IC Markets vs XM Group 2026: Which Broker Wins for Malaysia Traders?
Which broker is better for Malaysia traders in 2026? Expert analysis across 12 categories.
For Malaysia traders navigating the forex market in 2026, choosing between IC Markets and XM Group is a critical decision. Both brokers are globally recognized and cater to retail traders, but they differ significantly in trading costs, platform features, and account options. IC Markets, with a score of 4.8/5, is known for its ultra-tight spreads (from 0.0 pips) and fast execution, making it a favorite among scalpers and high-volume traders. XM Group, scoring 4.7/5, offers a more user-friendly experience with lower minimum deposits ($5) and extensive educational resources, appealing to beginners and part-time traders. Both brokers accept local payment methods popular in Malaysia, including Bank Transfer, Skrill, Neteller, and USDT, and provide Islamic accounts for Muslim traders. This comparison will help you decide which broker aligns with your trading goals and local needs.
| 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 |
When comparing trading costs for Malaysia traders, IC Markets has a clear edge for active traders. Its Raw Spread account offers spreads from 0.0 pips with a commission of $3.50 per lot round-turn, while its Standard account has spreads from 1.0 pip with no commission. XM Group’s Zero account starts at 0.6 pips with a commission of $5 per lot, and its Standard account has spreads from 1.6 pips. For a Malaysia trader executing 50 lots per month, IC Markets could save hundreds of dollars annually on spreads. However, XM Group’s lower minimum deposit ($5 vs $200) makes it more accessible for those starting small.
| 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 |
|---|---|---|
| Malaysia (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 IC Markets and XM Group offer industry-leading platforms suitable for Malaysia traders. IC Markets provides MetaTrader 4 (MT4), MetaTrader 5 (MT5), and cTrader, all available on desktop, web, and mobile. XM Group also offers MT4 and MT5, plus its proprietary XM WebTrader. For Malaysia traders, MT4 is the most popular due to its extensive custom indicators and automated trading support. IC Markets’ cTrader is a bonus for traders who prefer advanced charting and depth of market. Both brokers support VPS hosting for low-latency trading, essential for scalpers in Malaysia.
| 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 |
Execution quality is where IC Markets shines for Malaysia traders. With average execution speeds of 40ms and no requotes, IC Markets is ideal for scalping and high-frequency trading. XM Group also offers good execution with speeds around 100ms, but it may requote during volatile markets. For Malaysia traders using expert advisors (EAs) or scalping strategies, IC Markets’ faster execution and lower latency provide a clear advantage.
| 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 | ✓ | ✓ |
Regulation is a key concern for Malaysia traders, though neither broker is directly regulated by the local financial regulator (e.g., Bank Negara Malaysia or Securities Commission). IC Markets is regulated by the Australian Securities and Investments Commission (ASIC) and the Cyprus Securities and Exchange Commission (CySEC), offering strong client fund protection. XM Group is regulated by the Financial Conduct Authority (FCA) in the UK, CySEC, and ASIC, providing similar protection. For Malaysia traders, this means your funds are held in segregated accounts with reputable tier-1 regulators. Always verify the regulatory status of the entity you open an account with.
| 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 |
Malaysia traders will appreciate the deposit and withdrawal options at both brokers, including Bank Transfer, Skrill, Neteller, and USDT. IC Markets supports these methods with no deposit fees and instant processing for e-wallets and USDT; bank transfers take 1-3 business days. Withdrawals are free and processed within 24 hours for e-wallets. XM Group also accepts Bank Transfer, Skrill, Neteller, and USDT, with minimum deposits as low as $5. Withdrawals are free and processed within 24 hours for most methods. USDT deposits are particularly convenient for Malaysia traders due to fast processing and low costs. Both brokers allow multiple payment methods, giving flexibility.
| 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 IC Markets and XM Group offer Islamic (swap-free) accounts for Malaysia Muslim traders, in compliance with Sharia law. IC Markets provides Islamic accounts on all account types except standard, with no swap fees on positions held overnight. XM Group also offers swap-free accounts, but they may charge a small administrative fee for positions held beyond a certain period (e.g., 7 days). Malaysia traders should review the terms carefully, as XM’s policy can affect long-term holding costs. IC Markets is generally more straightforward for Islamic account holders.
| 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 |
Customer support is vital for Malaysia traders, and both brokers perform well. IC Markets offers 24/7 live chat, email, and phone support in English, with limited support in Malay. XM Group provides 24/5 support with live chat, email, and phone, plus a dedicated Malaysia phone number. XM Group also has local language support and educational webinars in Malay, which can be a significant advantage for Malaysia traders who prefer assistance in their native language.
| 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 a scalper or high-volume trader needing ultra-tight spreads from 0.0 pips.
- Prefer cTrader for advanced charting and depth of market.
- Use expert advisors (EAs) and need fast, reliable execution.
- Want a straightforward Islamic account with no hidden fees.
Choose XM Group if you...
- Are a beginner or part-time trader with a small starting capital ($5 minimum deposit).
- Value local language support and educational resources in Malay.
- Prefer a broker with a wider range of account types and flexible leverage.
- Want a trusted broker with multiple tier-1 regulatory licenses.
For Malaysia traders in 2026, the choice between IC Markets and XM Group hinges on your trading style and experience. IC Markets offers superior cost efficiency with spreads from 0.0 pips and fast execution, making it the best choice for active and professional traders. XM Group provides a more accessible entry point with a $5 minimum deposit and excellent local support, ideal for beginners. Both brokers accept local payment methods like Bank Transfer, Skrill, Neteller, and USDT, and offer Islamic accounts. While neither is regulated by the local financial regulator, their international licenses ensure safety. If you trade frequently, go with IC Markets; if you’re starting out, XM Group is a solid choice.