IC Markets vs XM
True ECN broker with cTrader vs education-focused multi-regulated broker. IC Markets optimizes for active trader execution; XM for new trader learning.
Quick comparison.
Both tier-1 regulated. Key differences in execution model and beginner support.
| Factor | IC Markets | XM |
|---|---|---|
| Regulators | ASIC + CySEC + FSA | CySEC + ASIC + DFSA |
| Min deposit | $200 | $5 |
| EUR/USD (best account) | 0.0 pips (Raw) | 0.6 pips (Ultra Low) |
| Execution model | True ECN | Market maker |
| Platforms | MT4 + MT5 + cTrader | MT4 + MT5 |
| Execution speed | ~35-40ms | ~80-100ms |
| Education quality | Average | Best in class |
| Languages | 14+ | 25+ |
| Customer service | 8.0/10 | 9.2/10 |
| Overall score | 8.4 / 10 | 8.2 / 10 |
Head-to-head breakdown.
Detailed comparison across the factors that determine broker quality.
IC Markets uses true ECN execution – orders pass directly to liquidity providers. XM operates a market maker model where the broker is your counterparty. For active traders, true ECN eliminates conflict of interest concerns.
IC Markets Raw Spread: 0.0 pips + $3.50 commission. Total per lot ~$6.50. XM Ultra Low: 0.6 pips spread, no commission, ~$6 per lot – close to IC Markets but worse total for active scalping.
IC Markets supports cTrader alongside MT4/MT5. cTrader’s native ECN architecture is genuinely superior. XM has MT4/MT5 only.
XM’s educational ecosystem is genuinely best-in-class. Free webinars in 18 languages, structured courses, regional workshops. IC Markets has functional education but nothing approaching XM’s depth.
XM $5 minimum vs IC Markets $200. For new traders or those with limited capital, XM is far more accessible.
XM rated 9.2/10 vs IC Markets 8.0/10. Personal account managers, 25+ language support, in-person workshops. XM optimized for retail support.
Our recommendation.
Choose IC Markets if…
IC Markets wins for active traders.
- You’re an active scalper or HFT trader needing true ECN
- You want cTrader’s Level II depth
- You have $200+ capital comfortable with minimum
- You’re an EA developer wanting comprehensive infrastructure
Choose XM if…
- You’re a complete beginner needing extensive education
- You have under $200 capital
- You speak a non-major language
- You value strong customer service quality
- You’re a casual/swing trader
Read the full reviews.
This comparison summarizes key differences. For complete analysis, read the individual reviews.
Read IC Markets review → Read XM review