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FXCM vs IC Markets 2022

BrokerNotes.co

Written by BrokerNotes.co

November 08, 2022

Trying to decide between FXCM and IC Markets? Weโ€™ve taken the guesswork out of the equation with our Comparison Tool. Use our tool to compare hundreds of data points, side-by-side, to see how these two brokers stack up against each other.

Based on our extensive research, hands-on testing, and expert analysis of over a hundred data-driven variables, we've determined that, overall, FXCM ranks more highly than IC Markets.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 65% and 82% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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Overall RatingFXCMIC MarketsIG
Overall Rating8.5 / 108.2 / 109.9 / 10
Account TypeFXCMIC MarketsIG
Standard Trade Size (100,000 units)YesYesYes
Mini Trade Size (10,000 units)YesYesYes
Micro Trade Size (1,000 units)YesYesYes
Islamic AccountNoYesNo
Copy TradingFXCMIC MarketsIG
Social Trading / Copy TradingYesYesYes
DupliTradeNoNoNo
ZuluTradeYesYesNo
CryptocurrencyFXCMIC MarketsIG
Cryptocurrency (Physical)NoNoNo
Cryptocurrency (CFD)YesYesYes
BitcoinYesYesYes
ethereumYesYesYes
Forex Trading (Spot or CFDs)FXCMIC MarketsIG
Forex Trading (Spot or CFDs)YesYesYes
Mobile Trading - Forex or CFDsYesYesYes
Indices (Index CFDs)FXCMIC MarketsIG
DAXYesYesYes
Dow JonesYesYesYes
FTSEYesYesYes
NASDAQ 100YesYesYes
NikkeiYesYesYes
SP 500YesYesYes
InvestmentsFXCMIC MarketsIG
Forex Trading (Spot or CFDs)YesYesYes
Spread BettingYesNoYes
Social Trading / Copy TradingYesYesYes
MetalsYesYesYes
EnergiesYesYesYes
AgriculturalsNoYesYes
ETFNoYesYes
U.S. Stocks (CFD)YesYesYes
Trading PlatformsFXCMIC MarketsIG
Apple iOS AppYesYesYes
Android AppYesYesYes
Proprietary PlatformYesNoYes
Desktop Platform (Windows)YesYesYes
Web PlatformYesYesYes
MetaTrader 4 (MT4)YesYesYes
MetaTrader 5 (MT5)NoYesNo
Regulatory LicensesFXCMIC MarketsIG
Tier-1 Licenses317
ASIC Authorised (Australia)YesYesYes
IIROC Authorised (Canada)YesNoNo
FCA Authorised (U.K.)YesNoYes
SFC Authorised (Hong Kong)NoNoNo
MAS Authorised (Singapore)NoNoYes
FINMA Authorised (Switzerland)NoNoYes
CFTC Registered (USA)NoNoYes
Tier-2 Licenses312
Tier-3 Licenses011
Research, EducationFXCMIC MarketsIG
Trading Central (Recognia)YesYesNo
Forex News (Top-Tier Sources)YesYesYes
Daily Market CommentaryYesYesYes
AutochartistYesYesYes
Investor Dictionary (Glossary)YesYesYes
Videos - Beginner Trading VideosYesNoYes
Client Webinars (Archived)YesYesYes
Trading CostsFXCMIC MarketsIG
Minimum Initial DepositStarts from $50$200ยฃ250.00
Average Spread EUR/USD - Standard1.38 (Q2 2022)0.62 (August 2021)0.86 (September 2022)
All-in Cost EUR/USD - Active1.38 (Q2 2022)0.62 (August 2021)0.5957 (September 2022)
Active Trader or VIP DiscountsYesYesYes
Bank Wire (Deposit/Withdraw)YesYesYes
Visa/Mastercard (Credit/Debit)YesYesYes
PayPal (Deposit/Withdraw)NoYesYes
Trading ToolsFXCMIC MarketsIG
Watchlists - Total Fields12714
Mobile WatchlistYesYesYes
Charting - Indicators / Studies (Total)573033
Mobile Charting - Indicators / Studies593033
Trust FactorsFXCMIC MarketsIG
Year Founded199920071974
Publicly Traded (Listed)YesNoYes
BankNoNoYes
Authorised in European UnionYesNoYes
Trust Score968699
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FXCM vs IC Markets Comparison

Comparing forex brokers side by side is no easy task. For our 2022 annual forex broker review, we spent hundreds of hours assessing 39 forex and CFD brokerages to find the best forex broker. Let's compare FXCM vs IC Markets.

Can I trust FXCM?

FXCM has a trust score of 96, giving it a "Highly Trusted" trust label. Here's what each trust score label means:

  • "Highly Trusted" (90-99) - These brokers are considered the most trustworthy firms in the industry. Simply put, we would not hesitate to open and fund an account with a Highly Trusted broker.
  • "Trusted" (80-89) - These brokers are reliable and trustworthy. "Trusted" firms are a solid choice, and may simply hold fewer regulatory licences or feature different corporate structures than those brokers that have earned our top Trust Score rating.
  • "Average Risk" (70-79) - Average Risk brokers are firms we generally consider to be safe, but that may warrant a closer inspection before you open and fund a live trading account. At the least, we always encourage traders to check the regulatory licenses for Average Risk firms to verify that they are regulated in their own country of residence.
  • "High Risk" (60-69) - High-risk firms should be scrutinized and carefully reviewed before opening an account. These forex brokers are โ€“ in most cases โ€“ operating without credible regulatory licensing, and likely have a history of legal or financial issues. Before considering an account with a high-risk firm, we recommend checking our country guides for your country of residence to see if a more trusted broker is available.
  • "Do Not Trust" (<59) - We do not recommend opening an account of any kind with a broker that earns a โ€œDo Not Trustโ€ rating.

Can I trust IC Markets?

IC Markets has a trust score of 86, giving it a "Trusted" trust label.

Is FXCM a good broker?

FXCM, a Jefferies Group company, is a long-standing brand that caters to global forex and CFD traders. It offers multiple trading platforms for alogrithmic trading and social copy-trading alongside it's flagship platform suite. The range of markets available at FXCM has increased following the addition of its share trading feature, and its known for providing robust market research โ€“ though pricing at FXM is just average.

Is IC Markets a good broker?

IC Markets' combination of low spreads and commissions, as well as its supportive execution policies that accomodate algorithmic traders make it our pick for the best MetaTrader broker. In addition, IC Markets recently bolstered its range of markets, sending the total available to over 3,000. It's worth noting, however, that its reserach and educational offerings still have lots of room to improve.

What tier-1 jurisdictions is each broker regulated in?

Tier-1 regulators go above and beyond by requiring additional capital requirements, checking in on brokers more frequently, and putting brokers through a tougher screening process. FXCM is ASIC Authorised (Australia), IIROC Authorised (Canada) and FCA Authorised (U.K.), while IC Markets is ASIC Authorised (Australia)., neither have SFC Authorised (Hong Kong), CBI Authorised (Ireland), FSA Authorised (Japan), MAS Authorised (Singapore), FMA Authorised (New Zealand), FINMA Authorised (Switzerland) and CFTC Registered (USA)

What tier-2 jurisdictions is each broker regulated in? What about tier-3?

Tier-2 and tier-3 licenses are still important in evaluating the overall trustworthiness of forex brokers. As far as tier-2 licenses go, FXCM is CySEC Authorised (Cyprus), ISA Authorised (Israel) and FSCA Authorised (South Africa), while IC Markets is CySEC Authorised (Cyprus)., neither have CBRC Authorised (China), SEBI Authorised (India), CBR Authorised (Russia), SEC Authorised (Thailand) and DFSA / Central Bank Authorised (UAE). When comparing tier-3 licenses FXCM is none, while IC Markets is SCB Authorised (Bahamas)., neither have IFSC Authorised (Belize), BMA Authorised (Bermuda), FSC Authorised (British Virgin Islands), CIMA Authorised (Cayman Islands), FSC Authorised (Mauritius) and VFSC Authorised (Vanuatu).

Which broker offers more trading platforms?

For trading platforms FXCM supports a Proprietary Platform, Desktop Platform (Windows) and ZuluTrade, whereas IC Markets supports a Desktop Platform (Windows), cTrader and ZuluTrade., neither have DupliTrade

Does FXCM offer MetaTrader? Does IC Markets offer MetaTrader?

For MetaTrader FXCM provides MetaTrader 4 (MT4), while IC Markets provides MetaTrader 4 (MT4) and MetaTrader 5 (MT5). If MetaTrader is a must for you, read our guides on the best MT4 brokers or best MT5 brokers.

How do FXCM and IC Markets differ in terms of minimum deposit? What about average spreads and funding options?

FXCM requires a minimum deposit of Starts from $50, while IC Markets requires a minimum deposit of $200. From our testing we found FXCM offers spreads of 1.38 (Q2 2022), while IC Markets offers spreads of 0.62 (August 2021). FXCM supports Bank Wire (Deposit/Withdraw), Visa/Mastercard (Credit/Debit) and Skrill (Deposit/Withdraw) for popular funding options, where IC Markets supports Bank Wire (Deposit/Withdraw), Visa/Mastercard (Credit/Debit), PayPal (Deposit/Withdraw) and Skrill (Deposit/Withdraw).

Which brokers offers more tradeable asset classes, FXCM or IC Markets?

FXCM offers a more diverse selection of investment options than IC Markets allowing you to trade Forex Trading (Spot or CFDs), Spread Betting, Social Trading / Copy Trading, Metals, Energies and U.S. Stocks (CFD). Looking at total tradeable symbols, FXCM has 441, compared to 3583 from IC Markets.

Can I trade cryptocurrency with FXCM or IC Markets?

Crypto trading is popular with forex traders. Most crypto assets are offered either as the underlying physical asset or as a CFD or other derivative โ€” including spot forex contracts. In terms of trading physical cryptocurrency neither FXCM nor IC Markets allow you to trade physical cryptocurrencies.

Who offers more research tools, FXCM or IC Markets?

Both FXCM and IC Markets offer a complete suite of research, providing traders with these tools: Autochartist, Daily Market Commentary, Stock Charts, Forex News (Top-Tier Sources), Trading Central (Recognia) and Social Trading / Copy Trading.

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