Deposit Methods Overview
Both IC Markets and XM are popular choices among UK forex traders, offering a variety of ways to fund your trading account. While many methods overlap, there are distinct differences in terms of available options, currencies, and potential fees.
IC Markets Deposit Methods
IC Markets generally offers a broad range of deposit options designed to cater to a global client base, including UK traders. Their focus is often on providing fast and low-cost solutions.
Key deposit methods typically available with IC Markets include:
* Credit/Debit Cards: Visa, MasterCard (instant processing, no fees).
* Bank Wire Transfer: (2-5 business days, no fees from IC Markets, but intermediary bank fees may apply).
* e-Wallets: PayPal, Skrill, Neteller, UnionPay, FasaPay, POLi, BPay (mostly instant, no fees).
* Broker to Broker Transfer: (2-5 business days, no fees).
IC Markets supports several base currencies for accounts, including GBP, EUR, USD, AUD, CAD, CHF, HKD, JPY, NZD, SGD. Deposits made in a currency other than your account base currency may incur conversion fees from your bank or payment provider.
XM Deposit Methods
XM also provides a robust selection of deposit methods, aiming for convenience and accessibility. They are known for offering a wide array of localised payment solutions.
Common deposit methods available with XM typically include:
* Credit/Debit Cards: Visa, MasterCard, Maestro (instant processing, no fees).
* Bank Wire Transfer: (2-5 business days, no fees from XM, but intermediary bank fees may apply).
* e-Wallets: Skrill, Neteller, WebMoney, FasaPay, SticPay, Perfect Money (mostly instant, no fees).
* Local Payment Solutions: A variety of country-specific options may be available depending on your region, though UK traders will primarily use the global methods listed.
XM supports a comprehensive list of base currencies for accounts, such as USD, EUR, GBP, JPY, AUD, ZAR, SGD, THB, etc. Similar to IC Markets, depositing in a different currency might lead to conversion charges.
Fees and Processing Times
Understanding the fees and processing times associated with each deposit method is crucial. Both brokers strive to offer commission-free deposits, but third-party charges can still apply.
IC Markets Fees and Times
* Credit/Debit Cards: Instant, 0% fee from IC Markets.
* Bank Wire Transfer: 2-5 business days. IC Markets does not charge fees for deposits, but you should confirm with your sending bank about any outgoing or intermediary bank charges. For deposits over 200 AUD (or equivalent), IC Markets will reimburse international bank fees.
* e-Wallets (PayPal, Skrill, Neteller, etc.): Instant. IC Markets charges 0% for these deposits. Some e-wallet providers might charge fees for funding your e-wallet account.
XM Fees and Times
* Credit/Debit Cards: Instant, 0% fee from XM.
* Bank Wire Transfer: 2-5 business days. XM covers all transfer fees for deposits over 200 USD (or equivalent). For smaller amounts, your bank may charge a fee.
* e-Wallets (Skrill, Neteller, etc.): Instant, 0% fee from XM. As with IC Markets, check for any fees from the e-wallet provider itself.
Note on Currency Conversion: If you deposit in a currency different from your trading account's base currency, both brokers will convert the funds. While they typically don't charge a separate fee for this, the exchange rate applied might include a spread, effectively acting as a cost.
Minimum Deposit Requirements
* IC Markets: The typical minimum initial deposit is 200 USD (or equivalent in GBP). However, for bank transfers, some banks might have higher minimums for international transfers.
* XM: The minimum initial deposit can be as low as 5 USD (or equivalent in GBP) depending on the account type (e.g., Micro Account) and payment method. Standard and XM Zero accounts typically require 50 USD, while Ultra Low accounts might require 50-100 USD.
This lower minimum entry point makes XM potentially more accessible for beginners or those with smaller capital.
Comparison Table: IC Markets vs XM
| Feature | IC Markets | XM |
| :---------------------- | :------------------------------------------------------ | :-------------------------------------------------------- |
| Spreads (EUR/USD) | From 0.0 pips (Raw Spread), typical 0.6 pips (Standard) | From 0.6 pips (XM Ultra Low), typical 1.6 pips (Standard) |
| Spreads (GBP/USD) | From 0.0 pips (Raw Spread), typical 0.8 pips (Standard) | From 0.8 pips (XM Ultra Low), typical 2.0 pips (Standard) |
| Spreads (XAU/USD) | Typical 0.15 (Raw Spread) | Typical 20-35 cents (XM Ultra Low) |
| Commission (per lot) | $3.5 per side (Raw Spread) | $3.5 per side (XM Zero), $0 (Standard/Micro) |
| Minimum Deposit | Typical $200 USD (or equivalent) | From $5 USD (or equivalent, varies by account type) |
| Regulators | ASIC, CySEC, FSA Seychelles, SCB | CySEC, FSC Belize, ASIC, DFSA UAE |
| Platforms | MT4, MT5, cTrader | MT4, MT5 |
*Figures are typical, at time of writing — check broker site for the most current information.*
Verdict by Trader Type
For Cost-Conscious Traders (Deposit Fees)
Both brokers offer fee-free deposits for most common methods like credit/debit cards and e-wallets. For bank transfers, XM typically covers fees for deposits over 200 USD, while IC Markets covers international bank fees over 200 AUD. In practice, for UK traders using common methods, the direct deposit fees from the broker are usually negligible for both.
For Speed-Oriented Traders
Again, both IC Markets and XM excel here, with most electronic deposit methods (cards, e-wallets) processing funds instantly. Bank transfers remain the slowest option for both.
For Traders with Smaller Capital
XM has a distinct advantage with its lower minimum initial deposit of just 5 USD for certain account types. This makes it a more accessible choice for beginners or those looking to start trading with very limited capital compared to IC Markets' typical 200 USD minimum.
For Traders Prioritising UK-Specific Methods
While neither broker explicitly offers unique "UK-only" methods beyond standard cards and bank transfers, both integrate well with global payment providers popular in the UK. The choice here comes down to personal preference for specific e-wallets.
Conclusion
Both IC Markets and XM provide excellent and varied deposit methods, prioritising speed and minimising direct broker fees. The primary differentiators lie in their minimum deposit requirements and the specific array of e-wallet options. XM offers greater accessibility for new traders with smaller starting capital, while IC Markets remains a solid choice with a comprehensive suite of instant funding options. Ultimately, the best choice depends on your individual financial situation and preferred payment gateways.
Remember, CFD trading carries significant risk and can result in the loss of your invested capital.
We recommend considering Vantage as a strong alternative for UK traders. You can explore their offerings and