In recent years, the foreign exchange (forex) market has grown to become the biggest market in the world, with a daily trading volume of approximately $6.7 trillion. More and more people are getting into forex trading because it’s a good way to make big money with little risk.
Choosing a Forex broker, on the other hand, is the first step for anyone interested in trading foreign currencies. Choosing an internet broker might be difficult due to the abundance of options. If you’re new to the forex market and still can’t decide which broker to go with, this article will help you weigh the pros and cons of two of the most popular options: IC Market and RoboForex.
RoboForex
RoboForex was founded in 2009 in Belize and is regulated by the FSC and CySEC. It has received various broker awards, and to date, more than 4.5 million people from 169 countries have traded on the platform. It is an ideal place for beginners to get started, as they can get on the platform by depositing just $10.
Moreover, every account created on RoboForex can be a demo account if you want to test out or practice your trades. You can create an account today to do a RoboForex review yourself, as the platform is ideal for beginners. It will provide free tools and market forecasts to analyze your trades.
RoboForex also has negative balance protection for its users, which means that if the user’s balance is about to get below 0 due to market volatility, it will prevent that from happening by resetting the balance to 0.
If you use RoboForex, you can rest assured that your money and information are secure while you concentrate on trading. It also has an easy-to-use mobile app that lets you get help with any problems at any time of day or night. RoboForex has five different types of accounts, and most of them have special perks for customers who stay with the company for a long time.
Limitations of RoboForex
RoboForex, just like IC Markets, does not allow new clients from the USA. They also do not allow new clients from Japan, Canada, or Australia. RoboForex has five different types of accounts, but there are no fixed-spread accounts, which means that the price for trading is not fixed, and if the market gets volatile, you will need to pay a bigger fee for trading. There is also a withdrawal fee that applies to every withdrawal you make on RoboForex.
IC Markets
Andrew Budzinski, a well-known entrepreneur from Sydney, Australia, started IC Markets in 2007. Compared to the top brokers in the market, IC Markets stands tall as one of the world’s best and most secure brokers. You will need to deposit $200 to start trading if you are a beginner.
IC Markets is well-regulated and completely secure, as it is currently regulated by three independent bodies: the Seychelles Financial Supervisory Authority (FSA), the Cyber Securities and Exchange Commission (CySEC), and the Australian Securities and Investments Commission (ASIC).
After more than a decade in service, it has proven to be both a reliable and straightforward alternative. For many years, IC Markets has stood out as one of the best brokers because of its convenient financing methods, zero transaction fees, and round-the-clock client service.
Limitations of IC Markets
IC Markets may be a step ahead in various departments, but it has some cons. To start, the platform does not allow any clients from the USA. For new traders, customer support is a big thing, and although IC Markets has 24/7 customer support available, its live chat is rather slow, which can get people stressed out.
The minimum deposit to open an account is quite high at $200, and for some beginners, this might be enough to discourage them from opening an account here. There is also less flexibility, and you can create three accounts in IC Markets.
Which Is Better?
Both of these brokers have their significance, but a comparison can be drawn between them, keeping in mind that we are looking for a better solution for a beginner. Remember to always carry out your due diligence whenever selecting a broker, and always be very careful to avoid any scams.
RoboForex is a better option for beginners and people new to Forex trading. It is much more user-friendly and provides several free tools and analyses to its users, which allow people to trade more convincingly. You can also trade up to 8 assets in RoboForex. Not to forget that with IC Markets, you can only trade two which are Forex and CFDs.
Because you cannot trade stocks, ETFs, or funds via IC Markets, this platform is not recommended for long-term investors. With minimum spreads, favorable trading conditions, and a very low minimum deposit, RoboForex stands out for beginners, and they can easily create an account there and start trading.
Conclusion
Both brokers have been in the market for a decade and provide superior services to their users. Not to forget, they are equally secure and safe, as both of them are regulated by several credible authorities. However, when it comes to choosing one of them for beginners, it’s clear that RoboForex is the winner, as it offers more incentives to the new person coming on. Its low deposit makes it easier for people to come in and try their luck with a trade.
