The reliability of the dealer you choose can make or break your experience trading foreign exchange (Forex). You ought to be able to have faith in your sellers that they would safeguard the money you deposit on their platform.
However, there are many brokers around the globe that will give you trust, security, a low price, and other alluring benefits. Because of this, it might be difficult to identify the dishonest brokers who are operating among them.
In this post, we will evaluate two of the most prominent brokers in the foreign exchange market, Fx Primus and IC Markets to determine which of them is worthy of your trust.
IC Markets and Fx Primus are going to be the two different brokers that we talk about today.
Fx Primus Vs IC Markets: Overview
Fx Primus was established in Limassol, which is located in Cyprus, to fulfill the demand for quick access to trading and exchange accounts at any time of the day or night and in any region of the world. The company’s headquarters are in Limassol. On the web, on tablets, and on mobile devices, the platform offers the most efficient and trustworthy ways of sharing stages.
Conversely, IC Markets is committed to providing you with the highest possible level of customer service and support. As a result of the platform’s extensive involvement in the foreign exchange market, it is able to comprehend the requirements that dealers have.
You can trade with confidence knowing that the IC Markets group will always be there to assist you twenty-four hours a day, seven days a week. This enables you to make transactions whenever it is most convenient for you.
The goal of IC Markets is to standardize the finest trading experience so that it is the same for retail and institutional customers. This will enable brokers to concentrate more on the exchange itself.
According to the information provided by the platform, it is simply a platform that brokers have designed for dealers. IC Markets is committed to providing clients with competitive spreads, swift execution, and superior management of their assets.
How Does The Fx Primus System Work?
Fx Primus is a fully functional MT4 platform that is designed to meet the diverse needs of merchants and takes great effort to accommodate their needs. The fact that Fx Primus makes currency trading simpler is the primary reason for its widespread popularity.
In addition, you won’t have to pay any fees to fund the transaction, and you’ll be able to trade in for the right item at the ideal price. Because it is manufactured and distributed in the market by respected members of the trading sector, Fx Primus is quite popular.
It is essential to be aware that CYSEC, VFSC, and FSCA have authorized Fx Primus to provide users with an assurance of the genuineness and legality of the trading platform.
How Does The IC Markets Platform Work?
You will receive one of the very best services available for foreign exchange trading from IC Markets. Everyone has access to the technical market reading tools that they require through IC Markets.
These tools include normal pattern pointers, oscillators, unpredictability measures, and line drawings, all of which are located within the broker platform and can be accessed without any difficulty.
The IC Markets platform features simple tap trading from a variety of displays as well as designs that may be customized. You will have full access to legitimate information as well as advanced graphing information, and you will be able to manage your accounts, exchange complete lists of items, and use more than thirty specialized indicators to conduct market research.
User Experience of Fx Primus and IC Markets
Fx Primus may be summed up as a trustworthy intermediary that provides individualized account types and industry-leading trading platforms to a global market. Two level-2 controllers (those with medium trust) and one level-3 controller are in charge of managing Fx Primus. In terms of the quality of the customer experience, Fx Primus has earned a trust score of 74 out of a possible 100.
IC Markets is a specialist in foreign exchange that is managed by both ASIC and CYSEC. They have robust systems for foreign exchange trading and cheap spreads. Traders that use the MetaTrader 4 or 5 platforms and are looking for a broker with cheap commission rates may choose this particular broker. If you are familiar with the MetaTrader 4 or 5 platform, you should have no trouble using IC Markets. On Trustpilot, it has received a rating of 4.5 out of 5.
User Interface Of Fx Primus and IC Markets
The User Interface (UI) of a platform describes how simple it is to interact with a personal computer (PC), website, or application. The goal of developing a powerful user interface is to make the experience of the customer straightforward and natural while also asking the user to exert the least amount of effort possible in order to achieve the best possible outcome.
IC Markets provides its forex brokers with various instructional recordings that can assist them in using the market watch, guide, and exchange terminal, as well as submitting various request types. Therefore, it is superior to those of Fx Primus in several ways.
Securities Of Fx Primus and IC Markets
Web security prevents damage to organizations and PC frameworks caused by unauthorized access to or modification of information, programming, or hardware. It includes protecting the frameworks of a platform from doing things that could mislead users or impede the achievement of the objectives they are designed to produce.
Web security is independent of network security and encompasses site security, which includes protecting websites from assaults coming from the outside. It protects cloud administrations and online programs in a distinct manner using cloud security and web application security, which are both incorporated within it.
Since a high-ranking ASIC is in charge of managing IC Markets, many people believe that it is secure. CFDs, on the other hand, are high-risk forex instruments, and about 74.32% of retail financial brokers have recorded a loss of cash while exchanging CFDs with IC Markets. This is despite the fact that the platform in question incorporates CFDs. Because of this, its potential for security was reduced.
On the other hand, trading with Fx Primus is risk-free, despite the fact that the regulation that Fx Primus is subject to is not as stringent as that of other brokers. It does this by keeping customer funds separate from the company’s working capital, and it also provides security against negative balances for its customers.
Fx Primus Vs IC Markets: Fees
Standard accounts at IC Markets are not subject to commission fees, and the spread that is obtained from the company’s liquidity providers is increased. The Raw Spread Account from IC Markets additionally displays the raw interbank spread that was obtained from the company’s liquidity providers.
In addition, if you have this kind of account, the platform will charge you a commission of $3.5 for each regular round turn.
When conducting business with Fx Primus, you will be subject to expenditures beginning at $5 USD, spreads ranging from 0.5 pips to 1.7 pips, and commissions reaching up to $10 USD, depending on the record dealers chosen. Additionally, the minimum deposit is set at $15 (US Dollars).
1. Is it possible to create several identities with IC Markets using a single login?
You have the ability to open multiple trading accounts when using IC Markets. Your Client Area dashboard gives you the option to open additional trading accounts whenever you choose.
2. Does IC Markets take several days to make a decision?
In most cases, the approval of the client account verification takes no more than a few minutes, but it can sometimes take as long as two or three hours. If you have not received a response from the IC Markets team, you can send them an email.
3. How many different currencies are available to trade on FX Primus?
At Fx Primus, you have access to information regarding the following six base monetary currencies: USD, EUR, GBP, SGD, and PLN.
We have a better understanding of the primary distinctions that exist between IC Markets and Fx Primus. In light of the benefits and drawbacks associated with both options, we are of the opinion that they are virtually on par with one another.
According to the findings of our additional investigation, the primary concern of each broker should be safety, and both forex merchants provide an outstanding security infrastructure.
Therefore, the decision of which option is better suited to your needs lies entirely within your sphere of influence.