FXCM vs IC Markets - 2023 Comparison | FX Australia
AuthorBy Björn Michels
Updated: August 29, 2022

Trading with a reputable online broker is a crucial factor for success in the international markets. At FX Australia, we help you find the broker that suits your trading needs.

Each year we spend thousands of hours testing brokers by opening accounts, testing their platforms, and rating them according to a set of over 200 metrics. We deposit real money with the brokers to ensure that the products and user experience they advertise are consistent with reality.

We have found that the best way for traders to choose a broker is to compare brokers side-by-side. The comparison tool below allows you to compare two brokers based on their ratings and features.

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Overall Rating
Min. Deposit
Regulation
Trading Desk Type
Trading Instruments
Forex Pairs
Crypto Pairs
Pros
Cons
Regulation
Trading Conditions
Trading Platforms
Deposit & Withdrawal
Education & Research
Assets Available
Customer Service
% Lose with this broker
Leverage
Spread
Hedging
Scalping
Account Types
Islamic Account
Trading Platforms
Funding Methods
Trading Commission
11110.54.18/ 5 AUD 50FCA Regulated BrokersASIC Regulated Forex BrokersFinancial Services Conduct AuthorityCySEC Regulated BrokersBermuda Monetary AuthorityMarket MakerBonds, Commodities, Cryptocurrencies, Energies, Stock CFDs, Forex, Indices, Metals457
  • Well regulated
  • Great platform choice
  • Excellent education
  • Innovative trading tools
  • Limited demo account
Read Review 11110.54.5/ 5 111104/ 5 11110.54.5/ 5 111003/ 5 11110.54.5/ 5 11110.54.5/ 5 111104/ 5 66%30:11.30 pips Active Trader, Standard MT4, TradeStationVisa, Mastercard, Unionpay, Bank Transfer, Skrill, NetellerNone
11110.54.46/ 5 AUD 200CySEC Regulated BrokersASIC Regulated Forex BrokersThe Seychelles Financial Services AuthoritySecurities Commission of the BahamasECN/DMABonds, Commodities, Cryptocurrencies, Stock CFDs, Forex, Futures, Indices6418
  • Well regulated
  • Tight spreads
  • Wide range of assets
  • Great platform choice
  • High minimum deposit
  • Limited market analysis
Read Review 111104/ 5 11110.54.5/ 5 111115/ 5 111104/ 5 111115/ 5 11110.54.5/ 5 11110.54.5/ 5 77%30:10.10 pips RAW - cTrader, RAW - MetaTrader, Standard - MetaTrader MT4, MT5, cTraderVisa, Mastercard, Bank Transfer, Paypal, Neteller, Skrill7 USD / lot - Raw Spread Account

How do IC Markets and FXCM stack up against each other?

The Radar Chart below highlights how the brokers stack up against each other across various metrics. The highest score a broker can receive in each area is 5.

FXCM

IC Markets

At FX Australia, we help traders find the broker that suits their trading needs. In many cases, the best way to achieve this is to compare brokers side-by-side.

To compare IC Markets and FXCM, we used the same factors we use when reviewing brokers: The trust and regulation of the broker, the trading platform, the costs and trading conditions, and the level of education and market analysis available at the broker.

Does IC Markets or FXCM have a better trust and regulation rating?

Trust and regulation are some of the most important factors to consider when choosing a Forex broker. Trust in the Forex trading business is almost entirely founded upon regulation. We spend many hours evaluating the safety of each broker by delving into their fine print and confirming each one of their regulatory licences on the online registers. The more top-tier authorities a broker is regulated by, the higher its trust rating.

In our comparison, we found that FXCM holds two Tier 1 and one Tier 2 licences, and IC Markets holds one Tier 1 and one Tier 2 licences.

 

Can I trust FXCM?

Yes as FXCM was founded in 1999 and is regulated by ASIC, BMA, CySEC, FCA and FSCA.

 

Can I trust IC Markets?

Yes as IC Markets was founded in 2007 and is regulated by ASIC, CySEC, SCB and FSA-Seychelles.

 

Based on these findings, FXCM earned a higher trust rating than IC Markets.

Does IC Markets or FXCM have lower costs?

Another important aspect we consider when comparing brokers is the cost of trading. When evaluating trading costs, we always consider the minimum deposit required to open an account and the ongoing trading costs, including the spreads and commissions. When calculating trading costs, we measure the cost to trade one lot of EUR/USD using the broker’s account with the lowest minimum deposit. The cost includes both the spread and any commission charged. 

Not all brokers publish their trading costs, so we often open accounts and trade on their platforms to verify the spreads and commissions. Based on our reviews, we found that IC Markets has overall lower trading costs than FXCM. 

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Broker
Trading Conditions
Base Currencies
EURUSD (Standard)
Commission
Trading Cost (Standard)
EURUSD (Best)
GBPUSD (Best)
USDJPY (Best)
FXCM
111104/ 5
AUD, NZD, USD
1.30 pips
USD 0
USD 13
1.30 pips
0.60 pips
0.30 pips
IC Markets
11110.54.5/ 5
AUD, USD, EUR, GBP, CAD, SGD, NZD, JPY, CHF, HKD
0.10 pips
USD 7
USD 8
0.02 pips
0.23 pips
0.14 pips

 

Does IC Markets or FXCM offer a better choice of trading platforms?

Traders want Forex brokers to offer them a choice of trading platforms, so we give brokers who offer multiple platforms higher ratings. Trading platforms we consider include MetaTrader4, MetaTrader5, cTrader and proprietary mobile and web-based platforms. 

In this case, IC Markets offers support for cTrader, MT4 and MT5 and FXCM offers support for MT4 and TradeStation. 

Do the brokers offer copy trading?

Copy trading is a great option for beginner traders who can’t trade full-time or lack experience with Forex trading. In this case both FXCM and IC Markets offer copy trading.

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Broker
Platform Choice
Copy Trading
Platforms
FXCM
11110.54.5/ 5
TradeStation

 

Which broker offers a better choice of trading instruments?

A variety of CFD instruments – and a large range of CFDs for each instrument category allow traders more opportunities for profitable trading. The best brokers will have thousands of CFDs to trade, covering all these instrument categories. We found that IC Markets offers a greater range and depth of instruments to trade than FXCM. IC Markets offers 64 Forex pairs to trade and FXCM offers 45 Forex pairs to trade.

Toplist Forex Pairs

And what about Cryptocurrencies?

In this case, IC Markets offers 18 cryptocurrencies while FXCM offers 7 cryptocurrencies. So if you want to trade cryptocurrencies, we advise trading with IC Markets.

Which broker offers better deposit and withdrawal processes?

Although brokers may have reasonable trading fees, many traders are caught out by the high non-trading fees charged by some brokers, including deposits and withdrawals. Traders want to be able to deposit and withdraw funds quickly and cheaply. Most brokers have multiple funding methods with zero fees for making deposits, but some brokers make it more expensive and take longer to process withdrawals. 

We rate brokers more highly that process withdrawals within 24 hours by multiple withdrawal methods and without charging processing fees. We found that both FXCM and IC Markets charges a withdrawal fee. Overall, IC Markets has better deposit and withdrawal processes than FXCM. 

Which broker offers better educational support?

We often find that brokers offer very little in the way of educational materials, forcing traders to use other third-party sites or self-educate elsewhere. Beginner traders need well-structured, well-presented materials in multiple formats to get a good start at trading. More experienced traders also benefit from webinars led by experts in the field and advanced trading strategy sections with new trading ideas. 

IC Markets has better educational support than FXCM. IC Markets offer educational support for more experienced traders and FXCM does not.

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Broker
Beginner Course
Advanced Course
Well Structured Education
Education Quality
Webinars
FXCM
Medium
IC Markets
High

 

Which broker offers better market analysis materials?

To successfully predict the price movements of an instrument, traders will need access to frequent market research and analysis. We find that research and market analysis are always better when they are produced in-house and updated frequently. Third-party resources don’t show the same expertise in trading ideas, so we place a strong emphasis on frequent in-house updates. Some brokers also often offer interactive webinars where traders can learn from experts in the field. 

We found that IC Markets offers better research analysis than FXCM and that both FXCM and IC Markets offer frequent webinars.

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Broker
Economic Calendar
Autochartist
Trading Central
Trading View
Free VPS
FXCM
IC Markets

 

Our overall Verdict on IC Markets

An excellent all-round broker with a very high trust rating, IC Markets was founded in 2007 and holds a regulatory licence from ASIC in Australia. IC Markets is well-known for its low trading costs, choice of trading platforms, and wide range of trading tools.

IC Markets offers a lower-cost trading environment than almost any other broker, with average spreads of 0.10 pips (EUR/USD) on its Raw Spread Account in exchange for a low commission of 6 USD (round turn) per lot.

IC Markets is one of the few Forex brokers to support all three major trading platforms, including MetaTrader4, MetaTrader5, and cTrader; and offers numerous trading tools for each, including VPS services, Trading Central, and various copy trading services.

Beginner traders will benefit from IC Markets’ exceptional customer support, available 24/7 to help with any account or technical queries. While its education section is more comprehensive than most other brokers, it offers a fairly limited selection of market analysis materials.

Our overall Verdict on FXCM

FXCM may appeal to high-volume traders who appreciate a wide platform choice and an extensive suite of advanced trading tools. However, its fixed leverage, high trading costs, high currency conversion fees, and high interest rates on accounts that go into a negative balance may deter some traders. 

A well-regulated broker, FXCM offers an average number of financial instruments compared to other brokers, including Forex, commodities, indices, share CFDs, and cryptocurrencies. FXCM's single account has a minimum deposit of 50 USD and average spreads of 1.3 pips (EUR/USD), which is wider than other brokers. Clients with a notional trading volume of more than 10 million USD per month are eligible for rebates, dedicated customer support, free VPS services, and free access to multiple APIs. 

FXCM 's range of trading platforms includes MT4, various advanced speciality platforms, and FXCM's award-winning proprietary platform, Trading Station. It also offers numerous trading tools, including various API tools, TradingView, Zulutrade, and a host of FXCM apps. 

Which broker has the highest overall rating?

IC Markets has an overall rating of 4.46 and FXCM has an overall rating of 4.18. For more detail please read our reviews of IC Markets and FXCM.

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