IC Markets vs. XM Broker Comparison

IC Markets vs. XM Broker Comparison

IC Markets versus XM
Online BrokerMinimum DepositTrading PlatformsMarketsRegulated
$200MT4, MT5, cTrader230+ASIC
$5MT4, MT51000+FCA, ASIC, CySEC

IC Markets and XM Comparison

IC Markets classifies itself as an ECN broker, offering high speed order execution, using Equnix server co-location and providing 3 platforms suited to both automated trading and discretionary trading, including one platform optimised for ECN trading (cTrader). Like IC Markets, XM offers MT4 and MT5. It has two accounts which do not charge commissions, and one STP/ECN account which does. All of its accounts, like IC Markets are STP and offer no dealing desk intervention. Thus a wide range of trading styles are possible at both brokers.

XM does provide more markets than IC Markets (1000+ vs 230+), both of which offer their maximum number on MT5. For its Standard and Micro accounts XM has a very low minimum deposit. Its STP/ECN account has a higher minimum deposit, but still less than IC Markets. Both brokers are regulated by the ASIC in Australia. XM is also regulated by the FCA in the United Kingdom and the CySEC in Cyprus.

Quick comparison

IC Markets is an ECN broker, offering MT4, MT5 and cTrader. XM has a range of account types, including STP/ECN, on MT4 and MT5 and can offer more markets of MT5.

Minimum deposit and account types

The minimum deposit for IC Markets $200 and the minimum deposit for XM is $5. Both brokers offer Islamic (Swap-Free) accounts.

  • IC Markets offers four account types. These are Standard, True ECN, Islamic (Swap Free) and the cTrader ECN account. IC Markets provides Forex news, video tutorials and and economic calendar on its website. IC Markets uses both LD5 (London) and NY4 (New York) Equinix Data Centres.
  • The Standard account does not charge a commission, but the True ECN account charges a commission. The cTrader ECN also charges commissions.
  • XM offers three account types, a Micro and a Standard account, both with minimum deposits of $5 and the XM Zero account, with a minimum deposit of $100. An Islamic account is available for each of these account types. XM offers a personal account manager, video tutorials, daily technical analysis, Forex market research, a daily Forex market outlook and daily Forex webinars.
  • XM's Micro and Standard accounts do not charge commissions, the XM Zero account does charge commissions.

Markets

  • IC Markets offers 230+, covering Forex pairs, Energy, Indices, Soft Commodities, Metals, Futures, Cryptocurrencies, Stocks, ETFs and Bonds.
  • XM offers 1000+, covering Forex pairs, Energy, Indices, Soft Commodities, Metals, Futures and Cryptocurrencies on MT5 and 100+ on MT4, since it does not include Stock and Cryptocurrency CFDs. The XM Zero account offers Forex pairs, Gold and Silver, with 55+ markets available.

Cryptocurrency CFDs

  • IC Markets provides Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Ripple, Dash, Emercoin, Namecoin, Peercoin and EOS.
  • XM provides Bitcoin, Ethereum, Litecoin, Bitcoin Cash and Ripple.

Spreads and leverage

  • Spreads at IC Markets are variable and are from -0.3 for EUR/USD (0.0 on MT4), 0.3 for Gold (average 1.3), 1 for UK100 and 0.01 for US Crude Oil. For the Standard account EUR/USD spreads are from 1.
  • Spreads at XM are variable. For the Standard and Micro accounts spreads are from 1 for EUR/USD, 1.5 for UK 100, 0.4 for Gold and 0.05 for US Crude Oil. XM also offers Futures, with UK100 spreads from 4.5.
  • For the XM Zero accounts, spreads have a low of 0 for EUR/USD. On the XM Zero account Gold has an average spread of 0.21.

Maximum leverage for IC Markets is 500:1. Maximum leverage for XM (FCA or CySEC regulated) is

Commissions

  • IC Markets charges a commission of $3.50 per lot per side for the True ECN account and the cTtrader account charges a commission of $3 per 100,000 USD traded per side. Commissions are charged only for Forex and Metals.
  • XM charges a commission of $3.50 per lot per side on the XM Zero account. Commissions are charged only on the XM Zero account and therefore only for Forex and Metals.

Platforms

IC Markets provides a web trader, MT4, MT5 and cTrader (including cAlgo) and supports trading automation.

XM provides the MT4 and MT5 trading platforms which are available on desktop, mobile and tablet.

Both brokers offer micro lot trading.

Comparison summary

  • These brokers both have no dealing desk intervention
  • Both allow a wide range of trading styles, including scalping, EAs and news trading
  • Both support both automated and discretionary trading
  • Each has an account which offers low Forex spreads plus a commission charge
  • Both offer MT4 and MT5, IC Markets additionally provides cTrader
  • XM has a lower minimum deposit

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