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Understanding IC Markets Account Types
IC Markets is renowned for its competitive pricing, particularly for high-volume traders and those employing Expert Advisors (EAs). They primarily offer two main account types: the Raw Spread account and the Standard account, alongside a niche Islamic account option.
IC Markets Raw Spread Account
* Spreads: This account is designed for traders seeking the tightest possible spreads, often as low as 0.0 pips on major pairs like EUR/USD. The trade-off is a commission.
* Commission: A commission of typically £3.00 (or $3.50 USD) per lot per side is charged, making it £6.00 (or $7.00 USD) per round turn lot.
* Minimum Deposit: Generally, a minimum deposit of around £160 (or $200 USD) is required.
* Execution: ECN-like execution with deep liquidity, ideal for scalping and high-frequency trading.
* Platforms: Available on MetaTrader 4 (MT4), MetaTrader 5 (MT5), and cTrader.
IC Markets Standard Account
* Spreads: While not as tight as the Raw Spread account, the Standard account offers commission-free trading with spreads starting from typically 0.6 pips on EUR/USD.
* Commission: No commission is charged.
* Minimum Deposit: Also typically around £160 (or $200 USD).
* Execution: Standard market execution.
* Platforms: Available on MT4, MT5, and cTrader.
IC Markets Islamic Account
For Muslim traders, IC Markets offers swap-free versions of both their Raw Spread and Standard accounts, adhering to Sharia law. These accounts do not incur overnight interest charges (swaps) but may have alternative administrative fees on certain instruments if positions are held for an extended period.
Understanding XM Account Types
XM provides a broader range of account types, catering to various trading styles and capital sizes, from micro-lots to larger volumes. Their offerings include the Micro, Standard, and XM Ultra Low accounts.
XM Micro Account
* Spreads: Spreads typically start from 1.0 pip on major pairs.
* Commission: No commission is charged.
* Minimum Deposit: Exceptionally low, often around £4 (or $5 USD), making it accessible for beginners or those testing strategies with small capital.
* Lot Size: Allows trading in micro-lots (1,000 units of base currency), reducing risk exposure.
* Platforms: Available on MT4 and MT5.
XM Standard Account
* Spreads: Spreads generally start from 1.0 pip, similar to the Micro account.
* Commission: No commission is charged.
* Minimum Deposit: Also a low minimum, typically around £4 (or $5 USD).
* Lot Size: Trades in standard lots (100,000 units of base currency).
* Platforms: Available on MT4 and MT5.
XM Ultra Low Account
* Spreads: Designed for lower trading costs, spreads start from typically 0.6 pips on major pairs.
* Commission: Available in both commission-free and commission-based variations. The commission-based option typically offers tighter spreads (e.g., Raw Ultra Low).
* Minimum Deposit: A higher minimum deposit is usually required, often around £40 (or $50 USD).
* Platforms: Available on MT4 and MT5.
XM Shares Account
XM also offers a Shares Account specifically for trading CFDs on shares, which operates differently from their Forex/indices accounts, typically with commissions per share traded.
IC Markets vs XM Account Types Comparison Table
| Feature | IC Markets Raw Spread | IC Markets Standard | XM Micro | XM Standard | XM Ultra Low |
| :------------------ | :----------------------------------------- | :--------------------------------------- | :-------------------------------------- | :-------------------------------------- | :------------------------------------------------ |
| Spreads EUR/USD | From 0.0 pips (typical, at time of writing — check broker site) | From 0.6 pips (typical, at time of writing — check broker site) | From 1.0 pip (typical, at time of writing — check broker site) | From 1.0 pip (typical, at time of writing — check broker site) | From 0.6 pips (typical, at time of writing — check broker site) |
| Spreads GBP/USD | From 0.0 pips (typical, at time of writing — check broker site) | From 0.8 pips (typical, at time of writing — check broker site) | From 1.8 pips (typical, at time of writing — check broker site) | From 1.8 pips (typical, at time of writing — check broker site) | From 1.1 pips (typical, at time of writing — check broker site) |
| Spreads XAU/USD | From 0.0 pips (typical, at time of writing — check broker site) | From 0.2 pips (typical, at time of writing — check broker site) | From 2.5 pips (typical, at time of writing — check broker site) | From 2.5 pips (typical, at time of writing — check broker site) | From 1.5 pips (typical, at time of writing — check broker site) |
| Commission | £6.00/round turn lot (typical, at time of writing — check broker site) | None | None | None | None (or commission for Raw Ultra Low) (typical, at time of writing — check broker site) |
| Min Deposit | £160 / $200 (typical, at time of writing — check broker site) | £160 / $200 (typical, at time of writing — check broker site) | £4 / $5 (typical, at time of writing — check broker site) | £4 / $5 (typical, at time of writing — check broker site) | £40 / $50 (typical, at time of writing — check broker site) |
| Regulators | ASIC, CySEC, FSA Seychelles (typical, at time of writing — check broker site) | ASIC, CySEC, FSA Seychelles (typical, at time of writing — check broker site) | FSC Belize, CySEC, ASIC, DFSA, FSCA (typical, at time of writing — check broker site) | FSC Belize, CySEC, ASIC, DFSA, FSCA (typical, at time of writing — check broker site) | FSC Belize, CySEC, ASIC, DFSA, FSCA (typical, at time of writing — check broker site) |
| Platforms | MT4, MT5, cTrader | MT4, MT5, cTrader | MT4, MT5 | MT4, MT5 | MT4, MT5 |
Verdict by Trader Type
Choosing between IC Markets and XM ultimately depends on your individual trading preferences, capital, and strategy.
For Cost-Sensitive, High-Volume Traders (e.g., Scalpers, EAs):
IC Markets Raw Spread Account is likely the superior choice. Its ultra-tight spreads with a fixed commission often result in lower overall trading costs for active traders who execute many trades.
For Beginners or Small Capital Traders:
XM Micro or Standard Account stands out. The extremely low minimum deposit and ability to trade micro-lots (on the Micro account) make XM highly accessible for those starting out or looking to test strategies with minimal risk.
For Traders Preferring Commission-Free Trading with Decent Spreads:
IC Markets Standard Account or XM Ultra Low Account are both strong contenders. The XM Ultra Low often provides a better balance for those who want tighter spreads than the basic XM accounts without the commission structure of IC Markets' Raw Spread. IC Markets Standard offers a solid commission-free option with competitive spreads.
For cTrader Users:
IC Markets is the clear winner, as XM does not offer the cTrader platform.
Our Featured Partner: Vantage
For those seeking another top-tier trading experience, consider our featured partner, Vantage. Vantage offers competitive spreads, robust platforms, and excellent client support. You can explore their offerings and Open a Vantage account.
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