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 vs HFM on pricing: IC Markets earns 5/5 stars and ranks #5 of 63 for Commissions & Fees, taking Best in Class honors in 2024 thanks to small effective spreads and a low deposit requirement on its commission-based accounts. HFM earns 4/5 stars and ranks #32 of 63, with pricing that sits slightly above the industry average.
IC Markets offers three account types: Standard (spread-only), Raw Spread on MT4/MT5, and cTrader Raw Spread. Commissions are $3.00 per side ($6 round turn) on cTrader and $3.50 per side ($7 round turn) on MT4/MT5, per 100,000 units. IC Markets lists its average EUR/USD spread at 0.02 pips; after adding commission, the all-in cost is about 0.62 pips on cTrader and 0.72 pips on MetaTrader. The Standard account averages about 0.62 pips with no commission. Pricing can vary by platform, account type, and the IC Markets entity you choose (Cyprus, Australia, or Seychelles), and active traders who exceed 100 standard lots per month can qualify for discounts.
HFM’s trading costs are generally higher. Its Standard account shows a typical 1.2-pip spread (no date range provided, so the true average may be worse). The Zero account cites a 0.7-pip effective spread after commission, but this figure is not presented as an average. In practice, HFM’s quoted costs tend to trail IC Markets’ typical all-in pricing, especially on EUR/USD, though your results will depend on account selection and live market conditions.
| 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: when it comes to range of investments, the headline difference is breadth. IC Markets lists 3,583 tradable symbols, far more than HFM’s 500. That said, HFM offers more forex pairs (102 vs 61). Both brokers support forex trading via CFDs or spot, offer crypto trading through CFDs (not actual coins), and include copy trading options.
For shares, neither broker lets you buy U.S.-listed stocks directly, but IC Markets does provide access to some exchange-traded international shares, while HFM does not. Reflecting this mix, IC Markets earns a 4.5-star Range of Investments rating and ranks 26th out of 63 brokers, while HFM scores 4 stars and ranks 37th. Choose IC Markets if you want a wider symbol lineup or access to certain international shares; consider HFM if having more forex pairs is your priority.
| 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.
IC Markets and HFM both check the key boxes for platform access and trading tools. Each broker offers a free demo account for paper trading, Windows desktop and web-based platforms, copy trading, and the popular MetaTrader 4 (MT4) and MetaTrader 5 (MT5). Both also let you place trades directly from charts. One key difference: HFM provides its own proprietary platform, while IC Markets focuses on third-party platforms like MT4 and MT5.
In terms of quality, both brokers earn 4 out of 5 stars for Trading Platforms and Tools. However, IC Markets ranks higher in ForexBrokers.com’s category results (#16 out of 63) compared with HFM (#43 out of 63), signaling that IC Markets may deliver a stronger overall platform experience even though their core features overlap.
| 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 vs HFM for mobile trading: both brokers offer iPhone and Android apps with similar tools. You can set stock or forex price alerts, use 30 technical studies for charting, draw trendlines, and have drawings auto-save. A key limitation for both is watchlist syncing—watchlists made in the mobile app do not sync with your online account.
In terms of quality, both mobile trading apps are rated 4 out of 5 stars. However, IC Markets ranks higher overall for Mobile Trading Apps, placing 22nd out of 63 brokers on ForexBrokers.com, while HFM ranks 40th. With feature sets that closely match, IC Markets gets a slight edge on rankings, so your decision may come down to app feel and the broker you prefer to trade with.
| 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.
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 (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 deliver plenty of forex and CFD education for beginners. Each broker meets the bar of offering at least 10 educational pieces and runs online client webinars at least once a month. New traders will find 10+ beginner-focused videos at both brokers, and when you’re ready to level up, each also provides 10+ advanced videos that dive deeper into trading topics.
According to ForexBrokers.com, both brokers earn 4 out of 5 stars for Education. However, IC Markets ranks higher overall at #16 out of 63 brokers, while HFM sits at #37. If you want the broker with the stronger standing in the education category, IC Markets edges ahead, though both are solid choices for learning the basics and beyond.
| 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 #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
|
HFM
|
|---|---|---|
| Overall Rating |
|
|
| Trust Score | 84 | 86 |
| Range of Investments |
|
|
| Commissions & Fees |
|
|
| Platforms & Tools |
|
|
| 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 |
|
| |
| Commissions & Fees |
|
| |
| Range of Investments |
|
| |
| Platforms & Tools |
|
| |
| Mobile Trading |
|
| |
| Research |
|
| |
| Education |
|
| |
| Trust Score | 84 | 86 | |
| 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 | 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 | |
|---|---|---|---|
| Overall Rating |
|
| |
| Commissions & Fees |
|
| |
| Range of Investments |
|
| |
| Platforms & Tools |
|
| |
| Mobile Trading |
|
| |
| Research |
|
| |
| Education |
|
| |
| Trust Score | 84 | 86 | |
| Winner | check_circle | ||
| Review | IC Markets Review | HFM Review |
IG
CMC Markets
FOREX.com
XTB
eToro
AvaTrade
Pepperstone
FP Markets
Tickmill