IC Markets vs XM Group: Which Broker is Best for Maldives Traders in 2026?
Which broker is better for Maldives traders in 2026? Expert analysis across 12 categories.
For Maldivian traders in 2026, choosing between IC Markets and XM Group is a key decision that affects trading costs, platform experience, and access to local payment methods. Both brokers are highly rated (4.8/5 and 4.7/5 respectively) and accept clients from the Maldives, offering support for Bank Transfer, Skrill, Neteller, and USDT deposits. IC Markets is known for its institutional-grade spreads and raw pricing, ideal for active scalpers in Malé. XM Group, on the other hand, provides a more retail-friendly environment with lower minimum deposits, no withdrawal fees, and extensive educational resources. This comparison focuses on what matters most to Maldivian traders: cost efficiency, regulatory safety, and seamless local transactions.
| 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 |
IC Markets offers significantly lower spreads for Maldivian traders, with its Raw Spread account starting at 0.0 pips and a commission of $3.50 per lot per side. XM Group’s standard account has spreads from 1.0 pips with no commission, but its Micro account is ideal for small capital. For a Maldivian trader executing 10 lots per month on EUR/USD, IC Markets saves approximately $200 in total costs compared to XM Group. However, XM Group’s zero-commission model is simpler for beginners who prefer predictable costs.
| 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 |
|---|---|---|
| Maldives (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 and MetaTrader 5, which are widely used by Maldivian traders for charting and automated trading. IC Markets also provides cTrader, a platform favored by scalpers for its advanced order management and depth of market. XM Group includes XM WebTrader and mobile apps, but lacks cTrader. For Maldivian traders who rely on Expert Advisors (EAs), IC Markets’ low latency servers in Singapore ensure faster execution, while XM Group’s platforms are more user-friendly for manual traders.
| 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 raw spreads with direct market access (DMA) and no dealing desk, ensuring execution speeds under 40ms on its Singapore servers. XM Group operates a market execution model with no requotes, but its spread-based pricing can lead to slight slippage during news events. For Maldivian scalpers and high-frequency traders, IC Markets’ execution is superior, while XM Group is reliable for standard retail trading.
| 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 | ✓ | ✓ |
IC Markets is regulated by ASIC (Australia), CySEC (Cyprus), and the FSA (Seychelles), offering strong client fund segregation. XM Group holds licenses from CySEC, FCA (UK), and ASIC, with negative balance protection. For Maldivian traders, neither broker is directly regulated by the local financial regulator, but both are well-established international firms with a solid track record. IC Markets’ ASIC regulation provides high safety, while XM Group’s FCA license adds an extra layer of protection for retail clients.
| 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 |
Maldivian traders can fund their accounts at both IC Markets and XM Group using Bank Transfer, Skrill, Neteller, and USDT. IC Markets requires a minimum deposit of $200, while XM Group starts at just $5. Deposits via Skrill, Neteller, and USDT are instant, and bank transfers take 1-3 business days. Withdrawals at IC Markets are free but may incur bank fees for wire transfers; XM Group offers free withdrawals for all methods, including USDT. Both brokers process withdrawals within 24 hours, making them efficient for Maldivian traders.
| 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 Maldivian Muslim traders. IC Markets provides swap-free accounts on all account types, but certain instruments like indices may incur a holding fee after 30 days. XM Group’s Islamic accounts are available on Standard and Micro accounts, with no swap fees, but a small administrative charge applies after 10 days for positions held overnight. For long-term holders, IC Markets is slightly more accommodating, while XM Group is better for short-term traders.
| 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 |
Both brokers offer 24/5 multilingual customer support via live chat, email, and phone. IC Markets provides faster response times for technical queries, while XM Group offers support in Dhivehi through its multilingual team. For Maldivian traders, XM Group’s local language support is a clear advantage, though IC Markets’ English support is highly professional.
| 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 day trader who needs ultra-low spreads (from 0.0 pips)
- Prefer cTrader for advanced order management and depth of market
- Trade high volumes and want to minimize costs per lot
- Value fast execution with direct market access and low latency
Choose XM Group if you...
- Are a beginner or have a small account (minimum deposit $5)
- Want no withdrawal fees and free deposits via Skrill, Neteller, or USDT
- Prefer a broker with strong educational resources and local language support
- Need an Islamic account with simple swap-free conditions for short-term trades
For Maldivian traders in 2026, IC Markets is the better choice for active, cost-conscious traders who need the tightest spreads and fastest execution, especially when using Bank Transfer, Skrill, Neteller, or USDT. XM Group is ideal for beginners or those who prioritize low minimum deposits, free withdrawals, and local language support. Both brokers are regulated by reputable authorities and offer Islamic accounts, but IC Markets edges ahead for serious traders, while XM Group provides a more accessible entry point. Ultimately, your decision should align with your trading style and capital size.