Choose IC Markets if you want…
Active scalpers, algorithmic traders, and high-volume traders who prioritise execution quality and tight raw spreads.
IC Markets
⭐ 4.7 / 5
VS
XM
⭐ 4.5 / 5
IC Markets vs XM — which broker is better in 2026?
We compared IC Markets and XM across five core criteria: regulation, minimum deposit, spreads, platform choice, and overall user rating. IC Markets wins on more criteria (2 categories vs 1), making it the stronger default for most traders. Both brokers remain reputable, independently tier-1 regulated options.
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| IC Markets | XM | Winner | |
|---|---|---|---|
| Rating | ⭐ 4.7 / 5 | ⭐ 4.5 / 5 | IC Markets |
| Regulators | ASIC, CySEC, FSA Seychelles, SCB Bahamas | CySEC, ASIC, IFSC, DFSA | Tie |
| Min. deposit | $200 | $5 | XM |
| Spreads from | 0.0 pips (Raw Spread) | 0.6 pips (Ultra Low) | IC Markets |
| Max. leverage | Up to 1:30 (EU retail) / 1:500 (offshore) | Up to 1:30 (EU retail) / 1:1000 (offshore) | — |
| Platforms | MT4, MT5, cTrader, TradingView | MT4, MT5, XM WebTrader, XM Mobile | Tie |
| Founded | 2007 | 2009 | — |
| HQ | Sydney, Australia | Limassol, Cyprus | — |
Pros & cons compared
IC Markets pros
- ✓ Industry-leading raw spreads (0.0 pips on EUR/USD typical)
- ✓ Three platforms: MT4, MT5, cTrader — one of few brokers offering cTrader
- ✓ Equinix NY4 server location — sub-millisecond execution for HFT/scalpers
- ✓ ASIC + CySEC dual-tier-1 regulation
- ✓ No restrictions on scalping, EAs, or hedging
Cons
- ✗ $200 minimum deposit — higher than budget brokers
- ✗ EU leverage capped at 1:30 retail (ESMA)
- ✗ Educational content thinner than XM / eToro
XM pros
- ✓ $5 minimum deposit — the lowest in the regulated peer group
- ✓ Industry-leading educational content (XM Live webinars, daily research)
- ✓ Multi-jurisdictional regulation: CySEC, ASIC, IFSC, DFSA
- ✓ Strong MENA presence with Arabic platform + local payment methods
- ✓ Negative balance protection on all account types
Cons
- ✗ Spreads on Standard account (1.6+ pips) are uncompetitive vs ECN brokers
- ✗ EU leverage capped at 1:30 retail (ESMA rules)
- ✗ Limited cTrader availability — MT4/MT5 only
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Which one should you choose?
Choose XM if you want…
Beginners, low-deposit traders, and education-focused traders, especially in MENA and Asia.
Frequently asked questions
Which is better — IC Markets or XM?
Based on five comparison criteria (regulation, deposit, spreads, platforms, overall rating), IC Markets wins 2 categories. That makes it the stronger default choice — though both brokers remain reputable, independently tier-1 regulated options.
Is IC Markets more regulated than XM?
IC Markets holds licenses from: ASIC, CySEC, FSA Seychelles, SCB Bahamas. XM holds licenses from: CySEC, ASIC, IFSC, DFSA. Both brokers have the same number of regulatory licenses; the specific regulators differ.
What are the spreads at IC Markets vs XM?
IC Markets spreads start from 0.0 pips (Raw Spread). XM spreads start from 0.6 pips (Ultra Low). Actual spreads vary by account type and market conditions.
Which has a lower minimum deposit, IC Markets or XM?
IC Markets: $200. XM: $5. XM has the lower entry barrier.