IC Markets versus XM

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, 443670,000261/27, 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

IC Markets

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.

By Tobi Amure

Tobi Opeyemi Amure has more than seven years of experience as a financial market analyst. He holds a Bachelor's Degree from Obafemi Awolowo University. Tobi's main area of expertise is in personal finance and the Forex industry. He has contributed to top platforms such as Investopedia, GoBankingRates, and Investing.com, where his expertise in Forex markets and digital assets is widely recognized. Tobi’s engaging storytelling and data-driven analysis have earned him a feature on Forbes and TheStreet, setting him apart as a trusted voice in Forex and online finance. In his free time, he explores emerging Forex trends, refines his market strategies, and actively engages with the global finance community.

Reviewer DailyForex.com Team

The DFX Team at DailyForex is a group of veteran financial analysts, traders, and brokerage industry experts dedicated to producing in-depth broker reviews and cutting-edge market insights, plus analysis of market trends. Holding over 16 years of experience in global financial markets, and 4 B.A. level academic qualifications in relevant degrees, we conduct thorough, unbiased evaluations of brokers to enable traders make informed decisions, using the most advanced methodology in the industry. Also, the DFX team is involved in generating technical analysis, signals, and trading strategies, with a consistent commitment to accuracy and transparency. Whether you’re a beginner or a professional trader, the DFX Team works to ensure you have the tools and insights you need to succeed as a trader in the retail CFD industry.

Fact-checker Adam Lemon

Adam Lemon began his role at DailyForex in 2013 when he was brought in as an in-house Chief Analyst. Adam trades Forex, stocks and other instruments in his own account. Adam believes that it is very possible for retail traders/investors to secure a positive return over time provided they limit their risks, follow trends, and persevere through short-term losing streaks – provided only reputable brokerages are used. He has previously worked within financial markets over a 12-year period, including 6 years with Merrill Lynch.