Why Compare These Three Brokers?#
XM, Exness, and IC Markets are consistently ranked among the most popular forex brokers globally. Each serves millions of traders, offers competitive conditions, and maintains multiple regulatory licences.
But they are not identical. Each has distinct strengths:
- XM excels in education, bonuses, and beginner accessibility
- Exness leads in instant withdrawals and flexible leverage
- IC Markets focuses on institutional-grade raw spreads for active traders
This comparison uses real data from April 2026, measured during London session hours, to help you choose the right broker for your specific trading style. For head-to-head comparisons, also see our detailed XM vs Exness and XM vs IC Markets guides.
Regulation and Safety#
| Criteria | XM | Exness | IC Markets |
|---|---|---|---|
| Key Regulators | CySEC, ASIC, DFSA, IFSC, FSC | FCA, CySEC, FSA, FSCA, CMA | ASIC, CySEC, FSA, SCB |
| Number of Licences | 5+ | 5+ | 4 |
| Negative Balance Protection | Yes (all entities) | Yes (all entities) | Yes (all entities) |
| Segregated Client Funds | Yes | Yes | Yes |
| ICF/Compensation Scheme | Up to €20,000 (CySEC) | Up to €20,000 (CySEC), £85,000 (FCA) | Up to €20,000 (CySEC) |
| Founded | 2009 | 2008 | 2007 |
| Reported Active Clients | 10M+ | 800,000+ | 500,000+ |
Verdict: All three are well-regulated. XM has the widest geographic regulatory coverage. Exness stands out with FCA (UK) regulation, which offers the highest compensation limits. IC Markets' ASIC licence is considered among the strictest in the world.
Account Types#
XM Account Types
| Account | Min Deposit | Spread From | Commission | Best For |
|---|---|---|---|---|
| Micro | $5 | 1.0 pip | None | Absolute beginners |
| Standard | $5 | 1.0 pip | None | Most traders |
| Ultra Low | $5 | 0.6 pip | None | Cost-conscious |
| Shares | $10,000 | Market | Per share | Stock CFD traders |
For a detailed breakdown, see our XM account types guide.
Exness Account Types
| Account | Min Deposit | Spread From | Commission | Best For |
|---|---|---|---|---|
| Standard | $1 | 0.3 pip | None | Most traders |
| Standard Cent | $1 | 0.3 pip | None | Micro lot beginners |
| Raw Spread | $200 | 0.0 pip | $3.50/side | Scalpers |
| Zero | $200 | 0.0 pip (top 30 pairs) | From $0.05/side | News traders |
| Pro | $200 | 0.1 pip | None | Active day traders |
IC Markets Account Types
| Account | Min Deposit | Spread From | Commission | Best For |
|---|---|---|---|---|
| Standard | $200 | 0.6 pip | None | Casual traders |
| Raw Spread (cTrader) | $200 | 0.0 pip | $3.00/side | Scalpers, algo traders |
| Raw Spread (MT4/MT5) | $200 | 0.0 pip | $3.50/side | Active traders |
Verdict: XM wins on accessibility ($5 minimum, multiple account types). Exness offers the most variety with the lowest minimum ($1). IC Markets is straightforward with fewer options but excellent raw spread pricing.
Spreads and Trading Costs#
This is where the real differences emerge. Measured during London session (10:00-14:00 GMT), April 2026:
Major Pairs — Typical Spreads
| Pair | XM Ultra Low | Exness Pro | IC Markets Raw |
|---|---|---|---|
| EUR/USD | 0.7 pip | 0.6 pip | 0.1 pip + $7/lot |
| GBP/USD | 0.8 pip | 0.7 pip | 0.2 pip + $7/lot |
| USD/JPY | 0.7 pip | 0.7 pip | 0.2 pip + $7/lot |
| AUD/USD | 0.8 pip | 0.8 pip | 0.2 pip + $7/lot |
Gold (XAU/USD) — Typical Spreads
| Broker | Account | Typical Spread | Commission | Total Cost/Lot |
|---|---|---|---|---|
| XM | Ultra Low | 1.5 pips ($1.50) | None | $1.50 |
| Exness | Pro | 1.2 pips ($1.20) | None | $1.20 |
| IC Markets | Raw | 0.5 pips ($0.50) | $7.00 | $7.50 |
Effective Cost Comparison (EUR/USD, per standard lot)
| Broker/Account | Spread Cost | Commission | Total Round-Trip |
|---|---|---|---|
| XM Ultra Low | $7.00 | $0 | $7.00 |
| Exness Pro | $6.00 | $0 | $6.00 |
| IC Markets Raw (MT5) | $1.00 | $7.00 | $8.00 |
| IC Markets Raw (cTrader) | $1.00 | $6.00 | $7.00 |
Verdict: For spread-only accounts, Exness Pro has the edge. For raw spread + commission, IC Markets offers the tightest spreads but higher total cost on major pairs. XM Ultra Low provides very competitive all-in pricing. For gold specifically, XM and Exness are more cost-effective due to IC Markets' commission structure.
Platforms and Technology#
| Feature | XM | Exness | IC Markets |
|---|---|---|---|
| MT4 | Yes | Yes | Yes |
| MT5 | Yes | Yes | Yes |
| cTrader | No | No | Yes |
| Proprietary App | XM App | Exness Terminal, Exness Trade | IC Markets App |
| Web Trading | Yes | Yes | Yes |
| TradingView Integration | No | Yes (direct) | No |
| VPS | Free (conditions apply) | Free (conditions apply) | Free ($15+ deposit/month) |
| API/Algo Trading | MT4/MT5 EAs | MT4/MT5 EAs | cTrader Automate, MT4/MT5 EAs |
Verdict: IC Markets wins for algorithmic traders with cTrader's superior algo environment. Exness has the best proprietary technology stack with TradingView integration. XM offers reliable MT4/MT5 with a well-designed mobile app.
For MT5 setup instructions, see our XM MT5 guide. For platform selection help, read MT4 vs MT5.
Leverage#
| Broker | Maximum Leverage | Adjustable? | Crypto Leverage |
|---|---|---|---|
| XM | 1:1000 | Yes | 1:250 |
| Exness | Unlimited* | Yes | 1:400 |
| IC Markets | 1:500 | Yes | 1:200 |
*Exness unlimited leverage is available on accounts with equity below $1,000 and requires meeting conditions.
Important: Higher leverage is not necessarily better. It amplifies both profits and losses. For a thorough understanding, read our leverage guide and risk management framework.
Verdict: Exness offers the most leverage flexibility. XM's 1:1000 is generous for most traders. IC Markets is more conservative but sufficient for all standard strategies.
Deposits and Withdrawals#
| Feature | XM | Exness | IC Markets |
|---|---|---|---|
| Minimum Deposit | $5 | $1 | $200 |
| Deposit Methods | Bank, Cards, E-wallets, Crypto | Bank, Cards, E-wallets, Crypto | Bank, Cards, E-wallets, Crypto |
| Deposit Fees | None | None | None (bank may charge) |
| Withdrawal Speed | 24 hours (e-wallets instant) | Instant (most methods) | 1-3 business days |
| Withdrawal Fees | None | None | None (bank transfer $20+) |
| USDT Deposit | Yes | Yes | Yes |
Verdict: Exness is the clear winner for withdrawals with their instant processing (often within seconds for e-wallets). XM processes within 24 hours with no fees. IC Markets is the slowest, with some bank transfers taking 3+ days.
For XM deposit specifics, see our XM deposit and withdrawal guide. For USDT deposits, read our XM USDT guide.
Bonuses and Promotions#
| Feature | XM | Exness | IC Markets |
|---|---|---|---|
| No-Deposit Bonus | $30 | None | None |
| Deposit Bonus | Up to $10,500 (100% + 20%) | None | None |
| Loyalty Programme | XM Loyalty Points | None | Active Trader rebates |
| Contests/Competitions | Regular demo contests | None | None |
Verdict: XM dominates this category. The $30 no-deposit bonus lets new traders test real market conditions risk-free. The deposit bonus program is among the most generous in the industry. For details, see our XM bonus guide and how to get the $30 bonus.
Exness and IC Markets deliberately avoid bonuses, focusing instead on tighter spreads and faster execution.
Islamic (Swap-Free) Accounts#
| Feature | XM | Exness | IC Markets |
|---|---|---|---|
| Swap-Free Available | Yes | Yes | Yes |
| Duration Limit | Varies by instrument | Extended (some pairs unlimited) | 7-day initial; extendable |
| Additional Fees | None (standard spreads) | None (standard spreads) | Admin fee after grace period |
| How to Enable | Request via support | Automatic for eligible regions | Request via support |
Verdict: Exness has the most transparent swap-free policy with automatic eligibility. XM offers genuine swap-free accounts with no hidden fees. IC Markets' time-limited approach is less flexible. For more on Islamic trading, see our Islamic forex guide and Is XM halal?.
Customer Support#
| Feature | XM | Exness | IC Markets |
|---|---|---|---|
| Live Chat | 24/5 | 24/7 | 24/7 |
| Languages | 30+ | 15+ | 18+ |
| Arabic Support | Yes (dedicated team) | Yes | Yes |
| Response Time | Under 1 minute (chat) | Under 1 minute (chat) | 2-5 minutes (chat) |
| Phone Support | Yes | Yes | Yes |
| Dedicated Account Manager | Yes (for active traders) | No | No |
Verdict: XM has the broadest language support and dedicated account managers. Exness offers 24/7 availability including weekends. IC Markets support is adequate but slower during peak hours.
Who Should Choose Which Broker?#
Choose XM if you are:
- A beginner who wants educational resources and a no-deposit bonus to start
- Looking for the lowest minimum deposit ($5) with full-featured accounts
- Trading from the Middle East or Africa (strongest regional support)
- Interested in bonus offers and loyalty rewards
- Want to trade with a partner code for additional benefits
Choose Exness if you are:
- An active trader who needs instant withdrawals
- Looking for the highest leverage flexibility
- A scalper who needs consistently tight spreads with no commissions (Pro account)
- Want TradingView platform integration
Choose IC Markets if you are:
- An algorithmic trader who needs cTrader
- A high-volume trader who benefits from raw institutional spreads
- Focused purely on execution quality and don't care about bonuses
- Trading primarily major pairs where raw spread + commission is cost-effective
Quick Decision Matrix#
| Priority | Best Choice |
|---|---|
| Lowest cost of entry | Exness ($1 min deposit) or XM ($5 + $30 bonus) |
| Tightest raw spreads | IC Markets Raw Spread |
| Best bonus offers | XM ($30 no-deposit + deposit bonuses) |
| Fastest withdrawals | Exness (instant) |
| Best for beginners | XM (education + bonus + $5 minimum) |
| Best for scalping | IC Markets (cTrader) or Exness (Pro) |
| Best for algo trading | IC Markets (cTrader Automate) |
| Best Islamic account | Exness or XM |
| Most regulatory licences | XM |
Key Takeaways#
- All three brokers are legitimate, well-regulated, and suitable for serious traders
- XM is the best all-round choice for most traders, especially beginners, with unmatched bonus offers and accessibility
- Exness excels for active traders who prioritise instant withdrawals and tight spreads
- IC Markets is the choice for algorithmic and high-volume traders who need cTrader and raw pricing
- Many experienced traders maintain accounts at 2-3 brokers to leverage each platform's strengths
Still not sure which broker fits your style? Take our broker quiz for a personalised recommendation, or use our broker comparison tool to compare specific features side by side.
Ready to start? Open an XM account with a $30 no-deposit bonus and trade 1,400+ instruments with zero risk.
