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 | 4.6★ (41,000 reviews) | 3.5★ (4,800 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 →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: April 2026.
CFDs are complex instruments. 74-89% of retail accounts lose money. Data accurate April 2026.