XM vs IC Markets

If you are brand new and starting small, open XM. It takes $5, it teaches you properly, and its education is the best thing about it. If you can put in $200 and plan to trade often, open IC Markets. It charges less on every trade, and that gap grows the more you place.

Two things decide this, and only two.

The deposit. $5 against $200. That single number sorts most people on the spot.

How often you will trade. XM’s spreads are wider, around 1.6 pips against IC Markets’ 1.10. Place a few trades a month and you will never notice. Place a few a day and it adds up fast.

Comparison Table

Spreads move with the market, so treat the numbers above as typical values during active hours, not fixed prices.

Minimum Deposit and Account Setup

This is the clearest split between the two.

XM lets you open a live account with $5. For someone testing forex with real money for the first time, that low bar removes a lot of pressure. You can fund a Micro or Standard account, trade in small sizes, and figure out how the platform behaves before putting more capital in.

IC Markets sets its minimum at $200 across every account type. That is not a huge sum, but it does ask for more commitment up front. The trade-off is that $200 gives you a more realistic margin buffer to actually trade with, rather than a balance that a single losing position could wipe out.

If you want the smallest possible entry point, XM wins here. If you were always going to fund with a couple hundred dollars anyway, the gap stops mattering.

Trading Costs

Costs are where IC Markets makes its case.

On a plain commission-free account, XM’s Standard spreads on EUR/USD start around 1.6 pips, while IC Markets’ Standard sits closer to 1.0 pips. Both brokers also offer a raw-pricing account where the spread drops toward 0.0 pips and you pay a commission instead. XM’s Zero account and IC Markets’ Raw Spread account both charge about $3.50 per side.

IC Markets adds one more option that XM does not match: a cTrader Raw account with a lower commission of roughly $3.00 per side, which works out to $6 per round turn versus $7 on the MetaTrader raw accounts. For a scalper trading many lots a month, that difference adds up.

There is also the inactivity fee to weigh. XM charges $15 once your account sits idle for 90 days, then $10 a month after that. IC Markets charges nothing for inactivity. If you trade in bursts and go quiet for stretches, that is a point in IC Markets’ favor.

For most active traders, IC Markets is the cheaper venue overall. XM stays competitive on its raw account, but its Standard spreads run wider.

Platforms

Both brokers give you MetaTrader 4 and MetaTrader 5, the two workhorses of retail forex. IC Markets goes further by offering cTrader and TradingView integration. cTrader in particular appeals to traders who like its order execution and depth-of-market tools, and it pairs well with automated strategies.

XM sticks to MT4, MT5, and its own mobile app. That covers what most traders need, but it does not include a platform aimed specifically at beginners, and it has no cTrader option. If platform choice matters to you, IC Markets has the wider selection.

Regulation and Safety

Neither broker is a fly-by-night operation, and both hold licenses from serious regulators.

IC Markets is overseen by ASIC in Australia, CySEC in Cyprus, and the FSA in Seychelles. It has run since 2007 with a clean record and holds client money in segregated accounts.

XM operates several regional entities under CySEC, ASIC, the FSCA in South Africa, the DFSA, and other authorities, along with negative balance protection and segregated funds.

One thing worth flagging for UK readers: neither broker holds an FCA license. UK traders end up routed through offshore or European entities, which changes the protections that apply. If FCA oversight is a priority for you, both fall short, and you may want to look elsewhere.

Leverage also depends on which entity you sign up under. Offshore, XM advertises up to 1:1000 and IC Markets up to 1:500. Under European or Australian regulation, both cap retail leverage at 1:30. Higher leverage magnifies losses as easily as gains, so the offshore numbers are less of a selling point than they look.

Education and Support

XM puts real effort into teaching beginners. It runs webinars, video tutorials, and market updates, and offers a no-deposit bonus in some regions so you can try live conditions without funding first. Support runs 24/7 across a wide range of languages.

IC Markets provides solid support and market tools too, but its focus sits more on execution quality and pricing than on hand-holding new traders. It rarely runs bonuses, partly because several regulators restrict them.

If you are still learning the basics, XM’s education library gives it an edge. If you already know your way around a chart, that gap will not sway you.

What You Can Trade

IC Markets offers a wider menu, with more than 2,250 instruments spanning forex, stock CFDs, indices, commodities, bonds, and crypto. It also supports copy trading through IC Social, Myfxbook, and ZuluTrade, which suits traders who want to follow or mirror others.

XM covers over 1,400 instruments and includes a dedicated Shares account for buying real stocks, though that account carries a $10,000 minimum. Its copy-trading options are more limited.

Which One Should You Choose?

Choose XM if you are new to forex, want to start with as little as $5, and value education and step-by-step support while you learn. Its Standard spreads are wider, but the low entry point and beginner resources make it a comfortable first broker.

Choose IC Markets if you trade actively, care most about tight spreads and fast execution, and want platform choice including cTrader. The $200 minimum asks for more up front, but the lower running costs pay off once you are trading regular volume.

XM is the easier place to begin. IC Markets is the cheaper place to trade once you’re serious. Plenty of people start on one and move to the other as their needs change.

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