To find the top fx brokers
, the team here at ForexBrokers.com collected over 6,000 data points during a seven month review of the forex industry. In this fx broker comparison, we will compare FXCM vs IC Markets.
To assess both of these forex brokers, we will begin with cost. Comparing two fx brokers on cost is not easy. First, not every broker publicizes their average spreads. And, for the brokers that do publish their data, the formulas used to calculate average spreads can vary. Furthermore, the currency pair you are trading can impact cost, as well as the execution policies of the broker. Dealing desk or no dealing desk? The list goes on and on. To make comparing cost easy, we have a star rating that takes everything into account. IC Markets received a rating of 4.00 stars over FXCM's 3.50 stars.
Next to commissions and fees, regulation and currency availability are important to take into consideration. You want to trust and have confidence the forex broker you choose. Both FXCM and IC Markets are regulated in a major hub. FXCM is a publicly traded company, while IC Markets is not. And, when it comes to total currency pairs available to trade, a quick comparison is helpful. IC Markets boasts an offering of 63 different currency pairs compared to FXCM's 39 available pairs.
To round out our comparison of FXCM vs IC Markets, let's look at the tools and features most used by forex traders. For trading platforms, traders are all familiar with MetaTrader. Both FXCM and IC Markets offer Meta Trader. With a platform picked out, looking at charts is a must so they should be of high-quality. As part of our research, we count the number of drawing tools and total technical indicators available. Both FXCM and IC Markets provide clients with access to 31 total charting tools. Both brokers offer clients access to the same number of indicators (eg, moving averages), 51.
Overall, both FXCM and IC Markets are rated 4.00 stars. And, when it comes to individual category awards, neither FXCM nor IC Markets were rated Best in Class - Platforms & Tools, Best in Class - Research, Best in Class - Customer Service, Best in Class - Active Trading, Best in Class - Mobile Trading and Best in Class - Investor Education.