IC Markets vs XM Group 2026: A Detailed Comparison for Thailand Traders
Which broker is better for Thailand traders in 2026? Expert analysis across 12 categories.
Thailand's forex market continues to grow rapidly, with retail traders seeking reliable brokers that offer low costs, fast execution, and local payment support. IC Markets and XM Group stand out as two top-tier choices, both scoring above 4.7/5 in our ratings. IC Markets, known for its institutional-grade spreads and raw pricing, appeals to active traders and scalpers in Bangkok and beyond. XM Group, with its user-friendly platforms and extensive educational tools, attracts beginners and intermediate traders across Thailand. Both brokers support local payment methods such as Bank Transfer, Skrill, Neteller, and USDT, making deposits and withdrawals convenient for Thai traders. This comparison breaks down their key differences in spreads, platforms, regulation, and account features to help you decide which broker fits your trading style in 2026.
| 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 Thailand traders, trading costs are a critical factor, especially for those trading high volumes or using scalping strategies. IC Markets offers a Raw Spread account with spreads from 0.0 pips and a commission of $3.5 per lot per side, resulting in very low overall costs. XM Group's Zero account has spreads from 0.6 pips with a commission of $5 per lot round turn, while its Standard account has no commission but spreads from 1.0 pips. For a trader executing 10 lots per day in USD/THB or major pairs, IC Markets can save hundreds of dollars monthly compared to XM Group's standard account. However, XM Group's zero-commission Standard account may suit lower-volume traders who prefer simplicity.
| 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 |
|---|---|---|
| Thailand (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, the most popular platforms among Thailand traders. IC Markets also provides cTrader, which is favored for its advanced charting and fast execution, particularly for scalpers. XM Group offers its own XM WebTrader and mobile apps, plus MT4/MT5. For Thai traders using mobile devices, both platforms are fully optimized. IC Markets stands out with its raw pricing on cTrader, while XM Group's platforms include integrated educational content and market analysis. If you value customization and speed, IC Markets has an edge; if you prefer built-in learning tools, XM Group is better.
| 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 is renowned for its ultra-fast execution, with an average speed of under 40ms on its Raw Spread account, thanks to its Equinix NY4 data center. XM Group offers execution speeds around 100ms, which is still competitive but slower than IC Markets. For scalpers and high-frequency traders in Thailand, IC Markets provides a clear advantage. XM Group's execution is reliable for standard trading, with no requotes on most orders.
| 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), providing strong investor protection. XM Group is regulated by CySEC, the International Financial Services Commission (IFSC) of Belize, and the Australian Securities and Investments Commission (ASIC). For Thailand traders, neither broker is directly overseen by the local financial regulator, but they comply with international standards. The local financial regulator in Thailand does not prohibit trading with these brokers, but traders should verify that their chosen entity (e.g., IC Markets' Australian entity) offers negative balance protection and segregated accounts for added security.
| 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 |
Thailand traders can fund their accounts using Bank Transfer, Skrill, Neteller, and USDT at both brokers. IC Markets requires a minimum deposit of $200, while XM Group accepts deposits from just $5, making it more accessible for beginners. IC Markets processes withdrawals within 1-2 business days for most methods, with no fees for bank transfers. XM Group offers free withdrawals for Skrill and Neteller, but bank transfers may incur a fee. USDT deposits are processed instantly at both brokers, ideal for crypto-savvy traders. For Thai baht conversions, both brokers convert via their payment processors, so check exchange rates. Overall, XM Group's lower minimum deposit is attractive for new traders, while IC Markets' fee-free withdrawals benefit active 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 Muslim traders in Thailand, in compliance with Sharia law. IC Markets provides swap-free accounts on all account types (Standard, Raw Spread, and cTrader) with no additional fees, but positions held for more than 3 days may incur a small administration charge. XM Group offers Islamic accounts on Standard and Micro accounts, with no swap fees for overnight positions. XM Group's policy is more lenient for long-term holders, while IC Markets is better for short-term traders. Both brokers require a simple request via live chat or email to activate the Islamic account feature.
| 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 English and Thai language options available. XM Group provides 24/5 support with live chat, phone, and email, and also has a dedicated Thai-speaking team. XM Group's multilingual support and local presence in Asia give it a slight edge for Thai traders who prefer assistance in their native language. IC Markets' support is equally responsive but may have fewer Thai-speaking agents.
| 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 seeking the lowest spreads and fastest execution.
- Prefer cTrader for advanced charting and algorithmic trading.
- Need fee-free bank withdrawals and support for USDT deposits.
- Trade major pairs and commodities with high frequency.
Choose XM Group if you...
- Are a beginner or intermediate trader wanting educational resources and demo accounts.
- Prefer a very low minimum deposit of $5 to start trading.
- Need Thai-language customer support and local payment options like UnionPay.
- Want an Islamic account with lenient swap-free policies for long-term positions.
Both IC Markets and XM Group are excellent choices for Thailand traders, but they cater to different needs. IC Markets wins on low costs, fast execution, and advanced platforms, making it ideal for active traders who prioritize spreads and speed. XM Group offers a more beginner-friendly experience with low minimum deposits, educational tools, and strong local support. For Thailand traders using Bank Transfer, Skrill, Neteller, or USDT, both brokers handle these methods efficiently. Considering the local financial regulator's stance, both brokers are safe and legal. If you trade high volumes and want the lowest costs, go with IC Markets. If you are new or value support and flexibility, XM Group is your better bet.