IC Markets vs XM 2026: Fees & Safety Tested

Quick Take

The award split at a glance, then the full head-to-head below.

Read the full IC Markets review and the full XM review for the per-account detail behind these numbers.

Side-by-Side at a Glance

Here is the top-line snapshot, then a per-metric grid with the winner of each row.

Metric	IC Markets	XM Group	Winner
📊 Raw EUR/USD spread	0.0 to 0.1 pips	0.1 pips	IC Markets
💰 Min deposit	$200	$5	XM
💵 Cheapest commission-free tier	0.8 pips	0.6 pips	XM
⚡ Withdrawal speed (Skrill)	2 to 6 hr	12 to 36 hr	IC Markets
🏛️ Safety score	8.8	9.5	XM
📈 Instruments	~2,250	~1,400	IC Markets
📱 Platforms	MT4, MT5, cTrader, TradingView	MT4, MT5, WebTrader	IC Markets
💬 Live chat response	1 min 50 sec	2 min 15 sec	IC Markets
🎓 Education	Basic	9 languages	XM
📲 Mobile app (iOS)	4.6 stars	4.5 stars	IC Markets
US clients	No	No	Equal
🏆 Overall	8.8	9.1	XM

Both brokers accept clients across MENA, Southeast Asia, Australia and Europe, but they lean different ways. IC Markets is strongest in Australia, where ASIC is its home regulator, and across the Gulf and Southeast Asia.

XM adds a deeper onshore European and UK footprint. Here is where each one takes clients, region by region.

MENA

IC Markets UAE Saudi Arabia Egypt

XM Group UAE Bahrain Egypt

Southeast Asia

IC Markets Vietnam Thailand Indonesia

XM Group Thailand Indonesia Malaysia

Europe and UK

IC Markets Germany Spain UK (via CySEC)

XM Group Germany Spain UK retail (FCA)

Safety & Regulation: IC Markets vs XM

Both brokers are safe and multi-regulated, and I found no public enforcement actions on file for either. XM scores 9.5 on safety against IC Markets at 8.8, mostly because it runs two more onshore entities including a UK retail FCA licence.

• IC Markets: ASIC licence AFSL 335692, active since 2007, plus CySEC 362/18 and FSA Seychelles.
• XM Group: FCA licence 705428 covering UK retail, plus CySEC 120/10, ASIC AFSL 443670 and DFSA F003484 in Dubai.

The meaningful split is the UK arm. IC Markets holds no FCA licence, so UK retail traders route to the CySEC entity rather than to FSCS cover.

XM’s FCA entity covers UK retail directly with FSCS up to £85,000. XM also holds a DFSA licence inside the Dubai DIFC, an onshore UAE presence rather than a passported offshore licence.

IC Markets answers with a longer ASIC track record. Its AFSL dates to 2007, three years before XM’s first entity, and it carries a 4.8 Trustpilot score from more than 54,000 client reviews against XM’s 4.3 from 1,820.

For the full breakdowns, see IC Markets’ regulation and check whether XM is safe for the XM entity detail.

Here is the licence picture entity by entity, so you can check which one your account would sit under before you fund it.

IC Markets was founded in 2007 and XM in 2009. The takeaway is simple: fund the entity, not the brand.

A UK retail trader is covered at XM and routed offshore at IC Markets. A UAE onshore client gets DFSA cover only at XM.

An Australian trader gets ASIC cover at both. Check your onboarding entity before you deposit.

Fees & Spreads: IC Markets vs XM

This is where IC Markets pulls ahead for active traders. I recorded EUR/USD spreads at 5-minute intervals across 14 trading days on each account tier.

On the raw ECN tiers IC Markets is tighter and cheaper. Its cTrader Raw at about $7 all-in beats XM’s Zero at about $8, and it fills in 80 ms against XM’s 380 ms, which cuts slippage cost the headline spread does not show.

XM answers on the commission-free lane. Its Ultra Low at 0.6 pips costs about $6 a lot, roughly $2 cheaper than IC Markets’ 0.8 pip Standard. So a casual commission-free trader pays less at XM, while a raw or algo trader pays less and fills faster at IC Markets.

Neither charges to deposit, and IC Markets applies no inactivity fee at all. XM charges $15 monthly after 90 days dormant, one of the heavier dormancy fees in this bracket.

To see what the raw-tier gap means in cash, take a trader running the cheapest raw account at each broker.

At 50 raw lots a month the gap is about $50, or roughly $600 a year, before you count the execution edge. For a commission-free trader the maths flips toward XM Ultra Low, which is the honest exception to IC Markets’ cost lead.

Platforms & Execution: IC Markets vs XM

Both run the MetaTrader stack with clean execution and no broker-side EA restrictions. The difference is the extra platform layer and raw fill speed.

IC Markets adds cTrader, a genuine ECN interface with depth-of-market visibility and a published commission schedule, plus native TradingView order routing added in 2023. From a Frankfurt VPS its cTrader fills averaged 80 ms with zero rejects across 540 test orders.

XM ships MT4, MT5, WebTrader and its own app. That app is solid for position management but crashed on 4-chart layouts on older iOS builds during testing, and MT5 fills averaged 380 ms, roughly five times slower than IC Markets’ cTrader.

Neither restricts Expert Advisors or scalping, and for MetaTrader-only trading both are strong. For depth-of-market, native TradingView routing and raw fill speed, IC Markets is the clear pick.

Deposits & Withdrawals: IC Markets vs XM

IC Markets is the clear winner on payout speed. I ran the withdrawal cycles at each broker myself.

I saw IC Markets settle Skrill and Neteller payouts in 2 to 6 hours at zero fee across four cycles, and Bitcoin cleared the broker side within 90 minutes. XM’s six cycles averaged 24 hours on Skrill and 2 business days on SEPA.

Here is the funding picture method by method, deposit and payout.

IC Markets adds PayPal on its ASIC and CySEC entities plus faster crypto clearance. XM has no PayPal and no same-hour crypto, but it does run local bank rails in more than 50 countries, which helps some regional clients.

One shared watch-out: bank wires under $200 carry a flat fee, $20 at IC Markets and $30 at XM, that can wipe out a small first payout.

Account Types: IC Markets vs XM

XM opens far lower and simpler, while IC Markets opens at $200 but rewards active traders with true raw tiers. I opened an entry account at each broker, and both include an Islamic swap-free overlay with a 14-night window.

XM’s $5 Micro account with 0.01-lot sizing is the friendliest live-trading entry for a beginner. IC Markets starts at $200 across every tier, with no micro option, but its cTrader Raw at $6 round-turn is the sweet spot for cost-conscious active traders.

The instrument counts run the other way. IC Markets lists far more, built deep in equities and bonds, where XM stacks fewer names outside its 600-plus stock CFDs.

The plus on stock CFDs reflects each broker’s full single-name catalogue, and headline totals are the brokers’ published instrument counts. If you want single-name equities and bonds in one account, IC Markets’ range is the reason to pick it.

Customer Support: IC Markets vs XM

Both run credible Arabic and regional-language desks. IC Markets answered faster when I tested each desk, while XM covers more languages.

I timed IC Markets live chat at 1 minute 50 seconds on average across six test contacts in English and Arabic. XM answered in 2 minutes 15 seconds across five tests, with longer queues at the European open.

XM’s advantage is depth, with staffed native-speaker desks in nine languages including Bahasa Indonesia and Vietnamese, plus webinar Q&A tied to its education programme. Both drop to email over the weekend.

For raw response speed, IC Markets wins. For language breadth, XM wins.

Pros & Cons: IC Markets vs XM

IC Markets: where it wins

• cTrader Raw EUR/USD averaged 0.0 to 0.1 pips plus a $6 round-turn commission
• cTrader fills landed in 80 ms with zero rejects across 540 test orders
• Skrill withdrawals settled in 2 to 6 hours across 4 cycles at zero fee
• Four platforms including cTrader depth-of-market and native TradingView routing
• Trustpilot 4.8 from 54,430 reviews, ASIC-licensed since 2007

• $200 minimum entry against XM's $5 Micro account
• No FCA licence, so UK retail clients route to the CySEC entity

XM Group: where it wins

• $5 Micro account is the lowest regulated live-trading entry
• FCA 705428 covers UK retail clients with FSCS up to £85,000
• DFSA F003484 gives an onshore UAE presence in the Dubai DIFC
• Education and live webinars in 9 languages including Arabic and Bahasa
• Ultra Low at 0.6 pips is about $2 cheaper per lot than IC Markets' Standard

• MT5 market orders averaged 380 ms, roughly 5x IC Markets' cTrader
• Skrill withdrawals took 12 to 36 hours in testing

Who Should Pick Which

Match your trader profile to the broker that fits it. This is the fastest way to decide without re-reading every section above.

Bottom Line: IC Markets vs XM

XM wins the head-to-head overall at 9.1 against 8.8. It holds an FCA retail licence with FSCS up to £85,000 and a DFSA Dubai licence, opens from $5, and teaches in nine languages.

IC Markets is the sharper tool for a specific trader: the active, cost-focused or algo trader who wants 0.0 to 0.1 pip raw spreads, 80 ms cTrader fills and Skrill payouts in 2 to 6 hours against XM’s 12 to 36.

• Pick XM Group if you are newer or want onshore FCA or DFSA cover
• Pick IC Markets if raw cost, execution and withdrawal speed decide it
• Brand new with a small budget? XM Group opens from $5
• Scalping or running EAs on cTrader? IC Markets is the cost and speed leader

Top pick overall

XM Group

Best for new traders wanting a $5 start and onshore regulation.

• $5 Micro account, 0.01-lot sizing
• Education in 9 languages, live webinars
• Regulated: CySEC, FCA, ASIC, DFSA

Visit XM Group

74% of retail CFD accounts lose money.How we earn →

Best for active traders

IC Markets

Best for cost-focused active traders on true ECN pricing.

• cTrader Raw 0.0 pip plus $6 round-turn
• 80 ms fills, four platforms incl. cTrader
• Regulated: ASIC, CySEC, FSA Seychelles

Visit IC Markets

74% of retail CFD accounts lose money.How we earn →

For the full per-account detail, read our IC Markets review and our XM Group review. Both were tested against the same testing methodology, you can check is IC Markets safe for the entity breakdown, and both feature in our best forex brokers pillar.