IC Markets vs XM 2026: Which Broker is Better?

Regulation & Safety

IC Markets is regulated by the Australian Securities and Investments Commission (ASIC) and the Cyprus Securities and Exchange Commission (CySEC). This dual regulation ensures a robust framework for compliance, providing traders with a higher degree of fund protection and operational transparency. However, IC Markets does not offer additional fund protection schemes beyond the regulatory requirements.

On the other hand, XM is regulated by the Financial Conduct Authority (FCA) in the UK, alongside ASIC and CySEC. The inclusion of FCA regulation adds a layer of security, as it is known for stringent oversight. XM offers negative balance protection, ensuring clients do not lose more than their account balance, which is a critical safety feature for retail traders.

Fees & Spreads

IC Markets offers ultra-low spreads starting from 0.0 pips on forex pairs, with a commission of $3.5 per lot per side, which is attractive for high-frequency traders. The minimum deposit is $200, and the broker offers a maximum leverage of 1:500. Overnight fees apply, which are competitive but vary depending on the asset class. IC Markets is particularly well-suited for traders seeking low-cost trading conditions with fast execution speeds.

In contrast, XM provides spreads starting from 0.6 pips with zero commissions, making it beneficial for traders seeking cost simplicity. The minimum deposit is remarkably low at $5, making it accessible for new traders. XM offers a maximum leverage of 1:1000, which is significantly higher than IC Markets, potentially attracting traders who prefer high leverage trading. XM also does not charge deposit or withdrawal fees, adding to its appeal for cost-conscious traders.

Trading Platforms

IC Markets supports popular platforms such as MetaTrader 4 (MT4), MetaTrader 5 (MT5), and TradingView, offering traders extensive charting tools and automated trading capabilities. The absence of a proprietary platform is a drawback. Conversely, XM also offers MT4 and MT5, coupled with a proprietary mobile platform. However, it lacks TradingView integration, which may be a limitation for traders relying on its advanced charting functionalities.

Who Should Choose IC Markets?

• Traders seeking ultra-low spreads and fast execution speeds.
• Forex traders who utilise advanced charting and automated strategies on MT4/MT5 and TradingView.
• Experienced traders comfortable with a $200 minimum deposit.
• Traders prioritising regulation by ASIC and CySEC.

Who Should Choose XM?

• New traders looking for a low entry point with a $5 minimum deposit.
• Traders who benefit from strong educational resources and materials.
• Traders who require negative balance protection and regulatory security from FCA.
• Cost-conscious traders interested in zero commission trading with no deposit/withdrawal fees.

Our Verdict

For beginners, XM is the better choice due to its low minimum deposit and strong educational resources. Professional traders may prefer IC Markets for its lower spreads and faster execution speeds. In terms of fees, XM offers a simpler cost structure with zero commission, making it more appealing to cost-conscious traders.