IC Markets vs XM: Comparison and Analysis 2024

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IC Markets and XM are online Forex and CFD brokers that offer online trading services globally. Both brokers are regulated by top-tier regulatory authorities. IC Markets is regulated by two Tier-1, one Tier-2, and two Tier-4 jurisdictions, including ASIC, CySEC, SCB, FSA-S, and FSCA. On the other hand, the XM is regulated by Two Tier-1 jurisdictions, one Tier-2 jurisdictions, and one Tier 4 including ASIC, CySEC, FSC-Belize, and DFSA. These two brokers offer almost similar services. However, each broker has its strengths and weaknesses.

In this article, we will compare and contrast IC Markets with XM regarding pros, cons,  trading platforms, regulations, tradable assets, fees, customer support, and overall trading experience score. This comparison lets you understand which broker is better for your trading style and preferences.

IC Markets vs XM: In a Nutshell

IC Markets

Andrew Budzinksi founded IC Markets in 2007 with the aim of using superior technology to provide forex and CFD trading services to both institutional and retail traders. Over the years, the broker has improved in quality and services. It offers true ECN trading with low spreads, high leverage, and fast executions to a global clientele.

ICMarkets Overview
  • Founded In: 2007
  • Minimum Deposit: $200
  • Maximum Leverage: 1:500
  • Regulations: ASIC, CySEC, SCB, and FSA
  • Trading platform: MT4, MT5 and cTrader
  • Account Types: Standard, cTrader raw spread, MetaTrader raw spread , Islamic
  • Payment Options: bank / wire transfer, Paypal, credit card, Skrill, Neteller, UnionPay, Bpay, FasaPay and Poli.
  • US Traders: Not Accept

XM

XM is a well-regulated Australian broker founded in 2009. On its MT4 and MT5 platforms, you can trade over 1,000 forex, CFDs, and even real stocks. It’s ultra-low standard and micro accounts come with low trading fees. Trading tools like Autochartist, market news, and analysis are provided.

XM Overview
  • Founded In: 2009
  • Minimum Deposit: $5
  • Maximum Leverage: 1000:1
  • Regulations: FSC
  • Trading platform: MT4, MT5
  • Account Types: Ultra Low, Micro, Standard, Islamic
  • Payment Options: Bank Wire (BankTransfer/SWIFT), VISA, MasterCard, Neteller, Skrill
  • US Traders: Not Accept

IC Markets vs XM: Pros and Cons

IC Markets

Pros
  • Fully Regulated broker, ( One tire-1 , jurisdiction, one tire-2 jurisdiction) 
  • Super fast trade execution speed 
  • Straightforward registration process 
  • Low spread, starting from 0 pips. 
  • Easy and Fast Account Opening 
  • Free deposit and withdrawal 
  • Offers standard and raw spread account
  • Trading EA is Allowed 
  • Ability to trade from a mobile device 
  • A demo Account is available
Cons
  • Higher minimum deposit 
  • No investor protection for non-EU Clients 
  • Limited Product Selection 
  • No weekend Trading 
  • US Traders are not accepted

XM

Pros
  • Regulated by CySEC, ASIC, DFSA in UAE, and FSC Belize.
  • Easy and fast account opening
  • Minimum deposit is $5
  • Over 1000 forex/CFDs are available for trading.
  • MT4 and MT5 are the available trading platforms.
  • Quality research, market analysis, and access to trading tools like Autochartist.
  • Quality training for newbies and ‘ultra-low micro account’ for beginners.
  • High leverage up to 1000:1 (this leverage is not available to all the entities of the Group)
Cons
  • Dormant fees are charged after 3 months of no account activity.
  • Trading of real stocks is not available to European traders.
  • Traders have no other choice apart from the MetaTrader platforms.
  • Limited tradable assets.
  • No passive investment services (social trading platform, PAMM accounts);
  • Funding with PayPal is unavailable

IC Markets vs XM: Side-by-Side Comparison

ICMarkets
XM
Product
Founded In
Founded In
2007
2009
Founded By
Founded By
Andrew Budzinksi
Constantinos Cleanthous
Headquarters
Headquarters
Sydney, Australia
Limassol, Cyprus
Regulations
Regulations
ASIC, CySEC, FSA, and SCB
FSC
Min Deposit
Min Deposit
$200
$5
Max Leverage
Max Leverage
1:500
1000:1
Tradable Assets
Tradable Assets
Over 2100 forex, CFDs in stocks, indices, commodities, cryptos, and Bonds.
Forex , Commodities, Stock ,Indices , Crypto , Turbo Stocks Equity indices , Precious Metals , Energies
Fees
Fees
Spreads from 0.6 pips, Commissions $7/round lot
Spread from 1.0 pips, Only Share Account
Platforms and Tools
Platforms and Tools
MT4, MT5, and cTrader
MT4, MT5
US Traders
US Traders
Not Allowed
Not Accepted

IC Markets Vs XM: Our Scores and Ratings

We rated both brokers, IC Markets and XM, on a scale of 1 to 10, with 0.1 increments. To achieve a comprehensive rating, we broadly grouped all services offered by brokers into 6 macro categories and assigned percentage weights to them. Each macro category is subdivided into several data points which contributes to the total score of 1.0-10.0 assigned to each macro category. Since all categories are not equally important, our weight percentage plays a significant role in assessing the broker accurately. For example, Regulation and Security contributes a total weight of 40% to the whole ratings because this is the most important rating category. To learn more, read our methodology.

IC Markets :

9.3
IC Markets Scores
Regulation and Security (40%)9.5
Fees and Commissions (20%)9.5
Trading (15%)8.5
Trading tools (10%)9
Customer Support (10%)9.6
Trading Education (5%)9.4

XM:

9.3
Total Score
Regulation and Security (40%)9.6
Fees and Commissions (20%)9.5
Trading (15%)8.4
Trading tools (10%)8.6
Customer Support (10%)9.5
Trading Education (5%)9.4

Final Verdict :

IC Markets and XM are regulated forex and CFD brokers in the industry. They offer similar trading services including forex and CFD trading. They both allow scalping, hedging, EA trading and Copy trading. Neither of these brokers accept US Clients. The minimum order size for both of them is 0.01. 

However, there are a few areas where you may find some differences. For example, the minimum deposit for IC Markets is $200, whereas the minimum deposit for XM is $5. Additionally, the maximum leverage for the IC Market is generally 500:1. However, In FSA jurisdiction, IC Markets offers 1000:1 leverage. Similarly,  the maximum leverage for XM is 1000:1. IC Market offers passive investment programs or copy trading programs like MAM, and Zulutrade. In contrast, XM does not have any passive investment programs.

Our score for both the brokers is 9.3. So, if you are looking for the most trusted forex brokers with tight spread and  MAM account services, you may choose IC Markets. However, If you prefer a forex broker with a lower minimum deposit, and offering a similar trading service to IC Markets, you may choose XM.

Written by

Jason Paine is a forex trader, researcher, and tech enthusiast. He is passionate about financial markets and cutting-edge technology. With a dynamic 16-year trading career, he's on a mission to guide fellow traders. Having navigated diverse forex brokers, Jason shares his insights at Brokersway to bridge the gap between traders and the right brokerage.

DisclosureAt Brokersway we're committed to delivering unbiased information. our opinions are our own and are not influenced by the payment we receive from our advertising partners. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here's an explanation of how we make money.

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