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The Radar Chart below highlights how the brokers stack up against each other across various metrics. The highest score a broker can receive in each area is 5.
At FxScouts, we help traders find the broker that suits their trading needs. In many cases, the best way to achieve this is to compare brokers side-by-side.
To compare IG and FXCC, we used the same factors we use when reviewing brokers: The trust and regulation of the broker, the trading platform, the costs and trading conditions, and the level of education and market analysis available at the broker.
Trust and regulation are some of the most important factors to consider when choosing a Forex broker. Trust in the Forex trading business is almost entirely founded upon regulation. We spend many hours evaluating the safety of each broker by delving into their fine print and confirming each one of their regulatory licences on the online registers. The more top-tier authorities a broker is regulated by, the higher its trust rating.
In our comparison, we found that IG holds six Tier 1 and four Tier 2 licences, and FXCC holds one Tier 1 and no Tier 2 licences.
Based on these findings, IG earned a higher trust rating than FXCC.
Another important aspect we consider when comparing brokers is the cost of trading. When evaluating trading costs, we always consider the minimum deposit required to open an account and the ongoing trading costs, including the spreads and commissions. When calculating trading costs, we measure the cost to trade one lot of EUR/USD using the broker’s account with the lowest minimum deposit. The cost includes both the spread and any commission charged.
Not all brokers publish their trading costs, so we often open accounts and trade on their platforms to verify the spreads and commissions. Based on our reviews, we found that FXCC and IG have the same trading costs.
Traders want Forex brokers to offer them a choice of trading platforms, so we give brokers who offer multiple platforms higher ratings. Trading platforms we consider include MetaTrader4, MetaTrader5, cTrader and proprietary mobile and web-based platforms.
In this case, IG offers support for MT4, L2 Dealer and ProRealTime and FXCC offers support for MT4.
In this case both FXCC and IG offer copy trading.
A variety of CFD instruments – and a large range of CFDs for each instrument category allow traders more opportunities for profitable trading. The best brokers will have thousands of CFDs to trade, covering all these instrument categories. We found that IG offers a greater range and depth of instruments to trade than FXCC. IG offers 80 Forex pairs to trade and FXCC offers 71 Forex pairs to trade.
In this case, FXCC offers 14 cryptocurrencies while IG offers 10 cryptocurrencies. So if you want to trade cryptocurrencies, we advise trading with FXCC.
Although brokers may have reasonable trading fees, many traders are caught out by the high non-trading fees charged by some brokers, including deposits and withdrawals. Traders want to be able to deposit and withdraw funds quickly and cheaply. Most brokers have multiple funding methods with zero fees for making deposits, but some brokers make it more expensive and take longer to process withdrawals.
We rate brokers more highly that process withdrawals within 24 hours by multiple withdrawal methods and without charging processing fees. We found that neither FXCC nor IG charges a withdrawal fee. Overall, IG has better deposit and withdrawal processes than FXCC.
We often find that brokers offer very little in the way of educational materials, forcing traders to use other third-party sites or self-educate elsewhere. Beginner traders need well-structured, well-presented materials in multiple formats to get a good start at trading. More experienced traders also benefit from webinars led by experts in the field and advanced trading strategy sections with new trading ideas.
IG has better educational support than FXCC. Both FXCC and IG offer educational support for more experienced traders.
To successfully predict the price movements of an instrument, traders will need access to frequent market research and analysis. We find that research and market analysis are always better when they are produced in-house and updated frequently. Third-party resources don’t show the same expertise in trading ideas, so we place a strong emphasis on frequent in-house updates. Some brokers also often offer interactive webinars where traders can learn from experts in the field.
We found that IG offers better research analysis than FXCC and that both FXCC and IG offer frequent webinars.
Founded in 1974 and listed on the London Stock Exchange, IG has a long history of providing safe and secure trading, low trading fees, and a vast range of trading instruments.
Our research found that IG has over 320,000 clients worldwide and has been the largest CFD broker globally by revenue for the last few years. It has two low-cost trading accounts with no minimum deposit requirements and offers trading on over 17,000 instruments, all of which can be accessed on its award-winning app and web trader platform.
For more traditional investors, IG also runs a fully licenced stock brokerage on the side. And in addition to a wide range of trading tools, IG has a world-class selection of educational and market analysis materials to get new traders started.
Established in 2010, FXCC appeals to MT4 traders looking for excellent trading conditions on a single live account. However, FXCC offers a limited range of tradable instruments compared to its peers.
FXCC offers a single live commission-free account with no minimum deposit requirements and spreads that average at 0.60 pips (EUR/USD), which is tighter than other brokers. Trading platform choice is limited to MT4 but is available on multiple devices as well as major web browsers. FXCC also lacks trading tools, but free VPS hosting is offered for traders who maintain an account balance of 2500 USD or trade over 30 lots per month.
Apart from the wide selection of Forex pairs (70+), FXCC has a disappointing range of CFDs. This is mostly down to the fact that trading is only available on the MT4 platform. It also provides a limited range of educational and market analysis materials and has a demo account that expires in 30 days, making it a poor choice for beginner traders.
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