Our ForexBrokers.com team spent seven months and hundreds of hours assessing 43 different forex broker accounts
for trading FX. In total, over 6,000 data points were collected. For this review, we will compare CMC Markets vs IC Markets.
To start this comparison, first, we will take a look at the fees charged for trading forex. It's important to note this is no easy task. Not every broker shares their average spreads, spreads can be fixed or variable (floating), execution policies differ, and brokers can act as market makers (dealers) or act as agents for execution. To simplify things, we analyzed everything for you and provide a single star rating for cost. CMC Markets is a better option with a 5.00 star rating over IC Markets's 4.00 star rating.
Cost aside, we can now turn our focus to regulation alongside currency availability. For regulation, it's very important to select a broker you can trust with your money. CMC Markets and IC Markets both are regulated in a major hub. CMC Markets is a publicly traded company, IC Markets isn't. How many currency pairs are available to trade? CMC Markets offers its clients access to 183 different currency pairs while IC Markets has 63 available pairs, a difference of 120.
To round out our comparison, let's look at the popular tools and features forex traders prefer. For platforms, some FX traders prefer MetaTrader. IC Markets makes Meta Trader available to clients, while CMC Markets does not. Within the trading platform, charting should be robust, so we counted the number of drawing tools and total technical indicators made available. IC Markets offers its clients access to 31 charting tools while CMC Markets has 24 charting tools, a difference of 7. IC Markets trails CMC Markets by 23 total different indicators (for example, moving averages), with CMC Markets offering 74 and IC Markets offering 51.
Overall, CMC Markets comes out on top with 4.50 stars over IC Markets's 4.00 stars. And, when it comes to individual category awards, CMC Markets finished with awards Best in Class - Platforms & Tools, Best in Class - Research, Best in Class - Active Trading and Best in Class - Mobile Trading in 2018, while IC Markets came up with none of these.