IC Markets vs XM

 

An overall comprehensive side-by-side comparison of IC Markets vs XM. IC Markets is a prominent Australian-based broker and one of the largest true ECN forex and CFD trading providers in the world. But how do IC Markets compare against the highly trusted broker with over 1,300 instruments and over 2.5 million clients from 196 countries, XM?

 

IC Markets vs XM Review – 24 Key Point Quick Overview (2025):

1. ☑️ Overall Comparison
2. ☑️ Regulation Comparison
3. ☑️ Assets Comparison
4. ☑️ Fees Comparison
5. ☑️ Account Types Comparison
6. ☑️ Trading Conditions Comparison
7. ☑️ Deposit Options Comparison
8. ☑️ Trading Platforms Comparison
9. ☑️ Analytical Tools Comparison
10. ☑️ Educational Resources Comparison
11. ☑️ Forex Majors Offered Compared
12. ☑️ IC Markets vs XM
13. Which offers better pricing – IC Markets or XM
14. Which broker offers more security when trading Forex and CFDs?
15. Which broker offers the superior trading platform?
16. Do these brokers both offer MetaTrader?
17. How many Forex pairs can I expect from these brokers?
18. Is it safe to trade with IC Markets?
19. Is it safe to trade with XM?
20. Who is IC Markets?
21. Who is XM?
22. Is IC Markets a good broker?
23. Is XM a good broker?
24. Who is the Overall Winner?

 

 

Overall Comparison

🔍 Features	🏛️ IC Markets	🏛️ XM
🔄 General comparison	4/5	4/5
🏛️ Regulation	4/5	4/5
📊 Spreads and fees	5/5	3/5
📈 Trading Platforms	4/5	4/5
📱 Trading Apps	4/5	4/5
🛠️ Analytical Tools	3/5	5/5
🎓 Educational Resources	4/5	5/5
⭐ Trust Score	86	90
⭐ Best in class		✔️

 

Regulation Comparison

🔍 Features	🏛️ IC Markets	🏛️ XM
⭐ Trust Score	86	90
📅 Year founded	2007	2009
📊 Publicly Traded	❌ No	❌ No
🇿🇦 Licensed in South Africa	❌ No	✔️ Yes
🥇 Tier-1 Regulation	1	1
🥈 Tier-2 Regulation	1	3
🥉 Tier-3 Regulation	2	1

 

Assets Comparison

🔍 Features	🏛️ IC Markets	🏛️ XM
📊 Forex	✔️ Yes	✔️ Yes
📊 Number of Forex pairs	61	57
📊 CFDs	✔️ Yes	✔️ Yes
📊 Bonds	✔️ Yes	❌ No
📊 Commodities	✔️ Yes	✔️ Yes
📊 ETFs	❌ No	❌ No
📊 Treasuries	❌ No	❌ No
📊 Indices	✔️ Yes	✔️ Yes
📊 Options	❌ No	❌ No
📊 Futures	✔️ Yes	❌ No
📊 Precious Metals	✔️ Yes	✔️ Yes
📊 Energies	✔️ Yes	✔️ Yes
📊 Individual Shares	✔️ Yes	✔️ Yes
📊 US Stock Trading	❌ No	✔️ Yes
📊 International Stock Trading	❌ No	✔️ Yes
📊 Cryptocurrency CFDs	✔️ Yes	✔️ Yes
📊 Physical Crypto	❌ No	❌ No
📊 Total Tradable Instruments	3583	1372

 

Fees Comparison

🔍 Features	🏛️ IC Markets	🏛️ XM
💰 Average Spread for EUR/USD	0.6 pips	0.6 pips
💰 Commissions Charged	✔️ Yes	✔️ Yes
💰 ECN Execution	✔️ Yes	✔️ Yes
💰 Market Maker Execution	❌ No	✔️ Yes
💰 Inactivity Fee	❌ No	✔️ Yes
💰 Currency Conversion Fees	✔️ Yes	✔️ Yes
💰 Deposit Fee	❌ No	❌ No
💰 Withdrawal Fee	❌ No	❌ No

 

Account Types Comparison

🔍 Features	🏛️ IC Markets	🏛️ XM
📒 Standard Account	✔️ Yes	✔️ Yes
📒 Cent Account	❌ No	✔️ Yes
📒 Commission-Free Account	✔️ Yes	✔️ Yes
📒 ECN Account	✔️ Yes	✔️ Yes
📒 Demo Account	✔️ Yes	✔️ Yes
☪️ Islamic/Swap-Free Account	✔️ Yes	✔️ Yes
📒 Managed Accounts	✔️ Yes, MAM	✔️ Yes
📒 Share Dealing Account	❌ No	✔️ Yes

 

Trading Conditions Comparison

🔍 Features	🏛️ IC Markets	🏛️ XM
📊 Hedging	✔️ Yes	✔️ Yes
📊 Scalping	✔️ Yes	✔️ Yes
📊 Dynamic Leverage	✔️ Yes	✔️ Yes
📊 Beginner Trading	✔️ Yes	✔️ Yes
📊 Professional Trading	✔️ Yes	✔️ Yes
📊 Copy/Social Trading	✔️ Yes	✔️ Yes

 

Deposit Options Comparison

🔍 Features	🏛️ IC Markets	🏛️ XM
💳 Bank wire	✔️ Yes	✔️ Yes
💳 MasterCard	✔️ Yes	✔️ Yes
💳 PayPal	✔️ Yes	✔️ Yes
💳 Skrill	✔️ Yes	✔️ Yes
💳 Neteller	✔️ Yes	✔️ Yes
💳 Minimum Deposit	R3400 ZAR / $200	R85 ZAR / $5

 

Trading Platforms Comparison

🔍 Features	🏛️ IC Markets	🏛️ XM
💻 Desktop Platform	✔️ Yes	✔️ Yes
📱 Mobile App	✔️ Yes	✔️ Yes
💻 Social Trading	✔️ Yes	✔️ Yes
💻 MetaTrader 4	✔️ Yes	✔️ Yes
💻 MetaTrader 5	✔️ Yes	✔️ Yes
💻 cTrader	✔️ Yes	❌ No
💻 DupliTrade	❌ No	❌ No
💻 ZuluTrade	❌ No	❌ No
💻 Proprietary Platform	❌ No	✔️ Yes, App

 

Analytical Tools Comparison

🔍 Features	🏛️ IC Markets	🏛️ XM
📅 Economic Calendar	✔️ Yes	✔️ Yes
📈 Social Sentiment	✔️ Yes	✔️ Yes
📈 Trading Central	✔️ Yes	✔️ Yes
📈 AutoChartist	✔️ Yes	✔️ Yes
📈 Forex News Sources	✔️ Yes	✔️ Yes
📈 Daily Market Commentary	✔️ Yes	✔️ Yes
📈 Virtual Private Server (VPS)	✔️ Yes	✔️ Yes
📈 Trading View	✔️ Yes	❌ No
📈 Blog	✔️ Yes	✔️ Yes

 

Educational Resources Comparison

🔍 Features	🏛️ IC Markets	🏛️ XM
🎓 Offers education	✔️ Yes	✔️ Yes
ℹ️ Webinars	✔️ Yes	✔️ Yes
ℹ️ Beginner training videos	❌ No	✔️ Yes
ℹ️ Advanced training videos	❌ No	✔️ Yes
ℹ️ Tutorials	✔️ Yes	✔️ Yes
ℹ️ eBooks	❌ No	❌ No
ℹ️ Glossary	✔️ Yes	✔️ Yes

 

Forex Majors Offered Compared

🔍 Features	🏛️ IC Markets	🏛️ XM
💱 GBP/USD	✔️ Yes	✔️ Yes
💱 USD/JPY	✔️ Yes	✔️ Yes
💱 EUR/USD	✔️ Yes	✔️ Yes
💱 USD/CHF	✔️ Yes	✔️ Yes
💱 USD/CAD	✔️ Yes	✔️ Yes
💱 NZD/USD	✔️ Yes	✔️ Yes
💱 AUD/USD	✔️ Yes	✔️ Yes

 

IC Markets vs XM

 

Many hours have gone into examining the best-in-class Forex brokers for South Africans in 2025. Here, we take a closer look at IC Markets vs XM.

 

Which offers better pricing – IC Markets or XM

 

Although the prices of trading are comparable and competitive between the two brokers, XM offers commission rebates, which allow active high-volume traders to attain a cheaper overall cost structure.

Raw spreads on major instruments such as EUR/USD at IC Markets are like those offered by XM, which are 0.6 pips and are offered commission-free, while the commissions with IC Markets is a minimum of $6 per round turn.

In addition, IC Markets charges a higher minimum deposit of 3,400 ZAR / $200 while XM charges a low minimum deposit of 85 ZAR / $5.

 

Which broker offers more security when trading Forex and CFDs?

 

Both XM and IC Markets provide security against negative balances and keep customer money separate from company funds. However, XM has a much higher trust score of 90 compared to IC Markets’ 86.

Both IC Markets and XM have spotless records with the regulatory agencies and have shown themselves to be dependable, secure multi-asset brokers as well as leaders in their field.

 

Which broker offers the superior trading platform?

 

Both XM and IC Markets offer MetaTrader 4 and MetaTrader 5, with IC Markets offering cTrader in addition, which is another popular and powerful third-party platform.

XM, on the other hand, only offers its proprietary trading app in addition to MT4 and MT5, which makes IC Markets the winner in offering a superior trading platform.

 

Do these brokers both offer MetaTrader?

 

Yes, both XM and IC Markets offer MetaTrader 4 and MetaTrader 5.

 

How many Forex pairs can I expect from these brokers?

 

IC Markets offers 64 forex pairs while XM offers 57. In addition, both XM and IC Markets offer a diverse range of non-forex markets, with IC Markets offering 3,583 instruments overall compared to XM’s 1,372.

 

Is it safe to trade with IC Markets?

 

Yes, it is safe to trade with IC Markets. The Australian Securities and Investments Commission (ASIC) has always been a watchful regulatory agency, but in the last year it has become much more so after the Australian government took steps to increase its authority.

As an ASIC-regulated business, IC Markets is subject to strong financial regulations, including capital adequacy and audit requirements that must be met.

When money is deposited into a trading account that has been registered with ASIC, IC Markets AU keeps it all in separate customer accounts with Australian banks.

The Australian Client Money Handling Rules are satisfied by IC Markets, a trustworthy company. Additionally, IC Markets complies with these standards by putting strict policies and guidelines in place for the administration and operation of these accounts.

IC Markets Global guarantees the security of all client assets for customers worldwide. When a trader deposits money with IC Markets Global, that money is maintained in separate client accounts at respected financial institutions.

Namibian traders are required to be aware that IC Markets Global fully complies with the Securities (Conduct of Business) Regulations 2018 regulations. Additionally, IC Markets complies with strict guidelines and standards when it comes to the maintenance and administration of these accounts.

Finally, under terms of IC Markets EU, IC Markets EU deposits customer funds in separate trust accounts with top European financial institutions in accordance with the requirements of the CySEC legislation.

Customer funds are managed in accordance with MiFID II guidelines, and they are maintained apart from the EU corporate funds of IC Markets. Customers’ payments to IC Markets are kept apart from its own operating cash, and neither one is used for internal business costs or goals.

 

Is it safe to trade with XM?

 

Yes, it is safe to trade with XM. The XM Group is a worldwide broker with over 2.5 million customers in 196 different countries. Over 1.4 billion transactions have been processed by the company so far with zero rejections or re-quotes.

To demonstrate its dedication, XM’s management staff travels to each country it serves; thus far, they have visited 120 of the 196 cities on the list. XM is trusted and strictly regulated in many countries.

XM belongs to the online broker regulatory group known as XM Group. In 2009, the Group’s headquarters were in Cyprus, where they operated under the name Trading Point of Financial Instruments Ltd., a name under which they were licensed by CySEC.

The group expanded into Australia in 2015, forming a company in Sydney that is governed by the Australian Securities and Investments Commission (ASIC), and into the United Kingdom in the same year, forming Trading Point of Financial Instruments UK Ltd., which is governed by the Financial Conduct Authority (FCA).

The company further extended its activities in 2017 by forming XM Global Limited in Belize, which is now governed by the International Financial Services Commission.

XM has also obtained FSCA and DFSA regulations in the years since then, authorizing the broker to provide services in South Africa and Dubai.

 

 

Who is IC Markets?

 

The corporate offices of Australian Forex and CFD broker IC Markets, which was founded in 2007, are now located in Sydney. IC Markets, one of the most well-known suppliers of Forex CFDs, offers trading opportunities for seasoned day traders, scalpers, and inexperienced forex traders.

IC Markets offers its clients a variety of services, including robust and full-featured trading platforms, quick connection, and excellent liquidity. IC Markets is a great option for algorithmic traders due to its low costs and scalability.

Despite providing a broad range of plugins and apps from third parties, IC Markets’ research and teaching resources fall short of those offered by industry leaders.

IC Markets offers 3,583 tradeable products overall via its operations in a few different countries throughout the world. Trading the underlying asset is not an option when trading cryptocurrencies at IC Markets and CFD trading is the sole choice with these digital assets.

The trading platform you use, the kind of account you have, and the individual IC Markets entity that you trade with will subsequently affect the spreads you pay there.

Muslim traders who follow the Sharia law can access IC Markets’ swap-free accounts, but they might need to provide proof of their religious affiliation before the account is successfully converted.

Items kept overnight in these accounts do not incur an exchange fee. However, there is a fee for swaps retained for more than three nights. At IC Markets, deposits and withdrawals are quick and cost-free.

Bank transfers, credit, and debit cards, as well as e-wallets like Skrill, PayPal, and Neteller, are among the payment methods available to traders.

With built-in iOS and Android mobile apps available for all three of IC Markets’ platforms: MetaTrader 4 (MT4), MetaTrader 5 (MT5), and cTrader, IC Markets handles withdrawal requests utilizing the same channels utilized for deposits.

IC Markets is a popular choice among algorithmic traders because of its execution methods (no requotes) and capacity to execute orders within the spread.

 

Who is XM?

 

Since its inception in 2009, XM Group (XM) has rapidly become a significant and well-known trading broker on a worldwide scale.

XM Group, a worldwide famous and regulated company, provides Internet trading services. You will get immediate access to XM’s no-requotes, narrow spreads, short execution times, reasonable fees, and negative balance protection.

Traders from South Africa who use XM should be aware that there are no hidden fees; all fees are stated on the website with a clear schedule.

In addition, the broker’s expenses for trading stocks and commodities are lower than the industry average. Additionally, the company charges average rates for trading the principal instruments.

XM’s services are used by over 3 million consumers in 190 countries across six continents. Micro and Ultra-Low accounts of the online broker XM provide trading in micro quantities for CFDs. These risk-reducing accounts are accessible to customers.

They provide a trading environment that is inexpensive and ideal for novice traders, are fully regulated, and have garnered several honours. Additionally, XM provides an excellent instructional component that is widely recognized as one of the finest in the market.

XM attempts to create a fee-free trading environment; as a result, you may enjoy extraordinary value when trading.

Numerous trading platforms and adaptable trading conditions are provided to fit your unique requirements. As a result, you may trade utilizing all your chosen financial markets and tactics without encountering any complications.

XM claims that no quotes will be amended or rejected and that 99.35% of transactions will be finalized in less than one second. Their whole business is built on the belief that good execution is the most important aspect of trading.

Even though XM does not provide social trading or direct copying services, you may still use the Expert Advisor (EA) tools contained in your Metatrader platform.

This demonstrates that even though XM is not affiliated with any external copy or social trading service, you can obtain forex and trading signals and strategies from the larger community via the MQL5 forum and other locations and use them on your own account as a form of copy trading if you so choose.

It is well-known that the Islamic account offered by XM is an outstanding solution for Islamic trading that is Shariah-compliant. Unlike other brokers, XM does not charge an additional fee in addition to the swap price.

Although not all account types are accessible everywhere in the globe, Islamic accounts are supported for those account types that are available.

XM truly comes into its own with a first-rate teaching segment that is especially useful for beginner traders and can be found on the website.

In comparison to many other businesses in the sector, XM offers an enormous range of material that is more in-depth, and they are backed by a team of fifty business experts that provide daily live lectures and webinars that are broadcast in several various languages.

 

Is IC Markets a good broker?

 

Yes, IC Markets is a good broker. To let traders concentrate more on trading, IC Markets strives to provide the finest and most transparent trading environment for retail and institutional customers equally.

IC Markets was created “by traders, for traders,” with a primary focus on providing unmatched spreads, execution, and support.

It is no secret that IC Markets has grown exponentially over the last several years, to the point that it is now widely considered a standard by which other companies are measured.

Since it uses an ECN for trade execution, it avoids any potential for a conflict of interest with its customers, one of the many reasons it is considered a safe and trusted broker.

IC Markets supports trading on all versions of the popular MetaTrader 4 and 5 platforms, including desktop and mobile versions, in addition to its own WebTrader and the alternative trading terminal, cTrader.

South Africans can create a demo account on MetaTrader 4, MetaTrader 5, or cTrader with a balance between $200,000 and $500,000. Because of IC Markets’ VPS, our automated trading techniques could run nonstop, seven days a week, with lightning-fast throughput and reliable connection.

Among the many resources available to IC Markets’ customers are video courses, seminars, podcasts, and articles outlining the company’s overall trading philosophy and methodology.

Because of its prominence as one of Australia’s leading online trading providers and its prominence in international markets, IC Markets places a premium on safety. Integrity and openness are at the heart of IC Markets’ operations.

Customers of IC Markets may take advantage of very tight spreads on a wide variety of trading instruments by opening a RAW spread account. To ensure that customers are trading on the genuine interbank Forex market, all transactions are routed directly to the relevant liquidity providers.

Trading platforms offered by IC Markets all have top-tier online security and the broker provides several useful trading features, such as Depth of Market (DoM) data, in-built spread monitoring, ladder trading, automatic closing of trades with custom order templates, and many more, thanks to its partnerships with some of the greatest trading technology firms in the world.

 

Is XM a good broker?

 

Yes, XM is a good broker. Yes, XM is an excellent broker. In 2009, the XM broker started operations and today serves clients from over 196 countries. It is one of the most reliable Regulated Brokers due to its support staff’s proficiency in 30 languages.

There are diverse types of accounts accessible to XM subscribers when they initially sign up for a subscription; however, the practical differences between these accounts are so minimal that it is impossible to pick the “wrong” one.

MetaTrader 4 and MetaTrader5 are the only platforms that are compatible with the XM brokerage service, hence an ideal XM user should be proficient in either of these platforms.

Some clients can expect unlimited access to a Virtual Private Server close to XM’s London data centre. This means that processing times are lightning fast, no matter where the member is, how much bandwidth they have, or how much power they use.

Users might take use of XM’s fee-free trading approach, which does not charge extra for trade execution, deposits, or withdrawals.

Instead, most of XM’s revenue comes from the spread, and it offers a neat visual tool that indicates how much greater or lower their spread is than the market norm.

 

Who is the Overall Winner?

 

XM is the overall winner between the two.

Both brokers consistently provide outstanding market conditions. Although IC Markets continues to be the superior option for experienced algorithmic traders, XM is in the lead since it offers a more advantageous alternative for many traders.

Because it has such a low required minimum deposit, all traders will be able to afford an account, and high-volume traders will be able to achieve cheaper trading expenses when compared to IC Markets.

 

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