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 |
IC Markets is known for low all-in trading costs, thanks to tight spreads and commission-based accounts with a low minimum deposit. Its Raw Spread accounts charge $3.0 per side on cTrader and $3.5 per side on MetaTrader (MT4/MT5), which translates to about 0.62 pips all-in on cTrader and 0.72 pips on MetaTrader for EUR/USD, based on listed averages. The Standard account averages 0.62 pips with no commission. Pricing can vary by platform, account type, and the broker’s EU (Cyprus), Australia, or Seychelles entities. IC Markets earned Best in Class honors for Commissions & Fees in the 2024 Annual Awards.
HFM’s pricing is slightly above the industry average. The broker cites a typical 1.2-pip spread on its Standard account (no time frame provided). Its Zero account quotes an effective 0.7-pip spread after commission, but this figure is not presented as an average. Overall, HFM’s disclosed pricing suggests higher day-to-day costs than IC Markets’ raw-spread setup, especially for active traders who can also qualify for IC Markets’ volume discounts over 100 standard lots per month.
Bottom line on value: IC Markets generally delivers lower all-in costs for spread-sensitive and high-volume traders, while HFM trends pricier on typical spreads. Ratings and rankings for Commissions & Fees: IC Markets — 5 out of 5 stars; ranked #5 of 63. HFM — 4 out of 5 stars; ranked #28 of 63.
| 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 vs HFM: Both brokers let you trade forex as CFDs/spot and offer crypto CFDs (not actual coins). Both also support copy trading. The biggest differences are in market access. IC Markets lists 3,583 tradable symbols compared with HFM’s 500. IC Markets offers 61 forex pairs while HFM provides 102. For exchange-traded shares (not CFDs), neither broker offers U.S. stocks, but IC Markets does provide access to international exchanges; HFM does not.
For overall range of investments, IC Markets stands out with more instruments and international exchange-traded stocks, earning 4.5/5 stars and a #22 of 63 ranking. HFM is a better fit for currency-focused traders thanks to its larger set of forex pairs, with a 4/5 star rating and a #28 of 63 ranking. Choose IC Markets if you want more symbols and international shares, or HFM if your priority is a wider menu of currency pairs.
| Feature |
IC Markets
|
HFM
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 3583 | 500 |
| Forex Pairs (Total) | 61 | 102 |
| 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.
Comparing IC Markets vs HFM for trading platforms and tools, both brokers make it easy to get started with free demo accounts for paper trading. Each offers Windows desktop and web-based platforms, supports MetaTrader 4 (MT4) and MetaTrader 5 (MT5), enables trading directly from charts, and includes copy trading features.
The key difference is platform choice: IC Markets does not offer a proprietary platform and focuses on third-party options like MT4/MT5, while HFM adds its own in-house platform alongside MetaTrader. Both earn 4 stars for platforms and tools, but IC Markets ranks higher (#17 of 63) than HFM (#33 of 63) with ForexBrokers.com. If you prefer the MetaTrader ecosystem and a higher category ranking, IC Markets may appeal; if you want an extra broker-built platform to try, HFM is worth a look.
| 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 | 15 |
| Charting - Trade From Chart | Yes | Yes |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
IC Markets and HFM both deliver capable mobile trading apps for iPhone and Android. Each app supports price alerts and offers 30 technical studies for charting. You can draw trendlines and your drawings auto-save, which makes it easier to pick up where you left off. One drawback for both is that watchlists don’t sync between the mobile app and the online account.
In terms of quality scores, both brokers earn 4 out of 5 stars for Mobile Trading Apps. However, ForexBrokers.com ranks IC Markets higher at #22 out of 63 brokers, while HFM sits at #32. If rankings matter to you, IC Markets has a slight edge, but the core mobile features are very similar.
| 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 | 30 |
| Mobile Charting - Draw Trendlines | Yes | Yes |
| Mobile Charting - Trendlines Autosave | Yes | Yes |
Dive deeper: Best Forex Trading Apps.
IC Markets and HFM both deliver daily market commentary and forex news from leading outlets like Bloomberg, Reuters, or Dow Jones. Each broker offers Autochartist for pattern recognition and trade ideas, plus a sentiment tool that shows the ratio of long and short positions across instruments. Both also include an economic calendar to track upcoming events. One key difference: IC Markets adds research from Trading Central, while HFM does not. Neither broker integrates TipRanks or Acuity Trading (Signal Centre).
On overall quality, the two are close: both earn 4 stars for Research. In ForexBrokers.com’s rankings out of 63 brokers, HFM places higher at #18, while IC Markets is #21—so if Trading Central isn’t a must-have, HFM edges ahead on standing, but IC Markets may suit you if you want that extra analysis option.
| 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 | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
IC Markets and HFM both give beginners plenty of forex and CFD learning materials. Each broker offers at least 10 beginner videos plus at least 10 advanced videos, so you can grow from basics to more complex strategies at your own pace. They also run online client webinars at least once a month, which is helpful for asking questions and seeing concepts in action.
In independent testing by ForexBrokers.com, both brokers earned 4 out of 5 stars for Education. IC Markets ranks higher overall at #16 out of 63 brokers, while HFM sits at #29. If you want a slightly higher-ranked education experience, IC Markets has the edge; if you’re looking for a similar mix of videos and regular webinars, HFM is also a solid choice for new traders.
| 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 | 84 | 86 |
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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 | 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 (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 SCA 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 | 500 | |
| Forex Pairs (Total) | 61 | 102 | |
| 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 | 15 | |
| 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 | 30 | |
| 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 | |
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| Trust Score | 84 | 86 | |
| Winner | check_circle | ||
| Review | IC Markets Review | HFM Review |
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