CMC Markets vs IC Markets: Comparison and Analysis

CMC Markets vs IC Markets: A Comprehensive Comparison

When it comes to choosing a broker for trading, there are several factors to consider. In this comparison, we will compare two popular brokers – CMC Markets and IC Markets – based on various parameters to help you make an informed decision.

Security:

Both CMC Markets and IC Markets are regulated by reputable regulatory bodies, including ASIC and FCA for CMC Markets, and CySEC and ASIC for IC Markets. However, CMC Markets has a higher security rating of 95 compared to IC Markets’ 93.

Demo Accounts:

Both brokers offer unlimited demo accounts. While CMC Markets offers virtual funds of $10,000, IC Markets allows traders to choose the amount (up to $5,000,000). CMC Markets also allows traders to open multiple demo accounts with the same email, whereas IC Markets restores virtual funds only through customer support.

Account Opening:

Both brokers offer a variety of account options, including CFD, real stocks, spread betting, and professional accounts for advanced traders. CMC Markets has no minimum deposit requirement, while IC Markets suggests a minimum deposit of $200. CMC Markets offers a wider range of account currencies, while IC Markets supports several local payment methods, such as Union Pay in China and POLi in Australia.

Social/Copy Trading:

CMC Markets offers copy-social trading directly on their proprietary platform called Next Generation, while IC Markets allows traders to engage in copy trading through third-party platforms like ZuluTrade.

Markets:

CMC Markets offers a wider range of markets, including forex, commodities, indices, crypto assets, bonds, CFD shares and ETFs, stocks, warrants, and options. On the other hand, IC Markets offers a limited range of markets, including forex, commodities, indices, crypto assets, and stocks.

Trading Fees:

Both brokers offer variable spreads, with CMC Markets’ spreads starting from 0.7 pips on forex and 0.3 pips on indices, and IC Markets’ spreads starting from 0 pips on forex. CMC Markets charges no brokerage commission on several markets, including the US, UK, Canada, and Japan, and no commission on Aussie shares up to $1,000 per stock per trading day. IC Markets charges a commission of up to $7 per lot traded. IC Markets also charges variable spreads on stocks, while CMC Markets charges no brokerage commission on some stock markets.

Platforms:

CMC Markets offers a proprietary platform for both CFD and real stocks trading, along with the popular MetaTrader 4 (MT4) platform. IC Markets, on the other hand, offers MT4, MT5, and cTrader platforms, but no proprietary platform. IC Markets also offers VPS services and allows traders to engage in algo trading.

Education/Customer Care:

Both brokers offer a wide range of educational materials, including webinars, podcasts, ebooks, and trading guides. CMC Markets has a more extensive customer care network, offering easy contact via email, phone, and live chat. IC Markets, on the other hand, offers customer support in over 18 languages.

Conclusion:

Overall, CMC Markets and IC Markets are both reputable brokers with their unique strengths and weaknesses. CMC Markets offers a wider range of markets and more account options, making it a good choice for both short-term and long-term investments. IC Markets, on the other hand, has lower spreads and commissions, making it a better option for scalping. Traders should consider their individual trading needs and preferences when choosing between these two brokers.