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 IC Markets and TMGM, it’s clear that each broker offers competitive options for traders, particularly in terms of commissions and fees. IC Markets stands out with its low trading costs, comparable to top low-cost forex brokers like IG and CMC Markets. It provides three account options: the commission-free Standard account and commission-based Raw Spread and cTrader Raw Spread accounts. The Raw Spread account with MetaTrader charges $3.5 per side for every 100,000 units, while the cTrader version charges slightly less, at $3.0 per side. These competitive pricing structures helped IC Markets secure a five-star rating and a high ranking of 5th out of 62 brokers in the Commissions and Fees category.
TGGM offers two main account types: the spread-only Classic account and the commission-based Edge account. The Edge account features low spreads and charges a small commission of $3.50 per side ($7 per round trip). Though it competes closely with IC Markets in commission fees, recent data on average spreads for EUR/USD is not readily available from TMGM, which makes overall cost assessments less precise. Notably, its Edge account is also the sole option for Islamic finance customers seeking Sharia-compliant trading. With these offerings, TMGM has earned a four-star rating and ranks 36th in commissions and fees among 62 brokers.
In summary, while both IC Markets and TMGM provide appealing low-cost trading conditions, IC Markets has the edge with its diverse account options and slightly lower overall costs, making it a top choice for active traders. TMGM still remains a solid option, particularly for those interested in a straightforward commission-based account like the Edge, albeit with somewhat less detailed cost transparency due to missing average spread data.
| 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 the trading platforms and tools offered by IC Markets and TMGM, both brokers provide essential features that cater to a wide range of traders' needs. IC Markets and TMGM offer simulated trading via free virtual demo accounts, which are invaluable for beginners looking to practice without financial risk. However, neither broker provides a proprietary platform, instead opting for popular platforms like MetaTrader 4 and MetaTrader 5. Both brokers support Windows-based desktop downloads as well as web-based trading platforms. Copy trading enthusiasts will find services available at both brokers, although IC Markets also supports ZuluTrade, giving it an extra edge in this area.
Charting capabilities between IC Markets and TMGM are remarkably similar, each offering 15 drawing tools, though specific numbers of technical indicators are not disclosed. Traders can execute trades directly from stock charts with both brokers, and both provide watch lists with seven fields for tracking various assets. Despite these similarities, IC Markets edges out TMGM in terms of recognition, ranking #16 in the Trading Platforms and Tools category by ForexBrokers.com, compared to TMGM's #48 ranking. Interestingly, both brokers receive an identical four-star rating for their platforms and tools, indicating solid, reliable offerings that appeal to a variety of traders.
| 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.
Both IC Markets and TMGM provide solid mobile trading apps available on iPhone and Android devices. Their apps come equipped with essential features, such as stock and forex price alerts and the ability to create watchlists with real-time quotes. Traders using either platform can also enjoy charting functionalities that include 30 technical studies, drawing trendlines, and the ability to view multiple time frames. Plus, any drawings you make on charts will be automatically saved for future reference. However, both brokers fall short by not offering watchlist symbol syncing, which means changes to watchlists made on the mobile app won't sync with the online account.
In terms of user satisfaction, IC Markets and TMGM are both rated four out of five stars, reflecting their reliable service. Despite this, IC Markets edges out TMGM in rankings by ForexBrokers.com, securing the 22nd spot among 62 brokers in the Mobile Trading Apps category, while TMGM holds the 47th position. This suggests IC Markets may offer a slightly more refined user experience, despite both brokers offering similar functionalities in their mobile apps.
| 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 offerings, both IC Markets and TMGM provide daily market commentary and access to top-tier forex news sources like Bloomberg and Reuters. They also feature tools from Trading Central and sentiment-based trading tools showing a ratio of long or short positions. Where they differ is that IC Markets includes technical analysis tools from Autochartist and has a highly-rated economic calendar, giving them a slight edge in research offerings.
On the other hand, TMGM leverages tools from Acuity Trading, like Signal Centre, adding a different dimension to their market research capabilities. However, IC Markets still holds a better research rating with four out of five stars compared to TMGM's 3.5 stars. Rankings from ForexBrokers.com also place IC Markets at #23 for research among 62 brokers, while TMGM ranks lower at #53, indicating IC Markets might be a more comprehensive choice for those prioritizing research features.
| 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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