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FXCM vs IC Markets: Comparison and Analysis

Written by Filippo Ucchino Fact-Checked by Luca Puddu Publication Date Last Updated
Our verdict · CFD/FX trading

FXCM and IC Markets are two great brokers in the UK for scalping and automated trading, however IC Markets holds no licence in the UK. That said, IC Markets is the better choice if you are looking for a broker that allows high-frequency trading strategies, with a lower minimum deposit (none against 50.00 USD). It offers MetaTrader 5 and cTrader, which FXCM does not. IC Markets opens ECN accounts and managed accounts, and it settles withdrawals faster (1 day against 2 days). FXCM, on the other hand, is better because it executes orders faster (17 ms against 40 ms), lists more tradable symbols (2,800 against 180), runs a proprietary trading platform, offers a guaranteed stop loss and opens micro accounts. IC Markets has no UK licence and is regulated by CySEC and ASIC, while FXCM is regulated in the UK by the FCA. FXCM and IC Markets have close EUR/USD costs (FXCM 7.68 USD per lot, IC Markets 7.55 USD), and both cover CFDs on commodities, forex, indices and stocks, open raw spread accounts and Islamic accounts, offer copy and social trading, allow scalping, hedging, expert advisors, VPS hosting and API access, and provide a demo account that does not expire.

FXCM

CFDCFD FXCM offers CFD trading: leveraged contracts that follow the price of an asset without owning it. Switch the comparison to CFD/FX to rate it on that. FXFX FXCM offers forex trading: currency pairs such as EUR/USD, traded with leverage. Forex is rated together with CFDs, on the CFD/FX side. Regulated in your country FXCM is allowed by FCA to onboard clients residing in the UK.
FXCM review ›
86CFD/FXOverall score FXCM scores 86/100 for CFD/FX trading. The overall score is calculated from the data in this comparison across 12 areas.
Open Account

66% of retail investor accounts lose money when trading CFDs with this provider.

IC Markets

CFDCFD IC Markets offers CFD trading: leveraged contracts that follow the price of an asset without owning it. Switch the comparison to CFD/FX to rate it on that. FXFX IC Markets offers forex trading: currency pairs such as EUR/USD, traded with leverage. Forex is rated together with CFDs, on the CFD/FX side. Not regulated in your country IC Markets does not accept residents in the UK because it is not regulated by FCA.
IC Markets review ›
87CFD/FXOverall score IC Markets scores 87/100 for CFD/FX trading. The overall score is calculated from the data in this comparison across 12 areas.
Not licensed in the UK

72.52% of retail investor accounts lose money when trading CFDs with this provider.

Best for

What we compare A comparison of the kinds of traders FXCM and IC Markets are best suited to, based on what each one actually offers in United Kingdom.
1 / 12

IC Markets is better than FXCM for professional traders and crypto traders. High-volume traders, scalpers and swing traders can choose either IC Markets or FXCM.

Best for
Overall score FXCM 86 -1 IC Markets 87
Day trading i
Long-term investing i
Professional traders i
High-volume traders i
Scalpers i
Swing traders i
News traders i
Algo traders i
Stock traders i
Crypto traders i
Futures traders i
Options traders i

Regulation

What we compare A comparison between the financial authorities that supervise FXCM and the ones that supervise IC Markets.
2 / 12

Only FXCM is regulated in the UK, by the FCA. IC Markets holds no licence in the UK and is regulated by CySEC and ASIC (Australia).

Regulation
Section score FXCM 100 IC Markets 100
Tier-1 regulators
ESMA (European Union) i
FCA (United Kingdom) i
ASIC (Australia) i
CFTC (United States) i
NFA (United States) i
SEC (United States) i
CIRO (Canada) i
MAS (Singapore) i
SFC (Hong Kong) i
JFSA (Japan) i
FINMA (Switzerland) i
Tier-2 regulators
FMA (New Zealand) i
CBR (Russia) i
FSCA (South Africa) i
DFSA (Dubai) i
CSRC (China) i
ISA (Israel) i
LFSA (Malaysia) i
JSC (Jordan) i
CMA (Kenya) i
Tier-3 regulators
FSA (Seychelles) i
MMA (Maldives) i
SCB (Bahamas) i
FSC (Mauritius) i
VFSC (Vanuatu) i
FSC (Belize) i
CIMA (Cayman Islands) i
SV FSA (Saint Vincent and the Grenadines) i
FSRC (St. Kitts & Nevis) i
BMA (Bermuda) i
BVI FSC (British Virgin Islands) i
EDR (External Dispute Resolution) i

Safety

What we compare A comparison of the tools and services that FXCM and IC Markets have in place to protect your money in United Kingdom.
3 / 12

Both FXCM and IC Markets offer segregated client funds and two-factor authentication. FXCM also offers an investor compensation scheme. IC Markets holds no licence in the UK and is not covered by the FSCS.

Safety
Section score FXCM 79 Best IC Markets 65 -14
Company info
Is it publicly traded i
Is it a bank i
Year founded i 1999 2007
Parent company i Jefferies Financial Group International Capital Markets Pty Ltd
CEO i Brendan Callan Andrew Budzinski
Money safety
Segregated client funds i
Two-factor authentication i
Investor compensation scheme i
Additional money insurance i
Partner bank i N/A N/A
Brand power
Number of customers worldwide i
Annual revenue i
Monthly website search traffic i 383.6K monthly visits 2.2M monthly visits

Costs

What we compare A comparison of what it costs to trade with FXCM and with IC Markets in United Kingdom, both on each trade and on holding the account.
4 / 12

IC Markets is better than FXCM for costs, since IC Markets is cheaper on EUR/USD, at 7.55 USD per lot (against FXCM's 7.68 USD), has tighter S&P 500 CFD spreads, at 0.49 points (against FXCM's 0.6 points), and has tighter gold CFD spreads, at 0.09 points (against FXCM's 0.3 points). Neither FXCM nor IC Markets charges account maintenance fees or deposit fees.

Costs
Section score FXCM 70 -9 IC Markets 79 Best
Broker fees
Deposit fees i
Withdrawal fees i
Overnight fees i
Inactivity fees i
Currency conversion fees i
Discounts on volume i
Real time market data fee i
Dividend withholding i
Account opening fees i
Account maintenance fee i
Portfolio management fee i
Fees on CFDs
Forex commission per lot i USD 5 USD 7
EUR/USD average standard spread i
0.836 pips
0.8 pips
EUR/USD average raw spread i
0.2 pips
0.01 pips
EUR/USD average fixed spread i
EUR/USD total cost per lot i USD 7.68 USD 7.55
S&P 500 fees (CFD) i 0.6 points 0.492 points
Gold fees (CFD) i 0.3 points 0.09 points
Bitcoin fees (CFD) i USD 12.01
US stocks fees (CFD) i USD 0.23 USD 0.02
Fees on stocks
Stock fee type i Spread Commission, Percentage
US stocks fees (real) i
ETF fees (real) i
Management costs i
Connection costs i
Fees on futures
Futures fees per contract i Free
Platform fees i
Fees on options
Options fees per contract i
Event fees i
Fees on savings plans
IRA opening fee i
IRA maintenance fee i
401k opening fee i
401k maintenance fee i

Available markets

What we compare A comparison of the markets and products you can trade with FXCM and with IC Markets in United Kingdom, and of how many instruments each one gives access to.
5 / 12

IC Markets is better than FXCM for available markets, since IC Markets offers CFDs on crypto, which FXCM does not. Both FXCM and IC Markets offer CFDs on commodities, forex, indices and stocks.

Available markets
Section score FXCM 65 -10 IC Markets 75 Best
Total tradable symbols i 2,800 180
Currency pairs i
Indices i
Commodities i
Stocks i
ETF i
Cryptocurrencies i
Bonds i
Interest rates i
Portfolios i
CFDs i Commodities, Forex, Indices, Stocks Commodities, Crypto, Forex, Indices, Stocks
Futures i
Options i
Assets you can own i

Platform

What we compare A comparison of the trading platforms that FXCM and IC Markets make available to their clients in United Kingdom.
6 / 12

FXCM is better than IC Markets for platforms, as FXCM offers a proprietary platform, which IC Markets does not. FXCM and IC Markets both offer MetaTrader 4 and social trading.

Platform
Section score FXCM 94 Best IC Markets 89 -5
Proprietary platform i
MetaTrader 4 i
MetaTrader 5 i
cTrader i
Social trading platform i
Copy trading platform i
ZuluTrade i
TradingView i
Duplitrade i
Mirror Trader i
NinjaTrader i
AutoChartist i
Real time pricing i
5 digit pricing i
One-click trading i

Mobile

What we compare A comparison of the mobile apps of FXCM and IC Markets in United Kingdom, and of what each one lets you do from your phone.
7 / 12

FXCM is better than IC Markets for mobile trading, since FXCM offers a social trading app and a copy trading app, which IC Markets does not. FXCM and IC Markets both offer a proprietary mobile app and the MetaTrader 4 app.

Mobile
Section score FXCM 100 Best IC Markets 93 -7
Proprietary app i
Social trading app i
Copy trading app i
MetaTrader 4 app i
MetaTrader 5 app i
cTrader app i
Mobile trading signals i
Mobile alerts i
Mobile charting tools i
Mobile drawing tools i
Mobile watchlist i
Smartwatch app i

Trading features

What we compare A comparison of the trading tools and strategies that FXCM and IC Markets allow on their platforms in United Kingdom.
8 / 12

FXCM is better than IC Markets for trading features, since FXCM executes orders faster, within 17 ms (against IC Markets' 40 ms), and offers negative balance protection and guaranteed stop losses, which IC Markets does not. FXCM and IC Markets both offer trailing stops and tier-1 liquidity providers. The leverage shown for IC Markets is set by its Seychelles entity and exceeds the retail limit in the UK (30:1 on major currency pairs).

Trading features
Section score FXCM 96 Best IC Markets 83 -13
Trade execution
Broker type i Agency NDD
Average execution time i 17 ms 40 ms
Slippage occurrence i 14.64%
Requotes occurrence i
Tier-1 liquidity providers i
PFOF i
Leverage
Major FX pairs leverage i 30:1 5000:1
Minor/Exotic FX pairs leverage i 20:1 5000:1
Major indices leverage i 20:1 200:1
Minor indices leverage i 10:1 200:1
Gold leverage i 20:1 2000:1
Commodities leverage i 10:1 1000:1
Equities leverage i 5:1 20:1
Cryptocurrency leverage i 500:1
Risk management
Stop losses i
Take profits i
Limit orders i
Trailing stop i
Margin call i
OCO orders i
Guaranteed stop loss i
Negative balance protection i
Minimum trade size (FX) i 0.01 lots 0.01 lots
Minimum trade size (stocks) i USD 0 USD 0
Fractional stocks i
Trading compliance
Scalping strategies allowed i
Hedging strategies allowed i
Automated trading strategy allowed i
EAs use allowed i
HFT strategy allowed i
VPS use allowed i
API use allowed i
Price scraping allowed i
FIFO rule applies i

Account types

What we compare A comparison of the kinds of account you can open at FXCM and at IC Markets in United Kingdom, and of who each one is meant for.
9 / 12

IC Markets is better than FXCM for account types, since IC Markets offers a professional traders account, a corporate account and a managed account, which FXCM does not. FXCM and IC Markets both offer a demo account and an Islamic account.

Account types
Section score FXCM 57 -35 IC Markets 92 Best
Demo account i
Unlimited demo account i
Standard account i
Micro account i
Cent account i
Nano account i
Raw spread account i
ECN account i
Swap-free account i
Islamic account i
Professional traders account i
Fixed spread account i
Spread betting account i
Copy trading account i
Corporate account i
Managed account i
Stock investing account i
Margin investing account i
Savings account i
Retirement account i

Account opening

What we compare A comparison of what it takes to open and fund an account with FXCM and with IC Markets in United Kingdom.
10 / 12

IC Markets is better than FXCM for account opening, given that IC Markets does not require a minimum deposit (against FXCM's 50 USD), offers 10 account base currencies (against FXCM's 5), and credits deposits faster, within the same day (against FXCM's 1 day). FXCM and IC Markets both offer credit cards and debit cards. IC Markets holds no licence in the UK.

Account opening
Section score FXCM 82 -13 IC Markets 95 Best
Minimum deposit i USD 50 USD 0
Minimum withdrawal i USD 0 USD 0
Wire transfers i
Credit cards i
Debit cards i
eWallets i PayPal, Neteller, Skrill PayPal, Neteller, Skrill
Local payment methods i
Account base currencies i AUD, CHF, EUR, GBP, USD AUD, CAD, CHF, EUR, GBP, HKD, JPY, NZD, SGD, USD
Deposit waiting time i up to 1 business days Instant
Withdrawal waiting time i up to 2 business days up to 1 business days
Bonus program i

Customer care

What we compare A comparison of the customer support of FXCM and IC Markets in United Kingdom, in how it can be reached and how fast it answers.
11 / 12

IC Markets is better than FXCM for customer care, because IC Markets offers customer support in 17 languages (against FXCM's 13), has a website in 17 languages (against FXCM's 13), and offers a dedicated account manager, which FXCM does not. Both FXCM and IC Markets offer phone support and live chat.

Customer care
Section score FXCM 67 -20 IC Markets 87 Best
Number of languages supported i 13 17
Website languages i Arabic, German, Greek, English, French, Hebrew, Indonesian, Malay, Portuguese, Spanish, Tagalog, Vietnamese, Chinese Arabic, Bulgarian, Czech, German, English, French, Croatian, Indonesian, Italian, Korean, Malay, Portuguese, Russian, Spanish, Thai, Vietnamese, Chinese
Website available in English i
Customer support languages i Arabic, German, Greek, English, French, Hebrew, Indonesian, Malay, Portuguese, Spanish, Tagalog, Vietnamese, Chinese Arabic, Bulgarian, Czech, German, English, French, Croatian, Indonesian, Italian, Korean, Malay, Portuguese, Russian, Spanish, Thai, Vietnamese, Chinese
Customer support in English i
Call back request i
Email support i
Phone support i
Live chat i
Priority customer support i
Dedicated account manager i
Cash sweep i
Stock lending i
Distributes proceeds i
Tax withholding agent i
Tax assistance i

Learning

What we compare A comparison of the educational material that FXCM and IC Markets provide to their clients in United Kingdom.
12 / 12

FXCM and IC Markets are equally good for learning, as both offer education for advanced traders and webinars.

Learning
Section score FXCM 100 IC Markets 100
Education
Education center i
Education for beginners i
Education for advanced traders i
Webinars i
Tutorials i
Glossary i
Research
Economic calendar i
Traders' sentiment i
Daily market commentary i
Daily trading ideas i
News via social media i
Professional reports i
Watchlist i
FXCM
Open Account 66% of retail investor accounts lose money when trading CFDs with this provider.
IC Markets
Not licensed in the UK 72.52% of retail investor accounts lose money when trading CFDs with this provider.
Our verdict

FXCM vs IC Markets: which one should you choose?

FXCM

CFD/FX Choose FXCM if you want an online CFD broker regulated in the UK by the FCA, with a guaranteed stop loss, fast execution and micro accounts.

Open Account 66% of retail investor accounts lose money when trading CFDs with this provider.
IC Markets

CFD/FX Choose IC Markets if you want a CFD and forex broker for high-frequency trading strategies, with no minimum deposit and several trading platforms and live in a country where it is licensed to operate.

Not licensed in the UK 72.52% of retail investor accounts lose money when trading CFDs with this provider.

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