IC Markets versus FXCM

FXCM ranks among the most competitive algorithmic brokers. Besides MT4, traders get six specialty platforms for algorithmic trading, API trading, and NinjaTrader. Manual traders get the cutting-edge proprietary Trading Station, while ZuluTrade caters to social trading. FXCM added Capitalise AI, allowing traders to automate strategies using an intuitive, code-free environment.

IC Markets, the leader among algorithmic traders based on daily trading volume, maintains one of the best MT4 trading environments with its 20-plugin Advanced Trading Tools package. It also features MT5 and cTrader. All three support algorithmic trading and have embedded copy trading services, supplemented by third-party providers Myfxbook AutoTrade and ZuluTrade.

We have conducted an in-depth review of FXCM and IC Markets to determine which one presents the better overall choice and which traders will benefit the most at either broker.

Features and Platforms

Features & PlatformsFXCM (visit site)IC Markets (visit site)
Headquarter:UKAustralia
Established :
19992010
Retail Loss Rate:
66.00%75.93%
Regulation:
Minimum Deposit:
$50$200
Demo Account:
Managed Account:
Islamic Account:
Inactivity Fee
$50 annually after 12 months
Deposit Fee:
Third-PartyThird-Party
Withdrawal Fee
Third-PartyThird-Party
Funding Methods:
615
MT4:
MT5:
cTrader:
Proprietary Platform:
Automated Trading:
Social / Copy Trading:
MT4/MT5 Add-ons:
Guaranteed Stop Loss:
Negative Balance Protection:
Bonuses and Promotions:
Unique Feature One:
Excellent trading platform choicesExcellent MT4 trading tools
Unique Feature Two:
Deep liquiditySuperior trade execution
Broker Offers:

Noteworthy:

Both brokers provide quality education and research for beginner traders and support 24/7 algorithmic trading with VPS hosting. FXCM maintains higher quality trading platform choices and added cryptocurrency deposits.

Available Markets

Available MarketsFXCMIC Markets
Currency Pairs:
Cryptocurrency Pairs:
Commodities and Metals:
Indices:
Equities:
Bonds:
ETFs:
Options, Futures, and Synthetics:
Maximum Retail Leverage:
1:4001:500
Maximum Pro Leverage:
1:4001:500

While FXCM provides a balanced but more limited selection of trading instruments, IC Markets excels with 2,000+ assets, making it the better choice in this category for traders seeking broad-based market exposure. Equity traders get 1,800+ CFDs at IC Markets versus 150+ at FXCM, where Forex traders are offered a choice of a little less than 40 currency pairs.

Typical Spreads and Fees

Typical Spreads & FeesFXCMIC Markets
Minimum Raw Spreads:
0.2 pips0.0 pips
Minimum Standard Spreads:
1.3 pips0.6 pips
Minimum Commission for Forex:
$5.00 per round lot$6.00 per round lot
Commission for CFDs/DMA:
Commission-free$0.04 per round lot (US)
Commission Rebates:
YesNo
Execution Type:
Market Maker/NDD HybridMarket Maker/ECN

FXCM has lower commissions and a volume-based rebate program, but IC Markets features lower spreads. Most retail traders will achieve lower trading costs at IC Markets, while high-frequency traders can achieve a cheaper pricing environment at FXCM, granting it an overall pricing advantage.

Security and Trust

FXCM

Country of the RegulatorName of the RegulatorLicense Number
Australia
Australian Securities and Investments Commission309763
UK
Financial Conduct Authority217689
Cyprus
Cyprus Securities and Exchange Commission392/20
South Africa
Financial Sector Conduct Authority46534

IC Markets

Country of the RegulatorName of the RegulatorLicense Number
Seychelles
Seychelles Financial Services AuthoritySD018
Australia
Australian Securities & Investments Commission335692
Bahamas
Securities Commission of The BahamasSIA-F214
Cyprus
Cyprus Securities and Exchange Commission362/18

Both brokers segregate client deposits from corporate funds and offer negative balance protection. The UK subsidiary of FXCM and the Cyprus subsidiary at FXCM and IC Markets also maintain an investor compensation fund. Both brokers offer clients an equally secure and trustworthy trading environment with four regulators.

IC Markets vs FXCM – Verdict

FXCM

ProsCons
Excellent choice of trading platforms with dedicated support for algorithmic trading High commission-free Forex trading costs
Deep liquidity, transparent order executions, and monthly slippage statistics
Low-cost commission-based cost structure with a volume-based rebate program
Quality research and education via FXCM Plus

IC Markets

ProsCons
Excellent choice of trading platforms consisting of MT4/MT5, and cTrader Minimum deposit slightly higher but within a reasonable range
Market-leading MT4 upgrade package, MAM/PAMM accounts, and VPS hosting
Social trading support via Myfxbook, MetaTrader Signals, and ZuluTrade
Leverage of up to 1:500, deep liquidity, and superb trade execution

FXCM and IC Markets are market-leading algorithmic brokers, offering traders deep liquidity and superior order execution. IC Markets maintains notably more trading instruments, especially for equity CFD traders. FXCM takes an overall lead due to its choice of trading platforms and cheaper cost structure for high-volume, high-frequency traders.

IC Markets ranks among the most trusted brokers industry-wide due to a clean regulatory track record spanning 12+ years.

FXCM operates with its headquarters in the UK but has offices in Cyprus, Australia, and South Africa..

FAQs

Is IC Markets a trusted broker?

IC Markets ranks among the most trusted brokers industry-wide due to a clean regulatory track record spanning 12+ years.

Is FXCM a true ECN broker?

FXCM is a transparent market maker/NDD hybrid broker, but it is not an ECN broker.

Can I trust FXCM?

Traders can trust FXCM since it relocated from the US to the UK under new management as part of the publicly listed Jefferies Financial Group in 2017.

Is FXCM a market maker?

FXCM is a market maker but also deploys the NDD model. FXCM offers more transparent order execution statistics than most market makers.

Where is FXCM based?

FXCM operates with its headquarters in the UK but has offices in Cyprus, Australia, and South Africa.