Alison Heyerdahl
Edited by
Author
Alison Heyerdahl
Edited by
Alison Heyerdahl
Head of Content
Learn more about Alison Heyerdahl
Author
Author
Chris Cammack
Partner Manager and Financial Writer

<p>Chris manages the relationships with our partners to provide our users with the best Forex trading experience possible. Chris has 15+ years of experience in research, editorial and design for political and financial publications. His background has given him a deep understanding of international financial markets and the geopolitics that affect them.</p>

Learn more about Chris Cammack

HFM vs. IC Markets

In the fast-paced world of forex trading, choosing the right broker is crucial. IC Markets and HFM are two popular options, each with unique strengths and weaknesses. This comparison will dive into the key features of both platforms,helping you decide which one best suits your trading style and goals.

Select broker to compare

Brokers Comparison
Our Score
4.43
/ 5
4.46
/ 5
Trust Rating
Trading Conditions
Trading Platforms
Deposit & Withdrawal
Assets Available
Education & Research
Customer Service
Beginner Friendly
Analysis Research
Min. Deposit
USD 0
USD 200

Regulations

Regulation
Capital Markets AuthorityDubai Financial Services AuthorityFinancial Conduct AuthorityFinancial Services Commission
Financial Sector Conduct AuthorityThe Seychelles Financial Services Authority
Capital Markets AuthorityCyprus Securities and Exchange CommissionSecurities Commission of the BahamasThe Seychelles Financial Services Authority
Trading Desk Type
STP
ECN/DMA
Trading Instruments
Bonds, Commodities, Cryptocurrencies, Energies, Stock CFDs, ETFs, Forex, Indices, Metals, Stock DMAs
Bonds, Commodities, Cryptocurrencies, Stock CFDs, Forex, Futures, Indices

Conditions

Forex Pairs
53
64
Crypto Pairs
40
18
Pros
  • Low minimum deposit
  • Tight spreads
  • Well regulated
  • Good range of accounts
  • Well regulated
  • Tight spreads
  • Wide range of assets
  • Great platform choice
Cons
  • Limited base currencies
  • Well regulated
  • Tight spreads
  • Wide range of assets
  • Great platform choice
% Lose with this broker
72.90%
70.81%
Leverage
2000:1
30:1
Spread
0 pips
0.10 pips
Hedging
Yes
Yes
Scalping
Yes
Yes
Account Types
Micro, Hf Copy Trading, HFCopy, HFM Copy Trading, Islamic, Premium, Pro, Pro Plus, Pro Plus, Zero
RAW - cTrader, RAW - MetaTrader, Standard - MetaTrader
Islamic Account
Yes
Yes
Trading Platforms
MT4, MT5, HFM Trading App
cTrader, MT4, MT5, TradingView
Funding Methods
Bank Transfer, Mastercard, Skrill, Visa
Bank Transfer, Mastercard, Neteller, Paypal, Skrill, Visa
Trading Commissions
6 USD / lot - Zero Account
7 USD / lot - Raw Spread Account
HFM
IC Markets
Trust Rating
4
4.5
Trading Conditions
4.5
4
Trading Platforms
4.5
5
Deposit & Withdrawal
4.5
4
Assets Available
4.5
4.5
Education & Research
5
5
Customer Service
4.5
4.5
Beginner Friendly
4
3
Analysis Research
5
5
Overall Rating
4.43
/ 5
4.46
/ 5

How Do IC Markets and HFM Compare?

The radar chart above illustrates the comparison between IC Markets and HFM across several key metrics, with the highest possible score being 100 in each category.

Helping You Choose the Right Broker

At FxScouts, our mission is to assist traders in finding the broker that best suits their needs. Comparing brokers side-by-side is an effective method to achieve this goal. We evaluated IC Markets and HFM, using our standard criteria: trust and regulation, trading platforms, costs and trading conditions, and educational and market analysis resources.

Trust and Regulation

Trust and regulation are crucial when selecting a Forex broker. A broker’s credibility is largely built on its regulatory status. We spend considerable time verifying the safety of each broker by examining their regulatory licenses.  We also consider numerous factors when deciding which tier a regulator belongs to. Regulators that we rank as the world’s top regulators, gets a tier 1 rank, while regulators who only scores a tier 5-rank, provide virtually no regulatory oversight. The more top-tier authorities regulating a broker, the higher its trust rating. Read more about regulation and our tier system here.

In our comparison:

  • IC Markets holds one Tier 1 and no Tier 2 licences.
  • HFM holds one Tier 1 and one Tier 2 licences.

Based on these findings, IC Markets earned a higher trust rating than HFM.

Is IC Markets financially regulated?

Yes IC Markets was founded in 2007 and is regulated by CMA, CySEC, SCB and FSA-Seychelles.

Is HFM financially regulated?

Yes HFM was founded in 2010 and is regulated by CMA, DFSA, FCA, FSC, FSCA and FSA-Seychelles.

Trading Costs Comparison

When comparing brokers, trading costs are a significant factor. We consider the minimum deposit required to open an account and ongoing costs, including spreads and commissions. We measure the cost to trade one lot of EUR/USD using the broker’s account with the lowest minimum deposit, including both the spread and any commission charged.

We found that IC Markets has overall lower trading costs than HFM.

Top Overall Brokers by Broker Score

Trading Platforms Offered

Trading Platforms Offered Traders prefer brokers that offer a variety of trading platforms. We rate brokers higher if they support multiple platforms like MetaTrader4, MetaTrader5, cTrader, and proprietary platforms.

  • IC Markets supports cTrader, MT4, MT5 and TradingView
  • HFM supports MT4, MT5 and HFM Trading App

Copy Trading Availability

Copy trading is beneficial for beginner traders or those unable to trade full-time. In this case both HFM and IC Markets offer copy trading.

Range of Trading Instruments

A broader range of CFD instruments provides more trading opportunities. IC Markets offers a greater variety of instruments compared to HFM:

  • IC Markets: 64 Forex pairs.
  • HFM: 53 Forex pairs.

Cryptocurrency Trading

For those interested in trading cryptocurrencies, HFM offers 40 cryptocurrencies, while IC Markets offers 18 cryptocurrencies. Therefore, HFM is the better choice for cryptocurrency trading.

Deposit and Withdrawal Processes

Traders prefer brokers with quick and cost-effective deposit and withdrawal processes. We favor brokers that process withdrawals within 24 hours using multiple methods without charging fees.We found that IC Markets charges a withdrawal fee and HFM does not. Overall, HFM has better deposit and withdrawal processes than IC Markets. 

Educational Support?

We often find that brokers offer very little in the way of educational materials, forcing traders to use other third-party sites or self-educate elsewhere. Beginner traders need well-structured, well-presented materials in multiple formats to get a good start at trading. More experienced traders also benefit from webinars led by experts in the field and advanced trading strategy sections with new trading ideas. 

HFM and IC Markets both have very good educational support. Both HFM and IC Markets offer educational support for more experienced traders.

Market Analysis Materials

Access to frequent and high-quality market research and analysis is crucial.

We found that IC Markets offers better research analysis than HFM and that both HFM and IC Markets offer frequent webinars.

Overall Verdict

  • IC Markets:

    An excellent all-round broker with a very high trust rating, IC Markets was founded in 2007 in Australia and holds licences from some of the strictest regulators in the world. IC Markets is well-known for its low trading costs, choice of trading platforms, and wide range of trading tools.

    IC Markets offers a lower-cost trading environment than almost any other broker, with average spreads of 0.10 pips (EUR/USD) on its Raw Spread Account in exchange for a low commission of 6 USD (round turn) per lot.IC Markets is one of the few Forex brokers to support all four major trading platforms, including MetaTrader4, MetaTrader5, TradingView, and cTrader; and offers numerous trading tools for each, including VPS services, Trading Central, and various copy trading services.

    Beginner traders will benefit from IC Markets’ exceptional customer support, which is available 24/7 to help with any account or technical queries. While its education section is more comprehensive than most other brokers’, it offers a fairly limited selection of market analysis materials.

  • HFM:

    HFM (formerly known as HotForex) is a well-known international broker with a strong presence in Zambia. It has local customer support, and also offers fast and free deposits and withdrawals from local banks. 

    HFM offers four standard accounts and one specialised copy trading account. Three of its four standard accounts have no minimum deposit requirements and have extremely competitive trading fees. All accounts are available as Islamic accounts. We were also pleased to find that HFM has recently reintroduced cryptocurrency trading, no doubt because of the popularity of the asset. This is alongside an excellent range of trading instruments, including 950 international stocks.

    HFM supports the MetaTrader 4 and MetaTrader 5 platforms in addition to its own mobile HF App, which allows clients to trade from charts and make deposits and withdrawals. It also has several excellent trading tools to assist traders further. Unfortunately, access to tools such as Autochartist, which other brokers offer as a free service, requires an account balance of 100 USD.

Overall Ratings

  • IC Markets: 4.46
  • HFM: 4.43

For more detailed reviews, please read our comprehensive assessments of IC Markets and HFM.

Pepperstone
AvaTrade
FCA, ASIC
Regulators
ASIC, FSCA
30:1
Leverage
30:1
MT4, MT5
Platforms
MT4, MT5
0 pips
Min. Spread
0.9 pips
USD 0
Min. Deposit
USD 100
AvaTrade
XM
ASIC, FSCA
Regulators
CySEC, ASIC
30:1
Leverage
30:1
MT4, MT5
Platforms
MT4, MT5
0.9 pips
Min. Spread
0.6 pips
USD 100
Min. Deposit
USD 5
NAGA
Pepperstone
CySEC, FSA-Seychelles
Regulators
FCA, ASIC
1000:1
Leverage
30:1
MT4, MT5
Platforms
MT4, MT5
0.7 pips
Min. Spread
0 pips
USD 10
Min. Deposit
USD 0
XM
FxPro
CySEC, ASIC
Regulators
FCA, CySEC
30:1
Leverage
30:1
MT4, MT5
Platforms
MT4, MT5
0.6 pips
Min. Spread
0.4 pips
USD 5
Min. Deposit
USD 100
Exness
Pepperstone
FSCA, FSA-Seychelles
Regulators
FCA, ASIC
Unlimited:1
Leverage
30:1
MT4, MT5
Platforms
MT4, MT5
0.1 pips
Min. Spread
0 pips
USD 3
Min. Deposit
USD 0
XTB
Exness
CySEC, FCA
Regulators
FSCA, FSA-Seychelles
30:1
Leverage
Unlimited:1
xStation5
Platforms
MT4, MT5
0.8 pips
Min. Spread
0.1 pips
USD 0
Min. Deposit
USD 3
HFM
IC Markets
FCA, FSCA
Regulators
CySEC, FSA-Seychelles
2000:1
Leverage
30:1
MT4, MT5
Platforms
MT4, MT5
0.0 pips
Min. Spread
0.1 pips
USD 0
Min. Deposit
USD 200
Axi
BlackBull Markets
FCA, CySEC
Regulators
FMA, FSA-Seychelles
500:1
Leverage
500:1
MT4
Platforms
MT4, MT5
0.0 pips
Min. Spread
0.1 pips
USD 0
Min. Deposit
USD 0
FBS
Pepperstone
CySEC, ASIC
Regulators
FCA, ASIC
3000:1
Leverage
30:1
MT4, MT5
Platforms
MT4, MT5
0.7 pips
Min. Spread
0 pips
USD 5
Min. Deposit
USD 0
IC Markets
Pepperstone
CySEC, FSA-Seychelles
Regulators
FCA, ASIC
30:1
Leverage
30:1
MT4, MT5
Platforms
MT4, MT5
0.1 pips
Min. Spread
0 pips
USD 200
Min. Deposit
USD 0
Unbiased Expertise

Independent, in-depth reviews and comparisons of all well-regulated Forex brokers, empowering you to make informed choices.

Educational Resources

Comprehensive guides for all levels, from the basics of Forex to advanced strategies tailored for your experience.

Transparent Information

A focus on facts, accuracy, and up-to-date data to give you the insights you need to succeed in your Forex journey.

usp-polygon-left
usp-polygon-right

Best Brokers Uganda 2025

You can either use the arrow button or swipe on mobile

Countries Regulated
Minimum Spread EUR/USD
Minimum Deposit
Trading cost/lot EURUSD
Total trading cost at the time of last update, for 1 lot of EUR/USD using the account with the lowest minimum deposit. Includes spread and commission.
Broker Score
Broker Website
Select and Compare
FSCA Regulated Forex BrokersThe Seychelles Financial Services AuthorityCapital Markets AuthorityBritish Virgin Islands Financial Services Commission
Financial Services CommissionJordan Securities Commission
0.10 pips
USD 3
USD 7
4.32
/ 5
FCA Regulated BrokersASIC Regulated Forex BrokersCySEC Regulated BrokersDubai Financial Services Authority
Bundesanstalt fĂĽr FinanzdienstleistungsaufsichtSecurities Commission of the BahamasCapital Markets Authority
0 pips
USD 0
USD 10
4.61
/ 5
FCA Regulated BrokersFSCA Regulated Forex BrokersDubai Financial Services AuthorityFinancial Services Commission
The Seychelles Financial Services AuthorityCapital Markets Authority
0 pips
USD 0
USD 10
4.43
/ 5
FCA Regulated BrokersASIC Regulated Forex BrokersFSCA Regulated Forex BrokersMonetary Authority of Singapore
Dubai Financial Services AuthorityFinancial Services AgencyCommodity Futures Trading AssociationSwiss Financial Market Supervisory AuthorityFinancial Markets Authority of New ZealandBundesanstalt fĂĽr FinanzdienstleistungsaufsichtBermuda Monetary Authority
0.60 pips
USD 0
USD 6
4.69
/ 5
ASIC Regulated Forex BrokersFSCA Regulated Forex BrokersCySEC Regulated BrokersFinancial Services Agency
Central Bank of IrelandFinancial Regulatory Services AuthorityIsrael Securities Authority
0.90 pips
USD 100
USD 9
4.59
/ 5
FCA Regulated BrokersCySEC Regulated BrokersFSCA Regulated Forex BrokersDubai Financial Services Authority
Securities Commission of the Bahamas
0.40 pips
USD 100
USD 14
4.39
/ 5
CySEC Regulated BrokersASIC Regulated Forex BrokersInternational Financial Services Commission
0.70 pips
USD 5
USD 7
4.33
/ 5
CySEC Regulated BrokersASIC Regulated Forex BrokersDubai Financial Services AuthorityInternational Financial Services Commission
FSCA Regulated Forex Brokers
0.60 pips
USD 5
USD 6
4.45
/ 5
CySEC Regulated BrokersThe Seychelles Financial Services AuthoritySecurities Commission of the BahamasCapital Markets Authority
0.10 pips
USD 200
USD 8
4.46
/ 5
CySEC Regulated BrokersThe Seychelles Financial Services AuthorityFinancial Regulatory Services Authority
0.70 pips
USD 10
USD 17
4.14
/ 5
Exness
4.3
Read Review

Our broker ratings are derived from rigorous testing by industry experts and experienced traders. We thoroughly evaluate regulatory compliance, security, transparency, trading performance, and customer service. We never accept payment for higher scores, ensuring our ratings remain unbiased, factual, and trustworthy—so you can confidently choose a reliable broker for your financial safety and trading success.

For detailed information about our testing methodology click here.

Countries Regulated
regulatorregulatorregulatorregulator
regulatorregulator
Minimum Spread EUR/USD
0.10 pips pips
Minimum Deposit
USD 3
Trading cost/lot EURUSD
Total trading cost at the time of last update, for 1 lot of EUR/USD using the account with the lowest minimum deposit. Includes spread and commission.
USD 7
Pepperstone
4.6
Read Review

Our broker ratings are derived from rigorous testing by industry experts and experienced traders. We thoroughly evaluate regulatory compliance, security, transparency, trading performance, and customer service. We never accept payment for higher scores, ensuring our ratings remain unbiased, factual, and trustworthy—so you can confidently choose a reliable broker for your financial safety and trading success.

For detailed information about our testing methodology click here.

Countries Regulated
regulatorregulatorregulatorregulator
regulatorregulatorregulator
Minimum Spread EUR/USD
0 pips pips
Minimum Deposit
USD 0
Trading cost/lot EURUSD
Total trading cost at the time of last update, for 1 lot of EUR/USD using the account with the lowest minimum deposit. Includes spread and commission.
USD 10
HFM
4.4
Read Review

Our broker ratings are derived from rigorous testing by industry experts and experienced traders. We thoroughly evaluate regulatory compliance, security, transparency, trading performance, and customer service. We never accept payment for higher scores, ensuring our ratings remain unbiased, factual, and trustworthy—so you can confidently choose a reliable broker for your financial safety and trading success.

For detailed information about our testing methodology click here.

Countries Regulated
regulatorregulatorregulatorregulator
regulatorregulator
Minimum Spread EUR/USD
0 pips pips
Minimum Deposit
USD 0
Trading cost/lot EURUSD
Total trading cost at the time of last update, for 1 lot of EUR/USD using the account with the lowest minimum deposit. Includes spread and commission.
USD 10
IG
4.7
Read Review

Our broker ratings are derived from rigorous testing by industry experts and experienced traders. We thoroughly evaluate regulatory compliance, security, transparency, trading performance, and customer service. We never accept payment for higher scores, ensuring our ratings remain unbiased, factual, and trustworthy—so you can confidently choose a reliable broker for your financial safety and trading success.

For detailed information about our testing methodology click here.

Countries Regulated
regulatorregulatorregulatorregulator
regulatorregulatorregulatorregulatorregulatorregulatorregulator
Minimum Spread EUR/USD
0.60 pips pips
Minimum Deposit
USD 0
Trading cost/lot EURUSD
Total trading cost at the time of last update, for 1 lot of EUR/USD using the account with the lowest minimum deposit. Includes spread and commission.
USD 6
AvaTrade
4.6
Read Review

Our broker ratings are derived from rigorous testing by industry experts and experienced traders. We thoroughly evaluate regulatory compliance, security, transparency, trading performance, and customer service. We never accept payment for higher scores, ensuring our ratings remain unbiased, factual, and trustworthy—so you can confidently choose a reliable broker for your financial safety and trading success.

For detailed information about our testing methodology click here.

Countries Regulated
regulatorregulatorregulatorregulator
regulatorregulatorregulator
Minimum Spread EUR/USD
0.90 pips pips
Minimum Deposit
USD 100
Trading cost/lot EURUSD
Total trading cost at the time of last update, for 1 lot of EUR/USD using the account with the lowest minimum deposit. Includes spread and commission.
USD 9
FxPro
4.4
Read Review

Our broker ratings are derived from rigorous testing by industry experts and experienced traders. We thoroughly evaluate regulatory compliance, security, transparency, trading performance, and customer service. We never accept payment for higher scores, ensuring our ratings remain unbiased, factual, and trustworthy—so you can confidently choose a reliable broker for your financial safety and trading success.

For detailed information about our testing methodology click here.

Countries Regulated
regulatorregulatorregulatorregulator
regulator
Minimum Spread EUR/USD
0.40 pips pips
Minimum Deposit
USD 100
Trading cost/lot EURUSD
Total trading cost at the time of last update, for 1 lot of EUR/USD using the account with the lowest minimum deposit. Includes spread and commission.
USD 14
FBS
4.3
Read Review

Our broker ratings are derived from rigorous testing by industry experts and experienced traders. We thoroughly evaluate regulatory compliance, security, transparency, trading performance, and customer service. We never accept payment for higher scores, ensuring our ratings remain unbiased, factual, and trustworthy—so you can confidently choose a reliable broker for your financial safety and trading success.

For detailed information about our testing methodology click here.

Countries Regulated
regulatorregulatorregulator
Minimum Spread EUR/USD
0.70 pips pips
Minimum Deposit
USD 5
Trading cost/lot EURUSD
Total trading cost at the time of last update, for 1 lot of EUR/USD using the account with the lowest minimum deposit. Includes spread and commission.
USD 7
XM
4.5
Read Review

Our broker ratings are derived from rigorous testing by industry experts and experienced traders. We thoroughly evaluate regulatory compliance, security, transparency, trading performance, and customer service. We never accept payment for higher scores, ensuring our ratings remain unbiased, factual, and trustworthy—so you can confidently choose a reliable broker for your financial safety and trading success.

For detailed information about our testing methodology click here.

Countries Regulated
regulatorregulatorregulatorregulator
regulator
Minimum Spread EUR/USD
0.60 pips pips
Minimum Deposit
USD 5
Trading cost/lot EURUSD
Total trading cost at the time of last update, for 1 lot of EUR/USD using the account with the lowest minimum deposit. Includes spread and commission.
USD 6
IC Markets
4.5
Read Review

Our broker ratings are derived from rigorous testing by industry experts and experienced traders. We thoroughly evaluate regulatory compliance, security, transparency, trading performance, and customer service. We never accept payment for higher scores, ensuring our ratings remain unbiased, factual, and trustworthy—so you can confidently choose a reliable broker for your financial safety and trading success.

For detailed information about our testing methodology click here.

Countries Regulated
regulatorregulatorregulatorregulator
Minimum Spread EUR/USD
0.10 pips pips
Minimum Deposit
USD 200
Trading cost/lot EURUSD
Total trading cost at the time of last update, for 1 lot of EUR/USD using the account with the lowest minimum deposit. Includes spread and commission.
USD 8
NAGA
4.1
Read Review

Our broker ratings are derived from rigorous testing by industry experts and experienced traders. We thoroughly evaluate regulatory compliance, security, transparency, trading performance, and customer service. We never accept payment for higher scores, ensuring our ratings remain unbiased, factual, and trustworthy—so you can confidently choose a reliable broker for your financial safety and trading success.

For detailed information about our testing methodology click here.

Countries Regulated
regulatorregulatorregulator
Minimum Spread EUR/USD
0.70 pips pips
Minimum Deposit
USD 10
Trading cost/lot EURUSD
Total trading cost at the time of last update, for 1 lot of EUR/USD using the account with the lowest minimum deposit. Includes spread and commission.
USD 17
Click here

Let's Talk Forex with Alison & Chris


Alison and Chris cover a range of topics, including how to choose a Forex broker, safety and regulation, how to reduce your risk, trading psychology, trading platforms, and trading strategies, among others.

The FxScouts podcast helps beginner Forex traders get the best start to their trading careers.