IC Markets
XM vs IC Markets
XM and IC Markets suit different traders. XM starts at $5 with commission-free accounts, a deposit bonus and strong education, while IC Markets’ global company has no minimum deposit, raw spreads from 0.0 pips with commission, and more platform choice including cTrader and TradingView., platforms, regulation, and who each broker is really for.
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Both XM and IC Markets show up on almost every “best forex broker” list, and for good reason. But they are built for different kinds of traders. XM leans toward newcomers who want to start small and learn as they go. IC Markets is built around tight pricing and fast execution, which tends to matter more to active and high-volume traders. Here is how they actually compare once you look past the marketing.
If you are brand new and starting small, XM is the gentler start. It takes $5, has no commission on its main accounts and invests heavily in education. If you trade often and care about cost, IC Markets is usually cheaper. Its raw-spread accounts start from 0.0 pips, and its global company has no minimum deposit.
Two things decide this for most people.
How you want to pay. XM charges only through the spread (EUR/USD from 1.6 pips on Standard, 0.8 on Ultra Low). IC Markets offers a commission-free Standard account (from 0.8 pips) and Raw Spread accounts with 0.0-pip spreads plus a commission.
How often you will trade. On IC’s Raw Spread account, EUR/USD averages 0.1 pip plus $7 commission per round-turn lot. Place a few trades a month and the difference barely shows; place several a day and it adds up.
Comparison Table
| Feature | XM | IC Markets |
|---|---|---|
| Founded | Not stated (XM says 15+ years in the industry) | Not stated (ASIC licence since 2009) |
| Minimum deposit | $5 (Shares account $10,000) | None at the global company; $200 at the Australian company |
| Main account types | Standard, Micro, Ultra Low, Shares | Standard, Raw Spread, cTrader Raw, Raw Pro, Raw Pro+ |
| EUR/USD spread (commission-free) | From 1.6 pips (Standard), 0.8 (Ultra Low) | From 0.8 pips (Standard) |
| Raw spread option | None | Raw Spread from 0.0 pips + $3.50 per side |
| cTrader | Not offered | Yes, $3 per $100k per side ($6 round turn) |
| Platforms | MT4, MT5, XM App | MT4, MT5, cTrader, TradingView |
| Instruments | Forex, CFDs on stocks, indices, commodities, crypto; real shares | 2,250 on MetaTrader (2,850+ in total) |
| Max leverage | Up to 1:1000 (XM Global); 1:30 EU | Up to 1:5000 (global); 1:30 Australia and EU |
| Regulation | CySEC, DFSA, FSC Belize, FSA Seychelles, FSC Mauritius | ASIC, CySEC, FSA Seychelles, SCB Bahamas, CMA Kenya |
| Inactivity fee | $10 a month after 90 days | Not listed |
| Copy trading | XM Copy Trading | IC Social, cTrader Copy, ZuluTrade, Signal Start |
| Bonuses | 50% deposit bonus up to $100, then up to $5,000 a month (region dependent) | 100% first-deposit bonus, then 50%, up to $25,000 (eligibility by jurisdiction) |
Figures come from each broker’s official site, checked on 30 September 2026. Spreads move with the market.
Minimum Deposit and Account Setup
XM lets you open a live account with $5, which removes a lot of pressure for someone testing forex with real money for the first time.
IC Markets’ global company (IC, Raw Trading Ltd, regulated by the FSA in Seychelles) says you can open an account with no minimum deposit, while its Australian company requires $200. Its Raw Pro and Raw Pro+ accounts need $5,000 and $100,000.
Either way, funding with more than the bare minimum gives you a more realistic buffer for your trades.
Trading Costs
Costs are where IC Markets makes its case. XM’s Standard EUR/USD spreads start from 1.6 pips (2.0 on average), and its Ultra Low account from 0.8 pips, all without commission. IC Markets’ Standard account starts from 0.8 pips without commission, and its Raw Spread account averages 0.1 pip on EUR/USD plus $3.50 per side.
IC Markets also offers a cTrader Raw account at $3 per $100k per side ($6 round turn), and new Raw Pro and Raw Pro+ accounts at $3 and $2 round turn for larger balances. XM has no commission-based raw account.
Watch the non-trading fees too. XM charges $10 a month once an account has been dormant for 90 days. IC Markets doesn’t list an inactivity fee, but it may charge a processing fee on withdrawals if deposits were not used for trading.
Platforms
Both brokers offer MetaTrader 4 and MetaTrader 5. IC Markets adds cTrader and TradingView, which appeal to traders who want depth-of-market tools or TradingView charting. XM adds its own XM App, with integrated TradingView charts, alongside MT4 and MT5.
Regulation and Safety
Both brokers hold licences from serious regulators, through several companies.
IC Markets’ group is licensed by ASIC in Australia (335692), CySEC in Cyprus (362/18), the FSA in Seychelles (SD018), the SCB in the Bahamas and the CMA in Kenya. In July 2024 CySEC fined IC Markets (EU) Ltd €200,000 and €50,000; the company has applied for judicial review. IC says its global company’s clients are covered by client money insurance of up to US$1,000,000.
XM’s companies are licensed by CySEC in Cyprus (120/10), the DFSA in Dubai, the FSC in Belize, the FSA in Seychelles and the FSC in Mauritius, with negative balance protection for all clients and segregated funds.
Neither broker serves UK residents through an FCA-regulated company. Leverage also depends on the company: offshore, XM offers up to 1:1000 and IC Markets up to 1:5000 on forex, while EU and Australian retail clients are capped at 1:30 on major pairs.
Education and Support
XM invests heavily in education, with live education, news and analysis, and it runs a deposit bonus in many regions. IC Markets offers education, video tutorials, webinars, IC Insights analysis and Trading Central, with 24/7 support, but its focus is on execution and pricing.
Both now run deposit bonuses in eligible regions: XM’s 50% bonus up to $100 and then up to $5,000 a month, and IC’s 100% first-deposit bonus followed by 50%, up to $25,000. Bonus credit can’t be withdrawn at either broker.
What You Can Trade
IC Markets offers a wider menu: 2,250 instruments on MetaTrader (IC says 2,850+ in total), across forex, stock and ETF CFDs, indices, commodities, bonds, futures and crypto. It supports copy trading through IC Social, cTrader Copy, ZuluTrade and Signal Start.
XM offers forex and CFDs on stocks, indices, commodities and crypto, plus a Shares account for buying real stocks (with a $10,000 minimum). Its XM Copy Trading service says it has 18,000+ strategies.
Which One Should You Choose?
Choose XM if you are new to forex, want to start with $5, prefer commission-free pricing, and value education and a deposit bonus while you learn.
Choose IC Markets if you trade actively, care most about tight spreads and fast execution, and want platform choice including cTrader and TradingView.
XM is the easier place to begin. IC Markets is usually the cheaper place to trade once you trade regularly. Plenty of people start on one and move to the other as their needs change.
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