FXTM vs. IC Markets Broker - Online Brokerage Comparison

FXTM vs. IC Markets Broker Comparison

FXTM and IC Markets Comparison Table
Online BrokerMinimum DepositTrading PlatformsMarketsRegulated
$5MT4, MT5250+FCA, CySEC, FSCA, FSC
$200MT4, MT5, cTrader230+ASIC

FXTM and IC Markets Comparison

Both FXTM and IC Markets offer ECN services. FXTM additionally offers instant execution, non-ECN accounts. Both brokers offer MT4 and MT5. IC Markets additionally provides cTrader.

FXTM has the lower minimum deposit, at a relatively low $5. However for its ECN trading account which charges commissions, and can offer low Forex spreads, it has a higher minimum deposit than IC Markets. But FXTM has the same minimum deposit for its ECN account which does not charge commissions.

It can be noted that IC Markets offers an account which charges Forex commissions (and can have low Forex spreads) and an account which does not charge commissions but can have higher Forex spreads. But there is no difference in minimum deposit between these accounts. FXTM has Pro accounts, requiring a high minimum deposit and offering ECN caliber spreads, without a commission charge.

FXTM is regulated by the FCA in the United Kingdom, by the CySEC in Cyprus and by the FSC in Mauritius and is licensed by the FSCA in South Africa. IC Markets is regulated by the ASIC in Australia.

Quick comparison

IC Markets is an ECN broker, FXTM can offer a range of account types, some ECN, some not (with instant execution). FXTM offers a very low minimum deposit for its Cent instant execution account. Both are MT4 and MT5 brokers, though IC Markets also provides cTrader.

No dealing desk

FXTM's ECN accounts are no dealing desk, its three Standard accounts are not, while IC Markets is no dealing desk for all its accounts.

Minimum deposit and account types

The minimum deposit for FXTM is $5 and for ECN trading is $200. The minimum deposit for IC Markets is $200.

  • FXTM provides three Standard accounts. These are the Standard, Cent and Shares accounts. The minimum deposit for the Cent account is $/€/£5 or ₦1,000 and the minimum deposit for the Standard and Shares account is $/€/£100 or ₦20,000. These are instant execution accounts (they are not no dealing desk). Micro lot trading is available for all account types. Scalping is allowed only on the ECN accounts. FXTM provides a range of tools, including signals, daily market analysis, news and an economic calendar.
  • FXTM offers a number of ECN accounts. There include the FXTM ECN Account, the ECN Zero, the FXTM ECN MT5, the Strategy Account, FXTM Pro and FXTM Pro MT5. The ECN and MT5 accounts charge commissions, the others do not. The minimum deposit for the ECN Zero account is $/€/£200 or ₦20 000, the minimum deposit for the FXTM ECN MT5 account is $/€/£500 or ₦20,000, the minimum deposit for the Strategy Account is $/€/£100 and the minimum deposit for the FXTM Pro accounts is $/€/£25,000 or ₦5,000,000.
  • IC Markets offers four account types. These are Standard, True ECN, Islamic (Swap Free) and the cTrader ECN account. IC Markets has a focus on providing fast low latency ECN trading conditions.
  • IC Markets's Standard account does not charge a commission, but the True ECN account charges a commission. The cTrader ECN also charges commissions.

Both brokers allow scalping.

Markets

  • FXTM can offer slightly different numbers of CFD instruments for each ECN account types, which can be between 35+ and 60+. The FXTM ECN account offers 60+. All the accounts provide Forex and Precious Metals, the FXTM ECN account can also offer Energy and Indices.
  • For the non-ECN accounts, FXTM can offer more CFD instruments on the Standard account, with 75+ covering Forex, Precious Metals, Energy and Indices. The Cent account offers less, at 25+, covering Forex and Precious Metals. FXTM also has a non-ECN account which provides 180+ Shares CFDs. The total is 250+ across all accounts.
  • IC Markets offers 230+, covering Forex, Indices, Energy, Precious Metals, Cryptocurrencies, Stocks, ETFs and Bonds.

Spreads and leverage

  • Spreads at FXTM are variable, and for EUR/USD are from 1.3 on the Standard account, 1.5 on the Cent account, 0.1 on the ECN account, 0.5 on the ECN Zero account, 0.2 on the FXTM ECN MT5 account, 0.3 on the Strategy account and 0 on the FXTM Pro accounts.
  • FXTM offers a typical spread of 5.0 (Standard) and 1.5 (ECN) for UK100, a minimum spread from .107 (Standard) and .05 (ECN) for Gold and a typical spread of 0.09 (Standard) and 0.04 (ECN) For US Oil. The Shares Account has spreads on Share CFDs from 0.1.
  • Spreads at IC Markets are variable and are from -0.3 for EUR/USD (0.0 on MT4), 1 for UK100, 0.3 for Gold and 0.01 for US Crude Oil. For the Standard account EUR/USD spreads are from 1.

Maximum leverage for FXTM (FCA or CySEC regulated) is . Maximum leverage for IC Markets is 500:1.

Commissions

  • FXTM charges a commission starting at $2 per lot per side, depending on the equity in the account and the volume traded. There is no commission charged for the ECN Zero, Strategy or Pro accounts or the non-ECN accounts.
  • IC Markets charges a commission of $3.50 per lot per side for the True ECN account and the cTrader account charges a commission of $3 per 100,000 USD traded per side. Commissions are charged only for Forex and Metals.

Platforms

The FXTM ECN accounts provides MT4 for desktop and mobile and a webtrader which is based on MT4. The FXTM ECN MT5 account provides MT5, which provides Level II pricing.

IC Markets provides a web trader, MT4, MT5 and cTrader (including cAlgo) and supports trading automation. cTrader provides Level II pricing.

Comparison summary

  • Both brokers offer MT4 and MT5, IC Markets additionally offers cTrader
  • IC Markets provides very low Forex spreads, with a commission charge on its ECN account
  • IC Markets also offers higher Forex spreads without a commission charge on its Standard (STP/ECN) account
  • FXTM provides very low Forex spreads with a commission charge on its ECN account
  • FXTM can offer higher Forex spreads without a commission charge on its ECN Zero account
  • FXTM provides higher spreads as well on its non-ECN accounts, with no commission charge
  • For a relatively large minimum deposit, FXTM can offer Forex spreads from 0.0, with no commission charge
  • FXTM has a lowest minimum deposit, on its Cent account
  • FXTM also has a lower minimum deposit on its other Standard accounts
  • On its ECN Zero account, FXTM has the same minimum deposit as IC Markets
  • On its ECN account (with a commission charge), FXTM has a higher minimum deposit than IC Markets

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