XM vs IC Markets - 2026 Broker Comparison

XM

XM Regulation and Client Protection

XM operates through several separately regulated entities, and the regulatory body covering a trader's account depends on their country of residence. Understanding this distinction is essential, as it directly affects the level of investor protection a trader receives.

CySEC — Cyprus Securities and Exchange Commission

Trading Point of Financial Instruments Ltd is authorized and regulated by CySEC under license number 120/10. CySEC regulation places XM under the EU's MiFID II framework, which mandates that client funds are held in segregated bank accounts entirely separate from the broker's operational capital. CySEC-regulated clients are also covered by the Investor Compensation Fund (ICF), which provides compensation of up to €20,000 per eligible client in the event of broker insolvency. This is one of the stronger protection frameworks available to retail forex traders globally.

ASIC — Australian Securities and Investments Commission

XM Global Pty Ltd holds an Australian Financial Services License under ASIC. ASIC is widely regarded as one of the world's most rigorous financial regulators. It requires strict segregation of client funds and ongoing capital adequacy compliance. ASIC does not operate an investor compensation scheme equivalent to Europe's ICF, but its conduct standards and enforcement record provide meaningful structural protection.

DFSA — Dubai Financial Services Authority

XM holds authorization from the DFSA, the independent regulator for financial services conducted within the Dubai International Financial Centre (DIFC). The DFSA is the most relevant and respected regulatory authority for traders based in the UAE. Its standards align closely with leading international frameworks, and its jurisdiction within the DIFC gives it direct oversight relevance to Gulf clients.

IFSC — International Financial Services Commission, Belize

XM Global Limited is also regulated by the IFSC in Belize. This entity services clients in jurisdictions not covered by the stricter regulators above. The IFSC framework permits higher leverage, up to 1:1000, but provides fewer formal investor protections compared to CySEC or ASIC. Traders should be aware of which entity their account falls under.

Across all entities, XM maintains segregated client funds held at reputable tier-one banks, ensuring trader capital is not commingled with the broker's own finances.

IC Markets

IC Markets Regulation and Client Protection

IC Markets operates under three separate regulatory licences, which means the protections available to you depend on which entity your account is held with. Understanding these distinctions is essential before depositing funds.

• ASIC (Australia) — IC Markets Pty Ltd: The Australian Securities and Investments Commission is one of the most rigorous regulators in the world. ASIC-regulated accounts benefit from strict capital adequacy requirements, mandatory segregation of client funds in top-tier Australian banks, and regular independent audits. Retail leverage is capped at 1:30 for major forex pairs under ASIC rules. While there is no formal government compensation scheme for retail FX clients in Australia, the segregation requirements mean client funds are protected from the broker's insolvency.
• CySEC (Cyprus) — IC Markets (EU) Ltd: The Cyprus Securities and Exchange Commission provides access to the EU regulatory framework. CySEC clients benefit from the Investor Compensation Fund (ICF), which covers eligible retail clients up to €20,000 in the event of broker default. Leverage is capped at 1:30 under ESMA guidelines. This entity also falls under MiFID II directives, requiring best execution policies and enhanced client reporting.
• FSA (Seychelles) — Raw Trading Ltd: The Financial Services Authority of Seychelles is an offshore regulator that permits IC Markets to offer leverage up to 1:500 and serve clients from regions not covered by ASIC or CySEC. MENA traders are typically onboarded under this entity. While the FSA provides a licence framework and requires segregated client funds, it does not offer a government-backed compensation scheme.

Across all entities, IC Markets maintains a segregated funds policy, holding client money separately from operational funds in reputable financial institutions. The broker also holds professional indemnity insurance as an additional layer of protection.

XM

XM Account Types

XM offers four distinct live account types, each structured to serve a different trader profile. All accounts are available with an Islamic swap-free option and can be opened with a standard or cent-lot denomination depending on the account type selected.

Micro Account

The Micro account is designed for traders who are new to live markets or who wish to trade with minimal capital at risk. It uses micro-lots (1,000 units) as the contract size, meaning position sizes are one-tenth of a standard lot. The minimum deposit is $5. Spreads on major pairs start from 1 pip, and no commission is charged. Maximum leverage reaches 1:1000 for eligible clients. This account is best suited to beginners learning to manage live trades without significant financial exposure.

Standard Account

The Standard account is XM's most widely used offering and suits retail traders who are comfortable with standard lot sizing. The minimum deposit is $5. Spreads start from 1 pip on major pairs with no commission applied. The Standard account provides access to the full range of XM's instruments across forex, indices, commodities, and energies. This is the appropriate entry point for traders with some market experience who do not require the tightest possible spreads.

Ultra Low Account

The Ultra Low account is structured for traders who are cost-sensitive and want tighter spreads without paying a per-trade commission. Two variants exist: Ultra Low Micro and Ultra Low Standard, which differ only in lot sizing. Both require a $5 minimum deposit. EUR/USD spreads average around 0.8 pips, and no commission is charged. This account represents XM's most competitive all-in cost structure for traders unwilling to manage commission calculations.

XM Zero Account

The XM Zero account targets active, high-volume, and professional traders who require raw or near-raw spreads. EUR/USD spreads can start from 0.0 pips, with a commission of $3.50 per side per standard lot ($7.00 round turn). The minimum deposit for this account is $100. At typical trading volumes, the total cost on EUR/USD is approximately 0.7 pips equivalent, making it competitive with dedicated ECN brokers.

All account types support:

• Islamic (swap-free) option with no overnight interest charges
• Demo accounts with no time restriction
• MT4 and MT5 platform access
• Maximum leverage up to 1:1000 for eligible clients

IC Markets

IC Markets Account Types

IC Markets offers two primary account structures, each available on different platforms. The choice between them significantly affects your total trading cost, so selecting the right account type is important depending on your trading style and volume.

Standard Account

The Standard Account is a commission-free account with spreads built into the bid/ask price. It is available on both MT4 and MT5.

• Minimum deposit: $200
• Commission: None
• Spreads: From approximately 0.8 pips on EUR/USD (markup applied over raw pricing)
• Best suited for: Beginner to intermediate traders, lower-volume traders, and those who prefer simplified cost structures without per-trade commissions

Raw Spread Account (MT4 and MT5)

The Raw Spread Account provides direct access to interbank pricing with a fixed commission charge per trade.

• Minimum deposit: $200
• Commission: $3.50 per side ($7.00 per round turn per standard lot)
• Spreads: From 0.0 pips on EUR/USD, averaging 0.02 pips
• Best suited for: Active traders, scalpers, and high-volume traders where tight raw spreads outweigh the commission cost

Raw Spread Account (cTrader)

Functionally similar to the MT4/MT5 Raw account but offered on the cTrader platform with a slightly different commission structure.

• Minimum deposit: $200
• Commission: $3.00 per round turn ($1.50 per side per standard lot)
• Spreads: From 0.0 pips on EUR/USD
• Best suited for: Algorithmic traders and those who prefer cTrader's native tools and lower per-lot commissions

IC Markets does not currently offer a swap-free Islamic account. All accounts support hedging, scalping, and expert advisor trading without restrictions.

XM

XM Trading Platforms

XM supports three primary trading platforms: MetaTrader 4, MetaTrader 5, and the XM WebTrader. Each caters to different trading styles and technical requirements, and all are accessible to MENA-based clients without geographic restriction.

MetaTrader 4 (MT4)

MT4 remains the industry standard for retail forex trading, and XM's implementation is fully featured. The platform supports automated trading through Expert Advisors (EAs), custom indicator development in MQL4, and one-click execution. Traders have access to nine timeframes, 30 built-in technical indicators, and three chart types. MT4 is available as a desktop application for Windows and, via compatibility layers, for macOS. Mobile versions are available for both iOS and Android and support real-time quotes, charting, and full order management. For traders running algorithmic strategies or using third-party EAs, MT4 remains the most compatible environment due to the size of its developer community and indicator library.

MetaTrader 5 (MT5)

MT5 is the successor to MT4 and offers a broader feature set. Key additions include 21 timeframes (versus MT4's nine), 38 built-in technical indicators, a built-in economic calendar, depth-of-market functionality, and support for more order types including buy-stop-limit and sell-stop-limit orders. MT5 also supports hedging mode, making it compatible with strategies that require simultaneous long and short positions on the same instrument. For algorithmic traders, MT5 uses MQL5, a more capable programming language than MQL4, with a larger standard library and faster backtesting engine. Mobile applications for MT5 match the functionality of the MT4 mobile version.

XM WebTrader

The XM WebTrader is a browser-based platform requiring no download or installation. It is built on the MT5 architecture and provides access to charting, indicators, and full order management from any modern web browser. While it lacks the deep customization available on desktop MT4 and MT5, it is a practical solution for traders accessing accounts from shared, restricted, or unfamiliar devices. The WebTrader is particularly convenient for MENA traders who travel frequently or switch between devices.

Mobile Trading

XM's mobile apps for MT4 and MT5 are available on the App Store and Google Play. They support real-time streaming quotes, interactive charts with indicators, all order types, and account management including deposit history and open position monitoring. Performance on both iOS and Android is stable and responsive.

IC Markets

IC Markets Trading Platforms

IC Markets supports three industry-standard platforms, giving traders flexibility to choose the environment that best fits their strategy. All platforms connect to the same liquidity pool and receive the same pricing.

MetaTrader 4 (MT4)

MT4 remains the most widely used forex platform globally, and IC Markets offers one of the best-configured MT4 environments available.

• Expert Advisors (EAs): Fully supported with no strategy restrictions
• VPS hosting: IC Markets offers complimentary virtual private server access for clients meeting volume thresholds, ensuring 24/7 EA uptime
• One-click trading, 30 technical indicators, and nine timeframes built in
• Available as desktop (Windows/Mac via Wine), web trader, and mobile apps for iOS and Android

MetaTrader 5 (MT5)

MT5 is the upgraded successor to MT4, offering additional asset classes and more advanced analytical tools.

• 21 timeframes versus MT4's nine, plus 38 built-in technical indicators
• Supports stocks and futures alongside forex and CFDs
• Improved strategy tester with multi-currency and multi-asset backtesting
• Available on desktop, web, iOS, and Android

cTrader

cTrader is preferred by professional and algorithmic traders for its transparency and advanced order management.

• Level II pricing: Full depth of market (DOM) visible at all times
• cAlgo: Built-in algorithmic trading environment using C# programming language
• Detachable charts and advanced chart trading directly from the price action
• Superior order types including stop limit and trailing stop
• Available as desktop, web, iOS, and Android with seamless account synchronisation

All three platforms support one-click trading, real-time news feeds, and full integration with IC Markets' copy trading services.

XM

XM Trading Costs and Fees

Understanding the full cost of trading at XM requires looking beyond the headline spread figure. Total cost is determined by the account type, the instruments traded, holding duration, and trading frequency. XM is transparent about its fee structure, and there are no hidden charges on standard accounts beyond those disclosed in the instrument specifications.

Spread Costs by Account Type

XM operates a spread-only cost model on three of its four account types. The table below reflects average real-market spreads during active trading sessions:

Commission Structure

Three of XM's four accounts are entirely commission-free. Only the XM Zero account charges commission:

• Standard, Micro, Ultra Low: $0 commission. All cost is embedded in the spread.
• XM Zero: $3.50 per side per standard lot, equating to $7.00 per round-turn trade. On a 1-lot EUR/USD trade, the combined cost (spread + commission) at a typical 0.1 pip spread is approximately 0.8 pips equivalent - competitive with most ECN brokers.

For traders executing more than 20 standard lots per month, the XM Zero account typically produces a lower total cost than the Ultra Low account despite the per-trade commission, due to the significantly tighter raw spreads.

Overnight Swap Fees (Rollover)

XM applies standard tripartite swap charges on positions held overnight. Swaps are calculated based on interbank overnight interest rate differentials plus a broker markup. Key points:

• Swap rates are instrument-specific and change with global interest rate movements
• Rates are visible inside MT4/MT5 under each instrument's specification window
• On Wednesday night, swap charges are tripled to account for the weekend settlement period
• Swap rates can be either positive (you earn) or negative (you pay), depending on the direction of your trade and the interest rate differential
• EUR/USD short positions have historically incurred a negative swap on most brokers, including XM, given the USD/EUR rate differential

Inactivity Fee

This is one of the most important fees for part-time or occasional traders to be aware of. XM charges an inactivity fee of $15 per month (or currency equivalent) on accounts that have not executed a trade for 90 consecutive days or more. The fee is deducted from the account balance each month until the balance reaches zero or the trader resumes activity. Accounts with a zero balance are subsequently archived. Traders who trade less frequently than once every three months should either maintain a minimal account balance to absorb these charges or withdraw their funds between active periods.

Deposit and Withdrawal Fees

• Deposits: XM charges no fee on deposits via card, Skrill, or Neteller. Bank wire deposits are also fee-free on XM's end, though the sending bank may charge an international transfer fee.
• Card withdrawals: No fee from XM.
• E-wallet withdrawals (Skrill/Neteller): No fee from XM.
• Bank wire withdrawals under $200: XM applies a $15 processing fee. Withdrawals of $200 or more via wire are free.
• Currency conversion: If the account base currency differs from the deposit currency, a conversion markup applies. Selecting an account currency that matches your local currency avoids this.

Total Cost Comparison

To put XM's fees in context for a trader executing 10 standard lots of EUR/USD per month:

• Standard account: 10 x 1.7 pips x $10/pip = $170/month in spread costs
• Ultra Low account: 10 x 0.8 pips x $10/pip = $80/month
• XM Zero account: 10 x (0.1 pip + 0.7 pip commission equiv) x $10/pip = $80/month

At this volume, Ultra Low and XM Zero are equivalent in cost. At higher volumes (50+ lots/month), XM Zero pulls ahead due to the tighter raw spreads outweighing the commission.

IC Markets

Account Types and Spreads

Full Fee Breakdown

XM

Deposits and Withdrawals at XM

XM supports a practical range of funding methods that are accessible to traders in the UAE, Saudi Arabia, Kuwait, and across the broader MENA region. The broker's low minimum deposit and multiple e-wallet options make it straightforward to fund and manage a trading account without relying solely on bank transfers.

Available Payment Methods

• Visa and Mastercard — credit and debit cards, processed in real time
• Skrill — widely used e-wallet with instant processing
• Neteller — popular e-wallet accepted for both deposits and withdrawals
• Bank wire transfer — available for larger deposits; takes 2–5 business days
• Regional e-wallets and local payment processors — availability varies by country

Minimum Deposit Requirements

The minimum initial deposit for Standard, Micro, and Ultra Low accounts is $5, which is among the lowest in the regulated retail forex space. The XM Zero account requires a minimum deposit of $100. There is no minimum on subsequent deposits beyond meeting any bonus eligibility threshold that may apply.

Deposit Processing Times

Card deposits and e-wallet deposits via Skrill and Neteller are typically credited to the trading account within minutes. Bank wire transfers require 2–5 business days, depending on the originating bank and correspondent banking relationships. XM does not charge a deposit fee on its end, though a trader's own bank may apply international transfer charges.

Withdrawal Process and Times

XM processes withdrawal requests within 24 hours on business days. In line with standard anti-money-laundering (AML) requirements, funds are returned via the same method and to the same source used for the original deposit. Card withdrawals typically post within 2–5 business days after processing. E-wallet withdrawals via Skrill and Neteller are generally completed within 24 hours of broker processing.

Fees

XM charges no internal fee on card or e-wallet withdrawals. For bank wire withdrawals below $200, a $15 processing fee may be applied. Traders should confirm whether their issuing bank applies currency conversion charges when depositing in USD or EUR from a local currency account.

Account Currency Options

XM supports multiple base account currencies including USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, and RUB, among others. Selecting a base currency that matches the trader's local currency can reduce conversion costs on deposits and withdrawals.

IC Markets

Deposits and Withdrawals for MENA Traders

IC Markets supports a wide range of funding methods, most of which are accessible to traders in the UAE, Saudi Arabia, Kuwait, and across the broader MENA region. Accounts are denominated in multiple base currencies, reducing conversion costs for traders holding USD or EUR.

Available Deposit Methods

• Visa and Mastercard: Instant processing, no deposit fee charged by IC Markets. Card deposits are widely available to GCC traders and represent the most commonly used method in the region
• PayPal: Instant processing, no IC Markets fee. Availability depends on your country of residence
• Skrill: Instant deposit, no fee. A popular alternative for MENA traders where PayPal access is restricted
• Neteller: Instant deposit, no fee. Widely accepted across the GCC
• Bank Wire Transfer: Standard international bank transfer, typically 2–5 business days for processing. No fee from IC Markets, though your local bank may apply transfer charges
• Cryptocurrency: Deposits accepted in major cryptocurrencies including Bitcoin and Ethereum, processed within one confirmation. This is an increasingly popular option for traders seeking fast, borderless transfers

Withdrawals

IC Markets processes withdrawal requests within 24 hours on business days. Withdrawals are returned to the original deposit method where possible. Card withdrawals typically appear within 3–5 business days depending on the issuing bank. E-wallet withdrawals (Skrill, Neteller) are usually processed same day.

Account Base Currencies

Supported base currencies include USD, EUR, GBP, AUD, CAD, CHF, JPY, NZD, SGD, and HKD. MENA traders depositing in USD avoid any conversion loss. There is a minimum deposit of $200 across all account types.

XM

XM Customer Support

XM provides multilingual customer support across several communication channels, with specific provisions for Arabic-speaking traders in the MENA region. Support quality is a frequently cited positive in client feedback, and the broker's operational hours align well with the Gulf trading week.

Support Channels

• Live chat — available directly on the XM website and within the client portal
• Email support — dedicated address for general and technical inquiries
• Phone support — regional and international dial-in numbers
• Callback request — available through the client portal for scheduled contact

Operating Hours

XM's customer support team operates 24 hours a day, five days a week, running from Sunday through to Friday close. This schedule is well-calibrated for MENA traders, as Sunday marks the start of the business week in the UAE, Saudi Arabia, and Kuwait. The broker is not available on Saturdays, which aligns with the weekend closure of global forex markets.

Arabic Language Support

XM offers customer support in over 30 languages, including Arabic. Arabic-speaking agents are available across live chat, email, and phone channels during business hours. The XM website is fully translated into Arabic, including all account management tools, educational materials, platform guides, and product documentation. This level of native-language service is notably above average among internationally regulated retail brokers, and is a meaningful differentiator for Gulf-based traders who prefer to communicate in Arabic.

Response Times

Live chat connections to a support agent typically occur within 1–3 minutes during standard market hours. During peak periods, wait times may extend slightly. Email inquiries are generally answered within a few hours on business days, with more complex account or compliance-related matters addressed by end of day. Phone support connects to agents directly without extended automated queuing in most tested instances.

Quality Assessment

XM's support team is generally well-regarded for platform-related assistance, account management questions, and deposit or withdrawal inquiries. Agents demonstrate familiarity with MT4 and MT5 functionality and can walk traders through technical setup steps. For highly specific trading or analytical questions, escalation to a senior or specialist team may be required, which can extend resolution time. Overall, XM's support offering is solid and consistently above the industry median for brokers at this market tier.

IC Markets

IC Markets Customer Support

IC Markets provides multi-channel customer support available around the clock on business days. Support quality is generally considered above average for a broker of this size, with response times that remain competitive, though the firm does not match the premium white-glove service offered by some smaller boutique brokers.

Support Channels

• Live Chat: Available directly through the IC Markets website and client portal. This is the fastest channel, with typical first-response times of under two minutes during business hours. Live chat handles most account queries, deposit confirmations, and technical platform questions
• Email Support: Responses typically arrive within a few hours during business days. Suitable for complex account queries, compliance documentation, or detailed technical issues requiring investigation
• Phone Support: International phone lines available for clients who prefer voice communication. Numbers are listed on the IC Markets website by region

Support Hours

IC Markets operates 24-hour support from Monday through Friday, aligned with global forex market hours. Support is not available on weekends, which is a notable limitation for traders who encounter deposit or technical issues outside the trading week.

Language Support

The IC Markets website and client portal are available in multiple languages. Arabic language support is available through the website interface, though live support agents are primarily English-speaking. MENA traders communicating in English report satisfactory support experiences. Dedicated Arabic-speaking support is not consistently available as a guaranteed option, which is a point worth noting for traders who are not comfortable in English.

Support Quality Assessment

For account-opening, funding, and platform configuration queries, IC Markets support is responsive and knowledgeable. Complex regulatory or jurisdiction-specific queries may require escalation and longer response windows. The firm's extensive online help centre and FAQ documentation resolves a significant proportion of common queries without requiring agent contact.