FXCM vs. IG Markets

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	FCA	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	300€	$50
Negative Balance Protection		N/A
Trading Platform(s)	MetaTrader 4, Proprietary platform	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	Undisclosed	70.0%
Minimum Raw Spreads	Not applicable	0.2 pips
Minimum Standard Spreads	0.8 pips	0.7 pips
Minimum Commission for Forex	Commission-free	$5.00/round lot
Islamic Account
Signals
US Persons Accepted?
Managed Accounts
	Get Started	Get Started

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
	Get Started	Get Started

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
	Get Started	Get Started

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	0.8 pips	0.7 pips
Minimum Commission for Forex	Commission-free	$5.00/round lot
Deposit Fee
Withdrawal Fee
Inactivity Fee	$12 per month after 24 months	N/A
	Get Started	Get Started

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	Australia, Bermuda, Switzerland, Cyprus, Germany, Japan, New Zealand, Singapore, United States	New Zealand, Seychelles
Name of the Regulator	FCA	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
	Get Started	Get Started

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:

Read full IG Markets Review

Read full FXCM Review

FAQs

Is IG a good broker?

IG Markets ranks among the Top Five brokers globally due to its competitive core product and services portfolio. It complements it with outstanding research and education.

How good is FXCM?

FXCM matured into an excellent broker, especially for algorithmic and API trading. The choice of trading platforms and competitive costs set FXCM apart from most brokers.

Why was FXCM banned?

FXCM lost its US license for repeated malpractice and fraud spanning years, including failure to pass on positive slippage to traders.

Does FXCM or IG offer lower pricing?

Both brokers offer a low-cost pricing environment, and individual preferences of investors and traders determine if FXCM or IG Markets offers lower pricing.

Is FXCM or IG safer for Forex and CFDs trading?

Since 2018, when FXCM began rebranding as a Leucadia company, both brokers present clients with an equally safe Forex and CFDs trading environment.