IC Markets vs Hotforex: Features, Safety, and More 2024

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IC Markets and Hotforex are online Forex and CFD brokers that offer trading services to traders and investors worldwide. These two brokers are regulated by top-tier regulatory authorities. IC Markets is regulated by two Tier- and one Tier-4 jurisdictions, including ASIC, CySEC, and FSA. On the other hand, Hotforex is regulated by two Tier-1 jurisdictions, three Tier-2 jurisdictions, and three Tier-4 jurisdictions including FCA, CySEC, CMA, FSC Mauritius, SVGFSA, FSA -S, FSCA, and DFSA. These two brokers offer almost similar services. However, each broker has its strengths and weaknesses.

In this article, we will compare and contrast IC Markets with Hotforex regarding pros, cons, trading platforms, regulations, tradable assets, fees, customer support, and overall trading experience score. We will also explore if IC Markets is better than Hotforex and vice versa. This comparison lets you understand which broker is better for your trading style and preferences

IC Markets vs Hotforex: In a Nutshell

IC Markets:

Andrew Budzinksi founded IC Markets in 2007 with the aim of using superior technology to provide forex and CFD trading services to both institutional and retail traders. Over the years, the broker has improved in quality and services. It offers true ECN trading with low spreads, high leverage, and fast executions to a global clientele.

ICMarkets Overview

ICMarkets Overview
  • Founded In: 2007 
  • Founder: Andrew Budzinksi
  • Minimum Deposit: $200
  • Maximum Leverage: Upto 1000:1 for FSA Jurisdiction, 30:1 for ASIC, CySEC clients.  
  • Regulations: ASIC, CySEC,  and FSA
  • Trading platform: MT4, MT5 and cTrader
  • Trading Instruments: 2150+ Trading Instruments including Forex, Crypto, Stock, Commodity Indices, Bonds, Futures.
  • Account Types: Standard, Standard, Raw (Metatrader, Ctrader) 
  • Fees: Spread starting from 0.8 Pips(Standard Accounts) or $3 to 3.5 Commission (Raw Accounts)
  • Payment Options: bank/wire transfer, Paypal, credit card, Skrill, Neteller, UnionPay, Bpay, FasaPay and Poli.
  • US Traders: Not Accepted 

Hotforex:

Founded in 2010, HFM is a renowned broker with multiple regulations and ultra-fast executions of over 1000 trading instruments on its proprietary and MetaTrader platforms. The broker has received over 60 industry awards for outstanding performance. It boasts about 2.5 million clients from all over the world.

Hotforex Overview
  • Founded In: 2010
  • Minimum Deposit: $5
  • Maximum Leverage: 1:1000
  • Regulations: FCA, DFSA , FSCA ,FSA,CMA
  • Trading platform: MT4, MT5, HFM Platform
  • Account Types: Cent, Zero, Pro, Premium
  • Payment Options:Bank Wire (BankTransfer/SWIFT), VISA, MasterCard, BitPay, FasaPay, Maestro, Neteller, PayRedeem, Skrill, UnionPay, WebMoney
  • US Traders: Not Accept

IC Markets vs Hotforex: Pros and Cons

IC Markets:

Pros
  • Fully Regulated broker, ( One tire-1 , jurisdiction, one tire-2 jurisdiction) 
  • Super fast trade execution speed 
  • Straightforward registration process 
  • Low spread, starting from 0 pips. 
  • Easy and Fast Account Opening 
  • Free deposit and withdrawal 
  • Offers standard and raw spread account
  • Trading EA is Allowed 
  • Ability to trade from a mobile device 
  • A demo Account is available
Cons
  • Higher minimum deposit 
  • No investor protection for non-EU Clients 
  • Limited Product Selection 
  • No weekend Trading 
  • US Traders are not accepted

Hotforex:

Pros
  • Regulated by the CySEC, FCA, FSCA, DFSA, CMA, FSC Mauritius, and FSA Seychelles.
  • The Maximum Leverage is as high as 1:2000
  • Favorable trading conditions and low spreads - from 0 pips;
  • Trading is available on the MT4, MT5, and HFM trading app
  • Available trading tools are MT4 premium trader tools, Autochartist, free VPS, etc
  • Insurance coverage of up to $5,000,000
  • Copy trading via HF Copy.
  • Market news, analysis, outlook, and webinars are provided by a dedicated team of analysts.
Cons
  • Premium Pro account requires a $5000 minimum balance
  • To copy trades on HF copy, you need a deposit of €300.
  • No micro accounts for European beginner traders.
  • No bonuses for EU Clients 
  • Few account currencies, which is why some clients have to pay for double conversion
  • Customer support is closed on weekends.

IC Markets vs Hotforex: Side-by-Side Comparison

ICmarkets
Hotforex
Product
Founded In
Founded In
2007
2010
Founded By
Founded By
Andrew Budzinksi
George Koumantaris
Headquarters
Headquarters
Sydney, Australia
Kingstown, St. Vincent
Regulations
Regulations
ASIC, CySEC, FSA, and SCB
FCA, DFSA , FSCA ,FSA,CMA
Min Deposit
Min Deposit
$200
$5
Max Leverage
Max Leverage
1:500
1:1000
Tradable Assets
Tradable Assets
Over 2100 forex, CFDs in stocks, indices, commodities, cryptos, and Bonds.
Forex,Metals,Energies,Indices,Stocks,Commodities,Bonds,ETFs,Cryptos
Fees
Fees
Spreads from 0.6 pips, Commissions $7/round lot
Spread from 0 pips
Platforms and Tools
Platforms and Tools
MT4, MT5, and cTrader
MT4, MT5, HFM Platform
US Traders
US Traders
Not Allowed
Not Allowed

IC Markets Vs Hotforex: Our Scores and Ratings

We rated both brokers, IC Markets and Hotforex, on a scale of 1 to 10, with 0.1 increments. To achieve a comprehensive rating, we broadly grouped all services offered by brokers into 6 macro categories and assigned percentage weights to them. Each macro category is subdivided into several data points which contributes to the total score of 1.0-10.0 assigned to each macro category. Since all categories are not equally important, our weight percentage plays a significant role in assessing the broker accurately. For example, Regulation and Security contributes a total weight of 40% to the whole ratings because this is the most important rating category. To learn more, read our methodology.

IC Markets:

9.3
IC Markets Scores
Regulation and Security (40%)9.5
Fees and Commissions (20%)9.5
Trading (15%)8.5
Trading tools (10%)9
Customer Support (10%)9.6
Trading Education (5%)9.4

Hotforex:

9.1
Total Score
Regulation and Security (40%)9.8
Fees and Commissions (20%)9
Trading (15%)8
Trading tools (10%)9.2
Customer Support (10%)9
Trading Education (5%)8

Final Verdict:

IC Markets and Hotforex are regulated forex and CFD brokers in the industry. They offer similar trading services including forex and CFD trading. They both allow scalping, hedging, EA trading and Copy trading. Neither of these brokers accept US Clients. The minimum order size for both of them is 0.01. 

However, there are a few areas where you may find some differences. For example, the minimum deposit for IC Markets is $200, whereas the minimum deposit for Hotforex is $1. Additionally, the maximum leverage for the IC Market is generally 500:1. However, In FSA jurisdiction, IC Markets offers 1000:1 leverage. On the other hand, the maximum leverage for Hotforex is 2000:1. IC Market offers passive investment programs or copy trading programs like MAM, and Zulutrade. In contrast, Hotforex also offers passive investment programs like PAMM. Our score for IC Markets is 9.3, and for Hotforex, it is 8.8. So, if you are looking for the most trusted forex brokers with tight spread and  MAM account services, you may choose IC Markets. However, If you prefer a forex broker with a lower minimum deposit, higher leverage, and a similar trading service to IC Markets, you may choose Hotforex.

Written by

Jason Paine is a forex trader, researcher, and tech enthusiast. He is passionate about financial markets and cutting-edge technology. With a dynamic 16-year trading career, he's on a mission to guide fellow traders. Having navigated diverse forex brokers, Jason shares his insights at Brokersway to bridge the gap between traders and the right brokerage.

DisclosureAt Brokersway we're committed to delivering unbiased information. our opinions are our own and are not influenced by the payment we receive from our advertising partners. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here's an explanation of how we make money.

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