FXTM vs IC Markets - 2024 Comparison | FX Scouts Tanzania
AuthorAuthor: Björn MichelsUpdated: Oct 12, 2023

Last Updated On Oct 12, 2023

Björn Michels

Trading with a reputable online broker is a crucial factor for success in the international markets. At FX Scouts Tanzania, we help you find the broker that suits your trading needs.

Each year we spend thousands of hours testing brokers by opening accounts, testing their platforms, and rating them according to a set of over 200 metrics. We deposit real money with the brokers to ensure that the products and user experience they advertise are consistent with reality.

We have found that the best way for traders to choose a broker is to compare brokers side-by-side. The comparison tool below allows you to compare two brokers based on their ratings and features.

Select brokers to compare

Select brokers to compare

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Broker Score
Min. Deposit
Regulation
Trading Desk Type
Trading Instruments
Forex Pairs
Crypto Pairs
Pros
Cons
Regulation
Trading Conditions
Trading Platforms
Deposit & Withdrawal
Education & Research
Assets Available
Customer Service
% Lose with this broker
Leverage
Spread
Hedging
Scalping
Account Types
Islamic Account
Trading Platforms
Funding Methods
Trading Commission
11110.54.37/ 5 USD 10FCA Regulated BrokersFSCA Regulated Forex BrokersFinancial Services CommissionCapital Markets AuthorityECN/DMA, Market MakerCommodities, Stock CFDs, Forex, Indices, Metals, Shares620
  • Good for beginners
  • Excellent education
  • Well regulated
  • Low minimum deposit
  • Copy trading accounts
  • Expensive withdrawals
Read Review 11110.54.5/ 5 11110.54.5/ 5 11110.54.5/ 5 111003/ 5 111115/ 5 111104/ 5 111115/ 5 81%2000:10 pips Advantage, Advantage Plus, Micro Account MT4, MT5Mastercard, Visa, Bank Transfer, Neteller, Skrill, Fasapay, PerfectMoneyFrom 4 USD / ECN Accounts
11110.54.56/ 5 USD 200CySEC Regulated BrokersASIC Regulated Forex BrokersThe Seychelles Financial Services AuthoritySecurities Commission of the BahamasECN/DMABonds, Commodities, Cryptocurrencies, Stock CFDs, Forex, Futures, Indices6418
  • Well regulated
  • Tight spreads
  • Wide range of assets
  • Great platform choice
  • High minimum deposit
  • Limited market analysis
Read Review 11110.54.5/ 5 11110.54.5/ 5 111115/ 5 111104/ 5 111115/ 5 11110.54.5/ 5 11110.54.5/ 5 70.81%500:10.10 pips RAW - cTrader, RAW - MetaTrader, Standard - MetaTrader MT4, MT5, cTrader, TradingViewVisa, Mastercard, Bank Transfer, Paypal, Neteller, Skrill7 USD / lot - Raw Spread Account

How do IC Markets and FXTM stack up against each other?

The Radar Chart below highlights how the brokers stack up against each other across various metrics. The highest score a broker can receive in each area is 5.

FXTM

IC Markets

At FX Scouts Tanzania, we help traders find the broker that suits their trading needs. In many cases, the best way to achieve this is to compare brokers side-by-side.

To compare IC Markets and FXTM, we used the same factors we use when reviewing brokers: The trust and regulation of the broker, the trading platform, the costs and trading conditions, and the level of education and market analysis available at the broker.

Does IC Markets or FXTM have a better trust and regulation rating?

Trust and regulation are some of the most important factors to consider when choosing a Forex broker. Trust in the Forex trading business is almost entirely founded upon regulation. We spend many hours evaluating the safety of each broker by delving into their fine print and confirming each one of their regulatory licences on the online registers. The more top-tier authorities a broker is regulated by, the higher its trust rating.

In our comparison, we found that IC Markets holds two Tier 1 and no Tier 2 licences, and FXTM holds one Tier 1 and no Tier 2 licences.

 

Is IC Markets financially regulated?

Yes IC Markets was founded in 2007 and is regulated by ASIC, CySEC, SCB and FSA-Seychelles.

 

Is FXTM financially regulated?

Yes FXTM was founded in 2011 and is regulated by CMA, FCA, FSC and FSCA.

 

Based on these findings, 0 earned a higher trust rating than 0.

Does IC Markets or FXTM have lower costs?

Another important aspect we consider when comparing brokers is the cost of trading. When evaluating trading costs, we always consider the minimum deposit required to open an account and the ongoing trading costs, including the spreads and commissions. When calculating trading costs, we measure the cost to trade one lot of EUR/USD using the broker’s account with the lowest minimum deposit. The cost includes both the spread and any commission charged. 

Not all brokers publish their trading costs, so we often open accounts and trade on their platforms to verify the spreads and commissions. Based on our reviews, we found that IC Markets has overall lower trading costs than FXTM. 

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Broker
Trading Conditions
Base Currencies
EURUSD (Standard)
Trading Cost (Standard)
EURUSD (Best)
GBPUSD (Best)
USDJPY (Best)
Commission
FXTM
11110.54.5/ 5
USD, GBP, EUR, NGN
1.50 pips
USD 15
0.00 pips
0.20 pips
0.00 pips
USD 0
IC Markets
11110.54.5/ 5
AUD, USD, EUR, GBP, CAD, SGD, NZD, JPY, CHF, HKD
0.10 pips
USD 8
0.02 pips
0.23 pips
0.14 pips
USD 7

 

Does IC Markets or FXTM offer a better choice of trading platforms?

Traders want Forex brokers to offer them a choice of trading platforms, so we give brokers who offer multiple platforms higher ratings. Trading platforms we consider include MetaTrader4, MetaTrader5, cTrader and proprietary mobile and web-based platforms. 

In this case, IC Markets offers support for and FXTM offers support for . 

Do the brokers offer copy trading?

Copy trading is a great option for beginner traders who can’t trade full-time or lack experience with Forex trading. In this case both FXTM and IC Markets offer copy trading.

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Broker
Platform Choice
Copy Trading
Platforms
FXTM
11110.54.5/ 5
IC Markets
111115/ 5
TradingView

 

Which broker offers a better choice of trading instruments?

A variety of CFD instruments – and a large range of CFDs for each instrument category allow traders more opportunities for profitable trading. The best brokers will have thousands of CFDs to trade, covering all these instrument categories. We found that IC Markets offers a greater range and depth of instruments to trade than FXTM. IC Markets offers 64 Forex pairs to trade and FXTM offers 62 Forex pairs to trade.

Toplist Forex Pairs

And what about Cryptocurrencies?

In this case, IC Markets offers 18 cryptocurrencies while FXTM offers 0 cryptocurrencies. So if you want to trade cryptocurrencies, we advise trading with IC Markets.

Which broker offers better deposit and withdrawal processes?

Although brokers may have reasonable trading fees, many traders are caught out by the high non-trading fees charged by some brokers, including deposits and withdrawals. Traders want to be able to deposit and withdraw funds quickly and cheaply. Most brokers have multiple funding methods with zero fees for making deposits, but some brokers make it more expensive and take longer to process withdrawals. 

We rate brokers more highly that process withdrawals within 24 hours by multiple withdrawal methods and without charging processing fees. We found that both FXTM and IC Markets charges a withdrawal fee. Overall, IC Markets has better deposit and withdrawal processes than FXTM. 

Which broker offers better educational support?

We often find that brokers offer very little in the way of educational materials, forcing traders to use other third-party sites or self-educate elsewhere. Beginner traders need well-structured, well-presented materials in multiple formats to get a good start at trading. More experienced traders also benefit from webinars led by experts in the field and advanced trading strategy sections with new trading ideas. 

FXTM and IC Markets both have very good educational support. Both FXTM and IC Markets offer educational support for more experienced traders.

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Broker
Beginner Course
Advanced Course
Well Structured Education
Education Quality
Webinars
FXTM
High
IC Markets
High

 

Which broker offers better market analysis materials?

To successfully predict the price movements of an instrument, traders will need access to frequent market research and analysis. We find that research and market analysis are always better when they are produced in-house and updated frequently. Third-party resources don’t show the same expertise in trading ideas, so we place a strong emphasis on frequent in-house updates. Some brokers also often offer interactive webinars where traders can learn from experts in the field. 

We found that 0 offers better research analysis than 0 and that both FXTM and IC Markets offer frequent webinars.

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Broker
Economic Calendar
Autochartist
Trading Central
Trading View
Free VPS
FXTM
IC Markets

 

Our overall Verdict on IC Markets

IC Markets is an Australian broker offering CFD trading on Forex, commodities, indices, bonds, cryptocurrencies, stocks, and futures. Compared to other ECN brokers, IC Markets has low trading costs, fast execution, and wide trading platform support – with MT4, MT5 and cTrader all available.

IC Markets caters to advanced traders with periodic strategy webinars, advanced analysis tools and a free VPS service for active traders. But – despite its focus on providing great trading conditions – IC Markets fails to deliver a structured course for beginners and Forex education, in general, is weaker than IC Market’s competitors.

Our overall Verdict on FXTM

FXTM is a multi-regulated FSCA registered CFD broker offering clients trading on Forex, cryptocurrencies, indices, metals and stocks. With a complete education and market analysis section, and the unique FXTM Invest copy trading platform, FXTM is plagued by unfavourable trading conditions and platform choice limits on their entry-level accounts and charging withdrawal fees.

Beginners at FXTM will find a good overview of how Forex trading works and the basics of a beginners course in their guides and tutorials, webinars, ebooks, trading glossary and videos that cover beginner and intermediate topics. Daily market analysis will help beginners understand the real-world implications of news events on the Forex market and where the opportunities lie. However, Serious beginners should consider the ECN Account (minimum deposit 500 USD) or the ECN Zero Account (minimum deposit 200 USD) as trading conditions dramatically improve to fall in line with industry averages.

Which broker has the highest overall rating?

IC Markets has an overall rating of 4.56 and FXTM has an overall rating of 4.37. For more detail please read our reviews of IC Markets and FXTM.

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