IC Markets vs FXTM 2026: Which Broker is Best for Canada Traders?
Which broker is better for Canada traders in 2026? Expert analysis across 12 categories.
For Canadian retail traders navigating the forex market in 2026, choosing between IC Markets and FXTM is a critical decision. IC Markets, with a stellar 4.8/5 rating, is renowned for its ultra-low spreads and raw pricing model, making it a favorite among active traders who prioritize cost efficiency. FXTM, scoring 4.3/5, offers a more diverse range of account types and educational tools, appealing to beginners and intermediate traders. Both brokers accept Canadian clients and support local payment methods like Bank Transfer, Skrill, Neteller, and USDT, ensuring seamless deposits and withdrawals. However, regulatory differences matter: IC Markets is regulated by the Cyprus Securities and Exchange Commission (CySEC) and the Australian Securities and Investments Commission (ASIC), while FXTM holds licenses from CySEC, the Financial Conduct Authority (FCA), and the Financial Services Commission (FSC). For Canadian traders, neither broker is directly overseen by the local financial regulator, but both adhere to strict international standards. This comparison dives into spreads, platforms, deposit methods, and more to help you decide which broker aligns with your trading goals in Canada.
| Instrument | IC Markets | FXTM | Winner |
|---|---|---|---|
| EUR/USD avg spread | 0.09 pips + $3.5/lot | 0.0 pips + $3.5/lot | FXTM |
| XAU/USD (Gold) | $0.14 typical | $0.12 typical | FXTM |
| GBP/USD avg spread | 0.29 pips | 0.23 pips | FXTM |
| Standard acc spread | from 1.0 pips | from 0.8 pips | FXTM |
| ECN commission | $3.5/lot/side | $3.5/lot/side | Tie |
| Min deposit | $200 | $10 | FXTM |
| Inactivity fee | ✓ | ✓ | Tie |
When comparing trading costs for Canadian traders, IC Markets holds a clear advantage with spreads starting from 0.0 pips on its Raw Spread account, plus a commission of $3.50 per lot per side. This structure is ideal for high-volume traders who can offset commission costs with tighter spreads. FXTM's spreads start from 0.1 pips on its ECN account with a similar commission, but its standard account has spreads from 1.3 pips with no commission. For a Canadian trader executing 10 standard lots per month on USD/CAD, IC Markets can save approximately $50-$100 in spread costs compared to FXTM. Both brokers offer competitive swap rates, but IC Markets' raw pricing model consistently delivers lower overall costs for active Canadian retail traders.
| Account Type | IC Markets | FXTM |
|---|---|---|
| Standard account | ✓ | ✓ |
| ECN / Raw spread | ✓ | ✓ |
| Islamic (swap-free) | ✓ | ✓ |
| Demo account | ✓ | ✓ |
| PAMM / MAM account | ✓ | ✓ |
| Zero spread account | ✓ | ✗ |
| Copy trading | ✗ | ✓ |
| VPS trading | ✓ | ✓ |
| Min deposit | $200 | $10 |
| Neg. balance protection | ✓ | ✓ |
| Entity / Asset | IC Markets | FXTM |
|---|---|---|
| Canada (offshore) | Up to 1:500 | Up to 1:2000 |
| Forex major pairs | 1:500 | 1:2000 |
| Gold (XAU/USD) | 1:200 | 1:200 |
| Indices | 1:100 | 1:100 |
| Cryptocurrencies | 1:2 to 1:10 | 1:2 to 1:10 |
| Margin call level | 80% | 80% |
| Stop out level | 50% | 50% |
| Asset Class | IC Markets | FXTM | Winner |
|---|---|---|---|
| Forex pairs | 90+ | 65+ | IC Markets |
| Gold (XAU/USD) | ✓ | ✓ | Tie |
| Oil (WTI/Brent) | ✓ | ✓ | Tie |
| Stock indices | 25+ indices | 20+ indices | IC Markets |
| Crypto CFDs | 30+ | ✗ | IC Markets |
| Stocks / Share CFDs | ✗ | ✗ | FXTM |
| ETFs | ✗ | ✗ | Tie |
| Options | ✗ | ✗ | Tie |
| Futures | ✗ | ✗ | Tie |
| Platform | IC Markets | FXTM |
|---|---|---|
| MetaTrader 4 (MT4) | ✓ | ✓ |
| MetaTrader 5 (MT5) | ✓ | ✓ |
| cTrader | ✓ | ✗ |
| TradingView | ✗ | ✗ |
| Expert Advisors (EAs) | ✓ | ✓ |
| Scalping allowed | ✓ | ✓ |
| Hedging allowed | ✓ | ✓ |
| Fixed spreads | ✗ | ✗ |
| Variable spreads | ✓ | ✓ |
Both IC Markets and FXTM offer robust platform options tailored to Canadian traders. IC Markets provides MetaTrader 4 (MT4), MetaTrader 5 (MT5), and cTrader, all with advanced charting tools and automated trading capabilities. cTrader is particularly popular among Canadian traders for its intuitive interface and depth of market. FXTM offers MT4, MT5, and its proprietary FXTM Trader app, which is designed for mobile trading. For Canadian traders who prefer algorithmic trading or copy trading, IC Markets' cTrader and MT5 platforms offer superior customization. FXTM's platforms are more user-friendly for beginners, with integrated educational content. Both support Canadian time zones and offer demo accounts for practice.
| Factor | IC Markets | FXTM | Winner |
|---|---|---|---|
| Execution model | ECN/STP | True ECN | FXTM |
| Avg execution speed | ~30ms | ~40ms | IC Markets |
| Slippage | Very low | Very low | Tie |
| Requotes | Very rare | Very rare | Tie |
| Dealing desk | ✗ | ✗ | Tie |
| Scalping allowed | ✓ | ✓ | Tie |
| News trading | ✓ | ✓ | Tie |
| EA / Bot trading | ✓ | ✓ | Tie |
Execution quality is a standout feature for IC Markets, which offers raw spreads and low latency through its Equinix NY4 data center, ensuring fast order fills for Canadian traders. FXTM also provides reliable execution with ECN technology, but its spreads are slightly wider, which can impact slippage during volatile markets. For Canadian traders trading major pairs like USD/CAD, IC Markets' execution speed (under 50ms) and minimal requotes give it an edge. Both brokers offer no dealing desk (NDD) execution, but IC Markets' infrastructure is optimized for high-frequency trading.
| Safety Factor | IC Markets | FXTM |
|---|---|---|
| Primary regulator | ASIC | FCA |
| Reg number | #335692 | #600475 |
| Verify registration | Verify ↗ | Verify ↗ |
| Top-tier regulated | ✓ | ✓ |
| Investor protection | ✓ | ✓ |
| Segregated funds | ✓ | ✓ |
| Neg. balance protection | ✓ | ✓ |
Regulation is a key consideration for Canadian traders. IC Markets is regulated by CySEC (Cyprus) and ASIC (Australia), while FXTM holds multiple licenses including CySEC, FCA (UK), and FSC (Mauritius). Neither broker is directly regulated by the local financial regulator in Canada, but they operate legally under international oversight. For Canadian traders, this means client funds are segregated in top-tier banks, and negative balance protection is offered by both. IC Markets' ASIC regulation provides additional confidence due to Australia's strict financial oversight. FXTM's FCA regulation offers a similar level of protection. Canadian traders should verify their broker's licensing status and ensure compliance with local tax laws when trading with either firm.
| Payment Method | IC Markets | FXTM |
|---|---|---|
| Bank Wire Transfer | ✓ | ✓ |
| Visa / Mastercard | ✓ | ✓ |
| Skrill | ✓ | ✓ |
| Neteller | ✓ | ✓ |
| USDT / Crypto | ✓ | ✓ |
| Deposit fee | None | None |
| Withdrawal time | E-wallets instant-24hrs; Cards 3-5 business days (up to 10); Int'l bank wire up to 14 days | Cards instant (up to 2h EU); e-wallets instant-2h; bank/local transfer 1 business day; crypto up to 24h |
| Min withdrawal | $50 | $50 |
Canadian traders have convenient deposit and withdrawal options at both IC Markets and FXTM. IC Markets supports Bank Transfer, Skrill, Neteller, and USDT, with no deposit fees and processing times of 1-2 business days for bank transfers, and instant for e-wallets and crypto. The minimum deposit is $200. FXTM also accepts all four methods, with a lower minimum deposit of $100, and offers instant processing for Skrill, Neteller, and USDT. Withdrawals at both brokers are free, but IC Markets processes them faster, typically within 24 hours for e-wallets. Bank transfers may take 2-5 business days. For Canadian traders using USDT, both brokers support TRC-20 and ERC-20 networks, ensuring low-cost transfers. It's important to note that withdrawal methods must match the deposit method for compliance, so plan accordingly.
| Islamic Account Feature | IC Markets | FXTM |
|---|---|---|
| Swap-free available | ✓ | ✓ |
| Admin fee instead of swap | On some instruments | On some instruments |
| MT4 / MT5 supported | ✓ | ✓ |
| Gold swap-free | ✓ | ✓ |
| Crypto swap-free | ✓ | — |
| How to apply | Contact support | Contact support |
Both IC Markets and FXTM offer Islamic (swap-free) accounts for Canadian Muslim traders who require Sharia-compliant trading. IC Markets provides swap-free accounts on all account types, including Raw Spread and Standard, with no additional fees or time limits. FXTM offers Islamic accounts on Standard and ECN accounts, but requires a formal request and verification of Islamic faith. Both brokers waive swap fees on overnight positions, ensuring compliance with Islamic finance principles. For Canadian traders, this feature is available without extra charges, making both brokers suitable for Muslim clients. However, IC Markets' broader availability across account types gives it a slight advantage.
| Support Feature | IC Markets | FXTM | Winner |
|---|---|---|---|
| Live chat | ✓ | ✓ | Tie |
| Phone support | ✓ | ✓ | Tie |
| Email support | ✓ | ✓ | Tie |
| 24/7 support | ✗ | ✗ | Tie |
| 24/5 support | ✓ | ✓ | Tie |
| Response time (chat) | <2 minutes | <3 minutes | IC Markets |
Customer support is crucial for Canadian traders, and both brokers offer 24/5 multilingual support via live chat, email, and phone. IC Markets is known for its fast response times, often within minutes on live chat, and a comprehensive FAQ section. FXTM provides similar support but with additional local phone numbers for Canada, making it easier to reach support directly. Both brokers have dedicated account managers for VIP clients, but IC Markets' support is generally more efficient for technical issues, while FXTM excels in educational assistance.
| Mobile Feature | IC Markets | FXTM | Winner |
|---|---|---|---|
| iOS App Store rating | 4.5★ | 4.3★ | IC Markets |
| Google Play rating | 4.3★ | 4.2★ | IC Markets |
| Biometric login | ✓ | ✓ | Tie |
| Push notifications | ✓ | ✓ | Tie |
| Full charting on mobile | ✓ | ✓ | Tie |
| Mobile deposit/withdrawal | ✓ | ✓ | Tie |
| TradingView mobile | ✗ | ✗ | Tie |
| Dark mode | ✓ | ✓ | Tie |
| Resource | IC Markets | FXTM | Winner |
|---|---|---|---|
| Video tutorials | 100+ videos | 50+ videos | IC Markets |
| Webinars (live) | ✗ | Monthly | Tie |
| Economic calendar | ✓ | ✓ | Tie |
| Market analysis | Daily | Basic | IC Markets |
| Beginner resources | Excellent | Basic | IC Markets |
Choose IC Markets if you...
- Are an active Canadian trader seeking ultra-low spreads and raw pricing
- Prefer advanced platforms like cTrader or MT5 for algorithmic trading
- Want faster execution with minimal slippage on major forex pairs
- Need seamless deposits via Bank Transfer, Skrill, Neteller, or USDT with low fees
Choose FXTM if you...
- Are a beginner Canadian trader needing educational resources and demo accounts
- Value a lower minimum deposit of $100 for starting small
- Prefer a broker with a wider range of account types, including standard and ECN
- Want local customer support with Canadian phone numbers and faster assistance
For Canadian retail traders in 2026, IC Markets emerges as the stronger choice due to its higher overall rating (4.8/5), lower spreads, and superior execution speed. It is ideal for active traders who trade frequently and want to minimize costs, especially when using Bank Transfer, Skrill, Neteller, or USDT for deposits. FXTM is a solid alternative for beginners or those who value educational tools and a lower entry barrier. While both brokers are not directly regulated by the local financial regulator, they operate under reputable international licenses. Ultimately, IC Markets offers better value for cost-conscious Canadian traders, while FXTM provides a more supportive environment for learning. Consider your trading style and volume when making your final decision.