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 |
When it comes to commissions and fees, IC Markets has a clear edge over HFM for cost-conscious traders. IC Markets offers three account types: a commission-free Standard account and two low-cost commission-based accounts, Raw Spread and cTrader Raw Spread. Its pricing is especially competitive for forex trading, with very tight spreads and low commission charges that can bring all-in costs close to the cheapest brokers in the market. IC Markets is rated 5 stars and ranked #4 out of 36 brokers for Commissions and Fees.
HFM’s trading costs are a little higher than the industry average. Its standard accounts typically show spreads around 1.2 pips, while the Zero account can work out to an effective spread of about 0.7 pips after commission. Even so, HFM does not present the same low-cost pricing profile as IC Markets, especially for active forex traders looking to keep fees down. HFM is rated 4 stars and ranked #30 out of 36 brokers for Commissions and Fees.
Overall, IC Markets is the better choice for lower commissions and tighter spreads, especially if you trade often or use commission-based accounts. HFM may still suit traders who want a simpler setup, but its fees are less competitive. For traders focused on value, IC Markets has the stronger offering.
| Feature |
IC Markets
|
HFM
|
|---|---|---|
| Minimum Deposit | $200 | $0 |
| Average spread (EUR/USD) - Spread-only account | 0.8 | 1.8 |
| All-in Cost EUR/USD - Raw spread account | 0.72 | 1.1 |
| Non-wire bank transfer (Deposit/Withdraw) | 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 and HFM both let clients trade forex as CFDs or spot contracts, and both offer copy trading plus cryptocurrency CFDs. Neither broker provides access to actual shares on U.S. or international exchanges, and neither allows customers to buy delivered cryptocurrency outright. For traders focused on forex and CFDs, both platforms cover the core markets, but the difference starts to show in the size of their product lists.
IC Markets has a much wider range of investments overall, with 7,435 tradeable symbols and 61 forex pairs, compared with HFM’s 344 symbols and 38 forex pairs. That broader selection gives IC Markets the edge for market variety, which is reflected in its 4.5-star Range of Investments rating and #22 ranking out of 36 brokers on ForexBrokers.com. HFM still offers a decent selection and earns 4 stars, but it places lower at #30 in the same category.
| Feature |
IC Markets
|
HFM
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 7435 | 344 |
| Forex Pairs (Total) | 61 | 38 |
| U.S. Stocks (Shares) | No | No |
| Global Stocks (Non-U.S. Shares) | No | 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 strong set of platform choices, including free demo accounts, Windows desktop downloads, web-based trading, copy trading, and access to both MetaTrader 4 and MetaTrader 5. Each broker also lets you trade directly from charts, which is helpful for faster order entry. In terms of ratings, both are scored 4 out of 5 stars for Trading Platforms and Tools, so there is no big difference in overall user experience from a platform standpoint.
The main difference is that HFM offers its own in-house platform, while IC Markets does not. That may appeal to traders who want a broker-built option alongside the usual third-party platforms. Still, IC Markets holds the edge in ForexBrokers.com’s category ranking, placing #17 out of 36 brokers compared with HFM at #36 out of 36, which suggests IC Markets is viewed more favorably overall for trading platforms and tools.
| 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) | 32 | 38 |
| Charting - Trade From Chart | Yes | Yes |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
IC Markets and HFM both give traders a mobile app for iPhone and Android, along with price alerts, trendline drawing, and auto-saving chart drawings. Neither broker offers watchlist symbol syncing between the app and the online account, so changes made in one place do not carry over to the other.
Where IC Markets pulls ahead is charting depth. Its mobile app offers 32 technical studies, compared with just 5 at HFM, which can make a real difference for traders who rely on chart analysis. Both apps are rated 4 out of 5 stars for mobile trading apps, but ForexBrokers.com ranks IC Markets higher overall in this category at #22 out of 36 brokers, while HFM sits at #35.
| 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 | 32 | 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 plenty of market research support, including daily market commentary, news from top-tier sources like Bloomberg, Reuters, and Dow Jones, a sentiment tool showing long and short positions, and an economic calendar for tracking key global events. Both brokers are also rated 4 out of 5 stars for Research, so each offers a solid starting point for traders who want regular market updates and background information.
The main difference is in the extra research tools they provide. IC Markets includes Trading Central and TipRanks, which may appeal to traders looking for chart-based analysis and more stock and market insights, while HFM offers Autochartist and Acuity Trading, including Signal Centre, which can help spot trading opportunities in a different way. On ForexBrokers.com, HFM ranks slightly higher for Research at #18 out of 36 brokers, compared with IC Markets at #21.
| Feature |
IC Markets
|
HFM
|
|---|---|---|
| Daily Market Commentary (Articles) | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | No | Yes |
| Trading Central | Yes | No |
| Client sentiment data | Yes | Yes |
| TipRanks | Yes | No |
| Acuity Trading | No | Yes |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
When it comes to beginner education, both IC Markets and HFM give new traders plenty to work with. Each broker offers forex and CFDs learning content, monthly online webinars, and at least 10 beginner-focused videos, plus another set of advanced videos for traders who want to build on the basics. In simple terms, both platforms make a real effort to help people learn before they trade.
That said, IC Markets has the edge in overall education quality and recognition. It is rated 4 stars for Education and ranks #16 out of 36 brokers on ForexBrokers.com, while HFM is also rated 4 stars but sits lower at #31. For beginners, this means both brokers are solid choices, but IC Markets is the stronger pick if you want a slightly better education offering and a higher industry ranking.
| 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
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HFM
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| Overall Rating |
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| Trust Score | 83 | 85 |
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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.
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0 of 5| Overall Rating | IC Markets | HFM | |
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| Trust Score | 83 | 85 | |
| Winner | check_circle | ||
| Review | IC Markets Review | HFM Review |
| Broker Screenshots | IC Markets | HFM | |
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| 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) | 7435 | 344 | |
| Forex Pairs (Total) | 61 | 38 | |
| U.S. Stocks (Shares) | No | No | |
| Global Stocks (Non-U.S. Shares) | No | 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) - Spread-only account | 0.8 | 1.8 | |
| All-in Cost EUR/USD - Raw spread account | 0.72 | 1.1 | |
| Inactivity Fee | Yes | 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 (Deposit/Withdraw) | 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) | 32 | 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 Watchlists - Syncing | No | No | |
| Mobile Charting - Indicators / Studies | 32 | 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 | No | Yes | |
| Trading Central | Yes | No | |
| TipRanks | Yes | 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 | |
|---|---|---|---|
| EUR/USD | Yes | Yes | |
| Review | IC Markets Review | HFM Review |
| Overall | IC Markets | HFM | |
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| Trust Score | 83 | 85 | |
| Winner | check_circle | ||
| Review | IC Markets Review | HFM Review |
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