IC Markets vs XM - Fees Review included

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Which broker is better IC Markets or XM? Our expert assessment conducted according to TU’s own methodology showed that IC Markets is one of the top brokers in the financial market with the TU Overall Score of 8.37 out of 10. XM is one of the top brokers in the financial market with the TU Overall Score of 8.62 out of 10. Find out more about TU Overall Score.

Feature IC Markets XM

Overall

4.7

4.5

Regulation

5

4.9

Fees

4.9

4.3

Trading Assets

4.6

4.4

Investment Instruments

4.9

4.4

Platforms and Charting Tools

4.4

4.6

Deposit and Withdrawal

4.6

4.7

Research

4.3

5

Education

4.4

5

Support

4.6

4.6

Bonuses

2.5

5

IC Markets review

XM review

Open an account

Your capital is at risk.
Up to 75.93% of the broker’s non-professional clients incur losses when trading CFDs.

Open an account

Your capital is at risk.
77.74% of retail investor accounts lose money when trading CFDs with this provider.

IC Markets vs XM: Pros and Cons

IC Markets Trading Company was founded in 2007 in Sydney, Australia. The broker is licensed under the Australian Financial Services License (AFSL) and the Australian Securities and Investment Commission (ASIC). The broker is also a member of the Australian Financial Complaint Authority (AFCA), the governing body that sets the industry standard for the resolution of disputes between consumers and financial service providers, and regularly undertakes audits.

XM Broker was founded in 2009. Initially, the company covered a narrow niche of the trader market, specializing exclusively in intermediary services at the foreign exchange market. It has since experienced considerable success and growth. XM is reliable and safe. It has diversified and is now an international broker operating in almost 190 countries around the world. For over a decade XM Broker has attracted 3,5 million traders, offering unique technological solutions. The company is now being recognised as the Fastest Growing Broker, the Best Forex Service Provider and various other contributing achievements. The team at XM Broker is committed to continually working hard to improve the quality of the services provided every year as they are committed to continually providing the best service to their traders.

IC Markets XM
Overall Pros World biggest Forex broker, over 180,000 clients and $1.11 trln monthly turnover in 2022 Well-Regulated broker
Advanced ECN trading Strong research tools
Order execution speed 40 mc Strong education
Free VPS Big Forex bonuses
Trading servers in New York and London Free deposit and withdrawal
Strong regulation Instant withdrawal
2000+ trading assets, 60+ currency pairs 1000+ trading assets
EURUSD Average spread 01 pip
Overall Cons No forex bonuses High spreads
World biggest Forex broker, over 180,000 clients and $1.11 trln monthly turnover in 2022

IC Markets vs XM: Safety and Regulation

Regulated By: IC Markets XM

US Regulation

No

No

FCA (Great Britain)

Yes

Yes

CySec (Cyprus, EU)

Yes

Yes

ASIC (Australia)

AFCA (Australia)

Yes

Other Regulators

Yes

IFSC (Belize)

IC Markets vs XM: Trading Conditions

Trading Conditions IC Markets XM

Minimum Deposit

$200

$5

Trading Platforms

MT4, MT5, cTrader

MT4, MT5

Max Leverage (Futures)

1-500

1:888, 1:30 (for EU, UK clients)

Supported Markets

Forex, futures, CFDs on indices, commodities, metals, stocks and bonds

Forex, CFDs on indices, commodities, crypto, metals, stocks

Trading assets

2000+

1300+

Trading Accounts

cTrader, Raw Spread, Standard

Micro, Standard, Ultra Low, Zero

Base Account Currencies

USD, AUD, GBP, CHF, JPY, NZD, SGD, CAD, HKD, BTC

USD, EUR, GBP, JPY, CHF,‎ AUD, HUF, PLN, RUB, SGD, ZAR

Learn more

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IC Markets vs XM: Fees

Forex Trading Fees

Fee IC Markets XM

Standard Account EURUSD Average Spread

0.62 pips

1.7 pips

Standard Account Fee

$0

$0

ECN/STP Account Fee

$3 per lot

Not offered

ECN Account EUR Average Spread

0.02 pip

Not offered

CFD Trading Fees

Fee IC Markets XM

CFD Trading Fee

Floating spread

Floating spread

Non-Trading Fees

Fee IC Markets XM

Account Fee

No

No

Deposit Fee

No

No

Withdrawal Fee

No

No

Inactivity Fee

No

$15 after 5 months of inactivity

A conversion fee may be applied as withdrawals and deposits are conducted in USD. Any other currency will have to be converted.

IC Markets vs XM: Trading Assets

Asset Name IC Markets XM

Overall

2000+ trading assets

1300+

Forex

Yes

Yes

Stocks

Yes (CFD)

Yes

Metals

Yes (CFD)

Yes (CFD)

Cryptocurrencies

Yes (CFD)

Yes (CFD)

Energy

Yes (CFD)

Yes (CFD)

Indices

Yes (CFD)

Yes (CFD)

ETFs

Yes (CFD)

Yes (CFD)

Bonds

Yes (CFD)

No

Mutual funds

No

No

Stock options

No

No

Futures Trading

Yes (CFD)

No

Binary Options

No

No

IC Markets or XM: Investment Programs

Asset Name IC Markets XM

Copy Trading

Yes

Yes

MAM/PAMM

Yes

No

Managed Accounts

No

No

Other

No

No

Learn more

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Trading Platforms: XM or IC Markets

IC Markets XM

MT4

Yes

Yes

MT5

Yes

Yes

cTrader

Yes

No

Appropriate platform

IC Markets terminal

No

Others

No

No

IC Markets review

XM review

Open an account

Your capital is at risk.
Up to 75.93% of the broker’s non-professional clients incur losses when trading CFDs.

Open an account

Your capital is at risk.
77.74% of retail investor accounts lose money when trading CFDs with this provider.

IC Markets vs XM: Deposit and Withdrawal Methods

Deposit and Withdrawal Method IC Markets XM

Bank Transfer

Yes

Yes

Debit Card

Yes

Yes

Electronic Wallets

Yes

Yes

Crypto

No

Yes

IC Markets vs XM: Research

Research Type IC Markets XM

News Feed

Yes

Yes

Fundamental Data

Yes

Yes

Chart Analysis

Yes

Yes

Trading Ideas

Yes

Yes

E-Mail Reports

Yes

Yes

IC Markets vs XM: Education

Education Type IC Markets XM

Demo-account/Paper Trading

Yes

Yes

Webinars

Yes

Yes

Articles

Yes

Yes

Videos

Yes

Yes

Cent account

No

Yes

XM vs IC Markets: Support

Support Features IC Markets XM

Working Days

24/5

24/5

E-mail

Yes

Yes

Phone

Yes

Yes

Online chat

Yes

Yes

Other

No

No

IC Markets vs XM: Forex Bonuses and Promo

Promo IC Markets XM

Forex Bonus

Not offered

up to $5000 forex bonus, up to 100% forex deposit bonus

Affiliate Program

% of trading commissions

Multi tier affiliate program

Other Promos

IC Markets review

XM review

Open an account

Your capital is at risk.
Up to 75.93% of the broker’s non-professional clients incur losses when trading CFDs.

Open an account

Your capital is at risk.
77.74% of retail investor accounts lose money when trading CFDs with this provider.

Top 5 Reviews on XM

  • XM Group

    kirahlonah@gmail.com

    27.03.2024

    Comment

    XM offers leverage ranging from 1:1 to 1000:1, which isantop feature for traders looking to open a large position with a low trading capital. but after my experience trading with leverage on XM, i think new traders should avoid trading with leverage when they newly start trading on their live account. Leverages should be a feature for experts if i am to suggest. After trying leverages on demo accounts I decided to use it on my live accounts. Eager to dip my toes into the dynamic realm of financial markets, I deposited $100 into my trading account with XM, a renowned brokerage platform. Excitedly, I decided to trade the EUR/USD currency pair, one of the most widely traded pairs in the forex market. With a leverage of 1:100, I saw an opportunity to magnify the potential profits and opened a position. The EUR/USD pair seemed promising, with positive economic indicators favoring the Euro. I was optimistic as the trade commenced, envisioning significant gains. However, the market is as unpredictable as the wind, and soon, the trade turned against my proposed strategy. The leverage, while offering the potential for amplified gains, also exposed me to higher risks. As the EUR/USD pair plummeted, so did my account balance. In the blink of an eye, my $100 deposit dwindled away as a result of the fluctuations of the forex market. I realized the importance of risk management and the need for a thorough understanding of leverage. So my approach to trading is to implement strategies that would protect my capital in the future and to use a minimum of 1:10 leverage if I must use it anytime soon.

  • XM Group

    alexonkwani@gmail.com

    25.03.2024

    Comment

    Beginner traders on XM group can benefit from the rich educational tools provided on the research and education section on the platform. When you click on the research button, resources available here are grouped into three different groups. Beginners alcan start learning about Forex trading with the options available under the learning center. Resources here will help a novice learn about the XM platform Forex and CFD trading. The videos available will introduce a beginner trader to the financial markets and instruments like shares, CFDs, Forex, Crypto, pips, lots, and position size. This videos are meant to breed novice traders from level 1 trader to an expert trader.

  • XM Group

    porterashley751@gmail.com

    11.03.2024

    Comment

    I initially paid $3000 to start with and an account manager demonstrated a growth of $500 in quick time. A specialist then came in and tried to get me to invest $25000 to which I bluntly denied and they tried with $20K, then $10K and even $5K to all of which I refused! They have now kept me hanging and I asked for a refund to which they are asking for more money from me and I don't know what more to do! Also as of yesterday, the site itself is DOWN!! I cannot log in anymore and the email contact i had from there, when i sent the email to check it came back saying that domain does not exist anymore!! I am at loss of words and my hard earned money unfortunately i was able to recover my money back with the help of Olivia teams get in touch with them oliviatrader 44 at gmail com WhatApp +1 (423) 248 - 2140

  • XM Group

    hanovete

    26.02.2024

    Comment

    I know XM Group and it turned out to be the right choice. I did not regret my decision, since XM Group turned out to be a normal company. Since then, I have been regularly earning around $350 per month using trading as an additional source of income. I have no particular complaints about XM Group and withdrawals of funds are ok. There were delays, but they were acceptable.

  • XM Group

    seko-12

    07.02.2024

    Comment

    It has long been known that XM Group has nothing good to offer. All their strategies remained at the level of the last century. Training is expensive and will only result in a waste of time. And finally, trading. I don't know who XM Group is currently associated with, but note that it is not a broker, but an intermediary.

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Top 5 Reviews on IC Markets

  • IC Markets

    SHRISWAMISAMARTH

    22.03.2024

    Comment

    I decided to use the services of IC Markets not long ago. Now I think that not all negative reviews are justified. This is a good broker and I have already withdrawn profits several times, everything went without problems. IC Markets’ rates differ from those of other brokers. But you can adapt to this problem.

  • IC Markets

    Tanish

    09.03.2024

    Comment

    I initially paid $3000 to start with and an account manager demonstrated a growth of $500 in quick time. A specialist then came in and tried to get me to invest $25000 to which I bluntly denied and they tried with $20K, then $10K and even $5K to all of which I refused! They have now kept me hanging and I asked for a refund to which they are asking for more money from me and I don't know what more to do! Also as of yesterday, the site itself is DOWN!! I cannot log in anymore and the email contact i had from there, when i sent the email to check it came back saying that domain does not exist anymore!! I am at loss of words and my hard earned money unfortunately i was able to recover my money back with the help of Olivia teams get in touch with them oliviatrader 44 at gmail com WhatApp +1 (423) 248 - 2140

  • IC Markets

    sujee

    27.02.2024

    Comment

    I was looking for a reliable broker and noticed the long existence and good reputation of ICMarkets. Moreover, my friend, who has been trading for a long time, recommended contacting them. After several years, I have become a more experienced trader and I am satisfied with the work of the broker.

  • IC Markets

    hizahid

    06.02.2024

    Comment

    I have been trading with IC Markets for some time now and I can draw some conclusions. The platform works stably, which indicates a serious approach to its work. Spreads are quite optimal, although for cryptocurrencies they are higher than average as compared to those of its competitors. Slippages occur, there is nothing you can do about it. But there are no problems with requotes at all. In general, I think it’s possible to rate IC Markets “good”.

  • IC Markets

    jubaer

    15.01.2024

    Comment

    There are many advantages to IC Markets broker. First, of course, is the presence of a license from a reputable regulator. Accounts can be opened for citizens of many countries. Second, the platform works very well. Order execution speed is high, and you can actively trade manually or with the help of an advisor. I am quite satisfied with IC Markets as a broker.

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FAQs

What should I start Forex trading with?

It is desirable for novice traders to explore trading using a demo account to learn the market and how to work on the trading platform without the risk of suffering losses. At the same time, it is advisable to review the educational materials of the broker, learn trading basics. Then you can deposit the minimum required amount to perform a small number of transactions. If you manage to close several months in a row in the black, without substantial drawdowns on the account, then you can try increasing your deposit. Also trying to copy trades automatically is a good option for a start.

What amount should I start trading with?

The minimum deposit of $10 may be enough to trade on the cent account. However, for trading on Standard/ECT accounts, experts recommend starting with at least $200-500. With this amount, you can use not a very big leverage. Remember, getting carried away with the margin is the main cause of losses among beginners.

What should I take into consideration when choosing a broker?

Experts recommend looking at the broker’s reliability first and foremost. The other important features include basic trading conditions, commissions and fees, customer reviews. If brokers are approximately the same in terms of basic criteria, you need to choose based on your experience and tasks. One broker may be good for professionals and another – for novice traders.

Is it possible to be scammed by a broker with a license from a reputable regulator?

In theory, yes. But in practice, it takes so much time and money to comply with the requirements of reputable regulators that it is not worth it for scammers to bother obtaining a legitimate license.

Team that worked on the article

Mikhail Vnuchkov
Author at Traders Union

Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.

The area of responsibility of Mikhail includes covering the news of currency and stock markets, fact checking, updating and editing the content published on the Traders Union website. He successfully analyzes complex financial issues and explains their meaning in simple and understandable language for ordinary people. Mikhail generates content that provides full contact with the readers.

Mikhail’s motto: Learn something new and share your experience – never stop!