Broker Overview
XM
XM is a globally recognized retail forex broker that caters primarily to beginner and intermediate traders. Known for its $5 minimum deposit, extensive educational resources, and user-friendly approach to forex trading with comprehensive customer support.
IC Markets
IC Markets is an Australian-based ECN broker targeting professional and institutional traders. It offers some of the tightest spreads in the industry, advanced trading tools, and institutional-grade execution with deep liquidity pools.
Regulation Comparison
XM Regulation
- ASIC (Australia)
- CySEC (Cyprus)
- DFSA (Dubai)
- FSCA (South Africa)
- FSC (Belize)
- FSC (Mauritius)
IC Markets Regulation
- ASIC (Australia)
- CySEC (Cyprus)
- FSA (Seychelles)
- SCB (Bahamas)
- CMA (Kenya)
Note: Malaysian traders are typically onboarded under offshore branches for higher leverage. For XM, this is usually the FSC (Belize) entity, while for IC Markets, it is usually the FSA (Seychelles) entity.
Account Types Comparison
XM Account Types
- Standard Account
- Ultra Low Account
- Shares Account
- Islamic (Swap-Free) Options
Min Deposit: $5
IC Markets Account Types
- Standard Account
- Raw Spread Account (MetaTrader)
- Raw Spread Account (cTrader)
- Islamic Swap-Free Available
Min Deposit: $0
Verdict: XM offers an extremely low entry barrier with a $5 minimum deposit and commission-free trading on its "Ultra Low" account. While IC Markets officially recommends a $200 starting capital for optimal trading conditions, it technically has no minimum deposit requirement to open and activate an account, catering to professional traders with its raw spread execution.
Spreads & Execution
XM
- EUR/USD: From 0.8 pips
- Execution: Market Execution model
- Commissions: No commissions
- Slippage: Low to moderate. 99% of trades are executed in less than a second
IC Markets
- EUR/USD: From 0.0 pips
- Execution: True ECN model
- Commissions: $3.5 per lot per side ($7 round turn) on MT4/MT5 Raw Spread. (cTrader is slightly lower at $3.0 per $100k)
- Slippage: Minimal. Servers are located in the Equinix NY4 data center (New York) for ultra-low latency
Winner: IC Markets remains the winner for cost-efficiency for professional traders, offering institutional-grade raw spreads from 0.0 pips and ultra-low latency execution via Equinix servers. XM is the preferred choice for those seeking zero-commission trading and a strict "no requotes" policy with stable market execution.
Trading Platforms
XM Platforms
- MetaTrader 4 (MT4)
- MetaTrader 5 (MT5)
- XM WebTrader
- XM App
IC Markets Platforms
- MetaTrader 4 (MT4)
- MetaTrader 5 (MT5)
- cTrader
- TradingView Integration
- IC Social
Advantage IC Markets: IC Markets maintains an advantage for high-frequency and professional ECN traders by offering cTrader and native TradingView integration with ultra-low latency (under 40ms).
Deposits & Withdrawals
XM
- Methods: Credit/Debit Cards, Skrill, Neteller, Bank Wire, and Online Banking (Local Malaysian Banks)
- Processing: Instant to 1 hour for E-wallets and Local Bank Transfers; up to 24 hours for internal processing
- Fees: Zero fees on all deposits and withdrawals
- Local Support: Excellent for Malaysia – Supports all major local banks (Maybank, CIMB, Public Bank, etc.) with integrated FPX-style gateways
IC Markets
- Methods: Credit/Debit Cards, PayPal, Neteller, Skrill, Wire Transfer, and Malaysian Local Bank Transfer
- Processing: Same day to 24 hours; Local bank transfers usually processed within 1-2 hours during business hours
- Fees: No deposit fees; Withdrawal fees apply only for International Bank Wires
- Local Support: Strong Malaysian Integration – Provides dedicated local bank transfer options specifically for Malaysian Ringgit (MYR)
Similar Performance: Both brokers offer exceptional support for the Malaysian market, with integrated local banking options that allow for near-instant MYR deposits. XM holds a slight advantage for smaller traders as it covers all transaction fees for most methods, while IC Markets is highly preferred by users who utilize PayPal or high-volume bank wires.
Customer Support & Education
XM Support
Excellent multilingual support with dedicated beginner assistance. Comprehensive educational program including webinars, video tutorials, and market analysis. Very patient with new trader questions.
- • 24/5 live chat support
- • Extensive education center
- • Daily market analysis
IC Markets Support
Professional technical support focused on platform issues and trading conditions. Less educational content but superior technical assistance for experienced traders and institutional clients.
- • 24/5 professional support
- • Technical platform assistance
- • Institutional client services
Detailed Pros & Cons
XM
Pros
- $5 minimum deposit
- Comprehensive education resources
- Beginner-friendly interface
- No commission on standard accounts
- Strong global presence
Cons
- Wider spreads than ECN brokers
- Inactivity Fee
- Limited advanced trading tools
- No cTrader platform
IC Markets
Pros
- Industry-leading tight spreads
- True ECN execution model
- cTrader professional platform
- Institutional-grade infrastructure
- High-quality execution
Cons
- Higher Suggested Minimum Deposit
- Commission charges on ECN accounts
- Less educational content
- More suited for experienced traders
Trading Costs Breakdown
| Currency Pair | XM Standard | XM Ultra Low | IC Markets Standard | IC Markets Raw Spread |
|---|---|---|---|---|
| EUR/USD | 1.6 pips | 0.8 pips | 0.08 pips | 0.0 pips + $3.5 |
| GBP/USD | 1.8 pips | 0.8 pips | 0.08 pips | 0.0 pips + $3.5 |
| USD/JPY | 2.0 pips | 0.8 pips | 0.08 pips | 0.0 pips + $3.5 |
| AUD/USD | 2.3 pips | 1.3 pips | 0.08 pips | 0.0 pips + $3.5 |
Note: IC Markets Raw Spread accounts offer significantly lower total trading costs for active traders despite commission charges.
Final Verdict & Recommendations
For Complete Beginners
XM - Superior education, $5 start, comprehensive support
For Professional Traders
IC Markets - Institutional spreads, ECN execution, cTrader
For Low-Cost Trading
IC Markets - From 0.0 pips with minimal total costs
For Scalping/EA Trading
IC Markets - Superior execution speed and conditions
For Education & Learning
XM - Comprehensive resources and patient support
For Advanced Platforms
IC Markets - cTrader with Level II pricing
Overall Recommendation:
IC Markets wins for: Experienced traders prioritizing low costs and professional execution
XM wins for: New traders needing education and low-barrier entry to forex trading
Bottom Line: Choose XM to learn, choose IC Markets to trade professionally