IC Markets vs XM Group: Australia Trader Comparison 2026

For Australia traders, trading costs are a decisive factor. IC Markets offers spreads from 0.0 pips on its Raw Spread account with a $3.50 AUD commission per lot, ideal for high-volume scalpers. XM Group’s Standard account has spreads from 1.0 pips with no commission, while its Zero account starts at 0.0 pips with a $5 AUD commission. On a typical 10-lot trade on EUR/USD, IC Markets costs around $35 AUD in commission, while XM Group’s Zero account costs $50 AUD. For scalpers and day traders, IC Markets provides a clear cost advantage, while XM Group suits those who prefer commission-free trading.

Both brokers offer MetaTrader 4 (MT4) and MetaTrader 5 (MT5), the gold standards for Australia traders. IC Markets also provides cTrader, which offers advanced charting and faster execution for scalpers. XM Group includes XM WebTrader and mobile apps, but lacks cTrader. For Australia traders who value custom indicators and algorithmic trading, IC Markets’ cTrader integration is a key differentiator. Both platforms are available in English and support Australian time zones.

IC Markets uses Equinix NY4 and LD4 servers for ultra-low latency execution, averaging under 40ms for Australia traders. XM Group’s execution is reliable but averages 50-60ms. IC Markets offers no-dealing-desk (NDD) execution with no requotes, while XM Group uses a hybrid model. For scalpers and algorithmic traders in Australia, IC Markets’ execution speed is superior.

Both IC Markets and XM Group are regulated by ASIC in Australia, holding AFSL numbers 335692 and 442434 respectively. This means Australia traders benefit from strict capital adequacy requirements, client fund segregation, and access to the Financial Ombudsman Service. While IC Markets operates globally under multiple regulators, its Australian entity is fully ASIC-compliant. XM Group also holds licences from CySEC and IFSC, but for Australia clients, ASIC oversight ensures local protections. Neither broker offers negative balance protection as a regulatory requirement, but both provide it voluntarily.

Australia traders can fund accounts using BPAY, POLi, and Bank Transfer at both IC Markets and XM Group. IC Markets requires a minimum deposit of $200 AUD, while XM Group starts at just $5 AUD. BPAY and POLi deposits are instant and free, while Bank Transfers take 1-2 business days. Withdrawals are processed within 24 hours at IC Markets and up to 48 hours at XM Group, with no fees from either broker. Both support AUD-denominated accounts, avoiding currency conversion costs. For high-volume traders, IC Markets’ faster withdrawal processing is a plus, while XM Group’s low minimum deposit is more accessible.

Both brokers offer swap-free Islamic accounts for Muslim traders in Australia, complying with Sharia law by eliminating overnight interest. IC Markets requires a minimum deposit of $200 AUD for Islamic accounts, while XM Group offers them with just $5 AUD. To activate, traders simply request the swap-free status after account opening. Both brokers allow Islamic accounts on all account types, including Raw Spread and Standard. For Australia Muslim traders, XM Group’s lower barrier to entry makes it more accessible, while IC Markets is better for those with larger capital.

IC Markets provides 24/7 customer support via live chat, email, and phone, with Australian-based support during business hours. XM Group offers 24/5 support with a dedicated Australia phone line and multilingual team. Both respond within minutes on live chat. For Australia traders, XM Group’s local phone support is a slight advantage, while IC Markets’ 24/7 availability suits night traders.