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, founded in 2007, and HFM, established in 2010, are both reputable online brokers in the trading industry. Neither of them is publicly traded or operates as a bank, aligning their focus squarely on offering trading services. In terms of regulatory safety, both brokers hold two Tier-1 licenses, designating them as highly trusted according to ForexBrokers.com. However, when it comes to Tier-2 licenses, which are considered trusted, IC Markets holds none while HFM has three, offering additional regulatory reassurance.
When comparing their overall trustworthiness, HFM scores slightly higher with an 86 Trust Score compared to IC Markets' 84. These scores reflect their commitment to security and transparency, as outlined by ForexBrokers.com's rating system. While both brokers are deemed trustworthy, HFM edges out IC Markets by a small margin, potentially offering traders a bit more peace of mind given its additional Tier-2 licenses and slightly higher Trust Score.
| 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 comparing the costs and pricing between IC Markets and HFM, IC Markets stands out as a competitive choice due to its minimal spreads and low deposit requirement for commission-based accounts. The availability of different account types—including the commission-free Standard account, and the commission-based Raw Spread and cTrader Raw Spread accounts—offers traders flexibility in selecting the best fit for their trading style. Notably, IC Markets' cTrader Raw Spread and MetaTrader Raw Spread accounts come with a competitive commission rate of $6.00 and $7.00 per round turn, respectively. With a streamlined structure and effective spreads, IC Markets is rated 5 stars and is ranked #5 out of 63 brokers in the Commissions & Fees category.
On the other hand, HFM's trading costs are slightly above the industry average, where its standard trading accounts typically have spreads around 1.2 pips. However, the exact date range for this data is unspecified, which could mean variations. Its Zero account is more competitive with an effective spread of 0.7 pips after commission, although this is not stated as an average. Despite this, HFM maintains a respectable 4-star rating, positioned at #31 among 63 brokers for commissions and fees.
In summary, while both brokers provide valuable options for traders, IC Markets is notably positioned with lower effective costs and flexible account types, offering better value especially for active traders. HFM, although slightly higher in terms of costs, remains a reliable option with decent performance. Overall, their commissions and fees structures differ significantly, but both brokers offer a range of choices to cater to individual trader needs.
| Feature |
IC Markets
|
HFM
|
|---|---|---|
| Minimum Deposit | $200 | $0 |
| Average Spread EUR/USD - Standard | 0.62 | 1.2 |
| All-in Cost EUR/USD - Active | 0.62 | 0.7 |
| Active Trader or VIP Discounts | Yes | No |
| ACH or SEPA Transfers | No | No |
| PayPal (Deposit/Withdraw) | Yes | No |
| Skrill (Deposit/Withdraw) | Yes | Yes |
| Visa/Mastercard (Credit/Debit) | Yes | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
IC Markets and HFM both offer forex trading through CFDs or spot contracts, providing a solid platform for currency traders. IC Markets presents a diverse selection with 3583 tradeable symbols, including 61 forex pairs. In contrast, HFM has a more focused offering with 500 tradeable symbols and a wider array of 102 forex pairs. While neither platform supports the purchase of U.S. exchange-traded securities like Apple shares, IC Markets distinguishes itself by facilitating investment in international exchange-traded securities such as Vodafone.
Both IC Markets and HFM enable copy trading, allowing users to replicate the trades of more experienced investors. For those interested in cryptocurrency, each offers derivatives but not actual, deliverable cryptocurrency. Rated at 4.5 stars, IC Markets shines with a higher ranking at #25 for Range of Investments by ForexBrokers.com, compared to HFM's 4-star rating and #36 ranking. This comparison highlights IC Markets as having a wider investment range and better overall ranking, though HFM stands out with its more extensive selection of forex pairs.
| Feature |
IC Markets
|
HFM
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 3583 | 500 |
| Forex Pairs (Total) | 61 | 102 |
| U.S. Stock Trading (Non CFD) | No | No |
| Int'l Stock Trading (Non CFD) | Yes | No |
| 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 evaluating trading platforms and tools, both IC Markets and HFM provide traders with a comprehensive suite of features. IC Markets and HFM offer free virtual demo accounts, allowing newcomers and experienced traders to explore and test strategies without real financial risk. Both brokers provide easy access through Windows-based desktop platforms as well as web-based alternatives for convenient trading. With popular platforms like MetaTrader 4 and MetaTrader 5 available at both brokers, traders have access to industry-standard tools and functions. In addition to these, IC Markets supports ZuluTrade for social trading, while HFM does not. However, HFM brings a proprietary platform into the mix, giving traders additional unique resources crafted in-house.
Charting capabilities present another point of differentiation. IC Markets offers 15 drawing tools for detailed technical analysis, whereas HFM surpasses this with 30 drawing tools. Both brokers allow traders to execute trades directly from stock charts and maintain efficient watch lists with seven columns. In terms of overall performance in trading platforms and tools, both brokers secure a 4-star rating, though IC Markets holds a higher position on ForexBrokers.com's list, ranked 16th among 63 brokers, while HFM is positioned at 42nd. This ranking underscores IC Markets' slight edge in delivering a well-rounded and user-friendly trading experience, despite both being rated equally in star performance.
| Feature |
IC Markets
|
HFM
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Platform | No | Yes |
| Desktop Platform (Windows) | Yes | Yes |
| Web Platform | Yes | Yes |
| Social Trading / Copy Trading | Yes | Yes |
| MetaTrader 4 (MT4) | Yes | Yes |
| MetaTrader 5 (MT5) | Yes | Yes |
| DupliTrade | No | No |
| ZuluTrade | Yes | No |
| Charting - Indicators / Studies (Total) | 30 | 15 |
| Charting - Drawing Tools (Total) | 15 | 30 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 7 | 7 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
When it comes to trading on the go, both IC Markets and HFM provide mobile apps compatible with iPhone and Android devices. Each platform offers key features like stock or forex price alerts, the option to draw trendlines, and the ability to view charts across multiple time frames such as daily, weekly, or intraday. Traders can also benefit from having access to 30 technical studies and the convenience of auto-saving chart drawings. Creating a watchlist with real-time quotes is another shared feature, helping users stay updated with their investments.
Despite these similarities, there are a few distinctions in user rankings and synchronizing capabilities worth noting. While both platforms have earned a solid four-star rating for their mobile trading apps, IC Markets ranks higher at 22nd place compared to HFM's 39th position among 63 brokers by ForexBrokers.com. However, a potential downside for both apps is the lack of watchlist symbol syncing, meaning watchlist updates do not automatically synchronize between the mobile app and the online account. Overall, both IC Markets and HFM offer comprehensive tools for mobile trading, though IC Markets holds a slight edge in industry rankings.
| Feature |
IC Markets
|
HFM
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | No | No |
| Mobile Charting - Indicators / Studies | 30 | 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.
When comparing market research offerings, both IC Markets and HFM provide traders with valuable tools and information. Both brokers offer daily market commentary and access to forex news from reputable sources like Bloomberg and Reuters. They include technical and fundamental research through Autochartist, as well as sentiment-based trading tools to show market position ratios. Each provides an economic calendar that tracks important global events, crucial for informed trading.
In terms of differences, IC Markets surpasses HFM by offering Trading Central’s advanced analytical tools. However, both brokers do not feature market research from TipRanks or Acuity Trading's Signal Centre. In the ForexBrokers.com ranking, while both have strong research ratings of four stars, HFM edges out IC Markets slightly, positioned at #20 compared to IC Markets’ #23. These distinctions make both platforms reliable options, though IC Markets has a slight edge in analytical capabilities.
| Feature |
IC Markets
|
HFM
|
|---|---|---|
| Daily Market Commentary | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | Yes | Yes |
| Trading Central (Recognia) | Yes | No |
| Social Sentiment - Currency Pairs | Yes | Yes |
| TipRanks | No | 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 IC Markets and HFM stand out with impressive offerings. Each broker provides a comprehensive collection of over 10 educational materials, including articles, videos, and archived webinars, focusing on forex and CFDs. Beginners can also benefit from regular client webinars, with both IC Markets and HFM organizing at least one monthly session. What’s more, they have an extensive library of past webinars that you can easily search through, making it convenient for those who prefer learning at their own pace.
Furthermore, both IC Markets and HFM cater to various levels of expertise by offering at least 10 educational videos each for both beginners and advanced traders. Additionally, an investor dictionary with definitions of over 50 investing terms is available with both brokers. Although both platforms hold a solid 4-star rating in the education category, IC Markets slightly edges out HFM in broker rankings, securing the 16th spot compared to HFM's 37th out of 63 brokers according to ForexBrokers.com. Whether you're a newbie or looking to advance your trading skills, both platforms offer excellent educational support to help you navigate the world of forex and CFDs.
| Feature |
IC Markets
|
HFM
|
|---|---|---|
| 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 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 #20, while HFM finished with an overall rank of #30.
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
|
|---|---|---|
| Overall Rating |
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| Trust Score | 84 | 86 |
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Both IC Markets and HFM provide opportunities for trading cryptocurrency derivatives, yet neither platform allows the purchase of actual cryptocurrency for delivery.
IC Markets and HFM both support Visa, Mastercard, Skrill, and bank wires for account transactions; however, IC Markets stands out by offering PayPal, while neither broker provides ACH or SEPA transfer options.
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 | 84 | 86 | |
| Winner | check_circle | ||
| Review | IC Markets Review | HFM Review |
| Broker Screenshots | IC Markets | HFM | |
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| Regulation | IC Markets | HFM | |
|---|---|---|---|
| Trust Score | 84 | 86 | |
| 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 (SFC Authorised) | No | No | |
| Singapore (MAS Authorised) | No | No | |
| Switzerland (FINMA Authorised) | No | No | |
| 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) | No | Yes | |
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | No | Yes | |
| UAE (DFSA/Central Bank Authorised) | No | Yes | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) | No | No |
| Investments | IC Markets | HFM | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 3583 | 500 | |
| Forex Pairs (Total) | 61 | 102 | |
| U.S. Stock Trading (Non CFD) | No | No | |
| Int'l Stock Trading (Non CFD) | Yes | No | |
| 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 | IC Markets | HFM | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 0.62 | 1.2 | |
| All-in Cost EUR/USD - Active | 0.62 | 0.7 | |
| Active Trader or VIP Discounts | Yes | No | |
| Inactivity Fee | No | Yes | |
| Execution: Agency Broker | Yes | No | |
| Execution: Market Maker | Yes | Yes |
| Funding | IC Markets | HFM | |
|---|---|---|---|
| Minimum Deposit | $200 | $0 | |
| PayPal (Deposit/Withdraw) | Yes | No | |
| Skrill (Deposit/Withdraw) | Yes | Yes | |
| Visa/Mastercard (Credit/Debit) | Yes | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| ACH or SEPA Transfers | No | No |
| Trading Platforms | IC Markets | HFM | |
|---|---|---|---|
| Proprietary Platform | No | Yes | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | Yes | Yes | |
| MetaTrader 4 (MT4) | Yes | Yes | |
| MetaTrader 5 (MT5) | Yes | Yes | |
| cTrader | Yes | No | |
| DupliTrade | No | No | |
| ZuluTrade | Yes | No |
| Trading Tools | IC Markets | HFM | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 7 | 7 | |
| Charting - Indicators / Studies (Total) | 30 | 15 | |
| Charting - Drawing Tools (Total) | 15 | 30 | |
| 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 Alerts - Basic Fields | Yes | Yes | |
| Mobile Watchlist | Yes | Yes | |
| Watchlist Syncing | No | No | |
| Mobile Charting - Indicators / Studies | 30 | 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 | IC Markets | HFM | |
|---|---|---|---|
| Daily Market Commentary | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | Yes | Yes | |
| Trading Central (Recognia) | Yes | No | |
| TipRanks | No | No | |
| Social Sentiment - Currency Pairs | Yes | Yes | |
| Economic Calendar | Yes | Yes |
| Education | IC Markets | HFM | |
|---|---|---|---|
| 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 | IC Markets | HFM | |
|---|---|---|---|
| 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 | IC Markets Review | HFM Review |
| Overall | IC Markets | HFM | |
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| Trust Score | 84 | 86 | |
| Winner | check_circle | ||
| Review | IC Markets Review | HFM Review |
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