IC Markets vs XM Group: A Complete Comparison for Monaco Traders (2026)
Which broker is better for Monaco traders in 2026? Expert analysis across 12 categories.
Monaco traders seeking a reliable forex broker in 2026 often compare IC Markets and XM Group, two globally recognized providers. Both offer robust platforms, competitive pricing, and support for local payment methods like Bank Transfer, Skrill, Neteller, and USDT. However, subtle differences matter for traders in Monaco, where fast execution and low costs are critical. IC Markets scores 4.8/5, appealing to active traders with its raw spreads and high-speed execution. XM Group scores 4.7/5, attracting beginners and intermediate traders with its user-friendly interface and generous bonus policies. This comparison focuses specifically on Monaco's trading environment, including regulatory considerations under the local financial regulator and the impact of deposit methods. Whether you trade part-time or full-time, understanding these nuances helps you choose the best broker for your 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 |
For Monaco traders, trading costs are a key factor. IC Markets offers spreads from 0.0 pips on its Raw Spread account, with a commission of $3.50 per lot per side. XM Group's standard account has spreads from 1.0 pips with no commission, while its Zero account offers spreads from 0.0 pips with a $5 commission per lot. For high-volume traders in Monaco, IC Markets is cheaper due to lower spreads and commission. A trader executing 50 lots per month would pay roughly $350 in commissions with IC Markets versus $500 with XM Group's Zero account. XM Group's standard account costs more in spreads, making it less ideal for scalpers. Both brokers have no hidden fees, but IC Markets edges ahead for cost-conscious Monaco traders.
| 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 |
|---|---|---|
| Monaco (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 | ✓ | ✓ |
IC Markets provides MetaTrader 4, MetaTrader 5, and cTrader, all popular among Monaco traders for their advanced charting and algorithmic trading capabilities. XM Group offers MT4 and MT5, plus its own XM WebTrader. For Monaco traders who prefer automated trading or scalping, IC Markets' cTrader is a standout with depth-of-market and fast execution. XM Group's platforms are more beginner-friendly, with integrated educational tools and a simpler interface. Both brokers support mobile trading, essential for Monaco's on-the-go lifestyle. IC Markets is better for tech-savvy traders, while XM Group suits those who want a straightforward experience.
| 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 boasts average execution speeds of 40ms, thanks to its Equinix NY4 data centers, ideal for scalpers in Monaco. XM Group offers execution speeds around 100ms, still reliable but slower. IC Markets uses No Dealing Desk (NDD) execution with no requotes, while XM Group combines NDD and market maker models. For Monaco traders who trade news events or use scalping strategies, IC Markets' faster execution is 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 | ✓ | ✓ |
IC Markets is regulated by the Australian Securities and Investments Commission (ASIC) and the Cyprus Securities and Exchange Commission (CySEC), ensuring high standards of client fund segregation and negative balance protection. XM Group is regulated by CySEC, the International Financial Services Commission (IFSC) of Belize, and the Australian Securities and Investments Commission (ASIC). For Monaco traders, the local financial regulator does not directly oversee these brokers, but both comply with international regulations. This means your funds are protected under EU client money rules (for CySEC entities) or Australian regulations. Neither broker imposes restrictions on Monaco clients, making both safe choices.
| 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 |
Monaco traders can fund their accounts using Bank Transfer, Skrill, Neteller, and USDT at both IC Markets and XM Group. IC Markets processes e-wallet deposits instantly, while Bank Transfer takes 1-3 business days. USDT deposits are also instant, with no conversion fees if using the same currency. XM Group offers similar speed, with Skrill and Neteller deposits reflecting immediately. Withdrawals are processed within 24 hours for e-wallets at both brokers, while Bank Transfer may take 2-5 business days. IC Markets charges no withdrawal fees, while XM Group may impose a small fee for certain methods. For Monaco traders who value speed, USDT and e-wallets are ideal. Both brokers support deposits in USD, aligning with Monaco's trading preferences.
| 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 Monaco Muslim traders, compliant with Sharia law. These accounts eliminate overnight interest charges on positions. IC Markets provides swap-free accounts on all account types, including Raw Spread, Standard, and cTrader. XM Group offers Islamic accounts on its Standard and Zero accounts. Activation is simple: request during registration or contact support. For Monaco traders who hold positions overnight, this feature is essential. Both brokers maintain transparency, with no hidden fees. IC Markets has a slight edge due to availability across all platforms.
| 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 offers 24/7 customer support via live chat, email, and phone, with fast response times. XM Group also provides 24/5 support, with multilingual agents including French, which is beneficial for Monaco traders. XM Group has a slight advantage with its dedicated account managers for larger accounts. Both brokers have extensive FAQ sections. For Monaco traders, language support and quick resolution are critical; XM Group's French support is a plus.
| 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 looking for the lowest spreads and fastest execution in Monaco.
- Prefer advanced platforms like cTrader for algorithmic trading and depth-of-market.
- Use USDT or e-wallets for instant deposits and withdrawals.
- Want raw spreads from 0.0 pips with transparent commission pricing.
Choose XM Group if you...
- Are a beginner or intermediate trader who values educational resources and a simple interface.
- Prefer no-commission trading with slightly higher spreads but lower initial costs.
- Need French-language customer support for easier communication.
- Want the flexibility of bonus promotions and a demo account with no time limit.
For Monaco traders in 2026, both IC Markets and XM Group are excellent choices, but the best fit depends on your trading style. IC Markets wins for active traders who prioritize low spreads, fast execution, and advanced platforms. It supports Bank Transfer, Skrill, Neteller, and USDT seamlessly, making deposits and withdrawals hassle-free. XM Group is better for beginners or those who value educational tools and French support. While both comply with international regulations and are safe for Monaco clients, IC Markets slightly edges out with its 4.8/5 rating and lower costs. Consider your trading volume and experience level before deciding. For most Monaco traders, IC Markets offers the best value for money.