How do IC Markets and Globex360 stack up against each other?

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 IC Markets and Globex360, 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.

Does IC Markets or Globex360 have a better trust and regulation rating?

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 IC Markets holds two Tier 1 and no Tier 2 licences, and Globex360 holds no Tier 1 and no Tier 2 licences.

 

Is IC Markets financially regulated?

Yes IC Markets was founded in 2007 and is regulated by ASIC, CySEC, SCB and FSA-Seychelles.

 

Is Globex360 financially regulated?

Yes Globex360 was founded in 2017 and is regulated by FSCA.

 

Based on these findings, IC Markets earned a higher trust rating than Globex360.

Does IC Markets or Globex360 have lower costs?

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 IC Markets has overall lower trading costs than Globex360. 

 

Does IC Markets or Globex360 offer a better choice of trading platforms?

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, IC Markets offers support for and Globex360 offers support for . 

Do the brokers offer copy trading?

Copy trading is a great option for beginner traders who can’t trade full-time or lack experience with Forex trading. In this case both Globex360 and IC Markets offer copy trading.

 

Which broker offers a better choice of trading instruments?

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 IC Markets offers a greater range and depth of instruments to trade than Globex360. IC Markets offers 64 Forex pairs to trade and Globex360 offers 50 Forex pairs to trade.

And what about Cryptocurrencies?

In this case, IC Markets offers 18 cryptocurrencies while Globex360 offers 0 cryptocurrencies. So if you want to trade cryptocurrencies, we advise trading with IC Markets.

Which broker offers better deposit and withdrawal processes?

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 IC Markets charges a withdrawal fee and Globex360 does not. Overall, IC Markets has better deposit and withdrawal processes than Globex360. 

Which broker offers better educational support?

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. 

IC Markets has better educational support than Globex360. Both Globex360 and IC Markets offer educational support for more experienced traders.

 

Which broker offers better market analysis materials?

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 IC Markets offers better research analysis than Globex360 and that both Globex360 and IC Markets offer frequent webinars.

 

Our overall Verdict on IC Markets

An excellent all-round broker with a very high trust rating, IC Markets was founded in 2007 in Australia and holds licences from some of the strictest regulators in the world. IC Markets is well-known for its low trading costs, choice of trading platforms, and wide range of trading tools.

IC Markets offers a lower-cost trading environment than almost any other broker, with average spreads of 0.10 pips (EUR/USD) on its Raw Spread Account in exchange for a low commission of 6 USD (round turn) per lot.IC Markets is one of the few Forex brokers to support all four major trading platforms, including MetaTrader4, MetaTrader5, TradingView, and cTrader; and offers numerous trading tools for each, including VPS services, Trading Central, and various copy trading services.

Beginner traders will benefit from IC Markets’ exceptional customer support, which is available 24/7 to help with any account or technical queries. While its education section is more comprehensive than most other brokers', it offers a fairly limited selection of market analysis materials.

Our overall Verdict on Globex360

An FSCA-regulated South African broker, Globex360 appeals to traders who prefer to have trading accounts denominated in ZAR and local South African support. However, Globex360's trading costs are higher than other similar brokers, and none of the trading specifications are published on its website.

Globex360 offers trading on a limited number of tradable assets compared to other brokers, including 50 forex pairs, 15 indices, 20 commodities, and only 33 equities.  Minimum deposits start at 100 USD on its entry-level account, but spreads are wide and commissions are high across all account options. Additionally, the full spreads are not published so exact trading costs are impossible to determine.

While Globex 360 states that withdrawals are free, we have received multiple claims that deposits do not reflect to trading accounts and withdrawals do not reflect to bank accounts. We also found Globex360's customer service mostly non-responsive and uninformed.  

Overall, we do not recommend Globex360 for South African traders due to the high trading cost and the numerous complaints we have received. If you are looking for a good South African Forex broker, we recommend Blackstone Futures or KhweziTrade instead.

Which broker has the highest overall rating?

IC Markets has an overall rating of 4.56 and Globex360 has an overall rating of 2.80. For more detail please read our reviews of IC Markets and Globex360.