Written by ForexBrokers.com
In this head to head comparison of IC Markets vs TMGM, 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 and TMGM are both online brokers that have established themselves in the trading industry. IC Markets was founded in 2007, while TMGM entered the scene in 2013. Neither broker is publicly traded or operates as a banking institution. When it comes to regulatory credentials, both IC Markets and TMGM hold two Tier-1 licenses, which are considered highly trusted by ForexBrokers.com standards.
In terms of trustworthiness, IC Markets and TMGM have earned similar ratings, with IC Markets scoring 84 and TMGM scoring 83 from ForexBrokers.com out of a maximum of 99. This means both brokers are regarded as trusted but not at the highest tier according to ForexBrokers.com’s rating scale. Neither broker holds any Tier-2 licenses, which would provide additional trust levels. Both offer trading services with reliable regulatory oversight, delivering confidence for potential customers.
| Feature |
IC Markets
|
TMGM
|
|---|---|---|
| Year Founded | 2007 | 2013 |
| Publicly Traded (Listed) | No | No |
| Bank | No | No |
| Tier-1 Licenses | 2 | 2 |
| Tier-2 Licenses | 0 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 3 | 2 |
When comparing the commissions and fees of IC Markets and TMGM, IC Markets stands out as an exceptionally affordable option for forex traders. With its low deposit requirements and effective spreads, IC Markets matches up with top low-cost brokers like IG and CMC Markets. It offers three account options: the commission-free Standard account and the commission-based Raw Spread and cTrader Raw Spread accounts. The cTrader account enjoys slightly lower commission rates at $3.0 per side for every 100,000 units traded, compared to $3.5 per side for MetaTrader accounts. IC Markets achieves a competitive all-in cost for popular currency pairs and even offers discounts to active traders handling over 100 standard lots monthly. Rated 5 stars, IC Markets claims the #5 position among 62 brokers in the Commissions and Fees category by ForexBrokers.com.
TMGM, while competitive, offers a more simplified pricing model. It provides two main account types: the spread-only Classic account and the commission-based Edge account. The Edge account charges a commission of $3.50 per side, totaling $7 per round trip, coupled with low prevailing spreads. However, TMGM does not publish average spread data for major currency pairs like EUR/USD, which can make it challenging to predict total trading costs accurately. For Islamic customers seeking swap-free accounts compliant with Sharia law, the Edge account is the available option. TMGM secures a 4-star rating in the commissions and fees department, ranking #35 out of 62 brokers by ForexBrokers.com.
Overall, while both brokers offer competitive commission-based accounts, IC Markets leads in providing transparent, low-cost trading options. Its favorable rating and higher ranking are indicative of its efficient fee structure, which may appeal to traders looking for cost-effective solutions in the forex market.
| Feature |
IC Markets
|
TMGM
|
|---|---|---|
| Minimum Deposit | $200 | $100 |
| Average Spread EUR/USD - Standard | 0.62 | N/A |
| All-in Cost EUR/USD - Active | 0.62 | N/A |
| Active Trader or VIP Discounts | Yes | No |
| ACH or SEPA Transfers | No | No |
| PayPal (Deposit/Withdraw) | Yes | Yes |
| 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 IC Markets and TMGM for their range of investment options, both platforms offer forex trading as a CFD or spot contract. IC Markets provides access to 3,583 tradeable symbols, including 61 forex pairs, allowing users a wide yet concentrated selection. TMGM, on the other hand, offers a more extensive range with 12,000 tradeable symbols and 62 forex pairs, giving investors a broader array of choices. Neither brokerage offers exchange-traded securities on U.S. exchanges, but IC Markets stands out by offering international exchange-traded securities, allowing clients to trade shares like Vodafone on the London Stock Exchange, which TMGM does not provide. Both brokers support copy trading and offer cryptocurrency derivatives, though neither facilitates the purchase of actual cryptocurrencies.
IC Markets and TMGM each receive 4.5 stars for their range of investments according to industry assessments. However, TMGM slightly edges out IC Markets in this category, being ranked 17th out of 62 brokers by ForexBrokers.com, compared to IC Markets' 25th place. This suggests that while both platforms are highly rated for their investment offerings, TMGM’s more extensive selection of tradeable symbols and forex pairs may contribute to its higher ranking. For traders seeking a diverse array of investment opportunities, either platform provides a compelling choice, though preferences for specific features like international securities or a variety of trading symbols may guide the final decision.
| Feature |
IC Markets
|
TMGM
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 3583 | 12000 |
| Forex Pairs (Total) | 61 | 62 |
| 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.
When comparing IC Markets to TMGM in terms of their trading platforms and tools, both brokers offer a range of options and capabilities. Each provides a free virtual demo account, allowing users to practice trading without financial risk. Neither broker offers a proprietary platform, but they both provide access to popular platforms like MetaTrader 4 and MetaTrader 5. Windows-based desktop downloads and web-based browser platforms are available with both brokers, ensuring flexibility in how traders can access their accounts. Both IC Markets and TMGM offer copy trading options, although IC Markets also supports ZuluTrade, whereas TMGM does not include this service. DupliTrade support is absent from both platforms.
For charting, IC Markets and TMGM each offer 15 drawing tools, alongside the ability to trade directly from a stock chart. Watch lists on both platforms feature seven customizable columns or fields. Despite these similarities, IC Markets edges out TMGM slightly with a higher rank in ForexBrokers.com's Trading Platforms and Tools category, being placed 17th out of 62 brokers compared to TMGM's 48th position. Nevertheless, both platforms are awarded four out of five stars, indicating solid performance and user satisfaction across the board. This makes either broker a viable choice for traders seeking versatile and reliable trading tools.
| Feature |
IC Markets
|
TMGM
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Platform | No | No |
| 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 | 30 |
| Charting - Drawing Tools (Total) | 15 | 15 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 7 | 7 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
IC Markets and TMGM both provide mobile trading apps for iPhone and Android devices, ensuring access to trading on the go. These apps allow users to set stock and forex price alerts, a handy feature for staying informed about market changes. Both brokers offer the same number of 30 technical studies for their charting capabilities, along with the ability to draw trendlines and view charts in various time frames, such as daily, weekly, or intraday. Additionally, each app automatically saves chart drawings, which helps maintain continuity across sessions.
While setting up watchlists with real-time quotes is possible with both IC Markets and TMGM apps, neither offers the convenience of syncing these lists across devices. This means any changes made won’t automatically update on your online account. Both brokers receive a respectable 4-star rating for their mobile trading apps, though IC Markets ranks higher at #22 compared to TMGM's #46 out of 62 brokers, according to ForexBrokers.com. This ranking hints that while both platforms offer similar features, IC Markets slightly edges out in overall user satisfaction or perception.
| Feature |
IC Markets
|
TMGM
|
|---|---|---|
| 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.
When it comes to market research, both IC Markets and TMGM offer valuable resources for traders. They provide daily market commentary and forex news from reputable sources like Bloomberg and Reuters. Additionally, both brokers feature sentiment-based trading tools and economic calendars, helping traders stay informed about current and future global economic events. However, IC Markets seems to have an edge with tools like Autochartist and Trading Central, which can enhance technical and fundamental analysis for traders. On the other hand, TMGM stands out by offering research tools from Acuity Trading, such as Signal Centre. While IC Markets is rated 4 stars for research and ranks 22nd among 62 brokers according to ForexBrokers.com, TMGM holds a 3.5-star rating and a rank of 53rd.
| Feature |
IC Markets
|
TMGM
|
|---|---|---|
| Daily Market Commentary | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | Yes | No |
| Trading Central (Recognia) | Yes | Yes |
| Social Sentiment - Currency Pairs | Yes | Yes |
| TipRanks | No | No |
| Signal Centre (Acuity Trading) | No | Yes |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
When it comes to educational resources for beginner traders, IC Markets clearly takes the lead over TMGM. IC Markets provides an expansive range of learning materials, including over 10 pieces focused on forex and CFDs education through various formats like articles, videos, and archived webinars. Additionally, they offer monthly live webinars and maintain a searchable archive of recorded sessions, ensuring that beginners can revisit crucial information at their convenience. Supporting both novice and experienced traders, IC Markets has more than 10 beginner and advanced educational videos, making it easier for traders to build their knowledge at any level. An investor dictionary with over 50 terms also aids in demystifying complex trading jargon.
On the other hand, while TMGM does maintain a searchable archive of recorded webinars and provides an investor dictionary, it falls short in other educational aspects. The lack of regular online webinars and fewer than 10 educational pieces dedicated to forex and CFDs limit their offerings for beginners. TMGM also does not provide a substantial number of educational videos for both beginners and seasoned traders, which can impede a newcomer's understanding of the trading landscape. This gap in resources reflects in their ratings, with IC Markets scoring 4 out of 5 stars for education compared to TMGM’s 3.5 stars, and their respective rankings where IC Markets is positioned at #16 versus TMGM’s #54 in the education category by ForexBrokers.com.
| Feature |
IC Markets
|
TMGM
|
|---|---|---|
| Education (Forex or CFDs) | Yes | No |
| Client Webinars | Yes | No |
| Client Webinars (Archived) | Yes | Yes |
| Videos - Beginner Trading Videos | Yes | No |
| Videos - Advanced Trading Videos | Yes | No |
| 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 TMGM. IC Markets finished with an overall rank of #20, while TMGM finished with an overall rank of #37.
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
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TMGM
|
|---|---|---|
| Overall Rating |
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| Trust Score | 84 | 83 |
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Both IC Markets and TMGM do not offer the option to purchase actual delivered cryptocurrency, but they do provide the ability to trade cryptocurrency derivatives.
When comparing online brokers IC Markets and TMGM, neither offers ACH or SEPA transfers for depositing or withdrawing funds, but both provide options like PayPal, Skrill, Visa, Mastercard, and bank wires, ensuring diverse and convenient methods for managing account transactions.
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.
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0 of 5| Overall Rating | IC Markets | TMGM | |
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| Trust Score | 84 | 83 | |
| Winner | check_circle | ||
| Review | IC Markets Review | TMGM Review |
| Broker Screenshots | IC Markets | TMGM | |
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| Regulation | IC Markets | TMGM | |
|---|---|---|---|
| Trust Score | 84 | 83 | |
| Year Founded | 2007 | 2013 | |
| Publicly Traded (Listed) | No | No | |
| Bank | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | No | |
| Tier-1 Licenses | 2 | 2 | |
| Tier-2 Licenses | 0 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 3 | 2 |
| Tier-1 Licenses (Highly Trusted) | IC Markets | TMGM | |
|---|---|---|---|
| Australia (ASIC Authorised) | Yes | Yes | |
| 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 | No | |
| USA (CFTC Authorized) | No | No | |
| New Zealand (FMA Authorised) | No | Yes | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | No |
| Tier-2 Licenses (Trusted) | IC Markets | TMGM | |
|---|---|---|---|
| Kenya (CMA Authorised) | No | No | |
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | No | No | |
| UAE (DFSA/Central Bank Authorised) | No | No | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) | No | No |
| Investments | IC Markets | TMGM | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 3583 | 12000 | |
| Forex Pairs (Total) | 61 | 62 | |
| 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 | TMGM | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 0.62 | N/A | |
| All-in Cost EUR/USD - Active | 0.62 | N/A | |
| Active Trader or VIP Discounts | Yes | No | |
| Inactivity Fee | No | Yes | |
| Execution: Agency Broker | Yes | Yes | |
| Execution: Market Maker | Yes | Yes |
| Funding | IC Markets | TMGM | |
|---|---|---|---|
| Minimum Deposit | $200 | $100 | |
| PayPal (Deposit/Withdraw) | Yes | Yes | |
| 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 | TMGM | |
|---|---|---|---|
| Proprietary Platform | No | No | |
| 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 | TMGM | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 7 | 7 | |
| Charting - Indicators / Studies (Total) | 30 | 30 | |
| Charting - Drawing Tools (Total) | 15 | 15 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | IC Markets | TMGM | |
|---|---|---|---|
| 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 | TMGM | |
|---|---|---|---|
| Daily Market Commentary | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | Yes | No | |
| Trading Central (Recognia) | Yes | Yes | |
| TipRanks | No | No | |
| Social Sentiment - Currency Pairs | Yes | Yes | |
| Economic Calendar | Yes | Yes |
| Education | IC Markets | TMGM | |
|---|---|---|---|
| Education (Forex or CFDs) | Yes | No | |
| Client Webinars | Yes | No | |
| Client Webinars (Archived) | Yes | Yes | |
| Videos - Beginner Trading Videos | Yes | No | |
| Videos - Advanced Trading Videos | Yes | No | |
| Investor Dictionary (Glossary) | Yes | Yes |
| Major Forex Pairs | IC Markets | TMGM | |
|---|---|---|---|
| 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 | TMGM Review |
| Overall | IC Markets | TMGM | |
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| Trust Score | 84 | 83 | |
| Winner | check_circle | ||
| Review | IC Markets Review | TMGM Review |
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