With 63 forex pairs, IC Markets has more FX pairs than TMGM’s 50 pairs but TMGM has more CFD shares (12,000+). Both brokers have MT4, no dealing desk and low spreads. See how the brokers compare in this IC Markets vs TMGM review.
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Our full comparison covers the 10 most important trading factors to help you make an informed decision between IC Markets and TMGM. Here are five key differences:
When you trade, two major brokerage costs you will pay are the spread cost and commission fees. Other fees you may come across include funding costs, currency conversion fees, and swap fees.
Comparison Of Each Broker’s Standard Account
A standard account comes with no commissions, making the spread the main trading fee to consider. Below, we have provided an average spread comparison module for the standard account of some of the top brokers available.
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Standard Account Spreads
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0.62 | 0.77 | 1.27 | 0.83 | 0.74 |
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1.00 | 1.11 | N/A | 1.32 | 1.09 |
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1.10 | 1.20 | 1.40 | 1.40 | 1.40 |
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1.13 | 1.01 | 1.71 | 1.66 | 1.12 |
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1.20 | 0.90 | 1.50 | 1.80 | 1.80 |
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1.20 | 1.40 | 1.50 | 1.60 | 1.50 |
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1.10 | 1.20 | 1.40 | 1.50 | 1.20 |
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1.10 | 1.20 | 1.30 | 1.30 | 1.30 |
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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 04/01/2024
View IC Markets ReviewVisit IC Markets
IC Markets spreads, sitting within the 0.6 – 0.65 pip range for the EUR/USD. This is slightly above the minimum spread of 0.6 pips on all major forex pairs which IC Markets and all good brokers offer for this type of account.
TMGM spreads are slightly higher spread and begin from 1.0 pips. While this does keep TMGM competitive with many brokers, the broker doesn’t fare well against the best brokers for this account.
Comparison Of Each Broker’s ECN-Style Account
A commission-based account, sometimes known as ECN/STP-style or ‘raw’ account, comes with both spreads and commission fees. However, these spreads will be much lower compared to the standard accounts since they are not widened.
The spreads module below captures the typical spreads of brokers’ commission accounts, including the IC Markets Raw Account. TMGM does not provide typical spreads for their ‘Edge’ account, which is why they are not in this table.
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ECN Broker Spreads
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0.14 | 0.25 | 0.02 | 0.27 | 0.17 |
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0.20 | 0.30 | 0.10 | 0.30 | 0.20 |
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0.40 | 0.60 | 0.10 | 0.40 | 0.20 |
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0.20 | 0.30 | 0.20 | 0.40 | 0.20 |
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0.30 | N/A | 0.30 | 0.50 | 0.40 |
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0.24 | N/A | 0.17 | 0.54 | 0.30 |
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0.30 | 0.70 | 0.20 | 0.50 | 0.40 |
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0.30 | 1.10 | 0.10 | 0.60 | 0.50 |
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0.77 | 1.41 | 0.44 | 1.13 | 1.23 |
Avg. spreads are taken from each broker's website and updated monthly. Last update on 04/01/2024
The spreads on IC Markets’ Raw Account are extremely tight, with a typical range of 0 – 0.05 pips. Spreads are 0 pips in periods of high liquidity which occurs 95% of the time for the EUR/USD pair. You can expect to pay AUD 7 or USD in commission per standard lot (100k units) round-turn. In other base currencies, you will pay a commission of GBP 5.0, EUR 5.5, or SGD 9, or if your account currency is not listed, a commission of USD 6 is converted to your account currency at spot rates.
TMGM has a minimum spread of 0 pips, and the commission is very similar to IC Markets, at AUD 7 or USD round-turn.
Funding your forex trading accounts
When funding your new forex trading account, you need to take both the minimum deposit and available funding methods, into consideration.
There is no minimum deposit with either IC Markets account type, but to meet margin requirements, they recommend that you deposit $200 to meet margin requirements when opening trades.
The funding methods available will depend on the country you are trading from and there are no funding fees (unless you use an international bank transfer, in which case, fees may apply). IC Markets provides most of the standard deposit methods, like bank transfers and Visa and MasterCard credit and debit cards. You can also use eWallets like BPay, POLi, PayPal and Klarna, but note that funding methods will be slightly more restricted if you are trading from Europe.
TMGM’s minimum deposit is $100 in either AUD or USD and applies to both their standard and ‘Edge’ Account types. Like IC Markets though, TMGM has a recommended deposit, of $500. TMGM offers Visa/Mastercard and bank transfers, but the only other method is POLi.
Verdict
For both types of trading accounts, the cheaper broker is IC Markets. With lower spreads and competitive commission, they are the winner in this category.
View IC Markets ReviewVisit IC Markets
IC Markets and TMGM both offer three platforms for you to choose between when trading, overlapping on MetaTrader.
When it comes to trading platforms, IC Markets takes the cake. They offer MetaTrader 4, MetaTrader 5, and cTrader, each packed with advanced features that cater to both novice and professional traders.
TMGM isn’t far behind, offering MetaTrader 4 and 5, but they lack the advanced tools and customisation options that IC Markets provides. So, if you’re like me and you want a platform that can be tailored to your trading style, IC Markets is the way to go.
Verdict
IC Markets offers a better trading platform, scoring a 9.4 in our testing. It’s the ideal choice for traders who want a platform that can be customised to their needs, from advanced charting to automated trading strategies.
If you’re after a broker that offers a variety of account types and features, IC Markets is your best bet. They offer three main account types: Standard, Raw Spread, and cTrader Raw, each catering to different trading styles and strategies.
| Feature | IC Markets | TMGM |
|---|---|---|
| Number of Account Types | 3 | 2 |
| Lowest Spread | 0.0 pips | 0.4 pips |
| Commissions | On Raw Accounts | On Edge Account |
| Leverage | Up to 500:1 | Up to 400:1 |
| Islamic Account | Yes | Yes |
TMGM also offers a good range of features, including Islamic accounts and leverage up to 400:1. However, their account types are less diverse, and they don’t offer as many features as IC Markets.
Verdict
IC Markets takes the lead in offering superior accounts and features, scoring a 9.2 in our testing. Whether you’re a beginner or an experienced trader, IC Markets has an account that will suit your needs.
If you’re like me and you’re after a seamless trading experience, IC Markets is a no-brainer. Their platforms, particularly cTrader, offer depth-of-market and faster execution speeds, which is a godsend for scalpers.
TMGM is also a strong contender. Their TradingCentral tool is a fantastic way to research new trading ideas. But when you compare the two, IC Markets’ broader range of tools gives it the edge for a more comprehensive trading experience.
Verdict
IC Markets offers a superior trading experience with a wider range of platforms and tools, scoring a 9.3 in our testing. It’s the ideal choice for traders who want an all-encompassing trading environment.
IC Markets Trust Score
TMGM Trust Score
When it comes to trust and regulation, both IC Markets and TMGM have solid credentials, but IC Markets edges out with more robust regulatory oversight.
TMGM is also a trustworthy broker with ASIC regulation, but they lack the multiple regulatory bodies that IC Markets has. This gives IC Markets an added layer of security and trustworthiness that’s hard to beat.
| IC Markets | TMGM | |
|---|---|---|
| Tier 1 Regulation | ASIC (Australia) CYSEC (Cyprus) |
ASIC (Australia) FMA (New Zealand) |
| Tier 2 Regulation | ||
| Tier 3 Regulation | FSA-S (Seychelles) SCB (Bahamas) |
VFSC FSC-M (Mauritius) |
Verdict
IC Markets wins in the trust and regulation department, scoring a 9.5 in our testing. With multiple regulators and a longer track record, it’s the broker you can rely on for a secure trading environment.
| Feature | IC Markets | TMGM |
|---|---|---|
| Forex Pairs | 61 | 50 |
| Index CFDs | 25+ | 15 |
| Cryptocurrencies | 18 | 10 |
| Share CFDs | 120+ | 12,000 |
| Leverage | Up to 500:1 | Up to 400:1 |
| Commodities | 19 | 17 |
Verdict
IC Markets offers a broader range of CFDs and Markets, scoring a 9.1 in our testing. It’s the better choice for traders who want a diversified portfolio.
| Feature | IC Markets | TMGM |
|---|---|---|
| Webinars | Yes | Yes |
| eBooks | Yes | No |
| Tutorials | Yes | Yes |
| Beginner Courses | No | Yes |
| Advanced Guides | Yes | Yes |
| One-on-One Training | No | Yes |
Verdict
Based on our testing, IC Markets offers the best educational resources, scoring an 8.5. It’s the go-to broker for traders who are keen on continuous learning and skill enhancement.
| Feature | IC Markets | TMGM |
|---|---|---|
| 24/7 Support | Yes | No |
| Live Chat | Yes | Yes |
| Email Support | Yes | Yes |
| Phone Support | Yes | Yes |
| Multilingual Support | Yes | Yes |
| Response Time | <1 min | 2-3 min |
Verdict
IC Markets offers superior customer service, scoring a 9.2 in our testing. It’s the go-to broker for traders who value excellent support around the clock.
| Funding Option | IC Markets | TMGM |
|---|---|---|
| Bank Transfer | ✓ | ✓ |
| Visa/Mastercard | ✓ | ✓ |
| PayPal | ✓ | ✗ |
| Skrill | ✓ | ✓ |
| Neteller | ✓ | ✓ |
| Bitcoin | ✓ | ✗ |
| UnionPay | ✓ | ✓ |
| FasaPay | ✓ | ✗ |
| POLi | ✓ | ✓ |
| BPay | ✓ | ✗ |
Verdict
IC Markets offers the best range of funding options, scoring an 8.7 in our testing. It’s the most convenient choice for traders looking for multiple ways to fund their accounts.
TMGM has a lower minimum deposit of $100 vs $200 by IC Markets. Both brokers don’t charge fees for deposits and withdrawals, so either broker is a good option.
| Minimum Deposit | Recommended Deposit | |
| IC Markets | $200 | $200 |
| TMGM | $100 | $500 |
Verdict
TMGM wins with their $100 minimum. However, they do recommend depositing at least $500, so IC Markets’ $200 isn’t too far off.
IC Markets is the winner because it consistently outperforms TMGM across multiple categories, including lower fees, better trading platforms, and superior customer service. The table below summarises the key information leading to this verdict.
| Criteria | IC Markets | TMGM |
|---|---|---|
| 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 | ✗ | ✓ |
IC Markets is the better choice for beginner traders due to its comprehensive educational resources and user-friendly platforms.
IC Markets also stands out for experienced traders, offering advanced tools and a wide range of markets.
IC Markets has lower costs. They offer spreads as low as 0.1 pips for EUR/USD. For more information on low-cost brokers, check out our guide on the brokers with the lowest spreads.
IC Markets is better for MetaTrader 4 users. They offer advanced tools and faster execution speeds. For more details, visit our best MT4 brokers page.
IC Markets stands out in social trading, thanks to their partnerships with Myfxbook and ZuluTrade. If you’re keen to explore more, don’t miss our comprehensive guide on the best copy trading platforms.
Sadly, neither IC Markets nor TMGM provides spread betting services. If this is a feature you’re after, you might want to check out our list of top spread betting brokers.
In my view, IC Markets is the top choice for Australian Forex traders. They’re not only ASIC-regulated but also founded in Australia, adding an extra layer of trust. For more insights, visit our guide on the best Australian Forex brokers.
For those in the UK, IC Markets is your best bet. They’re FCA-regulated and offer a broad range of markets, making them a reliable choice. For additional information, check out our guide on the best UK Forex brokers.
Ask an Expert
What are the disadvantages of IC Markets?
While IC Markets is a good broker overall, like all brokers, there are some disadvantages. For starters, IC Markets is not regulated in the UK by the FCA, meaning traders based in the UK. We also find their live chat to be slow as far as customer support responsiveness goes.