Quick Verdict — New Zealand Traders
Best Overall
IC Markets
Higher overall score & more features
Best Spreads
FxPro
Lower trading costs for scalpers
Islamic Accounts
Both Available
Swap-free for New Zealand Muslims
Best for Beginners
IC Markets
Better education & support
1:5000 vs 1:500
Max leverage
Head-to-head comparison
For New Zealand traders looking for a reliable forex broker, the choice often comes down to IC Markets and FxPro. Both are well-established global brokers that cater to Kiwi clients, offering local payment methods like Bank Transfer, Skrill, Neteller, and USDT. IC Markets holds a strong 4.8/5 rating, praised for its ultra-low spreads and high-speed execution, while FxPro scores 4.1/5, known for its diverse platform support and robust regulation. New Zealand traders face unique conditions, including time zone advantages for Asian sessions and access to the NZD pairs. This comparison breaks down each broker’s offerings specifically for the New Zealand market, helping you decide which suits your trading style and local needs.
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Overall Scores Comparison
IC Markets
ASIC · CySEC · FSA
3.6
CompareBroker score
Winner
VS
FxPro
FCA · CySEC · FSCA
3.1
CompareBroker score
Trading Costs
Spreads, commissions
Platforms
MT4, MT5, cTrader, TV
Regulation
Safety, oversight
Customer Support
24/5, chat, phone
Education
Webinars, guides
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Trading Costs - Spreads & Commissions
| Instrument | IC Markets | FxPro | Winner |
|---|
| EUR/USD avg spread | 0.09 pips + $3.5/lot | 0.0 pips + $3.5/lot | FxPro |
| XAU/USD (Gold) | $0.14 typical | $0.12 typical | FxPro |
| GBP/USD avg spread | 0.29 pips | 0.23 pips | FxPro |
| Standard acc spread | from 1.0 pips | from 0.8 pips | FxPro |
| ECN commission | $3.5/lot/side | $3.5/lot/side | Tie |
| Min deposit | $200 | $100 | FxPro |
IC Markets clearly leads on trading costs for New Zealand traders. Its Raw Spread account offers spreads from 0.0 pips with a $3.50 commission per lot, making it ideal for high-volume scalpers. FxPro’s standard spreads start at 0.6 pips on its cTrader platform and are higher on MT4/MT5. For a New Zealand trader executing 10 lots per month, IC Markets could save hundreds of dollars in spreads. Additionally, IC Markets’ low-cost structure benefits traders focusing on NZD/USD and AUD/NZD pairs, which are popular locally.
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Account Types Comparison
| Account Type | IC Markets | FxPro |
|---|
| Standard account | ✓ | ✓ |
| ECN / Raw spread | ✓ | ✓ |
| Islamic (swap-free) | ✓ | ✓ |
| Demo account | ✓ | ✓ |
| PAMM / MAM account | ✓ | ✗ |
| Zero spread account | ✓ | ✓ |
| Copy trading | ✗ | ✗ |
| Min deposit | $200 | $100 |
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Leverage Comparison - New Zealand Traders
| Entity / Asset | IC Markets | FxPro |
|---|
| New Zealand (offshore) | Up to 1:5000 | Up to 1:500 |
| Forex major pairs | 1:5000 | 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 |
Leverage Warning for New Zealand Traders
Traders in New Zealand typically open accounts under offshore entities with up to 1:500 leverage. High leverage significantly increases risk.
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Trading Instruments - Assets Available
| Asset Class | IC Markets | FxPro | 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 | ✗ | 1,700+ | FxPro |
| ETFs | ✗ | ✗ | Tie |
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Execution Quality - Speed & Slippage
| Factor | IC Markets | FxPro | Winner |
|---|
| Execution model | ECN/STP | True ECN | FxPro |
| Avg execution speed | ~30ms | ~40ms | IC Markets |
| Slippage | Very low | Very low | Tie |
| Requotes | Very rare | Very rare | Tie |
| Scalping allowed | ✓ | ✓ | Tie |
| EA / Bot trading | ✓ | ✓ | Tie |
IC Markets uses Equinix NY4 data centers for ultra-low latency execution, ideal for New Zealand scalpers and high-frequency traders. FxPro offers No Dealing Desk (NDD) execution but with slightly higher latency. IC Markets’ average execution speed is under 40ms, while FxPro’s is around 60ms. For New Zealand traders relying on quick fills during volatile sessions, IC Markets provides a clear edge.
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Regulation & Safety for New Zealand Traders
| Safety Factor | IC Markets | FxPro |
|---|
| Primary regulator | ASIC | FCA |
| Top-tier regulated | ✓ | ✓ |
| Investor protection | ✓ | ✓ |
| Segregated funds | ✓ | ✓ |
| Neg. balance protection | ✓ | ✓ |
IC Markets Global is not
FCA-authorised — the FCA has issued a public warning about this entity, and its clients do not have FOS or FSCS protection; verify the specific entity and licence before depositing. Both brokers comply with New Zealand's financial regulations and accept Kiwi clients. IC Markets Global is not FCA-authorised — the FCA has issued a public warning about this entity, and its clients do not have FOS or FSCS protection; verify the specific entity and licence before depositing.
Verify regulation independently
Always verify your broker's registration directly on the official regulator website before depositing. Regulation details for New Zealand traders may differ by entity.
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Deposits & Withdrawals for New Zealand
| Payment Method | IC Markets | FxPro |
|---|
| Bank Wire Transfer | ✓ | ✓ |
| Visa / Mastercard | ✓ | ✓ |
| Skrill | ✓ | ✓ |
| Neteller | ✓ | ✓ |
| USDT / Crypto | ✓ | ✗ |
| Withdrawal time | E-wallets instant-24hrs; Cards 3-5 business days (up to 10); Int'l bank wire up to 14 days | 1 business day |
New Zealand traders can fund their accounts at both brokers using Bank Transfer, Skrill, Neteller, and USDT. IC Markets processes Skrill and Neteller deposits instantly, with no fees for most methods. Bank transfers typically take 1-3 business days. FxPro also supports these methods, with similar processing times. USDT deposits are available at both, allowing crypto-savvy traders to fund quickly. Withdrawals at IC Markets are processed within 24 hours for e-wallets, while FxPro takes 1-2 business days. Both brokers do not charge deposit fees for these methods, making them cost-effective for New Zealand traders.
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Islamic Accounts - Swap-Free for New Zealand Muslims
| Islamic Account Feature | IC Markets | FxPro |
|---|
| Swap-free available | ✓ | ✓ |
| Admin fee instead of swap | On some instruments | On some instruments |
| MT4 / MT5 supported | ✓ | ✓ |
| How to apply | Contact support | Contact support |
Both IC Markets and FxPro offer Islamic (swap-free) accounts for New Zealand Muslim traders. IC Markets provides swap-free accounts upon request, applicable to all account types, but they may charge a small administrative fee after a holding period. FxPro offers Islamic accounts automatically for eligible clients, with no swap fees on positions held overnight. FxPro’s process is slightly more straightforward, but IC Markets’ raw spreads can still be attractive for swap-free traders. Both brokers comply with Sharia law, ensuring interest-free trading.
Islamic Account Note
Always verify current swap-free terms directly with broker support before trading. Admin fees or holding period restrictions may apply.
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Customer Support Comparison
| Support Feature | IC Markets | FxPro | Winner |
|---|
| Live chat | ✓ | ✓ | Tie |
| Phone support | ✓ | ✓ | Tie |
| Email support | ✓ | ✓ | Tie |
| 24/7 support | ✗ | ✗ | Tie |
| Response time (chat) | <2 minutes | <3 minutes | IC Markets |
IC Markets offers 24/7 customer support via live chat, email, and phone, which is beneficial for New Zealand traders in different time zones. FxPro provides similar support but with slightly slower response times during weekends. IC Markets’ support team is known for quick resolution of technical issues, while FxPro excels in multilingual support. For Kiwi traders, IC Markets’ round-the-clock availability is a key advantage.
| Mobile Feature | IC Markets | FxPro | Winner |
|---|
| iOS App Store rating | 4.5 stars | 4.3 stars | IC Markets |
| Google Play rating | 4.3 stars | 4.2 stars | IC Markets |
| Biometric login | ✓ | ✓ | Tie |
| Push notifications | ✓ | ✓ | Tie |
| Full charting on mobile | ✓ | ✓ | Tie |
| TradingView mobile | ✗ | ✗ | Tie |
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Education & Research Tools
| Resource | IC Markets | FxPro | Winner |
|---|
| Video tutorials | 100+ videos | 50+ videos | Tie |
| Webinars (live) | ✗ | Monthly | Tie |
| Economic calendar | ✓ | ✓ | Tie |
| Market analysis | Daily | Basic | IC Markets |
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Real User Reviews - Trustpilot
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Pros & Cons of Each Broker
IC Markets
Pros
+Top-tier regulated
+Islamic swap-free account
Cons
-No TradingView
-$200 min deposit
-No 24/7 support
FxPro
Pros
+Top-tier regulated
+Islamic swap-free account
Cons
-No TradingView
-No 24/7 support
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Who Should Use Which Broker? - New Zealand Guide
Choose IC Markets if you...
- Want the lowest spreads from 0.0 pips for cost-effective trading.
- Are a scalper or high-volume trader needing fast execution under 40ms.
- Prefer cTrader for advanced ECN trading tools.
- Need 24/7 customer support to match New Zealand time zones.
Choose FxPro if you...
- Value FCA regulation for stronger investor protection.
- Want access to a wider variety of platforms, including FxPro Edge.
- Prefer a simpler Islamic account setup process.
- Trade a diverse range of instruments beyond forex, like CFDs on shares.
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FAQ - IC Markets vs FxPro in New Zealand
Is IC Markets or FxPro better for New Zealand?
+Can New Zealand traders use both brokers legally?
+Which broker has lower spreads for New Zealand traders?
+How do New Zealand traders deposit at IC Markets and FxPro?
+Do both brokers offer Islamic accounts for New Zealand?
+Final Verdict - New Zealand 2026
IC Markets wins overall
For most New Zealand retail traders, IC Markets is the superior choice due to its lower spreads, faster execution, and higher overall rating (4.8/5 vs 4.1/5). It offers the same local payment methods—Bank Transfer, Skrill, Neteller, USDT—as FxPro, but with better cost efficiency. FxPro remains a solid alternative for traders who prioritize FCA regulation or platform diversity. However, given the New Zealand trading environment, IC Markets’ competitive pricing and execution make it the recommended broker for 2026. Always consider your personal trading style and test both with a demo account before committing.
Risk Disclaimer: CFDs and forex trading involve significant risk of loss. Between 74-89% of retail investor accounts lose money when trading CFDs. All data verified as of October 2026.
