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, founded in 2007, and HFM, established in 2010, are both reputable online brokers in the trading industry. Neither of them is publicly traded or operates as a bank, aligning their focus squarely on offering trading services. In terms of regulatory safety, both brokers hold two Tier-1 licenses, designating them as highly trusted according to ForexBrokers.com. However, when it comes to Tier-2 licenses, which are considered trusted, IC Markets holds none while HFM has three, offering additional regulatory reassurance.
When comparing their overall trustworthiness, HFM scores slightly higher with an 86 Trust Score compared to IC Markets' 84. These scores reflect their commitment to security and transparency, as outlined by ForexBrokers.com's rating system. While both brokers are deemed trustworthy, HFM edges out IC Markets by a small margin, potentially offering traders a bit more peace of mind given its additional Tier-2 licenses and slightly higher Trust Score.
| 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 stands out as a top choice for traders seeking competitive trading costs, boasting a 5-star rating for commissions and fees. The broker's low-cost structure features minimal effective spreads and a low deposit requirement, making it comparable to other leading forex brokers like IG and CMC Markets. Offering three account types—Standard, Raw Spread, and cTrader Raw Spread—IC Markets caters to a range of trader preferences. The cTrader Raw Spread account offers a more economical commission of $3.0 per side per 100,000 units, whereas the Raw Spread account via MetaTrader (MT4 or MT5) incurs a slightly higher charge of $3.5 per side.
IC Markets also excels in providing cost efficiency, with average spreads on the EUR/USD pair at 0.02 pips. When combined with the commission on the cTrader account, the overall cost totals 0.62 pips, which is highly competitive in the market. For traders favoring a commission-free structure, the Standard account offers an average spread of 0.62 pips. Furthermore, IC Markets incentivizes active traders with discounts for those who trade over 100 standard lots per month, bolstering its appeal.
In contrast, HFM receives a 4-star rating for its commissions and fees, ranking #31 out of 62 brokers in this category. Its standard trading accounts typically offer a spread of 1.2 pips, although the lack of a specified date range suggests that the average spread could be variable. The Zero account features a reduced effective spread of 0.7 pips after commission. While these figures slightly exceed the industry average, traders may find HFM to be a suitable option depending on their trading strategies and volume.
| Feature |
IC Markets
|
HFM
|
|---|---|---|
| Minimum Deposit | $200 | $0 |
| Average Spread EUR/USD - Standard | 0.62 | 1.2 |
| All-in Cost EUR/USD - Active | 0.62 | 0.7 |
| Active Trader or VIP Discounts | Yes | No |
| ACH or SEPA Transfers | No | No |
| PayPal (Deposit/Withdraw) | Yes | No |
| Skrill (Deposit/Withdraw) | Yes | Yes |
| Visa/Mastercard (Credit/Debit) | Yes | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
When comparing the range of investments available at IC Markets and HFM, both brokers offer forex trading as CFDs or spot contracts, providing a gateway to the dynamic forex markets. IC Markets boasts a more extensive array of tradeable symbols, with a staggering 3,583 options, while HFM provides 500 symbols. However, when focusing on forex pairs, HFM surpasses IC Markets by offering 102 pairs compared to IC Markets’ 61. For those interested in global markets, IC Markets stands out by allowing investment in exchange-traded securities on international exchanges, unlike HFM, which does not provide this option. Both platforms support copy trading and offer cryptocurrency derivatives, though neither permits the purchase of actual cryptocurrencies.
In terms of industry ratings, IC Markets is rated 4.5 out of 5 stars for its range of investments, slightly edging out HFM’s 4-star rating. On ForexBrokers.com, IC Markets ranks #25 out of 62 brokers in the Range of Investments category, whereas HFM is positioned at #36. This distinction highlights IC Markets' broader and more diverse investment opportunities, making it a strong choice for traders seeking variety and international investment options.
| Feature |
IC Markets
|
HFM
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 3583 | 500 |
| Forex Pairs (Total) | 61 | 102 |
| U.S. Stock Trading (Non CFD) | No | No |
| Int'l Stock Trading (Non CFD) | Yes | No |
| Social Trading / Copy Trading | Yes | Yes |
| Cryptocurrency (Physical) | No | No |
| Cryptocurrency (Derivative) | 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 provide extensive trading platforms and tools to aid traders of various levels. Both brokers support popular platforms like MetaTrader 4 and MetaTrader 5, and each offers a free virtual demo account for simulated trading. While IC Markets does not have its own proprietary platform, HFM offers one, which might appeal to those looking for a unique trading experience. Both brokers deliver the convenience of web-based trading platforms alongside Windows-based desktop options. Furthermore, copying trading followers can benefit from both brokers' support for this feature, although IC Markets also includes ZuluTrade in its offering, absent in HFM.
When it comes to charting, IC Markets provides 15 drawing tools, whereas HFM supplies double at 30, potentially giving more versatility for technical analysis. Both allow trading directly from stock charts, providing a seamless trading experience. Watch lists at both brokers are comparable, each offering 7 fields for customization. Notably, IC Markets is ranked higher by ForexBrokers.com in the Trading Platforms and Tools category, standing at 17th among 62 brokers, compared to HFM's 42nd rank. Despite these differences, both brokers achieve a 4-star rating for their trading platforms and tools, illustrating solid offerings in this arena.
| Feature |
IC Markets
|
HFM
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Platform | No | Yes |
| Desktop Platform (Windows) | Yes | Yes |
| Web Platform | Yes | Yes |
| Social Trading / Copy Trading | Yes | Yes |
| MetaTrader 4 (MT4) | Yes | Yes |
| MetaTrader 5 (MT5) | Yes | Yes |
| DupliTrade | No | No |
| ZuluTrade | Yes | No |
| Charting - Indicators / Studies (Total) | 30 | 15 |
| Charting - Drawing Tools (Total) | 15 | 30 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 7 | 7 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
Both IC Markets and HFM offer mobile apps for iPhone and Android devices, providing traders with convenient access to forex and stock trading. Each mobile app allows users to set price alerts and manage real-time watchlists, although syncing these watchlists with a client's online account is not available for either broker. In terms of technical charting features, both IC Markets and HFM impress with 30 technical studies, support for drawing trendlines, and the capability to view charts in various time frames, from daily to intraday. Users can also expect their chart drawings to auto-save, ensuring seamless analysis continuity between sessions.
Despite these similarities, IC Markets tends to edge out its competitor in terms of user rankings. The IC Markets mobile app has received a commendable rating of 4 out of 5 stars, mirrored by HFM's app rating, but is ranked higher by ForexBrokers.com at 22nd out of 62 brokers, compared to HFM's ranking of 39th. Both apps offer comprehensive trading capabilities, ensuring traders can stay informed and execute trades with ease wherever they are.
| Feature |
IC Markets
|
HFM
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | No | No |
| Mobile Charting - Indicators / Studies | 30 | 30 |
| Mobile Charting - Draw Trendlines | Yes | Yes |
| Mobile Charting - Multiple Time Frames | Yes | Yes |
| Mobile Charting - Drawings Autosave | Yes | Yes |
| Mobile Watchlist | Yes | Yes |
Dive deeper: Best Forex Trading Apps.
Both IC Markets and HFM provide a strong foundation for market research, offering daily market commentary and forex news from respected sources like Bloomberg and Reuters. They also integrate Autochartist tools for technical and fundamental analysis. However, IC Markets stands out with the inclusion of Trading Central tools, which HFM lacks. On the other hand, both brokers provide traders with sentiment-based tools for currency pairs or other instruments and similar economic calendars for tracking global news events. Neither platform offers market research tools from TipRanks or Acuity Trading.
In terms of ratings, both IC Markets and HFM receive a commendable four-star rating for their research capabilities. When looking at their rankings out of 62 brokers according to ForexBrokers.com, HFM slightly edges out IC Markets, placing 20th compared to 22nd for IC Markets. This suggests that while both providers are quite competitive in offering research tools and insights, HFM holds a marginal advantage in terms of overall ranking, potentially reflecting subtle differences in trader preferences or additional features not strictly tied to research tools.
| Feature |
IC Markets
|
HFM
|
|---|---|---|
| Daily Market Commentary | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | Yes | Yes |
| Trading Central (Recognia) | Yes | No |
| Social Sentiment - Currency Pairs | Yes | Yes |
| TipRanks | No | No |
| Signal Centre (Acuity Trading) | No | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
When it comes to educational resources for beginners, both IC Markets and HFM provide a solid collection of materials focusing on forex and CFDs. Each platform offers more than ten educational pieces such as articles, videos, and archived webinars. For interactive learning experiences, both brokers host at least one educational webinar per month, ensuring continual engagement. Additionally, they each provide a handy archive of past recorded webinars, making it easy for traders to catch up on missed sessions.
The learning resources don't stop there; IC Markets and HFM both furnish an array of beginner-focused educational videos covering essential trading topics while also catering to more advanced traders with specialized content. Moreover, they both offer investor dictionaries with definitions of over 50 investing terms. However, when considering ratings and rankings, IC Markets receives a commendable four-star rating and ranks #16 out of 62 brokers on ForexBrokers.com for educational offerings, while HFM also earns four stars but is ranked at #37. This distinction may make IC Markets slightly more appealing for those prioritizing educational resources.
| Feature |
IC Markets
|
HFM
|
|---|---|---|
| Education (Forex or CFDs) | Yes | Yes |
| Client Webinars | Yes | Yes |
| Client Webinars (Archived) | Yes | Yes |
| Videos - Beginner Trading Videos | Yes | Yes |
| Videos - Advanced Trading Videos | Yes | Yes |
| Investor Dictionary (Glossary) | Yes | Yes |
Dive deeper: Best Forex Brokers for Beginners.
After testing 62 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 #20, while HFM finished with an overall rank of #30.
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 | 84 | 86 |
| Range of Investments |
|
|
| Commissions & Fees |
|
|
| Platform & Tools |
|
|
| Research |
|
|
| Mobile Trading |
|
|
| Education |
|
|
Both IC Markets and HFM provide opportunities for trading cryptocurrency derivatives, yet neither platform allows the purchase of actual cryptocurrency for delivery.
IC Markets and HFM both support Visa, Mastercard, Skrill, and bank wires for account transactions; however, IC Markets stands out by offering PayPal, while neither broker provides ACH or SEPA transfer options.
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 |
|
| |
| Commissions & Fees |
|
| |
| Range of Investments |
|
| |
| Platform & Tools |
|
| |
| Mobile Trading |
|
| |
| Research |
|
| |
| Education |
|
| |
| Trust Score | 84 | 86 | |
| Winner | check_circle | ||
| Review | IC Markets Review | HFM Review |
| Broker Screenshots | IC Markets | HFM | |
|---|---|---|---|
| Trading Platforms Gallery (click to expand) |
|
| |
| Mobile Trading Gallery (click to expand) |
|
| |
| Research Gallery (click to expand) |
|
| |
| Education Gallery (click to expand) |
|
|
| Regulation | IC Markets | HFM | |
|---|---|---|---|
| Trust Score | 84 | 86 | |
| 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 (SFC Authorised) | No | No | |
| Singapore (MAS Authorised) | No | No | |
| Switzerland (FINMA Authorised) | No | No | |
| 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) | No | Yes | |
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | No | Yes | |
| UAE (DFSA/Central Bank Authorised) | No | Yes | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) | No | No |
| Investments | IC Markets | HFM | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 3583 | 500 | |
| Forex Pairs (Total) | 61 | 102 | |
| U.S. Stock Trading (Non CFD) | No | No | |
| Int'l Stock Trading (Non CFD) | Yes | No | |
| Social Trading / Copy Trading | Yes | Yes | |
| Cryptocurrency (Physical) | No | No | |
| Cryptocurrency (Derivative) | 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 | 0.62 | 1.2 | |
| All-in Cost EUR/USD - Active | 0.62 | 0.7 | |
| Active Trader or VIP Discounts | Yes | No | |
| Inactivity Fee | No | Yes | |
| Execution: Agency Broker | Yes | No | |
| Execution: Market Maker | Yes | Yes |
| Funding | IC Markets | HFM | |
|---|---|---|---|
| Minimum Deposit | $200 | $0 | |
| PayPal (Deposit/Withdraw) | Yes | No | |
| Skrill (Deposit/Withdraw) | Yes | Yes | |
| Visa/Mastercard (Credit/Debit) | Yes | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| ACH or SEPA Transfers | No | No |
| Trading Platforms | IC Markets | HFM | |
|---|---|---|---|
| Proprietary Platform | No | Yes | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | Yes | Yes | |
| MetaTrader 4 (MT4) | Yes | Yes | |
| MetaTrader 5 (MT5) | Yes | Yes | |
| cTrader | Yes | No | |
| DupliTrade | No | No | |
| ZuluTrade | Yes | No |
| Trading Tools | IC Markets | HFM | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 7 | 7 | |
| Charting - Indicators / Studies (Total) | 30 | 15 | |
| Charting - Drawing Tools (Total) | 15 | 30 | |
| 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 Alerts - Basic Fields | Yes | Yes | |
| Mobile Watchlist | Yes | Yes | |
| Watchlist Syncing | No | No | |
| Mobile Charting - Indicators / Studies | 30 | 30 | |
| Mobile Charting - Draw Trendlines | Yes | Yes | |
| Mobile Charting - Multiple Time Frames | Yes | Yes | |
| Mobile Charting - Drawings Autosave | Yes | Yes | |
| Mobile Economic Calendar | Yes | Yes |
| Research | IC Markets | HFM | |
|---|---|---|---|
| Daily Market Commentary | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | Yes | Yes | |
| Trading Central (Recognia) | Yes | No | |
| TipRanks | No | No | |
| Social Sentiment - Currency Pairs | Yes | Yes | |
| Economic Calendar | Yes | Yes |
| Education | IC Markets | HFM | |
|---|---|---|---|
| Education (Forex or CFDs) | Yes | Yes | |
| Client Webinars | Yes | Yes | |
| Client Webinars (Archived) | Yes | Yes | |
| Videos - Beginner Trading Videos | Yes | Yes | |
| Videos - Advanced Trading Videos | Yes | Yes | |
| Investor Dictionary (Glossary) | Yes | Yes |
| Major Forex Pairs | IC Markets | HFM | |
|---|---|---|---|
| GBP/USD | Yes | Yes | |
| USD/JPY | Yes | Yes | |
| EUR/USD | Yes | Yes | |
| USD/CHF | Yes | Yes | |
| USD/CAD | Yes | Yes | |
| NZD/USD | Yes | Yes | |
| AUD/USD | Yes | Yes | |
| Review | IC Markets Review | HFM Review |
| Overall | IC Markets | HFM | |
|---|---|---|---|
| Overall Rating |
|
| |
| Commissions & Fees |
|
| |
| Range of Investments |
|
| |
| Platform & Tools |
|
| |
| Mobile Trading |
|
| |
| Research |
|
| |
| Education |
|
| |
| Trust Score | 84 | 86 | |
| Winner | check_circle | ||
| Review | IC Markets Review | HFM Review |
IG
CMC Markets
FOREX.com
XTB
eToro
AvaTrade
Plus500
Pepperstone
FP Markets
Tickmill