Last updated:
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 has grown to serve over 10 million clients across 190 countries. XM is known for its $5 minimum deposit across all accounts, $30 no-deposit bonus, comprehensive educational resources, and award-winning multilingual customer support including full Arabic service.
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#
| Feature | XM | IC Markets |
|---|---|---|
| Founded | 2009 | 2007 |
| Regulation | CySEC, ASIC, DFSA, FSC | CySEC, ASIC, FSA |
| Min. Deposit | $5 | $0 |
| Spreads (EUR/USD) | From 0.6 pips (Ultra Low) | From 0.0 pips (Raw Spread) |
| Commission | $0 (Standard/Ultra Low) | $3.50/lot/side (Raw Spread) |
| Max. Leverage | 1:1000 | 1:1000 |
| Platforms | MT4, MT5, XM App | MT4, MT5, cTrader, TradingView |
| Islamic Account | Yes (all account types) | Yes (upon request) |
| Bonus | $30 no-deposit + deposit bonuses | No bonuses |
| Support Languages | 30+ including Arabic | 18+ including limited Arabic |
| Education | Extensive (webinars, seminars) | Basic |
| Instruments | 1,000+ | 2,200+ |
Regulation#
Both brokers hold multiple licenses across several jurisdictions, ensuring strong protection for client funds.
XM's regulatory licenses:
- CySEC (Cyprus) — License #120/10
- ASIC (Australia) — License #443670
- DFSA (Dubai, UAE) — License #F003484
- FSC (Belize) — License #000261/4
IC Markets' regulatory licenses:
- CySEC (Cyprus) — License #362/18
- ASIC (Australia) — License #335692
- FSA (Seychelles) — License #SD018
| Aspect | XM | IC Markets |
|---|---|---|
| Tier 1 Regulators | ASIC, CySEC | ASIC, CySEC |
| Middle East | DFSA (Dubai) | — |
| Client Fund Segregation | Yes | Yes |
| Negative Balance Protection | Yes | Yes |
| Compensation Scheme | ICF (up to €20,000) | ICF (CySEC entity, up to €20,000) |
Verdict on regulation: Both are well-regulated. IC Markets and XM each hold two Tier 1 licenses (ASIC, CySEC). However, XM's DFSA license is uniquely valuable for Middle Eastern traders, giving it an edge in regional regulatory coverage. Both brokers exceed the safety threshold for retail trading.
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):
| Account | EUR/USD | GBP/USD | USD/JPY | Gold |
|---|---|---|---|---|
| Standard | 1.6 pips | 2.1 pips | 1.6 pips | 3.5 pips |
| Ultra Low | 0.6 pips | 0.7 pips | 0.7 pips | 1.5 pips |
| XM Zero | 0.0 pips | 0.2 pips | 0.1 pips | 2.0 pips |
XM Zero charges $3.50/lot/side commission.
IC Markets Spreads (typical):
| Account | EUR/USD | GBP/USD | USD/JPY | Gold |
|---|---|---|---|---|
| Standard | 0.62 pips | 0.83 pips | 0.74 pips | 2.0 pips |
| Raw Spread | 0.02 pips | 0.23 pips | 0.14 pips | 0.9 pips |
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):
| XM Ultra Low | XM Zero | IC Markets Std | IC Markets Raw | |
|---|---|---|---|---|
| Spread cost | $6.00 | $0.00 | $6.20 | $0.20 |
| Commission | $0.00 | $7.00 | $0.00 | $7.00 |
| Total | $6.00 | $7.00 | $6.20 | $7.20 |
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#
| XM | IC Markets | |
|---|---|---|
| Maximum leverage | 1:1000 | 1:1000 |
| Default leverage | 1:888 (adjustable) | 1:1000 |
| Leverage on Majors | Up to 1:1000 | Up to 1:1000 |
| Leverage on Gold | Up to 1:1000 | Up to 1:1000 |
| Leverage on Crypto | Up to 1:250 | Up to 1:5 |
| Leverage on Indices | Up to 1:200 | Up to 1:200 |
Verdict on leverage: Both brokers match at 1:1000 maximum leverage on forex and gold. XM retains an edge with dramatically better crypto CFD leverage (1:250 vs 1:5). For crypto CFD traders, XM is the more flexible choice.
Account Types#
XM Account Types:
| Account | Min. Deposit | Spread From | Commission | Key Feature |
|---|---|---|---|---|
| Micro | $5 | 1.0 pips | $0 | Micro lots (1,000 units) |
| Standard | $5 | 1.0 pips | $0 | Standard lots |
| Ultra Low | $5 | 0.6 pips | $0 | Low spreads, no commission |
| XM Zero | $5 | 0.0 pips | $3.50/lot/side | Raw spreads |
IC Markets Account Types:
| Account | Min. Deposit | Spread From | Commission | Key Feature |
|---|---|---|---|---|
| Standard | $0 | 0.6 pips | $0 | All-inclusive spreads |
| Raw Spread (MT4/MT5) | $0 | 0.0 pips | $3.50/lot/side | ECN raw spreads |
| Raw Spread (cTrader) | $0 | 0.0 pips | $3.00/lot/side | cTrader raw spreads |
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)
IC Markets:
- MetaTrader 4 (Desktop, Web, Mobile)
- MetaTrader 5 (Desktop, Web, Mobile)
- cTrader (Desktop, Web, Mobile)
- TradingView integration
| Feature | XM | IC Markets |
|---|---|---|
| MT4 | Yes | Yes |
| MT5 | Yes | Yes |
| cTrader | No | Yes |
| TradingView | No | Yes |
| Proprietary App | XM App | — |
| Copy Trading | Yes | Yes (cTrader Copy) |
| VPS | Free (conditional) | Free (conditional) |
| Autochartist | Yes | Yes |
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.
| Aspect | XM | IC Markets |
|---|---|---|
| Live Chat | 24/5 | 24/5 |
| Yes | Yes | |
| Phone | Yes | Yes |
| Languages | 30+ | 18+ |
| Arabic Support | Full dedicated native team | Limited |
| Response Time | Under 1 minute (chat) | Under 3 minutes (chat) |
| Personal Account Manager | Yes | No |
| Arabic Webinars | Regular | None |
| Seminars | Global (including Middle East) | Limited |
| Educational Content | Extensive (200+ videos, guides) | Basic (articles) |
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
- Award-winning support recognized by industry bodies
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 a $30 no-deposit bonus to test live trading risk-free
- Need full Arabic support — customer service, webinars, and education
- Want a personal account manager
- Value comprehensive bonuses and promotions
- Want deposit bonuses to boost your trading capital
- 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: For the majority of retail traders — and especially those in the Middle East and Arabic-speaking markets — XM is the stronger overall choice. Its $30 no-deposit bonus, competitive all-in costs on major pairs, award-winning support, and strong DFSA regulation create a complete trading ecosystem. IC Markets is the preferred choice for professional scalpers and algo traders who prioritize raw ECN execution, but its lack of bonuses, limited educational resources, and minimal Arabic support make it less suitable for most retail traders.
