HFM (HotForex) vs IC Markets
Can't decide between HFM (HotForex) and IC Markets? We've put both brokers head-to-head. Compare their spreads, regulation, platforms, and fees below.
Last updated: May 27, 2026
Executive Summary
HFM (HotForex) and IC Markets are both well-established forex brokers, but they serve different types of traders. HFM (HotForex) scores 84/100 in our TrustMetrics™ system, while IC Markets leads with 97/100.
On pricing, IC Markets offers tighter EUR/USD spreads (0.02 pips vs 0.1 pips). HFM (HotForex) supports MT4, MT5, HFM App while IC Markets offers MT4, MT5, cTrader.
For regulation, HFM (HotForex) holds licenses from CySEC, FCA, DFSA, FSCA, FSA while IC Markets is regulated by ASIC, CySEC, FSA. Both brokers offer segregated client funds and are considered safe for retail trading.
The Verdicts
Most Trusted
IC Markets scores higher in our TrustMetrics system (97/100) compared to HFM (HotForex) (84/100), making it the safer choice.
Lowest Spreads
IC Markets offers better pricing with an average EUR/USD spread of 0.02 pips, beating the 0.1 pip average of its competitor.
Best for Beginners
With a lower minimum deposit requirement of $0, HFM (HotForex) is the more accessible option for new traders.
Detailed Comparison
| Feature | HFM (HotForex) | IC Markets |
|---|---|---|
| Trust Score | 84/100 | 97/100 |
| Spreads From | 0.0 pips | 0.0 pips |
| Avg EUR/USD Spread | 0.1 pips | 0.02 pips |
| Commission | $3/lot on Zero | $7.00/lot |
| Execution Speed | < 20ms | 18ms |
| Max Leverage | 1:2000 | 1:500 |
| Minimum Deposit | $0 | $200 |
| Instruments | 1,200+ | 2,250+ |
| Account Types | Premium, Pro, Zero, Cent | Standard, Raw Spread, cTrader Raw |
| Platforms | MT4, MT5, HFM App | MT4, MT5, cTrader |
| Top Regulators | CySEC, FCA, DFSA, FSCA, FSA | ASIC, CySEC, FSA |
| Withdrawal Speed | 1-2 business days | 1-2 business days |
| Inactivity Fee | $5/month after 6 months | $0 (No inactivity fee) |
| Customer Support | 24/5 Live Chat, Email, Phone, Callback | 24/7 Live Chat, Email, Phone |
Which Broker Should You Choose?
Choose HFM (HotForex) if...
- ✓You want to start with a very low minimum deposit
- ✓You need the tightest possible spreads for scalping
- ✓Maximum regulatory protection is your top priority
Choose IC Markets if...
- ✓You need the tightest possible spreads for scalping
- ✓You prefer cTrader's advanced order management
- ✓You are a scalper or algorithmic trader
HFM (HotForex) Pros & Cons
Pros
- ✓ 5 regulatory licenses including CySEC, FCA, and DFSA — one of the widest regulatory footprints
- ✓ Zero Spread account with 0.0 pips and only $3/lot commission — very competitive
- ✓ Premium trading tools: Autochartist, Premium Trader pack, VPS, and market analysis
- ✓ Cent account available for beginners with zero minimum deposit
- ✓ 60+ industry awards — one of the most decorated brokers globally
Cons
- × Offshore entity (FSA Seychelles) has weaker protection for some regions
- × 1:2000 leverage on offshore entity is risky for inexperienced traders
- × No cTrader or TradingView support
- × Research content is good but not institutional-grade like Saxo or IBKR
- × Stock CFD selection is limited compared to dedicated stock brokers
IC Markets Pros & Cons
Pros
- ✓ True 0.0 pip spreads during London and NY sessions
- ✓ Industry-leading 18ms execution speed
- ✓ Free Equinix NY4 VPS for active traders
- ✓ No trading restrictions (perfect for EAs)
- ✓ Transparent $6/lot commission on cTrader
Cons
- × No proprietary trading platform or TradingView integration
- × Education section is basic compared to competitors
- × No deposit bonus or welcome offers
The Bottom Line: HFM (HotForex) vs IC Markets
- ✓ Multi-Regulation
- ✓ Zero Spread Account
- ✓ Cent Account Beginners
- ✓ Autochartist Tools
- ✓ Award-Winning Service
- ✓ No minimum deposit
- ✓ Scalping
- ✓ Algorithmic Trading
- ✓ Low Spreads
- ✓ ECN Trading
- ✓ Tighter EUR/USD spreads (0.02 pips)
Both brokers are featured in our top broker rankings. Your choice should depend on your specific trading style, preferred platform, and geographical location.
Related Articles
How to Pass the FTMO Challenge: A Math-Backed Trader Blueprint
Passing the FTMO challenge is not about luck; it is about risk management and math. We detail the exact capital sizing, drawdown buffers, and daily reset rules.
Cheapest Prop Firm Challenges compared: Fee vs Account Size Matrix
Looking for the best value prop firm? We compare challenge fees, refund policies, and account sizes across 20+ prop trading firms in 2026.
Instant Funding Prop Firms 2026: Skip Evaluations, Earn Splits from Day 1
Skip the multi-phase evaluation stress. We compare the best direct instant funding prop firms on profit splits, drawdowns, and scaling plans.
Drawdown Calculations Decoded: Equity-based vs Balance-based Drawdowns
Understanding how your daily and total drawdown limits are calculated is the difference between keeping your account and getting breached.