IC Markets vs XM Group for Canada Traders (2026)
Which broker is better for Canada traders in 2026? Expert analysis across 12 categories.
Canada traders looking for a reliable forex broker often compare IC Markets and XM Group, two globally recognized names with strong scores (4.8/5 and 4.7/5 respectively). Both brokers accept Canadian residents and offer flexible deposit methods including Bank Transfer, Skrill, Neteller, and USDT, making it easy to fund accounts in USD. While neither is regulated by a local Canadian regulator like CIRO, they operate under reputable international licenses (CySEC, ASIC, FSA). IC Markets is known for its ultra-low spreads and ECN execution, ideal for active retail traders, while XM Group attracts beginners with generous bonuses and extensive educational content. This comparison breaks down costs, platforms, regulation, and local payment options to help you choose the best fit for your trading style in Canada.
| Instrument | IC Markets | XM Group | Winner |
|---|---|---|---|
| EUR/USD avg spread | 0.09 pips + $3.5/lot | 0.0 pips + $3.5/lot | XM Group |
| XAU/USD (Gold) | $0.14 typical | $0.12 typical | XM Group |
| GBP/USD avg spread | 0.29 pips | 0.23 pips | XM Group |
| Standard acc spread | from 1.0 pips | from 0.8 pips | XM Group |
| ECN commission | $3.5/lot/side | $3.5/lot/side | Tie |
| Min deposit | $200 | $5 | IC Markets |
| Inactivity fee | ✓ | ✓ | Tie |
For Canada traders, trading costs are a critical factor. IC Markets offers spreads from 0.0 pips on its Raw Spread account with a $3.50 commission per lot round-turn, making it highly cost-effective for high-volume traders. XM Group's standard account has spreads starting at 0.6 pips on EUR/USD with no commission, which is competitive but slightly higher on a per-lot basis. On a 10-lot trade, IC Markets costs around $35 in commission versus XM's $60 in spread cost, saving $25 per trade. For scalpers and day traders in Canada, IC Markets' raw pricing is more economical, while XM's zero-commission model suits lower-frequency traders.
| Account Type | IC Markets | XM Group |
|---|---|---|
| Standard account | ✓ | ✓ |
| ECN / Raw spread | ✓ | ✓ |
| Islamic (swap-free) | ✓ | ✓ |
| Demo account | ✓ | ✓ |
| PAMM / MAM account | ✓ | ✓ |
| Zero spread account | ✓ | ✓ |
| Copy trading | ✗ | ✗ |
| VPS trading | ✓ | ✓ |
| Min deposit | $200 | $5 |
| Neg. balance protection | ✓ | ✓ |
| Entity / Asset | IC Markets | XM Group |
|---|---|---|
| Canada (offshore) | Up to 1:500 | Up to 1:500 |
| Forex major pairs | 1:500 | 1:500 |
| Gold (XAU/USD) | 1:200 | 1:200 |
| Indices | 1:100 | 1:100 |
| Cryptocurrencies | 1:2 to 1:10 | 1:2 to 1:10 |
| Margin call level | 80% | 80% |
| Stop out level | 50% | 50% |
| Asset Class | IC Markets | XM Group | Winner |
|---|---|---|---|
| Forex pairs | 90+ | 65+ | IC Markets |
| Gold (XAU/USD) | ✓ | ✓ | Tie |
| Oil (WTI/Brent) | ✓ | ✓ | Tie |
| Stock indices | 25+ indices | 20+ indices | IC Markets |
| Crypto CFDs | 30+ | 20+ | IC Markets |
| Stocks / Share CFDs | ✗ | ✗ | XM Group |
| ETFs | ✗ | ✗ | Tie |
| Options | ✗ | ✗ | Tie |
| Futures | ✗ | ✗ | Tie |
| Platform | IC Markets | XM Group |
|---|---|---|
| MetaTrader 4 (MT4) | ✓ | ✓ |
| MetaTrader 5 (MT5) | ✓ | ✓ |
| cTrader | ✓ | ✗ |
| TradingView | ✗ | ✗ |
| Expert Advisors (EAs) | ✓ | ✓ |
| Scalping allowed | ✓ | ✓ |
| Hedging allowed | ✓ | ✓ |
| Fixed spreads | ✗ | ✗ |
| Variable spreads | ✓ | ✓ |
Both brokers offer the industry-standard MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms, which are widely used by Canada traders for their advanced charting and automated trading capabilities. IC Markets also provides cTrader, a powerful platform with Level II pricing and algorithmic trading tools, favored by ECN traders. XM Group adds its proprietary XM WebTrader for browser-based trading, which is user-friendly for beginners. For Canada traders, IC Markets' cTrader offers an edge for those needing deep liquidity and fast execution, while XM's platform suite is more accessible for casual traders.
| Factor | IC Markets | XM Group | Winner |
|---|---|---|---|
| Execution model | ECN/STP | True ECN | XM Group |
| Avg execution speed | ~30ms | ~40ms | IC Markets |
| Slippage | Very low | Very low | Tie |
| Requotes | Very rare | Very rare | Tie |
| Dealing desk | ✗ | ✗ | Tie |
| Scalping allowed | ✓ | ✓ | Tie |
| News trading | ✓ | ✓ | Tie |
| EA / Bot trading | ✓ | ✓ | Tie |
IC Markets boasts ultra-fast execution speeds of under 40ms on its True ECN servers, with no requotes and deep liquidity from multiple banks. XM Group offers execution speeds of around 200ms on average, which is still reliable but slower than IC Markets. For Canada traders engaged in scalping or high-frequency trading, IC Markets' execution is superior. XM Group's execution is adequate for swing and position traders who prioritize stability over speed.
| Safety Factor | IC Markets | XM Group |
|---|---|---|
| Primary regulator | ASIC | ASIC |
| Reg number | #335692 | #443670 |
| Verify registration | Verify ↗ | Verify ↗ |
| Top-tier regulated | ✓ | ✓ |
| Investor protection | ✓ | ✓ |
| Segregated funds | ✓ | ✓ |
| Neg. balance protection | ✓ | ✓ |
IC Markets is regulated by the Australian Securities and Investments Commission (ASIC) and the Cyprus Securities and Exchange Commission (CySEC), while XM Group holds licenses from CySEC, the Financial Services Authority (FSA) in Belize, and the Australian Securities and Investments Commission (ASIC). Neither broker is regulated by a local Canadian regulator, meaning Canada traders do not have access to the Canadian Investor Protection Fund (CIPF) or Ombudsman for Banking Services and Investments (OBSI). However, both brokers adhere to strict client fund segregation and negative balance protection under their respective licenses. Canada traders should assess their risk tolerance and consider using only funds they can afford to lose when trading with offshore brokers.
| Payment Method | IC Markets | XM Group |
|---|---|---|
| Bank Wire Transfer | ✓ | ✓ |
| Visa / Mastercard | ✓ | ✓ |
| Skrill | ✓ | ✓ |
| Neteller | ✓ | ✓ |
| USDT / Crypto | ✓ | ✓ |
| Deposit fee | None | None |
| Withdrawal time | E-wallets instant-24hrs; Cards 3-5 business days (up to 10); Int'l bank wire up to 14 days | Visa/Mastercard and e-wallets near-instant to 1-2 business days; bank wire several days |
| Min withdrawal | $50 | $50 |
Funding your account as a Canada trader is straightforward with both IC Markets and XM Group. IC Markets supports deposits via Bank Transfer (minimum $200 USD), Skrill, Neteller, and USDT (minimum $10 USD), all processed instantly except for bank transfers which take 1-3 business days. XM Group accepts Bank Transfer (minimum $100 USD), Skrill, Neteller (minimum $5 USD), and USDT (minimum $50 USD), with instant e-wallet and crypto deposits. Withdrawals at both brokers are typically processed within 24 hours for e-wallets and USDT, while bank transfers may take 2-5 business days. IC Markets charges no withdrawal fees, while XM Group offers one free withdrawal per month via bank transfer. USDT deposits are particularly useful for Canada traders seeking fast, low-cost transfers.
| Islamic Account Feature | IC Markets | XM Group |
|---|---|---|
| Swap-free available | ✓ | ✓ |
| Admin fee instead of swap | On some instruments | On some instruments |
| MT4 / MT5 supported | ✓ | ✓ |
| Gold swap-free | ✓ | ✓ |
| Crypto swap-free | ✓ | ✓ |
| How to apply | Contact support | Contact support |
For Canada Muslim traders requiring Sharia-compliant accounts, both IC Markets and XM Group offer Islamic (swap-free) accounts. IC Markets provides Islamic accounts on request for all account types, with no swap or interest charged on overnight positions, and no additional fees. XM Group also offers Islamic accounts with the same swap-free feature, but traders must meet a minimum deposit requirement (usually $500 USD) and provide a valid ID for verification. Canada traders should note that Islamic accounts may have limited access to certain instruments or promotions. Both brokers require a written request to activate the account, and conditions are subject to change.
| Support Feature | IC Markets | XM Group | Winner |
|---|---|---|---|
| Live chat | ✓ | ✓ | Tie |
| Phone support | ✓ | ✓ | Tie |
| Email support | ✓ | ✓ | Tie |
| 24/7 support | ✗ | ✗ | Tie |
| 24/5 support | ✓ | ✓ | Tie |
| Response time (chat) | <2 minutes | <3 minutes | IC Markets |
Customer support is available 24/5 for both brokers, with live chat, email, and phone options. IC Markets offers multilingual support including English and French, which is beneficial for Canada's bilingual traders. XM Group provides 24/7 support via live chat and phone, with dedicated account managers for VIP clients. Response times are under 2 minutes for live chat at both brokers. Canada traders can reach IC Markets via a local Australian number, while XM Group offers a toll-free international line.
| Mobile Feature | IC Markets | XM Group | Winner |
|---|---|---|---|
| iOS App Store rating | 4.5★ | 4.3★ | IC Markets |
| Google Play rating | 4.3★ | 4.2★ | IC Markets |
| Biometric login | ✓ | ✓ | Tie |
| Push notifications | ✓ | ✓ | Tie |
| Full charting on mobile | ✓ | ✓ | Tie |
| Mobile deposit/withdrawal | ✓ | ✓ | Tie |
| TradingView mobile | ✗ | ✗ | Tie |
| Dark mode | ✓ | ✓ | Tie |
| Resource | IC Markets | XM Group | Winner |
|---|---|---|---|
| Video tutorials | 100+ videos | 50+ videos | IC Markets |
| Webinars (live) | ✗ | Monthly | Tie |
| Economic calendar | ✓ | ✓ | Tie |
| Market analysis | Daily | Basic | IC Markets |
| Beginner resources | Excellent | Basic | IC Markets |
Choose IC Markets if you...
- Are an active scalper or day trader needing ultra-tight spreads and fast execution.
- Prefer raw pricing with a small commission for lower overall costs on high volumes.
- Want access to cTrader for advanced order types and algorithmic trading.
- Value deposit methods like USDT and Skrill for instant funding and withdrawals.
Choose XM Group if you...
- Are a beginner or occasional trader who benefits from bonuses and educational resources.
- Prefer zero-commission accounts with no spread markup on standard accounts.
- Need 24/7 customer support and a wider range of account types including micro lots.
- Want to start with a low minimum deposit of $5 USD via e-wallets or USDT.
For Canada traders, the choice between IC Markets and XM Group comes down to trading style and priorities. IC Markets wins on cost efficiency with tighter spreads and faster execution, making it ideal for active traders who trade high volumes and value raw pricing. XM Group is better suited for beginners or those who appreciate bonuses, extensive education, and lower entry barriers. Both brokers support local deposit methods like Bank Transfer, Skrill, Neteller, and USDT, and operate under reputable international regulators, though not a local Canadian regulator. If you prioritize low costs and professional-grade execution, go with IC Markets; if you prefer a user-friendly experience with added incentives, XM Group is a solid choice.