Written by ForexBrokers.com
In this head to head comparison of FXCM vs IC Markets, we will compare the trading platforms, mobile apps, range of investments, costs, market research, and more. Let's dive in.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 51% and 89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
FXCM, established in 1999, is a publicly traded online broker that holds four Tier-1 licenses and two Tier-2 licenses, both signaling high levels of trust in the financial industry. With a ForexBrokers.com Trust Score of 95 out of 99, FXCM is regarded as highly trusted. Despite not being a bank, its public listing adds an extra layer of transparency and accountability for traders.
IC Markets, founded in 2007, operates privately and is not listed on any stock exchange. Holding two Tier-1 licenses, it possesses a solid foundation of trust, albeit with a ForexBrokers.com Trust Score of 84, indicating a reliable reputation. However, without any Tier-2 licenses, IC Markets offers a slightly different regulatory profile compared to FXCM. Like FXCM, IC Markets is not a bank, but it stands strong with a trusted status in the industry.
| Feature |
FXCM
|
IC Markets
|
|---|---|---|
| Year Founded | 1999 | 2007 |
| Publicly Traded (Listed) | Yes | No |
| Bank | No | No |
| Tier-1 Licenses | 4 | 2 |
| Tier-2 Licenses | 2 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 0 | 3 |
When comparing FXCM and IC Markets in terms of commissions and fees, several distinctions arise that may influence your choice. FXCM's forex trading costs are slightly above the industry average, with standard account spreads in May 2024 averaging 0.78 pips on the EUR/USD for most global entities, and rising to 1.38 pips for accounts under its St. Vincent and the Grenadines branch. For commission-based accounts, spreads were lower at 0.28 pips, excluding commissions, but these become less competitive after accounting for commission fees. Active traders can benefit from FXCM’s tiered rebate program, albeit with requirements and offerings varying by region. Overall, FXCM received a 4-star rating for commissions and fees, ranking it at #24 out of 63 brokers according to ForexBrokers.com.
IC Markets distinguishes itself with low trading costs that have earned them the Best in Class award for Commissions and Fees in 2024. Their account options include the commission-free Standard account and commission-based Raw Spread accounts, both on cTrader and MetaTrader platforms. IC Markets lists exceptional average spreads of 0.02 pips on EUR/USD for August 2022, with the total cost rising to 0.62 pips on cTrader and 0.72 pips on MetaTrader when commissions are considered. For budget-conscious traders, the Standard account is appealing with its average 0.62 pips spread and no commission. Active traders also enjoy additional discounts once they exceed trading over 100 standard lots per month, contributing to IC Markets’ top-rated 5-star status and its 5th place ranking among 63 brokers for commissions and fees.
In summary, IC Markets offers a more competitive fee structure and is highly favored among low-cost brokers, marked by its 5-star status and significant industry recognition. On the other hand, FXCM provides competent service with tiered discounts for higher-volume traders, earning it a respectable 4-star rating. When deciding between the two, consider your trading volume, desired platform, and regional availability of specific benefits.
| Feature |
FXCM
|
IC Markets
|
|---|---|---|
| Minimum Deposit | Starts from $50 | $200 |
| Average Spread EUR/USD - Standard | 0.78 | 0.62 |
| All-in Cost EUR/USD - Active | 0.78 | 0.62 |
| Active Trader or VIP Discounts | Yes | Yes |
| ACH or SEPA Transfers | Yes | No |
| PayPal (Deposit/Withdraw) | Yes | Yes |
| Skrill (Deposit/Withdraw) | Yes | Yes |
| Visa/Mastercard (Credit/Debit) | Yes | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
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When it comes to the available range of investments, both FXCM and IC Markets provide forex trading options as CFDs or spot contracts, ensuring traders can engage in the forex market with ease. FXCM offers 440 tradeable symbols, including 43 forex pairs, while IC Markets boasts a more comprehensive selection with 3,583 tradeable symbols and 61 forex pairs. However, neither broker allows clients to purchase exchange-traded securities on U.S. exchanges, such as Apple shares. IC Markets stands out by offering access to international exchanges, enabling clients to acquire shares like Vodafone, an advantage not available at FXCM.
Both FXCM and IC Markets support copy trading, appealing to users interested in mirroring successful trades, and they facilitate trading cryptocurrency derivatives, though neither provides the option to purchase actual cryptocurrencies. In terms of range of investments, FXCM receives a rating of 3.5 stars, ranking 47th out of 63 brokers, while IC Markets is favored with a 4.5-star rating, holding the 25th spot in the category, showcasing a broader and more diverse investment offering.
| Feature |
FXCM
|
IC Markets
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 440 | 3583 |
| Forex Pairs (Total) | 43 | 61 |
| U.S. Stock Trading (Non CFD) | No | No |
| Int'l Stock Trading (Non CFD) | No | Yes |
| Social Trading / Copy Trading | Yes | Yes |
| Cryptocurrency (Physical) | No | No |
| Cryptocurrency (Derivative) | Yes | Yes |
| Disclaimers | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). |
Dive deeper: Best Copy Trading Platforms.
When comparing FXCM and IC Markets, both brokers offer a variety of trading platforms and tools, including simulated trading through free virtual demo accounts. FXCM stands out with its proprietary platform, developed in-house, along with offerings for both Windows desktop downloads and web-based trading. IC Markets does not have a proprietary platform but matches FXCM with similar desktop and web-based options. Both brokers support popular platforms like MetaTrader 4 (MT4), with IC Markets also providing access to MetaTrader 5 (MT5), whereas FXCM does not. Additionally, both offer copy trading services, including ZuluTrade, but neither provides DupliTrade.
In terms of charting and customization, IC Markets offers more drawing tools, 15 compared to FXCM's 10, but FXCM compensates with a broader range of watch list columns, providing 13 fields versus IC Markets' 7. Both brokers enable trading directly from stock charts, enhancing user experience. On the evaluative front, FXCM is rated higher with 5 stars for its trading platforms and tools, compared to IC Markets' 4 stars. FXCM also holds a higher ranking from ForexBrokers.com, coming in at #6 out of 63 brokers, while IC Markets ranks at #16. This underscores FXCM's strong positioning in the trading tools landscape.
| Feature |
FXCM
|
IC Markets
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Platform | Yes | No |
| Desktop Platform (Windows) | Yes | Yes |
| Web Platform | Yes | Yes |
| Social Trading / Copy Trading | Yes | Yes |
| MetaTrader 4 (MT4) | Yes | Yes |
| MetaTrader 5 (MT5) | No | Yes |
| DupliTrade | No | No |
| ZuluTrade | Yes | Yes |
| Charting - Indicators / Studies (Total) | 115 | 30 |
| Charting - Drawing Tools (Total) | 10 | 15 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 13 | 7 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
Both FXCM and IC Markets offer a feature-rich trading experience on mobile devices, supporting both iPhone and Android apps. Traders using either FXCM or IC Markets can access a variety of essential features such as stock and forex price alerts, the ability to draw trendlines, and the option to view different time frames on charts. However, when it comes to synchronizing watchlist symbols between the mobile app and online accounts, FXCM has the edge, offering syncing capabilities that IC Markets does not. In terms of technical studies available for charting, FXCM impresses with 59 options compared to IC Markets' 30. Additionally, both apps allow you to create personalized watchlists with real-time quotes.
In terms of user satisfaction, FXCM's mobile trading app holds a 4.5-star rating, ranking it as #16 out of 63 brokers according to ForexBrokers.com. Meanwhile, IC Markets' app is rated slightly lower at 4 stars and ranks #22 in the same category. Both platforms enable the mobile app to automatically save drawings, ensuring a seamless trading experience. Whether you prioritize more comprehensive charting tools or higher user ratings, both brokers have valuable offerings, though FXCM might appeal more to those who require advanced technical analysis tools and seamless integration between mobile and web platforms.
| Feature |
FXCM
|
IC Markets
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | Yes | No |
| Mobile Charting - Indicators / Studies | 59 | 30 |
| Mobile Charting - Draw Trendlines | Yes | Yes |
| Mobile Charting - Multiple Time Frames | Yes | Yes |
| Mobile Charting - Drawings Autosave | Yes | Yes |
| Mobile Watchlist | Yes | Yes |
Dive deeper: Best Forex Trading Apps.
When comparing the market research offerings of FXCM and IC Markets, both brokers provide daily market commentary and forex news from top-tier sources like Bloomberg and Reuters. They also offer sentiment-based trading tools, which help traders see the ratio of long or short positions across different instruments. FXCM and IC Markets both feature technical analysis tools from Trading Central, as well as comprehensive economic calendars that display global news events. However, FXCM stands out with its market research from TipRanks, a service not available with IC Markets.
In the realm of technical analysis, IC Markets edges ahead by offering tools from Autochartist, which are not available with FXCM. Despite this, FXCM ranks higher with a research rating of 4.5 stars compared to IC Markets' 4 stars. According to ForexBrokers.com, FXCM is ranked 11th among 63 brokers for research, while IC Markets holds the 23rd spot. Both brokers offer valuable resources, but FXCM may appeal to traders who prioritize a higher-rated research package.
| Feature |
FXCM
|
IC Markets
|
|---|---|---|
| Daily Market Commentary | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | No | Yes |
| Trading Central (Recognia) | Yes | Yes |
| Social Sentiment - Currency Pairs | Yes | Yes |
| TipRanks | Yes | No |
| Signal Centre (Acuity Trading) | No | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
When comparing the educational resources available for beginners at FXCM and IC Markets, both brokers shine with their offerings. FXCM provides over 10 educational pieces focused on forex and CFDs in the form of articles, videos, and archived webinars. Additionally, FXCM hosts monthly online educational webinars with an accessible archive for clients to revisit previous sessions. Beginners can benefit from more than 10 instructional videos dedicated to new traders, and there's a well-stocked dictionary with definitions for over 50 investing terms. FXCM’s resources receive a commendable education rating of 4.5 stars, placing them 14th out of 63 brokers according to ForexBrokers.com.
IC Markets is not far behind when it comes to catering to newcomers in trading. They also offer over 10 pieces of educational content on forex and CFDs, featuring a variety of articles, videos, and archived webinars. Like FXCM, IC Markets conducts monthly webinars and maintains a searchable archive. The platform delivers more than 10 beginner-focused videos and provides a comprehensive investor dictionary covering at least 50 investing terms. IC Markets earns an education rating of 4 stars, ranking 16th among 63 brokers by ForexBrokers.com. Both brokers support newcomers with substantial educational material, ensuring beginners have a strong foundation in trading.
| Feature |
FXCM
|
IC Markets
|
|---|---|---|
| Education (Forex or CFDs) | Yes | Yes |
| Client Webinars | Yes | Yes |
| Client Webinars (Archived) | Yes | Yes |
| Videos - Beginner Trading Videos | Yes | Yes |
| Videos - Advanced Trading Videos | Yes | Yes |
| Investor Dictionary (Glossary) | Yes | Yes |
Dive deeper: Best Forex Brokers for Beginners.
After testing 63 of the best forex brokers, our research and account testing finds that FXCM is better than IC Markets. FXCM finished with an overall rank of #15, while IC Markets finished with an overall rank of #20.
For traders who appreciate advanced trading tools and quality market research, FXCM is a winner, especially for algorithmic trading. Its range of tradeable markets is fairly narrow, however, and the pricing at FXCM is just average.
| Feature |
FXCM
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IC Markets
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|---|---|---|
| Overall Rating |
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| Trust Score | 95 | 84 |
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Both FXCM and IC Markets do not offer the ability to purchase actual (delivered) cryptocurrencies, but they do provide opportunities to trade cryptocurrency derivatives, allowing investors to profit from price movements without owning the digital assets themselves.
Comparing FXCM to IC Markets, both brokers offer PayPal, Skrill, Visa or Mastercard, and bank wires for deposits and withdrawals, but only FXCM supports ACH or SEPA transfers.
Please note:
We review each broker’s overall global offering – a “Yes” checkmark in our Compare Tool does not guarantee the availability of any specific features in your country of residence. To verify the availability of any features within your country of residence, please contact the broker directly.
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0 of 5| Overall Rating | FXCM | IC Markets | |
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| Trust Score | 95 | 84 | |
| Winner | check_circle | ||
| Review | FXCM Review | IC Markets Review |
| Broker Screenshots | FXCM | IC Markets | |
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-desktop-platform-.jpg "IC Markets MetaTrader 5 (MT5) desktop platform.")
-desktop-platform-charts-.jpg "IC Markets MetaTrader 5 (MT5) desktop platform charts.")
-desktop-platform-watchlist-views-.jpg "IC Markets MetaTrader 5 (MT5) desktop platform watchlist views .")
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| Regulation | FXCM | IC Markets | |
|---|---|---|---|
| Trust Score | 95 | 84 | |
| Year Founded | 1999 | 2007 | |
| Publicly Traded (Listed) | Yes | No | |
| Bank | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes | |
| Tier-1 Licenses | 4 | 2 | |
| Tier-2 Licenses | 2 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 0 | 3 |
| Tier-1 Licenses (Highly Trusted) | FXCM | IC Markets | |
|---|---|---|---|
| Australia (ASIC Authorised) | Yes | Yes | |
| Canada (CIRO Authorised) | Yes | No | |
| Hong Kong (SFC Authorised) | No | No | |
| Japan (SFC Authorised) | No | No | |
| Singapore (MAS Authorised) | No | No | |
| Switzerland (FINMA Authorised) | No | No | |
| United Kingdom (U.K.) (FCA Authorised) | Yes | No | |
| USA (CFTC Authorized) | No | No | |
| New Zealand (FMA Authorised) | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes |
| Tier-2 Licenses (Trusted) | FXCM | IC Markets | |
|---|---|---|---|
| Kenya (CMA Authorised) | No | No | |
| Israel (ISA Authorised) | Yes | No | |
| South Africa (FSCA Authorised) | Yes | No | |
| UAE (DFSA/Central Bank Authorised) | No | No | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) | No | No |
| Investments | FXCM | IC Markets | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 440 | 3583 | |
| Forex Pairs (Total) | 43 | 61 | |
| U.S. Stock Trading (Non CFD) | No | No | |
| Int'l Stock Trading (Non CFD) | No | Yes | |
| Social Trading / Copy Trading | Yes | Yes | |
| Cryptocurrency (Physical) | No | No | |
| Cryptocurrency (Derivative) | Yes | Yes | |
| Disclaimers | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). |
| Cost | FXCM | IC Markets | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 0.78 | 0.62 | |
| All-in Cost EUR/USD - Active | 0.78 | 0.62 | |
| Active Trader or VIP Discounts | Yes | Yes | |
| Inactivity Fee | Yes | No | |
| Execution: Agency Broker | Yes | Yes | |
| Execution: Market Maker | Yes | Yes |
| Funding | FXCM | IC Markets | |
|---|---|---|---|
| Minimum Deposit | Starts from $50 | $200 | |
| PayPal (Deposit/Withdraw) | Yes | Yes | |
| Skrill (Deposit/Withdraw) | Yes | Yes | |
| Visa/Mastercard (Credit/Debit) | Yes | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| ACH or SEPA Transfers | Yes | No |
| Trading Platforms | FXCM | IC Markets | |
|---|---|---|---|
| Proprietary Platform | Yes | No | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | Yes | Yes | |
| MetaTrader 4 (MT4) | Yes | Yes | |
| MetaTrader 5 (MT5) | No | Yes | |
| cTrader | No | Yes | |
| DupliTrade | No | No | |
| ZuluTrade | Yes | Yes |
| Trading Tools | FXCM | IC Markets | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 13 | 7 | |
| Charting - Indicators / Studies (Total) | 115 | 30 | |
| Charting - Drawing Tools (Total) | 10 | 15 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | FXCM | IC Markets | |
|---|---|---|---|
| Android App | Yes | Yes | |
| Apple iOS App | Yes | Yes | |
| Mobile Alerts - Basic Fields | Yes | Yes | |
| Mobile Watchlist | Yes | Yes | |
| Watchlist Syncing | Yes | No | |
| Mobile Charting - Indicators / Studies | 59 | 30 | |
| Mobile Charting - Draw Trendlines | Yes | Yes | |
| Mobile Charting - Multiple Time Frames | Yes | Yes | |
| Mobile Charting - Drawings Autosave | Yes | Yes | |
| Mobile Economic Calendar | Yes | Yes |
| Research | FXCM | IC Markets | |
|---|---|---|---|
| Daily Market Commentary | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | No | Yes | |
| Trading Central (Recognia) | Yes | Yes | |
| TipRanks | Yes | No | |
| Social Sentiment - Currency Pairs | Yes | Yes | |
| Economic Calendar | Yes | Yes |
| Education | FXCM | IC Markets | |
|---|---|---|---|
| Education (Forex or CFDs) | Yes | Yes | |
| Client Webinars | Yes | Yes | |
| Client Webinars (Archived) | Yes | Yes | |
| Videos - Beginner Trading Videos | Yes | Yes | |
| Videos - Advanced Trading Videos | Yes | Yes | |
| Investor Dictionary (Glossary) | Yes | Yes |
| Major Forex Pairs | FXCM | IC Markets | |
|---|---|---|---|
| GBP/USD | Yes | Yes | |
| USD/JPY | Yes | Yes | |
| EUR/USD | Yes | Yes | |
| USD/CHF | Yes | Yes | |
| USD/CAD | Yes | Yes | |
| NZD/USD | Yes | Yes | |
| AUD/USD | Yes | Yes | |
| Review | FXCM Review | IC Markets Review |
| Overall | FXCM | IC Markets | |
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| Trust Score | 95 | 84 | |
| Winner | check_circle | ||
| Review | FXCM Review | IC Markets Review |
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