Broker comparison
IC Markets vs XM
IC Markets is a raw-pricing specialist with cTrader; XM is a standard-account broker with a $5 minimum deposit. Both onboard many clients through offshore entities.
Terms checked on 3 Nov 2026 against each broker's own website and legal documents
Founded
2007, Sydney
Trading Point group, Limassol
Minimum deposit
$0 on global Raw Spread, cTrader and Standard; $5,000 Raw Pro
$5 (Standard and Ultra Low)
Raw pricing
From 0.0 pips (average EUR/USD 0.1) + $3.50 per side on MetaTrader; $3.00 per side on cTrader; $1.50 on Raw Pro
Zero account (EU entity): raw spreads + $3.50 per $100,000 per side
Spread-only pricing
Standard from 0.8 pips, no commission
"As low as 0.8 pips" per XM; not published per account
Platforms
MT4, MT5, cTrader, TradingView (Raw Spread account)
MT4, MT5, XM App
Regulation
FSA Seychelles (SD018), CySEC (362/18), ASIC (AFSL 335692), SCB Bahamas (SIA-F214)
CySEC (120/10) for EU clients; most other clients join XM Global, regulated in Belize
Maximum retail leverage
1:30 EU retail; up to 1:5000 at Raw Trading Ltd (Seychelles)
1:30 EU; up to 1:1000 at XM Global
FCA-authorised UK company
No FCA entity listed
No FCA entity listed
Which to choose
IC Markets suits active traders who want raw spreads and a published commission on MetaTrader, cTrader or TradingView. XM suits small first deposits on MT4 or MT5.
Neither lists an FCA-authorised UK company. EU clients can use the CySEC companies of both, at 1:30 leverage.
Read the full IC Markets review and XM review.
How we chose. These shortlists use published terms only: costs, minimum deposit, platforms and the regulator of the entity you would join. We have not ranked brokers on scores, and the order is not a recommendation for your circumstances. Read our methodology and affiliate disclosure.
CFDs and leveraged forex are complex and carry a high risk of losing money rapidly. Most retail accounts lose money. Only trade with money you can afford to lose.
Ready to compare the terms?
Put up to three brokers side by side: costs, platforms, leverage and award history.
FA
Written by the Forex Awards research desk
Guides are checked against current broker documents and regulator rules. Spotted something out of date? Tell us and we will re-check it.
Forex