The 1-Second Verdict
XM's bonus empire vs IC Markets' raw ECN speed. The accessibility champion meets the pure-play ECN king — who wins for your strategy?
XM Trading
Est. 2009 · ASIC/CySEC Regulated
Best for traders who value bonus perks, low entry barriers, and rock-solid execution during volatile events. Start with $5 and trade with the broker's money through aggressive welcome bonuses.
Claim $30 No-Deposit Bonus
IC Markets
Est. 2007 · ASIC/CySEC/FSA Regulated
Built for precision traders demanding raw ECN spreads from 0.0 pips, sub-40ms execution, and the largest instrument range. No gimmicks — just pure interbank pricing with institutional-grade infrastructure.
Try cTrader Raw AccountWhich Broker Makes You More Money?
We put both platforms through 4 real-world trading situations — scalping, small accounts, swing trading, and news events — so you can see where your strategy actually wins.
Zero commission on Standard accounts. Reliable execution with 99.35% fill rate. Ultra Low account offers spreads from 0.6 pips with zero commission — the tightest pure-spread option. Execution around 1 second under normal conditions.
IC Markets WinsTrue ECN pricing with raw interbank spreads from 0.0 pips. Average execution under 40ms — among the fastest in the industry. $3.50/side commission on Raw Spread MT, $3.00/side on cTrader Raw.
IC Markets Wins: Raw spreads from 0.0 pips + sub-40ms execution + cTrader platform make IC Markets the definitive scalper's broker. At 10+ lots/day, the all-in cost difference vs XM Standard can exceed $80 daily.
XM Wins$30 no-deposit bonus + 100% welcome bonus up to $500. Start trading with as little as $5. Massive educational library with live webinars. Zero-commission Micro and Standard accounts.
Standard account with commission-free trading from 0.8 pips. No welcome bonuses or deposit promotions. Strong educational content and demo accounts, but no risk-free trial money.
XM Wins: $5 minimum deposit + $30 no-deposit bonus makes XM the clear winner for beginners. IC Markets' $200 minimum and zero bonus culture create a significantly higher barrier for new traders testing the waters.
Multi-regulated with solid investor protection. Standard overnight swap fees at industry average. 1,000+ instruments including stocks, forex, and commodities for diversified swing portfolios.
IC Markets WinsASIC-regulated since 2007 with top-tier oversight. 2,250+ tradable instruments across forex, indices, commodities, stocks, crypto, and bonds — significantly more diversification for swing traders. Competitive swap rates on major pairs.
IC Markets Edges It: 2,250+ instruments vs XM's 1,000+ gives swing traders vastly more opportunities. ASIC since 2007 with sub-40ms execution and no inactivity fee — ideal for position traders who hold for weeks or months.
XM Wins99.35% of orders executed in under 1 second. Explicit no-requote policy. Rock-solid execution during NFP, FOMC, and black-swan events with strict slippage control.
Industry-leading execution speed under 40ms. ECN model means real market fills with both positive and negative slippage possible during extreme events. No dealing desk interference — pure market pricing.
XM Wins: Fear no NFP. XM's explicit no-requote guarantee and 99.35% execution rate during news events is top-tier. IC Markets' ECN fills are faster but pricing can gap during extreme volatility. XM's controlled approach is safer for news traders.
Every Account Type — Side by Side
XM offers 4 account types: Micro, Standard, Ultra Low, and Shares. IC Markets runs 3 tiers: Standard, Raw Spread MT, and cTrader Raw. See exactly what you get at every level — no cherry-picking, every account shown.
Micro Account
Standard Account
Contracts are 1,000 base currency units (1 micro lot). Perfect for absolute beginners who want to learn with minimal risk. Same execution quality as larger accounts — no discrimination based on account size.
IC Markets' entry-level account with commission-free trading. Spreads from 0.8 pips — significantly tighter than XM's Standard account at 1.0 pip. Backed by the same ECN execution infrastructure as the Raw accounts. Ideal for traders who want tight spreads without per-trade commission calculations.
- Trade with as little as $5 — the industry's lowest barrier
- 1 micro lot = 1,000 units, ideal for position sizing practice
- Full MT4/MT5 access with all 1,000+ instruments
- Negative balance protection included standard
- Same spreads and execution as Standard account
- From 0.8 pips — tighter than most brokers' standard accounts
- Zero commission — pay only the spread, nothing more
- ECN execution backbone with sub-40ms average fills
- Full MT4/MT5 access with 2,250+ instruments
- All strategies welcome — scalping, hedging, EAs
Standard Account
Raw Spread Account (MT)
XM's flagship account. 1 standard lot = 100,000 units. No commissions, just the raw spread. This is the account most XM traders use — reliable, simple, and backed by 99.35% execution rates.
IC Markets' flagship MetaTrader account. True ECN with raw interbank spreads from 0.0 pips plus $3.50/side commission. Level 2 market depth visibility. This is the account that built IC Markets' reputation — consistently ranked among the top ECN brokers globally for tight pricing and fast execution.
- Zero commission — pay only the spread, nothing more
- 1 standard lot = 100,000 units, full-size trading
- Eligible for all XM bonuses including $30 no-deposit
- Free daily market analysis and webinars
- XMP loyalty points earned on every trade
- Raw interbank spreads from 0.0 pips — true ECN pricing
- $3.50/side commission — competitive industry rate
- Market depth visibility (Level 2 pricing)
- Sub-40ms average execution speed
- MT4/MT5 with all EAs and strategies supported
Ultra Low Account
cTrader Raw Account
XM's tightest spread offering. Spreads start at 0.6 pips on EUR/USD — nearly half the Standard account — with zero commissions. Available in both Micro and Standard lot sizes. For moderate to active traders who want tight pricing without per-trade commission calculations.
Same raw ECN pricing as the MT Raw account, but on the cTrader platform with an even lower commission rate ($3.00/side vs $3.50/side). cTrader brings advanced order types, detachable charts, Level 2 depth, and C#-based algorithmic trading. The cheapest all-in trading cost of any IC Markets account — favored by precision scalpers and algo traders.
- Spreads from 0.6 pips — XM's tightest pure-spread offering
- Zero commission — all cost is in the spread
- Available in Micro + Standard lot sizes
- Same 1,000+ instruments and platform access
- Ideal sweet spot between Micro and high-volume accounts
- Lowest commission rate: $3.00/side ($6 round-turn)
- cTrader platform — advanced order types + detachable charts
- Level 2 market depth with full DOM visibility
- C#-based cTrader Automate for algorithmic trading
- Raw spreads from 0.0 pips — same interbank pricing
Shares Account
1,200+ global stocks — exchange pricingXM's dedicated stock trading account. Direct access to 1,200+ individual shares across US, UK, and EU exchanges — not CFDs, actual share trading with ownership rights. Leverage is not available. Designed for investors who want exchange-grade pricing and dividend entitlements.
IC Markets only offers CFD trading and does not support physical stock ownership. To trade 1,200+ global stocks with exchange pricing and dividend rights, XM Shares is a unique advantage.
- Trade 1,200+ individual shares across global exchanges
- Exchange-grade pricing with transparent per-share commissions
- Dividend rights included on long positions
- Access to US, UK, EU stock exchanges
- Physical share ownership — different from CFDs
How to Pick the Right Account in 30 Seconds
Under $200 budget? XM Micro or Standard — $5 entry with zero commissions. IC Markets isn't even in the conversation at this price point. Trading 10+ lots daily? IC Markets cTrader Raw — 0.0 pips + $3/side commission is near unbeatable with sub-40ms execution. cTrader is your platform? IC Markets cTrader Raw — XM doesn't even offer cTrader. The lowest commission rate in IC's lineup at $3/side. Just want stocks? XM Shares — 1,200+ global stocks with exchange pricing and dividend rights. IC Markets only offers stock CFDs, not physical ownership.
What Nobody Tells You About These Brokers
Every broker has strengths they brag about and weaknesses they hide. We lay out both sides honestly — because trust comes from transparency, not sugarcoating.
XM: The Good & The Bad
$30 no-deposit bonus + 100% welcome bonus up to $500. Trade with the broker's money before risking your own.
99.35% order execution rate in under 1 second. Virtually zero requotes even during major news events.
Ultra Low account with zero commissions and spreads from 0.6 pips. Pure spread model, no hidden fees.
ASIC, CySEC, FSC multi-regulated. Segregated client funds and negative balance protection for maximum security.
Free VPS for EA traders + XMP loyalty points on every trade. Trade more, earn back more.
Standard account spreads are merely average at 1.0 pip. Without bonuses, XM isn't the cheapest on raw spread cost alone.
No cTrader platform support. Scalpers and professional traders who rely on Depth of Market and advanced order types are limited to MT4/MT5.
Bonus terms come with trading volume requirements. The free money isn't withdrawable until you trade enough lots.
IC Markets: The Good & The Bad
Raw spreads from 0.0 pips with ECN execution under 40ms. Among the absolute fastest execution speeds in the retail forex industry.
2,250+ tradable instruments across forex, indices, commodities, stocks, crypto, futures, and bonds. Industry-leading asset diversity.
ASIC-regulated since 2007 with segregated client funds in top-tier banks. Deep regulatory track record spanning nearly 20 years.
cTrader platform included at no extra cost with $3/side commission — the lowest commission rate of any IC Markets account type.
Zero inactivity fees on global accounts. Leave your account dormant and IC Markets won't nickel-and-dime you with monthly charges.
$200 minimum deposit across all account types. Significantly higher barrier to entry than XM's $5 — IC Markets is not built for micro-budget beginners.
Absolutely zero bonuses or promotional offers. No welcome bonus, no deposit match, no loyalty points. Pure ECN — you get what you pay for.
No stock exchange trading. IC Markets only offers CFDs — you cannot buy physical shares or receive dividend entitlements like XM's Shares account.
Pick the Wrong Account — Lose Thousands
Most beginners sign up for the default account and bleed money on wide spreads. We match XM and IC Markets flagship accounts head-to-head so you start with the right one from day one.
The Entry-Level Face-Off: Where Beginners Land
XM Micro Account vs IC Markets Standard Account — the first account most traders sign up for
XM Micro
1 micro lot = 1,000 units- $5 minimum — lowest in the industry
- 1 micro lot trading for risk management practice
- Zero commission — all cost is the spread
- Eligible for $30 no-deposit welcome bonus
IC Markets Standard
Commission-free ECN spreads- From 0.8 pips — tighter than XM Standard by nearly half
- Zero commission — simple cost structure
- ECN execution backbone under the hood
- Full MT4/MT5 access with 2,250+ instruments
XM Micro crushes it on accessibility: $5 vs $200 minimum deposit is a 40x difference. But IC Markets Standard starts from 0.8 pips — tighter than XM Standard's 1.0 pip spread — so the per-trade cost is lower. If you can afford the $200 deposit, IC Markets Standard gives you tighter spreads and more instruments. If you're starting with pocket change, XM is the only option.
The Flagship Showdown: Popular Accounts Head-to-Head
XM Standard vs IC Markets Raw Spread MT — the most-used accounts, stripped to the bone
XM Standard
Bonus-eligible flagship- Zero commission — pay only the spread
- Eligible for $30 no-deposit + 100% welcome bonus
- 99.35% execution rate under 1 second
- XMP loyalty points on every trade
IC Markets Raw Spread (MT)
True ECN — raw interbank pricing- Raw spreads from 0.0 pips — true interbank pricing
- Average execution under 40ms — industry-leading speed
- Market depth visibility (Level 2 pricing)
- All strategies welcome — scalping, hedging, EAs, algos
Here's the hard math: XM Standard at 1.0 pip = ~$10/lot all-in. IC Markets Raw Spread MT at avg 0.1 pips + $7/lot commission = ~$8/lot all-in. IC Markets is cheaper per trade at normal volumes. But XM's bonus program can tilt the equation — deposit $500 and get $500 bonus to trade with $1,000. For active traders doing 5+ lots/day, IC Markets' cost advantage compounds fast. For casual traders, XM's bonus + simpler pricing wins.
The Tightest Spreads Battle: Who's Cheapest Per Pip?
XM Ultra Low vs IC Markets cTrader Raw — the lowest-cost accounts, fighting for every tenth of a pip
XM Ultra Low
XM's tightest — zero commission- From 0.6 pips — XM's tightest pure-spread account
- Zero commission — no per-trade fees
- Available in Micro + Standard lot sizes
- $50 minimum — accessible for moderate traders
IC Markets cTrader Raw
Lowest IC commission rate- Raw spreads from 0.0 pips — pure interbank pricing
- Cheapest commission: $3/side vs $3.50 on MT
- cTrader platform — built for precision trading
- Level 2 depth of market + advanced order types
Final cost math: XM Ultra Low at 0.6 pips = ~$6/lot all-in (zero comm). IC Markets cTrader Raw at avg 0.1 pips + $6/lot commission = ~$7/lot all-in. At 1-5 lots/day, XM Ultra Low is marginally cheaper. But at 10+ lots/day, IC Markets' average 0.1 pip spread means your fills are consistently 0.5 pips tighter than XM — the compounding savings on spread alone can exceed $50/day for active scalpers. Plus you get cTrader's advanced order management.
Platforms, Copy Trading & Developer Tools
Spreads are just the entry fee. The real difference is in platform quality, copy trading ecosystems, mobile apps, and API access. See which platform gives you the better toolkit.
7/10Full MT4 and MT5 support with MQL community signals. TradingView integration for chart-based analysis. No proprietary platform. Solid but conventional.
9.5/10All three major platforms: MT4/MT5, cTrader (both Raw and Standard), plus TradingView integration. cTrader is a significant advantage for precision traders with its advanced order types and Level 2 depth.
5.5/10Copy trading primarily through MQL5 community signals. No dedicated proprietary copy trading platform. Functional but not specialized.
9/10Five distinct copy trading channels: IC Social (mobile-first social trading), cTrader Copy (integrated strategy replication), ZuluTrade (third-party leaderboard), Myfxbook AutoTrade (verified performance tracking), and MT Signals. The most comprehensive copy ecosystem in the industry.
7/10Relies on standard MetaTrader mobile apps. Solid for order management and basic charting but no proprietary mobile experience.
8.5/10cTrader mobile app with full charting and order management, IC Social for copy trading on-the-go, plus standard MT4/MT5 mobile. cTrader's mobile experience is widely considered superior to MT's mobile offering.
7.5/10Full MQL4/MQL5 support with rich community resources. Free VPS for EA traders. No standalone REST API.
9/10MQL support for MT platforms, cTrader Automate (C# based — more powerful than MQL for complex algos), and FIX API access for institutional-grade low-latency trading. The most complete automation toolkit.
Bonuses, Pricing & VIP Treatment
Free money exists — you just need to know where to look. From no-deposit bonuses to raw ECN spreads with sub-40ms execution, here's exactly what each broker will give you.
XM's Bonus Empire
$30 No-Deposit Bonus
Claim it right after verification. Trade real markets without depositing a cent first. The ultimate risk-free test drive.
Loyalty Points Program (XMP)
Earn points on every trade. Redeem for cash or bonus credit. The more you trade, the more you earn back — effectively lowering your spread costs.
Free VPS Service
Qualify with minimum deposit and volume requirements. Perfect for traders running EAs 24/7 without keeping their PC on.
100% Welcome Deposit Bonus
Double your first deposit up to $500. Deposit $500, trade with $1,000. The most aggressive bonus in the industry.
IC Markets' Pure Speed
Sub-40ms Execution Speed
Average order execution under 40 milliseconds. Equinix NY4/LD5 data center proximity with fiber-optic cross-connects to liquidity providers. Among the fastest retail execution globally.
2,250+ Tradable Instruments
Massive product range covering forex, indices, commodities, stocks, crypto, futures, and bonds. More than double XM's 1,000+ offering — unparalleled diversification for serious traders.
ASIC-Regulated Since 2007
Nearly 20 years under Australia's top-tier regulator. Segregated client funds at AA-rated banks. Deep compliance track record that few brokers can match.
cTrader Platform Included Free
Industry-leading cTrader platform with Level 2 pricing, advanced order types, and C#-based algorithmic trading. No extra cost — lower commission ($3/side) than the MT Raw account ($3.50/side).
When Markets Go Crazy — Who Protects Your Money?
NFP Friday. FOMC minutes. Flash crashes. This is when shady brokers widen spreads or reject orders. Here's how XM and IC Markets actually handled real-world chaos.
99.35% of orders executed in under 1 second. Zero requotes policy. Rock-solid during NFP, FOMC, and black-swan market events.
Sub-40ms average execution with true ECN fills. During extreme news events, spreads widen naturally as liquidity thins — real market behavior, not broker intervention. Both positive and negative slippage possible.
Explicitly guarantees no requotes. Strict slippage control. Most orders filled at requested price or better during normal conditions.
ECN model reflects genuine market depth. During fast markets, fills may slip but also offer positive slippage opportunities. Transparent but less controlled than XM's managed approach.
Segregated client funds and negative balance protection. Multi-jurisdiction regulatory framework across ASIC, CySEC, and FSC.
ASIC regulation since 2007 with segregated client money trust accounts at AA-rated banks. Professional indemnity insurance. Nearly 20-year operational track record with zero major regulatory incidents.
MT4/MT5 infrastructure is battle-tested. During black-swan events, server stability is reliable but execution speed can slow under extreme load.
Equinix NY4/LD5 hosting with dedicated fiber cross-connects. Multiple redundant servers across data centers. cTrader's infrastructure is independently maintained, providing platform diversity during outages — if MT goes down, cTrader is still live.
Still Undecided?
Your capital size. Your trading style. Your priorities. Tell us these things and we'll recommend whether XM or IC Markets fits you better.
What's your starting capital?
So Which One Is It?
You've seen the data. You know the trade-offs. XM for bonuses and low entry. IC Markets for raw ECN speed and platform diversity. Now pick your side.