XM vs IC Markets: the short answer
If you're starting with less than $200 and want to learn with real money, XM is the one you can actually open: its minimum deposit is $5. Once you can fund $200 and trade regularly, IC Markets is the better broker. Its Raw account averages 0.1 pips on EUR/USD plus $7 round-turn commission, while XM's standard account quotes EUR/USD from 1.6 pips, so XM costs at least twice as much per trade. IC Markets also scores higher overall.
Quick verdict
IC Markets scores 88/100 (rank #4) and XM scores 80/100 (rank #8) under our methodology. IC Markets leads on costs (24/25 against 17/25), platforms (14/15 against 12/15) and regulation (30/35 against 28/35). XM leads on access (10/10 against 7/10), helped by its $5 minimum. Both score 13/15 for track record. Figures were verified November 2026.
| Feature | XM | IC Markets |
|---|---|---|
| WizardTrader score (methodology) | 80/100 (rank #8) | 88/100 (rank #4) |
| Regulators | CySEC (120/10), DFSA, FSCA, FSC Belize (XM Global) | ASIC (AFSL 335692), CySEC (362/18), FSA Seychelles (SD018) |
| EUR/USD cost | Standard from 1.6 pips; Zero (EU) + $7 RT | Raw avg 0.1 pips + $7 RT (MT4/MT5) |
| Minimum deposit | $5 | $200 |
| Platforms | MT4, MT5, XM App | MT4, MT5, cTrader, TradingView, IC Social, ZuluTrade |
| Max leverage | 30:1 (CySEC); up to 1000:1 via Belize entity | 30:1 (ASIC/CySEC); up to 1:5000 via Seychelles entity |
| US clients | No | No |
| Founded and HQ | 2009, Limassol, Cyprus | 2007, Sydney, Australia |
Costs
XM's standard account quotes EUR/USD from 1.6 pips, with no commission. That's a minimum, not an average, so typical spreads may be wider. XM's Zero account (EU) charges $7 round-turn commission, but we don't hold a verified spread figure for it. XM also charges inactivity fees on dormant accounts.
IC Markets' Raw account averages 0.1 pips on EUR/USD with $7 round-turn commission on MT4 and MT5. Its official pages give conflicting figures for the standard-account spread, so we don't quote one.
Worked example: small and standard trade sizes
One pip is worth $10 on a standard lot (100,000 units), $1 on a mini lot (10,000 units) and $0.10 on a micro lot (1,000 units). Commission scales the same way.
| Trade size | XM standard (1.6 pips minimum) | IC Markets Raw (0.1 pips + $7 RT) |
|---|---|---|
| 1 standard lot | 1.6 × $10 = $16.00 or more | $1.00 + $7.00 = $8.00 |
| 0.1 lot (mini) | 1.6 × $1 = $1.60 or more | $0.10 + $0.70 = $0.80 |
| 0.01 lot (micro) | 1.6 × $0.10 = $0.16 or more | $0.01 + $0.07 = $0.08 |
At every size, XM's best case is double IC Markets' average. On a $100 account trading micro lots, though, the difference is 8 cents a trade. That's why a small deposit can still be a reasonable reason to choose XM while you learn. Use the position size calculator to keep trades in proportion to a small balance, and the pip value calculator for other pairs.
Regulation and safety
This is the biggest caution on both brokers. Each has a top-tier licence, but each signs most international clients up through an offshore entity.
XM is regulated by CySEC (120/10), the DFSA, the FSCA and the FSC Belize (XM Global). Our records note that xm.com is operated by XM Global Limited, regulated in Belize, with leverage up to 1000:1. EU clients are served by the CySEC entity, where leverage is capped at 30:1.
IC Markets is regulated by ASIC (AFSL 335692), CySEC (362/18) and the FSA Seychelles (SD018). Its global site (now ic.com) onboards clients through Raw Trading Ltd, regulated by the FSA Seychelles, with leverage up to 1:5000. That is far above top-tier limits, and offshore entities offer fewer protections. ASIC and CySEC clients are capped at 30:1.
Very high leverage on a small account can wipe it out in a single move. Beginners should read leverage and margin explained before choosing an entity that offers 1000:1 or more, and check which entity is named on the account agreement.
Platforms and instruments
XM offers MT4, MT5 and the XM App, with 1,400+ instruments. IC Markets offers MT4, MT5, cTrader, TradingView, IC Social and ZuluTrade, with 2,850+ instruments. If you want TradingView or cTrader, only IC Markets has them.
Who should choose each
Choose XM if
- You can only deposit a small amount, from $5, and want to trade micro lots while you learn. Our forex trading for beginners guide covers the basics.
- You are in the EU and will be served by the CySEC entity.
- You're happy with MetaTrader or the XM App.
Choose IC Markets if
- You can deposit $200 and trade often enough that per-trade cost matters.
- You want raw spreads, cTrader or TradingView.
- You want a wider range of 2,850+ instruments.
Concerns to weigh
- XM: standard spreads are wide (from 1.6 pips), the global site uses the offshore Belize entity, and dormant accounts pay inactivity fees.
- IC Markets: the global site defaults to the offshore Seychelles entity, official pages give conflicting standard-account spreads, and it isn't available to US residents.
Neither broker accepts US residents. Read the full XM review and IC Markets review, or compare all rated brokers on our brokers page.
Sources
Figures verified November 2026 from WizardTrader's broker records, which cite these provider pages:
- XM: regulation
- XM: account types
- XM: costs and charges (PDF)
- IC: regulation
- IC Markets EU: regulation
- IC: Raw Spread account
- IC: spreads
Trading involves substantial risk of loss and is not suitable for every investor. CFDs and leveraged forex can lose money rapidly, and you can lose more than you expect if you use high leverage. This page is general information, not financial advice, and nothing here promises a profit. Rankings are editorial and not paid. Read our risk disclaimer and advertiser disclosure.