IC Markets vs XM Group: Cyprus Broker Comparison 2026

When comparing trading costs for Cyprus traders, IC Markets holds a clear advantage for high-volume traders. Its Raw Spread account offers spreads from 0.0 pips with a commission of $3.50 per lot per side, while the Standard account has spreads from 0.6 pips with no commission. XM Group’s Standard account features spreads from 1.0 pips with no commission, and its Zero account offers spreads from 0.0 pips but charges a higher commission of $5 per lot per side. For a Cyprus trader executing 10 lots per month, IC Markets can save up to $30 in spreads compared to XM Group. However, XM Group’s fixed spreads on its Standard account provide predictability, which is beneficial for traders who dislike variable costs.

Both brokers offer the popular MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms, as well as cTrader, which is especially favored by Cyprus traders for its advanced charting and order execution. IC Markets supports all three platforms with no restrictions, while XM Group offers MT4 and MT5 but excludes cTrader. For Cyprus traders who rely on automated trading or Expert Advisors (EAs), both brokers are compatible, but IC Markets has a slight edge due to its lower latency execution and support for cTrader, which is preferred by algorithmic traders. XM Group’s platforms are more user-friendly for beginners, with integrated educational tools.

IC Markets is known for its low-latency execution, with servers located in the NY4 data center and an average execution speed of under 40 milliseconds. This is ideal for Cyprus traders using scalping or high-frequency strategies. XM Group also offers fast execution, but its average speed is slightly higher at around 100 milliseconds. Both brokers use No Dealing Desk (NDD) execution, but IC Markets’ Raw Spread account provides direct market access (DMA) with no requotes, while XM Group’s Zero account may experience slippage during volatile markets.

Cyprus traders benefit from strong regulatory oversight as both IC Markets and XM Group are authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC). This means they comply with MiFID II requirements, including client fund segregation and participation in the Investor Compensation Fund (ICF), which covers up to €20,000 per client in case of broker insolvency. IC Markets also holds additional licenses from ASIC and FCA, while XM Group is regulated by CySEC, ASIC, and IFSC. For Cyprus residents, the CySEC license ensures local legal protection and access to dispute resolution through the Financial Ombudsman Service.

Cyprus traders have multiple convenient deposit and withdrawal options at both brokers. IC Markets accepts Bank Transfer, Skrill, Neteller, and USDT, with minimum deposits starting at $200. Bank transfers are free but take 1-3 business days, while e-wallets and USDT are instant and usually free. XM Group also supports these methods, with a lower minimum deposit of $5 for standard accounts. Skrill and Neteller deposits are credited instantly, and USDT deposits are processed via specific wallets. Withdrawals are processed within 24 hours for e-wallets and USDT, while bank transfers may take 2-5 days. Both brokers charge no internal fees for deposits or withdrawals, though third-party bank charges may apply.

Both IC Markets and XM Group offer Islamic (swap-free) accounts for Cyprus Muslim traders who wish to comply with Sharia law. IC Markets provides swap-free accounts on all account types, but charges a small administrative fee if positions are held beyond a certain period (usually 7-10 days). XM Group offers Islamic accounts with no swap fees and no additional charges, making it more suitable for long-term traders. To open an Islamic account, Cyprus traders must provide a declaration of religious belief or proof of Muslim faith. XM Group’s policy is more straightforward, while IC Markets’ fee structure may deter long-term position holders.

Cyprus traders can access customer support in Greek and English from both brokers. IC Markets offers 24/7 live chat, email, and phone support, with response times under 5 minutes on average. XM Group also provides 24/7 support via live chat, phone, and email, with a dedicated Cyprus phone number. XM Group’s support is slightly more personalized, offering account managers for VIP clients. Both brokers have comprehensive FAQ sections on their websites, but XM Group’s local presence in Cyprus gives it an edge in responsiveness.