In our IC Markets vs FXCM review, we found that IC Markets is ahead of FXCM in several areas. Explore the critical differences between these two leading Forex brokers.
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Our comprehensive comparison covers the 10 most important trading factors. Here are five key differences between IC Markets and FXCM:
Try the IC Markets vs FXCM fee calculator below based on the most popular forex pairs and base currencies.
IC Markets Spreads
| IC Markets | EUR/USD | USD/JPY | GBP/USD | AUD/USD | USD/CAD | EUR/GBP | EUR/JPY | AUD/JPY | EUR/USD Standard Account |
|---|---|---|---|---|---|---|---|---|---|
| MyFxBook | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.20 | 0.70 | N/A |
| BrokerChooser | 0.00 | 0.10 | 0.00 | 0.00 | 0.20 | N/A | N/A | N/A | N/A |
| ForexBrokers.com | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.62 |
| CompareForexBrokers | 0.19 | 0.24 | 0.27 | 0.23 | 0.45 | 0.27 | 0.30 | 0.82 | N/A |
| IC Markets | 0.02 | 0.14 | 0.23 | N/A | 0.25 | N/A | N/A | N/A | N/A |
| Consensus | 0.05 | 0.12 | 0.13 | 0.08 | 0.23 | 0.14 | 0.25 | 0.76 | 0.62 |
FXCM Spreads
| FXCM | EUR/USD | USD/JPY | GBP/USD | AUD/USD | USD/CAD | EUR/GBP | EUR/JPY | AUD/JPY | All-in Cost EUR/USD - Active | EUR/USD Standard Account |
|---|---|---|---|---|---|---|---|---|---|---|
| MyFxBook | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| BrokerChooser | 0.70 | 1.00 | 1.00 | 0.90 | 1.40 | N/A | N/A | N/A | N/A | N/A |
| ForexBrokers.com | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 1.38 | 1.38 |
| CompareForexBrokers | 0.56 | 0.30 | 0.60 | 0.90 | 0.40 | 0.60 | 0.70 | 0.80 | N/A | N/A |
| FXCM | 0.05 | 0.12 | 0.07 | 0.22 | N/A | 0.14 | 0.07 | 0.33 | N/A | N/A |
| Consensus | 0.44 | 0.47 | 0.56 | 0.67 | 0.90 | 0.37 | 0.39 | 0.57 | 1.38 | 1.38 |
The graph below shows the consensus data with IC Markets having lower spreads in all major currency pairs.
The IC Markets Standard Account and FXCM Standard Account both offer mid-range spreads in comparison to other popular forex and CFD brokers. IC Markets offers a spread of 1.10 pips on the EUR/USD currency pair, while FXCM offers 1.40 pips.
|
Standard Account Spreads
|
|||||
|---|---|---|---|---|---|
|
0.62 | 0.83 | 1.27 | 0.77 | 1.50 |
|
1.30 | 1.40 | 2.10 | 1.70 | 2.40 |
|
0.90 | 1.40 | 1.40 | 1.30 | 1.70 |
|
0.70 | 1.10 | 1.10 | 2.20 | 2.20 |
|
1.20 | 1.80 | 1.50 | 0.90 | 1.80 |
|
1.20 | 1.60 | 1.50 | 1.40 | 2.30 |
|
1.32 | 1.70 | 1.37 | 1.95 | 3.19 |
|
1.90 | 2.00 | 2.40 | 2.00 | 3.10 |
Avg. spreads are taken from each broker's website and updated monthly. Last update on 12/01/2024
Commission-Based Accounts
The IC Markets Raw Spread Account and FXCM Active Trader Account both offer competitive spreads. With direct access to liquidity and no dealing desk execution, IC Markets achieves some of the lowest average spreads of any forex broker. The spread for the EUR/USD currency pair is 0.10 pips.
FXCM also uses ECN pricing; however, with an average spread of 0.30 pips on the EUR/USD currency pair, it is weaker than IC Markets. This is even when one accounts for the lower commission Active Trader account has.
|
Commission Spreads
|
|||||
|---|---|---|---|---|---|
|
|
0.02 | 0.03 | 0.27 | 0.23 | 0.85 |
|
|
0.20 | 0.30 | 0.60 | 0.60 | N/A |
|
0.10 | 0.20 | 0.20 | 0.30 | 1.50 |
|
0.10 | 0.20 | 0.30 | 0.30 | 1.40 |
|
0.20 | 0.20 | 0.40 | 0.50 | 1.50 |
|
0.44 | 0.42 | 0.40 | 0.85 | 1.30 |
|
0.17 | 0.30 | 0.54 | 0.59 | N/A |
|
0.20 | 0.40 | 0.50 | 0.60 | 10.00 |
|
0.10 | 0.50 | 0.60 | 0.60 | 1.30 |
|
|
n/a | 0.50 | 0.60 | 0.20 | 3.10 |
Avg. spreads are taken from each broker's website and updated monthly. Last update on 12/01/2024
Verdict
The IC Markets Raw Spread Account outperforms FXCM accounts due to the ECN pricing with lower average spreads on both major and minor forex pairs. While the FXCM Active Trader Account can lead to savings for high-volume traders, most retail traders are better off using IC Markets Raw Spread accounts.
IC Markets ReviewVisit IC Markets
You can open a demo or live account through IC Markets on three different trading platforms: MetaTrader 4, MetaTrader 5, and cTrader. These platforms are compatible with both desktop (PC and Mac) and mobile trading (iOS and Android).
| Trading Platform | IC Markets | FXCM |
|---|---|---|
| MetaTrader 4 | Yes | Yes |
| MetaTrader 5 | Yes | No |
| cTrader | Yes | No |
| TradingView | Yes | Yes |
| Copy Trading | Yes | Yes |
| Proprietary Platform | Yes | Yes |
1) MetaTrader 4
IC Markets clients can access the MetaTrader 4 trading platform and benefit from true ECN trading conditions (only with the Raw spread account). Unlike a market maker, the ECN technology provides you with quotes derived from multiple sources of liquidity providers (LP).
IC Markets has a network of almost 25 LPs and collocated servers in the Equinix NY4 data centre in New York. The proximity hosting services ensure a fast order execution speed of 40ms and less than 1ms latency to VPS providers.
Additionally, IC Markets clients can access 20 exclusive advanced MT4 tools, including alarm manager, correlation matrix, trade terminal, sentiment trader, and so much more.
2) MetaTrader 5
Forex traders can also access the multi-asset platform MetaTrader 5. IC Markets clients have two options to trade with:
MetaTrader 5 also has a greater range of forex pairs, CFDs, and an extensive list of indicators. IC Markets MT5 also has no first in, first out (FIFO) policy, as well as enabling heading for its clients. The MT5 Depth of Market (DOM) feature allows you to execute trades with just one click.
3) cTrader
Last but not least, IC Markets clients can trade via the cTrader trading platform. The cTrader platform has a personalised interface that comes with a range of charting options and access to deep liquidity pools designed for algorithmic trading and high-speed trading, including scalping.
IC Markets cTrader server is collocated in the LD5 IBX Equinix Data Centre in London. This ensures greater connectivity and faster speeds, especially for UK traders and EU residents.
Forex traders can enjoy leading tools and features via the cTrader platform, including Smart Stop Out Level, DOM using Volume Weighted Average Price (VWAP), detachable charts, real-time reports, advanced order types, and so much more.
FXCM Trading Platforms
There is a choice of three different trading platforms available through FXCM: Trading Station, MetaTrader 4, NinjaTrader, and TradingView. Both demo accounts and live accounts are available, and you can trade on desktop and mobile Apps available on both Android and iOS devices.
1) Trading Station
FXCM’s proprietary trading platform, Trade Station, offers forex traders a new way of trading. The platform offers powerful trading tools, a robust charting package and add-ons via the FXCM Apps Store.
The most useful and popular trading tools to build a trading toolkit include an integrated economic calendar and news stream, cloud service, advanced charts, trading analytics, customised time periods, strategy optimisation and the well-known Speculative Sentiment Index (SSI).
The free and paid FXCM Apps offer traders additional tools that come in the form of add-ons, alerts, automated strategies and indicators.
2) MetaTrader 4
FXCM also offers the industry-leading MetaTrader 4 trading platform. Here, you can access forex, futures, and CFDs, all equipped with interactive charts, multiple order types, advanced analytical tools, and a range of trading indicators.
FXCM allows all types of trading strategies on its MT4 platform, including scalping. Complementary to the default MT4 tools, FXCM clients can access the partially close position feature and paid and free FXCM Apps (Expert Advisors, indicators and scripts).
The most eye-catching and useful tools include:
3) NinjaTrader
NinjaTrader is another trading platform available through FXCM that provides access to forex, futures, and equities markets. The NinjaScript programming language can be used for the strategy builder and help you develop a trading system. As an alternative to the other trading platforms, NinjaTrader is ideal for scalpers and active traders who want to benefit from the array of analytical tools and customisable charts.
In terms of functionality, NinjaTrader platform can boost advanced charting and drawing tools, trade management features, a point-and-click strategy builder that doesn’t require any programming experience, risk management tools, sophisticated order types and customisable workspace, market analyser, advanced alerts, and so much more.
Verdict
As both brokers offer different trading platforms, either would be suitable depending on your platform preference. Overall, as MetaTrader 4 is considered the most popular, the remaining trading platforms set the brokers apart. FXCM has a slightly more extensive choice of trading platforms with a little more variation than IC Markets, including some speciality trading platforms.
*Your capital is at risk ‘67% of retail CFD accounts lose money’
IC Markets and FXCM offer variable spread with ECN pricing. These brokers’ business models operate with no dealing desk intervention as they source their prices from liquidity providers with which they have no relationship.
Most traders with IC Markets will be one of their RAW spread accounts as these accounts offer IC Market’s best value trading conditions. Traders with FXCM are most likely to be using their Standard account. This is FXCM’s default account. If you trade a minimum of 10 million USD on a monthly basis, then you will be eligible for FXCM’s Active trader account. This is similar to IC Markets RAW Spread Account.
IC Markets Account Types
IC Markets offers three main types of trading accounts for clients; all accounts have a $200 minimum deposit requirement.
1) Standard Account
The Standard Account offers you commission-free trading on the MetaTrader 4 and MetaTrader 5 trading platforms. Spreads are slightly wider (starting from 1.0 pips) as trading fees are included in the spread. This account is popular with beginner traders due to its basic cost structure.
2) Raw Spread Account
The Raw Spread Account offers IC Markets the best STP/ECN broker spreads, starting from 0.0 pips EUR/USD. You can trade on the MetaTrader 4 or MetaTrader 5 trading platforms while paying only a $3.50 commission per lot payable each way. The Raw Spread Account has deep liquidity and fast trade execution, making it ideal for high-volume traders, scalpers and trading robots or algorithms. Due to the lower trading fees and ECN broker spreads, this is IC Market’s most popular account.
3) cTrader Raw Account
The cTrader Raw Account also offers low spreads on a range of CFDs with only a $6.00 commission per lot round turn. This account is for traders that prefer the cTrader trading platform to MetaTrader platforms.
For a realistic indication of what costs you can expect when trading with IC Markets, see our trading calculator. This tool calculates spread costs plus commission using the average spreads the broker provides each month.
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FXCM Account Types
FXCM offers two main account types:
1) Standard Account
The Standard Account is FXCM’s default account for retail traders. This account has no commission fees and spreads starting from 0.8 pips. If you use this account, there is a $50 minimum deposit.
2) Active Trader Account
The Active Trader Account is for professional traders or high-volume investors, as there is a minimum $10 million monthly trading volume to qualify. This account, like the IC Markets Raw Spread account, has commissions, so spreads can be tighter. Commission fees start at $3.00 per lot and reduce the more you trade.
| Standard Account | Active Trader Account | |
|---|---|---|
| Minimum Deposit Requirement (Clients can open account with as little as $1) | $50 (depending on payment method) | To keep equity above $25,000 |
| Minimum Lot Trading Size | 0.1 | 0.1 |
| Commission Costs - Forex/ CFDs | No commissions | $50M to 150M - $3 per 1K lot $150 to 500M - $2.5 per 1K lot |
| Trading Platforms | Trading Station MetaTrader 4 Ninja Trader Zulu Trader Trading View Capitalise.ai | Trading Station MetaTrader 4 Ninja Trader Zulu Trader Trading View Capitalise.ai |
| Trading Execution | Market Maker/Dealing desk | Market Maker/Dealing desk |
| Social Trading | Yes | Yes |
| Trading Automation | Yes | Yes |
| Scalping | Yes | Yes |
| Hedging | Yes | Yes |
| Base Currencies - Australia | AUD, USD, NZD and more | AUD, USD, NZD and more |
| Base Currencies - UK, Europe | UK, GBP, USD, EUR, CHF and more | UK, GBP, USD, EUR, CHF and more |
| Base Currencies - South Africa | USD, EUR, GBP and more | USD, EUR, GBP and more |
| IC Markets | FXCM | |
|---|---|---|
| Standard Account | Yes | Yes |
| Raw Account | Yes | Yes |
| Swap Free Account | Yes | Yes |
| Active Traders | Yes | Yes |
| Spread Betting (UK) | No | Yes |
Verdict
ECN pricing accounts offer better value spreads than standard spreads, even with commission fees taken into consideration. For this reason, we consider the IC Markets Raw spread account as the best available option, as FXCM’s Active trader account has higher barriers to entry.
When it comes to the best trading experience and ease, both IC Markets and FXCM have their unique strengths. From our research and testing, IC Markets stands out with its MT5 platform, which is considered one of the best for traders.
The platform is user-friendly, offers advanced charting tools, and provides a seamless trading experience. On the other hand, FXCM, while not topping our list, still offers a robust trading environment with its range of platforms.
Verdict
Based on our findings, IC Markets offers a slightly superior trading experience, especially with its MT5 platform, making it the preferred choice for those prioritising ease and user experience.
FXCM Trust Score
IC Markets Trust Score
IC Markets Regulation
IC Markets has a license under three main regulators:
Regulation under two Tier 1 and one Tier 3 entities indicates that the broker is safe and reliable in providing superior financial services.
FXCM Regulation
FXCM has a list of regulators, including:
FXCM currently does not accept clients residing in the US, Russia, Ukraine, Singapore, Turkey, Japan, and the Virgin Islands.
Risk Management
Negative Balance Protection
FCA and CySEC both require forex brokers to offer guaranteed negative balance protection to retail clients. If you are a retail trader with IC MARKETS (EU) LTD (IC Markets European subsidiary) or Forex Capital Markets Limited (FXCM’s European subsidiary), then you can be sure your account never goes into a Negative Balance Protection.
If you choose to trade with a professional trader, you will lose negative balance protection. If you trade with other IC Markets or FXCM subsidiaries (i.e. Australia), you will not have this protection.
| IC Markets | FXCM | |
|---|---|---|
| Tier 1 Regulation | ASIC (Australia) CYSEC (Cyprus) | ASIC (Australia) FCA (UK) CYSEC (Cyprus) CIRO (CANADA) BaFin (Germany) |
| Tier 2 Regulation | FSCA (South Africa) ISA (Israel) |
|
| Tier 3 Regulation | FSA-S (Seychelles) SCB (Bahamas) |
Verdict
Both brokers offer top-quality regulation. In Europe, you will have FCA or CySEC regulation, which is much the same as they both have ESMA requirements. Both brokers offer ASIC, but if you are in South Africa, FXCM offers local regulation, which IC Markets does not.
IC Markets offers a greater range of Forex Currency pairs than FXCM. With 65 currency pairs to choose from, IC Markets not only exceeds FXCM’s 39 pairs but offers one of the largest ranges of all brokers.
| More than 60 currency pairs | 40 to 59 currency pairs | Less than 40 currency pairs |
|---|---|---|
| Pepperstone | Admiral Markets | FXCM |
| IC Markets | XM | ThinkMarkets |
| City Index | XTB | HANTEC |
| easyForex | eToro | Traders' Way |
| Forex.com | FP Markets | |
| FxPro | Hugo's Way | |
| HYCM | ||
| Fusion Markets | ||
| IG | ||
| Oanda | ||
| Saxo | ||
| CMC Markets | ||
| Interactive Brokers | ||
| Plus500 |
While forex is only one type of derivative, it can be useful to trade other contracts for differences (CFDs). As a risk management strategy, trading across asset classes provides a level of protection as some assets can work as a hedge against other unfavourable movements in other assets.
IC Markets Financial Products
IC Markets have expanded their product range in recent times. They now offer bonds, futures and more cryptocurrency choices than they have in the past. In addition to 65 forex currency pairs, IC Markets offers:
FXCM Financial Products
As well as 39 forex currency pairs offered, FXCM also provides access to:
Verdict
IC Markets not only offers a greater choice of Forex currency pairs than FXCM but a larger range of CFDs. Unlike FXCM, IC Markets offers bonds, futures, and a bigger selection of cryptocurrencies. The one advantage FXCM has over IC Markets is the availability of baskets. These are like a kind of ETF where the best products by category are put together to help better manage risks.
IC Markets:
FXCM:
Verdict
Based on our team’s testing, IC Markets scores higher in educational resources, making it the superior choice for traders seeking comprehensive educational materials.
IC Markets offers local customer support from its office in Sydney, Australia and its UK branch. You can also contact the broker through email, Skype, phone, or through the live chat feature on their website. By comparison, FXCM also offers efficient customer support, being available through email, phone, live chat, SMS, and their trading desk line. FXCM also has toll-free global numbers in countries where FXCM has a local presence. Additionally, both brokers have a FAQ section to help with any additional queries.
Customer Services
The head-to-head FXCM vs IC Markets review shows that both brokers supply resources for training purposes and market research materials. However, IC Markets tops FXCM in this category as it offers plenty of educational resources in video format, trade set-ups via WEB TV powered by Trading Central and an exclusive Information Hub.
IC Markets Information Hub is a forex learning centre that is a portal to everything you need to know about:
Additionally, IC Markets offers an all-inclusive video tutorial series about the MetaTrader 4 platform for beginners to advanced levels. The third-party content from Trading Central offers exclusive trading ideas from professional analysts and experts.
FXCM also offers a selection of educational resources, but their trading guides for learning forex are very basic. The only noticeable resource offered by FXCM is the daily newsletter “Before the Bell” powered by Trading Central, which includes key technical levels for the day ahead. On the downside, the report only covers a limited number of instruments (EUR/USD, USD/JPY, GBP/USD, Gold, DAX, and Crude Oil).
Additionally, both brokers offer an economic calendar with all upcoming news events, plus FXCM offers a market scanner that can be used to find new trading opportunities based on your favourite technical parameters.
Verdict
Both brokers provide a decent level of customer service and support. In terms of contacting the broker with queries, either broker is sufficient with live chats and global contact details.
Both brokers offer fee-free deposits when adding funds to your account. IC Markets offers a wider range of funding options.
There are 19 funding methods to deposit with IC Markets, including:
FXCM also allows a range of deposit methods:
Withdrawal Methods
To withdraw from an IC Markets account, you are required to use the same method as you use for the deposit. There are no withdrawal fees associated, and the time taken for your account to be withdrawn is typically:
Similarly, a range of options exist for withdrawing from an FXCM account. However, there are only withdrawal fees when using Bank Wire and Union Pay. The options include:
Verdict
Both IC Markets and FXCM offer a range of funding methods covering all the most common options.
*Your capital is at risk ‘67% of retail CFD accounts lose money’
FXCM has a lower minimum deposit of $50 vs $200 from IC Markets. If you’re still gauging which broker to go with, the $50 minimum may be most helpful at the moment.
Here are FXCM’s available methods of payment and base currencies:
| GBP | USD | EUR | AUD | |
|---|---|---|---|---|
| Credit Card / Debit Card | £50 Minimum Deposit | $50 Minimum Deposit | €50 Minimum Deposit | $50 |
| Bank Wire | £50 Minimum Deposit | $50 Minimum Deposit | €50 Minimum Deposit | $50 |
| Skrill | £50 Minimum Deposit | $50 Minimum Deposit | €50 Minimum Deposit | $50 |
| Neteller | £50 Minimum Deposit | $50 Minimum Deposit | €50 Minimum Deposit | $50 |
Next, we also have IC Markets’ details on minimum deposits:
| GBP | USD | EUR | AUD | |
|---|---|---|---|---|
| Credit Card / Debit Card | £200 Minimum Deposit | $200 Minimum Deposit | €200 Minimum Deposit | $200 |
| Paypal | £200 Minimum Deposit | $200 Minimum Deposit | €200 Minimum Deposit | $200 |
| Bank Wire | £200 Minimum Deposit | $200 Minimum Deposit | €200 Minimum Deposit | $200 |
| Skrill | £200 Minimum Deposit | $200 Minimum Deposit | €200 Minimum Deposit | $200 |
Verdict
FXCM triumphs over IC Markets with their lower minimum deposit amount. IC Markets requires a minimum deposit that is four times higher than FXCM’s. However, the amount is still affordable for many beginners.
*Your capital is at risk ‘67% of retail CFD accounts lose money’
IC Markets is the winner because of its comprehensive offerings, competitive spreads, robust trading platforms, and superior educational resources. The table below summarises the key information leading to this verdict:
| Criteria | IC Markets | FXCM |
|---|---|---|
| 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 | ❌ | ✅ |
For those just starting out in the trading world, IC Markets offers a more beginner-friendly environment with comprehensive educational resources and a user-friendly platform.
For seasoned traders looking for advanced tools and competitive spreads, IC Markets stands out as the preferred choice.
IC Markets generally offers lower costs compared to FXCM. With competitive spreads, IC Markets is often favoured by traders aiming to minimise their trading expenses. For instance, IC Markets boasts an average spread of 0.1 pips for the EUR/USD pair. For a deeper dive into Lowest Commission Brokers, check out our detailed analysis.
Both FXCM and IC Markets offer MetaTrader 4, but IC Markets is often preferred for its enhanced MT4 features and tighter spreads. Their platform integration is seamless, providing traders with a robust trading experience. If you’re keen on exploring more about MT4 brokers, our guide on the best MT4 brokers offers comprehensive insights.
IC Markets provides options for social trading, allowing traders to mimic strategies of successful traders. This feature is especially beneficial for beginners looking to gain insights from seasoned traders. FXCM, on the other hand, doesn’t have a strong emphasis on social trading. For those interested in exploring the world of social trading further, our article on the best social trading platforms is a must-read.
FXCM offers spread betting for traders, especially those based in the UK. Spread betting is a tax-efficient way of trading in the UK, and FXCM provides a platform tailored for this type of trading. IC Markets, on the other hand, does not have a dedicated spread betting platform. For a comprehensive list of the best spread betting brokers, you can refer to our guide on the best spread betting brokers in the UK.
In my opinion, IC Markets is the superior choice for Australian forex traders. It’s an Australian-based broker, founded in Sydney, and is regulated by the Australian Securities and Investments Commission (ASIC). Their deep understanding of the Australian market, combined with competitive spreads and a robust platform, makes them a top choice. Moreover, their ASIC regulation ensures a high level of trust and security for traders. For more insights on Australian forex brokers, you might want to check out our detailed review of the Best Forex Brokers In Australia.
From my perspective, FXCM stands out for UK forex traders. They are regulated by the Financial Conduct Authority (FCA), ensuring a high level of trust and security for traders based in the UK. While IC Markets is a strong contender in the global market, FXCM’s FCA regulation and tailored offerings for the UK market give them an edge. Furthermore, their platform integration and customer support are tailored to cater to the needs of UK traders. For a deeper dive into UK forex brokers, our guide on the Best Forex Brokers In UK offers a comprehensive overview.
Ask an Expert
What is a margin in FXCM?
In FXCM, margin refers to the minimum amount of capital required in your account to open and maintain a trading position. For example, if you are trading with 100:1 leverage, you would need to deposit 1% of the total position size as margin. To put it into perspective, 100:1 leverage allows you to trade with $10,000 in the market by setting aside only $100 as a security deposit.