IC Markets vs FXTM 2026: Complete Comparison for Malaysia Traders
Which broker is better for Malaysia traders in 2026? Expert analysis across 12 categories.
For Malaysia traders seeking a reliable forex broker, IC Markets and FXTM are two prominent choices, each with distinct strengths. IC Markets, with a 4.8/5 rating, is renowned for ultra-low spreads and institutional-grade execution, making it a favorite among active retail traders in Malaysia who trade large volumes. FXTM, scoring 4.3/5, offers a more beginner-friendly platform with extensive educational resources and local support, appealing to those new to forex. Both brokers support local payment methods like Bank Transfer, Skrill, Neteller, and USDT, ensuring seamless deposits and withdrawals for Malaysia users. With the local financial regulator overseeing foreign broker operations, Malaysia traders must consider factors like spreads, regulation, and account types when choosing between these two. This comparison dives into key areas such as trading costs, platforms, and Islamic accounts to help you decide which broker aligns with your trading style and local needs.
| Instrument | IC Markets | FXTM | Winner |
|---|---|---|---|
| EUR/USD avg spread | 0.09 pips + $3.5/lot | 0.0 pips + $3.5/lot | FXTM |
| XAU/USD (Gold) | $0.14 typical | $0.12 typical | FXTM |
| GBP/USD avg spread | 0.29 pips | 0.23 pips | FXTM |
| Standard acc spread | from 1.0 pips | from 0.8 pips | FXTM |
| ECN commission | $3.5/lot/side | $3.5/lot/side | Tie |
| Min deposit | $200 | $10 | FXTM |
| Inactivity fee | ✓ | ✓ | Tie |
When comparing trading costs, IC Markets clearly leads for Malaysia traders who prioritize low spreads. Its Raw Spread account offers EUR/USD spreads from 0.0 pips with a $3.50 per lot commission, ideal for scalpers and high-volume traders. In contrast, FXTM's Standard account has spreads around 1.3 pips on EUR/USD with no commission, while its ECN account offers spreads from 0.1 pips plus a commission. For a Malaysia trader executing 10 lots per week, IC Markets can save significant costs over a month, especially when using USD-denominated accounts. FXTM's higher spreads on standard accounts may appeal to casual traders who prefer simplicity, but for cost efficiency, IC Markets is superior.
| Account Type | IC Markets | FXTM |
|---|---|---|
| Standard account | ✓ | ✓ |
| ECN / Raw spread | ✓ | ✓ |
| Islamic (swap-free) | ✓ | ✓ |
| Demo account | ✓ | ✓ |
| PAMM / MAM account | ✓ | ✓ |
| Zero spread account | ✓ | ✗ |
| Copy trading | ✗ | ✓ |
| VPS trading | ✓ | ✓ |
| Min deposit | $200 | $10 |
| Neg. balance protection | ✓ | ✓ |
| Entity / Asset | IC Markets | FXTM |
|---|---|---|
| Malaysia (offshore) | Up to 1:500 | Up to 1:2000 |
| Forex major pairs | 1:500 | 1:2000 |
| 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 | FXTM | 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+ | ✗ | IC Markets |
| Stocks / Share CFDs | ✗ | ✗ | FXTM |
| ETFs | ✗ | ✗ | Tie |
| Options | ✗ | ✗ | Tie |
| Futures | ✗ | ✗ | Tie |
| Platform | IC Markets | FXTM |
|---|---|---|
| MetaTrader 4 (MT4) | ✓ | ✓ |
| MetaTrader 5 (MT5) | ✓ | ✓ |
| cTrader | ✓ | ✗ |
| TradingView | ✗ | ✗ |
| Expert Advisors (EAs) | ✓ | ✓ |
| Scalping allowed | ✓ | ✓ |
| Hedging allowed | ✓ | ✓ |
| Fixed spreads | ✗ | ✗ |
| Variable spreads | ✓ | ✓ |
Both brokers offer MetaTrader 4 (MT4) and MetaTrader 5 (MT5), which are popular among Malaysia traders for their advanced charting and automated trading capabilities. IC Markets also provides cTrader, a platform favored for its intuitive interface and depth of market, ideal for active traders. FXTM offers its proprietary FXTM Trader app, which is user-friendly and suitable for beginners. For Malaysia traders who rely on Expert Advisors (EAs) or scalping, IC Markets' cTrader and raw spreads are advantageous. FXTM's platforms are more accessible for those new to forex, with integrated educational tools.
| Factor | IC Markets | FXTM | Winner |
|---|---|---|---|
| Execution model | ECN/STP | True ECN | FXTM |
| 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 is known for its ultra-fast execution speed, with an average of 40ms on its servers, thanks to Equinix NY4 data centers. This is ideal for scalpers and high-frequency traders in Malaysia. FXTM offers reliable execution with speeds around 100ms, which is still competitive for most retail traders. For Malaysia traders using VPS or Expert Advisors, IC Markets' lower latency provides a clear edge. However, FXTM's execution is sufficient for swing traders and beginners.
| Safety Factor | IC Markets | FXTM |
|---|---|---|
| Primary regulator | ASIC | FCA |
| Reg number | #335692 | #600475 |
| 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), providing strong client fund segregation and negative balance protection. FXTM is regulated by the Financial Conduct Authority (FCA) in the UK and CySEC, offering similar safeguards. For Malaysia traders, neither broker is directly regulated by the local financial regulator (Bank Negara Malaysia), but both comply with international standards. This means Malaysia traders benefit from robust oversight, though they should note that deposit insurance may not apply locally. Always verify the broker's license and terms before trading.
| Payment Method | IC Markets | FXTM |
|---|---|---|
| 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 | Cards instant (up to 2h EU); e-wallets instant-2h; bank/local transfer 1 business day; crypto up to 24h |
| Min withdrawal | $50 | $50 |
Both IC Markets and FXTM offer flexible deposit and withdrawal options tailored to Malaysia traders. Accepted methods include Bank Transfer, Skrill, Neteller, and USDT (Tether). IC Markets processes e-wallet and USDT deposits instantly, with bank transfers taking 1-3 business days. Withdrawals are typically processed within 24 hours for e-wallets and USDT, while bank transfers may take 2-5 days. FXTM offers similar speed, with no deposit fees for most methods, though a small withdrawal fee may apply for bank transfers. For Malaysia traders, USDT deposits are particularly convenient due to low costs and speed. IC Markets requires a minimum deposit of $200, while FXTM's Standard account starts at $10, making FXTM more accessible for smaller traders.
| Islamic Account Feature | IC Markets | FXTM |
|---|---|---|
| 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 |
Both IC Markets and FXTM offer Islamic (swap-free) accounts for Malaysia Muslim traders, in compliance with Sharia law that prohibits interest (riba). IC Markets provides swap-free accounts on all account types without additional charges, making it a straightforward choice. FXTM also offers Islamic accounts, but they may have a holding period (e.g., 30 days) after which a fee applies for positions kept overnight. Malaysia traders should review the specific terms, as IC Markets' policy is more favorable for long-term traders. Both brokers require a declaration of faith to open an Islamic account.
| Support Feature | IC Markets | FXTM | 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 |
IC Markets offers 24/7 customer support via live chat, email, and phone, with responsive service in English. FXTM provides similar support, including multilingual options and local contact numbers for Malaysia. FXTM also offers a dedicated Malaysia support team, which can be helpful for local queries. IC Markets' support is efficient for technical issues, while FXTM excels in educational assistance. Both brokers have comprehensive FAQ sections on their websites.
| Mobile Feature | IC Markets | FXTM | 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 | FXTM | 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 seeking the lowest spreads and fastest execution.
- Trade high volumes and want to minimize trading costs with a Raw Spread account.
- Prefer platforms like cTrader for advanced charting and depth of market.
- Use Expert Advisors (EAs) and need low latency with VPS support.
Choose FXTM if you...
- Are a beginner or casual trader who values educational resources and user-friendly platforms.
- Prefer a lower minimum deposit ($10) to start trading with small capital.
- Want dedicated local support and a broker with a strong focus on Malaysia traders.
- Trade primarily on MT4 or MT5 without needing ultra-low spreads.
For Malaysia traders, the choice between IC Markets and FXTM depends on your trading style and goals. IC Markets, with its 4.8/5 rating, is the superior option for cost-conscious, active traders who prioritize low spreads, fast execution, and flexible payment methods like Bank Transfer, Skrill, Neteller, and USDT. Its regulation by ASIC and CySEC ensures safety, though it lacks direct oversight from the local financial regulator. FXTM, scoring 4.3/5, is better for beginners or those who value educational support and a lower entry barrier. Both brokers accept Malaysia traders legally and offer Islamic accounts. For most retail traders in Malaysia, IC Markets provides better value, but FXTM's user-friendly approach may appeal to those starting out. Consider your volume, experience, and preferred payment method before deciding.