IC Markets vs FXTM: New Zealand Broker Comparison for 2026
Which broker is better for New Zealand traders in 2026? Expert analysis across 12 categories.
For New Zealand retail traders in 2026, choosing between IC Markets and FXTM is a critical decision that impacts trading costs, platform experience, and regulatory safety. Both brokers are well-regarded globally, but they cater to slightly different trader profiles. IC Markets, with a 4.8/5 rating, is renowned for its ultra-low spreads, deep liquidity, and support for advanced platforms like MetaTrader 4, MetaTrader 5, and cTrader. FXTM, rated 4.3/5, excels in education, customer support, and offering a more balanced trading environment for beginners. In New Zealand, where the local financial regulator ensures strict oversight, both brokers provide a secure trading environment. Kiwi traders can deposit via local methods like Bank Transfer, Skrill, Neteller, and USDT, making funding convenient. This comparison will help you decide which broker aligns with your trading style and goals.
| 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 |
For New Zealand traders, trading costs are a key differentiator. IC Markets offers spreads from 0.0 pips on its Raw Spread account, with a commission of $7 per lot round turn. This is ideal for scalpers and high-volume traders. FXTM’s spreads start from 1.3 pips on its Standard account with no commission, but its Advantage account offers spreads from 0.0 pips with a $6 commission per lot. Overall, IC Markets provides lower average trading costs, especially for those trading multiple lots daily.
| 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 |
|---|---|---|
| New Zealand (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 support MetaTrader 4 and MetaTrader 5, which are popular among New Zealand traders for their reliability and custom indicators. IC Markets also offers cTrader, a modern platform with advanced charting and fast execution, favored by ECN traders. FXTM provides its proprietary FXTM Trader app for mobile trading. For Kiwi traders who need flexibility and speed, IC Markets has the edge with cTrader and WebTrader options.
| 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, with average speeds under 40ms, thanks to its Equinix NY4 data centers and no dealing desk (NDD) model. FXTM offers reliable execution but with slightly higher latency. For New Zealand traders who rely on scalping or algorithmic trading, IC Markets’ execution quality is superior.
| 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 | ✓ | ✓ |
Both IC Markets and FXTM are regulated by the local financial regulator in New Zealand, ensuring compliance with local financial laws. IC Markets is also regulated by ASIC (Australia) and CySEC (Cyprus), adding an extra layer of security. FXTM holds licenses from the FCA (UK) and CySEC. For New Zealand traders, this means client funds are kept in segregated accounts, and both brokers adhere to strict capital adequacy requirements.
| 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 |
New Zealand traders can fund their accounts using Bank Transfer, Skrill, Neteller, and USDT at both IC Markets and FXTM. IC Markets processes deposits instantly via e-wallets and USDT, while bank transfers may take 1-3 business days. FXTM also supports these methods, with similar processing times. Withdrawals are typically processed within 24 hours for e-wallets and 2-5 days for bank transfers. Both brokers do not charge deposit fees, but bank transfers may incur intermediary bank fees. For Kiwi traders using USDT, both brokers support TRC-20 and ERC-20 networks, providing fast and low-cost transfers.
| 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 New Zealand Muslim traders. IC Markets provides swap-free accounts on all account types, with no additional fees or time limits. FXTM also offers Islamic accounts, but they may have a limited holding period before swaps are applied. Both brokers require a simple request to activate the account, and they comply with Sharia law by not charging or paying overnight interest.
| 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 fast response times. FXTM also provides 24/5 support but has a more extensive knowledge base and educational resources. For New Zealand traders, both brokers offer support in English, and IC Markets’ around-the-clock availability is beneficial for those trading during different sessions.
| 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 trader who needs ultra-low spreads and fast execution.
- Prefer advanced platforms like cTrader for professional trading.
- Trade high volumes and want to minimize costs.
- Need 24/7 customer support and a wide range of deposit methods including USDT.
Choose FXTM if you...
- Are a beginner looking for educational resources and a supportive environment.
- Prefer a broker with a strong brand reputation and multiple regulatory licenses.
- Want a user-friendly mobile app for trading on the go.
- Value a balance between low costs and comprehensive customer service.
For New Zealand retail traders in 2026, IC Markets is the overall winner for experienced and active traders due to its lower spreads, faster execution, and advanced platform options. FXTM is a solid choice for beginners or those who prioritize education and support. Both brokers are regulated by the local financial regulator, accept Bank Transfer, Skrill, Neteller, and USDT deposits, and offer Islamic accounts. Ultimately, IC Markets suits those who want to maximize profitability through low costs, while FXTM provides a more accessible trading experience for newcomers.