XM upgrades the core MT4/MT5 trading platforms, and its low minimum deposit of $5 ensures it remains accessible to all traders. XM continues to grow its 5M+ trading community from 190 countries, where generous leverage, low trading costs, and a well-balanced asset selection cater to advanced retail traders.
IC Markets has one of the best MT trading environments due to its Advanced Trading Tools upgrade, consisting of 20 plugins. Traders can opt for MT5 or cTrader, all supportive of algorithmic trading, where IC Markets is the industry leader. Apart from integrated solutions in all trading platforms, social traders get Myfxbook AutoTrade and ZuluTrade.
We have conducted an in-depth review of XM and IC Markets to determine which one presents the better overall choice and which traders will benefit the most at either broker.
- Features and Platforms
- Available Markets
- Typical Spreads and Fees
- Security and Trust
- IC Markets versus XM - Verdict
 |  | |
Headquarters | Cyprus | Australia |
Regulators | ASIC, CySEC, DFSA, FSC Belize | ASIC, CySEC, FSA |
Tier 1 Regulator(s)? | ||
Owned by Public Company? | ||
Year Established | 2009 | 2010 |
Execution Type(s) | Market Maker | ECN/STP |
Minimum Deposit | $5 | $200 |
Trading Platform(s) | MetaTrader 4, MetaTrader 5, Proprietary platform | MetaTrader 4, MetaTrader 5, cTrader |
Average Trading Cost EUR/USD | 0.1 pips | 0.0 pips ($0.00) |
Average Trading Cost GBP/USD | 0.2 pips | 0.0 pips ($0.00) |
Average Trading Cost WTI Crude Oil | $0.05 | $0.03 |
Average Trading Cost Gold | $0.19 | $0.05 |
Islamic Account | ||
Signals | ||
US Persons Accepted? | ||
Managed Accounts | ||
| Visit Website | Visit Website |
Features and Platforms
| | |
MT4 | ||
MT5 | ||
cTrader | ||
Proprietary Platform | ||
Automated Trading | ||
DOM? | ||
Guaranteed Stop Loss | ||
Scalping | ||
Hedging | ||
One-Click Trading | ||
OCO Orders | ||
Interest on Margin | ||
| Visit Website | Visit Website |
Noteworthy:
Quality education and research exist at both brokers. XM offers generous bonuses and a reward program for high-frequency traders, while VPS hosting supports 24/7 algorithmic trading at IC Markets.
Available Markets
| | |
Currency Pairs | ||
Cryptocurrencies | ||
Commodities | ||
Crude Oil | ||
Gold | ||
Metals | ||
Equity Indices | ||
Stocks (non-CFDs) | ||
Bonds | N/A | |
ETFs | ||
Futures | ||
Synthetics | ||
| Visit Website | Visit Website |
Traders get a well-balanced asset selection at both XM and IC Markets, where the latter takes the lead with its broad equity selection of 1,800+ versus 600+ at XM, plus a better sector coverage for advanced trading requirements. XM features more cryptocurrency CFDs, but both brokers allow traders to achieve proper cross-asset diversification.
Typical Spreads and Fees
| | |
Average Trading Cost EUR/USD | 0.1 pips | 0.0 pips ($0.00) |
Average Trading Cost GBP/USD | 0.2 pips | 0.0 pips ($0.00) |
Average Trading Cost WTI Crude Oil | $0.05 | $0.03 |
Average Trading Cost Gold | $0.19 | $0.05 |
Average Trading Cost Bitcoin | N/A | $12.47 |
| Visit Website | Visit Website |
Trading costs at both brokers are similar and competitive, but active high-volume traders can achieve a lower cost structure at XM due to commission rebates. IC Markets offers raw spreads of 0.0 pips for a commission of $6.00, identical to XM with 0.6 pips commission-free.
Security and Trust
| | |
Country of the Regulator | United Arab Emirates, Australia, The Bahamas, Belize, Cyprus, United Kingdom, United States | Australia, The Bahamas, Cyprus, Seychelles |
Name of the Regulator | ASIC, CySEC, DFSA, FSC Belize | ASIC, CySEC, FSA |
Regulatory License Number | 705428, 120/10, 443670, 000261/397, F003484, SIA-F201, 0516820 | 335692, SD018, SIA-F214, 362/18 |
Regulatory Tier | 1,1,1,4,2,4,1 | 1, 4, 4, 1 |
| Visit Website | Visit Website |
XM and IC Markets segregate client deposits from corporate funds and offer negative balance protection. Both have clean regulatory track records and have established themselves as trustworthy and secure multi-asset brokers and industry leaders.
IC Markets vs XM – Verdict
XM
Pros | Cons |
|---|---|
| Well balanced overall asset selection | Limited cryptocurrency selection |
| Upgraded MT4/MT5 trading accounts with excellent order execution statistics | |
| Low minimum deposit of $5 and maximum leverage of 1:888 | |
| Competitive commission-free trading costs from $6.00 per 1.0 lot |
IC Markets
Pros | Cons |
|---|---|
| Excellent choice of trading platforms consisting of MT4/MT5, and cTrader | Minimum deposit slightly higher but within a reasonable range |
| Market-leading MT4 upgrade package, MAM/PAMM accounts, and VPS hosting | |
| Social trading support via Myfxbook, MetaTrader Signals, and ZuluTrade | |
| Leverage of up to 1:500, deep liquidity, and superb trade execution |
Both brokers maintain excellent trading conditions. While IC Markets remains the better choice for established algorithmic traders, XM provides an overall better choice for most traders, taking a narrow lead. Its low minimum deposit requirement ensures all traders can afford an account, while high-volume traders can achieve lower trading costs versus IC Markets.
You might also be interested in reviewing the below broker comparisons:
- XM vs FXCM
- XM vs Eightcap
- XM vs Tickmill
- IC Markets vs Oanda
- IC Markets vs FXCC
- IC Markets vs Activtrades
FAQs
Is XM an ECN or market maker?
XM is a market maker broker.
Is IC Markets a good broker?
IC Markets is an outstanding multi-asset broker and leader in algorithmic trading solutions, offering low costs, deep liquidity, and excellent order execution.
Is XM a good broker?
XM maintains a highly competitive trading environment, ideal for most traders, due to its low minimum deposit requirement and quality trading tools plus competitive pricing environment.
Is XM a true ECN broker?
XM is not an ECN broker but a market maker.
Is XM a dealing desk broker?
Since XM is a market maker, it has a dealing desk, but an electronic one and some incorrectly assume this provides an NDD environment. All market makers operate dealing desks but many mask it within their technology infrastructure.
Does IC Markets allow scalping?
IC Markets allows scalping and offers scalpers an excellent trading infrastructure that supports scalping strategies.