To find the top fx brokers
, the team here at ForexBrokers.com collected over 6,000 data points during a seven month review of the forex industry. In this fx broker comparison, we will compare IC Markets vs XM.
To assess both of these forex brokers, we will begin with cost. Comparing two fx brokers on cost is not easy. First, not every broker publicizes their average spreads. And, for the brokers that do publish their data, the formulas used to calculate average spreads can vary. Furthermore, the currency pair you are trading can impact cost, as well as the execution policies of the broker. Dealing desk or no dealing desk? The list goes on and on. To make comparing cost easy, we have a star rating that takes everything into account. Both IC Markets and XM hold a 4.00 star rating.
Next to commissions and fees, regulation and currency availability are important to take into consideration. You want to trust and have confidence the forex broker you choose. IC Markets and XM both are regulated in a major hub. IC Markets nor XM are publicly traded companies. And, when it comes to total currency pairs available to trade, a quick comparison is helpful. IC Markets offers its clients access to 63 different currency pairs while XM has 57 available pairs, a difference of 6.
To round out our comparison of IC Markets vs XM, let's look at the tools and features most used by forex traders. For trading platforms, traders are all familiar with MetaTrader. Both IC Markets and XM offer Meta Trader. With a platform picked out, looking at charts is a must so they should be of high-quality. As part of our research, we count the number of drawing tools and total technical indicators available. Both brokers offer clients access to the same number of charting tools, 31. Both IC Markets and XM provide clients with access to 51 total indicators (eg, moving averages).
Overall, IC Markets comes out on top with 4.00 stars over XM's 3.50 stars. And, when it comes to individual category awards, unfortunately, neither IC Markets nor XM received awards Best in Class - Platforms & Tools, Best in Class - Research, Best in Class - Customer Service, Best in Class - Active Trading, Best in Class - Mobile Trading and Best in Class - Investor Education.