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IC Markets vs FxPro

Is IC Markets better than FxPro? Which of them offers lower spread, better trading conditions and is a safe broker to trade?

We provide answers to all questions in this IC Markets vs FxPro Comparison Review. For this Review we opened real accounts and deposited over US$ 6,000 in total to compare both offerings, account opening process at IC Markets and FxPro. Also, we will compare the fees, trading conditions, platform selection and withdrawal process.   

IC Markets vs FxPro

What is IC Markets and FxPro

IC Markets is an Australian Forex and CFDs broker founded in 2007, headquartered in Sydney, Australia.

FxPro is a forex broker from the UK and was founded in 2006.

Some of the highlights of IC Markets vs FxPro are:

IC Markets FxPro
💻 Websitewww.icmarkets.comwww.fxpro.com
🛡️Founded year20072006
🏦 HeadquarterAustraliaUK
🗺️ Authorized & Regulated inAustralia, Cyprus, Seychelles, BahamasUK, Cyprus, South Africa, The Bahamas
🔒 Is Broker safeYesYes
💰 EUR/USD Spread1.021.6
💳 Minimum depositUS$200US$100
💰 Withdrawal fee$0US$0
🖥️ Trading PlatformMeta Trader 4, Meta Trader 5, cTraderMT4, MT5, cTrader, FxPro EDGE
📈 Markets offeredForex, Indices, Stocks, Commodities, CryptocurrenciesForex, Indices, Stocks, Commodities, Cryptocurrencies, Energies
📉 Number of Products559234
🔎 Our Detailed Review

IC Markets Review


FxPro Review

Licenses and Regulation

Both Brokers are safe to trade and are highly reliable, low risk trading Brokers due to regulations and are not a scam.

IC Markets is licensed by Cyprus’ CySEC, Seychelles’ FSA and the Bahamas’ SCB.

FxPro is regulated under the UK’s FCA, which offers compensation schemes of up to £85,000, and the CySEC, which, in its turn, offers a compensation scheme of â‚¬20,000. 

For this IC Markets vs FxPro review, we opened a standard MT5 account with IC Markets (EU) Limited, licensed by the CySEC, and a standard MetaTrader4 and MetaTrader5 accounts with FxPro Financial Services Ltd, which is also regulated by CySEC.

We recommend that you open your IC Markets account with the Australian or Cyprus entities if either is available to you, and register your FxPro account under the regulation of the United Kingdom if that’s available in your jurisdiction.

  IC Markets FxPro
🔒 LicensesASIC,
CySEC,
SCB,
FSA
FCA,
CySEC,
SCB,
FSCA

Top Tier License✔️✔️
Publically Traded❌❌
Compensation Scheme✔️ (depending on entity)✔️ (depending on entity)

IC Markets vs FxPro Fees

IC Markets and FxPro fees are similar and charge low or average fees for the main instruments. The average spreads charged on stock trades are in line with industry charges or below them.

Most of the account types offered by IC Markets have very low spreads and do not charge a commission. Only the Raw Spread Account charges a commission.

In the case of FxPro, our testing was based on the FxPro MT4 and FxPro MT5 accounts. Forex spreads were consistent for our tests, but spreads for indices and commodities were fluctuating.

  IC Markets FeesFxPro Fees
Fees based on spread✔️✔️
Floating Spread✔️✔️
Fixed Spread❌✔️
Commission based fees✔️ ✔️
Inactivity Fee0$ 5$
Deposit fee0$50$
Withdrawal fee0$0$
Active trader/ VIP Programs✔️✔️

Spreads Charged in Our Trades

For our test trades on IC Markets vs FxPro accounts, we chose popular instruments in each market. We placed 3 trades for each instrument to get the average spread, and we found both negative and positive sides for each Broker spreads.

We tested IC Markets’ Standard Account on the MT5 platform, which charges a spread on all instruments. The spreads were generally low. The fees charged for trading Forex pairs, indices, commodities and cryptocurrencies were much lower than industry averages.

We tested FxPro MT4 and FxPro MT5 accounts.  The forex spreads on MT5 accounts are around the industry average, while spreads for indices are higher than the average benchmark. Stock spreads on MT4 accounts are significantly lower than the industry average. 

MarketsInstrumentsIC Markets Avg. spreadFxPro Avg. spreadIndustry avg. spread
IndicesFTSE 1001.11.71.65
ForexEUR/USD1.01.61.16
CommoditiesGold2.23.13.53
StocksAAPL1.50.61.75
CryptocurrenciesBitcoin39.2472.81

Account Types Compared

IC Markets offers 4 account types with slightly different features. FxPro offers multiple accounts based on the trading platforms and execution type. 

IC Markets account opening is quick and seamless. The registration process took exactly 14 minutes, and our account was approved in one working day.

Account Opening with FxPro was quick and smooth. The registration process took around 7 minutes. Our account was verified on the same working day.

IC Markets
Accounts
FxPro
Accounts
Standard Account✔️✔️
ECN / Commission Based Account❌✔️
Islamic Account✔️✔️
PAMM Account❌✔️

Markets and Products

Both IC Markets and FxPro offer a large variety of tradable instruments in the Forex, indices, stocks and commodities markets.

Markets IC Markets InstrumentsFxPro Instruments
Indices2319
Forex6170
Commodities127
Stocks453134
Cryptocurrency104

Trading Conditions

The trading conditions both at IC Markets and FxPro are great. Both traders allow high-risk strategies such as hedging and scalping.

Trading Method IC Markets FxPro
Hedging✔️ ✔️
Scalping ✔️ ✔️
Change Leverage✔️ ✔️

Deposit and Withdrawal

Both deposit and withdrawal processes on IC Markets and FxPro are quick and simple.

IC Markets’ clients can deposit funds into their trading accounts via bank transfers, debit/credit cards, and e-wallets such as Skrill, PayPal, and Neteller.

FxPro supports a wide range of deposit methods, including credit and debit cards, bank transfers, and others. Deposits with online wallets like PayPal, Skrill, and Neteller are not available on the UK-registered entity.

IC MarketsFxPro
💰 Deposit Fee❌❌
💰 Withdrawal fee0$ ($20 for international bank withdrawals)❌
💳 Minimum depositUS$200US$100
Bank Transfer✔️✔️
Debit/ Credit Cards✔️✔️
PayPal✔️✔️
Skrill✔️✔️

Trading Platform

Both IC Markets and FxPro offer the popular MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms. In addition, they offer the cTrader platform. What is more, FxPro also offers its Proprietary platform FxPro (EDGE).

Algorithmic traders will find a home with IC Markets, which offers fast execution speeds and guarantees no requotes on submitted trades. The broker’s cTrader platform offers the cAlgo app that algorithmic traders can use. The cTrader Copy app allows for social copy trading.

FxPro offers trading on both industry-leading platforms, also, on its proprietary platform. The broker offers MetaTrader 4 (MT4), MetaTrader 5 (MT5), CTrader and its Proprietary platform FxPro(EDGE).

IC Markets PlatformFxPro Platform
Web Platform✔️✔️
Desktop Platform✔️ ✔️
Mobile App✔️✔️
MetaTrader5✔️ ✔️
MetaTrader4✔️ ✔️
Simple to use platform✔️✔️
Demo Account Trading✔️✔️
Execution Agency Model❌✔️
Research✔️✔️

Education and Support

IC Markets offers a great forex trading course for beginners that covers topics such as technical analysis and trading psychology. FxPro offers good quality educational resources to traders. Its educational section is divided for beginner and advanced traders. 

IC Markets’ customer service team was quite helpful and gave us direct but sometimes inaccurate answers to our questions, while our experience with FxPro customer support was good. The representatives were quick to respond on both live chat and email with accurate answers. 

We found that IC Markets’ education offering lacks depth, and we would like to see the broker add more content on intermediate and advanced topics. 

FxPro offers text-based tutorials, video tutorials on trading, explanatory videos and a Demo account.

IC Market SupportFxPro Support
Trading School for Beginners✔️✔️
Tutorials✔️✔️
Trading Videos✔️ ✔️
Webinars✔️✔️
Daily News and Analysis✔️✔️
Economic Calendar✔️✔️
Live Chat✔️✔️
Email Support✔️✔️
24/7 availability✔️ ✔️

Conclusion on IC Markets vs FxPro

Comparing IC Markets vs FxPro side by side we found both brokers reliable and with good standing. IC Markets provides relatively low spreads and breakneck execution speeds. FxPro, on the other hand, offers forex spreads at the average industry level, yet the execution speed is fast.

Trading costs are relatively similar, mostly based on spread.

Overall, our experience with IC Markets was good. We recommend IC Markets to all levels of traders from beginners, intermediate and advanced traders who can all benefit from its services.

Our overall experience with FxPro was excellent. We recommend FxPro to forex traders who run EA as their strategy.

IC MarketsFxPro
Recommended for
✔️ Beginning Traders
✔️ Trading Currency Pairs
✔️ Cryptocurrency Trading
✔️ Scalping trader
✔️ Hedging trader
✔️Beginning Traders
✔️ Experienced traders
✔️ Scalping trader
✔️ Hedging trader
✔️ EA trader
✔️ Trading CFD
✔️ Trading Currency Pairs
Might not be fit for❌ Trading Futures or Real Stocks
❌ Commission based trading
❌ Commission based trading