Our comprehensive comparison of CMC Markets vs IC Markets dissects key areas like trading costs, Forex trading platforms, and regulations to help you choose the right Forex broker.
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Our comprehensive comparison covers the 10 most important trading factors between CMC Markets and IC Markets. Here are five key differences:
The two online brokers offer different pricing structures as CMC Markets is a market maker and allows customers to trade at fixed commission-free spreads, while IC Markets is a no dealing desk broker (NDD) that offers institutional-grade pricing similar to an ECN account type.
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Non Commission Spread Comparison
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1.12 | 1.64 | 1.30 | 1.30 | 1.38 |
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0.62 | 0.77 | 1.27 | 0.83 | 0.74 |
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1.10 | 1.20 | 1.40 | 1.40 | 1.40 |
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1.10 | 1.20 | 1.30 | 1.30 | 1.30 |
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1.20 | 1.30 | 1.20 | 1.30 | 1.10 |
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1.20 | 1.30 | 1.50 | 1.30 | 1.20 |
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1.32 | 1.95 | 1.37 | 1.70 | 1.40 |
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1.20 | 1.80 | 1.90 | 1.90 | 1.60 |
Avg. spreads are taken from each broker's website and updated monthly. Last update on 12/01/2024
Commission-Free Average Spreads
As a CMC Markets customer or an IC Markets standard account holder, traders gain access to fixed pricing where commission fees are included in the spread. When the broker’s pricing is compared, IC Markets’ average spreads are either tighter or on par with CMC Markets. For instance, the average spread for the EUR/USD currency pair is 1.20 pips at CMC Markets and 1.10 pips at IC Markets.
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IC Markets Raw Account Spreads
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0.02 | 0.23 | 0.27 | 0.85 | 0.03 |
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0.10 | 0.30 | 0.30 | 1.40 | 0.20 |
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0.10 | 0.30 | 0.20 | 1.50 | 0.20 |
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0.20 | 0.50 | 0.40 | 1.50 | 0.20 |
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0.17 | 0.59 | 0.54 | N/A | 0.30 |
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0.20 | 0.60 | 0.50 | 10.00 | 0.40 |
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0.10 | 0.60 | 0.60 | 1.30 | 0.50 |
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n/a | 0.20 | 0.60 | 3.10 | 0.50 |
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0.44 | 0.85 | 0.40 | 1.30 | 0.42 |
Avg. spreads are taken from each broker's website and updated monthly. Last update on 12/01/2024
IC Markets ECN-Style Spreads
Unlike CMC Markets, IC Markets customers can gain access to ECN-like spreads when trading via a Raw Account. Instead of spreads being inclusive of commission fees as with standard accounts, IC customers can trade at narrow spreads as low as 0.1 pips while paying a flat rate commission fee ($6 round-turn for cTrader, $7 round-turn MetaTrader ).
For most major forex pairs, IC Markets’ average spreads are tighter than competitor NDD brokers. IC Markets spreads for the USD/SGD are extremely narrow, averaging 0.3 pips, while the EUR/USD forex pair averages 0.1 pips.
The reason why IC Markets can offer such narrow spreads is due to its top-tier liquidity providers. The broker’s liquidity sources allow it to offer the best available institutional-grade prices, along with ultra-fast NDD execution. The ECN-style trading environment is ideal for high-volume traders, as well as scalpers, Expert Advisors and cBots.
Learn more about IC Markets ECN-style spreads or view the IC Markets Raw Spread Vs Standard Accounts guide.
Standard Account Spreads
When we look at the average standard account spreads for the forex pairs, we see some interesting trends. CMC Markets and IC Markets, two of the industry’s leading brokers, offer competitive spreads, but there are some differences worth noting.
CMC Markets tend to have slightly higher spreads across the board compared to IC Markets. For example, for the EUR/USD pair, CMC Markets has a spread of 1.12, while IC Markets offers a more competitive spread of 0.62. This trend continues across other forex pairs, with IC Markets consistently offering lower spreads.
| Forex Pair | CMC Markets | IC Markets | Industry Average |
|---|---|---|---|
| EUR/USD | 1.12 | 0.62 | 1.18 |
| USD/JPY | 1.38 | 0.74 | 1.37 |
| GBP/USD | 1.3 | 0.83 | 1.51 |
| AUD/USD | 1.64 | 0.77 | 1.41 |
| USD/CAD | 1.32 | 0.85 | 1.70 |
| EUR/GBP | 0.857 | 1.27 | 1.56 |
| EUR/JPY | 1.55 | 1.3 | 1.85 |
| AUD/JPY | 1.8 | 1.5 | 2.09 |
Standard Account Analysis Updated December 2024 [1]December 2024 Published And Tested Data
However, when we compare these brokers to the industry average, we see that both are offering competitive rates. In fact, in some cases, such as the EUR/GBP pair, CMC Markets even beat the industry average. This goes to show that while IC Markets may offer lower spreads, CMC Markets is still a competitive choice for traders.
In conclusion, if you’re looking for the cheapest option, IC Markets seems to be the way to go. However, it’s important to consider other factors, such as customer service, trading platforms, and overall trading experience. After all, the cheapest option isn’t always the best one.
Verdict
When IC Markets’ average spreads are compared to CMC Markets, IC is the overall winner. While CMC Markets offers a single pricing structure where commission fees are included in spreads, customers trading with IC Markets can choose between standard, all-inclusive spreads like CMC’s standard account or tight ECN-like spreads that carry a flat rate commission fee.
As well as more pricing and account options, IC Markets’ average spreads are much narrower than CMC Markets and other online brokers. EUR/USD average spreads are as low as 0.1 pips for Raw Account holders and 1.1 pips for Standard Account holders trading with IC Markets.
Open a demo accountVisit IC Markets
Both online brokers offer a selection of trading platforms to choose from depending on the traders’ needs. CMC Markets customers can choose from MetaTrader 4 (MT4) or the broker’s proprietary platform, Next Generation, while those trading with IC Markets gain access to the three most popular trading platforms available – MT4, MetaTrader 5 (MT5), and cTrader.
| Trading Platform | CMC Markets | IC Markets |
|---|---|---|
| MetaTrader 4 | Yes | Yes |
| MetaTrader 5 | No | Yes |
| cTrader | No | Yes |
| TradingView | No | Yes |
| Copy Trading | Yes | Yes |
| Proprietary Platform | Yes | Yes |
To access CMC Markets’ full product range of over 9,500 financial instruments, customers are required to use the broker’s proprietary platform. The Next Generation trading platform is user-friendly and intuitive yet still provides various tools to assess trading conditions and conduct analysis.
MetaTrader 4
Instead of Next Generation, customers of CMC Markets can choose to trade using MetaTrader 4. The trading platform is well known for its advanced trading tools, including:
A downfall of MT4 is that CMC customers are only able to trade to commodities, indices and forex, with other asset classes such as Cryptos and Shares restricted. Although the narrower product range is available on MT4, traders can access the platform’s Expert Advisor features to develop automated trading strategies, a feature not available on Next Generation.
As with CMC Markets, MT4 is available to IC Markets customers, although stock trading is restricted. Along with the platform’s extensive inbuilt charting tools and technical indicators, users can download IC Markets Advanced Trading Tools to enhance the MT4 trading experience.
MetaTrader 5
IC Markets Raw account holders can trade multiple asset classes using MetaTrader 5. As well as the ability to trade Shares, MT5 has many improvements over MT4, including enhanced platform features and charting tools such as:
cTrader
Rather than MT4 or MT5, IC Markets Raw Account holders can trade forex and CFDs using the cTrader trading platform. Similarly to MetaQuotes Expert Advisors, cTrader Automate allows users to automate trading by creating cBots using the C# programming language. Additional cTrader features include:
Mobile Trading Apps
Users can easily stay up to date with markets and trade on the go using iOS and Android apps, with Next Generation, MT4, MT5 and cTrader trading platforms all available as mobile trading apps on iPhone, iPad and other tablet and mobile devices.
Verdict
Although clients trading with CMC Markets can choose between the online brokers’ proprietary platform, Next Generation, or MT4, IC Markets offers the three best trading platforms for retail investor accounts.
At CompareForexBrokers, we recommend using MetaTrader 5 with IC Markets, as traders gain access to Expert Advisor features, advanced charting tools and IC Markets’ full product range.
CMC Markets is a market maker broker that offers two account types. A CFD trading account is available in any country that CMC operates, while a spread betting account is only accessible to traders based in the UK or Ireland. Although brokers’ CFD trading account is suited to all levels of trading experience, the simplified pricing structure is ideal for those new to trading. Commission costs are included in the spread, with traders incurring no additional flat rate commission fee.
While novice traders may benefit from avoiding complex commission calculations, many high-volume traders prefer ECN-style pricing, where traders gain access to ultra-tight spreads while paying flat-rate commission fees. Unfortunately, as CMC Markets is a market maker, they fail to provide customers with an ECN-like account option.
IC Markets Account Types
Like CMC, IC Markets also offers a commission-free standard account option where spreads are wider but inclusive of commission charges. In addition to IC’s standard account, the broker offers two raw account types with a pricing structure similar to an ECN account. Traders gain access to institutional grade spreads as low as 0.0 pips while paying a flat rate commission fee. While MetaTrader users pay a $7 round-turn commission fee per 100k traded, those using cTrader incur lower trading costs of $6.
Islamic Accounts
While CMC Markets offers no Islamic account option, IC Markets offers a swap-free fee structure for those following Islamic finance principles. In accordance with Sharia law, Islamic accounts pay flat-rate swap fees rather than paying (or receiving) overnight financing fees in the form of interest.
IC Markets offers swap-free versions of both its Standard and Raw accounts. Swap-free, overnight financing fees range from $5-$30 depending on the forex pair being traded, with charges tripling on Fridays.
| CMC Markets | IC Markets | |
|---|---|---|
| Standard Account | Yes | Yes |
| Raw Account | No | Yes |
| Swap Free Account | No | Yes |
| Active Traders | Yes | Yes |
| Spread Betting (UK) | Yes | No |
Verdict
While CMC Markets offers clients one main CFD trading account type, IC Markets provides a selection of commission-free standard accounts or an ECN-like raw spread account. As those trading with IC Markets can choose from multiple account types and pricing structures, they are the winner in this round.
When it comes to the overall trading experience and ease of use, both CMC Markets and IC Markets have their unique strengths. Having spent considerable time on both platforms, we’ve noticed that CMC Markets offers a more intuitive interface, especially for beginners. Their platform design is sleek, and the navigation is straightforward, making it easier for traders to find what they’re looking for.
However, based on our own testing and the data from the spreadsheet:
On the other hand, while CMC Markets has a user-friendly interface, IC Markets provides a more comprehensive trading experience with its diverse platform offerings and competitive spreads.
Verdict: Based on our analysis and testing, IC Markets offers a slightly superior trading experience in terms of platform diversity and competitive pricing.
CMC Markets Trust Score
IC Markets Trust Score
When it comes to choosing a forex broker, trust and regulation play a pivotal role. Both CMC Markets and IC Markets are overseen by top-tier regulatory bodies, ensuring a high level of trustworthiness and transparency.
CMC Markets, for instance, is regulated by multiple financial authorities, including the Monetary Authority of Singapore (MAS), the Australian Securities and Investments Commission (ASIC), the Financial Markets Authority (FMA) in New Zealand, the Financial Conduct Authority (FCA) in the UK, the Investment Industry Regulatory Organization of Canada (IIROC), and the Federal Financial Supervisory Authority (BaFin) in Germany and Austria. This extensive regulatory oversight ensures that CMC Markets adheres to strict standards of conduct and provides a safe trading environment for its clients.
IC Markets, on the other hand, is based in Sydney and is regulated by ASIC, the Cyprus Securities and Exchange Commission (CySEC), and the Financial Services Authority of Seychelles (FSA). While IC Markets also boasts robust regulatory oversight, it’s worth noting that different jurisdictions have varying regulations and investor protection measures. For instance, while traders with the European IC Markets subsidiary receive negative balance protection as mandated by CySEC, this protection is not enforced by ASIC in Australia.
| CMC Markets | IC Markets | |
|---|---|---|
| Tier 1 Regulation | ASIC (Australia) FCA (UK) BaFin (Germany) FMA (New Zealand) CIRO (CANADA) MAS (Singapore) | ASIC (Australia) CYSEC (Cyprus) |
| Tier 2 Regulation | DFSA (Dubai) | |
| Tier 3 Regulation | FSA-S (Seychelles) SCB (Bahamas) |
Verdict: When comparing the regulatory oversight of CMC Markets and IC Markets, CMC Markets stands out due to its regulation by multiple top-tier financial authorities and its listing on the London Stock Exchange, offering an added layer of transparency and trustworthiness.
In addition to the 348 different forex pairs offered by CMC Markets, the online broker offers some of the best market access available to retail investor accounts, with thousands of CFD products to choose from. While IC Markets’ market access is not as extensive as CMC Markets, IC provides access to plenty of asset classes and instruments to build diversified trading strategies.
When trading CFDs with IC Markets, customers using MetaTrader 4, MetaTrader 5 or cTrader can choose from 17 Indices, 10 Cryptocurrencies, 19+ Commodities, 6+ Bonds, and 4 Futures, with MT5 users also gaining access to over 120 Stocks. On the other hand, CMC Markets offers a staggering 9,500 financial instruments consisting of:
Cryptocurrency CFDs
For those wanting to focus on Cryptocurrency CFD trading, IC Markets and CMC Markets offer two of the best Crypto product ranges, with both online brokers providing customers access to a comprehensive selection of emerging and major Crypto CFDs.
| Cryptocurrency CFD | CMC Markets | IC Markets |
|---|---|---|
| Bitcoin | ✔ | ✔ |
| Bitcoin Cash | ✔ | ✔ |
| Ethereum | ✔ | ✔ |
| Litecoin | ✔ | ✔ |
| Dash | ✔ | ✔ |
| Ripple | ✔ | ✔ |
| Emercoin | ✘ | ✔ |
| EOS | ✔ | ✔ |
| NameCoin | ✘ | ✔ |
| Monero | ✔ | ✘ |
| PeerCoin | ✘ | ✔ |
| Stellar | ✔ | ✘ |
| Cardano | ✔ | ✘ |
| NEO | ✔ | ✘ |
| TRON | ✔ | ✘ |
As well as individual Cryptos, those trading with CMC Markets gain access to the broker’s unique range of Cryptocurrency Indices.
Note: 2021 changes in policies by the FCA of the UK means CMC Markets Plc UK can no longer offer cryptocurrency trading to clients.
Verdict
IC Markets provides its customers with strong market access to hundreds of products available across seven asset classes. Yet, when compared to CMC Markets’ 9,500 financial instruments available, it is clear which online broker is the winner of this round. CMC Markets offers one of the best product ranges available for retail investor accounts, with thousands of CFDs plus unique products such as Crypto Indices.
Open a demo accountVisit CMC Markets
*Your capital is at risk ‘69% of retail CFD accounts lose money’
Education is a cornerstone for any trader, be it a novice or an expert. Both CMC Markets and IC Markets understand this and have invested significantly in their educational resources.
CMC Markets offers a comprehensive suite of educational tools, including webinars, video tutorials, and market analysis. Their platform also features a ‘News and Analysis’ section, which provides traders with up-to-date market insights and expert commentary.
IC Markets, on the other hand, also offers a robust educational platform. Based on our own testing:
While both brokers offer commendable educational resources, it’s essential to consider the depth and breadth of the content provided.
Verdict: Based on our analysis and testing, CMC Markets offers a slightly more comprehensive educational platform catering to both beginners and experienced traders.
Both online brokers provide customer support via phone, email, and live chat. While customers can only contact CMC Markets 24 hours a day, Monday to Friday, IC Markets customers can access support 24/7.
As well as representatives to answer trading and account queries, CMC and IC Markets offer a range of educational resources that cover topics from risk management to market analysis. Both new and experienced investors can learn about forex trading using the following resources:
Verdict
With 24/7 customer support, IC Markets is the winner. Although IC Markets wins, customers of both brokers gain access to top-quality customer service with phone, email and live chat available. Additionally, an extensive range of educational resources, such as webinars, is available to traders wanting to learn more about forex and CFDs.
Most deposit and withdrawal methods are free of charge when trading forex with CMC or IC Markets. Both online brokers offer a good range of funding methods with credit card, debit card, e-wallet and internet banking options available. Customers of IC Markets can deposit and withdraw funds in the following ways:
Although most funding methods are fee-free, IC Markets clients withdrawing funds via international bank transfer are charged a fee of AUD $20. At CMC Markets, customers can deposit funds free of charge into trading accounts via electronic wallets, debit/credit cards and bank transfers. Except for same-day withdrawals and international bank transfers that carry a £15 fee, withdrawals are also free of charge.
To start trading, IC Markets minimum deposit is $200, while CMC Markets requires no initial minimum deposit. When opening a trading account, a customer must select a base currency. Both online brokers allow clients to establish accounts in one of 10 currencies:
The initial deposit required to start trading is a crucial factor for many traders, especially those who are new to the forex market. A lower minimum deposit allows traders to test the waters without committing a significant amount of capital. Based on our research and the provided data, both CMC Markets and IC Markets have set their minimum deposit requirements to be very accessible.
Here’s a quick comparison of the minimum deposit amounts for both brokers:
| Broker | Account Type | Minimum Deposit |
|---|---|---|
| CMC Markets | CFD Account | $0 |
| CMC Markets | FX Active | $0 |
| IC Markets | Standard | $0 |
| IC Markets | Raw | $0 |
It’s essential to note that while a lower minimum deposit can be enticing, traders should also consider other factors such as the broker’s reputation, trading platform, and customer support. The minimum deposit is just one of many factors to consider when choosing a broker.
Verdict: Both CMC Markets and IC Markets offer a minimum deposit of $0, making them equally accessible for new traders.
IC Markets is the winner because of its comprehensive educational platform and diverse product range. The table below summarises the key information leading to this verdict:
| Criteria | CMC Markets | IC Markets |
|---|---|---|
| Lowest Spreads And Fees | ❌ | ✅ |
| Better Trading Platform | ❌ | ✅ |
| Superior Accounts And Features | ❌ | ✅ |
| Best Trading Experience And Ease | ❌ | ✅ |
| Stronger Trust And Regulation | ✅ | ❌ |
| Top Product Range And CFD Markets | ✅ | ❌ |
| Superior Educational Resources | ✅ | ❌ |
| Superior Customer Service | ❌ | ✅ |
| Better Funding Options | ✅ | ✅ |
| Lower Minimum Deposit | ✅ | ✅ |
CMC Markets is better suited for beginner traders due to its user-friendly interface and extensive educational resources.
IC Markets is the preferred choice for experienced traders because of its advanced trading platforms and competitive pricing.
IC Markets generally offers lower costs compared to CMC Markets. They are renowned for their competitive spreads, with some pairs even going as low as 0.1 pips. CMC Markets, while competitive, tends to have slightly higher spreads on average. For a more detailed comparison of broker costs, you can refer to this comprehensive Lowest Commission Brokers.
Both IC Markets and CMC Markets support MetaTrader 4, but IC Markets is often preferred by traders for its advanced MT4 features and seamless integration. Their platform offers a range of customisable tools and indicators, enhancing the trading experience. For traders specifically looking for the best MT4 experience, this list of top MT4 brokers can provide more insights.
IC Markets offers social trading features, allowing traders to copy strategies from experienced traders. CMC Markets, on the other hand, does not have a dedicated social trading platform. Social trading can be a game-changer, especially for beginners who are still learning the ropes. For those interested in exploring this further, here’s a comprehensive review of the best social trading platforms.
CMC Markets offers spread betting services, allowing traders from the UK and Ireland to take advantage of tax benefits associated with this form of trading. IC Markets, on the other hand, does not provide spread betting. Spread betting can be a lucrative trading strategy when done right, especially considering its tax implications. For those interested in diving deeper into spread betting, this comprehensive guide on the best spread betting brokers in the UK can be a great starting point.
In my opinion, IC Markets stands out as the superior choice for Australian forex traders. Founded in Sydney, IC Markets is ASIC regulated, ensuring a high level of trust and adherence to stringent regulatory standards. CMC Markets, while also offering services in Australia, is originally based overseas. IC Markets’ deep roots in Australia and its commitment to providing top-notch services tailored to the Australian market make it a preferred choice. For a broader perspective on the best brokers in Australia, you can check out this list of the Best Forex Brokers In Australia.
For UK forex traders, I believe CMC Markets has the edge. Being FCA regulated and having a strong presence in the UK, CMC Markets offers services tailored to the needs of UK traders. IC Markets, while also catering to UK traders, is not originally founded in the UK. The FCA regulation ensures that CMC Markets adheres to the highest standards of conduct and offers robust investor protection. For more insights on the Best Forex Brokers In UK, here’s a comprehensive review of the Best Forex Brokers In UK.
No commission account spread proprietary testing data and published website spread information, centralised on our Standard Account Spreads page.
Ask an Expert
Is my money safe with IC Markets?
Yes, IC Markets is a regulated broker meaning your funds are always kept in segregated bank accounts.