IC Markets versus FXCM

FXCM ranks among the most competitive algorithmic brokers. Besides MT4, traders get six specialty platforms for algorithmic trading and API trading. 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
• Available Markets
• Typical Spreads and Fees
• Security and Trust
• IC Markets versus FXCM - Verdict

Headquarters	United Kingdom	Australia
Regulators	ASIC, CySEC, FCA, FSCA	ASIC, CySEC, FSA
Tier 1 Regulator(s)?
Owned by Public Company?
Year Established	1999	2010
Execution Type(s)	Market Maker, No Dealing Desk	ECN/STP
Minimum Deposit	$50	$200
Trading Platform(s)	Other, MetaTrader 4, Proprietary platform, Web-based+	MetaTrader 4, MetaTrader 5, cTrader
Average Trading Cost EUR/USD	0.6 pips	0.0 pips ($0.00)
Average Trading Cost GBP/USD	1.0 pips	0.0 pips ($0.00)
Average Trading Cost WTI Crude Oil	0.034 pips	$0.03
Average Trading Cost Gold	0.30 pips	$0.05
Retail Loss Rate	70.0%	N/A
Minimum Raw Spreads	0.2 pips	N/A
Minimum Standard Spreads	0.7 pips	N/A
Minimum Commission for Forex	$5.00/round lot	N/A
Islamic Account
Signals
US Persons Accepted?
Managed Accounts
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Features and Platforms

MT4
MT5
cTrader
Proprietary Platform
Automated Trading
DOM?
Guaranteed Stop Loss
Scalping
Hedging
One-Click Trading
OCO Orders
Interest on Margin
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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

Currency Pairs	N/A
Cryptocurrencies	N/A
Commodities
Crude Oil
Gold
Metals
Equity Indices
Stocks (non-CFDs)
Bonds	N/A
ETFs
Futures
Synthetics
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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

Average Trading Cost EUR/USD	0.6 pips	0.0 pips ($0.00)
Average Trading Cost GBP/USD	1.0 pips	0.0 pips ($0.00)
Average Trading Cost WTI Crude Oil	0.034 pips	$0.03
Average Trading Cost Gold	0.30 pips	$0.05
Average Trading Cost Bitcoin	$40	$12.47
Minimum Raw Spreads	0.2 pips	N/A
Minimum Standard Spreads	0.7 pips	N/A
Minimum Commission for Forex	$5.00/round lot	N/A
Deposit Fee		N/A
Withdrawal Fee		N/A
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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

Country of the Regulator	New Zealand, Seychelles	Australia, The Bahamas, Cyprus, Seychelles
Name of the Regulator	ASIC, CySEC, FCA, FSCA	ASIC, CySEC, FSA
Regulatory License Number	403326, SD045	335692, SD018, SIA-F214, 362/18
Regulatory Tier	N/A	1, 4, 4, 1
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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

Pros	Cons
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

Pros	Cons
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.

You might also be interested in reviewing the below broker comparisons:

• FXCM vs Capital.com
• FXCM vs XM
• FXCM vs EasyMarkets
• IC Markets vs Eightcap
• IC Markets vs Tickmill
• IC Markets vs BlackBull

Read full FXCM Review

Read full IC Markets Review