IC Marketsvs
XMForex Broker Comparison
Two ECN oriented brokers face off in a battle over cost, access, and platform breadth. The tension hinges on raw spreads, instrument depth, and fee structures.
Our Verdict
IC Markets winsby 0.4 pts
IC Markets edges XM on overall score. It achieves this with raw 0 pips spreads and a broader instrument offering, and it has no inactivity fee.
No commercial relationship. The verdict and scores are entirely editorial. No payment influences this comparison.
Key Differences
- 1Raw spreads: IC Markets offers true ECN 0 pip spreads with $7/lot commission.
- 2Inactivity fee: XM imposes one; IC Markets has none.
- 3Instruments: IC Markets lists 2200 instruments vs XM's 1400.
Who should choose IC Markets vs XM?
Find out which broker best suits your trader profile.
Choose IC Markets if…
Choose IC Markets if you want raw 0-pips spreads with commission and no inactivity fee.
Choose XM if…
Choose XM if you want a low $5 minimum deposit and strong educational content.
Verdict by Trader Profile
Which broker wins for each type of trader, based on costs, safety, platforms, and editorial scoring.
Best for low cost trading
Recommended
IC Markets offers tighter spreads from 0.00 pips vs 0.60 pips for XM, reducing trading costs.
Best for safety & regulation
It’s a tie
Both equally suited
IC Markets vs XM: Side-by-Side Forex Broker Comparison
Score
= highlighted score shows which broker leads in that category| Editorial score | 4.7/ 5 | 4.3/ 5 |
|---|---|---|
| Score Breakdown | ||
Trust & Regulation 40% weight | 4.6 / 5▲ | 4.3 / 5 |
IC Markets vs XM Forex Broker Pros & Cons
Pros
True ECN routing with raw 0.0 pip spreads
All three major platforms (MT4, MT5, cTrader)
Deep liquidity from 25+ tier-1 sources
Regulated by top-tier authorities (FCA, ASIC, CySEC)
Client funds held in segregated accounts
IC Markets vs XM: Detailed Category Breakdown
A closer look at the specific criteria each broker meets or misses within each scoring category.
2
IC Markets
criteria wins
0
XM
criteria wins
Highlighted rows show where the two brokers differ
| Criteria | IC Markets | XM |
|---|---|---|
| Trust & Regulation | ||
| Top-tier regulator (FCA, ASIC, CFTC, etc.) | Pass | Pass |
| Segregated client funds | Pass | Pass |
| Negative balance protection | Pass | Pass |
| Compensation scheme (e.g. FSCS) | Pass | Pass |
| Fees & Spreads | ||
| Raw/ECN spreads available | Pass | Fail |
| No deposit fee | Pass | Pass |
| No inactivity fee | Pass | Fail |
| Transparent pricing page | Pass | Pass |
| Platforms & Tools | ||
| MT4/MT5 available | Pass | Pass |
| Proprietary platform | Fail | Fail |
| Mobile app | Pass | Pass |
| Advanced charting tools | Pass | Pass |
| Customer Support | ||
| 24/5 live chat | Pass | Pass |
| Phone support | Pass | Pass |
| Multilingual support | Pass | Pass |
IC Markets vs XM: Frequently Asked Questions
The scores are close: IC Markets rates 4.7/5 and XM rates 4.3/5. IC Markets has a marginal edge in our scoring, but the difference is small enough that your specific priorities — fees, platforms, or regulatory jurisdiction — should guide the final choice.
IC Markets starts from 0 pips, tighter than XM's 0.6 pips. Tighter spreads lower the cost per trade, which matters most for high-frequency and scalping strategies.
XM has $5, while IC Markets requires at least $200. This makes XM more accessible for traders with limited starting capital.
Both IC Markets and XM hold licences from top-tier regulators, indicating a high standard of regulatory oversight. Check each broker's specific regulatory bodies to confirm coverage in your jurisdiction.
For beginners, two factors stand out: XM requires a lower minimum deposit ($5), lowering the barrier to entry, and both brokers provide negative balance protection. Also compare demo account availability and educational resources before deciding.
IC Markets lists maximum leverage of 500:1, while XM lists up to 1000:1. Available leverage depends on your jurisdiction. EU retail clients under ESMA rules are capped at 1:30 on major forex pairs.
IC Markets charges $7 per lot on commission-based accounts. Commission details for XM are not currently available. Check their website for up-to-date pricing.
IC Markets supports cTrader, MetaTrader 5, TradingView, MetaTrader 4, while XM supports MetaTrader 5, MetaTrader 4. Both provide MetaTrader 5 and MetaTrader 4. IC Markets has exclusive access to cTrader and TradingView.
