XM vs Exness vs ICMarkets: Which Broker Wins in 2025?

What are XM, Exness, and ICMarkets?

Who owns and regulates each broker?

• XM is a brand of Trading Point Holdings Ltd, with its primary entities regulated by:
  • CySEC (Cyprus) – for EU operations
  • ASIC (Australia) – for Australian clients
  • DFSA (Dubai) – for MENA region
  • FSC (Belize) – for global retail clients
• Exness is operated by Exness Group, regulated by:
  • FCA (UK) – for institutional services
  • CySEC (Cyprus) – for EU coverage
  • FSA (Seychelles) and FSCA (South Africa) – for international clients
• ICMarkets is owned by International Capital Markets Pty Ltd, regulated by:
  • ASIC (Australia) – core entity
  • CySEC (Cyprus) – for Europe
  • FSA (Seychelles) – for global retail markets

Where are these brokers headquartered and who are their target markets?

• XM is headquartered in Cyprus, with regional offices in Australia and Dubai. It primarily targets:
  • Retail traders in Europe, Southeast Asia, MENA, and Latin America
  • Offers multilingual support and localized deposit options in over 190 countries
• Exness is based in Limassol, Cyprus, with strong operations in Southeast Asia and Africa. Its target markets include:
  • Forex traders seeking flexible leverage and raw spreads
  • High-volume traders and algorithmic systems
• ICMarkets is headquartered in Sydney, Australia, and focuses heavily on:
  • Scalpers, algorithmic traders, and institutions
  • Markets in Asia-Pacific, Europe, and Africa

What asset classes are offered (Forex, Crypto, Indices, etc.)?

• All three brokers offer Forex and major CFDs, but ICMarkets stands out with broader exposure to ETFs and bonds.
• Exness is known for its ultra-flexible leverage and crypto pairs, while XM is strong in educational tools and regional accessibility.

Which broker offers the best trading conditions?

Who has the lowest spreads for major forex pairs in 2025?

• ICMarkets consistently delivers the lowest average spreads, especially on EUR/USD (as low as 0.1 pips) under its Raw Spread account with a commission of $3.5 per side.
• Exness also offers tight spreads, typically starting from 0.1–0.3 pips on Raw accounts. However, spreads may widen during volatility or inactivity.
• XM provides spreads from 0.6 pips on the Ultra Low account, with no commissions, which can be attractive for casual or low-volume traders.

Which broker offers the most favorable commission structure?

• XM has a commission free structure across all account types. Its Ultra Low account combines decent spreads with zero commissions, ideal for those preferring simplicity.
• Exness charges commissions on Raw accounts, typically $3.5 per side per lot, but offers unlimited leverage, which offsets some trading costs for experienced users.
• ICMarkets uses a similar commission model ($7 round-trip per lot) but provides access to ECN pricing and tighter spreads, especially for scalpers.

How does leverage and margin level compare between the three?

• Exness offers unlimited leverage (in certain jurisdictions), which is unmatched but comes with dynamic margin rules and risk controls.
• XM provides leverage up to 1:1000 (outside of EU/AU regulated regions), with margin calls at 50% and stop-out at 20%.
• ICMarkets offers leverage up to 1:500, which is lower than Exness but remains standard for ECN brokers. Margin call is at 50%, stop-out at 20%.

Which broker has the best swap-free (Islamic) account policies?

• XM offers Islamic accounts on all account types upon request. It does not charge swap fees but may apply a fixed fee after a holding period, depending on the instrument.
• Exness also provides swap-free options, but traders must qualify based on region and religion, and synthetic fees may apply.
• ICMarkets offers Islamic accounts under its Raw and Standard setups, but swap free conditions are limited to certain instruments, and holding periods may trigger alternative charges.

How Do XM, Exness, and ICMarkets Perform in Execution Speed and Slippage?

Which broker executes orders fastest and most reliably during news events?

• ICMarkets leads in execution speed with average times under 40 milliseconds, thanks to Equinix NY4 server infrastructure and low-latency ECN routing.
• Exness also performs well, with execution speeds between 50–70ms, supported by a stable STP model and adaptive liquidity.
• XM, while reliable for retail trading, averages 100–150ms execution speeds and may show slight delays during major macroeconomic releases.

How frequently does slippage occur during volatile market conditions?

• Exness handles news volatility well, with advanced order-matching and real-time liquidity adjustments, resulting in lower slippage.
• ICMarkets, while generally precise, may see brief slippage spikes during high-impact events due to order volume.
• XM shows moderate slippage on standard accounts during peak volatility but manages it reasonably with limit/stop protections.

Do these brokers support VPS for high-speed scalping or Expert Advisors (EAs)?

• ICMarkets provides free VPS to high-volume traders, connected to Equinix NY4, with latency below 1ms, ideal for scalping and automated trading.
• Exness includes integrated VPS access, with good performance for EA hosting, especially for MT4/MT5 users.
• XM also supports VPS through third-party providers; traders with sufficient volume can get it free, though latency is slightly higher.

Which Broker is Better for Beginners vs Experienced Traders?

Which broker is most accessible for new traders?

• XM is one of the most beginner-friendly platforms, offering a low $5 minimum deposit, commission free accounts, and a highly structured education center with webinars, articles, and trading basics.
• Exness also provides a smooth onboarding process, though its educational content is lighter and more self-guided.
• ICMarkets targets more advanced users, with less hand holding during account setup and fewer beginner-specific resources.

What do professional traders gain from each broker?

• ICMarkets is tailored for professionals needing tight spreads, ultra-fast execution (<40ms), ECN pricing, and compatibility with cTrader, MT4, and MT5. It also supports VPS and API access for advanced automation.
• Exness appeals to high-volume or algorithmic traders by offering unlimited leverage, low-latency execution, and real-time account analytics.
• XM provides moderate customization through MT4/MT5 and VPS support, but is less specialized for institutional grade trading.

Do these brokers offer quality demo accounts and structured learning tools?

• XM shines in this area with an unlimited demo account, segmented learning paths, and live trading webinars led by analysts.
• Exness offers a demo account with full market functionality but fewer structured learning paths.
• ICMarkets provides a functional demo for MT4/MT5/cTrader but lacks dedicated beginner training or mentorship.

What Types of Accounts and Deposit Options Are Available?

How many account types are available, and what are the minimum deposits?

• XM offers 3 main account types: Micro, Standard, and Ultra Low, each with a $5 minimum deposit, suitable for beginners and small-scale traders.
• Exness provides 4 main account types: Standard, Standard Cent, Raw Spread, and Zero—with $10 minimum for Standard and $200+ for Raw/Zero accounts.
• ICMarkets has 2 core accounts: Standard and Raw Spread, both requiring a $200 minimum deposit, targeting experienced or professional traders.

Which broker supports fast, low-fee deposits and withdrawals in Vietnam?

• Exness excels in local support, offering instant deposits/withdrawals through Internet Banking, QR Pay, and ViettelPay, often with zero transaction fees.
• XM also supports Internet Banking and e-wallets in Vietnam, with fast processing and no hidden fees, plus the XM Deposit Bonus for extra trading value.

What Types of Accounts and Deposit Options Are Available?

How many account types are available, and what are the minimum deposits?

• XM offers 3 main account types: Micro, Standard, and Ultra Low, each with a $5 minimum deposit, suitable for beginners and small-scale traders.
• Exness provides 4 main account types: Standard, Standard Cent, Raw Spread, and Zero—with $10 minimum for Standard and $200+ for Raw/Zero accounts.
• ICMarkets has 2 core accounts: Standard and Raw Spread, both requiring a $200 minimum deposit, targeting experienced or professional traders.

Which broker supports fast, low-fee deposits and withdrawals in Vietnam?

• Exness excels in local support, offering instant deposits/withdrawals through Internet Banking, QR Pay, and ViettelPay, often with zero transaction fees.
• XM also supports local payment methods, including Internet Banking and Ngân Lượng, but may involve slight delays or third-party processing times.
• ICMarkets does not support direct local bank transfers in Vietnam, relying instead on international cards, e-wallets (Skrill, Neteller), and wire transfers often with longer wait times and fees.

Are Islamic or scalping-optimized accounts available?

• XM supports Islamic (swap-free) accounts on all major account types, with transparent policies and minimal limitations ideal for faith-based traders. Scalping is also allowed across platforms.
• Exness also offers Islamic accounts, but eligibility depends on regional and account type, with synthetic fees replacing swaps in some cases. Scalping is permitted with high leverage.
• ICMarkets provides Islamic accounts on request, primarily on Raw and Standard accounts, and is highly favored by scalpers due to its low spreads, fast execution, and cTrader support.

Broker Battle 2025: Which Platform Wins in Each Category?

Who Wins on Fees and Trading Costs?

• XM stands out with its zero commission accounts and low $5 minimum deposit, making it ideal for cost-conscious or low-volume traders. Spreads start from 0.6 pips on the Ultra Low account.
• Exness offers tight spreads (from 0.1 pips) on Raw accounts, but charges $7 per lot round-trip and has variable swap policies.
• ICMarkets features the tightest raw spreads (EUR/USD ~0.1 pips), with $7 round-trip commissions, providing excellent value for volume traders.

Best for Platform and Tools: Who Offers Superior Trading Infrastructure?

• ICMarkets leads with MT4, MT5, and cTrader support, low-latency execution, and VPS hosting with Equinix servers, making it ideal for traders needing speed and precision.
• Exness provides a proprietary web terminal, MT4/MT5 access, and real-time account analytics, offering a modern interface and risk tools.
• XM supports MT4 and MT5, along with a comprehensive education center and market research, but lacks advanced third-party integrations.

Best for Scalpers and Day Traders: Who Handles Speed Best?

• ICMarkets is optimized for scalping and high-frequency strategies, with <40ms execution speed, deep liquidity, and low raw spreads, making it the top choice for active traders.
• Exness also allows scalping with unlimited leverage and STP execution, though spreads can vary during volatility.
• XM permits scalping and offers solid execution, but slightly slower speeds (~100–150ms) and fixed spreads may limit ultra fast strategies.