XM vs IC Markets: Which Broker Suits Your Style?

Evidence-based comparison#

Overview#

XM and IC Markets are both highly regarded forex brokers, but they serve different trader profiles. XM focuses on accessibility, education, and a well-rounded trading ecosystem for all levels, while IC Markets targets experienced traders and scalpers with raw ECN spreads and institutional-grade execution.

XM was founded in 2009 and offers MetaTrader accounts, its own app, educational resources and promotions where eligible. Terms depend on entity and country.

IC Markets was founded in 2007 in Sydney, Australia, and has established itself as one of the highest-volume forex brokers globally. IC Markets is known for its True ECN execution, ultra-tight raw spreads, and fast order processing, making it a top choice for scalpers, algorithmic traders, and high-frequency strategies.

Quick Comparison Table#

Regulation#

Both brokers hold multiple licenses across several jurisdictions, ensuring strong protection for client funds.

XM's official regulation page lists 8 group licenses:

• CySEC (Cyprus) — License #120/10
• DFSA (Dubai, DIFC) — License #F003484
• FSCA (South Africa) — License #49976
• FSC (Belize) — Licence #8557558
• FSA (Seychelles) — License #SD190
• FSC (Mauritius) — License #GB23202700
• CMA (Kenya) — License #233
• BVI FSC — License #SIBA/L/25/1182

IC Markets' regulatory licenses:

• CySEC (Cyprus) — License #362/18
• ASIC (Australia) — License #335692
• FSA (Seychelles) — License #SD018

Verdict on regulation: Both are well-regulated. IC Markets holds two Tier 1 licenses (ASIC, CySEC), while XM's official regulation page lists entities across CySEC, DFSA, FSCA, FSC/FSA, CMA Kenya and BVI FSC jurisdictions. XM has a clear edge in overall regulatory breadth, but your actual protection depends on the entity named in your client agreement.

Spreads and Fees#

This is where the two brokers differ most. IC Markets is built around raw ECN pricing, while XM emphasizes all-inclusive, commission-free accounts.

XM Spreads (typical):

XM Zero charges $3.50/lot/side commission.

IC Markets Spreads (typical):

IC Markets Raw Spread charges $3.50/lot/side commission on MT4/MT5 (or $3.00/lot/side on cTrader).

All-in cost comparison (EUR/USD, 1 standard lot round-turn):

Non-trading fees:

• Deposits/Withdrawals: Both offer free deposits. IC Markets may charge $20 for international bank wire withdrawals
• Inactivity fee: XM charges $5/month after 90 days of inactivity. IC Markets has no inactivity fee
• Swap rates: Comparable across both brokers; both offer swap-free options

Leverage#

Verdict on leverage: Both brokers can offer high headline leverage, but the safer comparison is entity terms, instrument caps and margin policy. Responsible traders rarely need the maximum available cap.

Account Types#

XM Account Types:

IC Markets Account Types:

Platforms#

Platform variety is an area where IC Markets has a notable advantage.

XM:

• MetaTrader 4 (Desktop, Web, Mobile)
• MetaTrader 5 (Desktop, Web, Mobile)
• XM App (proprietary mobile app with account management)
• XM WebTrader

IC Markets:

• MetaTrader 4 (Desktop, Web, Mobile)
• MetaTrader 5 (Desktop, Web, Mobile)
• cTrader (Desktop, Web, Mobile)
• TradingView integration

IC Markets' cTrader and TradingView integration are significant advantages for experienced traders who demand modern charting interfaces and Level II pricing data. XM's platform offering covers most traders' needs with MT4/MT5, and its proprietary app provides streamlined account management alongside trading.

Islamic Accounts#

Both brokers offer swap-free accounts for Muslim traders, but with different approaches.

XM Islamic Account:

• Available on all account types (Micro, Standard, Ultra Low, Zero)
• No swap or rollover charges on overnight positions
• No additional fees, markups, or hidden costs
• Activated upon request through customer support
• No time limit or instrument restrictions on swap-free status
• Full Arabic support during setup and management

IC Markets Islamic Account:

• Available on all account types (Standard, Raw Spread)
• No swap charges on overnight positions
• Activated upon request through customer support
• Some instruments may have holding period conditions
• Limited Arabic support for setup

Customer Support#

Customer support is one of XM's strongest differentiators against IC Markets.

XM's support strengths:

• Dedicated Arabic-speaking customer support team
• Regular live webinars in Arabic and multiple other languages
• Personal account managers for active traders
• Global seminar program with events in Arab countries
• Over 200 educational videos and comprehensive trading guides

IC Markets' support strengths:

• Responsive English-language support
• Good technical documentation
• Active social media presence
• Reliable platform uptime

Final Verdict#

XM and IC Markets are both excellent brokers serving different needs.

Choose XM if you:

• Are a beginner or intermediate trader
• Want to start with as little as $5
• Value eligible bonuses to test live markets, subject to terms
• Need full Arabic support — customer service, webinars, and education
• Want a personal account manager
• Value eligible promotions and loyalty credits
• Want low-barrier live account access
• Are based in the Middle East and value DFSA regulation
• Appreciate a comprehensive educational ecosystem

Choose IC Markets if you:

• Are an experienced scalper or algorithmic trader
• Prioritize True ECN execution and ultra-fast order processing
• Want access to cTrader or TradingView integration
• Want to start with a raw ECN-focused broker
• Trade primarily in English
• Prefer a wider instrument selection (2,200+)
• Don't need bonuses or educational resources

Our assessment: Neither broker is stronger overall. IC Markets may fit traders who require cTrader, TradingView or its raw-account structure; XM may fit traders whose available MetaTrader account and education format suit them. Verify entity, live all-in cost and execution before deciding.