Two of the most-compared brokers in retail forex, and for good reason: they solve different problems. IC Markets is built around true raw/ECN pricing for cost-conscious, higher-volume traders; XM is built around an extremely low barrier to entry and broad accessibility. Here's how they actually stack up.
| Attribute | IC Markets | XM |
|---|---|---|
| Regulation | ASIC 335692, CySEC (EU entity), Seychelles FSA | CySEC 120/10, ASIC 443670, FCA 705428, Belize FSC, DFSA |
| Minimum deposit | $200 | $5 |
| EUR/USD spread | Standard from 0.6 pips; Raw from 0.0 pips + $3.50/side commission | Standard from ~1.0 pip; Ultra Low from ~0.6 pips (no true raw/ECN tier) |
| Max leverage | 1:30 | 1:30 |
| Platforms | MT4, MT5, cTrader | MT4, MT5 (no cTrader) |
| Account types | Standard, Raw Spread | Micro, Standard, Ultra Low, Zero (commission-based), Shares |
| Negative balance protection | Yes | Yes |
| Inactivity fee | None on the main non-EU entity; EU entity charges ~$10/month after 6 months | $10/month after 90 days of inactivity |
These two brokers aren’t really competing for the same trader. IC Markets earns its position with real ECN/raw pricing and a broader platform choice, including cTrader; that matters most to traders placing meaningful volume, where the spread-plus-commission math beats a wider all-in spread. XM’s edge is accessibility: a $5 minimum deposit and a simpler account structure make it a lower-friction starting point, though its spreads run wider since there’s no true raw account to fall back on at high volume.
You trade meaningful volume, want true raw/ECN pricing, and want the option of cTrader alongside MetaTrader.
You're starting with a small amount of capital, want the lowest possible barrier to entry, and don't need commission-based raw pricing.
Both are worth shortlisting: see our full broker reviews, the complete Top 12 rankings, or more head-to-head comparisons.
