IC Markets is primarily a broker for scalpers and algorithmic traders, with 200K+ active traders, over 60% of whom are trading using algorithms. While it offers decent technology and liquidity, is it the best choice for your trading requirements? Read my comprehensive IC Markets alternatives and find out.
Overview of IC Markets Alternatives
FP Markets
In Summary ECN trading with leverage up to 1:500fpmarkets is an ASIC-regulated Australian brokerage which launched in 2005. For most traders, the unique selling point of this broker is in the extremely wide range of tradable assets offered, providing the opportunity to trade over ten thousand individual stocks and shares including publicly quoted Hong Kong and Australian companies. Ffpmarkets also offers 60 Forex pairs and crosses, 11 equity indices, the major commodities, and 5 cryptocurrencies including Bitcoin. fpmarkets offers an unusual hybrid ECN/STP execution model, meaning their clients can choose between ECN style of execution giving a very high level of speed, and a “straight through processing” execution style which allows for more “natural” spreads.
Pros & Cons
- Choice of trading platforms and auxiliary trading tools
- Very competitive cost structure and excellent asset selection
- Low minimum deposit requirement and leverage of up to 1:500
- Well-regulated and trustworthy
- Availability of Iress geographically restricted
Eightcap
In Summary 1:500 maximum leverage and cutting-edge trading toolsEightcap established itself among the best Forex brokers due to its superb trading infrastructure, excellent order execution amid deep liquidity, competitive fees, and cutting-edge trading tools. Manual traders get a well-designed AI-powered economic calendar. MT5 traders benefit from Flash Trader, while the dedicated cryptocurrency solution Crypto Crusher caters to cryptocurrency traders.
Copy traders get the embedded MT4/MT5 services, and Eightcap connects social traders to the active TradingView community. Beginner traders get an outstanding educational and research offering via Eightcap Labs and Eightcap Trade Zone.
Pros & Cons
- Low minimum deposit and high leverage of up to 1:500
- Competitive cost structure
- Excellent technology infrastructure and seasoned management team
- Daily research and quality educational content
- Limited leverage in some areas
AvaTrade
In Summary Highly regulated, choice of fixed or floating spreadsAvaTrade is one of the largest Forex / CFD brokers and well-known for offering their clients a choice of fixed or floating spreads. They have a very high and strong level of regulation. AvaTrade is directly regulated in Ireland (and by extension, the European Union), Australia, Japan, South Africa, and the British Virgin Islands. Outside the European Union, Ava offers maximum leverage on Forex currency pairs as high as 400 to 1. AvaTrade offers trading in over 55 different Forex currency pairs, 17 commodities, 20 equity indices, 14 cryptocurrencies, plus 66 individual stocks and shares. 2 bonds and 6 ETFs are also on the menu.
Pros & Cons
- High quality educational offering via AvaAcademy
- Excellent choice of trading platforms catering to various trading needs
- Broad asset selection and cross-asset diversification opportunities
- Well-regulated and trusted broker with oversight from a central bank
- Trading costs competitive but nothing special
BlackBull Markets
In Summary 1:500 maximum leverage with ultra-low trading fees and deep liquidityBlackBull Markets was founded in 2014 in New Zealand. Like many antipodean Forex brokers, BlackBull Markets is an ECN broker, offering raw spreads and commissions. They are regulated in New Zealand by the Financial Services Providers Register (FSPR) and offer a maximum leverage on some Forex currency pairs as high as 500 to 1. In addition to their global headquarters in New Zealand, BlackBull Markets also has presences in the form of branch offices in New York and Malaysia. BlackBull Markets offers a relatively tight range of tradable assets: 27 Forex currency pairs and crosses, gold, silver, crude oil, natural gas, and 6 major equity indices. That should be sufficient for those traders with more focused strategies not requiring wide diversification.
Pros & Cons
- ECN/NDD execution model with deep liquidity
- Institution-grade pricing for retail traders via proprietary price aggregation
- ZuluTrade and Myfxbook for social trading
- Leverage of up to 1:500
- Limited deposit options
| | | ||
Regulators | ASIC, CMA (Kenya), CySEC, FSCA | ASIC, CySEC, FCA, FSA | ASIC, BVI, Central Bank of Ireland, FFAJ, FSCA, KNF, MiFID | FMA, FSA |
Year Established | 2005 | 2009 | 2006 | 2014 |
Execution Type(s) | ECN/STP | ECN/STP, Market Maker | Market Maker | ECN/STP, No Dealing Desk |
Minimum Deposit | ||||
Average Trading Cost EUR/USD | 1.2 pips | 1.0 pips | 0.9 pips | 1.1 pips |
Average Trading Cost GBP/USD | 1.4 pips | 1.2 pips | 1.5 pips | 1.55 pips |
Average Trading Cost Gold | $0.16 | $0.12 | $0.29 | 0.12 pips |
Trading Platform(s) | MetaTrader 4, MetaTrader 5, cTrader, Proprietary platform, Web-based | Other, MetaTrader 4, MetaTrader 5, Trading View, TradeLocker+ | Other, MetaTrader 4, MetaTrader 5, Proprietary platform, Web-based+ | MetaTrader 4, MetaTrader 5, cTrader, Trading View |
Islamic Account | ||||
Negative Balance Protection | ||||
| Visit Website | Visit Website | Visit Website | Visit Website |
| | | ||
Trading Platform(s) | MetaTrader 4, MetaTrader 5, cTrader, Proprietary platform, Web-based | Other, MetaTrader 4, MetaTrader 5, Trading View, TradeLocker+ | Other, MetaTrader 4, MetaTrader 5, Proprietary platform, Web-based+ | MetaTrader 4, MetaTrader 5, cTrader, Trading View |
Regulators | Yes ASIC, CMA (Kenya), CySEC, FSCA | Yes ASIC, CySEC, FCA, FSA | Yes ASIC, BVI, Central Bank of Ireland, FFAJ, FSCA, KNF, MiFID | Yes FMA, FSA |
Minimum Deposit | ||||
Automated Trading | ||||
Social/Copy Trading | ||||
Average Trading Cost EUR/USD | 1.2 pips | 1.0 pips | 0.9 pips | 1.1 pips |
| Visit Website | Visit Website | Visit Website | Visit Website |
Important Factors in Finding IC Markets Alternatives
I focused my IC Markets alternatives analysis on the five categories below, as they form the core trading conditions for most profitable traders.
Here are the five most crucial factors when evaluating IC Markets alternatives:
1. Fees: They are my top priority, as they directly impact profitability and indicate which trading strategies a broker supports or passively discourages.
2. Account Opening: Most brokers have a user-friendly online application with minimal personal data collection. Account verification is mandatory, and the primary difference among brokers is the minimum deposit requirement.
3. Deposit & Withdrawals: Every reputable broker offers bank wires and credit card deposits. Traders should look for non-banking options, cryptocurrencies, localized options, and withdrawal times to gauge the competitiveness of financial transactions. Geographic and regulatory restrictions also apply.
4. Trading Platforms: MT4 is the undisputed market leader, as 80+% of daily order flow is algorithmic, but some brokers push their proprietary alternatives.
5. Markets & Products: Traders should ensure their broker offers the markets and products they require for their strategies and portfolios.
IC Markets Alternatives
FP Markets
FP Markets offers traders five trading platforms, a well-balanced asset selection, quality MT4/MT5 upgrades, and MAM/PAMM accounts for traditional account management.
Fees
The competitive commission-based pricing environment starts with Forex spreads of 0.9 pips for a $6.00 per 1.0 standard round lot commission.
Pros | Cons |
|---|---|
Low Forex fees | None |
Competitive swap rates | |
No hidden costs |
Account Opening
The FP Markets online account application is straightforward but collects more data than many other brokers.
Pros | Cons |
|---|---|
Digital account application | Lengthy application with data mining |
Ten account base currencies | |
Trusted broker |
Deposit & Withdrawals
FP Markets offers 25+ funding methods, which include bank wires, credit/debit cards, online payment processors, and cryptocurrencies.
Pros | Cons |
|---|---|
No deposit fees | Potential currency conversion fees |
No withdrawal fees | |
18+ deposit currencies |
Trading Platforms
FP Markets has MT4, MT5, cTrader, TradingView, Iress, and proprietary mobile apps. It also offers Myfxbook Autotrade and Signal Start for copy traders.
Pros | Cons |
|---|---|
12 quality MT4/MT5 plugins, and Trading Central and Autochartist | None |
MAM/PAMM modules for traditional account management | |
VPS hosting for low-latency 24/5 market access |
Markets & Products
Traders benefit from a balanced asset selection, including cryptocurrencies, ETFs, and bonds.
Pros | Cons |
|---|---|
Good choice of ETFs and commodities | None |
Balanced asset selection | |
In-house copy trading service |
Verdict
FP Markets trumps IC Markets with its choice of payment processors.
Eightcap
Eightcap maintains a distinct competitive edge with Capitalise AI, offering traders algorithmic trading solutions in a code-free environment.
Fees
The commission-based cost structure at Eightcap, starts from minimum Forex spreads of 0.0 pips with a commission of $7.00 per 1.0 standard round lot.
Pros | Cons |
|---|---|
Competitive Forex fees | No volume-based rebate program |
No non-trading fees | |
Good pricing transparency |
Account Opening
Traders can open an Eightcap account by providing their e-mail address, desired password, name, and country of residence.
Pros | Cons |
|---|---|
User-friendly, digital account application | None |
Fast account opening process | |
Seven account base currencies |
Deposit & Withdrawals
Eightcap payment processors are bank wires, credit/debit cards, Skrill, Neteller, PayPal, BPay, Union Pay, FasaPay, PIX, Dragon Pay, cryptocurrencies, and localized payment processors.
Pros | Cons |
|---|---|
No deposit fees or withdrawal fees | Potential currency conversion fees |
Fast payment processing times | |
User-friendly back office |
Trading Platforms
Traders get MT4 with the Capitalise AI plugin, MT5 with the FlashTrader plugin, and TradingView with its 50M+ social trading community.
Pros | Cons |
|---|---|
VPS hosting for low-latency 24/5 Forex trading | None |
Capitalise AI for code-free algorithmic trading | |
TradingView for social traders |
Markets & Products
Eightcap maintains a well-balanced asset selection of 800+ instruments across five asset classes, suitable for most strategies.
Pros | Cons |
|---|---|
Well-balanced asset selection | No bonds or other fixed-income assets |
Excellent beginner research and education via Eightcap Labs and Trade Zone | No ETF trading |
AI-powered economic calendar |
Verdict
Eightcap beats IC Markets with the Capitalise AI plugin for MT4.
AvaTrade
AvaTrade is one of the most trusted brokers, offering an excellent choice of trading platforms, including specialized ones.
Fees
Traders get reasonable commission-free Forex fees at AvaTrade of 0.9 pips or $9.00 per 1.0 standard round lot.
Pros | Cons |
|---|---|
Reasonable Forex fees | Inactivity and administration fee |
Competitive commodity spreads | |
No hidden costs |
Account Opening
The AvaTrade online application form only requires a name, e-mail, and phone number.
Pros | Cons |
|---|---|
User-friendly, digital account application | None |
Fast account opening process | |
Seven account base currencies |
Deposit & Withdrawals
Traders may use bank wires, credit/debit cards, Skrill, Neteller, WebMoney, and PayPal to deposit and withdraw at AvaTrade.
Pros | Cons |
|---|---|
No deposit fees | Currency conversion fees |
No withdrawal fees | |
Trusted withdrawal process |
Trading Platforms
AvaTrade offers MT4, MT5, WebTrader, AvaOptions, AvaTradeGO, Ava Social, the mobile apps of MT4/MT5, and DupliTrade for copy traders.
Pros | Cons |
|---|---|
MT4 Guardian Angel plugin | None |
Trading Central plugin | |
VPS hosting for low-latency 24/5 market access |
Markets & Products
AvaTrade presents traders with a balanced asset selection that includes cryptocurrencies, ETFs, bonds, and FX options.
Pros | Cons |
|---|---|
Good choice of ETFs | None |
Well-balanced asset selection | |
Industry-leading education for beginners |
Verdict
AvaTrade outdoes IC Markets with its educational content.
BlackBull Markets
BlackBull Markets ensures traders have a competitive edge with its industry-leading asset selection in a low-cost ECN pricing environment and superb trading infrastructure.
Fees
Traders benefit from competitive commission-based trading fees with Blackbull, consisting of minimum Forex spreads from 0.0 pips for a commission between $4.00 and $6.00 per lot.
Pros | Cons |
|---|---|
Competitive Forex fees and low swap rates | None |
No internal deposit or withdrawal fees | |
Pricing transparency |
Account Opening
BlackBull Markets only asks for a desired e-mail address, password, name, date of birth, country of residence, and phone number. Alternatively, traders can use their Google, Facebook, or Apple IDs.
Pros | Cons |
|---|---|
Digital account application | None |
No data mining | |
Well-regulated and trusted |
Deposit & Withdrawals
Traders can deposit and withdraw with Blackbull via bank wires, credit/debit cards, Skrill, Neteller, FasaPay, Union Pay, POLi, Boleto, beeteller, AstroPay, FXPay, HexoPay, PaymentAsia, Use Pay, SEPA, Help2Pay, cryptocurrencies, and localized options.
Pros | Cons |
|---|---|
No deposit fees | $5 withdrawal fee |
Low minimum deposit requirements | |
Choice of deposit currencies |
Trading Platforms
With MT4, MT5, cTrader, TradingView, BlackBull CopyTrader, and BlackBull Trade, BlackBull Markets ensure traders can trade however they prefer.
Pros | Cons |
|---|---|
VPS hosting for low-latency 24/5 Forex trading | None |
API trading | |
ZuluTrade, Myfxbook Autotrade, and BlackBull Social for copy traders |
Markets & Products
BlackBull Markets caters to all strategies with an asset selection exceeding 26,000 trading instruments, including 200 currency pairs.
Pros | Cons |
|---|---|
Excellent asset selection | None |
Cutting-edge trading infrastructure | |
Quality research and education for beginners |
Verdict
BlackBull Markets leads IC Markets with its asset selection.
Bottom Line
My review of IC Markets alternatives concluded with the following results:
- FP Markets has an excellent choice of payment processors
- Eightcap shines with the Capitalise AI plugin for MT4
- AvaTrade offers industry-leading educational resources
- BlackBull Markets delivers the best asset selection
