IC Markets vs FP Markets: Which Broker Suits New Zealand Traders?

When comparing trading costs for New Zealand traders, IC Markets offers raw spreads from 0.0 pips on its True ECN account, with a commission of $3.50 per lot per side. FP Markets starts at 0.0 pips on its Raw account but charges a slightly higher commission of $3.00 per lot per side. For high-volume traders, IC Markets is marginally cheaper, while FP Markets provides competitive spreads on its Standard account without commission. New Zealand traders trading 10+ lots per month will see significant savings with IC Markets, while FP Markets suits those who prefer no-commission trading with slightly wider spreads. Both brokers offer transparent pricing with no hidden fees.

Both IC Markets and FP Markets offer the popular MetaTrader 4 and MetaTrader 5 platforms, which are widely used by New Zealand traders. IC Markets also provides cTrader for those who prefer a more modern interface and advanced charting tools. FP Markets includes IRESS, a professional platform favoured by active traders. For New Zealand traders who trade on the go, both brokers have robust mobile apps. The choice depends on your preference: IC Markets for cTrader’s customisability, or FP Markets for IRESS’s depth of market data.

IC Markets is known for its superior execution speed, with an average latency of under 1 millisecond, thanks to its Equinix NY4 data centre. FP Markets also offers fast execution, but its average is around 10 milliseconds. For New Zealand traders, especially scalpers and high-frequency traders, IC Markets provides a clear edge in execution quality. Both brokers use No Dealing Desk (NDD) execution, ensuring no requotes.

IC Markets is regulated by the Australian Securities and Investments Commission (ASIC) and the Cyprus Securities and Exchange Commission (CySEC), while FP Markets holds licenses from ASIC, CySEC, and the Financial Services Authority (FSA) in St. Vincent and the Grenadines. For New Zealand traders, the local financial regulator oversees both brokers’ operations in the country, ensuring compliance with local financial laws. This dual regulation provides an extra layer of security, as client funds are held in segregated accounts and negative balance protection is offered. Both brokers adhere to strict reporting standards, making them trustworthy for Kiwi traders.

New Zealand traders have several convenient options to fund their accounts at IC Markets and FP Markets. Bank Transfer is available for larger deposits, typically taking 1-3 business days with no fees from the broker. Skrill and Neteller offer instant deposits and withdrawals, ideal for smaller amounts, with minimal fees. USDT (Tether) is also supported, allowing crypto-savvy traders to deposit quickly and avoid traditional banking delays. Minimum deposits are low: IC Markets requires $200, while FP Markets starts at $100. Withdrawals are processed within 24 hours for e-wallets and USDT, and 1-3 days for bank transfers. Both brokers do not charge withdrawal fees, though intermediary banks may apply charges for bank transfers.

Both IC Markets and FP Markets offer Islamic (swap-free) accounts for New Zealand Muslim traders. These accounts comply with Sharia law by eliminating overnight swap fees on positions held beyond a day. To open an Islamic account, traders need to contact customer support after registration. IC Markets provides swap-free accounts on its Standard and True ECN accounts, while FP Markets offers them on all account types. However, some brokers may charge an administrative fee after a certain holding period, so New Zealand traders should review the terms carefully. Both brokers are accommodating to Muslim traders, ensuring a halal trading environment.

IC Markets offers 24/7 customer support via live chat, email, and phone, with quick response times. FP Markets also provides 24/7 support through similar channels, plus a comprehensive FAQ section. For New Zealand traders, both brokers have dedicated support teams that speak English and can assist with local payment issues. IC Markets is slightly faster in resolving queries, while FP Markets offers more detailed educational resources.