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 the commissions and fees of online brokers FXCM and IC Markets, traders will find differences that cater to varying preferences and trading styles. FXCM, rated 4 out of 5 stars, ranks 24th among 62 brokers in the Commissions and Fees category according to ForexBrokers.com. FXCM's forex trading costs are slightly above the industry average, with their standard account spreads for EUR/USD averaging 0.78 for EU, U.K., and Australia offerings. For their commission-based accounts, average spreads can be as low as 0.28 pips, excluding commissions. However, active traders at FXCM can receive rebates depending on their trading volume, although these discounts are not available in the U.K. or EU. The commission-based pricing for FXCM, after considering rebates and commissions, adjusts spreads to an effective average of about 0.74 pips.
In contrast, IC Markets shines with a 5-star rating, placing 5th in the Commissions and Fees category. Known for competitive pricing, IC Markets offers three account types: the commission-free Standard account, and the Raw Spread or cTrader Raw Spread accounts which are commission-based. With IC Markets, traders on the cTrader platform face an all-in cost of 0.62 pips for EUR/USD trades when combining spreads and commissions, while trades on MetaTrader platforms have an all-in cost of 0.72 pips. IC Markets' Standard account is commission-free with an average spread of 0.62 pips, proving to be appealing for traders seeking simplicity. Further discounts are available for active traders dealing in over 100 standard lots per month, enhancing IC Markets' position as a top low-cost forex broker.
Overall, while FXCM offers competitive rebate programs that may benefit traders with substantial trade volumes, IC Markets excels in offering low-cost, straightforward fees that earned it Best in Class honors in Commissions & Fees for 2024. Both brokers cater to different trader needs, with FXCM providing rebate opportunities primarily outside the EU and U.K., and IC Markets focusing on low spreads and round-turn costs across multiple account types and trading platforms.
| 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 |
Dive deeper: Best Low Spread Forex Brokers.
When examining the variety of investment options between FXCM and IC Markets, some differences become clear. Both online brokers provide forex trading using CFDs or spot contracts, but IC Markets offers a broader selection with 61 tradeable forex pairs compared to FXCM's 43 pairs. Additionally, IC Markets has a far greater number of tradeable symbols, boasting 3583 compared to FXCM's 440. This expansive range contributes to IC Markets receiving a higher rating of 4.5 stars for Range of Investments, whereas FXCM holds a rating of 3.5 stars in the same category.
While neither FXCM nor IC Markets offers the ability to purchase actual securities or deliverable cryptocurrencies, both support cryptocurrency derivatives and copy trading. However, one significant differentiation is that IC Markets provides access to exchange-traded securities on international exchanges, unlike FXCM. These factors contribute to IC Markets' higher ranking of 25th out of 62 brokers for Range of Investments, whereas FXCM ranks 47th in the same category according to ForexBrokers.com.
| 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 the trading platforms and tools of FXCM and IC Markets, both offer a compelling range of features aimed at enhancing the trading experience. Both brokers provide simulated trading with free virtual demo accounts, which is ideal for beginners to practice risk-free. FXCM stands out by offering a proprietary platform developed in-house, while IC Markets relies entirely on third-party platforms. Both brokers support trading through Windows-based desktop platforms and web-based browsers, providing versatile options for different trader preferences. Both also offer copy trading services and support popular third-party platforms like MetaTrader 4 (MT4) and ZuluTrade. While IC Markets expands its offering to MetaTrader 5 (MT5), FXCM does not include this newer version in its lineup.
For those keen on using technical analysis tools, FXCM provides 10 drawing tools whereas IC Markets takes the lead with 15. Furthermore, both platforms allow direct trading from stock charts, adding convenience for users. Watchlist capabilities differ, with FXCM offering more customization, supporting 13 columns compared to IC Markets' 7. ForexBrokers.com ranks FXCM higher for trading platforms and tools, placing it at #6 out of 62 brokers, thanks to its 5-star rating. In contrast, IC Markets, while still highly rated with four stars, holds the #16 spot. This comparative data reflects FXCM's edge in delivering a more comprehensive platform experience, making it a solid option for those seeking advanced trading tools and seamless usability.
| 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.
When comparing the mobile trading apps of FXCM and IC Markets, both platforms offer support for iPhone and Android devices, ensuring traders can access their accounts on the go. Both apps provide stock and forex price alerts and allow traders to draw trendlines and view multiple time frames on charts. However, FXCM offers a more advanced charting experience with 59 technical studies, compared to IC Markets' 30. Additionally, FXCM stands out by offering watchlist symbol syncing, allowing changes to be reflected across all devices, a feature not supported by IC Markets.
Both FXCM and IC Markets provide the convenience of creating watchlists with real-time quotes, and their mobile apps auto-save chart drawings. In terms of customer ratings, FXCM's app is slightly ahead with a 4.5-star rating compared to IC Markets' 4 stars. According to ForexBrokers.com, in the Mobile Trading Apps category, FXCM is ranked 16th out of 62 brokers, while IC Markets takes the 22nd spot. This suggests that while both apps are capable, FXCM may offer a more comprehensive mobile trading experience for its users.
| 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.
Both FXCM and IC Markets provide valuable daily market commentary and access to forex news from top-tier sources like Bloomberg and Reuters. They also offer tools and analysis from Trading Central, along with sentiment-based trading tools to view the ratio of long or short positions across various instruments. However, FXCM and IC Markets take different approaches when it comes to advanced research tools. While IC Markets includes Autochartist tools in its offerings, this is not a feature provided by FXCM. Conversely, FXCM offers market research through TipRanks, which IC Markets does not.
In terms of comprehensive research support, both FXCM and IC Markets provide economic calendars highlighting global news events. However, FXCM edges out IC Markets with a higher research rating of 4.5 stars compared to 4 stars for IC Markets. This is reflected in their rankings by ForexBrokers.com, where FXCM is placed at number 11 out of 62 brokers for research, while IC Markets holds the 23rd position. This suggests that while both brokers offer strong market research tools, FXCM might provide a slightly more enhanced service in this area.
| 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 it comes to educational resources for beginners, both FXCM and IC Markets offer a wealth of options to help new traders get started. FXCM provides a variety of educational content including articles, videos, and archived webinars all focused around forex and CFDs, and hosts regular monthly webinars to keep you engaged. Additionally, FXCM has a comprehensive library of beginner and advanced trading videos, as well as an investor dictionary with over 50 trading terms, earning a strong 4.5-star education rating and a commendable #14 ranking out of 62 brokers by ForexBrokers.com.
Similarly, IC Markets matches FXCM in offering at least ten educational pieces focused on forex and CFDs, alongside hosting monthly webinars and maintaining a searchable archive of past sessions. They also provide educational videos covering a range of topics from beginner to advanced levels, and include an investor dictionary brimming with helpful definitions. Rated at 4 stars for education and ranked #16 by ForexBrokers.com, IC Markets stands as a competitive choice for traders seeking comprehensive educational support.
| 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 62 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
|
IC Markets
|
|---|---|---|
| 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 |
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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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