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.
- Features and Platforms
- Available Markets
- Typical Spreads and Fees
- Security and Trust
- IC Markets versus XM - Verdict
Features and Platforms
| Features & Platforms | XM (visit site) | IC Markets (visit site) |
 |  | |
| Headquarter: | Belize | Australia |
Established : | 2009 | 2010 |
Retail Loss Rate: | 75.59% | 74.32% |
Regulation: | ||
Minimum Deposit: | $5 | $200 |
Demo Account: | ||
Managed Account: | ||
Islamic Account: | ||
Inactivity Fee | $5 monthly after 90 days | |
Deposit Fee: | Third-Party | No |
Withdrawal Fee | Third-Party | Third-Party |
Funding Methods: | 25+ | 15 |
MT4: | ||
MT5: | ||
cTrader: | ||
Proprietary Platform: | ||
Automated Trading: | ||
Social / Copy Trading: | ||
MT4/MT5 Add-ons: | ||
Guaranteed Stop Loss: | ||
Negative Balance Protection: | ||
Bonuses and Promotions: | ||
Unique Feature One: | Low trading costs | Superior trade execution |
Unique Feature Two: | Excellent order execution | Excellent MT4 trading tools |
Broker Offers: |
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
| Available Markets | XM | IC Markets |
| Currency Pairs: | ||
Cryptocurrency Pairs: | ||
Commodities and Metals: | ||
Indices: | ||
Equities: | ||
Bonds: | ||
ETFs: | ||
Options, Futures, and Synthetics: | ||
Maximum Retail Leverage: | 1:888 | 1:500 |
Maximum Pro Leverage: | 1:888 | 1:500 |
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
| Typical Spreads & Fees | XM | IC Markets |
Minimum Raw Spreads: | Not applicable | 0.0 pips |
Minimum Standard Spreads: | 0.6 pips | 0.6 pips |
Minimum Commission for Forex: | Commission-free | $6.00 per round lot |
Commission for CFDs/DMA: | 0.10% (CFDs commission-free) | $0.04 per round lot (US) |
Commission Rebates: | Yes | No |
Execution Type: | Market Maker | Market Maker/ECN |
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
XM
| Country of the Regulator | Name of the Regulator | License Number |
Australia | Australian Securities & Investments Commission | 443670 |
Bahamas | Securities Commission of The Bahamas | SIA-F201 |
Belize | International Financial Services Commission | 000261/158 |
UK | Financial Conduct Authority | 705428 |
Cyprus | Cyprus Securities and Exchange Commission | 120/10 and 256/14 |
Dubai | Dubai Financial Services Authority | F003484 |
US | Commodity Futures Trading Commission / National Futures Association | NFA #0516820 |
IC Markets
| Country of the Regulator | Name of the Regulator | License Number |
Seychelles | Seychelles Financial Services Authority | SD018 |
Australia | Australian Securities & Investments Commission | 335692 |
Bahamas | Securities Commission of The Bahamas | SIA-F214 |
Cyprus | Cyprus Securities and Exchange Commission | 362/18 |
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
| Pros | Cons |
| 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
| Pros | Cons |
| 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.
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.