XM Vs IC Markets

In the vast and dynamic world of forex trading, choosing the right broker can make all the difference between success and disappointment. With numerous options available, it’s essential to understand the strengths and weaknesses of each platform before diving into the market. In this article, we’ll take a close look at two popular forex brokers, XM and IC Markets, and compare their features, services, and overall user experience. Whether you’re a seasoned trader or just starting your forex journey, join us as we explore the similarities, differences, and everything you need to know about XM and IC Markets. By the end, you’ll be equipped with valuable insights to help you make an informed decision on which broker aligns best with your trading goals and preferences. So, let’s dive in and unravel the XM versus IC Markets debate.

Overview of XM

XM

XM

XM is a reputable and well-established online forex and CFD broker that has been serving clients globally since its founding in 2009. With a wide range of financial instruments, including currency pairs, commodities, indices, stocks, and cryptocurrencies, XM offers traders the opportunity to diversify their portfolios. The broker’s client-centric approach is evident through its competitive trading conditions, supporting various platforms such as MetaTrader 4 and MetaTrader 5, and its commitment to regulation and security, with oversight from authorities like CySEC and the FCA. Furthermore, XM prioritizes education and customer support, providing a wealth of educational resources and a dedicated team available 24/5. With its extensive experience, comprehensive trading options, and dedication to client satisfaction, XM has earned a solid reputation among traders worldwide.

Pros of XM

  • Wide range of financial instruments for diversified trading.
  • Competitive trading conditions, including tight spreads and flexible leverage options.
  • Multiple trading platforms, including MetaTrader 4 and MetaTrader 5, for enhanced accessibility.
  • Strong regulatory oversight from authorities like CySEC and the FCA.
  • Commitment to client security with segregated account protection.

Cons of XM

  • Limited availability of certain financial instruments compared to other brokers.
  • Inactivity fees charged for dormant accounts.
  • Limited customer support options outside of market hours.
  • Withdrawal processing times can be slower compared to some competitors.
  • Some educational resources may be more suited to beginner traders, with limited advanced materials.
XM Logo

XM Group is a multi-award winning globally established and regulated broker that offers tight spreads, fast execution speeds and low commission fees, for trading over 1,000 instruments on user-friendly platforms. They also provide education, market analysis tools and convenient funding options.

Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.

Overview of IC Markets

IC Markets

IC Markets

IC Markets is a renowned online forex and CFD broker that has gained popularity since its establishment in 2007. With its competitive pricing, advanced trading platforms, and strong industry reputation, IC Markets attracts traders globally. The broker stands out for its tight spreads, offering some of the lowest in the industry, and provides access to a diverse range of financial instruments, including currency pairs, commodities, indices, and cryptocurrencies. Traders can enjoy a seamless trading experience through platforms such as MetaTrader 4, MetaTrader 5, and cTrader, which offer advanced tools and fast execution. Regulated by authorities like ASIC and FSA, IC Markets ensures compliance with regulations and safeguards client funds. Additionally, the broker offers reliable customer support available 24/5 and provides educational resources to assist traders in enhancing their skills and knowledge. Overall, IC Markets is a reputable choice for traders seeking competitive pricing, advanced platforms, and a trusted trading environment.

Pros of IC Markets

  • Competitive pricing with tight spreads, making it attractive for cost-conscious traders.
  • Wide range of financial instruments available for diversified trading opportunities.
  • Advanced trading platforms, including MetaTrader 4, MetaTrader 5, and cTrader, offering advanced tools and fast execution.
  • Strong regulatory oversight from authorities like ASIC and FSA, ensuring compliance and client fund protection.
  • Reliable customer support available 24/5, providing prompt assistance to traders.

Cons of IC Markets

  • Limited product offering compared to some other brokers, especially in terms of stocks and cryptocurrencies.
  • Inactivity fees charged for dormant accounts.
  • Educational resources may be more suited to beginner traders, with limited advanced materials.
  • Limited options for customer support outside of market hours.
  • Withdrawal processing times can be slower compared to some competitors.
IC Markets Logo

IC Markets is the world’s largest true ECN trading broker offering over 2,000 trading instruments across multiple markets on the most popular trading platforms. They are a multi-regulated broker with deep liquidity pools that can provide you with rapid trade execution speeds, low spreads, low commission fees, various funding options and 24/7 support.

Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.

Comparing XM and IC Markets: Which Forex Broker is Right for You?

To determine which platform is more suitable for you, let’s compare XM and IC Markets across various factors:

Regulation

XM and IC Markets are regulated by multiple respected authorities, providing clients with regulatory oversight and protection. XM holds licenses from the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC), the Cyprus Securities and Exchange Commission (CySEC), the International Financial Services Commission (IFSC) in Belize, and the Dubai Financial Services Authority (DFSA). IC Markets, on the other hand, is licensed by ASIC, CySEC, and the Financial Services Authority (FSA) of Seychelles. These regulatory bodies enforce stringent rules and guidelines, ensuring that the brokers operate in a fair, transparent, and secure manner.

Trading Platforms

XM and IC Markets offer industry-leading trading platforms that cater to the diverse needs of traders. Both brokers provide access to the popular MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms, known for their robust features, user-friendly interface, and extensive technical analysis tools. Traders can execute trades, monitor market movements, and access a wide range of order types and indicators on these platforms. In addition to MT4 and MT5, XM also offers its proprietary web-based platform called XM WebTrader, providing traders with flexibility and convenience to trade from any device with an internet connection. On the other hand, IC Markets offers cTrader, a platform specifically designed for ECN trading, offering advanced order execution and depth of market functionality.

Pricing and Fees

When it comes to pricing and fees, XM and IC Markets employ different models based on the chosen account type. XM offers three account types: Micro, Standard, and Ultra Low. These accounts are commission-free, and the spreads vary depending on the account type and trading instrument. On average, XM’s spreads for major currency pairs like EUR/USD start from 2.1 pips. IC Markets, on the other hand, offers two account types: Standard and Raw Spread. The Standard account features no commissions, but slightly wider spreads, while the Raw Spread account comes with lower spreads and a commission fee per lot traded. The average spreads on IC Markets for major currency pairs start from 2 pips.

Broker Type

XM adopts a hybrid execution model, combining market making with Straight-Through Processing (STP) and Electronic Communication Network (ECN) technologies. This allows clients to benefit from competitive spreads and efficient order execution. IC Markets, on the other hand, provides ECN trading through its Raw Spread account, offering direct access to liquidity providers and potentially tighter spreads.

Leverage

Both XM and IC Markets offer competitive leverage options, allowing traders to amplify their trading positions. However, the maximum leverage available depends on the regulatory jurisdiction and the instrument being traded. XM provides leverage of up to 1:888 for forex trading under its Belize license, while it offers up to 1:30 leverage under its UK and EU licenses. IC Markets offers leverage of up to 1:500 for forex trading under its Australian and Seychelles licenses, and up to 1:30 under its EU license.

Asset Selection

XM and IC Markets offer a diverse range of instruments for trading, including forex, CFDs on indices, commodities, stocks, futures, and cryptocurrencies. XM stands out with its extensive selection, providing traders with over 1000 CFDs and 55 forex pairs to choose from. IC Markets, while offering a slightly smaller range, still provides access to 41 CFDs and 61 forex pairs.

Social Trading

Social trading has gained popularity in recent years, allowing traders to benefit from the wisdom and strategies of more experienced traders. XM and IC Markets both support social trading features. XM offers copy trading on its MT4 and MT5 platforms through an integrated signals service. This service provides traders with access to a community of signal providers, allowing them to follow and copy trades based on their performance and strategies. IC Markets offers social trading through its IC Social app, enabling traders to interact, learn, and share ideas with other traders. Additionally, IC Markets provides integration with popular third-party social trading platforms like ZuluTrade and Myfxbook.

Minimum Deposit

XM and IC Markets have different minimum deposit requirements based on the chosen account type. XM’s Micro and Standard accounts have a minimum deposit requirement of $5, making it accessible to traders with smaller initial capital. IC Markets requires a minimum deposit of $200 for its Standard account and $100 for its Raw Spread account. Traders should consider their budget and investment capabilities when comparing the minimum deposit requirements.

Withdrawal and Deposit Methods

Both brokers offer a variety of convenient methods for depositing and withdrawing funds from trading accounts. XM accepts popular options such as credit/debit cards, bank wire transfers, and e-wallets like Skrill, Neteller, WebMoney, and PayPal. Additionally, XM provides local payment methods in certain regions, such as M-Pesa, FasaPay, and CashU. IC Markets also supports credit/debit cards, bank wire transfers, and e-wallets like Skrill, Neteller, WebMoney, and PayPal. It also offers local payment methods such as BPay, POLi, FasaPay, and RapidPay.

Which Broker is Best for You: XM or IC Markets?

Determining the best broker for you, whether it’s XM or IC Markets, depends on your specific trading preferences and requirements. If you prioritize a vast selection of trading instruments and a larger number of forex pairs, XM may be the ideal choice for you. Additionally, if you value platform compatibility and convenience, XM’s offering of MT4, MT5, and the web-based XM WebTrader can cater to your needs. On the other hand, if you prefer ECN trading and advanced order execution features, IC Markets’ cTrader platform may be more suitable. Consider your pricing preferences as well, with XM providing commission-free accounts and IC Markets offering a choice between commission-free Standard accounts and raw spread accounts. Furthermore, take into account factors such as regulation, leverage options, social trading features, and deposit/withdrawal methods to make a well-rounded assessment and determine the broker that aligns best with your trading style and goals.

Conclusion

In conclusion, choosing the best broker between XM and IC Markets depends on your specific trading preferences. If you value a wide range of instruments and platform compatibility, XM may be the better choice. However, if you prioritize ECN trading and advanced order execution, IC Markets might be more suitable. Consider pricing, regulation, leverage options, social trading features, and deposit/withdrawal methods to make an informed decision based on your trading style and goals.


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