Written by ForexBrokers.com
In this head to head comparison of IC Markets vs TMGM, 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 and TMGM are both online brokers that have established themselves in the trading industry. IC Markets was founded in 2007, while TMGM entered the scene in 2013. Neither broker is publicly traded or operates as a banking institution. When it comes to regulatory credentials, both IC Markets and TMGM hold two Tier-1 licenses, which are considered highly trusted by ForexBrokers.com standards.
In terms of trustworthiness, IC Markets and TMGM have earned similar ratings, with IC Markets scoring 84 and TMGM scoring 83 from ForexBrokers.com out of a maximum of 99. This means both brokers are regarded as trusted but not at the highest tier according to ForexBrokers.com’s rating scale. Neither broker holds any Tier-2 licenses, which would provide additional trust levels. Both offer trading services with reliable regulatory oversight, delivering confidence for potential customers.
| Feature |
IC Markets
|
TMGM
|
|---|---|---|
| Year Founded | 2007 | 2013 |
| Publicly Traded (Listed) | No | No |
| Bank | No | No |
| Tier-1 Licenses | 2 | 2 |
| Tier-2 Licenses | 0 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 3 | 2 |
IC Markets stands out as a top choice for budget-conscious traders, earning a 5-star rating and ranking #5 out of 63 brokers for commissions and fees in the 2024 Annual Awards. The broker offers three types of accounts: the commission-free Standard account and two commission-based options, the Raw Spread and cTrader Raw Spread accounts. The cTrader option offers a slightly lower commission at $3.00 per side per 100,000 units, compared to $3.50 for the MetaTrader-based Raw Spread account. IC Markets boasts some of the lowest effective spreads in the industry, with an average spread of 0.02 pips on EUR/USD pairs, culminating in a total cost of 0.62 pips for cTrader users and 0.72 pips for MetaTrader accounts. Active traders are further incentivized with discounts for trading more than 100 standard lots per month.
On the other hand, TMGM offers a competitive infrastructure for traders, earning a 4-star rating and ranking #36 in the Commissions and Fees category by ForexBrokers.com. TMGM provides two account types: the spread-only Classic account and the commission-based Edge account. Notably, the Edge account charges a modest commission of $3.50 per side ($7 per round trip) alongside low spreads, making it an appealing option for cost-effective trading. For Islamic finance customers, TMGM’s Edge account is the only choice as it offers swap-free, Sharia-compliant trading options.
While IC Markets excels with its minimal trading costs and high rating, thanks to its small effective spreads and appealing commission-based accounts, TMGM presents a strong alternative with its competitive Edge account. Both brokers offer unique advantages, catering to a wide array of trader preferences, from those seeking cost efficiency to those in need of specialized account types.
| Feature |
IC Markets
|
TMGM
|
|---|---|---|
| Minimum Deposit | $200 | $100 |
| Average Spread EUR/USD - Standard | 0.62 | N/A |
| All-in Cost EUR/USD - Active | 0.62 | N/A |
| Active Trader or VIP Discounts | Yes | No |
| ACH or SEPA Transfers | No | No |
| PayPal (Deposit/Withdraw) | Yes | Yes |
| Skrill (Deposit/Withdraw) | Yes | Yes |
| Visa/Mastercard (Credit/Debit) | Yes | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
Comparing the investment offerings of IC Markets and TMGM reveals distinct features that cater to various trading needs. Both brokers provide forex trading as CFDs or spot contracts, with IC Markets offering 61 tradeable forex pairs and TMGM slightly more at 62. While both platforms offer an array of tradeable symbols, TMGM stands out significantly with a whopping 12,000 symbols compared to IC Markets’ 3,583. However, IC Markets provides access to exchange-traded securities on international exchanges, like the London Stock Exchange, a feature not available with TMGM. Both brokers support copy trading and offer cryptocurrency derivatives, but neither allows for the purchase of actual cryptocurrencies.
In terms of ranking and ratings, IC Markets and TMGM are evenly valued, each with a 4.5-star rating for their range of investments. However, when assessed by ForexBrokers.com, TMGM holds a higher position at #17 compared to IC Markets' #25 out of 63 brokers. This indicates that while both brokers offer diverse trading opportunities, TMGM's broader range of tradeable symbols may appeal to those looking for more variety, whereas IC Markets might attract those interested in international stock exchanges.
| Feature |
IC Markets
|
TMGM
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 3583 | 12000 |
| Forex Pairs (Total) | 61 | 62 |
| 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 comparing IC Markets and TMGM for their trading platforms and tools, both brokers provide traders with comprehensive options, making them versatile choices. Both offer free virtual demo accounts, allowing traders to practice and hone their skills without financial risk. Each broker also supports popular platforms like MetaTrader 4 and MetaTrader 5, alongside offering Windows-based desktop downloads and web-based trading platforms for flexible access. However, while both provide copy trading, IC Markets stands out with ZuluTrade integration, giving an additional edge for those interested in social trading features.
In terms of user experience and trading tools, IC Markets and TMGM are closely matched, providing 15 drawing tools each for chart analysis and enabling direct trading from stock charts. Watchlist customization is also similar, with both offering seven columns for personalizing fields. According to ratings, both brokers are equally favored with a four-star rating. Yet, IC Markets holds a higher position, ranked #16 compared to TMGM's #48 in the ForexBrokers.com category for Trading Platforms and Tools among 63 brokers, reflecting a slightly stronger market perception in this area.
| Feature |
IC Markets
|
TMGM
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Platform | No | No |
| 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 | 30 |
| Charting - Drawing Tools (Total) | 15 | 15 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 7 | 7 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
Both IC Markets and TMGM provide fully-featured mobile trading apps, compatible with iPhone and Android devices. Users can easily stay updated with stock or forex price alerts, while both apps allow the creation of watchlists with real-time quotes. However, neither IC Markets nor TMGM supports watchlist symbol syncing, which means users will need to manually update their lists if they switch between devices or platforms. Each app supports 30 technical studies for charting, along with the capability to draw trendlines and view multiple time frames such as daily, weekly, or intraday. Notably, any chart drawings made in the app are auto-saved, offering an uninterrupted trading experience.
When it comes to ratings, both IC Markets and TMGM score 4 out of 5 stars for their mobile trading apps. Despite the similar ratings, IC Markets ranks higher at #22 against TMGM's #47 in ForexBrokers.com's review of 63 brokers. This higher ranking suggests that while both apps offer a comparable set of features, IC Markets might have a slight edge in user experience or additional subtle benefits that set it apart. However, users of either platform can rest assured they have access to powerful tools and comprehensive trading capabilities right from their mobile devices.
| Feature |
IC Markets
|
TMGM
|
|---|---|---|
| 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.
IC Markets and TMGM both excel in providing comprehensive market research to their users, delivering daily market commentary and top-tier forex news from renowned sources like Bloomberg, Reuters, and Dow Jones. For traders seeking specialized research tools, IC Markets provides offerings from Autochartist and Trading Central, equipping users with technical and fundamental analysis capabilities. In comparison, TMGM features support from Trading Central and uniquely offers tools from Acuity Trading, such as the Signal Centre, enhancing its research flexibility. Both brokers provide economic calendars, ensuring traders stay informed about significant global economic events.
When it comes to sentiment analysis, both IC Markets and TMGM offer tools that display ratios of long and short positions across various trading instruments, aiding traders in making informed decisions. Although neither broker supports market research from TipRanks, each platform's research capabilities earn respectable ratings. IC Markets is awarded four stars for research prowess and ranks #23 among 63 brokers according to ForexBrokers.com, highlighting its superior offerings. Meanwhile, TMGM, scoring 3.5 stars and placing #53, still provides valuable resources but trails behind its rival in terms of overall research quality.
| Feature |
IC Markets
|
TMGM
|
|---|---|---|
| Daily Market Commentary | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | Yes | No |
| Trading Central (Recognia) | Yes | Yes |
| Social Sentiment - Currency Pairs | Yes | Yes |
| TipRanks | No | No |
| Signal Centre (Acuity Trading) | No | Yes |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
When comparing the educational offerings for beginners between IC Markets and TMGM, IC Markets stands out with its comprehensive resources. IC Markets provides an extensive range of materials, including over 10 educational pieces focusing on forex and CFDs. Additionally, they host monthly online webinars specifically designed for clients and maintain a searchable archive of these recordings. For those just starting with trading, IC Markets offers more than 10 beginner-level educational videos covering essential topics. They don't leave advanced traders behind, offering over 10 videos tailored to experienced traders. Furthermore, IC Markets includes an investor dictionary featuring definitions for more than 50 investing terms, ensuring learners have access to a plethora of information.
On the other hand, TMGM falls short in comparison to IC Markets in terms of educational content for beginners. While they do maintain a searchable archive of recorded webinars and offer an investor dictionary with over 50 terms, TMGM lacks the robust collection of beginner and advanced educational videos that IC Markets offers. They also don't provide monthly webinars or a substantial number of educational materials focusing specifically on forex or CFDs. Despite these limitations, TMGM still earns a notable rating of 3.5 stars for education, yet it ranks lower than IC Markets, coming in at #54 out of 63 brokers, whereas IC Markets ranks at #16, reflecting the broader range of educational support they provide to aspiring traders.
| Feature |
IC Markets
|
TMGM
|
|---|---|---|
| Education (Forex or CFDs) | Yes | No |
| Client Webinars | Yes | No |
| Client Webinars (Archived) | Yes | Yes |
| Videos - Beginner Trading Videos | Yes | No |
| Videos - Advanced Trading Videos | Yes | No |
| 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 TMGM. IC Markets finished with an overall rank of #20, while TMGM finished with an overall rank of #37.
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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TMGM
|
|---|---|---|
| Overall Rating |
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| Trust Score | 84 | 83 |
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Both IC Markets and TMGM do not offer the option to purchase actual delivered cryptocurrency, but they do provide the ability to trade cryptocurrency derivatives.
When comparing online brokers IC Markets and TMGM, neither offers ACH or SEPA transfers for depositing or withdrawing funds, but both provide options like PayPal, Skrill, Visa, Mastercard, and bank wires, ensuring diverse and convenient methods for managing account transactions.
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 | TMGM | |
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| Trust Score | 84 | 83 | |
| Winner | check_circle | ||
| Review | IC Markets Review | TMGM Review |
| Broker Screenshots | IC Markets | TMGM | |
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| Regulation | IC Markets | TMGM | |
|---|---|---|---|
| Trust Score | 84 | 83 | |
| Year Founded | 2007 | 2013 | |
| Publicly Traded (Listed) | No | No | |
| Bank | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | No | |
| Tier-1 Licenses | 2 | 2 | |
| Tier-2 Licenses | 0 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 3 | 2 |
| Tier-1 Licenses (Highly Trusted) | IC Markets | TMGM | |
|---|---|---|---|
| Australia (ASIC Authorised) | Yes | Yes | |
| 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 | No | |
| USA (CFTC Authorized) | No | No | |
| New Zealand (FMA Authorised) | No | Yes | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | No |
| Tier-2 Licenses (Trusted) | IC Markets | TMGM | |
|---|---|---|---|
| Kenya (CMA Authorised) | No | No | |
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | No | No | |
| UAE (DFSA/Central Bank Authorised) | No | No | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) | No | No |
| Investments | IC Markets | TMGM | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 3583 | 12000 | |
| Forex Pairs (Total) | 61 | 62 | |
| 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 | TMGM | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 0.62 | N/A | |
| All-in Cost EUR/USD - Active | 0.62 | N/A | |
| Active Trader or VIP Discounts | Yes | No | |
| Inactivity Fee | No | Yes | |
| Execution: Agency Broker | Yes | Yes | |
| Execution: Market Maker | Yes | Yes |
| Funding | IC Markets | TMGM | |
|---|---|---|---|
| Minimum Deposit | $200 | $100 | |
| PayPal (Deposit/Withdraw) | Yes | Yes | |
| 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 | TMGM | |
|---|---|---|---|
| Proprietary Platform | No | No | |
| 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 | TMGM | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 7 | 7 | |
| Charting - Indicators / Studies (Total) | 30 | 30 | |
| Charting - Drawing Tools (Total) | 15 | 15 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | IC Markets | TMGM | |
|---|---|---|---|
| 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 | TMGM | |
|---|---|---|---|
| Daily Market Commentary | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | Yes | No | |
| Trading Central (Recognia) | Yes | Yes | |
| TipRanks | No | No | |
| Social Sentiment - Currency Pairs | Yes | Yes | |
| Economic Calendar | Yes | Yes |
| Education | IC Markets | TMGM | |
|---|---|---|---|
| Education (Forex or CFDs) | Yes | No | |
| Client Webinars | Yes | No | |
| Client Webinars (Archived) | Yes | Yes | |
| Videos - Beginner Trading Videos | Yes | No | |
| Videos - Advanced Trading Videos | Yes | No | |
| Investor Dictionary (Glossary) | Yes | Yes |
| Major Forex Pairs | IC Markets | TMGM | |
|---|---|---|---|
| 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 | TMGM Review |
| Overall | IC Markets | TMGM | |
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| Trust Score | 84 | 83 | |
| Winner | check_circle | ||
| Review | IC Markets Review | TMGM Review |
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