We have done a comparison of IC Markets vs easyMarkets forex brokers to guide you in making an informed decision on the differences between each broker. We looked at what we consider to be the main features to consider when choosing a broker and compared them.
1. True ECN Broker with low spreads and fees 2. Choice Of The Best Forex Platforms 3. Fast Order Execution and Low Latency 4. Superior Technology 5. 24/7 Customer Service
1. Range of Risk Management Tools (including dealCancellationand guaranteed stop loss) 2. Low Margin, Zero Spreads + $0 commission 3. Fixed Spreads (no slippage risks) 4. Choice of easy-to-use forex trading platform 5. Personal Account Service Manager and Personal Analyst
1. Limited Risk Management Tools Offered 2. Lacking in Range in CFDs Offered 3. No Sign on or Promotion Bonus
1. Lower Leverage (compared to industry benchmark) 2. Key Features offered on easyMarkets platform not offered on MT4 platform 3. Free Trade simulator only available for 8 days 4. No Stock/Share Market options
Spreads + Commissions
Forex Trading Platform
1. MetaTrader 4 and 5 2. cTrader including cAlgo for automated trading
1. easyMarkets (custom platform) 2. MT4 by easyMarkets
1. Minimum Balance Protection 2. Margin Stop Loss Orders 3. Australia Securities & Investments Commission (ASIC) Regulation 4. Segregated accounts with NAB and Westpac
1. Guaranteed Stops 2. Negative Balance Protection 3. Deal Cancellation 4. Australian Securities and Investments Commission Regulated (ASIC) and Cyprus securities exchange commission
1. Advanced high volume traders (Active Traders) 2. Traders utilising robots, scalping and hedging 3. Traders needing customer service outside business hours
1. Traders that wish to minimise risks 2. Traders that want fixed spreads and don't want 'slippage' risks 3. Traders that desire a personal account manager
Spreads + Commissions
ECN Trading Account
Guaranteed Stop Loss
Guaranteed Negative Balance Protection
No Fees On Deposits + Withdrawals
ECN Trading Account
Guaranteed Stop Loss
Guaranteed Negative Balance Protection
No Fees On Deposits + Withdrawals
IC Markets vs easyMarkets Fees and Spreads
IC Markets vs easyMarkets when their average spreads are compared, it is noticeable easyMarkets spreads are wider
Average Spreads (pips)
IC Markets Electronic Communication Network (ECN) Broker this is why their spreads are tighter. This type of broker allows you to trade directly with liquidity providers with no interferance from the broker themselves. This means spreads quoted are lower because prices are obtained directly from the liquidity provider with no human intervention. ECN brokers charge commission for each trade so rely on trading volume for earnings.
A traditional market maker like easyMarkets and plus500 on the other hand set their own bid and offer prices prices from which they will buy or sell. Market makers will quote higher prices because they do not typically cover it’s clients trades with liquidity providers. This means they need to cover differences with their own money. Spreads are wider as the broker is taking on more risk with their own funds.
IC Markets Account True ECN’
IC Markets True ECN Account
Lots trade size option range – 0.01/ 100 lots
AUD$7 commission for rountrip swaps ($3.5 each way) applied for every 100k of volume traded
Deposit minimum of $200
Spreads start at 0.0
Currency Pairs available = 64
liquidity providers = 50
Expert Advisors (EAs)
As IC Markets is a broker using ECN as a result of this they charge $3.50 commission to buy and sell (i.e. $7 round tripe). This is because IC Markets want do not want to interfere with the spreads offered by the market. This means that while the spreads might be lower there is the additional cost of commission to factor in.
easyMarkets Super VIP Account
lot trade size is negotiable. Lots of 0.01 to 100 is the standard range
Commission not charged
minimum deposit $50,000 for Super VIP and $200 for standard
Leverage maximum of 400:1
79 total Currency Pairs are available
Account Fees not applied
Expert Advisors (EAs) – available on MetaTrader 4 Platform only.
Spreads are Fixed
easyMarkets average spreads are higher when compared with IC Markets but they do not charge commission. One benefit of the trading model used by easyMarkets is that they used fixed spreads as opposed to variable spreads. Fixed spreads means prices are predictable and do not change through the ordering process. This makes it a great option for inexperienced traders who may not understand price movements especially in volatile markets.
The following account types are offered by easyMarkets: Super VIP, VIP, Premium and Standard. Accounts are very similar but better spreads are offered with accounts requiring a higher deposit.
Trading Spreads and Fees Conclusion
ECN accounts such as those offered by IC Markets forex broker offer smaller spreads and require less deposit we therefore recommend IC Markets when trading forex.
IC Markets vs easyMarkets Forex Trading Platforms
MetaTrader 4 is available on IC Markets and easyMarkets. IC Markets also offer another common platform in cTrader while easyMarkets offer their own custom platform which called ‘easyMarkets’.
MT4 is the one of the most well regarded forex trading platforms and is available with many brokers. MetaTrader 4 has the following benefits:
Simple and straight forward interface with order management functionality that allows for fast ordering.
Expert Traders (EA) facility for algorithmic trading. EAs are not offered on easyMarkets own platform.
Offered by most brokers which means there low barriers to switching to other brokers using the same platform.
Adanced Trading Tools with IC Markets
Advanced Trading Tools enhancement product gives traders additional trading feature. To access these features you need to be using the metatrader 4 platform. Advanced Trading Tools contains some 20 features which traders of all type will certainly beneficial:
Alarm Manager – allows for alerts and notifications of important trading events
Connect – a portal that provides calendar with economic events of interest and news feeds.
Correlation Matrix – to help traders so they can determine correlations between assets and other markets
Correlation Trader – to assist traders with finding similarities and differences between different markets.
Excel RTD – for analysis, monitoring and reporting though use of excel.
Market Manager– so that information from insights to existing orders, orders that are pending and current market prices can be explored.
Sentiment Trader – live sentiment data is provided so to help with trade decisions.
Stealth Orders – Used to hide your pending orders so other traders cannot copy your trading.
Trade Simulator– This helps you forecast likely profit and loss expectations using proven strategies.
Session Map– a map listing when markets are open throughout the world.
Trade Terminal– a screen showing a range of trading information on one screen.
Smart Lines – Profit and stop-loss positions are demonstrated via graphs and charts.
cTrader is competing tool to MT4. It performs many of the same function MT4 does when it comes to trader but has a few different features. One useful feature is enhanced interface customisation.
Overall IC Markets offers a choice of platforms. If MT4 is chose, traders have access to a wealth of tools to enhance the users trading experience.
The easyMarkets Forex Trading Platforms
easyMarkets has their own custom platform called ‘easyMarkets’. It offers a few unique features not offered by IC Markets.
dealCancellation (see risk management section for explanation)
No Slippage (see risk management section for explanation)
Guaranteed pending orders (see risk management section for explanation)
Trading of foreign exchange and contract for difference product right within its platform
Overall, EasyMarkets platform key strength and point of difference is the ‘risk management’ tools offered.
Forex Trading Platforms Conclusion
If you are a risk averse trader then the easyMarkets platform is worth considering for the risk management tools offered. We endorse Ic Markets because we feel all traders will benefit from the in-depth tools provided by IC Markets.
IC Markets Execution Speeds vs easyMarkets Risk Management
Both IC Markets and easyMarkets seek to minimise the potential risks associated with execution speed using different approaches. IC Markets to reduce ‘slippage’ risks by offering some of the fastest execution speed available in industry. easyMarkets on the other hand offer risk management tools.
IC Markets Execution Technology
Fast order execution greatly reduces risks of “slippage” or ‘gapping’ occurring.IC Markets achieve this through the following methods:
Faster Execution – This speed is achieved through dedicated fibre optic cables. These cables provide the fastes execution speeds possible which means data congestion will not occur.
Low Latency – Placing servers near liquidity pools means data has less distance to travel when order is executed.
Sponsored VPS – IC Markets will discount your Virtual Private Server subscription provided you trade the required volume each month. With a VPS latency of 0.5 ms can be achieved.
IC Markets infrastructure allows traders to achieve excellent execution speeds. While not ´guaranteed´(Ic Markets will not pay for any losses due to slippage) risk of gapping with IC Markets is unlikely.
easyMarkets and Risk Management
An excellent portfolio of features are available with easyMarkets to reduce protect your funds and reduce your risk.
Deal Cancellation is a feature unique to easyMarkets. Clients have the opportunity to buy ‘protection’ against unfavourable deals when commencing a trade position. If dealCancelling is bought then you can reverse your trading position provided it is within one hour from the time the position was opened. If price moves favourably, traders can still take profit.
Freeze Rate – this give you a little extra time to execute your trade at the rate displayed by easyMarkets regardless if there has been a change in the market rates.
Fixed Spreads – This helps ensure spreads offered remain stable during market volatility.
Guaranteed Stop Loss/Take Profit – You can define how much you are willing to lose (or even profit) when prices in the market move. If the market price reach the amount you have set then easyMarkets sell your fx and will honour or guarantee funds lost due to slippage.
Negative Balance Protection – easyMarkets use margin call to protect your funds. This means clients must have a certain amount of excess cash in their account so that acount cannot fall into negative because of volatile price movements. If ‘gapping’ does occur and a client’s accounts goes into debt then account balance will be reset to $0 and client will not have to pay debts to easyMarkets.
Note: IC Markets offer both pending orders and negative balance protection. IC Markets however do not provide a guarantee. Both brokers offer traditional risk management tools like limit orders and trailing stops.
IC Markets vs easyMarkets Execution Conclusion
Traders with experience are likely to prefer the tighter spreads offered by IC Markets. Execution speed is therefore going to be an important consideration. Those new to trading may however benefit from the risk management tools available with easyMarkets.
IC Markets vs easyMarkets Leverage
High leverage can result in major earnings (even for minor price changes in currency spreads) provided price moments are in your favour. While temptation to take advantage of the high leveral is great, leverage can also result in large losses. While high leverage might seem appealing, it needs to be used wisely.
IC Markets vs easyMarkets Leverage Conclusion
If choosing a broker based on leverage then choose IC Markets. This is because the trader has to option of reducing their leverage. Traders with easyMarkets do not have the option to increase leverage to match those offered by IC Markets.
IC Markets vs easyMarkets Cryptocurrencies and Other CFDs
A collection of contracts for difference are available by IC Markets and easyMarkets:
IC Markets can be considered an all-in-one broker as their portfolio cover a wider range of trade options as shown by out comparison table.
While easyMarket CFD suit is not as broad as IC Markets it offers a solid range of trading options. One feature easyMarkets do offer is vanilla options (as opposed to futures offered by IC Markets). A vanilla option is when a seller offers the buyer the option to buy or sell a CFD at a price before a fixed date. A future is basically the same but is a binding contract.
IC Markets vs easyMarkets CFDs Conclusion
We believe IC Markets.are the better broker when it comes to CFDs. This is mostly because traders looking into different CFDs are likely be looking for an broker than can tailor to all their CFD requirements in one place.
IC Markets vs easyMarkets Customer Service
The standard phone, online chat and email tool are available for cusstomer servicewith both IC Markets and easyMarkets.
IC Markets Customer Service
IC Markets customer service team have a number of selling points that make it stand out compared to easyMarkets. These consist of:
24/7 customer service – accessible througout the week regardless if the maket is open or closed. ECN allows for trading at all hours so this availability can be helpful.
Help Centre – Keyword search will suggest possible answer to information you need.
Emails – Ic Markets provide the email address of their departments you can ddress questions to.
Customer Service With easyMarkets
easyMarkets only offer customer 24/5. The instant live chat function available via their website and through the trading platforms. Facebook messenger and Viber messenger services can also be used to get in touch with easyMarkets. Clients in Australia can use a toll free 1300 number when phoning in for support.
easyMarkets have a FAQs page listed under the educational resources which is very helpful when seeking answers to common questions.
Those considering Standard account or Premium account should note that access to a few features are not available. The table on the right shows the customer service features offered for each account.
IC Markets vs easyMarkets Conclusion for Customer Service
Both brokers offer excellent customer service however IC Markets is available for all traders throughout the week. This makes it best for all traders.
IC Markets vs easyMarkets Joining Bonus
A joining bonus is not on offer with IC Markets.
easyMarkets Joining Offers
A ‘First deposit’ bonus is on offer to where the initial deposit upon opening an account is of $100 or greater. This bonus is percentage based and this percentage varies by how much is deposited. Clients need to sign on for the bonus when registering. To claim the bonus, the relationship manager will need to be contact.
easyMarkets in addition to ‘First deposit’ bonus also offer a ‘Partnership program’ and ‘refer a friend’ program. If you refer a new client then you can receive trading credits of up to $2,500.
IC Markets vs easyMarkets Conclusion – Joining Bonus
IC Markets do not offer a joining bonus. This can be interpretated positively if we assume this is a reliable indicator IC Markets is a true ECN trader, offering lowest possible spreads. easyMarkets however offer funds that can be used for trading which can help multiply your earnings.
IC Markets vs easyMarkets Funding (Deposits and Withdrawals)
When analysing of IC Markets and easyMarkets funding methods we found that easyMarkets has the larger range of payment issuers and that these account don´t have fees and chargest. Traders in Australia should however note that some of the payment issuers are not available or at least not general known in Australia Some may not be of interest if you are trading from Australia.
The following methods are available with IC Markets to manage your funding. Credit and Debit Cards, Bank Wire Transfers, Broker to Broker transfer, Branch Cash Deposit, BPay Deposit, PayPal, Skrill, Neteller, WebMoney, QIWI, China Union Pay, and FasaPay. These deposits are usually instant with no fee charges.
Domestic withdrawals are processed on the same day and no fee is charged or this service. International withdrawals, can take a maximum 5 weekdays and have a charge of $25 AUD.
All funds with easyMarkets are held segregated with Bankwest. ‘Bankwest’ are owned CBA (Commonwealth Bank of Australia).
easyMarkets have a minimum withdrawal of $50USD from bank accounts. e-Wallets and credit/debit cards withdrawals do not require minimum amount.
The table below demonstrates all the fundings methods and their fees:
IC Markets vs easyMarkets Deposits and Withdrawals Conclusion
Neither IC Markets or easyMarkets have fees for funds coming in or going out. Traders will need to decide which merchant they wish to use for funding and then check which broker offers their service.
CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your initial deposit, so please ensure that you fully understand the risks involved.