If you are reading this article, you’re likely having trouble deciding whether IG Markets or FXCM is the better Forex trading platform for you. While both platforms generally provide positive user experiences, there are some essential differences to note.
In this IG Markets vs FXCM review, we outline the highlights of each trading platform to help you make a more informed decision. We evaluate:
- Features and Platforms
- Available Markets
- Typical Spreads and Fees
- Security and Trust
- IG Markets vs FXCM - Verdict
 |  | |
Headquarters | United Kingdom | United Kingdom |
Regulators | ASIC, BaFin, CySEC, DFSA, FCA, FINMA, FMA, FSCA, JFSA, MAS | ASIC, CySEC, FCA, FSCA |
Tier 1 Regulator(s)? | ||
Owned by Public Company? | ||
Year Established | 1974 | 1999 |
Execution Type(s) | Market Maker | Market Maker, No Dealing Desk |
Minimum Deposit | €0 | $50 |
Negative Balance Protection | N/A | |
Trading Platform(s) | Other, MetaTrader 4, Proprietary platform, Trading View+ | Other, MetaTrader 4, Proprietary platform, Web-based+ |
Average Trading Cost EUR/USD | 0.9 pips | 0.6 pips |
Average Trading Cost GBP/USD | 1.4 pip | 1.0 pips |
Average Trading Cost WTI Crude Oil | $0.03 | 0.034 pips |
Average Trading Cost Gold | $0.30 | 0.30 pips |
Retail Loss Rate | 70.00% | 70.0% |
Minimum Raw Spreads | Not applicable | 0.2 pips |
Minimum Standard Spreads | 0.6 pips | 0.7 pips |
Minimum Commission for Forex | Commission-free | $5.00/round lot |
Islamic Account | ||
Signals | ||
US Persons Accepted? | ||
Managed Accounts | ||
| Visit Website 71% of retail spread bet and CFD accounts lose money | Visit Website |
Features and Platforms
| | |
MT4 | ||
MT5 | ||
MT4/MT5 Add-Ons | N/A | |
cTrader | ||
Proprietary Platform | ||
Automated Trading | ||
Social/Copy Trading | N/A | |
DOM? | ||
Guaranteed Stop Loss | ||
Scalping | ||
Hedging | ||
One-Click Trading | ||
OCO Orders | ||
Interest on Margin | ||
| Visit Website 71% of retail spread bet and CFD accounts lose money | Visit Website |
FXCM offers its proprietary Trading Station, MT4 and ZuluTrade. It recently introduced Capitalise AI, offering advanced algorithmic support, and fully supports API trading. FXCM Plus provides clients with quality research, while beginner traders receive valuable educational content. IG Markets counters with its proprietary web-based browser, MT4, ProReal Time, and L2 Dealer, plus excellent trading tools consisting of 18 MT4 plugins and Autochartist. IG Markets is the biggest CFD broker globally and writes CFDs for clients based on demand. IG Academy remains a superior educational portal, and traders get superb research.
Available Markets
| | |
Currency Pairs | N/A | |
Cryptocurrencies | N/A | |
Commodities | ||
Crude Oil | ||
Gold | ||
Metals | ||
Equity Indices | ||
Stocks (non-CFDs) | ||
Bonds | N/A | |
ETFs | ||
Options | N/A | |
Futures | ||
Synthetics | ||
| Visit Website 71% of retail spread bet and CFD accounts lose money | Visit Website |
FXCM maintains a below-average choice of 40 currency pairs and seven cryptocurrency pairs. Other assets consist of eleven commodities and fifteen index CFDs, also a sub-standard selection. It also presents an unspecified number of equities for international traders from its Bermuda subsidiary, which remains its best offer of available markets. FXCM also has Forex and Stock Baskets, theme-based portfolios that are highly popular with many millennial traders. IG Markets presents 102 currency pairs, three of which belong to a new class of weekend pairs. IG Markets is also the largest CFD broker, with 17,000+ assets and a superior offering.
Typical Spreads and Fees
| | |
Average Trading Cost EUR/USD | 0.9 pips | 0.6 pips |
Average Trading Cost GBP/USD | 1.4 pip | 1.0 pips |
Average Trading Cost WTI Crude Oil | $0.03 | 0.034 pips |
Average Trading Cost Gold | $0.30 | 0.30 pips |
Average Trading Cost Bitcoin | $90 | $40 |
Minimum Raw Spreads | Not applicable | 0.2 pips |
Minimum Standard Spreads | 0.6 pips | 0.7 pips |
Minimum Commission for Forex | Commission-free | $5.00/round lot |
Deposit Fee | ||
Withdrawal Fee | ||
Inactivity Fee | N/A | |
| Visit Website 71% of retail spread bet and CFD accounts lose money | Visit Website |
The commission-free pricing environment at FXCM starts from 1.3 pips or $13.00 per standard lot versus 0.6 pips or $6.00 at IG Markets. The FXCM Bermuda unit lists raw spreads of 0.0 pips without noting commissions. Equity trading remains commission-free while IG Markets levies a minimum commission of 0.10% on CFDs. FXCM and IG Markets maintain volume-based cash rebate programs. Swap rates on leveraged overnight positions apply at both brokers together with third-party payment processor charges. The inactivity fee at FXCM is $50 annually after twelve months versus $12 monthly after 24 months at IG Markets.
Security and Trust
| | |
Country of the Regulator | United Arab Emirates, Australia, Bermuda, The Bahamas, Switzerland, Cyprus, Germany, Japan, New Zealand, Singapore, United Kingdom, United States, South Africa | New Zealand, Seychelles |
Name of the Regulator | ASIC, BaFin, CySEC, DFSA, FCA, FINMA, FMA, FSCA, JFSA, MAS | ASIC, CySEC, FCA, FSCA |
Regulatory License Number | 195355, 378/19, 10148759, confirmed, but no regulaary license number, F001780, 41393, 1489, unconfirmed, 220440, 18923, 0509630, 54814 | 403326, SD045 |
Regulatory Tier | 1, 1, 1, 1, 2, 2, 1, 1, 1, 1, 4 | N/A |
| Visit Website 71% of retail spread bet and CFD accounts lose money | Visit Website |
While the primary regulator of FXCM is the UK Financial Conduct Authority (FCA), most international traders will deal with the Bermuda subsidiary. It continues to recover from the misconduct and fraud of its previous management team. The US publicly-listed Jefferies Financial Group took ownership in 2017, and in 2018, FXCM began rebranding as a Leucadia company. Since then, FXCM has had a clean regulatory record and improved its transparency and honesty. The FCA is also the primary regulator of IG Markets, a UK publicly listed company and FTSE250 constituent. Today, both brokers remain secure and trustworthy.
IG Markets vs FXCM – Verdict
FXCM has come a long way from its fraudulent past and matured into one of the best overall brokers, especially for international traders dealing with the Bermuda subsidiary. The choice of trading platforms and extensive support for algorithmic and API trading make it an excellent destination for demanding traders. Adding to its appeal is a trader-friendly cost structure, as FXCM remains one of the best commission-free brokers globally. The five-tier volume-based cash rebate program, FXCM Plus, and Capitalise AI complement the core trading environment at FXCM. IG Market is the largest CFD broker and presents clients with a broad range of trading platforms and competitive trading tools. The deep liquidity, excellent research, and low-cost pricing environment ensure IG Markets offers a notable edge. Beginner traders will benefit from the IG Academy, one of the best educational resources. Both brokers remain excellent, with individual preferences dictating the superior choice.
You might also be interested in reviewing the below broker comparisons:
- FXCM vs easymarkets
- FXCM vs FxPro
- FXCM vs Plus500
- IG Markets vs ActivTrades
- IG Markets vs SAXO Markets
- IG Markets vs Nadex
