IC Markets vs XM Group: Complete Comparison for New Zealand Traders (2026)
Which broker is better for New Zealand traders in 2026? Expert analysis across 12 categories.
For New Zealand traders comparing IC Markets and XM Group in 2026, the choice often comes down to trading costs versus accessibility. IC Markets, rated 4.8/5, is known for its raw spreads starting from 0.0 pips and deep liquidity, making it a top pick for scalpers and high-volume Kiwi traders. XM Group, scoring 4.7/5, appeals to retail traders with a low $5 minimum deposit and a wide range of account types. Both brokers support local payment methods like Bank Transfer, Skrill, Neteller, and USDT, which are popular among NZ clients. While neither is regulated by the local financial regulator, they operate under strong international licenses, offering a secure trading environment for New Zealanders.
| 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 New Zealand traders, trading costs are a critical factor. IC Markets offers a Raw Spread account with spreads from 0.0 pips and a $7 commission per lot round turn, ideal for those trading NZD/USD or AUD/USD frequently. XM Group’s standard account has spreads from 1.0 pips with no commission, which can be cheaper for smaller trades. Over 100 standard lots per month, IC Markets’ lower spreads save Kiwi traders approximately $200–$300 compared to XM Group, depending on pair volatility.
| 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 |
|---|---|---|
| New Zealand (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 provide MetaTrader 4, MetaTrader 5, and cTrader, with IC Markets offering cTrader’s advanced charting for New Zealand traders who prefer ECN-style execution. XM Group also includes its proprietary XM WebTrader, which is user-friendly for beginners. Kiwi traders benefit from fast execution on both platforms, but IC Markets’ cTrader often appeals to those needing advanced order types and depth of market.
| 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 an average execution speed of 40ms, ideal for New Zealand scalpers using ECN technology. XM Group’s execution averages 50ms, still fast but slightly slower. Both brokers offer no requotes, but IC Markets’ direct market access provides tighter spreads during high volatility, which is beneficial for Kiwi traders trading NZD pairs during Asian sessions.
| 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), while XM Group is regulated by CySEC, the Financial Conduct Authority (FCA) in the UK, and the International Financial Services Commission (IFSC) in Belize. For New Zealand traders, neither broker falls under the local financial regulator, but both offer client fund segregation and negative balance protection, which are important safety features for Kiwi 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 |
New Zealand traders can fund 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 from just $5. Withdrawals are processed within 1–2 business days for e-wallets and 3–5 days for bank transfers. IC Markets charges no deposit fees, and XM Group also offers fee-free deposits. USDT deposits are processed instantly on both platforms, making them convenient for crypto-savvy Kiwi traders. XM Group additionally supports local credit/debit cards, which IC Markets does not for NZ clients.
| 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 New Zealand Muslim traders. IC Markets provides swap-free accounts on its Standard and Raw Spread accounts, while XM Group offers them on all account types. There are no hidden fees, but accounts may be charged a small administrative fee if held for extended periods. Traders must request the account type during registration, and both brokers process approvals within 24 hours.
| 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 live chat, email, and phone support, with a dedicated team for New Zealand traders available during local hours. XM Group provides similar 24/5 support with multilingual phone lines and a comprehensive FAQ section. Both brokers respond within minutes via live chat, but XM Group’s phone support is often faster for urgent NZ queries.
| 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 raw spreads from 0.0 pips
- Prefer cTrader for advanced charting and depth of market
- Trade major forex pairs like NZD/USD and AUD/USD frequently
- Want ultra-fast execution under 40ms for precise entries
Choose XM Group if you...
- Are a beginner with a small starting capital (minimum $5 deposit)
- Prefer no-commission trading with standard spreads
- Want access to proprietary XM WebTrader and educational resources
- Need flexible leverage options up to 1:888
For New Zealand traders, IC Markets is the stronger choice for cost-sensitive, active traders who benefit from raw spreads and fast execution, especially when trading NZD pairs. XM Group stands out for beginners and those with limited capital, offering a low $5 deposit and a user-friendly experience. Both brokers support local payments like Bank Transfer, Skrill, Neteller, and USDT, and while neither is regulated by the local financial regulator, their international licenses provide adequate security. Ultimately, IC Markets wins on trading costs, while XM Group wins on accessibility for Kiwi retail traders.