IC Markets vs XM

Detailed Analysis

IC Markets and XM are both reviewed on PipsPal with verified data. This side-by-side looks at how they compare across the four factors that actually affect trading outcomes: spreads and trading costs, regulation and safety, platform choice, and minimum deposit requirements.

Spreads & Trading Costs

IC Markets offers From 0.5 pips, while XM offers From 0.8 pips. Both use standard-account pricing with costs built into the spread rather than separate commissions. Direct spread comparison on EUR/USD during liquid sessions is the cleanest like-for-like measure — the numbers above reflect typical conditions, not minimum advertised. During news releases or low-liquidity periods, spreads widen on both, and the relative difference may narrow or flip.

Regulation & Safety

IC Markets is regulated by ASIC, CySEC. XM holds licences under CySEC, ASIC. Both hold legitimate regulatory oversight, though the specific strength varies by jurisdiction. Check the broker's account-opening documentation to identify which legal entity will hold your funds — this determines which compensation scheme, if any, applies. For most retail traders, both brokers provide adequate protection; the question is whether you need specific regulator coverage (FCA for UK, ASIC for Australia, etc.) based on where you live.

Trading Platforms

IC Markets supports MT4, MT5, cTrader. XM supports MetaTrader 4, MetaTrader 5, WebTrader. The platform choice here is mostly about fit with your existing workflow. If you already use one of the listed platforms at another broker, switching to the one that supports your platform avoids re-learning. Algorithmic and Expert Advisor traders should verify that their specific strategy is compatible with each broker's platform version and hosting environment before committing.

Minimum Deposit

IC Markets requires a $200 minimum deposit, while XM requires $5. XM offers a significantly lower barrier to entry at $5, while IC Markets's higher $200 minimum suggests it targets traders committing meaningful capital from the start. For testing the broker with a small deposit, XM is the clear choice. For a trader with sufficient starting capital, the minimum deposit difference is irrelevant — trading conditions and regulation matter more.

Our Verdict