In the complex world of forex trading, choosing a reputable and suitable trading platform is the key to success. ICMarkets and XM are two trading platforms that a large number of investors are interested in and choose. As a newcomer to the financial market, which forex broker should you choose? Let’s join Learn Forex Trading to find out information about ICMarkets vs XM in this article!
Overview of ICMarkets vs XM exchange
These are the two leading Forex trading exchanges on the market, known for their reputation and quality trading services. Both exchanges have a large number of users and have been operating for many years with clear and transparent legal information.
Legal information of ICMarkets Forex exchange
ICMarkets forex exchange operates under the company name International Capital Markets Pty Ltd. Registered and regulated by the Australian Monetary Authority with license number AFSL 335692. ICMarkets follows strict ASIC regulations, including regulations on financial management, security, and transparency. in transactions. Besides, ICMarkets also participates in the Currency Holding Center and the Financial Surveillance program in New Zealand.
Legal information on XM exchange
XM operates under the company name Trading Point Holdings Ltd. Registered and regulated by the Cyprus Monetary and Securities Authority with license number CIF 120/10. XM also meets international standards by participating in the New Zealand Financial Supervision program and participating in the OTC Currency Holding Center.
>>>See more: Instruct with an ICMarkets open account swiftly
Compare Forex ICMarkets with XM
ICMarkets vs XM are both good choices with reliability and good trading conditions that traders can use with peace of mind. To know which exchange to trade on, see the comparison section below.
ICMarkets trading tools with XM
ICMarkets offers a diverse range of trading instruments, including major currency pairs, commodities, indices, and cryptocurrencies. This allows users to trade flexibly and c
Choose from trading opportunities from a variety of markets.
Similar to ICMarkets forex exchange, XM also offers major currency pairs, commodities, indices, and cryptocurrencies. Allows traders to access a variety of trading opportunities.
Platforms and trading languages of the two exchanges
Both ICMarkets vs XM exchanges support popular trading platforms such as MetaTrader 4, MetaTrader 5, and many trading languages, convenient for traders from all over the world.
Evaluation of the trading market between ICMarkets and XM
ICMarkets is famous for its transparency and competition in providing services, creating a clear and trustworthy trading environment. ICMarkets often offers competitive spreads, especially on ECN accounts. This helps traders save on trading costs and optimize profits.
XM exchange is also an attractive choice with market diversity. XM allows trading of a wide range of assets, from major currency pairs, commodities, and indices to cryptocurrencies.
ICMarkets vs XM trading account types
ICMarkets offers the following trading account types:
- Raw Spread Account: this is an ECN account with extremely low spreads and high transparency. Suitable for traders who want to save costs and have trading experience.
- Standard Account: standard account with medium spreads, suitable for beginner traders.
- Islamic Account: swap-free account, suitable for traders with religious views.
- cTrader Account: account using the cTrader trading platform with ECN trading feature.
XM trading account:
- Micro Account: micro account with small transaction size. Suitable for beginners who want to test real trading with small amounts of money.
- Standard Account: standard account with average spread. Suitable for traders who want to experience forex trading in larger quantities.
- XM Zero Account: ECN accounts with low spreads and high trading fees. For professional traders.
- Islamic Account: swap-free account, suitable for traders with religious views.
Transaction fees, minimum deposits, and commissions
ICMarkets vs XM has different trading fees, minimum deposits, and commissions. Below are the main fees you need to know when trading on these two exchanges:
ICMarkets exchange
- Transaction fee: it depends on the account type you choose. Raw Spread (ECN) accounts typically have low spreads but have a basic transaction fee per trade.
- Minimum deposit: ICMarkets does not require a fixed minimum deposit amount.
- Commission: If you choose the Raw Spread (ECN) account, you will pay a fixed commission for each trade order. The specific commission amount depends on the currency pair and account type you choose.
XM exchange
- Trading fees: XM often offers account types with variable spreads. XM’s trading fees are integrated into the spread, there are no separate trading fees like ICMarkets.
- Minimum deposit: XM requires a minimum deposit amount for different account types. The minimum amount usually ranges from 5 USD to 100 USD depending on the account type.
- Commission: Since trading fees are integrated into the spread, users do not have to pay separate commissions to XM.
ICMarkets vs XM spread
ICMarkets is famous for providing competitive and transparent spreads, especially on ECN account types. ICMarkets spreads are typically low and variable, depending on market conditions and the account type you choose.
For example, on a Raw Spread (ECN) account, spreads for major currency pairs such as EUR/USD are usually as low as 0.0 pips. This means you have the ability to execute trades with almost zero or very low spreads.
XM also offers competitive and diverse spreads. Suitable for many different account types and trading conditions. XM spreads also vary based on the market and account type you choose.
For example, on a Standard account, spreads for major currency pairs like EUR/USD usually start from around 1 pip. Meanwhile, on XM Zero (ECN) accounts, spreads can be lower, starting from 0.0 pips for some currency pairs.
The leverage level of the two exchanges
ICMarkets offers flexible options leverage. Allows users to customize leverage levels to suit their strategy and trading knowledge. The maximum leverage allowed by ICMarkets is 1:500.
The maximum leverage that XM offers is usually 1:888. It depends on the account type and the regulations of the region you are trading in. See more leverage of the two exchanges ICMarkets vs XTB here.
Trader support service
Both ICMarkets and XM exchanges provide customer support services through channels including:
- Live support: ICMarkets and XM offer 24/7 customer support via live chat on their websites. This makes it possible for traders to receive quick answers to questions or problems encountered.
- Phone support: ICMarkets and XM exchanges provide support phone numbers for different regions, allowing you to contact the support team directly when needed.
- Email support: You can also contact ICMarkets and XM via email to ask questions or resolve related issues.
Should I choose ICMarkets or XM?
Through the above sharing, you have also seen that ICMarkets has a stronger advantage than XM, right? Therefore, if you have to make a choice, we think you should choose ICMarkets. Why? Because ICMarkets has many outstanding advantages as follows:
Advantages of ICMarkets Forex exchange
- ICMarkets Forex exchange is famous for its transparency in spreads and trading fees. This helps you better understand trading costs and optimize your planning.
- In many cases, ICMarkets offers competitive spreads. Especially on ECN accounts, helping you save on trading costs.
- ICMarkets allows you to customize your leverage level, giving you flexibility in managing risk and profits.
>>>See more: ICMarkets Review: Trading platform and top advantages
Disadvantages of ICMarkets exchange
On ECN (Raw Spread) accounts, ICMarkets has a separate commission fee for each trading order. This may increase your transaction costs. You can refer to the article comparing ICMarkets vs Exness!
Epilogue
Through Learn Forex Trading‘s general review, you can see that both ICMarkets vs XM exchanges have their own advantages and disadvantages and are suitable for different traders. When deciding on a broker, you should consider important factors such as account type, spreads, leverage, and support services. Wishing you a smooth market participation and successful trading!
Frequently asked questions?
How do ICMarkets and XM spreads compare?
ICMarkets is famous for its transparency and low spreads on ECN accounts. While XM offers competitive spreads on all account types, especially ECN accounts.
What is the support service of ICMarkets and XM like?
Both ICMarkets and XM provide support via live chat, phone, and email.
What types of trading accounts does ICMarkets vs XM have?
ICMarkets and XM offer a variety of trading accounts such as ECN, Standard, and Micro accounts.
