IC Markets vs TMGM: In-Depth Comparison for Norway Traders (2026)

For Norway traders, trading costs are a critical factor, and IC Markets clearly outperforms TMGM. IC Markets’ raw spread account offers spreads from 0.0 pips on EUR/USD with a commission of $3.50 per lot (round turn). TMGM’s standard account starts at 1.0 pips with no commission, but the total cost is higher. For a Norwegian trader executing 10 lots per day, IC Markets saves approximately $150 monthly compared to TMGM. Additionally, IC Markets does not charge deposit fees for Skrill, Neteller, or USDT TRC20, while TMGM may apply a 1% fee on Skrill deposits. Overnight swap rates are also competitive at IC Markets, with no hidden costs for positions held longer than a day.

Both brokers offer MetaTrader 4 and MetaTrader 5, which are popular among Norwegian traders for their advanced charting and automated trading capabilities. IC Markets also provides cTrader, a platform favored by ECN traders for its depth of market and fast order execution. TMGM lacks cTrader and only offers MT4/MT5 and its own web trader. For Norway traders who rely on Expert Advisors (EAs) or scalp high-frequency strategies, IC Markets’ compatibility with all three platforms and its low-latency servers in London and New York offer a distinct advantage. TMGM’s platforms are adequate but suffer from occasional slippage during news events.

Execution quality is superior at IC Markets, with an average execution speed of 40ms and a 99.9% fill rate on limit orders. TMGM’s execution averages 100ms with lower fill rates and occasional requotes during volatile sessions. For Norwegian traders using scalping or EAs, IC Markets’ low-latency infrastructure (data centers in LD5, NY4) ensures minimal slippage. TMGM’s execution is adequate for slower day trading but lags behind for high-frequency strategies.

Regulation is a top concern for Norway traders, even though both brokers operate internationally. IC Markets is regulated by the Australian Securities and Investments Commission (ASIC) and the Cyprus Securities and Exchange Commission (CySEC). While ASIC provides strong client protection, it does not have direct jurisdiction in Norway. However, Finanstilsynet recognizes ASIC’s oversight for cross-border services, giving IC Markets a compliant status. TMGM is regulated by ASIC and the Vanuatu Financial Services Commission (VFSC), the latter being a less stringent offshore regulator. For Norwegian traders, IC Markets offers greater security with its adherence to strict ASIC rules, including client fund segregation and negative balance protection. TMGM’s VFSC regulation provides weaker safeguards, making IC Markets the safer choice.

Depositing and withdrawing funds is straightforward for Norway traders at both brokers, but IC Markets offers a smoother experience. Both accept local methods: Bank Transfer (NOK to EUR/USD conversion required), Skrill, Neteller, and USDT TRC20. IC Markets processes Skrill and Neteller deposits instantly with zero fees, and USDT TRC20 deposits are credited within minutes. Bank transfers take 1-3 business days. TMGM also supports these methods but charges a 1% fee on Skrill/Neteller deposits and may delay USDT TRC20 deposits for manual verification. Withdrawals at IC Markets are processed within 24 hours for e-wallets and 3-5 days for bank transfers, with no fees. TMGM’s withdrawal times can extend to 5-7 days, and they charge a $15 fee for bank wire withdrawals. For Norwegian traders prioritizing speed and low costs, IC Markets is the better option.

For Muslim traders in Norway who require Sharia-compliant accounts, both IC Markets and TMGM offer Islamic (swap-free) accounts. IC Markets provides swap-free accounts on any account type upon request, with no swap charges on overnight positions. There is no minimum deposit requirement, and no hidden fees are added. TMGM also offers Islamic accounts but demands a minimum deposit of $100 and may impose an administration fee if positions are held for more than 10 days. Both brokers require clients to confirm their Muslim faith. IC Markets’ Islamic accounts are more flexible and cost-effective for Norwegian traders, making them the preferred choice for those adhering to Islamic finance principles.

Customer support is available 24/7 in English from both brokers, but IC Markets offers faster response times via live chat and email, typically within 30 seconds. TMGM’s support is also available 24/5 with slower email responses (2-4 hours). Neither broker provides dedicated Norwegian-language support, which may be a drawback for traders who prefer Norwegian. IC Markets, however, has a better knowledge base and FAQ section covering topics relevant to Norway traders, including local payment methods and tax implications.