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FXCM vs IC Markets: Comparison and Analysis

Written by Filippo Ucchino Fact-Checked by Luca Puddu Publication Date Last Updated
Our verdict · CFD/FX trading

FXCM and IC Markets are two great brokers in Australia for scalping, automated trading and crypto trading. However, FXCM is the better choice if you are looking for a lower EUR/USD cost (US$4.60 per lot against US$8.00), a lower minimum deposit (none against US$200.00) and a proprietary trading platform. IC Markets is better because it has MetaTrader 5 and cTrader, and it allows high-frequency trading strategies. FXCM has faster execution (17 ms against 40 ms), faster deposits (2 days against 5 days) and faster withdrawals (2 days against 5 days). FXCM and IC Markets are both regulated in Australia by ASIC. FXCM lists 2,800 symbols and IC Markets 2,250, across commodities, crypto, forex, indices and stocks. Both brokers have a demo account.

FXCM

CFDCFD FXCM offers CFD trading: leveraged contracts that follow the price of an asset without owning it. Switch the comparison to CFD/FX to rate it on that. FXFX FXCM offers forex trading: currency pairs such as EUR/USD, traded with leverage. Forex is rated together with CFDs, on the CFD/FX side. Regulated in your country FXCM is allowed by ASIC to onboard clients residing in Australia.
FXCM review ›
85CFD/FXOverall score FXCM scores 85/100 for CFD/FX trading. The overall score is calculated from the data in this comparison across 12 areas.
Open Account

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.

IC Markets

CFDCFD IC Markets offers CFD trading: leveraged contracts that follow the price of an asset without owning it. Switch the comparison to CFD/FX to rate it on that. FXFX IC Markets offers forex trading: currency pairs such as EUR/USD, traded with leverage. Forex is rated together with CFDs, on the CFD/FX side. Regulated in your country IC Markets is allowed by ASIC to onboard clients residing in Australia.
IC Markets review ›
84CFD/FXOverall score IC Markets scores 84/100 for CFD/FX trading. The overall score is calculated from the data in this comparison across 12 areas.
Open Account

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.

Best for

What we compare A comparison of the kinds of traders FXCM and IC Markets are best suited to, based on what each one actually offers in Australia.
1 / 12

FXCM is better than IC Markets for day traders and high-volume traders. Professional traders, scalpers and swing traders can choose either FXCM or IC Markets.

Best for
Overall score FXCM 85 IC Markets 84 -1
Day trading i
Long-term investing i
Professional traders i
High-volume traders i
Scalpers i
Swing traders i
News traders i
Algo traders i
Stock traders i
Crypto traders i
Futures traders i
Options traders i

Regulation

What we compare A comparison between the financial authorities that supervise FXCM and the ones that supervise IC Markets.
2 / 12

FXCM and IC Markets are both regulated in Australia, by ASIC.

Regulation
Section score FXCM 100 IC Markets 100
Tier-1 regulators
ESMA (European Union) i
FCA (United Kingdom) i
ASIC (Australia) i
CFTC (United States) i
NFA (United States) i
SEC (United States) i
CIRO (Canada) i
MAS (Singapore) i
SFC (Hong Kong) i
JFSA (Japan) i
FINMA (Switzerland) i
Tier-2 regulators
FMA (New Zealand) i
CBR (Russia) i
FSCA (South Africa) i
DFSA (Dubai) i
CSRC (China) i
ISA (Israel) i
LFSA (Malaysia) i
JSC (Jordan) i
CMA (Kenya) i
Tier-3 regulators
FSA (Seychelles) i
MMA (Maldives) i
SCB (Bahamas) i
FSC (Mauritius) i
VFSC (Vanuatu) i
FSC (Belize) i
CIMA (Cayman Islands) i
SV FSA (Saint Vincent and the Grenadines) i
FSRC (St. Kitts & Nevis) i
BMA (Bermuda) i
BVI FSC (British Virgin Islands) i
EDR (External Dispute Resolution) i

Safety

What we compare A comparison of the tools and services that FXCM and IC Markets have in place to protect your money in Australia.
3 / 12

Both FXCM and IC Markets offer segregated client funds and two-factor authentication.

Safety
Section score FXCM 66 IC Markets 65 -1
Company info
Is it publicly traded i
Is it a bank i
Year founded i 1999 2007
Parent company i Stratos Group International Capital Markets Pty Ltd
CEO i Brendan Callan Andrew Budzinski
Money safety
Segregated client funds i
Two-factor authentication i
Investor compensation scheme i
Additional money insurance i
Partner bank i N/A Eurobank
Brand power
Number of customers worldwide i
Annual revenue i
Monthly website search traffic i 383.6K monthly visits 2.2M monthly visits

Costs

What we compare A comparison of what it costs to trade with FXCM and with IC Markets in Australia, both on each trade and on holding the account.
4 / 12

FXCM is better than IC Markets for costs, since FXCM is cheaper on EUR/USD, at US$4.6 per lot (against IC Markets' US$8), and offers volume discounts, which IC Markets does not. Neither FXCM nor IC Markets charges account maintenance fees or deposit fees.

Costs
Section score FXCM 81 Best IC Markets 64 -17
Broker fees
Deposit fees i
Withdrawal fees i
Overnight fees i
Inactivity fees i
Currency conversion fees i
Discounts on volume i
Real time market data fee i
Dividend withholding i
Account opening fees i
Account maintenance fee i
Portfolio management fee i
Fees on CFDs
Forex commission per lot i Free US$7
EUR/USD average standard spread i
0.72 pips
0.8 pips
EUR/USD average raw spread i
0.2 pips
0.1 pips
EUR/USD average fixed spread i
EUR/USD total cost per lot i US$4.6 US$8
S&P 500 fees (CFD) i 0.5 points 0.492 points
Gold fees (CFD) i 0.3 points 0.08 points
Bitcoin fees (CFD) i US$40.33 US$12.01
US stocks fees (CFD) i US$0.23 US$0.02
Fees on stocks
Stock fee type i Spread Commission, Percentage
US stocks fees (real) i
ETF fees (real) i
Management costs i
Connection costs i
Fees on futures
Futures fees per contract i
Platform fees i
Fees on options
Options fees per contract i
Event fees i
Fees on savings plans
IRA opening fee i
IRA maintenance fee i
401k opening fee i
401k maintenance fee i

Available markets

What we compare A comparison of the markets and products you can trade with FXCM and with IC Markets in Australia, and of how many instruments each one gives access to.
5 / 12

FXCM and IC Markets are equally good for available markets, since FXCM gives access to 2,800 tradable symbols (against IC Markets' 2,250). On the other hand, IC Markets offers CFDs on ETFs. Both FXCM and IC Markets offer CFDs on commodities, crypto, forex, indices and stocks.

Available markets
Section score FXCM 75 IC Markets 75
Total tradable symbols i 2,800 2,250
Currency pairs i
Indices i
Commodities i
Stocks i
ETF i
Cryptocurrencies i
Bonds i
Interest rates i
Portfolios i
CFDs i Commodities, Crypto, Forex, Indices, Stocks Commodities, Crypto, ETF, Forex, Indices, Stocks
Futures i
Options i
Assets you can own i

Platform

What we compare A comparison of the trading platforms that FXCM and IC Markets make available to their clients in Australia.
6 / 12

IC Markets is better than FXCM for platforms, as IC Markets offers cTrader, MetaTrader 5 and copy trading, which FXCM does not. FXCM and IC Markets both offer MetaTrader 4 and TradingView.

Platform
Section score FXCM 85 -4 IC Markets 89 Best
Proprietary platform i
MetaTrader 4 i
MetaTrader 5 i
cTrader i
Social trading platform i
Copy trading platform i
ZuluTrade i
TradingView i
Duplitrade i
Mirror Trader i
NinjaTrader i
AutoChartist i
Real time pricing i
5 digit pricing i
One-click trading i

Mobile

What we compare A comparison of the mobile apps of FXCM and IC Markets in Australia, and of what each one lets you do from your phone.
7 / 12

FXCM is better than IC Markets for mobile trading, since FXCM offers mobile trading signals, which IC Markets does not. FXCM and IC Markets both offer a proprietary mobile app and the MetaTrader 4 app.

Mobile
Section score FXCM 93 Best IC Markets 86 -7
Proprietary app i
Social trading app i
Copy trading app i
MetaTrader 4 app i
MetaTrader 5 app i
cTrader app i
Mobile trading signals i
Mobile alerts i
Mobile charting tools i
Mobile drawing tools i
Mobile watchlist i
Smartwatch app i

Trading features

What we compare A comparison of the trading tools and strategies that FXCM and IC Markets allow on their platforms in Australia.
8 / 12

FXCM and IC Markets are equally good for trading features, since FXCM executes orders faster, within 17 ms (against IC Markets' 40 ms). On the other hand, IC Markets offers tier-1 liquidity providers, and allows for high-frequency trading. Both FXCM and IC Markets offer negative balance protection and trailing stops.

Trading features
Section score FXCM 89 IC Markets 87 -2
Trade execution
Broker type i Hybrid Hybrid
Average execution time i 17 ms 40 ms
Slippage occurrence i 14.64%
Requotes occurrence i 0% 0%
Tier-1 liquidity providers i
PFOF i
Leverage
Major FX pairs leverage i 30:1 30:1
Minor/Exotic FX pairs leverage i 20:1 20:1
Major indices leverage i 20:1 20:1
Minor indices leverage i 10:1 10:1
Gold leverage i 20:1 20:1
Commodities leverage i 10:1 10:1
Equities leverage i 5:1 5:1
Cryptocurrency leverage i 2:1 2:1
Risk management
Stop losses i
Take profits i
Limit orders i
Trailing stop i
Margin call i
OCO orders i
Guaranteed stop loss i
Negative balance protection i
Minimum trade size (FX) i 0.01 lots 0.01 lots
Minimum trade size (stocks) i US$0 US$0
Fractional stocks i
Trading compliance
Scalping strategies allowed i
Hedging strategies allowed i
Automated trading strategy allowed i
EAs use allowed i
HFT strategy allowed i
VPS use allowed i
API use allowed i
Price scraping allowed i
FIFO rule applies i

Account types

What we compare A comparison of the kinds of account you can open at FXCM and at IC Markets in Australia, and of who each one is meant for.
9 / 12

IC Markets is better than FXCM for account types, since IC Markets offers a corporate account, an ECN account and an Islamic account, which FXCM does not. FXCM and IC Markets both offer a demo account and a professional traders account.

Account types
Section score FXCM 63 -11 IC Markets 74 Best
Demo account i
Unlimited demo account i
Standard account i
Micro account i
Cent account i
Nano account i
Raw spread account i
ECN account i
Swap-free account i
Islamic account i
Professional traders account i
Fixed spread account i
Spread betting account i
Copy trading account i
Corporate account i
Managed account i
Stock investing account i
Margin investing account i
Savings account i
Retirement account i

Account opening

What we compare A comparison of what it takes to open and fund an account with FXCM and with IC Markets in Australia.
10 / 12

FXCM and IC Markets are equally good for account opening, since FXCM does not require a minimum deposit (against IC Markets' US$200), and credits deposits faster, within 2 days (against IC Markets' 5 days). On the other hand, IC Markets offers 10 account base currencies (against FXCM's 6). Both FXCM and IC Markets offer credit cards and debit cards.

Account opening
Section score FXCM 85 IC Markets 85
Minimum deposit i US$0 US$200
Minimum withdrawal i US$0 US$0
Wire transfers i
Credit cards i
Debit cards i
eWallets i PayPal, Neteller, Skrill PayPal, Neteller, Skrill
Local payment methods i
Account base currencies i AUD, USD, EUR, GBP, JPY, NZD AUD, USD, EUR, CAD, GBP, SGD, NZD, JPY, HKD, CHF
Deposit waiting time i up to 2 business days up to 5 business days
Withdrawal waiting time i up to 2 business days up to 5 business days
Bonus program i

Customer care

What we compare A comparison of the customer support of FXCM and IC Markets in Australia, in how it can be reached and how fast it answers.
11 / 12

IC Markets is better than FXCM for customer care, because IC Markets offers customer support in 17 languages (against FXCM's 13), has a website in 17 languages (against FXCM's 13), and offers a dedicated account manager, which FXCM does not. Both FXCM and IC Markets offer phone support and priority support.

Customer care
Section score FXCM 85 -7 IC Markets 92 Best
Number of languages supported i 13 17
Website languages i Arabic, German, Greek, English, French, Hebrew, Indonesian, Malay, Portuguese, Spanish, Tagalog, Vietnamese, Chinese Arabic, Bulgarian, Czech, German, English, French, Croatian, Indonesian, Italian, Korean, Malay, Portuguese, Russian, Spanish, Thai, Vietnamese, Chinese
Website available in English i
Customer support languages i Arabic, German, Greek, English, French, Hebrew, Indonesian, Malay, Portuguese, Spanish, Tagalog, Vietnamese, Chinese Arabic, Bulgarian, Czech, German, English, French, Croatian, Indonesian, Italian, Korean, Malay, Portuguese, Russian, Spanish, Thai, Vietnamese, Chinese
Customer support in English i
Call back request i
Email support i
Phone support i
Live chat i
Priority customer support i
Dedicated account manager i
Cash sweep i
Stock lending i
Distributes proceeds i
Tax withholding agent i
Tax assistance i

Learning

What we compare A comparison of the educational material that FXCM and IC Markets provide to their clients in Australia.
12 / 12

FXCM and IC Markets are equally good for learning, as both offer education for advanced traders and webinars.

Learning
Section score FXCM 100 IC Markets 100
Education
Education center i
Education for beginners i
Education for advanced traders i
Webinars i
Tutorials i
Glossary i
Research
Economic calendar i
Traders' sentiment i
Daily market commentary i
Daily trading ideas i
News via social media i
Professional reports i
Watchlist i
FXCM
Open Account CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.
IC Markets
Open Account CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.
Our verdict

FXCM vs IC Markets: which one should you choose?

FXCM

CFD/FX Choose FXCM if you want an online CFD broker with low trading costs, no minimum deposit and a proprietary trading platform.

Open Account CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.
IC Markets

CFD/FX Choose IC Markets if you want a CFD and forex broker for high-frequency trading strategies, with MetaTrader 5 and cTrader.

Open Account CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.

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