Written by ForexBrokers.com
In this head to head comparison of IC Markets vs HFM, we will compare the trading platforms, mobile apps, range of investments, costs, market research, and more. Let's dive in.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 51% and 89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
IC Markets vs HFM: IC Markets, founded in 2007, and HFM, founded in 2010, are online brokers that are not publicly traded and are not banks. ForexBrokers.com rates IC Markets at 83/99 and HFM at 85/99 on its Trust Score; both scores sit in the trusted range (80-89), below the highly trusted band (90-99) and above average risk (70-79).
On regulation, each broker holds two Tier-1 licenses, which ForexBrokers.com considers highly trusted. IC Markets holds zero Tier-2 licenses, while HFM holds three Tier-2 licenses, meaning both have similar top-tier oversight but HFM adds broader mid-tier regulatory coverage.
| Feature |
IC Markets
|
HFM
|
|---|---|---|
| Year Founded | 2007 | 2010 |
| Publicly Traded (Listed) | No | No |
| Bank | No | No |
| Tier-1 Licenses | 2 | 2 |
| Tier-2 Licenses | 0 | 3 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 3 | 2 |
IC Markets is the lower-cost choice for most traders when it comes to commissions and fees. It offers a commission-free Standard account, plus Raw Spread accounts for MT4, MT5, and cTrader. On its commission-based accounts, pricing is very competitive: the cTrader Raw Spread account charges about $3.00 per side per 100,000 units, while the MT4/MT5 Raw Spread account charges $3.50 per side. IC Markets also reports very tight spreads, with its EUR/USD average listed at 0.02 pips, and its overall trading costs can land near 0.62 to 0.72 pips once commissions are included. This helped IC Markets earn 5 stars and a ranking of #5 out of 36 brokers for Commissions & Fees.
HFM’s trading costs are a bit higher than the industry average. Its standard accounts typically show spreads around 1.2 pips, though the company does not provide a clear date range for that figure. HFM’s Zero account can bring the effective spread down to about 0.7 pips after commission, but this is not presented as an average cost. Overall, HFM is still usable for cost-conscious traders, but it does not match IC Markets on price. HFM earned 4 stars and ranked #28 out of 36 brokers in the Commissions & Fees category.
In simple terms, IC Markets is usually the better pick if low fees and tight spreads are your main priority. HFM may still be worth considering, especially for traders who want its account options, but IC Markets offers the stronger value for commissions and trading costs overall.
| Feature |
IC Markets
|
HFM
|
|---|---|---|
| Minimum Deposit | $200 | $0 |
| Average spread (EUR/USD) - Standard account | 0.62 | 1.8 |
| All-in Cost EUR/USD - Active | 0.62 | 1.1 |
| Non-wire bank transfer | No | No |
| PayPal (Deposit/Withdraw) | Yes | No |
| Skrill (Deposit/Withdraw) | Yes | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
When it comes to range of investments, IC Markets gives traders a wider selection than HFM. IC Markets offers 3,583 tradeable symbols and 61 forex pairs, while HFM provides 344 symbols and 38 forex pairs. Both brokers support forex trading as a CFD or spot contract, plus copy trading and cryptocurrency CFDs. Neither broker lets you buy actual cryptocurrency, and neither offers exchange-traded U.S. shares such as Apple on the U.S. market.
One key difference is that IC Markets offers exchange-traded securities on international exchanges, such as shares listed in London, while HFM does not. That broader market access helps explain why IC Markets is rated 4.5 out of 5 stars for Range of Investments and ranked #22 out of 36 brokers by ForexBrokers.com, compared with HFM’s 4 out of 5 stars and #28 ranking.
| Feature |
IC Markets
|
HFM
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 3583 | 344 |
| Forex Pairs (Total) | 61 | 38 |
| U.S. Stocks (Shares) | No | No |
| Global Stocks (Non-U.S. Shares) | Yes | No |
| Copy Trading | Yes | Yes |
| Cryptocurrency (Underlying) | No | No |
| Cryptocurrency (CFDs) | Yes | Yes |
| Disclaimers | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). |
Dive deeper: Best Copy Trading Platforms.
IC Markets and HFM both give traders a strong set of platform choices for everyday trading. Each broker offers a free demo account, MetaTrader 4, MetaTrader 5, web-based trading, Windows desktop downloads, copy trading, and the ability to trade directly from charts. That means either option can work well for beginners who want to practice first, as well as more active traders who like using familiar tools across desktop and browser platforms.
The main difference is that HFM also offers its own in-house trading platform, while IC Markets does not. Both brokers are rated 4 out of 5 stars for Trading Platforms and Tools, but IC Markets is ranked higher by ForexBrokers.com in this category, placing #17 out of 36 brokers compared with HFM at #33. For traders comparing the two, IC Markets may have the edge on overall platform and tool strength, while HFM stands out for adding a proprietary platform to the mix.
| Feature |
IC Markets
|
HFM
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Desktop Trading Platform | No | Yes |
| Desktop Platform (Windows) | Yes | Yes |
| Web Platform | Yes | Yes |
| Copy Trading | Yes | Yes |
| MetaTrader 4 (MT4) | Yes | Yes |
| MetaTrader 5 (MT5) | Yes | Yes |
| Charting - Indicators / Studies (Total) | 30 | 38 |
| Charting - Trade From Chart | Yes | Yes |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
IC Markets and HFM both give traders mobile apps for iPhone and Android, plus price alerts, trendline drawing, and auto-saving chart drawings. Neither broker offers watchlist symbol syncing between the mobile app and online account, so watchlist changes do not carry over automatically. For everyday mobile trading basics, the two platforms are fairly even and both earn 4 out of 5 stars for mobile trading apps.
The biggest difference is in charting tools. IC Markets offers 30 technical studies in its mobile app, while HFM offers just 5. That gives IC Markets a clearer edge for traders who want more chart analysis on the go. This also shows in their broader rankings, with IC Markets placing #22 out of 36 brokers for mobile trading apps, compared with HFM at #32.
| Feature |
IC Markets
|
HFM
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Price Alerts | Yes | Yes |
| Mobile Watchlists - Syncing | No | No |
| Mobile Charting - Indicators / Studies | 30 | 5 |
| Mobile Charting - Draw Trendlines | Yes | Yes |
| Mobile Charting - Trendlines Autosave | Yes | Yes |
Dive deeper: Best Forex Trading Apps.
IC Markets and HFM both give traders a well-rounded set of market research tools. Each broker provides daily market commentary, forex news from major outlets such as Bloomberg and Reuters, an economic calendar, Autochartist tools, and a sentiment tracker that helps show whether traders are leaning long or short on different instruments. Both also earned a 4-star rating for Research from ForexBrokers.com. One area where IC Markets stands out is Trading Central, which it offers and HFM does not.
HFM has a slight edge in the overall research ranking, placing #18 out of 36 brokers, compared with IC Markets at #21. HFM also offers Acuity Trading tools, such as Signal Centre, while IC Markets does not. Neither broker includes TipRanks research. In short, both are strong choices for market research, but HFM offers a bit more variety, while IC Markets has the added benefit of Trading Central.
| Feature |
IC Markets
|
HFM
|
|---|---|---|
| Daily Market Commentary (Articles) | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | Yes | Yes |
| Trading Central | Yes | No |
| Client sentiment data | Yes | Yes |
| TipRanks | No | No |
| Acuity Trading | No | Yes |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
When it comes to learning support for beginners, both IC Markets and HFM give new traders plenty of help. Each broker offers forex and CFDs education with more than 10 learning items, monthly educational webinars, and at least 10 beginner-focused videos, along with 10 or more videos for advanced traders. For someone just starting out, this means both platforms provide a solid mix of articles, videos, and live sessions to help explain trading basics and more complex topics.
That said, IC Markets has the edge in overall education quality. Both brokers are rated 4 out of 5 stars for Education, but IC Markets is ranked #16 out of 36 brokers by ForexBrokers.com, while HFM is ranked #29. So if you want a broker with a slightly stronger education offering for beginners, IC Markets comes out ahead, even though HFM still delivers a useful range of learning tools.
| Feature |
IC Markets
|
HFM
|
|---|---|---|
| Webinars | Yes | Yes |
| Videos - Beginner Trading Videos | Yes | Yes |
| Videos - Advanced Trading Videos | Yes | Yes |
Dive deeper: Best Forex Brokers for Beginners.
After testing 63 of the best forex brokers, our research and account testing finds that IC Markets is better than HFM. IC Markets finished with an overall rank of #21, while HFM finished with an overall rank of #27.
IC Markets’ competitive pricing and scalable execution make it an excellent option for algorithmic traders. Though it supports an impressive range of third-party tools and plugins, IC Markets’ research and education offerings are not as impressive as those offered by industry leaders.
| Feature |
IC Markets
|
HFM
|
|---|---|---|
| Overall Rating |
|
|
| Trust Score | 83 | 85 |
| Range of Investments |
|
|
| Trading Fees |
|
|
| Trading Platforms |
|
|
| Research |
|
|
| Mobile Trading |
|
|
| Education |
|
|
IC Markets vs HFM: both online brokers do not offer the ability to buy actual (delivered) cryptocurrencies, but each supports cryptocurrency trading via CFDs.
IC Markets vs HFM: both lack ACH/SEPA and support Skrill and bank wires; IC Markets additionally supports PayPal (HFM does not), and Visa/Mastercard availability is not specified for either.
Please note:
We review each broker’s overall global offering – a “Yes” checkmark in our Compare Tool does not guarantee the availability of any specific features in your country of residence. To verify the availability of any features within your country of residence, please contact the broker directly.
Select Brokers
↓×Compare
0 of 5| Overall Rating | IC Markets | HFM | |
|---|---|---|---|
| Overall Rating |
|
| |
| Trading Fees |
|
| |
| Range of Investments |
|
| |
| Trading Platforms |
|
| |
| Mobile Trading |
|
| |
| Research |
|
| |
| Education |
|
| |
| Trust Score | 83 | 85 | |
| Winner | check_circle | ||
| Review | IC Markets Review | HFM Review |
| Broker Screenshots | IC Markets | HFM | |
|---|---|---|---|
| Broker Gallery (click to expand) |
|
|
| Regulation | IC Markets | HFM | |
|---|---|---|---|
| Trust Score | 83 | 85 | |
| Year Founded | 2007 | 2010 | |
| Publicly Traded (Listed) | No | No | |
| Bank | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes | |
| Tier-1 Licenses | 2 | 2 | |
| Tier-2 Licenses | 0 | 3 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 3 | 2 |
| Tier-1 Licenses (Highly Trusted) | IC Markets | HFM | |
|---|---|---|---|
| Australia (ASIC Authorised) | Yes | No | |
| Canada (CIRO Authorised) | No | No | |
| Hong Kong (SFC Authorised) | No | No | |
| Japan (FSA Authorised) | No | No | |
| Singapore (MAS Authorised) | No | No | |
| Switzerland (FINMA Authorised) | |||
| United Kingdom (U.K.) (FCA Authorised) | No | Yes | |
| USA (CFTC Authorized) | No | No | |
| New Zealand (FMA Authorised) | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes |
| Tier-2 Licenses (Trusted) | IC Markets | HFM | |
|---|---|---|---|
| Kenya (CMA Authorised) | Yes | ||
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | No | Yes | |
| UAE (DFSA, FSRA, or CMA Authorised) | No | Yes | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) |
| Investments | IC Markets | HFM | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 3583 | 344 | |
| Forex Pairs (Total) | 61 | 38 | |
| U.S. Stocks (Shares) | No | No | |
| Global Stocks (Non-U.S. Shares) | Yes | No | |
| Copy Trading | Yes | Yes | |
| Cryptocurrency (Underlying) | No | No | |
| Cryptocurrency (CFDs) | Yes | Yes | |
| Disclaimers | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). |
| Cost | IC Markets | HFM | |
|---|---|---|---|
| Average spread (EUR/USD) - Standard account | 0.62 | 1.8 | |
| All-in Cost EUR/USD - Active | 0.62 | 1.1 | |
| Inactivity Fee | No | Yes | |
| Order execution: Agency | Yes | No | |
| Order execution: Market Maker | Yes | Yes |
| Funding | IC Markets | HFM | |
|---|---|---|---|
| Minimum Deposit | $200 | $0 | |
| PayPal (Deposit/Withdraw) | Yes | No | |
| Skrill (Deposit/Withdraw) | Yes | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| Non-wire bank transfer | No | No |
| Trading Platforms | IC Markets | HFM | |
|---|---|---|---|
| Proprietary Desktop Trading Platform | No | Yes | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Copy Trading | Yes | Yes | |
| MetaTrader 4 (MT4) | Yes | Yes | |
| MetaTrader 5 (MT5) | Yes | Yes | |
| cTrader | Yes | No |
| Trading Tools | IC Markets | HFM | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Price Alerts | Yes | Yes | |
| Charting - Indicators / Studies (Total) | 30 | 38 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | IC Markets | HFM | |
|---|---|---|---|
| Android App | Yes | Yes | |
| Apple iOS App | Yes | Yes | |
| Mobile Price Alerts | Yes | Yes | |
| Mobile Watchlist [DELETED] | |||
| Mobile Watchlists - Syncing | No | No | |
| Mobile Charting - Indicators / Studies | 30 | 5 | |
| Mobile Charting - Draw Trendlines | Yes | Yes | |
| Mobile Charting - Trendlines Autosave | Yes | Yes | |
| Mobile Research - Economic Calendar | Yes | Yes |
| Research | IC Markets | HFM | |
|---|---|---|---|
| Daily Market Commentary (Articles) | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | Yes | Yes | |
| Trading Central | Yes | No | |
| TipRanks | No | No | |
| Client sentiment data | Yes | Yes | |
| Economic Calendar | Yes | Yes |
| Education | IC Markets | HFM | |
|---|---|---|---|
| Webinars | Yes | Yes | |
| Videos - Beginner Trading Videos | Yes | Yes | |
| Videos - Advanced Trading Videos | Yes | Yes |
| Major Forex Pairs | IC Markets | HFM | |
|---|---|---|---|
| GBP/USD [DELETED] | |||
| USD/JPY [DELETED] | |||
| EUR/USD | Yes | Yes | |
| USD/CHF [DELETED] | |||
| USD/CAD [DELETED] | |||
| NZD/USD [DELETED] | |||
| AUD/USD [DELETED] | |||
| Review | IC Markets Review | HFM Review |
| Overall | IC Markets | HFM | |
|---|---|---|---|
| Overall Rating |
|
| |
| Trading Fees |
|
| |
| Range of Investments |
|
| |
| Trading Platforms |
|
| |
| Mobile Trading |
|
| |
| Research |
|
| |
| Education |
|
| |
| Trust Score | 83 | 85 | |
| Winner | check_circle | ||
| Review | IC Markets Review | HFM Review |
IG
FOREX.com
CMC Markets
XTB
eToro
AvaTrade
Pepperstone
FP Markets
Tickmill