XTB and IC Markets are often compared to each other as they are both STP/ECN brokers advertising spreads from 0.0 pips. Our actual comparison below found IC Markets the clear winner based on spreads, trading features and more.
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Your trading experience and style will determine the appropriate account. If you are a beginner new to trading, standard accounts will provide a simple pricing structure and eliminate the need to perform complex fee calculations. On the other hand, ECN Accounts are ideal if you are looking to execute scalping, day trading, or algorithmic trading strategies.
IC Markets offers traders a Standard or Raw account type and pricing structure for CFD and forex trading.
If you sign up for an IC Markets Raw account, the commission fee you pay depends on the trading platform you use. cTrader users pay $3 per side per 100k traded and MetaTrader 4 or MT5 users pay a fee of $3.50 per side, per 100k.
Although XTB offers two account types and a choice of commission or no-commission pricing structures, the Pro commission account is only available to certain traders and minimum spreads vary by location (explained in more detail in the spreads section below).
If you are a forex trader that follows Islamic finance practises, you can sign up for an Islamic Account type with either broker. As Islamic traders cannot pay or receive interest-based payments under Sharia Law, Islamic accounts are swap-free and incur no interest-based overnight financing fees (swap rates).
Both brokers offer demo accounts, allowing you to explore the platforms and trading conditions in a risk-free environment before trading with real money. Demo accounts are a great risk management tool, as beginner traders can learn how to trade, while experienced traders can test out different trading strategies in real-time conditions.
XTB and IC Markets are both STP brokers that follow an ECN pricing model. Unlike market makers that set their bid-ask prices and use their own liquidity to fill orders, STP/ECN brokers use multiple sources of external liquidity to determine spreads and fill orders.
Both brokers offer standard accounts with no commission spreads, as well as ECN accounts that charge a small commission fee when you open and close a trade.
When IC Markets and XTBs ECN Account types and spreads are compared, IC Markets is the clear winner. As shown below, IC Markets offers the tight ECN spreads when compared to competing online brokers. For the EUR/USD, IC Markets Raw spreads average 0.10 pips, while Pepperstone offers 0.16 pips and XTB 0.30 pips.
For major currency pairs like the GBP/USD and AUD/JPY IC Markets offer average spreads of 0.40 pips, significantly less than competing brokers like FxPro that average over 1.0 pip.
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Commission ECN Accounts
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0.02 | 0.17 | 0.30 | 0.50 | 0.23 |
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0.30 | 0.50 | 0.50 | 0.60 | 0.60 |
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0.44 | 0.42 | 0.30 | 0.50 | 0.85 |
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0.52 | 0.80 | 1.11 | 1.41 | 0.65 |
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0.50 | 0.70 | 0.80 | 1.70 | 0.50 |
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0.12 | 0.22 | 0.43 | 0.55 | 0.69 |
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0.44 | 1.23 | 1.23 | 1.17 | 1.08 |
Avg. spreads are taken from each broker's website and updated monthly. Last update on 01/09/2023
When no commission, standard spreads are compared, IC Markets offers the lowest average spreads for major fx pairs like the AUD/JPY, EUR/JPY and USD/CAD.
XTB offers a slightly tighter average spread 1.30 pips than IC Markets 1.40 pips for the EUR/GBP, while AvaTrade provides the lowest spreads of 1.10 pips for the USD/JPY.
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No Commission Standard Accounts
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1.50 | 1.27 | 1.30 | 0.74 | 0.85 |
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1.70 | 1.40 | 1.40 | 1.40 | 1.80 |
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3.19 | 1.37 | 1.87 | 1.40 | 1.73 |
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0.70 | 0.60 | 0.40 | n/a | 0.60 |
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2.10 | 1.50 | 1.80 | 1.00 | 2.00 |
Avg. spreads are taken from each broker's website and updated monthly. Last update on 01/09/2023
Please note, that the FCA-regulated XTB subsidiary does not offer a Pro Account with commission spreads, only branches regulated by CySEC (Cyprus) and KNF (Poland) offer this. Minimum forex spreads vary depending on your location and the regulator of the XTB branch you are trading with. For example, the FCA regulated subsidiary offers minimum spreads of 0.35 pips for a standard account, while the IFSC regulated branch offers spreads as low as 0.5 pips.
IC Markets is the clear winner across the board with their ECN account, they are the clear winner of this round. Also, IC Markets beats XTB and competing brokers for most major currency pairs when standard, no commission spreads are compared.
Whether you are a beginner trader or want algorithmic trading features, XTB and IC Markets offer top trading platforms that suit all styles of trading. IC Markets offer the three most popular mainstream trading platforms available – MetaTrader 4 (MT4), MetaTrader 5 and cTrader, while XTB provides access to either xStation 5 or MT4.
The platforms available to IC Markets clients provide sophisticated trading tools that allow you to fully automate trading and conduct advanced market analysis. MT4 and cTrader are ideal for those wanting to focus on forex trading, while MT5 is great if you are looking to trade a diverse selection of CFDs including shares.
MT4 is a forex trading platform available to both IC Markets Standard and Raw Spread account holders. The platform is favoured by retail investor accounts for its algorithmic trading features, where you can automate trading using Expert Advisors (trading robots). Expert Advisors (EAs) eliminate the need to conduct lengthy technical analysis and place individual orders and can be written using the MQL4 programming language or downloaded online from the MetaTrader Marketplace. Other key MT4 trading tools include:
While its predecessor was originally designed for forex trading, MT5 is a multi-asset platform that offers wider market access with the ability to trade stock CFDs as well as the assets available on MT4. You gain access to a similar but extended selection of trading tools on the platform which is accessible to both Standard and Raw Spread accounts.
cTrader is only available to IC Markets Raw Spread account holders and provides access to institutional-grade trading conditions with deep liquidity. Similarly to MetaTrader platforms, algorithmic trading tools let you automate trading, yet they are called cBots (rather than EAs). cTrader is well-suited to forex traders, with market access to 64 currency pairs along with 16 indices. Additional features include:
The broker offers you a choice of their proprietary trading platform, xStation or MetaTrader 4. Both platforms are available as desktop trading platforms, web trader platforms, or mobile apps for Android and iOS devices.
xStation is the broker’s proprietary software and is available as a mobile app, desktop or web trader platform. xStation is a multi-asset platform, giving you access to XTB’s full product range with thousands of CFDs. xStation features include:
XTB clients can access the same trading tools as IC Markets traders using MT4. The platform is a good option for XTB clients looking to automate trading with Expert Advisors, as these features aren’t available on xStation software.
Please note that MT4 is not available to clients outside Europe and is signed up to the IFSC regulated branch.
As IC Markets offers the three most popular forex trading platforms in the world, overall the broker offers the best trading platforms. You can easily automate trading, perform sophisticated analysis and access a range of CFDs with tight pricing on MetaTrader 4, MetaTrader 5 or cTrader.
The maximum leverage you can trade with depends on two main factors:
Additionally, to reduce the high risk of forex and CFDs for their clients, some brokers may enforce maximum leverage less than what is legally permitted in the broker’s jurisdiction.
IC Markets ASIC (Australia) and FSA (Seychelles) regulated subsidiaries offer a maximum leverage of 500:1 for forex trading (30:1 retail in Australia). Although such high leverage can magnify your profits, it also increases the high risk and magnifies losses as well.
In Australia, high leverage is currently available but from Nov 2021, leverage caps similar to Europe will be enforced. The IC Markets European branch is regulated by CySEC, meaning you can only trade forex with leverage up to 30:1.
XTB’s UK and European branches enforce leverage caps in line with the regulation set by The European Securities and Markets Authority (ESMA). The UK and European subsidiaries cap leverage at 30:1 for major currency pairs and 20:1 for minor forex pairs.
The broker’s international branch regulated by the IFSC offers a much higher maximum leverage of 500:1 for major forex pairs, although this is still less than what the IFSC allows (1000:1).
IC Markets offer an excellent range of CFDs ranging from minor currency pairs to Bitcoin and bonds. As mentioned, if you want to trade Share CFDs you will need to use MetaTrader 5 while only forex and indices are available on cTrader.
The broker offers an impressive product range with thousands of different CFDs to choose from. In total, XTB offers a more diverse selection of CFDs than IC Markets or other competing brokers, with 1,846 shares and 25 cryptocurrencies.
As XTB offers thousands of stocks, over 100 ETFs and 25 cryptocurrency CFDs, they provide the best market access when compared to IC Markets.
IC Markets provide award-winning customer support via live chat, phone and email. As well as a quality team of customer service representatives, IC Markets offers various materials to help you learn about forex and CFD trading. An excellent range of educational resources and research tools are freely available on the broker’s website:
XTB operates 14 different offices around the world, with a strong presence in Europe. To contact the broker directly, you can get in touch with customer service representatives via phone, live chat or email 24 hours a day, 5 days a week.
Similarly to IC, XTB offers a great range of educational materials to help you expand your knowledge. A Trading Academy includes basic, intermediate and expert categories with subjects like fundamental analysis, xStation and MT4 tutorials. There is also a premium category that xStation mobile app users can access.
Along with the trading academy, the following educational resources are available:
IC Markets is one of the few brokers globally to offer 24/7 customer support. XTB like most brokers, have a customer service team available 24 hours a day, five days a week.
As you can get in touch with IC Markets at any time of the day, they offer the best customer support overall.
Whether you choose a Standard or Raw Spread account type, IC Markets requires a minimum deposit of $200 and for you to choose one of the following 11 base currencies when setting up an account:
IC Markets offer an impressive 15 fee-free funding options. The broker also does not charge any fees for withdrawals with the exception of international bank wire transfers that incur a $20 fee.
To open an account and start trading, the broker requires you to make an initial minimum deposit of £250, €250, or $250. You can establish your trading account with EUR, USD, GBP or HUF as your base currency, although this depends on where you live and the XTB subsidiary you are trading with. A selection of funding methods are available:
When withdrawing funds from your XTB account, withdrawals amounting to less than $50 will be charged a fee of $30. Otherwise, withdrawals are fee-free.
With 11 base currency options and over 15 fee-free funding methods, IC Markets is the clear winner regarding account opening and funding. Additionally, a small minimum deposit of $200 is needed, less than XTB’s minimum deposit requirement of $250.
Both brokers are overseen by a number of top-tier financial authorities, including CySEC, and have a strong presence in Europe. As forex and CFDs are considered complex instruments with a high risk of losing money, it is best to start trading with a regulated broker that provides strong risk management tools.
Regardless of the broker or subsidiary, you sign up to, your trading account balance will be kept in a separate account from the broker’s operational capital. Segregated client funds are common practice for most brokers around the world to protect retail investor account balances in the case a broker becomes insolvent.
IC Markets is a top broker based out of Sydney, Australia, but regulated by three major financial authorities around the world:
As well as being a CySEC and ASIC regulated broker, IC Markets offers risk management tools in the form of order types. Order types help you reduce the high risk of trading by allowing you to set limits on losses while maximising profits. Depending on the trading platform you choose, pending order types such as stop-loss orders, trailing stops, limit orders and take profits will be available.
XTB is a London based broker, yet has a brick and mortar presence in over 10 different countries. In terms of regulatory oversight, XTB subsidiaries follow the financial regulation set by five major financial authorities around the world:
XTB also offers pending order types like IC Markets, yet the broker also offers traders based in the UK or Ireland negative balance protection. Under FCA requirements, UK brokers offer negative balance protection, meaning you can never enter into a negative trading balance and end up in debt to your broker.
Both brokers are overseen by top-tier financial regulators and offer a good range of risk management tools. The brokers are a tie for this category.
When IC Markets and XTB go head to head, IC Markets is the clear winner overall. When trading forex and CFDs with IC, you can choose between a standard, no commission account, or an ECN account where you pay a small commission fee.
IC Markets offer some of the tightest spreads available to retail investor accounts via its Raw Spread Account type – with the EUR/USD forex pair averaging 0.1 pips.
To access and trade the broker’s ultra-low forex spreads, you can use either MetaTrader 4, MetaTrader 5 or cTrader, all of which provide a great selection of trading tools including algorithmic trading features for automation (Expert Advisers or cBots).
To start trading with IC, a small minimum deposit is required and a range of fee-free funding methods are offered by the broker. Finally, IC Markets is an Australian broker that follows the regulation set by three major financial authorities (ASIC, CySEC and FSA), meaning they are seen as safe and secure by the global forex community.
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