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 | |
| Visit Website | Visit Website |
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
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.