- XM offers lower minimum deposits ($5 vs $200) and a welcome deposit bonus where eligible, making it more accessible for beginners
- IC Markets provides raw ECN spreads from 0.0 pips with $7/lot commission, favoring high-volume scalpers and algorithmic traders
- Both brokers hold multiple regulatory licences with client fund segregation and negative balance protection; IC Markets has ASIC while XM has DFSA/FSCA regional coverage
- XM leads on Islamic accounts and Middle East accessibility via DFSA, while IC Markets leads on cTrader platform availability
Regulated Global Broker Trusted by 20M+ clients worldwide
- Trade 1,400+ instruments
- Country-based bonus offers where eligible
- MT4 & MT5 available
- Easy deposits and withdrawals
- Leverage up to 1000:1, where available
- Copy Trading: auto-copy expert strategy managers
June 2026 field note: XM details can vary by country and legal entity. Before following this guide, compare the current signup or Members Area wording with the points below, especially account type, bonus and withdrawal conditions.
XM vs IC Markets: Which Broker Fits Your Trading Style?#
XM and IC Markets are both well-established brokers with strong reputations, but they serve different segments of the market. XM positions itself as an accessible, all-round broker with low minimum deposits and generous bonuses. IC Markets targets experienced traders and scalpers with raw ECN spreads and institutional-grade execution.
This comparison examines every key factor — regulation, costs, platforms, execution, and features — to help you decide which broker aligns with your goals.
Quick Comparison Table#
| Feature | XM | IC Markets |
|---|---|---|
| Founded | 2009 | 2007 |
| Regulation | CySEC, DFSA, FSCA, FSC/FSA | ASIC, CySEC, FSA, SCB |
| Min Deposit | $5 | $0 |
| Spreads | From 0.6 pips (Ultra Low) | From 0.0 pips (Raw Spread) |
| Commission | None | $7/lot round-turn (Raw) |
| Platforms | MT4, MT5, XM App | MT4, MT5, cTrader |
| Instruments | 1,000+ | 2,200+ |
| Islamic Account | Yes | Yes |
| Deposit Bonus | Country-based $100/$30 where eligible | No |
Regulation and Trust#
Both brokers hold multiple licenses from respected regulators, ensuring client fund segregation and compliance with international standards.
XM operates under entities including CySEC (Cyprus), DFSA (Dubai), FSCA (South Africa), FSC (Belize) and FSA (Seychelles). The DFSA license is particularly valuable for traders in the Middle East and Gulf region.
IC Markets is regulated by ASIC (Australia), CySEC (Cyprus), FSA (Seychelles), and SCB (Bahamas). ASIC is one of the strictest regulators globally, and IC Markets' Australian roots give it strong credibility among institutional and professional traders.
Both brokers provide negative balance protection and segregated client funds. Regulation-wise, they are on equal footing — both meet high standards across multiple jurisdictions.
Spreads and Trading Costs#
This is the most important comparison for active traders, and the numbers require careful analysis.
IC Markets Raw Spread Account offers spreads from 0.0 pips on EUR/USD, with a commission of $7 per standard lot round-turn ($3.50 per side). This means your all-in cost on a EUR/USD trade is roughly 0.0–0.2 pips spread + 0.7 pips commission equivalent = 0.7–0.9 pips total.
XM Ultra Low Account offers spreads from 0.6 pips on EUR/USD with zero commission. Your all-in cost is simply the spread: 0.6–0.8 pips during peak liquidity. For the full XM cost matrix including swaps and inactivity fees, see our XM spreads, fees and commissions guide.
| Cost Metric | XM Ultra Low | IC Markets Raw |
|---|---|---|
| EUR/USD Avg Spread | 0.6–0.8 pips | 0.0–0.2 pips |
| Commission | $0 | $7/lot RT |
| All-in Cost (EUR/USD) | ~0.7 pips | ~0.8 pips |
| GBP/USD All-in Cost | ~0.9 pips | ~1.0 pips |
The all-in costs are remarkably similar. XM's zero-commission model can actually match or beat IC Markets on popular pairs when you factor in the $7 round-turn commission. However, IC Markets' raw spreads become more competitive on exotic pairs and during volatile periods.
IC Markets also offers a Standard Account with spreads from 1.0 pips and no commission, similar to XM's Standard Account.
Platforms: MT4, MT5, cTrader, and XM App#
XM provides MT4 and MT5 plus its proprietary XM App for mobile trading. The app offers a streamlined experience for account management, deposits, withdrawals, and basic trading. All Expert Advisors and custom indicators are supported on the desktop platforms.
IC Markets offers MT4, MT5, and cTrader — a powerful platform favored by professional traders for its superior order execution, depth-of-market display, and advanced order types. cTrader also supports cBots (automated trading) and has a modern, intuitive interface.
If you prefer cTrader's advanced features and professional-grade execution tools, IC Markets has an edge. If you want the simplicity of MT4/MT5 combined with a dedicated mobile app and streamlined account management, XM delivers.
Execution Model#
This is a fundamental difference between the two brokers.
IC Markets operates a True ECN/STP execution model. Orders are routed directly to liquidity providers without dealer intervention. This results in ultra-fast execution (average under 40ms), minimal slippage, and no requotes — making IC Markets a top choice for scalpers and algorithmic traders.
XM uses a Market Maker/STP hybrid model. While XM guarantees execution on all orders with no requotes, the broker may act as counterparty on some trades. XM's execution is still fast and reliable for most retail traders, but purists who demand direct market access may prefer IC Markets' ECN model.
For high-frequency strategies, scalping, and algorithmic trading, IC Markets' ECN execution is the preferred choice. For standard retail trading with guaranteed fills and no slippage on most orders, XM performs well.
Minimum Deposit and Accessibility#
XM has one of the lowest minimum deposits in the industry at $5 for Standard and Micro accounts. Combined with a country-based welcome bonus where eligible, traders may get extra live-account credit through either a $100 or $30 offer depending on country and entity. This makes XM extremely accessible for beginners, but the exact offer must be checked in the Members Area.
IC Markets has no minimum deposit requirement ($0) across all account types. While the entry barrier is equally low, IC Markets does not offer any welcome bonus or deposit bonus. XM's welcome deposit bonus remains a distinct advantage for traders who want to start with a lower initial cash outlay, subject to trading risk and bonus terms.
Instruments and Markets#
IC Markets offers over 2,200 instruments including Forex, stock CFDs, indices, commodities, bonds, and crypto CFDs. The selection is deeper, particularly in stock CFDs and indices.
XM provides 1,400+ instruments covering Forex, stock CFDs, indices, commodities, precious metals, energies, and crypto CFDs. It covers all major markets and is more than sufficient for most retail traders.
Who Should Choose XM?#
- Beginners who want to start with a $5 deposit or the welcome deposit bonus
- Traders who prefer zero-commission accounts with simple pricing
- Clients in the Middle East who benefit from DFSA regulation and swap-free accounts
- Traders who value bonuses and promotions (XM runs regular deposit bonus campaigns)
- Those who want a dedicated mobile app for account management
Who Should Choose IC Markets?#
- Scalpers and high-frequency traders who need raw ECN spreads and ultra-fast execution
- Algorithmic traders who rely on cTrader and cBots
- Professional and institutional traders who demand direct market access
- Traders with larger accounts who prioritize execution quality over bonuses
- Those seeking a wider range of 2,200+ instruments
Verdict#
XM and IC Markets are both excellent brokers, but they target different profiles. XM excels in accessibility — the $5 minimum deposit, welcome deposit bonus, zero-commission accounts, and user-friendly experience make it ideal for beginners and cost-conscious retail traders. All-in spreads on major pairs are competitive with IC Markets when commissions are factored in.
IC Markets excels in execution and platform diversity — raw ECN spreads, cTrader support, and institutional-grade execution make it the preferred choice for scalpers, algo traders, and professionals. The lack of bonuses reflects its focus on serious, high-volume traders.
If you are starting out or want a simple, low-cost trading experience, XM is the better fit. If you are an experienced trader seeking the tightest raw spreads and the fastest execution, IC Markets delivers.
Verify & match: Cross-check each broker's regulatory status in our Licensed Brokers directory (CySEC, ASIC, FCA, DFSA), and take the Broker Quiz for a personalized broker recommendation based on your region and strategy.
Education-first next step: practise on demo, calculate your risk per trade, then review the current XM account, bonus and withdrawal terms before opening or funding a live account. Check XM terms only after you understand the risks; eligibility depends on your country, legal entity and live campaign rules.
Comments 5
IC Markets Raw Spread is the go-to for serious scalpers and the article acknowledges this fairly. Where XM wins is everything outside of raw execution cost: bonuses, loyalty points, educational content, and lower minimum deposit. I keep both accounts active — IC Markets for my scalping strategy and XM for my swing trades where the 0.2-pip spread difference doesn't matter against a 50-pip target.
The server location matters more than people think. IC Markets' primary servers are in Equinix NY4, which gives excellent latency for US-session traders. XM's servers are in London. If you're trading from Asia or the Middle East, the latency profile is different for each broker. This isn't mentioned in the article but it affects execution quality.
This is the kind of content that separates serious trading education from the noise. Bookmarked and will revisit. I noted this for my own pre-trade checklist. The example is what made the point stick.
Read through the comments too — good to see others having similar questions. The article addresses most of my concerns directly. I noted this for my own pre-trade checklist. The example is what made the point stick.
One thing IC Markets does better: they offer cTrader as a platform option alongside MT4/MT5. cTrader's interface is more modern and its depth-of-market display is genuine. XM is MT4/MT5 only. For traders who want a third platform choice, IC Markets has the advantage here.
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