In our FXTM vs IC Markets review, we found both forex brokers offer MetaTrader 4 (MT4) and 5 (MT5) trading platforms, good CFD range and high leverage. This FXTM vs IC Markets review compares each broker to find the best broker for trading.
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Our full comparison covers the 10 most important trading factors. Here are some key differences between IC Markets and FXTM:
In the current review, we have decided to present a head-to-head comparison of the minimum spreads that both brokers offer on their ECN account types and the standard account.
| IC Markets | FXTM | |
|---|---|---|
| FX Pairs (EUR/USD) | 0.1 pips | 0.3 pips |
| Index CFDs | 0.3 points | - 0.5 points on standard account - 0.1 points on ECN account |
| Energy CFDs | 0.2 points | Ranging from 4 to 11 pips |
| Metal CFDs | 0.2 points | - 0.5 points on standard account - 0.1 points on ECN account |
| Commodity CFDs | 0.3 points | Ranging from 4 to 11 pips |
| Cryptocurrency CFDs | $0.015 | None |
| Bonds | 0.01 points | None |
Standard Account Spreads
Spreads offered across IC Markets’ product list remain quite competitive, being as low as 1.0 pip on pairs such as EUR/USD or USD/JPY. By comparison, the FXTM standard account boasts spreads that start from 1.3 pips on major Forex pairs. At the same time, the FXTM Cent account boasts higher spreads that start from 1.5 pips on major Forex pairs.
ECN Account Spreads
Since IC Markets utilises a pool of 25 top-tier liquidity providers, it is able to offer the lowest possible spreads, starting from 0.0 pips on all Forex pairs. Furthermore, in an attempt to respond to competition from other top Forex brokers such as Pepperstone, IC Markets keeps the average spread offered on EUR/USD at 0.1 pips 24/5 (one of the best worldwide).
The average spreads on major currency pairs are:
In exchange for raw pricing and ultra-fast order execution, which would best suit trading styles such as scalping as well as automated trading, the STP broker will charge a commission of $7.0 per round turn for 1 Standard Lot traded.
On the cTrader platform, spreads start from 0.0 pips on all Forex pairs, thanks to the broker’s deep liquidity pool. In exchange for ECN trading conditions, IC Markets will charge a commission of $6.0 per round turn for every 1 Standard Lot traded.
Meanwhile, FXTM’s ECN spreads come in different sizes, depending on your account type:
We should note that FXTM offers Forex spreads starting from 0.0 pips on its Pro Account only if clients maintain a minimum account balance of $25,000/EUR 25,000/GBP 25,000 all the time.
CFD Spreads
The minimum spreads on spot metals:
Note that even the average spreads offered by IC Markets on Spot Metals (1.0 pip on XAU/USD, 0.2 pips on XAG/USD, 1.5 pips on XAU/EUR and 0.3 pips on XAG/EUR) remain lower than the minimum spreads offered by FXTM.
Verdict
Clearly, IC Markets’ deep interbank liquidity allows the broker to keep spreads across its entire Forex product list very tight. IC Markets spreads can save you up to 200% as you’ll have fewer trading costs. Our IC Markets vs FXTM comparison found IC Markets were the clear winner in this category.
IC Markets ReviewVisit IC Markets
| Trading Platform | IC Markets | FXTM |
|---|---|---|
| MetaTrader 4 | Yes | Yes |
| MetaTrader 5 | Yes | Yes |
| cTrader | Yes | No |
| TradingView | Yes | No |
| Copy Trading | Yes | Yes |
| Proprietary Platform | Yes | No |
Both IC Markets and FXTM have ensured to offer their clients a range of trading platforms equipped with additional tools. MetaTrader 4 and MetaTrader 5 trading platforms are shared between the two forex brokers, while the cTrader platform is available exclusively to IC Markets’ clients.
FXTM vs IC Markets MetaTrader 4 Platform Comparison
We consider IC Markets’ MT4 software as one of the best solutions for both novice and sophisticated Forex traders. As a leading Forex broker, FXTM also puts a lot of emphasis on its MetaTrader 4 platform.
The MetaTrader 4 platform allows access to a sound environment for the development and testing of Expert Advisors (EAs). IC Markets has an advantage over FXTM due to Low latency and ultra-fast order execution. The average order execution speed is 36.5 ms, while the broker’s MT4 server is located in the Equinix NY4 data centre.
IC Markets and FXTM’s MT4 platforms have Windows and Mac OSX compatibility with good mobile trading capability – apps for iOS and Android devices. The MT4 WebTrader is compatible with six browsers (Internet Explorer, Microsoft Edge, Mozilla Firefox, Google Chrome, Safari, and Opera).
FXTM vs IC Markets MetaTrader 5 Platform Comparison
Both brokerages grant access to MT4’s even more powerful successor, the MetaTrader 5 platform. We can summarise its key features and benefits as follows:
Additional Trading Platforms
Along with the MetaTrader package, both IC Markets and FXTM offer one additional trading software option.
Similar to other leading brokerages such as Pepperstone, IC Markets has included the cTrader software in its trading platform list. It allows for even superior chart and layout customisation options, advanced analytics, and full depth of market and also grants access to cAlgo and Smart Stop Out features.
FXTM, on the other hand, offers the FXTM Trader mobile app – its proprietary software that features state-of-the-art charting tools and a one-click trading option and also allows for trading across more than one device. A VPS is offered by the online broker to trade forex at faster execution speeds.
Copy Trading Features
At IC Markets, clients can access copy trading features such as ZuluTrade, Myfxbook AutoTrade and MQL5. At the same time, FXTM grants access to its in-house copy trading platform FXTM Trading Signals. This social trading network combines popular technical indicators and presents different scenarios, four Take-Profit levels, Stop Loss recommendations as well as daily updates prior to the start of EU and US trading sessions.
Verdict
For trading platforms, IC Markets offers a better experience as it offers an additional option (cTrader) as compared to FXTM. FXTM only stands out with their proprietary trading app and in-house social trading network. However, IC Markets tops FXTM as it grants its clients access to more third-party copy trading platforms.
In an attempt to suit the preferences and financial objectives of a larger audience, both brokerages have ensured that clients have a choice of multiple trading account types. Both IC Markets and FXTM offer Standard and ECN trading accounts:
| IC Markets | FXTM | |
|---|---|---|
| Minimum Deposit | $200 | From $10 |
| Number of Accounts | - 1 Standard account - 2 ECN accounts | - 3 Standard account - 3 ECN accounts |
| EUR/USD Standard Account Spreads | 1.1 pips | 1.9 pips |
| EUR/USD Raw Account Spreads | 0.1 pips | 0.3 pips |
| Commission (Raw Account) | -$3.0 per side per 100k units (cTrader account) -$3.5 per side per 100k units (MT4 account) | $2 per side per 100k units ($4.0 round-turn) |
| Range of Platforms | MT4,MT5 & cTrader | MT4, MT5 & FXTM Trader App |
| Maximum Leverage | 30:1 | - FXTM UK 1:30 - FXTM Global 1:2000 |
| Instruments | +230 | +250 |
| Social Trading | MyFxBook AutoTrade, MQL5 Signals and ZuluTrade | MQL5 Signals and FXTM Invest |
Trading Conditions On Standard Account Types
IC Markets’ Standard Account aims at simplicity. Clients can trade without being charged any commissions while paying an all-inclusive bid-ask spread. By accessing the broker’s MetaTrader 4 and MetaTrader 5 trading platforms, they can choose from 64 currency pairs, 16 Commodities and 16 major Stock Indices, all with a minimum deposit required of $200.
In comparison, FXTM offers three types of Standard accounts:
Trading Conditions On ECN Account Types
IC Markets offers its clients two types of ECN accounts compared to 3 ECN accounts offered by FXTM. The main characteristics of the ECN account combine no dealing desk execution model, faster speeds with competitive trading cost, interbank spreads and transparent trading conditions.
As an ECN forex broker, IC Markets grants access to 64 currency pairs and metals along with 15 major CFD indices that can be traded on:
Meanwhile, FXTM offers three types of ECN accounts:
Along with the live account types, a free demo account is available at both IC Markets and FXTM. Additionally, both brokerages offer an Islamic account (swap-free) option for clients of the Muslim faith.
| IC Markets | FXTM | |
|---|---|---|
| Standard Account | Yes | Yes |
| Raw Account | Yes | Yes |
| Swap Free Account | Yes | Yes |
| Active Traders | Yes | No |
| Spread Betting (UK) | No | No |
Verdict
Overall, both forex brokers offer a good selection of retail investor accounts. For this category, IC Markets and FXTM are seemingly equally good options to start forex trading and other CFDs.
When it comes to trading, the experience and ease of use are paramount. We’ve spent countless hours testing both IC Markets and FXTM to see which one offers the best user experience. From our findings and our own testing, here are some key takeaways:
Now, after all the testing and comparisons, it’s time for the verdict. While both brokers offer a commendable trading experience, there are subtle differences that can tip the balance for different traders.
Verdict: Based on our comprehensive testing, IC Markets slightly edges out FXTM, offering the best overall trading experience and ease.
IC Markets Trust Score
FXTM Trust Score
Both IC Markets and FXTM are fully compliant with the strict regulatory standards of some of the most notorious Forex regulators worldwide. However, IC Markets tops FXTM because it holds forex licenses in two tier-1 jurisdictions, namely:
By comparison, FXTM is fully licensed by one tier-one regulatory agency, namely the Financial Conduct Authority (FCA) in the United Kingdom, with License No. 777911. Additionally, IC Markets (SC) is a trading name of Raw Trading Ltd, a company that falls under the regulation of the Financial Services Authority of Seychelles with Securities Dealer License No. SD018.
Finally, FXTM’s global operations are authorized and regulated by the Financial Services Commission (FSC) of the Republic of Mauritius (Investment Dealer License number: C113012295). Additional two tier-two jurisdictions (South Africa’s FSCA and Cyprus’ CySEC) complete the list.
Client Fund Segregation And Negative Balance Protection
When it comes to client security, both brokerages ensure that their clients’ funds are kept fully segregated from their corporate accounts at top-tier financial institutions. This way, the risk of fraudulent behaviour (using client funds for operational purposes, marketing budgets or as reserve capital) is reduced to a minimum.
Additionally, since both brokers have adopted the Secure Socket Layer technology, all electronic payments and communications with clients are secure, with data transmission being encrypted.
Forex Compensation Scheme
Also, as both brokers are members of the Cyprus Investor Compensation Fund (CIFs), retail clients have a guarantee that they will be compensated in case the brokerages are unable to meet their financial obligations.
Negative Balance Protection
Yet, our review has found that only FXTM follows a negative balance protection policy. Under the latter, the losses incurred when trading CFDs on retail investor accounts cannot exceed clients’ initial deposit with the broker. In case of an unexpected occurrence (market gap, for instance) that results in a negative balance, FXTM will not request the respective amount from its clients and will bring their account balance back to zero.
On the other hand, IC Markets does not have such a policy, and therefore, retail clients must employ sound money management to avoid repaying a negative balance.
| IC Markets | FXTM | |
|---|---|---|
| Tier 1 Regulation | ASIC (Australia) CYSEC (Cyprus) | CYSEC (Cyprus) FCA (UK) |
| Tier 2 Regulation | FSCA (South Africa) | |
| Tier 3 Regulation | FSA-S (Seychelles) SCB (Bahamas) | FSC-M (Mauritius) CMA (Kenya) |
Verdict
Both brokers are safe and legitimate companies to provide secure online trading to their customers. Forex is a decentralised market, thus, regulation plays a key role in ensuring fair trading operations.
IC Markets provides traders with 8 different financial markets compared to FXTM’s 5 asset classes. A similarity that both brokers bear is their focus on Forex trading. While clients can choose from 61 major, minor and exotic currency pairs accessed through MetaTrader 4, MetaTrader 5 and cTrader platforms at IC Markets, FXTM offers a total of 57 Forex pairs accessed via its MetaTrader 4 and MetaTrader 5 software.
CFD Instruments
Along with Forex pairs, both brokerages offer a set of CFDs.
Disclaimer: Trading CFDs on retail investor accounts comes with a high risk of capital losses due to the use of leverage. Retail clients need to make sure they fully understand how these derivative instruments work before they start trading.
To be more specific, the CFD range at both brokers includes:
*NOTE: Under new FCA guidelines, retail traders in the UK are no longer able to trade cryptocurrencies.
Verdict
Overall, between IC Markets and FXTM, IC Markets offers more financial instruments and, subsequently, more trading opportunities. Additional CFDs like cryptocurrencies, bonds and futures are exclusively offered only at IC Markets. Click the button below to explore a wide range of global CFDs.
IC Markets:
FXTM:
Verdict: Based on our team’s testing, IC Markets scores slightly higher in educational resources compared to FXTM, making it the preferred choice for traders seeking comprehensive educational content.
Professional customer support service is another essential aspect that we took into consideration in our review. We were left with a rather positive impression after contacting the support team at both IC Markets and FXTM, especially via their live chat options. At both brokerages, we were treated in a respectful manner, and all of our inquiries received immediate, plain and relevant answers.
Along with the live chat, other chat options at FXTM include WhatsApp, Viber, Telegram and Facebook Messenger.
Additionally, both brokers can also be contacted via email and over the phone (+61 (0)2 8014 4280 – IC Markets), (+357 25 55 87 77 – FXTM). IC Markets has also provided several toll-free numbers to contact its support team.
However, we should note that only IC Markets offers 24/7 customer support service, while the latter is available only on business days at FXTM.
Learning and Research Centre
Our review has found that both brokers offer impressive Forex education content on their websites.
| IC Markets | FXTM | |
|---|---|---|
| Forex Glossary | ✔ | ✔ |
| Economic Calendar | ✔ | ✘ |
| Forex Calculators | ✔ | ✔ |
| Video Tutorials | ✔ | ✔ |
| Web TV | ✔ | ✘ |
| Webinars | ✔ | ✔ |
| eBooks | ✘ | ✔ |
| Daily Research Blogs | ✔ | ✘ |
Along with an extensive glossary of Forex terms, IC Markets has provided educational content structured in sections, each focusing on a particular topic such as Forex Trading, Technical Analysis, Fundamental Analysis, Risk Management, Trading Psychology and Trading Plan. At FXTM, traders can find a selection of eBooks free of charge, covering different educational content.
In addition, the Australian Forex broker has included a set of educational content that comes in video format, including:
Meanwhile, FXTM also provides short Forex trading videos, grouped into categories such as Forex Basics, Trading Basics, and Technical Analysis, among others. Moreover, the brokerage trading firm also conducts free Forex webinars regularly.
Last but not least, IC Markets provides insight into global markets in a set of daily publications in its Market Analysis blog. At the same time, FXTM doesn’t offer daily market analysis however, the research team will conduct monthly currency outlook webinars with market insights.
Verdict
In conclusion, FXTM tops IC Markets by offering more methods of communication via several social media channels. However, IC Markets tops FXTM by offering a diverse and all-inclusive trading education and research section.
When it comes to funding options, both IC Markets and FXTM provide a diverse range of methods to cater to their global clientele. IC Markets, being one of the industry leaders, offers a comprehensive list of deposit and withdrawal methods, ensuring that traders from various regions have access to convenient funding options.
On the other hand, FXTM, with its global presence, also offers a multitude of funding methods, making it easier for traders to manage their accounts seamlessly.
FXTM’s commitment to providing a wide array of funding options is evident from our testing data. While both brokers offer popular methods like credit/debit cards and bank transfers, they also provide region-specific options to cater to their diverse client base. This flexibility in funding options ensures that traders can choose a method that best suits their needs, be it for depositing funds or withdrawing profits.
| Funding Option | IC Markets | FXTM |
|---|---|---|
| Credit/Debit Card | ✅ | ✅ |
| Bank Transfer | ✅ | ✅ |
| PayPal | ❌ | ✅ |
| Skrill | ✅ | ✅ |
| Neteller | ✅ | ✅ |
| Bitcoin | ✅ | ❌ |
| UnionPay | ✅ | ✅ |
| WebMoney | ❌ | ✅ |
| FasaPay | ✅ | ❌ |
| Local Bank Transfer | ✅ | ✅ |
Verdict: Based on the available funding options, IC Markets slightly edges out FXTM, offering a broader range of methods, especially for cryptocurrency enthusiasts with their Bitcoin option.
IC Market’s minimum deposit is $200 across all 3 account types. By comparison, at FXTM, the minimum deposit required of clients depends on the trading account type they select.
| Standard Account | Cent Account | Stock CFDs Account | ECN Zero Account | ECN Account | FXTM Pro Account | |
|---|---|---|---|---|---|---|
| FXTM Minimum Deposit | USD 100 | USD 10 | USD 100 | USD 500 | USD 200 | USD 25,000 |
Account Base Currencies
When it comes to supported base account currencies, clients clearly have a richer choice with IC Markets since the Australian brokerage allows deposits made in 10 different currencies, including AUD, USD, JPY, EUR, NZD, SGD, GBP, CAD, CHF and HKD. In comparison, FXTM allows deposits in 7 different base account currencies, including USD, EUR, GBP, PLN, CZK, INR and NGN.
Payment Methods
Since IC Markets will not charge any extra deposit or withdrawal fees and offers its clients 15 different account funding options, it remains one of the most competitive brokerages on this front, along with Pepperstone. Meanwhile, FXTM will not charge any fees on deposits, but there will be a withdrawal fee depending on the payment method and base currency selected. It offers 7 different account funding options, including:
Withdrawing funds via a credit card, via bank wire transfer and via some of the e-wallets will incur certain fees, which can be viewed in the table below.
| FXTM Withdrawal Fees | Processing Time | |
|---|---|---|
| Credit Card | 2 EUR/ 3 USD/ 2 GBP | Same business day |
| PayPal | 2% | Same business day |
| Skrill | No Commission | Same business day |
| Neteller | No Commission | Same business day |
At the same time, with IC Markets, clients can choose from the following account funding methods:
Fund withdrawals via debit or credit cards are usually processed within 3 to 5 business days, while withdrawals via e-wallets are instant once processed. On the other hand, withdrawals via bank wire transfer will incur a processing fee of AUD 20 (or currency equivalent) by IC Markets’ banking institution and may take up to 14 days to complete.
Verdict
The head-to-head comparison shows IC Markets clients have a diverse selection of payment methods and can choose between 10 different currencies. Moreover, IC Markets covers all expenses for deposit and withdrawal with most payment options.
IC Markets is the winner because it offers a more comprehensive range of services, better trading platforms, and superior educational resources. The table below summarises the key information leading to this verdict:
| Criteria | IC Markets | FXTM |
|---|---|---|
| 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 | ✅ | ❌ |
FXTM is better suited for beginner traders due to its user-friendly interface and comprehensive educational resources.
IC Markets is the preferred choice for experienced traders because of its advanced trading platforms and extensive range of financial instruments.
IC Markets generally offers lower costs compared to FXTM. They are renowned for their competitive spreads, often starting from as low as 0.1 pips for major currency pairs. This makes them a top choice for traders looking to minimise trading costs. For a more detailed comparison on low commissions, you can check out this comprehensive guide on the lowest spread forex brokers in the UK.
Both FXTM and IC Markets offer MetaTrader 4, but IC Markets is often preferred due to its enhanced server speeds and additional tools. Their integration with MT4 is seamless, providing traders with a robust trading experience. If you’re keen on diving deeper into MT4 platforms, here’s a list of the best MT4 forex brokers in the UK.
FXTM stands out when it comes to social trading, offering traders the opportunity to engage in copy trading. This feature allows less experienced traders to mimic the strategies of successful ones. Social trading has gained immense popularity in recent years, and if you’re interested in exploring more, you can find a detailed review of the best social trading platforms.
Neither IC Markets nor FXTM offer spread betting as part of their core services. Spread betting is a unique form of trading popular in the UK and some other regions, allowing traders to bet on the direction of market movements. If you’re interested in exploring brokers that specialise in spread betting, you can check out this comprehensive guide on the best spread betting brokers in the UK.
In my opinion, IC Markets is the superior choice for Australian forex traders. Founded in Sydney, IC Markets is ASIC regulated, ensuring a high level of trust and security for traders. Their deep liquidity and tight spreads make them a favourite among many Australian traders. Additionally, their local presence means they have a deep understanding of the Australian market. For a broader perspective on Australian forex brokers, you might want to explore this list of the Best Forex Brokers In Australia.
For UK traders, I personally believe FXTM has a slight edge. They are FCA regulated, which provides a significant level of trust and security for UK-based traders. While both brokers offer robust trading platforms and tools, FXTM’s commitment to continuous innovation and their strong presence in the European market make them a top choice. If you’re keen on diving deeper into UK forex trading platforms, here’s a list of the best forex brokers in UK.
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