Is XM better than IC Markets? Who offers lower spread, better trading conditions and is safer broker to trade?

We provide answers to all questions in this XM vs IC Markets Comparison Review. For this Review we opened real accounts and deposit over US$ 6,000 in total to compare both offerings, account opening process at XM vs IC Markets, also the fees, trading conditions, platform selection and withdrawal process.   

What is XM and IC Markets

XM is a global Forex and one of the regulated CFD brokers, offering trading with Forex pairs, indices, stocks, and commodities

IC Markets is an Australian Forex and CFDs broker founded in 2007, headquartered in Sydney, Australia.

Some of the highlights of XM vs IC Markets are:

XMIC Markets
💻 Websitewww.xm.comwww.icmarkets.com
🛡️Founded year20092007
🏦 HeadquarterLimassol, CyprusAustralia
🗺️ Authorized & Regulated inUK, Cyprus, Australia, UAE, BelizeAustralia, Cyprus, Seychelles, Bahamas
🔒 Is Broker safeYesYes
💰 EUR/USD Spread1.61.02
💳 Minimum depositUS$5US$200
💰 Withdrawal feeUS$0$0
🖥️ Trading PlatformMT4, MT5Meta Trader 4, Meta Trader 5, cTrader
📈 Markets offeredForex, Indices, Stocks, CommoditiesForex, Indices, Stocks, Commodities, Cryptocurrencies
📉 Number of Products1336559
🔎 Our Detailed ReviewXM ReviewIC Markets Review

Licenses and Regulation

XM vs IC Markets are both safe to trade and are highly reliable, low-risk trading Brokers due to regulations and are not a scam.

XM is regulated by the top-tier ASIC, and Cyprus’ CySEC, which have strict rules and enforcement mechanisms.

IC Markets is licensed by Cyprus’ CySEC, Seychelles’ FSA, and the Bahamas’ SCB.

For this review, we opened an account with XM Trading Point of Financial Instruments Limited, regulated by CySEC and with IC Markets (EU) Limited, licensed by the CySEC

We recommend that you open your account with the XM Cyprus entity since it is the only one that offers deposit protection to traders if it is available to you and with the IC Markets Australian or Cyprus entities if either is available to you.

 XMIC Markets
🔒 LicensesASIC,
CySEC,
DFSA
FCA,
FSC
ASIC,
CySEC,
SCB,
FSA
Top Tier License✔️✔️
Publically Traded
Compensation Scheme✔️ (depending on entity)✔️ (depending on entity)

XM vs IC Markets Fees

XM and IC Markets fees are similar, built into a spread basis, and both have commission based accounts.

There are no additional fees charged by XM, moreover, the broker charges average fees for trading the main instruments and the fees charged on stocks and commodities are lower than industry averages.

Most of the account types offered by IC Markets have very low spreads and do not charge a commission. Only the Raw Spread Account charges a commission.

 XM FeesIC Markets Fees
Fees based on spread✔️✔️
Floating Spread✔️✔️
Fixed Spread
Commission based fees✔️ ✔️
Inactivity Fee$0$0
Deposit fee$0 $0
Withdrawal fee$0 $0
Active trader/ VIP Programs✔️✔️

Spreads Charged in Our Trades

For our test trades on XM vs IC Markets accounts, we chose popular instruments in each market. We placed 3 trades for each instrument to get the average spread and we were able to find both negative and positive sides for each Broker spreads.

A closer look at the spreads charged in our XM trades revealed that they were all aligned with industry benchmarks. The broker’s spreads on indices, commodities and stocks were slightly lower than those of its peers.

Through our testing we found that IC Markets spreads were generally low. The fees charged for trading indices, Forex pairs, commodities and cryptocurrencies were much lower than industry averages.

MarketsInstrumentsXM commissionIC Markets commissionIndustry avg. spread
IndicesFTSE 1001.51.11.65
ForexEUR/USD1.61.01.16
CommoditiesGold3.52.23.53
StocksAAPL1.351.51.75
CryptocurrenciesBitcoin39.2472.81
ETFsQQQ0.45

Account Types Compared

XM offers 5 account types with different fee structures, that is, the Micro, Standard, XM Zero, XM Ultra-low, and Shares accounts.

IC Markets offers 4 account types with slightly different features: the Standard account, cTrader raw spread account, the Raw spread account, and the Islamic account.

XM account opening is quick and effortless. The registration process took exactly 14 minutes, and our account was approved two days later.

IC Markets account opening is quick and seamless. The registration process took exactly 14 minutes, and our account was approved in one working day.

 XM AccountsIC Markets Accounts
Standard Account✔️✔️
ECN / Commission Based Account
Islamic Account✔️✔️
PAMM Account

Markets and Products

XM vs IC Markets both offer a large variety of tradable instruments in the Forex, indices, stocks and commodities markets.

MarketsXM InstrumentsIC Markets Instruments
Indices2623
Forex5761
Commodities1712
Stocks1236453
Cryptocurrency10
ETFs
Bonds

Trading Conditions

The trading conditions both at XM vs IC Markets are great. Both traders allow high-risk strategies such as hedging and scalping.

Trading MethodXMIC Markets
Hedging✔️ ✔️
Scalping✔️ ✔️
Change Leverage✔️
Copy trading/ Social trading✔️
Beginners Trading✔️
Professional Trading

Deposit and Withdrawal

XM processes client withdrawals via the same payment methods available for deposits making it easy for clients to withdraw their funds. It also does not charge any withdrawal fees. IC Markets does charge an AUD $20 fee on international bank transfer withdrawals.

Both XM vs IC Markets’ clients can deposit funds into their trading accounts via bank transfers, debit/credit cards, and e-wallets such as Skrill, PayPal, and Neteller.

The deposit methods offered by XM are instant and free. Anyway, the first deposit has to be made via credit card.

We have tested the deposit process on IC Markets using multiple payment modes. Both deposit and withdrawal processes on IC Markets are quick and simple.

XMIC Markets
💰 Deposit Fee
💰 Withdrawal fee$0$0 ($20 for international bank withdrawals)
💳 Minimum depositUS$5US$200
Bank Transfer✔️✔️
Debit/ Credit Cards✔️✔️
PayPal✔️✔️
Skrill✔️✔️
Neteller✔️ ✔️

Trading Platform

Both XM vs IC Markets offer the popular MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms to their clients and do not have a proprietary trading platforms.

While the XM MT4 platform is a bit dated, we found the MT5 platform to be more than adequate for traders who prefer a modern platform.

Algorithmic traders will find a home with IC Markets, which offers fast execution speeds and guarantees no requotes on submitted trades. The broker’s cTrader platform offers the cAlgo app that algorithmic traders can use. The cTrader Copy app allows for social copy trading.

XM PlatformIC Markets Platform
Proprietary Platform
Web Platform✔️✔️
Desktop Platform✔️ ✔️
Mobile App✔️✔️
Alternative Platforms
MetaTrader4✔️ ✔️
Simple to use platform✔️✔️
Demo Account Trading✔️✔️
Execution Agency Model
Research✔️✔️
Advanced Research tools✔️

Education and Support

XM vs IC Markets both have a great education offering for beginners. XM’s Tradepedia video course provides an in-depth guide to the markets. The videos are of high quality with excellent delivery from the instructors.

IC Markets offers a great forex trading course for beginners that covers topics such as technical analysis and trading psychology.

XM runs over 40 webinars weekly in different languages that its clients can join and learn about the markets. The webinars are based on experience level and take place in different timezones to suit its clients.

We found that IC Markets’ education offering lacks depth, and we would like to see the broker add more content on intermediate and advanced topics.

XM SupportIC Markets Support
Trading School for Beginners✔️✔️
Tutorials✔️✔️
Trading Videos✔️
Webinars✔️✔️
Daily News and Analysis✔️✔️
Economic Calendar✔️✔️
Live Chat✔️✔️
Email Support✔️✔️
24/7 availability✔️

Conclusion on XM vs IC Markets

Comparing XM vs IC Markets side by side we found both brokers reliable and with good standing. XM provides great customer support response times and the spreads on most instruments are aligned with industry averages. IC Markets provides relatively low spreads and breakneck execution speeds.

Overall, we had a smooth experience with XM starting from the account opening, to the deposit, trading and withdrawal processes.

We recommend XM to traders who prefer the MT4/5 platforms and to those who run EAs due to the free VPS service. The broker is also suitable for beginner traders because of its detailed educational materials.

Overall, our experience with IC Markets was positive. Our experience with customer support was also good.

We recommend IC Markets to all levels of traders from beginners, intermediate and advanced traders who can all benefit from its services.

XMIC Markets
Recommended for✔️ CFD Stocks trading
✔️ Beginning Traders
✔️ Experienced traders
✔️ Trading Currency Pairs
✔️ EAs trading
✔️ Scalping trader
✔️ Hedging trader
✔️ Trading through MT4 / MT5
✔️ Beginning Traders
✔️ Trading Currency Pairs
✔️ Cryptocurrency Trading
✔️ Scalping trader
✔️ Hedging trader
Might not be fit for
❌ Commission based trading
❌ Real Stock / Futures Trading
❌ Trading Futures or Real Stocks
❌ Commission based trading

Author of this review

By George Rossi

Author of this review

I am a well-rounded financial services professional experienced in fundamental and technical analysis, global macroeconomic research, foreign exchange and commodity markets and an independent trader.

Now I am passionate about reviewing and comparing forex brokers.

Everything you find on BrokerTested is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology

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