Written by ForexBrokers.com
In this head to head comparison of IC Markets vs HFM, 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.
IC Markets vs HFM: IC Markets, founded in 2007, and HFM, founded in 2010, are online brokers that are not publicly traded and are not banks. ForexBrokers.com rates IC Markets at 83/99 and HFM at 85/99 on its Trust Score; both scores sit in the trusted range (80-89), below the highly trusted band (90-99) and above average risk (70-79).
On regulation, each broker holds two Tier-1 licenses, which ForexBrokers.com considers highly trusted. IC Markets holds zero Tier-2 licenses, while HFM holds three Tier-2 licenses, meaning both have similar top-tier oversight but HFM adds broader mid-tier regulatory coverage.
| Feature |
IC Markets
|
HFM
|
|---|---|---|
| Year Founded | 2007 | 2010 |
| Publicly Traded (Listed) | No | No |
| Bank | No | No |
| Tier-1 Licenses | 2 | 2 |
| Tier-2 Licenses | 0 | 3 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 3 | 2 |
IC Markets is the better choice for traders focused on low costs. Its commissions and fees are among the lowest we reviewed, thanks to tight spreads and low pricing on its commission-based accounts. IC Markets offers a commission-free Standard account, plus Raw Spread and cTrader Raw Spread accounts, with the cTrader version charging about $3.00 per side per 100,000 units and the MetaTrader Raw Spread account charging about $3.50 per side. That helps keep all-in trading costs very competitive, especially for active forex traders. IC Markets is rated 5 out of 5 stars and ranks #5 out of 36 for Commissions and Fees.
HFM’s trading costs are a bit higher than the industry average. Its standard accounts typically show spreads around 1.2 pips, while its Zero account can reach an effective spread of 0.7 pips after commission, though this is not listed as an average. That means HFM can still work for cost-conscious traders, but it generally does not match the low-cost pricing offered by IC Markets. HFM is rated 4 out of 5 stars and ranks #29 out of 36 for Commissions and Fees.
In simple terms, IC Markets is usually the cheaper broker overall, especially if you trade often or use a commission-based account. HFM is still a solid option, but its fees are less competitive when compared side by side with IC Markets.
| Feature |
IC Markets
|
HFM
|
|---|---|---|
| Minimum Deposit | $200 | $0 |
| Average spread (EUR/USD) - Standard account | 0.62 | 1.8 |
| All-in Cost EUR/USD - Active | 0.62 | 1.1 |
| Non-wire bank transfer | No | No |
| PayPal (Deposit/Withdraw) | Yes | No |
| Skrill (Deposit/Withdraw) | Yes | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
IC Markets offers a wider range of investments than HFM, making it the better pick for traders who want more market choice. Both brokers support forex trading as CFDs or spot contracts, and both offer copy trading plus cryptocurrency CFDs. However, IC Markets lists 3,583 tradeable symbols and 61 forex pairs, compared with HFM’s 344 symbols and 38 forex pairs. IC Markets also stands out by offering exchange-traded securities on international exchanges, while HFM does not.
Neither broker lets clients buy actual cryptocurrencies or U.S.-listed exchange-traded shares such as Apple stock outside of a CFD. Still, for overall range of investments, IC Markets has the edge with a 4.5-star rating versus HFM’s 4 stars, and a better ForexBrokers.com ranking of #22 out of 36 brokers compared with HFM at #29. For investors looking for a broader selection of tradable markets, IC Markets is the stronger option.
| Feature |
IC Markets
|
HFM
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 3583 | 344 |
| Forex Pairs (Total) | 61 | 38 |
| U.S. Stocks (Shares) | No | No |
| Global Stocks (Non-U.S. Shares) | Yes | No |
| Copy Trading | Yes | Yes |
| Cryptocurrency (Underlying) | No | No |
| Cryptocurrency (CFDs) | 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.
IC Markets and HFM both give traders a wide range of platform choices, including free demo accounts for practice, Windows desktop apps, web-based platforms, MetaTrader 4, MetaTrader 5, copy trading, and the ability to trade directly from charts. In short, both brokers cover the key tools most traders look for, whether they want to test strategies first or trade live from a computer or browser.
The main difference is that HFM also offers its own in-house trading platform, while IC Markets does not. Both brokers are rated 4 out of 5 stars for trading platforms and tools, but IC Markets places higher in ForexBrokers.com’s ranking for this category at #17 out of 36 brokers, compared with HFM at #34. For traders who want a broker with more detailed platform features and a stronger third-party ranking, IC Markets has the edge, while HFM stands out for offering both popular third-party platforms and its own custom option.
| Feature |
IC Markets
|
HFM
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Desktop Trading Platform | No | Yes |
| Desktop Platform (Windows) | Yes | Yes |
| Web Platform | Yes | Yes |
| Copy Trading | Yes | Yes |
| MetaTrader 4 (MT4) | Yes | Yes |
| MetaTrader 5 (MT5) | Yes | Yes |
| Charting - Indicators / Studies (Total) | 30 | 38 |
| Charting - Trade From Chart | Yes | Yes |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
IC Markets and HFM both give traders mobile access on iPhone and Android, plus price alerts, trendline drawing, and auto-saving chart drawings. Neither broker offers watchlist syncing between the mobile app and online account, so changes made on one device do not carry over to the other. In day-to-day use, this means both apps cover the basics well for trading on the go.
The main difference is charting depth. IC Markets offers 30 technical studies in its mobile app, while HFM offers 5, which may matter more to traders who rely on chart analysis. Both brokers are rated 4 out of 5 stars for mobile trading apps, but IC Markets is ranked higher by ForexBrokers.com, coming in at #22 out of 36 brokers compared with HFM at #33. For traders who want more tools in a mobile app, IC Markets has the edge.
| Feature |
IC Markets
|
HFM
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Price Alerts | Yes | Yes |
| Mobile Watchlists - Syncing | No | No |
| Mobile Charting - Indicators / Studies | 30 | 5 |
| Mobile Charting - Draw Trendlines | Yes | Yes |
| Mobile Charting - Trendlines Autosave | Yes | Yes |
Dive deeper: Best Forex Trading Apps.
IC Markets and HFM both give traders a well-rounded set of market research tools. Each broker provides daily market commentary, forex news from major outlets such as Bloomberg and Reuters, an economic calendar, Autochartist tools, and a sentiment tracker that helps show whether traders are leaning long or short on different instruments. Both also earned a 4-star rating for Research from ForexBrokers.com. One area where IC Markets stands out is Trading Central, which it offers and HFM does not.
HFM has a slight edge in the overall research ranking, placing #18 out of 36 brokers, compared with IC Markets at #21. HFM also offers Acuity Trading tools, such as Signal Centre, while IC Markets does not. Neither broker includes TipRanks research. In short, both are strong choices for market research, but HFM offers a bit more variety, while IC Markets has the added benefit of Trading Central.
| Feature |
IC Markets
|
HFM
|
|---|---|---|
| Daily Market Commentary (Articles) | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | Yes | Yes |
| Trading Central | Yes | No |
| Client sentiment data | Yes | Yes |
| TipRanks | No | No |
| Acuity Trading | No | Yes |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
When it comes to learning support for beginners, both IC Markets and HFM give new traders plenty of help. Each broker offers forex and CFDs education with more than 10 learning items, monthly educational webinars, and at least 10 beginner-focused videos, along with 10 or more videos for advanced traders. For someone just starting out, this means both platforms provide a solid mix of articles, videos, and live sessions to help explain trading basics and more complex topics.
That said, IC Markets has the edge in overall education quality. Both brokers are rated 4 out of 5 stars for Education, but IC Markets is ranked #16 out of 36 brokers by ForexBrokers.com, while HFM is ranked #29. So if you want a broker with a slightly stronger education offering for beginners, IC Markets comes out ahead, even though HFM still delivers a useful range of learning tools.
| Feature |
IC Markets
|
HFM
|
|---|---|---|
| Webinars | Yes | Yes |
| Videos - Beginner Trading Videos | Yes | Yes |
| Videos - Advanced Trading Videos | Yes | Yes |
Dive deeper: Best Forex Brokers for Beginners.
After testing 63 of the best forex brokers, our research and account testing finds that IC Markets is better than HFM. IC Markets finished with an overall rank of #21, while HFM finished with an overall rank of #27.
IC Markets’ competitive pricing and scalable execution make it an excellent option for algorithmic traders. Though it supports an impressive range of third-party tools and plugins, IC Markets’ research and education offerings are not as impressive as those offered by industry leaders.
| Feature |
IC Markets
|
HFM
|
|---|---|---|
| Overall Rating |
|
|
| Trust Score | 83 | 85 |
| Range of Investments |
|
|
| Trading Fees |
|
|
| Trading Platforms |
|
|
| Research |
|
|
| Mobile Trading |
|
|
| Education |
|
|
IC Markets vs HFM: both online brokers do not offer the ability to buy actual (delivered) cryptocurrencies, but each supports cryptocurrency trading via CFDs.
IC Markets vs HFM: both lack ACH/SEPA and support Skrill and bank wires; IC Markets additionally supports PayPal (HFM does not), and Visa/Mastercard availability is not specified for either.
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.
Select Brokers
↓×Compare
0 of 5| Overall Rating | IC Markets | HFM | |
|---|---|---|---|
| Overall Rating |
|
| |
| Trading Fees |
|
| |
| Range of Investments |
|
| |
| Trading Platforms |
|
| |
| Mobile Trading |
|
| |
| Research |
|
| |
| Education |
|
| |
| Trust Score | 83 | 85 | |
| Winner | check_circle | ||
| Review | IC Markets Review | HFM Review |
| Broker Screenshots | IC Markets | HFM | |
|---|---|---|---|
| Broker Gallery (click to expand) |
|
|
| Regulation | IC Markets | HFM | |
|---|---|---|---|
| Trust Score | 83 | 85 | |
| Year Founded | 2007 | 2010 | |
| Publicly Traded (Listed) | No | No | |
| Bank | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes | |
| Tier-1 Licenses | 2 | 2 | |
| Tier-2 Licenses | 0 | 3 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 3 | 2 |
| Tier-1 Licenses (Highly Trusted) | IC Markets | HFM | |
|---|---|---|---|
| Australia (ASIC Authorised) | Yes | No | |
| Canada (CIRO Authorised) | No | No | |
| Hong Kong (SFC Authorised) | No | No | |
| Japan (FSA Authorised) | No | No | |
| Singapore (MAS Authorised) | No | No | |
| Switzerland (FINMA Authorised) | |||
| United Kingdom (U.K.) (FCA Authorised) | No | Yes | |
| 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) | IC Markets | HFM | |
|---|---|---|---|
| Kenya (CMA Authorised) | Yes | ||
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | No | Yes | |
| UAE (DFSA, FSRA, or CMA Authorised) | No | Yes | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) |
| Investments | IC Markets | HFM | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 3583 | 344 | |
| Forex Pairs (Total) | 61 | 38 | |
| U.S. Stocks (Shares) | No | No | |
| Global Stocks (Non-U.S. Shares) | Yes | No | |
| Copy Trading | Yes | Yes | |
| Cryptocurrency (Underlying) | No | No | |
| Cryptocurrency (CFDs) | 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 | IC Markets | HFM | |
|---|---|---|---|
| Average spread (EUR/USD) - Standard account | 0.62 | 1.8 | |
| All-in Cost EUR/USD - Active | 0.62 | 1.1 | |
| Inactivity Fee | No | Yes | |
| Order execution: Agency | Yes | No | |
| Order execution: Market Maker | Yes | Yes |
| Funding | IC Markets | HFM | |
|---|---|---|---|
| Minimum Deposit | $200 | $0 | |
| PayPal (Deposit/Withdraw) | Yes | No | |
| Skrill (Deposit/Withdraw) | Yes | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| Non-wire bank transfer | No | No |
| Trading Platforms | IC Markets | HFM | |
|---|---|---|---|
| Proprietary Desktop Trading Platform | No | Yes | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Copy Trading | Yes | Yes | |
| MetaTrader 4 (MT4) | Yes | Yes | |
| MetaTrader 5 (MT5) | Yes | Yes | |
| cTrader | Yes | No |
| Trading Tools | IC Markets | HFM | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Price Alerts | Yes | Yes | |
| Charting - Indicators / Studies (Total) | 30 | 38 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | IC Markets | HFM | |
|---|---|---|---|
| Android App | Yes | Yes | |
| Apple iOS App | Yes | Yes | |
| Mobile Price Alerts | Yes | Yes | |
| Mobile Watchlist [DELETED] | |||
| Mobile Watchlists - Syncing | No | No | |
| Mobile Charting - Indicators / Studies | 30 | 5 | |
| Mobile Charting - Draw Trendlines | Yes | Yes | |
| Mobile Charting - Trendlines Autosave | Yes | Yes | |
| Mobile Research - Economic Calendar | Yes | Yes |
| Research | IC Markets | HFM | |
|---|---|---|---|
| Daily Market Commentary (Articles) | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | Yes | Yes | |
| Trading Central | Yes | No | |
| TipRanks | No | No | |
| Client sentiment data | Yes | Yes | |
| Economic Calendar | Yes | Yes |
| Education | IC Markets | HFM | |
|---|---|---|---|
| Webinars | Yes | Yes | |
| Videos - Beginner Trading Videos | Yes | Yes | |
| Videos - Advanced Trading Videos | Yes | Yes |
| Major Forex Pairs | IC Markets | HFM | |
|---|---|---|---|
| GBP/USD [DELETED] | |||
| USD/JPY [DELETED] | |||
| EUR/USD | Yes | Yes | |
| USD/CHF [DELETED] | |||
| USD/CAD [DELETED] | |||
| NZD/USD [DELETED] | |||
| AUD/USD [DELETED] | |||
| Review | IC Markets Review | HFM Review |
| Overall | IC Markets | HFM | |
|---|---|---|---|
| Overall Rating |
|
| |
| Trading Fees |
|
| |
| Range of Investments |
|
| |
| Trading Platforms |
|
| |
| Mobile Trading |
|
| |
| Research |
|
| |
| Education |
|
| |
| Trust Score | 83 | 85 | |
| Winner | check_circle | ||
| Review | IC Markets Review | HFM Review |
IG
FOREX.com
CMC Markets
XTB
eToro
AvaTrade
Pepperstone
FP Markets
Tickmill