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IC Markets vs XM: Comparison and Analysis

Written by Filippo Ucchino Fact-Checked by Luca Puddu Publication Date Last Updated
Our verdict · CFD/FX trading

IC Markets is better than XM for CFD trading by a small margin, because it has a lower EUR/USD cost (7.80 USD per lot against 10.00 USD), cTrader, TradingView and more tradable symbols (2,850 against 1,400). XM, on the other hand, offers islamic accounts at all its companies and micro accounts at most of them. IC Markets is regulated by CySEC and ASIC, with an offshore company regulated by the FSA (Seychelles). XM is regulated by CySEC, the DFSA, the CMA (Kenya) and the FSCA, with an offshore company regulated by the FSC (Belize). IC Markets and XM both offer a demo account, execute orders in 66 ms and provide 10 account base currencies at all their companies. XM asks for 5.00 USD at all of its companies, while IC Markets asks for 224.00 USD at its European company, 200.00 USD at its Australian company and no minimum deposit at its offshore company. IC Markets offers crypto CFDs at all its companies, while XM offers them at its South African and offshore companies.

Best overall

IC Markets

CFDCFD IC Markets offers CFD trading: leveraged contracts that follow the price of an asset without owning it. Switch the comparison to CFD/FX to rate it on that. FXFX IC Markets offers forex trading: currency pairs such as EUR/USD, traded with leverage. Forex is rated together with CFDs, on the CFD/FX side.
IC Markets review ›
87CFD/FXOverall score IC Markets scores 87/100 for CFD/FX trading. The overall score is calculated from the data in this comparison across 12 areas.
Open Account

72.52% of retail investor accounts lose money when trading CFDs with this provider.

XM

CFDCFD XM offers CFD trading: leveraged contracts that follow the price of an asset without owning it. Switch the comparison to CFD/FX to rate it on that. FXFX XM offers forex trading: currency pairs such as EUR/USD, traded with leverage. Forex is rated together with CFDs, on the CFD/FX side.
XM review ›
79CFD/FXOverall score XM scores 79/100 for CFD/FX trading. The overall score is calculated from the data in this comparison across 12 areas.
Open Account

75.12% of retail investor accounts lose money when trading CFDs with this provider.

Best for

What we compare A comparison of the kinds of traders IC Markets and XM are best suited to, based on what each one actually offers in .
1 / 12

IC Markets is better than XM for professional traders and crypto traders. Scalpers, swing traders and news traders can choose either IC Markets or XM.

Best for
Overall score IC Markets 87 Best XM 79 -8
Day trading i
Long-term investing i
Professional traders i
High-volume traders i
Scalpers i
Swing traders i
News traders i
Algo traders i
Stock traders i
Crypto traders i
Futures traders i
Options traders i

Regulation

What we compare A comparison between the financial authorities that supervise IC Markets and the ones that supervise XM.
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IC Markets and XM are both regulated by top-tier authorities, IC Markets by CySEC and ASIC (Australia) and XM by CySEC.

Regulation
Section score IC Markets 100 Best XM 90 -10
Tier-1 regulators
ESMA (European Union) i CySEC (Cyprus) CySEC (Cyprus)
FCA (United Kingdom) i
ASIC (Australia) i
CFTC (United States) i
NFA (United States) i
SEC (United States) i
CIRO (Canada) i
MAS (Singapore) i
SFC (Hong Kong) i
JFSA (Japan) i
FINMA (Switzerland) i
Tier-2 regulators
FMA (New Zealand) i
CBR (Russia) i
FSCA (South Africa) i
DFSA (Dubai) i
CSRC (China) i
ISA (Israel) i
LFSA (Malaysia) i
JSC (Jordan) i
CMA (Kenya) i
Tier-3 regulators
FSA (Seychelles) i
MMA (Maldives) i
SCB (Bahamas) i
FSC (Mauritius) i
VFSC (Vanuatu) i
FSC (Belize) i
CIMA (Cayman Islands) i
SV FSA (Saint Vincent and the Grenadines) i
FSRC (St. Kitts & Nevis) i
BMA (Bermuda) i
BVI FSC (British Virgin Islands) i
EDR (External Dispute Resolution) i

Safety

What we compare A comparison of the tools and services that IC Markets and XM have in place to protect your money in .
3 / 12

Both IC Markets and XM offer segregated client funds and an investor compensation scheme.

Safety
Section score IC Markets 78 XM 78
Company info
Is it publicly traded i
Is it a bank i
Year founded i 2007 2009
Parent company i International Capital Markets Pty Ltd Trading Point Holdings
CEO i Andrew Budzinski Tasos Anastasiou
Money safety
Segregated client funds i
Two-factor authentication i
Investor compensation scheme i
Additional money insurance i
Partner bank i Eurobank N/A
Brand power
Number of customers worldwide i 20,000,000
Annual revenue i USD 1,000,000,000
Monthly website search traffic i 2.2M monthly visits

Costs

What we compare A comparison of what it costs to trade with IC Markets and with XM in , both on each trade and on holding the account.
4 / 12

IC Markets is better than XM for costs, because IC Markets is cheaper on EUR/USD, at 7.8 USD per lot (against XM's 10 USD), has tighter S&P 500 CFD spreads, at 0.36 points (against XM's 0.6 points), and has tighter gold CFD spreads, at 0.08 points (against XM's 0.3 points). Neither IC Markets nor XM charges account maintenance fees or deposit fees.

Costs
Section score IC Markets 65 Best XM 57 -8
Broker fees
Deposit fees i
Withdrawal fees i
Overnight fees i
Inactivity fees i
Currency conversion fees i
Discounts on volume i
Real time market data fee i
Dividend withholding i
Account opening fees i
Account maintenance fee i
Portfolio management fee i
Fees on CFDs
Forex commission per lot i USD 7 USD 7
EUR/USD average standard spread i
0.8 pips
1.1 pips
EUR/USD average raw spread i
0.06 pips
0.2 pips
EUR/USD average fixed spread i
EUR/USD total cost per lot i USD 7.8 USD 10
S&P 500 fees (CFD) i 0.36 points 0.6 points
Gold fees (CFD) i 0.08 points 0.3 points
Bitcoin fees (CFD) i USD 6.46
US stocks fees (CFD) i USD 0.02 Free
Fees on stocks
Stock fee type i Commission, Percentage Spread
US stocks fees (real) i
ETF fees (real) i
Management costs i
Connection costs i
Fees on futures
Futures fees per contract i Free
Platform fees i
Fees on options
Options fees per contract i
Event fees i
Fees on savings plans
IRA opening fee i
IRA maintenance fee i
401k opening fee i
401k maintenance fee i

Available markets

What we compare A comparison of the markets and products you can trade with IC Markets and with XM in , and of how many instruments each one gives access to.
5 / 12

There is little between IC Markets and XM on available markets. Both IC Markets and XM offer CFDs on commodities, ETFs, forex, indices and stocks. IC Markets has a slight edge, as it offers CFDs on crypto, and gives access to 2,850 tradable symbols (against XM's 1,400).

Available markets
Section score IC Markets 75 XM 75
Total tradable symbols i 2,850 1,400
Currency pairs i
Indices i
Commodities i
Stocks i
ETF i
Cryptocurrencies i
Bonds i
Interest rates i
Portfolios i
CFDs i Commodities, Crypto, ETF, Forex, Indices, Stocks Commodities, ETF, Forex, Indices, Stocks
Futures i
Options i
Assets you can own i

Platform

What we compare A comparison of the trading platforms that IC Markets and XM make available to their clients in .
6 / 12

IC Markets is better than XM for platforms, since IC Markets offers cTrader, social trading and TradingView, which XM does not. Both IC Markets and XM offer MetaTrader 5 and MetaTrader 4.

Platform
Section score IC Markets 89 Best XM 63 -26
Proprietary platform i
MetaTrader 4 i
MetaTrader 5 i
cTrader i
Social trading platform i
Copy trading platform i
ZuluTrade i
TradingView i
Duplitrade i
Mirror Trader i
NinjaTrader i
AutoChartist i
Real time pricing i
5 digit pricing i
One-click trading i

Mobile

What we compare A comparison of the mobile apps of IC Markets and XM in , and of what each one lets you do from your phone.
7 / 12

IC Markets is better than XM for mobile trading, since IC Markets offers the cTrader app and mobile trading signals, which XM does not. IC Markets and XM both offer a proprietary mobile app and the MetaTrader 5 app.

Mobile
Section score IC Markets 93 Best XM 86 -7
Proprietary app i
Social trading app i
Copy trading app i
MetaTrader 4 app i
MetaTrader 5 app i
cTrader app i
Mobile trading signals i
Mobile alerts i
Mobile charting tools i
Mobile drawing tools i
Mobile watchlist i
Smartwatch app i

Trading features

What we compare A comparison of the trading tools and strategies that IC Markets and XM allow on their platforms in .
8 / 12

IC Markets is better than XM for trading features. Both IC Markets and XM offer negative balance protection and trailing stops.

Trading features
Section score IC Markets 93 Best XM 87 -6
Trade execution
Broker type i NDD Agency
Average execution time i 66 ms 66 ms
Slippage occurrence i
Requotes occurrence i 0%
Tier-1 liquidity providers i
PFOF i
Leverage
Major FX pairs leverage i 30:1About this value. This is the major fx pairs leverage at IC Markets (EU) Ltd (CySEC). At IC Markets' other companies: 30:1 (Australia), 5000:1 (other accepted countries). 30:1About this value. This is the major fx pairs leverage at Trading Point of Financial Instruments Ltd (CySEC). At XM's other companies: 400:1 (Kenya), 30:1 (the UAE), 1000:1 (other accepted countries, South Africa).
Minor/Exotic FX pairs leverage i 20:1About this value. This is the minor/exotic fx pairs leverage at IC Markets (EU) Ltd (CySEC). At IC Markets' other companies: 20:1 (Australia), 5000:1 (other accepted countries). 20:1About this value. This is the minor/exotic fx pairs leverage at Trading Point of Financial Instruments Ltd (CySEC). At XM's other companies: 400:1 (Kenya), 20:1 (the UAE), 1000:1 (other accepted countries, South Africa).
Major indices leverage i 20:1About this value. This is the major indices leverage at IC Markets (EU) Ltd (CySEC). At IC Markets' other companies: 20:1 (Australia), 200:1 (other accepted countries). 20:1About this value. This is the major indices leverage at Trading Point of Financial Instruments Ltd (CySEC). At XM's other companies: 400:1 (Kenya), 20:1 (the UAE), 500:1 (other accepted countries, South Africa).
Minor indices leverage i 10:1About this value. This is the minor indices leverage at IC Markets (EU) Ltd (CySEC). At IC Markets' other companies: 10:1 (Australia), 200:1 (other accepted countries). 10:1About this value. This is the minor indices leverage at Trading Point of Financial Instruments Ltd (CySEC). At XM's other companies: 250:1 (Kenya, other accepted countries, South Africa), 10:1 (the UAE).
Gold leverage i 20:1About this value. This is the gold leverage at IC Markets (EU) Ltd (CySEC). At IC Markets' other companies: 20:1 (Australia), 2000:1 (other accepted countries). 20:1About this value. This is the gold leverage at Trading Point of Financial Instruments Ltd (CySEC). At XM's other companies: 400:1 (Kenya), 20:1 (the UAE), 1000:1 (other accepted countries, South Africa).
Commodities leverage i 10:1About this value. This is the commodities leverage at IC Markets (EU) Ltd (CySEC). At IC Markets' other companies: 10:1 (Australia), 1000:1 (other accepted countries). 10:1About this value. This is the commodities leverage at Trading Point of Financial Instruments Ltd (CySEC). At XM's other companies: 400:1 (Kenya, other accepted countries, South Africa), 10:1 (the UAE).
Equities leverage i 5:1About this value. This is the equities leverage at IC Markets (EU) Ltd (CySEC). At IC Markets' other companies: 5:1 (Australia), 20:1 (other accepted countries). 5:1About this value. This is the equities leverage at Trading Point of Financial Instruments Ltd (CySEC). At XM's other companies: 20:1 (Kenya, other accepted countries, South Africa), 5:1 (the UAE).
Cryptocurrency leverage i 2:1About this value. This is the cryptocurrency leverage at IC Markets (EU) Ltd (CySEC). At IC Markets' other companies: 2:1 (Australia), 500:1 (other accepted countries). 2:1About this value. This is the cryptocurrency leverage at Trading Point of Financial Instruments Ltd (CySEC). At XM's other companies: 2:1 (the UAE), 1000:1 (other accepted countries, South Africa).
Risk management
Stop losses i
Take profits i
Limit orders i
Trailing stop i
Margin call i
OCO orders i
Guaranteed stop loss i
Negative balance protection i
Minimum trade size (FX) i 0.01 lots 0.01 lots
Minimum trade size (stocks) i USD 0 USD 0
Fractional stocks i
Trading compliance
Scalping strategies allowed i
Hedging strategies allowed i
Automated trading strategy allowed i
EAs use allowed i
HFT strategy allowed i
VPS use allowed i
API use allowed i
Price scraping allowed i
FIFO rule applies i

Account types

What we compare A comparison of the kinds of account you can open at IC Markets and at XM in , and of who each one is meant for.
9 / 12

IC Markets is better than XM for account types, given that IC Markets offers a professional traders account, an ECN account and a copy trading account, which XM does not. IC Markets and XM both offer a demo account and a corporate account.

Account types
Section score IC Markets 79 Best XM 64 -15
Demo account i
Unlimited demo account i
Standard account i
Micro account i
Cent account i
Nano account i
Raw spread account i
ECN account i
Swap-free account i
Islamic account i
Professional traders account i
Fixed spread account i
Spread betting account i
Copy trading account i
Corporate account i
Managed account i
Stock investing account i
Margin investing account i
Savings account i
Retirement account i

Account opening

What we compare A comparison of what it takes to open and fund an account with IC Markets and with XM in .
10 / 12

XM is better than IC Markets for account opening, since XM requires a lower minimum deposit, at 5 USD (against IC Markets' 224 USD). IC Markets and XM both offer credit cards and debit cards.

Account opening
Section score IC Markets 85 -5 XM 90 Best
Minimum deposit i USD 224About this value. This is the minimum deposit at IC Markets (EU) Ltd (CySEC). At IC Markets' other companies: USD 200 (Australia), USD 0 (other accepted countries). USD 5
Minimum withdrawal i USD 0 USD 5
Wire transfers i
Credit cards i
Debit cards i
eWallets i PayPal, Neteller, Skrill Neteller, Skrill
Local payment methods i
Account base currencies i AUD, CAD, CHF, EUR, GBP, HKD, JPY, NZD, SGD, USDAbout this value. This is the account base currencies at IC Markets (EU) Ltd (CySEC). It is different at IC Markets' companies in Australia. AUD, CHF, EUR, GBP, HUF, PLN, RUB, SGD, USD, ZAR
Deposit waiting time i Instant Instant
Withdrawal waiting time i up to 1 business days up to 1 business days
Bonus program i

Customer care

What we compare A comparison of the customer support of IC Markets and XM in , in how it can be reached and how fast it answers.
11 / 12

IC Markets is better than XM for customer care, since IC Markets offers priority support, which XM does not. IC Markets and XM both offer a dedicated account manager and phone support.

Customer care
Section score IC Markets 87 Best XM 78 -9
Number of languages supported i 17 20
Website languages i Arabic, Bulgarian, Czech, German, English, French, Croatian, Indonesian, Italian, Korean, Malay, Portuguese, Russian, Spanish, Thai, Vietnamese, Chinese Arabic, Czech, German, Greek, English, French, Hungarian, Indonesian, Italian, Korean, Malay, Polish, Portuguese, Russian, Spanish, Tagalog, Thai, Vietnamese, Chinese
Website available in English i
Customer support languages i Arabic, Bulgarian, Czech, German, English, French, Croatian, Indonesian, Italian, Korean, Malay, Portuguese, Russian, Spanish, Thai, Vietnamese, Chinese Arabic, Czech, German, Greek, English, French, Hindi, Hungarian, Indonesian, Italian, Korean, Malay, Polish, Portuguese, Russian, Spanish, Tagalog, Thai, Vietnamese, Chinese
Customer support in English i
Call back request i
Email support i
Phone support i
Live chat i
Priority customer support i
Dedicated account manager i
Cash sweep i
Stock lending i
Distributes proceeds i
Tax withholding agent i
Tax assistance i

Learning

What we compare A comparison of the educational material that IC Markets and XM provide to their clients in .
12 / 12

IC Markets is better than XM for learning, since IC Markets offers professional reports, which XM does not. IC Markets and XM both offer education for advanced traders and webinars.

Learning
Section score IC Markets 100 Best XM 88 -12
Education
Education center i
Education for beginners i
Education for advanced traders i
Webinars i
Tutorials i
Glossary i
Research
Economic calendar i
Traders' sentiment i
Daily market commentary i
Daily trading ideas i
News via social media i
Professional reports i
Watchlist i
IC Markets
Open Account 72.52% of retail investor accounts lose money when trading CFDs with this provider.
XM
Open Account 75.12% of retail investor accounts lose money when trading CFDs with this provider.
Our verdict

IC Markets vs XM: which one should you choose?

IC Markets

CFD/FX Choose IC Markets if you want a forex broker with low trading costs, cTrader and TradingView.

Open Account 72.52% of retail investor accounts lose money when trading CFDs with this provider.
XM

CFD/FX Choose XM if you want an online CFD broker with a small minimum deposit and micro accounts.

Open Account 75.12% of retail investor accounts lose money when trading CFDs with this provider.

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