of its high minimum deposit, lack of a mini account, or for some other reasons you may need an alternative to the broker. We have carefully selected other brokers that qualify as alternatives to IC Markets.

The brokers are Pepperstone, XM, eToro, FBS, FP Markets, and JustMarkets. These are experienced brokers that offer similar services to IC Markets. They are regulated by the top regulators and they also offer powerful platforms. Furthermore, they charge low fees and provide other excellent services just like IC Markets.

Written by

Jason Paine is a forex trader, researcher, and tech enthusiast. He is passionate about financial markets and cutting-edge technology. With a dynamic 16-year trading career, he's on a mission to guide fellow traders. Having navigated diverse forex brokers, Jason shares his insights at Brokersway to bridge the gap between traders and the right brokerage.

DisclosureAt Brokersway we're committed to delivering unbiased information. our opinions are our own and are not influenced by the payment we receive from our advertising partners. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here's an explanation of how we make money.

Leave a Comment