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IC Markets vs XM Comparison – 2024
By:
Reviewed By:
Updated: Jul 29, 2024
IC Markets
4.5
Trading Forex and CFDs carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Forex and CFDs may not be suitable for all investors, so please ensure that you fully understand the risks involved and seek independent advice if necessary.
VS
XM
4.5
Forex and CFD trading involves significant risk to your invested capital.
General
IC Markets | XM | |
|---|---|---|
Overall Rating | 4.5 | 4.5 |
Trust | 4.1 | 4.3 |
Fees | 4.6 | 3.9 |
Platforms and Tools | 4.4 | 4.2 |
Tradable Instruments | 4.7 | 3.8 |
Customer Support | 4.6 | 4.7 |
Research | 4.7 | 4.7 |
Deposit and Withdrawal | 4.9 | 4.9 |
Account Types and Terms | 4.9 | 4.9 |
Education | 4.4 | 4.4 |
Regulators & Max Leverage | 1:30 (CySEC), 1:30 (ASIC), 1:500 (FSA) | 1:500 (IFSC), 1:30 (DFSA), 1:30 (ASIC), 1:30 (CySEC) |
Foundation Year | 2007 | 2009 |
Fees Test | Low | Medium |
Tradable Instruments | 2245 | 1395 |
Trading Platforms | MT5, cTrader, MT4, TradingView, Zulutrade | MT5, MT4 |
Minimum Deposit | $200 | $5 |
Read Reviews |
Top Reasons to Choose IC Markets or XM
Based on our thorough testing and assessment, IC Markets caters to intermediate and advanced short-term and algorithmic traders looking for low spreads and ultra-fast execution. XM caters to beginner traders with low minimum deposits and live educational webinars, as well as to intermediate traders, thanks to its comprehensive in-house market research materials.
| IC Markets Best for Short-Term and Algorithmic Traders |
XM Best for Beginner Education & In-Depth Market Research |
| ECN-pricing and execution | Live trading webinars |
| Trade execution under 40 ms | Zero commission accounts |
| Zero and low-fee accounts | $5 minimum deposit |
| MT4, MT5, cTrader platforms | In-house market research team |
| Free VPS hosting | User-friendly mobile app |
IC Markets: Snapshot
Founded in 2007 and headquartered in Sydney, Australia, IC Markets is a licensed brokerage regulated by three financial authorities, including two Tier-1 regulators. The company provides access to over 2,250 tradable instruments across the MT4, MT5, and cTrader platforms, and ECN trading accounts with NY4 data servers.
IC Markets: Who is it For?
With a zero requote policy, no minimum order distance restriction, and average trade execution under 40 milliseconds, IC Markets is particularly suited for short-term traders and those employing algorithmic strategies.
What Makes IC Markets Stand Out?
IC Markets sets itself apart with its zero requote policy and no minimum order distance restrictions, enabling market orders to be executed very close to the market price. Furthermore, it offers competitive trading fees and a wider range of trading platforms and instruments than the industry average.
| Recommended in 8 best broker guides: |
| Forex | CFD | Platforms | Low Spreads | Crypto | Regulated | MT5 | Automated Trading |
XM: Snapshot
Established in 2009, the XM Group operates across four global entities, including two licensed by Tier-1 regulators. It offers access to over 1,385 financial CFD instruments through the MT4/MT5 platforms and the XM App. The broker also delivers professional market research from its in-house team.
XM: Who is it For?
XM primarily targets beginner traders interested in commission-free accounts with low minimum deposits and live educational webinars. XM also offers specialized reports tailored to intermediate and advanced fundamental traders.
What Makes XM Stand Out?
XM stands out by providing live educational sessions that cover the latest financial news, expert opinions, market outlooks, and interactive question-and-answer segments. These daily sessions offer valuable learning opportunities for traders of all experience levels.
Trust
IC Markets vs XM Trust and Regulation Comparison
Trust Rank | 4.1 | 4.3 |
Regulators & Max Leverage | 1:30 (CySEC), 1:30 (ASIC), 1:500 (FSA) | 1:500 (IFSC), 1:30 (DFSA), 1:30 (ASIC), 1:30 (CySEC) |
Foundation Year | 2007 | 2009 |
Publicly Traded |
Established in 2007, IC Markets operates under two entities licensed by Tier-1 regulators: CySEC (Cyprus) and ASIC (Australia), ensuring a high level of security of your funds and trading conditions. One of its entities is licensed by the Tier-3 regulator FSA (Seychelles) which offers insurance coverage up to $1 million from Lloyds of London.
Founded in 2009, XM operates through four global entities. Two entities are licensed by Tier-1 authorities: CySEC (Cyprus) and ASIC (Australia). The third entity is licensed by Tier-2 regulator, the DFSA (Dubai), and the fourth entity by Tier-3 regulator the IFSC (Belize). The Tier-1 licensed entities uphold the highest safety of client capital and transparent trading conditions.
If you want to learn more about brokers’ regulations, be sure to check out our article on the top regulated forex brokers.
Fees
IC Markets vs XM Spreads, Fees and Commissions Comparison
Fees Rank | 4.6 | 3.9 |
Inactivity Fee |
We found the spreads in both the Standard and ECN accounts at IC Markets highly competitive. For example, in our analysis of the broker’s commission-free Standard CFD Account, the average spread for EUR/USD was 0.65 pips during the London and New York sessions, beating the industry average of 1.3 pips. There are no account maintenance or inactivity fees.
Using the XM commission-free Standard CFD Account, we found the spread for EUR/USD averaged 1.6 pips during the London session and 1.8 pips during the US session, exceeding the industry average of 1.3 pips. Generally, XM offers mostly average spreads for the instruments we tested. There is a $5 monthly inactivity fee if there has been no activity for 90 days.
Platforms and Tools
IC Markets vs XM Trading Platforms Comparison
Platform Rank | 4.4 | 4.2 |
Trading Platforms | MT5, cTrader, MT4, TradingView, Zulutrade | MT5, MT4 |
Mobile Apps | Android, iOS |
IC Markets offers MT4, MT5, and cTrader platforms, accessible on desktop, web, and mobile devices. All three desktop platforms cater to high-frequency, short-term, and advanced traders with features like one-click trading and depth of market. Beginners may find mobile apps and web platforms the easiest for trading due to their user-friendly interfaces, although they have limited charting and algorithmic capabilities.
XM offers the MT4 and MT5 platforms for desktop, web, and mobile devices, targeting primarily advanced traders with features such as one-click and algorithmic trading. Beginner traders may find the web platform the most user-friendly. Although the XM app supports trading, it provides fewer technical analysis features compared to the web platform.
Tradable Instruments
IC Markets vs XM Instruments Selection Comparison
Tradable Instruments Rank | 4.7 | 3.8 |
# Tradable Instruments | 2245 | 1395 |
# Currency Pairs | 61 | 55 |
# Commodities | 25 | 14 |
# Crypto | 21 | |
# Stocks | 2100 | 1300 |
# Indices | 25 | 26 |
IC Markets offers a broad range of over 2,250 financial CFD instruments, including forex, commodities, indices, cryptos, and stocks. This diverse selection is suitable for all types of traders, but especially share CFD traders, with thousands of stocks from major regions such as the U.S., Australia, Amsterdam, Spain, France, Germany, and the UK.
XM provides over 1,385 financial CFD instruments, covering forex, commodities, cryptos, indices, and stocks. Crypto traders can trade more than 30 crypto CFDs 24/7, offering a unique trading experience. The diverse range of instruments caters to all types of traders.
Customer Support
IC Markets vs XM Customer Support Comparison
Customer Support Rank | 4.6 | 4.7 |
Live Chat |
IC Markets provides 24/7 customer support via email and live chat. Email inquiries were answered within one day, while live chat responses were typically received within two minutes. While these channels offered helpful assistance we found the general support phone number was not operational.
XM offers 24/5 customer support in Australia and from 07:00 to 16:400 GMT in Europe. Support channels include live chat, phone, and email. Throughout our interactions with XM’s customer support, we consistently received professional and timely responses from each agent.
Research
IC Markets vs XM Research Tools Comparison
Research Rank | 4.7 | 4.7 |
News (Top-Tier Sources) | ||
Economic calendar | ||
Videos/Webinars | ||
Trading Central (Recognia) | ||
Autochartist |
The IC Markets Information Hub features regularly updated market news and analysis from a dedicated in-house team, suitable for all trading skill levels. The broker also offers content from Autochartist and Trading Central, including Analyst Views, Featured Ideas, and Technical Insights, which are geared towards intermediate and advanced traders.
XM offers comprehensive and high-quality market research tools developed by its in-house team. This includes market analysis, videos, trading ideas, podcasts, and breaking news. The news feed is powered by Reuters and Dow Jones. The in-house content caters to traders of all experience levels and covers technical analysis, forex previews, live webinars, and regularly published special reports.
Deposits & Withdrawals
IC Markets vs XM Deposit and Withdrawal Methods Comparison
Deposit and Withdrawal Rank | 4.9 | 4.9 |
Deposit Options | Poli, PayPal, Wire Transfer, Skrill, Neteller, Credit Card, Union Pay, Klarna, Rapid Transfer, Bpay, Broker to Broker, Debit Card, Local Banks | China UnionPay, Sofort, Wire Transfer, MoneyGram, Neteller, Moneybookers, iDeal, Webmoney, Skrill, Credit Card, Western Union |
Withdrawal Options | Wire Transfer, Neteller, Skrill, Credit Card, PayPal, Klarna, Rapid Transfer, Union Pay, Bpay, Broker to Broker, Poli, Local Banks, Debit Card | China UnionPay, Sofort, Wire Transfer, MoneyGram, Neteller, Moneybookers, iDeal, Webmoney, Skrill, Credit Card, Western Union |
Withdrawal Fee |
IC Markets provides 15 fee-free deposit and withdrawal options, with instant processing times. These include debit/credit cards, PayPal, Neteller, Skrill, and other e-payment methods. However, bank wire transfers have the longest processing time, typically taking 2 to 5 working days, while international wires may take up to 14 working days to process.
XM provides fee-free deposit and withdrawal options, including bank wire transfers (for amounts over $200), Visa, Mastercard, Neteller, Skrill, and China Union Pay. Most deposits are instant, but wire transfers may take 2 to 5 business days. Withdrawals usually take 2 to 5 business days, with Neteller and Skrill processed within 24 hours.
Account Types and Terms
IC Markets vs XM Account Types Comparison
Account Types and Terms | 4.9 | 4.9 |
# Base Currencies | 61 | 55 |
Islamic Account | ||
Demo Account | ||
Minimum Deposit | $200 | $5 |
IC Markets provides three accounts tailored to the needs of different traders. The Standard MetaTrader Account offers zero-commission trading, making it ideal for novice traders. The Raw Spread MetaTrader and Raw Spread cTrader accounts feature narrower spreads and charge a commission per trade, making it ideal for advanced short-term traders. The Raw Spread cTrader commission is $3.00 per lot, which is better than the industry average of $3.50.
XM provides four account options catering to different trading preferences. The Micro, Standard, and Ultra Low Accounts offer commission-free trading with varying spreads. The Zero Account incurs a commission of $3.50 per lot, per side, but provides the lowest spreads, making it ideal for scalpers and short-term traders. The Micro account is tailored for beginner traders with a low minimum deposit of $5 and commission-free trading.
Education
IC Markets vs XM Educational Content Comparison
Education Rank | 4.4 | 4.4 |
Videos | ||
Webinars |
IC Markets provides extensive educational resources such as articles, tutorial videos, and live webinars covering a wide range of trading topics suitable for traders at all levels. The platform tutorials and regular live trading webinars are particularly beneficial for beginner traders.
XM offers a live education section with daily webinars conducted in 19 languages, catering to both beginner and advanced traders. The schedule includes topics like scalping, buying and selling techniques, and live trading sessions during the European open and U.S. pre-market hours. General trading courses and MT4 tutorials are also available, featuring materials suitable for traders of all experience levels.
Our Methodology
Since 2011, FX Empire has developed a detailed methodology for evaluating CFD brokers, involving over 250 variables across nine crucial categories. Our team of experts, with deep industry knowledge, conducts live testing and research by interacting with the brokers directly. We check regulations, open accounts, test spreads, account costs, platform functionality, instrument variety, customer support reliability, and the quality of research and educational content. This granular analysis helps us identify each broker’s strengths and weaknesses, keeping our comparisons current with market trends and ensuring our guides meet traders’ needs.
We strive to evaluate each broker objectively, considering how their offerings align with the diverse trading goals and preferences of our readers. Our focus is on providing a balanced overview of each broker’s strengths and weaknesses. This method ensures that our readers receive clear, insightful comparisons to aid in making well-informed trading decisions.
We employ a comprehensive rating system across nine key categories:
- Trust
- Fees
- Platforms and Tools
- Tradable Instruments
- Customer Support
- Research
- Deposits and Withdrawals
- Account Types and Terms
- Education
In each category, we conduct an in-depth analysis for both brokers, outlining features, advantages, and disadvantages and determining their suitability for different trader profiles. By blending insights from our extensive reviews with first-hand experiences and observations, we ensure each comparison is balanced, informative, and tailored to the trader’s unique needs. You can read more about our review process here.