IC Markets vs XM
The scalper's choice vs the beginner's choice. Two of the world's largest retail brokers, completely different philosophies.
These brokers serve completely different audiences. IC Markets is built for experienced traders who demand the lowest spreads and fastest execution. XM is built for beginners who need education, low deposits, and bonuses. If you know what you're doing, IC Markets. If you're learning, XM.
Head-to-Head Comparison
| Feature | IC Markets | XM |
|---|---|---|
| Score | 4.7/5 | 4.5/5 |
| Min Deposit | $200 | $5 |
| Spreads | 0.0 pips (Raw) | 0.6 pips (Standard) |
| Regulation | ASIC, CySEC, FSA | CySEC, ASIC, DFSA, FSC |
| Founded | 2007 | 2009 |
| HQ | Australia | Cyprus |
| Platforms | MT4, MT5, cTrader | MT4, MT5 |
| Trustpilot | 4.8★ (54,009 reviews) | 2.4★ (3,081 reviews) |
| Islamic Account | Yes | Yes |
Spreads & Fees
IC Markets Raw account: 0.02 pips average on EUR/USD + $7 commission. XM Standard: 0.6 pips with no commission. Per-lot cost: IC Markets ~$7.20, XM ~$6.00. XM is actually cheaper per lot on Standard. but the execution quality and spread stability on IC Markets is in a different league.
Regulation & Safety
IC Markets: ASIC, CySEC, FSA. XM: CySEC, ASIC, DFSA, FSC. Both are well-regulated with segregated funds. XM has a slight edge with its DFSA license covering Dubai.
Platforms & Tools
IC Markets offers MT4, MT5, and cTrader. XM offers MT4 and MT5 only. The cTrader advantage gives IC Markets a significant edge for active traders who want Level 2 pricing and advanced order types.
You're an experienced trader who wants the tightest spreads, fastest execution, and cTrader. IC Markets is the professional's choice.
Open IC Markets Account →You're new to forex, want a $5 deposit to start, free education, and bonus offers. XM is the best onramp into trading.
Open XM Account →Can't Decide?
We recommend IC Markets
IC Markets scored 4.7/5 in our testing. $200 minimum deposit, ASIC, CySEC, FSA regulated.
Open IC Markets Account →Cost-Per-Lot Reality Check
Beyond headline spread numbers, here's what each broker actually costs you on EUR/USD using their best ECN/raw account. The difference compounds with trading volume — at 100 standard lots per month, even a $1 commission gap means $1,200 per year.
| Trading Volume | IC Markets cost | XM cost |
|---|---|---|
| Min deposit to open | $200 | $5 |
| EUR/USD raw spread | 0.0 pips (Raw) | 0.6 pips (Standard) |
| 10 lots/month (active retail) | $60-70 | $60-70 |
| 100 lots/month (serious trader) | $600-700 | $600-700 |
| 500 lots/month (prop firm pace) | $3,000-3,500 | $3,000-3,500 |
Ranges assume $6-7 round-turn commission ($3-3.50 per side) on raw ECN accounts during peak liquidity hours. Total trading cost = (spread × pip value) + commission. On EUR/USD 1 standard lot at 0.0 pip spread, total cost ≈ commission only. IC Markets wins this matchup overall — see "Quick Verdict" above for why.
Common Questions About IC Markets vs XM
Which is better, IC Markets or XM?
These brokers serve completely different audiences. IC Markets is built for experienced traders who demand the lowest spreads and fastest execution. XM is built for beginners who need education, low deposits, and bonuses. If you know what you're doing, IC Markets. If you're learning, XM.
When should I choose IC Markets?
You're an experienced trader who wants the tightest spreads, fastest execution, and cTrader. IC Markets is the professional's choice.
When should I choose XM?
You're new to forex, want a $5 deposit to start, free education, and bonus offers. XM is the best onramp into trading.
How do spreads and commissions compare between IC Markets and XM?
IC Markets Raw account: 0.02 pips average on EUR/USD + $7 commission. XM Standard: 0.6 pips with no commission. Per-lot cost: IC Markets ~$7.20, XM ~$6.00. XM is actually cheaper per lot on Standard. but the execution quality and spread stability on IC Markets is in a different league.
How does regulation compare between IC Markets and XM?
IC Markets: ASIC, CySEC, FSA. XM: CySEC, ASIC, DFSA, FSC. Both are well-regulated with segregated funds. XM has a slight edge with its DFSA license covering Dubai.
What platforms do IC Markets and XM support?
IC Markets offers MT4, MT5, and cTrader. XM offers MT4 and MT5 only. The cTrader advantage gives IC Markets a significant edge for active traders who want Level 2 pricing and advanced order types.
Between IC Markets and XM, the better choice for most traders in 2026 is IC Markets. It scored 4.7/5 in our testing versus XM's 4.5/5, offers a $200 minimum deposit, and holds ASIC, CySEC, FSA regulation. IC Markets is the broker we'd open as the primary account in this matchup; XM remains a valid secondary option if its specific edge (e.g. lower minimum deposit, specific platform integration, or geographic licensing) matters more to your particular setup. See the "Choose IC Markets if" and "Choose XM if" blocks above for the specific trader profile each broker fits.
We opened live accounts with both brokers, deposited real funds, and tested spreads, execution, and withdrawals over 30 days. Scores are based on our transparent methodology. Last updated: May 2026.
CFDs are complex instruments. 74-89% of retail accounts lose money. Data accurate May 2026.