There are hundreds of forex brokers operating around the world, and it can be challenging to decide which broker fits your needs. After all, most brokers advertise the same selling points, offer the same platforms, and promise excellent customer support. On the surface, they all sound good, making your decision even harder.
Scandinavian Capital Markets is a boutique forex broker offering custom solutions to meet the needs of the most demanding traders. Many traders have to learn the hard way whether a broker is suitable for them and their trading strategy or not. One of the questions asked most by new clients is how we compare with IC Markets. IC Markets is, without a doubt, a leader in the online trading industry, and almost every trader knows the brand.
Just because lots of traders happily use IC Markets doesn’t mean they’re suitable for every trader. We’ve written this guide to help you compare Scandinavian Capital Markets and IC Markets.
Scandinavian Capital Markets is a Swedish forex broker based in Stockholm offering forex trading and cryptocurrency CFDs internationally on various trading platforms. The company is authorised and registered with the Swedish Financial Supervisory Authority (FSA) (Finansinspektionen Reg. No. 556863-5972), which oversees one of the most reputable and stable financial trading markets in the world.
The company was established as a Wealth Management Company in 2011. Scandinavian Capital Markets obtained registration with the Swedish FSA a year later to strategically focus on the forex market. Five years later, they launched Sweden’s first STP-ECN brokerage in 2017.
Today, the brokerage provides tailored trading solutions for high volume or high-frequency traders and money managers. Scandinavian Capital Markets continues to serve its original purpose and offers exclusive forex investment opportunities for high-net-worth individuals.
IC Markets is an online trading brand consisting of multiple entities licensed in Australia, Cyprus, Seychelles and the Bahamas. The company was founded in Sydney in 2007 and has grown to be one of the largest retail trading brokers.
The company attracts traders by offering competitive pricing, reliable platforms, good quality execution and an overall high level of reliability and consistency. The company is rumoured to be the largest forex broker in the world, with reports suggesting the company’s notional trading volume exceeded $1 trillion in March 2021.
Since the company launched, IC Markets has been positioned as an ECN broker. Since regulators introduced rules prohibiting brokers from misleading investors about how they execute transactions, the company has been distancing itself from such claims. While IC Markets is competitive for many trading instruments, they offer a take-it or leave-it, one-size-fits-all approach, which doesn’t work for everyone.
This table gives an overview of the similarities and differences between Scandinavian Capital Markets vs IC Markets.
|Feature||Scandinavian Capital Markets||IC Markets|
|Headquarters||Stockholm, Sweden||Sydney, Australia|
|Licenses & authorisations||2011||2007|
|Swedish Financial Supervisory Authority (FSA) (Finansinspektionen Reg. No. 556863-5972)||Australian Securities and Investments Commission (License No. 335692)|
Financial Services Authority of Seychelles (License No. SD018)
Cyprus Securities and Exchange Commission (License No. 362/18)
Securities Commission of The Bahamas (License No. SIA-F214)
|Execution||STP execution with several tier-one liquidity providers||ECN-style execution|
|Spreads||From 0.0||From 0.0|
|Commissions (where applicable)||$10 per lot (negotiable)||$7 per lot|
|Trading platforms||MetaTrader 4, cTrader||MetaTrader 4, MetaTrader 5, cTrader|
|Trading instruments||Forex, metals, indices, cryptocurrency CFDs||Forex, CFDs (commodities, indices, cryptocurrencies, stocks, futures, bonds)|
|Customer support||Phone, email||Live chat, email|
|Dedicated account manager||Yes||No|
|Funded trader program||Yes||No|