IC Markets vs TPFx Forex Broker Comparison
A head-to-head comparison of IC Markets and TPFx across regulation, trading costs, platforms, and editorial scoring.
Score 4.7 / 5
4 bonusesTrue ECN routing with raw 0.0 pip spreads on majors plus commission, deep liquidity, and the cleanest MT4 / MT5 / cTrader stack we test.
VS
A fully BAPPEBTI-licensed and OJK-registered Indonesian broker, offering domestic traders compliant access to forex and commodity futures markets.
Our Verdict
IC Markets winsClear Winner
IC Markets comes out ahead with an editorial score of 4.7/5 compared to TPFx's 3.7/5.
IC Markets
4.7/5
TPFx
3.7/5
Verdict by Trader Profile
Which broker wins for each type of trader, based on costs, safety, platforms, and editorial scoring.
Best for low cost trading
Recommended
IC Markets offers tighter spreads from 0 pips vs 1.5 pips for TPFx, reducing trading costs.
Best for safety & regulation
Recommended
IC Markets has a stronger safety profile: top-tier regulation, compensation scheme, segregated funds, negative balance protection.
Best for active traders
Recommended
IC Markets has a cost edge: tighter spreads from 0 pips.
Best for platform choice
It's a tie
Both equally suited
Both brokers offer an equivalent platform selection with similar exclusive and proprietary options.
Best for beginners
Recommended
IC Markets edges out TPFx with a higher editorial score (4.7/5 vs 3.7/5), indicating a stronger overall experience for new traders.
IC Markets vs TPFx: Side-by-Side Forex Broker Comparison
Score
= highlighted score shows which broker leads in that category| Editorial score | 4.7/ 5 | 3.7/ 5 |
|---|---|---|
| Score Breakdown | ||
Trust & Regulation 40% weight | 4.6 / 5▲ | 3.7 / 5 |
Fees & Spreads 30% weight | 5.0 / 5▲ | 3.7 / 5 |
Platforms & Tools 20% weight | 4.6 / 5▲ | 3.7 / 5 |
Customer Support 10% weight | 4.5 / 5▲ | 3.7 / 5 |
| Founded | 2007 | 2010 |
| Headquarters | Sydney, Australia | Jakarta, Indonesia |
| Min deposit | $200 | $60 |
| Spreads from | 0 pips | 1.5 pips |
| Commission / lot | $7/lot | N/A |
| Max leverage | 500:1 | 100:1 |
| Withdrawal fee | Free | Free |
| Regulators | FSCA ASIC CySEC | BAPPEBTI OJK |
| Platforms | MetaTrader 4 MetaTrader 5 cTrader TradingView | MetaTrader 5 Proprietary Web/Mobile |
| Active bonuses | ||
| Visit broker | Visit IC Markets | Visit TPFx |
IC Markets vs TPFx Forex Broker Pros & Cons
Pros
True ECN routing with raw 0.0 pip spreads
All three major platforms (MT4, MT5, cTrader)
Deep liquidity from 25+ tier-1 sources
Regulated by top-tier authorities (FCA, ASIC, CySEC)
Client funds held in segregated accounts
Negative balance protection
Investor compensation scheme coverage
No deposit fees
No inactivity fee
MetaTrader 4 and MetaTrader 5 supported
Mobile trading app available
Advanced charting tools included
Transparent pricing with clear cost disclosure
24/5 live chat support
Phone support available
Multilingual customer support
Pros
BAPPEBTI-licensed and OJK-registered - full Indonesian regulatory compliance
OJK registration no. S-130/PM.02/2025 is publicly verifiable
Supports MetaTrader 5 alongside proprietary platform
Local Indonesian bank transfer funding with IDR accounts
Client funds held in segregated accounts
Raw spread account available
No deposit fees
No inactivity fee
Mobile trading app available
Transparent pricing with clear cost disclosure
24/5 live chat support
Phone support available
Cons
Not available to US residents
Higher minimum deposit than IG/OANDA
No proprietary platform
Cons
Only available to Indonesian residents - no international clients
Higher minimum deposit than some domestic peers
Narrow product range limited to forex and commodity futures
No top-tier regulatory licence
No negative balance protection
No investor compensation scheme
Limited charting capabilities
Support available in limited languages
IC Markets vs TPFx: Detailed Category Breakdown
A closer look at the specific criteria each broker meets or misses within each scoring category.
5
IC Markets
criteria wins
1
TPFx
criteria win
Highlighted rows show where the two brokers differ
| Criteria | IC Markets | TPFx |
|---|---|---|
| Trust & Regulation | ||
| Top-tier regulator (FCA, ASIC, CFTC, etc.) | Pass | Fail |
| Segregated client funds | Pass | Pass |
| Negative balance protection | Pass | Fail |
| Compensation scheme (e.g. FSCS) | Pass | Fail |
| Fees & Spreads | ||
| Raw/ECN spreads available | Pass | Pass |
| No deposit fee | Pass | Pass |
| No inactivity fee | Pass | Pass |
| Transparent pricing page | Pass | Pass |
| Platforms & Tools | ||
| MT4/MT5 available | Pass | Pass |
| Proprietary platform | Fail | Pass |
| Mobile app | Pass | Pass |
| Advanced charting tools | Pass | Fail |
| Customer Support | ||
| 24/5 live chat | Pass | Pass |
| Phone support | Pass | Pass |
| Multilingual support | Pass | Fail |
IC Markets vs TPFx: Frequently Asked Questions
Based on our independent editorial scoring, IC Markets ranks higher with a score of 4.7/5 vs 3.7/5 for TPFx. The best choice still depends on your individual trading needs; IC Markets and TPFx may each suit different trader profiles.
IC Markets offers tighter spreads starting from 0 pips, compared to TPFx's spreads from 1.5 pips. Tighter spreads lower the cost per trade, particularly valuable for high-frequency and scalping strategies.
TPFx has a lower minimum deposit of $60, while IC Markets requires at least $200. This makes TPFx more accessible for traders with limited starting capital.
IC Markets holds top-tier regulation (FSCA, ASIC, CySEC), providing stronger investor protections. TPFx may be regulated but does not hold top-tier status in our data. Always verify regulatory status with the broker directly before depositing funds.
For beginners: TPFx has a lower minimum deposit ($60), lowering the barrier to entry; IC Markets offers negative balance protection, capping losses at your deposit amount. Also weigh up educational resources and customer support quality before deciding.
IC Markets offers maximum leverage of 500:1, while TPFx offers up to 100:1. Available leverage varies by account type, instrument, and jurisdiction. Higher leverage amplifies both potential profits and losses. Always use appropriate risk management.
IC Markets charges $7 per lot on commission-based accounts. Commission details for the other broker are not currently available. Check their website for up-to-date pricing.
IC Markets supports MetaTrader 4, MetaTrader 5, cTrader, TradingView and TPFx offers MetaTrader 5, Proprietary Web/Mobile; both support MetaTrader 5; IC Markets exclusively offers MetaTrader 4, cTrader, TradingView; TPFx exclusively offers Proprietary Web/Mobile.
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Score 3.7 / 5
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