Broker vs. Broker · Updated 2026

IC Markets vs XM: Which Should You Choose?

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.

IC Markets

9.3

Regulation

ASIC, CySEC

Min. Deposit

$200

EUR/USD Spread

0.6 pips

Founded

2007

Visit IC Markets

XM

8.2

Regulation

FCA, ASIC

Min. Deposit

EUR/USD Spread

1.0 pips

Founded

2009

Visit XM

Head to Head

Full Comparison

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 under ASIC/CySEC; higher via Seychelles entity	1:30 under FCA/ASIC/CySEC; up to 1:1000 via offshore entity
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

Our Verdict

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.

Choose IC Markets if

You trade meaningful volume, want true raw/ECN pricing, and want the option of cTrader alongside MetaTrader.

Choose XM if

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.

Risk Disclaimer This comparison reflects our own editorial assessment based on published broker information at the time of writing; terms and conditions change and should be verified directly with each broker. Trading forex and CFDs carries a high level of risk and may result in the loss of your invested capital. This is not financial advice. Top12ForexBrokers.com may earn a referral commission if you sign up through links on this page, at no additional cost to you.