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CM Trading vs IG - 2024 Comparison | FxScouts
AuthorAuthor: Björn MichelsUpdated: October 12, 2023

Last Updated On October 12, 2023

Björn Michels

Trading with a reputable online broker is a crucial factor for success in the international markets. At FxScouts, we help you find the broker that suits your trading needs.

Each year we spend thousands of hours testing brokers by opening accounts, testing their platforms, and rating them according to a set of over 200 metrics. We deposit real money with the brokers to ensure that the products and user experience they advertise are consistent with reality.

We have found that the best way for traders to choose a broker is to compare brokers side-by-side. The comparison tool below allows you to compare two brokers based on their ratings and features.

Select brokers to compare

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Broker Score
Min. Deposit
Regulation
Trading Desk Type
Trading Instruments
Forex Pairs
Crypto Pairs
Pros
Cons
Regulation
Trading Conditions
Trading Platforms
Deposit & Withdrawal
Education & Research
Assets Available
Customer Service
% Lose with this broker
Leverage
Spread
Hedging
Scalping
Account Types
Islamic Account
Trading Platforms
Funding Methods
Trading Commission
1110.503.48/ 5 USD 100FSCA Regulated Forex BrokersThe Seychelles Financial Services AuthorityMarket MakerCommodities, Cryptocurrencies, Stock CFDs, Forex, Indices, Metals5023
  • Good for beginners
  • Great customer support
  • Copy trading accounts
  • Expensive withdrawals
  • Local regulation only
Read Review 111003/ 5 111104/ 5 111104/ 5 100001/ 5 1110.503.5/ 5 111104/ 5 11110.54.5/ 5 73%200:11.50 pips Bronze, Gold, Gold ECN, Platinum, Premium, Silver MT4, WebTraderBank Transfer, Visa, Mastercard, Neteller, FasapayFees Included in Spread
11110.54.69/ 5 USD 0FCA Regulated BrokersASIC Regulated Forex BrokersFSCA Regulated Forex BrokersBundesanstalt für FinanzdienstleistungsaufsichtSwiss Financial Market Supervisory AuthorityMonetary Authority of SingaporeFinancial Markets Authority of New ZealandDubai Financial Services AuthorityFinancial Services AgencyCommodity Futures Trading AssociationFinansinspektionenMarket MakerBonds, Commodities, Cryptocurrencies, Digital 100s, Stock CFDs, ETFs, Forex, Indices, Interest Rates8010
  • Well regulated
  • Tight spreads
  • Great platform choice
  • Excellent education
  • Excellent market analysis
  • High minimum deposit
Read Review 111115/ 5 11110.54.5/ 5 11110.54.5/ 5 111115/ 5 111115/ 5 111115/ 5 111104/ 5 69%200:10.60 pips DMA, Live Account, Spread Betting MT4, L2 Dealer, ProRealTimeBank Transfer, Visa, Mastercard, PaypalFees Included in Spread

How do IG and CM Trading stack up against each other?

The Radar Chart below highlights how the brokers stack up against each other across various metrics. The highest score a broker can receive in each area is 5.

CM Trading

IG

At FxScouts, we help traders find the broker that suits their trading needs. In many cases, the best way to achieve this is to compare brokers side-by-side.

To compare IG and CM Trading, we used the same factors we use when reviewing brokers: The trust and regulation of the broker, the trading platform, the costs and trading conditions, and the level of education and market analysis available at the broker.

Does IG or CM Trading have a better trust and regulation rating?

Trust and regulation are some of the most important factors to consider when choosing a Forex broker. Trust in the Forex trading business is almost entirely founded upon regulation. We spend many hours evaluating the safety of each broker by delving into their fine print and confirming each one of their regulatory licences on the online registers. The more top-tier authorities a broker is regulated by, the higher its trust rating.

In our comparison, we found that IG holds six Tier 1 and four Tier 2 licences, and CM Trading holds no Tier 1 and no Tier 2 licences.

 

Is IG financially regulated?

Yes IG was founded in 1974 and is regulated by ASIC, BaFin, CFTC, DFSA, FCA, FMA, FSA-Japan, Fi, FSCA, MAS and FINMA.

 

Is CM Trading financially regulated?

Yes CM Trading was founded in 2013 and is regulated by FSCA and FSA-Seychelles.

 

Based on these findings, IG earned a higher trust rating than CM Trading.

Does IG or CM Trading have lower costs?

Another important aspect we consider when comparing brokers is the cost of trading. When evaluating trading costs, we always consider the minimum deposit required to open an account and the ongoing trading costs, including the spreads and commissions. When calculating trading costs, we measure the cost to trade one lot of EUR/USD using the broker’s account with the lowest minimum deposit. The cost includes both the spread and any commission charged. 

Not all brokers publish their trading costs, so we often open accounts and trade on their platforms to verify the spreads and commissions. Based on our reviews, we found that IG has overall lower trading costs than CM Trading. 

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Broker
Trading Conditions
Base Currencies
EURUSD (Standard)
Trading Cost (Standard)
EURUSD (Best)
GBPUSD (Best)
USDJPY (Best)
Commission
CM Trading
111104/ 5
EUR, USD
1.50 pips
USD 15
1.70 pips
2.60 pips
1.70 pips
USD 0
IG
11110.54.5/ 5
AUD, USD, JPY, GBP, EUR, CAD, CHF, NZD, SGD, HKD
0.60 pips
USD 6
0.85 pips
1.40 pips
0.94 pips
USD 0

 

Does IG or CM Trading offer a better choice of trading platforms?

Traders want Forex brokers to offer them a choice of trading platforms, so we give brokers who offer multiple platforms higher ratings. Trading platforms we consider include MetaTrader4, MetaTrader5, cTrader and proprietary mobile and web-based platforms. 

In this case, IG offers support for and CM Trading offers support for . 

Do the brokers offer copy trading?

Copy trading is a great option for beginner traders who can’t trade full-time or lack experience with Forex trading. In this case both CM Trading and IG offer copy trading.

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Broker
Platform Choice
Copy Trading
Platforms
CM Trading
111104/ 5
WebTrader
IG
11110.54.5/ 5
L2 Dealer
ProRealTime

 

Which broker offers a better choice of trading instruments?

A variety of CFD instruments – and a large range of CFDs for each instrument category allow traders more opportunities for profitable trading. The best brokers will have thousands of CFDs to trade, covering all these instrument categories. We found that IG offers a greater range and depth of instruments to trade than CM Trading. IG offers 80 Forex pairs to trade and CM Trading offers 50 Forex pairs to trade.

Toplist Forex Pairs

And what about Cryptocurrencies?

In this case, CM Trading offers 23 cryptocurrencies while IG offers 10 cryptocurrencies. So if you want to trade cryptocurrencies, we advise trading with CM Trading.

Which broker offers better deposit and withdrawal processes?

Although brokers may have reasonable trading fees, many traders are caught out by the high non-trading fees charged by some brokers, including deposits and withdrawals. Traders want to be able to deposit and withdraw funds quickly and cheaply. Most brokers have multiple funding methods with zero fees for making deposits, but some brokers make it more expensive and take longer to process withdrawals. 

We rate brokers more highly that process withdrawals within 24 hours by multiple withdrawal methods and without charging processing fees. We found that neither CM Trading nor IG charges a withdrawal fee. Overall, IG has better deposit and withdrawal processes than CM Trading. 

Which broker offers better 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. 

IG has better educational support than CM Trading. Both CM Trading and IG offer educational support for more experienced traders.

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Broker
Beginner Course
Advanced Course
Well Structured Education
Education Quality
Webinars
CM Trading
Medium
IG
High

 

Which broker offers better market analysis materials?

To successfully predict the price movements of an instrument, traders will need access to frequent market research and analysis. We find that research and market analysis are always better when they are produced in-house and updated frequently. Third-party resources don’t show the same expertise in trading ideas, so we place a strong emphasis on frequent in-house updates. Some brokers also often offer interactive webinars where traders can learn from experts in the field. 

We found that 0 offers better research analysis than 0 and that both CM Trading and IG offer frequent webinars.

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Broker
Economic Calendar
Autochartist
Trading Central
Trading View
Free VPS
CM Trading
IG

 

Our overall Verdict on IG

Founded in 1974 and FSCA-regulated since 2021, IG has a long history of satisfied clients, low trading fees, and a vast range of trading instruments.

Our research found that IG has over 320,000 clients worldwide and has been the largest CFD broker globally by revenue for the last few years. It has two low-cost trading accounts with no minimum deposit requirements and offers trading on over 17,000 instruments, all of which can be accessed on its award-winning app and web trader platform. 

For more traditional investors, IG also runs a fully licenced stock brokerage on the side. And in addition to a wide range of trading tools, IG has a world-class selection of educational and market analysis materials to get new traders started.

Our overall Verdict on CM Trading

Founded in 2012 in Johannesburg, CM Trading is an FSCA-regulated broker with a few drawbacks. It offers six accounts on two different trading platforms, but both its minimum deposits and ongoing trading costs are higher than other brokers. 

Another drawback is the lack of ZAR trading accounts: Any Rand deposits are converted to USD or EUR, and profits will have to be converted again when withdrawn. CM Trading also charges higher deposit and withdrawal fees than other brokers, which in combination with currency conversion fees, may discourage some South African traders. 

On a positive note, CM Trading has a local South African customer service team that provides platform support and one-on-one training. South African traders will also benefit from local FSCA protection, which means that their money will be segregated at top-tier South African banks.

Which broker has the highest overall rating?

IG has an overall rating of 4.69 and CM Trading has an overall rating of 3.48. For more detail please read our reviews of IG and CM Trading.

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