IC Markets vs XM Group: Australia Trader Comparison 2026
Which broker is better for Australia traders in 2026? Expert analysis across 12 categories.
When comparing IC Markets vs XM Group for Australia traders in 2026, two giants of the ASIC-regulated forex world go head-to-head. Both brokers hold Australian Financial Services Licences (AFSL) from the Australian Securities and Investments Commission, ensuring local clients enjoy robust regulatory protection. IC Markets, with a score of 4.8/5, is renowned for its raw spreads, low commissions, and institutional-grade execution, making it a favourite among experienced traders and scalpers. XM Group, scoring 4.7/5, offers a more retail-friendly approach with no-commission accounts, generous bonuses, and a wider range of educational resources. For Australia traders, key considerations include local payment methods like BPAY, POLi, and Bank Transfer, both of which are supported by both brokers. Whether you trade major pairs, indices, or commodities, this comparison will help you decide which broker aligns with your strategy. We’ll examine spreads, platforms, regulation, and local features specific to the Australian market, so you can make an informed choice.
| 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 Australia traders, trading costs are a decisive factor. IC Markets offers spreads from 0.0 pips on its Raw Spread account with a $3.50 AUD commission per lot, ideal for high-volume scalpers. XM Group’s Standard account has spreads from 1.0 pips with no commission, while its Zero account starts at 0.0 pips with a $5 AUD commission. On a typical 10-lot trade on EUR/USD, IC Markets costs around $35 AUD in commission, while XM Group’s Zero account costs $50 AUD. For scalpers and day traders, IC Markets provides a clear cost advantage, while XM Group suits those who prefer commission-free trading.
| 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 |
|---|---|---|
| Australia (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 MetaTrader 4 (MT4) and MetaTrader 5 (MT5), the gold standards for Australia traders. IC Markets also provides cTrader, which offers advanced charting and faster execution for scalpers. XM Group includes XM WebTrader and mobile apps, but lacks cTrader. For Australia traders who value custom indicators and algorithmic trading, IC Markets’ cTrader integration is a key differentiator. Both platforms are available in English and support Australian time zones.
| 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 uses Equinix NY4 and LD4 servers for ultra-low latency execution, averaging under 40ms for Australia traders. XM Group’s execution is reliable but averages 50-60ms. IC Markets offers no-dealing-desk (NDD) execution with no requotes, while XM Group uses a hybrid model. For scalpers and algorithmic traders in Australia, IC Markets’ execution speed is superior.
| 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 | ✓ | ✓ |
Both IC Markets and XM Group are regulated by ASIC in Australia, holding AFSL numbers 335692 and 442434 respectively. This means Australia traders benefit from strict capital adequacy requirements, client fund segregation, and access to the Financial Ombudsman Service. While IC Markets operates globally under multiple regulators, its Australian entity is fully ASIC-compliant. XM Group also holds licences from CySEC and IFSC, but for Australia clients, ASIC oversight ensures local protections. Neither broker offers negative balance protection as a regulatory requirement, but both provide it voluntarily.
| 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 |
Australia traders can fund accounts using BPAY, POLi, and Bank Transfer at both IC Markets and XM Group. IC Markets requires a minimum deposit of $200 AUD, while XM Group starts at just $5 AUD. BPAY and POLi deposits are instant and free, while Bank Transfers take 1-2 business days. Withdrawals are processed within 24 hours at IC Markets and up to 48 hours at XM Group, with no fees from either broker. Both support AUD-denominated accounts, avoiding currency conversion costs. For high-volume traders, IC Markets’ faster withdrawal processing is a plus, while XM Group’s low minimum deposit is more accessible.
| 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 |
Both brokers offer swap-free Islamic accounts for Muslim traders in Australia, complying with Sharia law by eliminating overnight interest. IC Markets requires a minimum deposit of $200 AUD for Islamic accounts, while XM Group offers them with just $5 AUD. To activate, traders simply request the swap-free status after account opening. Both brokers allow Islamic accounts on all account types, including Raw Spread and Standard. For Australia Muslim traders, XM Group’s lower barrier to entry makes it more accessible, while IC Markets is better for those with larger capital.
| 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 |
IC Markets provides 24/7 customer support via live chat, email, and phone, with Australian-based support during business hours. XM Group offers 24/5 support with a dedicated Australia phone line and multilingual team. Both respond within minutes on live chat. For Australia traders, XM Group’s local phone support is a slight advantage, while IC Markets’ 24/7 availability suits night traders.
| 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 experienced scalper or day trader needing ultra-tight spreads from 0.0 pips
- Trade high volumes and want low commissions ($3.50 AUD per lot)
- Need cTrader for advanced charting and fast execution
- Prefer 24/7 customer support and faster withdrawal processing
Choose XM Group if you...
- Are a retail trader who values no-commission accounts
- Want to start with a low minimum deposit of just $5 AUD
- Prefer access to bonuses and educational resources
- Need a local Australia phone line for support
For Australia traders in 2026, the choice between IC Markets and XM Group hinges on your trading style. IC Markets excels for experienced traders seeking low-cost, high-speed execution, with BPAY and POLi deposits making funding easy. Its ASIC regulation and cTrader platform give it an edge for scalpers. XM Group appeals to retail traders with its $5 AUD minimum deposit, no-commission accounts, and local phone support. Both support Bank Transfer and offer Islamic accounts. If you prioritise raw spreads and institutional execution, IC Markets is the winner. If you value simplicity and low entry barriers, XM Group is a strong contender. Either way, ASIC oversight ensures your funds are safe.