IC Markets and Interactive Brokers are online forex brokers that offer their trading services to traders and investors. IC Markets is a regulated and trusted forex broker. It is regulated by multiple regulatory authorities including ASIC, CySEC, FSA. Similarly, Interactive Brokers is also a regulated broker which is regulated by SEC, CFTC, FCA, FSCS, FINRA, FCM, IIROC, MAS, FSA. Both the brokers have their own strengths and weaknesses.
In this article, we will review and compare the brokerage services offered by IC Markets and Interactive Brokers. We will explore options such as regulations, reputations, fees, features, leverage, and more. Additionally, we will analyze and rate the brokers based on macro and micro categories and options. By reviewing these aspects, you will get a clear idea of which broker suits you best for your trading journey.
IC Markets vs Interactive Broker: In a Nutshell
IC Markets
Founded in 2007 by Andrew Budzinksi, IC Markets is an Australian-based forex and CFD broker offering trading services to institutional and retail traders worldwide. The broker offers 2250+ trading instruments including Forex, commodities, indices, bonds, stocks, futures, and cryptocurrencies. Over the years, the broker has improved in quality and services. It offers true ECN trading with low spreads, high leverage, and fast executions to a global clientele. IC Markets is a multi-asset trading platform of choice for high-volume traders, scalpers, and robots. To learn more, you can read our review on IC Markets where we have covered its features, pros, cons, ratings, and more.
ICMarkets Overview
- Founded In: 2007
- Founder: Andrew Budzinksi
- Headquarters: Australia
- 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
Interactive Broker
Founded in New York, USA in 1978 by Thomas Peterffy, Interactive Brokers has grown into a global brand with over 2.1 million clients. It is an American Multinational brokerage firm headquartered in Greenwich, Connecticut. It has become one of the leading online trading solutions for traders, investors, and advisors. The brokers give access to over 5000+ tradable assets including forex, CFDs, warrants, ETFs Options, Futures, Mutual Funds, and Bonds. To trade online, IBKR offers WebTrader, FIX API, MobileTrader (MobileApp), and TWS trading platforms. To learn more about IBKR, you can read our review of Interactive Brokers.
Interactive Brokers Overview
- Founded In: 1978
- Founder: Chairman Thomas Peterffy
- Headquarters: Greenwich, Connecticut, United States
- Minimum Deposit: None
- Maximum Leverage: 500:1
- Regulations: SEC , CFTC ,FCA, FSCS, ASIC , IIROC , FSA
- Trading platform: WebTrader, FIX API, MobileTrader
- Account Types: Family Office Account ,UGMA/UTMA, IRA, Trust ,Joint, Individuals
- Payment Options: Bank Wire (BankTransfer/SWIFT), ACH (Automated Clearing House), BPAY, Check, Direct Debit, Local Bank Deposits, Transfer from Existing Broker
- US Traders: Accepted
IC Markets vs Interactive Brokers : Features
IC Markets:
- Regulations: ASIC, CySEC, and FSA
- Trading Instruments: 2150+ including Forex, commodities, indices, bonds, stocks, futures, cryptocurrencies
- Minimum Deposit: $200 or Equivalent
- Maximum leverage: up to 1000:1 in FSA jurisdiction, in some countries, it offers 500:1 leverage, for ASIC, and CySEC entity the brokers offers up to 1:30 leverage.
- Account types: Standard Account and Raw Account (Metater, Ctrader)
- Fees: Spread starting from 0.8 pips for Standard Account or 3.00 to 3.50 per lot for Raw Account on a single Trip.
- PAMM/ MAM: Not Available
- Scalping: Allowed
- News Trading: Allowed
- EA/ Robot Trading: Allowed
Interactive Brokers
- Trading Instruments: 5000+Trading instruments including forex, CFDs, warrants, ETFs Options, Futures, Mutual Funds, stocks, options, and Bonds
- Maximum leverage: 50:1 for US Clients, 30:1 for EU clients, and 400:1 for global clients.
- Minimum Deposit: The Interactive Brokers minimum deposit is $0 for a cash account, $2,000 for a T Reg margin account, and $110,000 for a portfolio margin account. The minimum deposit is subject to change depending on the trading account opened and the base currency selected.
- Trading Fees: spreads starting from as low as 0.1 pips, Stock fees USD 0.005 per share.
- PAMM/ MAM: Not Available
- Scalping: Allowed
- News Trading: Allowed
- EA/ Robot Trading: Allowed with Capitalise.ai
IC Markets vs Interactive Broker: Pros and Cons
IC Markets
- Fully Regulated broker, ( One tire-1 , jurisdiction, one tire-2 jurisdiction)
- Super fast trade execution speed
- Straightforward registration process
- Low spread, starting from 0 pips.
- Easy and Fast Account Opening
- Free deposit and withdrawal
- Offers standard and raw spread account
- Trading EA is Allowed
- Ability to trade from a mobile device
- A demo Account is available
- Higher minimum deposit
- No investor protection for non-EU Clients
- Limited Product Selection
- No weekend Trading
- US Traders are not accepted
Interactive Broker
- IBK is a Forex and Stock Broker
- Excellent reputation (founded in 1978)
- Regulated by top regulators like ASIC, FCA, FSA, SFC, IIROC
- A wide range of products offered warrants, ETFs, Options, Futures, Mutual Funds, Bonds
- Over 18,000 no-transaction-fee mutual funds.
- No monthly inactivity fee
- Low trading fees and high interest (up to 4.58% for USD) on cash balances
- Access to international markets and exchanges
- Mobile apps are convenient for individual investors.
- Complicated account opening
- Learning Curve for Beginners
- The maximum leverage is only 1:40
- No Metatrader platforms (MT4, MT5) offered
- High minimum deposit requirements for some account types
- Interactive Advisors (Robo-advisor feature) is only available for US customers
- No fixed spread is available
IC Markets vs Interactive Broker: Side-by-Side Comparison
IC Markets Vs Interactive Broker: Our Scores and Ratings
We rated both brokers, IC Markets and Interactive Broker, on a scale of 1 to 10, with 0.1 increments. To achieve a comprehensive rating, we broadly grouped all services offered by brokers into 6 macro categories and assigned percentage weights to them. Each macro category is subdivided into several data points which contributes to the total score of 1.0-10.0 assigned to each macro category. Since all categories are not equally important, our weight percentage plays a significant role in assessing the broker accurately. For example, Regulation and Security contributes a total weight of 40% to the whole ratings because this is the most important rating category. To learn more, read our methodology.
IC Markets :
Interactive Broker:
Final Verdict :
Both IC Markets and Interactive Brokers offer similar trading services globally and are regulated forex brokers. The minimum lot size for both is as low as 0.1. However, there are some differences between them.
For example, IC Markets is regulated by 3 regulatory authorities, including ASIC, CySEC, FSA , while Interactive Brokers is regulated by 9 regulatory authorities, including SEC, CFTC, FCA, FSCS, FINRA, FCM, IIROC, MAS, FSA. The trading cost for IC Markets is 0.8 pips spread or commission from $3 to $3.5, whereas Interactive Brokers’s trading cost is 1 pips spread.
IC Markets cannot accept US clients as it is not regulated in the USA, while Interactive Brokers, being a US-regulated forex broker, can accept clients from both the US and around the world.
Our score for Interactive Brokers is 9.1, and for IC Markets, it is 9.3 (according to our expert ratings, brokers that achieve a score of 8.00 or higher are considered safe and trustworthy).
Therefore, IC Markets is most suited and trusted for non-US traders. However, if you are a US trader seeking a trusted and regulated forex broker, Interactive Brokers is a perfect choice.
