IC Markets versus XM

XM upgrades the core MT4/MT5 trading platforms, and its low minimum deposit of $5 ensures it remains accessible to all traders. XM continues to grow its 5M+ trading community from 190 countries, where generous leverage, low trading costs, and a well-balanced asset selection cater to advanced retail traders.

IC Markets has one of the best MT trading environments due to its Advanced Trading Tools upgrade, consisting of 20 plugins. Traders can opt for MT5 or cTrader, all supportive of algorithmic trading, where IC Markets is the industry leader. Apart from integrated solutions in all trading platforms, social traders get Myfxbook AutoTrade and ZuluTrade.

We have conducted an in-depth review of XM and IC Markets to determine which one presents the better overall choice and which traders will benefit the most at either broker.

Headquarters
CyprusAustralia
Regulators
ASIC, CySEC, DFSA, FSC BelizeASIC, CySEC, FSA
Tier 1 Regulator(s)?
Owned by Public Company?
Year Established
20092010
Execution Type(s)
Market MakerECN/STP
Minimum Deposit
$5$200
Trading Platform(s)
MetaTrader 4, MetaTrader 5, Proprietary platformMetaTrader 4, MetaTrader 5, cTrader
Average Trading Cost EUR/USD
0.1 pips0.0 pips ($0.00)
Average Trading Cost GBP/USD
0.2 pips0.0 pips ($0.00)
Average Trading Cost WTI Crude Oil
$0.05 $0.03
Average Trading Cost Gold
$0.19 $0.05
Islamic Account
Signals
US Persons Accepted?
Managed Accounts
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MT4
MT5
cTrader
Proprietary Platform
Automated Trading
DOM?
Guaranteed Stop Loss
Scalping
Hedging
One-Click Trading
OCO Orders
Interest on Margin
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Noteworthy:

Quality education and research exist at both brokers. XM offers generous bonuses and a reward program for high-frequency traders, while VPS hosting supports 24/7 algorithmic trading at IC Markets.

Available Markets

Currency Pairs
Cryptocurrencies
N/A
Commodities
Crude Oil
Gold
Metals
Equity Indices
Stocks (non-CFDs)
Bonds
N/A
ETFs
Futures
Synthetics
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Traders get a well-balanced asset selection at both XM and IC Markets, where the latter takes the lead with its broad equity selection of 1,800+ versus 600+ at XM, plus a better sector coverage for advanced trading requirements. XM features more cryptocurrency CFDs, but both brokers allow traders to achieve proper cross-asset diversification.

Typical Spreads and Fees

Average Trading Cost EUR/USD
0.1 pips0.0 pips ($0.00)
Average Trading Cost GBP/USD
0.2 pips0.0 pips ($0.00)
Average Trading Cost WTI Crude Oil
$0.05 $0.03
Average Trading Cost Gold
$0.19 $0.05
Average Trading Cost Bitcoin
N/A$12.47
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Trading costs at both brokers are similar and competitive, but active high-volume traders can achieve a lower cost structure at XM due to commission rebates. IC Markets offers raw spreads of 0.0 pips for a commission of $6.00, identical to XM with 0.6 pips commission-free.

Security and Trust

Country of the Regulator
United Arab Emirates, Australia, The Bahamas, Belize, Cyprus, United Kingdom, United StatesAustralia, The Bahamas, Cyprus, Seychelles
Name of the Regulator
ASIC, CySEC, DFSA, FSC BelizeASIC, CySEC, FSA
Regulatory License Number
705428, 120/10, 443670, 000261/397, F003484, SIA-F201, 0516820335692, SD018, SIA-F214, 362/18
Regulatory Tier
1,1,1,4,2,4,11, 4, 4, 1
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XM and IC Markets segregate client deposits from corporate funds and offer negative balance protection. Both have clean regulatory track records and have established themselves as trustworthy and secure multi-asset brokers and industry leaders.

IC Markets vs XM – Verdict

XM

ProsCons
Well balanced overall asset selection Limited cryptocurrency selection
Upgraded MT4/MT5 trading accounts with excellent order execution statistics
Low minimum deposit of $5 and maximum leverage of 1:888
Competitive commission-free trading costs from $6.00 per 1.0 lot

IC Markets

ProsCons
Excellent choice of trading platforms consisting of MT4/MT5, and cTrader Minimum deposit slightly higher but within a reasonable range
Market-leading MT4 upgrade package, MAM/PAMM accounts, and VPS hosting
Social trading support via Myfxbook, MetaTrader Signals, and ZuluTrade
Leverage of up to 1:500, deep liquidity, and superb trade execution

Both brokers maintain excellent trading conditions. While IC Markets remains the better choice for established algorithmic traders, XM provides an overall better choice for most traders, taking a narrow lead. Its low minimum deposit requirement ensures all traders can afford an account, while high-volume traders can achieve lower trading costs versus IC Markets.

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Read full XM Review

FAQs

Is XM an ECN or market maker?

XM is a market maker broker.

Is IC Markets a good broker?

IC Markets is an outstanding multi-asset broker and leader in algorithmic trading solutions, offering low costs, deep liquidity, and excellent order execution.

Is XM a good broker?

XM maintains a highly competitive trading environment, ideal for most traders, due to its low minimum deposit requirement and quality trading tools plus competitive pricing environment.

Is XM a true ECN broker?

XM is not an ECN broker but a market maker.

Is XM a dealing desk broker?

Since XM is a market maker, it has a dealing desk, but an electronic one and some incorrectly assume this provides an NDD environment. All market makers operate dealing desks but many mask it within their technology infrastructure.

Does IC Markets allow scalping?

IC Markets allows scalping and offers scalpers an excellent trading infrastructure that supports scalping strategies.

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