IC Markets vs XM

IC Markets is the better overall choice for active forex and CFD traders, particularly scalpers, algorithmic traders and anyone who values raw pricing, cTrader or TradingView. XM is the better choice for traders who prioritise education, a beginner-friendly trading environment and stronger stated account protections under its Global offering.

IC Markets has the stronger trading-focused proposition. Its current Global Raw Spread account publishes an average EUR/USD spread of 0.1 pips with a $3.50 commission per standard lot per side, while its platform range includes MetaTrader 4, MetaTrader 5, cTrader and TradingView. IC Markets also currently advertises access to more than 2,850 instruments.

XM is more compelling for traders who want extensive education and a simpler ecosystem. XM offers MetaTrader 4, MetaTrader 5 and the XM App, advertises more than 1,400 global assets, and runs a substantial education programme with 77 instructors and webinars in 23 languages.

Verdict: IC Markets wins this comparison overall, but XM remains the better fit for some beginners and traders who put education and account protections ahead of platform breadth and raw-spread execution.

IC Markets vs XM at a glance

Account conditions, leverage and investor protections vary by country and legal entity. Always compare the entity that will actually hold your account rather than treating either broker's global brand as a single regulatory licence.

Is IC Markets or XM cheaper?

The IC Markets Global Raw Spread MetaTrader account starts at 0.0 pips. IC Markets currently publishes an average EUR/USD spread of 0.1 pips and charges $3.50 per standard lot per side, equivalent to $7 for a round-turn standard-lot trade.

For EUR/USD, where one pip on a standard 100,000-unit lot is approximately $10, a 0.1-pip spread represents roughly $1 of spread cost. Add the $7 round-turn commission and the indicative cost is approximately $8, or 0.8 pip equivalent, before slippage, financing or changes in the spread.

That calculation illustrates an important point: compare all-in trading cost, not advertised minimum spread.

XM's Standard and Ultra Low accounts use variable spreads, and XM positions Ultra Low as its lower-cost account for higher-volume trading. XM does not make one universal spread figure applicable to every instrument, account and jurisdiction, so traders should compare the live spread on the instruments they actually trade.

For someone trading EUR/USD once a month, tiny differences in execution cost may be irrelevant. For a scalper executing hundreds of round turns, they become commercially significant.

Which broker is better for high-volume trading?

The reason is not merely the advertised spread. IC Markets combines raw pricing with support for scalping, hedging and Expert Advisors, plus MetaTrader and cTrader infrastructure aimed specifically at active traders. IC Markets states that its MetaTrader servers are hosted in Equinix NY4 and its cTrader servers in Equinix LD5.

IC Markets also reports average currency-pair execution of roughly 35 milliseconds in its current Global help centre. That is broker-reported data rather than an independent latency test, but it reinforces the type of trader IC Markets is trying to serve.

IC Markets has the better trading platform selection

IC Markets traders can use:

• MetaTrader 4
• MetaTrader 5
• cTrader
• TradingView through the cTrader Raw account
• Web-based and mobile versions of supported platforms

IC Markets specifically allows TradingView users to connect an eligible cTrader Raw account and trade through TradingView's interface.

XM offers:

• MetaTrader 4
• MetaTrader 5
• XM App
• MetaTrader WebTrader

XM therefore covers the platforms most retail traders need, but it does not currently match IC Markets for traders who specifically want cTrader or direct TradingView integration.

IC Markets vs XM for automated trading

Both brokers support Expert Advisors through MetaTrader. IC Markets gets the edge because it combines MetaTrader automation with cTrader, raw pricing and infrastructure explicitly designed around scalpers and automated traders.

An MT4 or MT5 trader running an occasional EA can use either broker. A trader building execution-sensitive systems has more flexibility with IC Markets.

Which broker offers more markets?

The IC Markets Global homepage states that traders can access more than 2,850 instruments. XM currently advertises access to more than 1,400 global assets. These counts can change as brokers add or remove contracts, so they should be treated as current advertised totals rather than permanent specifications.

Both brokers cover the major retail CFD categories, including forex, indices, commodities and share-based products. Availability of cryptocurrency derivatives and other instruments can differ by jurisdiction.

The raw number of instruments should not decide the comparison by itself. A forex trader who trades EUR/USD, GBP/USD and gold gains nothing from another thousand stock CFDs. The relevant question is whether the broker offers the markets you trade under competitive conditions.

Is IC Markets or XM safer?

A broker brand and a regulated company are not the same thing.

For example, the current IC Markets group includes:

• Raw Trading Ltd, trading as IC / IC Markets Global, regulated by the Seychelles Financial Services Authority under Securities Dealer licence SD018.
• IC Markets (EU) Ltd, regulated by the Cyprus Securities and Exchange Commission under licence 362/18.
• International Capital Markets Pty Ltd, regulated by the Australian Securities and Investments Commission under Australian Financial Services Licence 335692.

XM also operates through different regulated entities. Its current sites identify, among others:

• XM Global Limited, regulated by the Financial Services Commission of Belize under licence 8557558.
• Trading Point of Financial Instruments Limited, regulated by CySEC under licence 120/10.
• Trading Point MENA Limited, regulated by the Dubai Financial Services Authority under reference F003484.

The protections, leverage limits and compensation arrangements attached to those entities are not identical.

One important difference for Global clients

XM's current account information states that its accounts include negative balance protection.

By contrast, the IC Markets Global help centre warns that extreme market gaps can create negative equity and states that clients may bear the consequences of that negative balance.

That makes XM Global stronger on this specific stated retail protection.

This distinction may not apply identically to IC Markets accounts opened under its EU or Australian regulated entities, where local regulatory requirements differ.

The practical rule is simple: check the company name and licence shown on the account-opening agreement before depositing money.

IC Markets vs XM minimum deposit

This is worth highlighting because many older IC Markets comparisons still state that the minimum deposit is $200.

IC Markets' current Global account overview and help centre now list a $0 minimum deposit for its main Standard and Raw Spread accounts.

XM currently lists:

• Standard Account: $5 minimum deposit
• Ultra Low Account: $5 minimum deposit
• Shares Account: $10,000 minimum deposit

So the old argument that XM automatically wins because it requires $5 while IC Markets requires $200 is no longer valid for the current IC Markets Global offering.

That does not mean opening an account with almost no capital is sensible. Minimum deposit is an access condition, not an appropriate trading bankroll.

XM is better for trading education

XM's Learning Center currently includes self-paced material, live education and free webinars. XM states that its webinar programme includes 77 instructors and is offered in 23 languages.

IC Markets also provides educational material, video tutorials and webinars, so it is not devoid of learning resources. Its core proposition, however, is much more clearly centred on execution, raw pricing and trading technology.

For a trader who already knows how to trade, XM's education advantage may have little value. For someone still learning market mechanics, position sizing and platform operation, it can be a meaningful differentiator.

IC Markets vs XM leverage

IC Markets Global currently advertises leverage of up to 1:5000 on some MetaTrader accounts. XM Global advertises maximum leverage of up to 1000:1.

Those numbers do not apply universally.

The maximum leverage available to a specific trader depends on factors including:

• regulated entity
• country of residence
• retail or professional classification
• instrument
• account type
• position size
• broker margin rules

IC Markets also states that leverage under Raw Trading Ltd can be dynamic and may change, affecting open positions and margin requirements.

Higher leverage reduces the margin required to control a position, but it also makes it easier to take excessive exposure. A trader choosing between IC Markets and XM should therefore compare the leverage actually available under their account entity rather than selecting whichever homepage displays the largest number.

Deposits, withdrawals and inactivity

IC Markets also states that it does not add its own standard deposit or withdrawal charges, although banks and payment intermediaries can impose fees and special processing charges can apply in some situations.

XM's inactivity rules vary by entity and region. Its current help-centre material for some Global customers states that an account becomes dormant after more than 90 days without qualifying activity and can then incur a $10 monthly dormancy fee while a balance remains.

For an active trader, this difference is minor. For someone who regularly stops trading for several months, it is worth knowing.

Who should choose IC Markets?

IC Markets is the better fit if you:

• scalp or day trade forex
• run MetaTrader Expert Advisors
• want cTrader
• want TradingView integration
• prefer raw-spread pricing
• trade at relatively high frequency
• want a larger advertised range of CFD instruments
• do not want an inactivity fee
• want infrastructure designed around low-latency execution

IC Markets' strongest advantage is that its product, pricing model and infrastructure are aligned around active trading rather than trying to be everything to everybody.

Who should choose XM?

XM is the better fit if you:

• are still learning how to trade
• value live webinars and structured education
• want the XM mobile app
• are satisfied with MT4 or MT5
• want XM Global's stated negative balance protection
• prefer the Ultra Low account model to raw-spread plus commission pricing
• want extensive multilingual education and support

XM is particularly competitive for a trader who does not need cTrader, TradingView or execution infrastructure aimed at high-frequency strategies.

IC Markets vs XM: final verdict

IC Markets wins on the factors that become increasingly important as trading frequency and sophistication increase: raw pricing, platform choice, algorithmic trading support, instrument breadth and execution-focused infrastructure.

XM's strongest advantages sit elsewhere. Its education ecosystem is substantially deeper, its current Global accounts explicitly include negative balance protection, and its platform and support offering is easier to navigate for traders who do not need specialist execution tools.

So the decision is:

Choose IC Markets for trading conditions, scalping, algorithms, cTrader and TradingView.

Choose XM for education, a guided trading ecosystem and XM Global's stated negative balance protection.

For most experienced traders comparing the two purely as places to execute forex and CFD trades, IC Markets is the stronger broker.

Before opening either account, verify the exact regulated entity, current spreads, leverage, withdrawal conditions and investor protections that apply to your country. CFDs and leveraged forex products carry a high risk of loss, and advertised trading conditions can differ materially between jurisdictions.

Frequently asked questions

Is IC Markets better than XM?

Which is better for scalping, IC Markets or XM?

IC Markets is the better broker for scalping. IC Markets explicitly permits scalping and offers Raw Spread accounts, low-latency trading infrastructure and platform choices including MetaTrader and cTrader.

Does IC Markets have lower spreads than XM?

IC Markets has the stronger raw-spread proposition, but the cheapest broker depends on the account, instrument and market conditions. IC Markets publishes a 0.1-pip average EUR/USD spread on its Raw Spread account plus a $7 round-turn standard-lot commission. XM's spreads are variable and its Ultra Low account is designed to reduce trading costs. Compare all-in cost rather than minimum spread alone.

Is IC Markets or XM better for beginners?

XM is generally better for beginners because its education programme is more extensive. XM currently offers self-paced learning, live education and webinars delivered by 77 instructors across 23 languages.

Which is safer, IC Markets or XM?

Safety depends on the regulated entity your account is opened with. IC Markets and XM both operate through multiple licensed companies, so regulation, leverage restrictions, compensation schemes and negative balance protection vary by jurisdiction. Compare the exact legal entity in your client agreement rather than judging safety from the broker's brand name alone.