IC Markets vs XM Group: Which Broker is Best for Maldives Traders in 2026?

IC Markets offers significantly lower spreads for Maldivian traders, with its Raw Spread account starting at 0.0 pips and a commission of $3.50 per lot per side. XM Group’s standard account has spreads from 1.0 pips with no commission, but its Micro account is ideal for small capital. For a Maldivian trader executing 10 lots per month on EUR/USD, IC Markets saves approximately $200 in total costs compared to XM Group. However, XM Group’s zero-commission model is simpler for beginners who prefer predictable costs.

Both brokers offer MetaTrader 4 and MetaTrader 5, which are widely used by Maldivian traders for charting and automated trading. IC Markets also provides cTrader, a platform favored by scalpers for its advanced order management and depth of market. XM Group includes XM WebTrader and mobile apps, but lacks cTrader. For Maldivian traders who rely on Expert Advisors (EAs), IC Markets’ low latency servers in Singapore ensure faster execution, while XM Group’s platforms are more user-friendly for manual traders.

IC Markets uses raw spreads with direct market access (DMA) and no dealing desk, ensuring execution speeds under 40ms on its Singapore servers. XM Group operates a market execution model with no requotes, but its spread-based pricing can lead to slight slippage during news events. For Maldivian scalpers and high-frequency traders, IC Markets’ execution is superior, while XM Group is reliable for standard retail trading.

IC Markets is regulated by ASIC (Australia), CySEC (Cyprus), and the FSA (Seychelles), offering strong client fund segregation. XM Group holds licenses from CySEC, FCA (UK), and ASIC, with negative balance protection. For Maldivian traders, neither broker is directly regulated by the local financial regulator, but both are well-established international firms with a solid track record. IC Markets’ ASIC regulation provides high safety, while XM Group’s FCA license adds an extra layer of protection for retail clients.

Maldivian traders can fund their accounts at both IC Markets and XM Group using Bank Transfer, Skrill, Neteller, and USDT. IC Markets requires a minimum deposit of $200, while XM Group starts at just $5. Deposits via Skrill, Neteller, and USDT are instant, and bank transfers take 1-3 business days. Withdrawals at IC Markets are free but may incur bank fees for wire transfers; XM Group offers free withdrawals for all methods, including USDT. Both brokers process withdrawals within 24 hours, making them efficient for Maldivian traders.

Both IC Markets and XM Group offer Islamic (swap-free) accounts for Maldivian Muslim traders. IC Markets provides swap-free accounts on all account types, but certain instruments like indices may incur a holding fee after 30 days. XM Group’s Islamic accounts are available on Standard and Micro accounts, with no swap fees, but a small administrative charge applies after 10 days for positions held overnight. For long-term holders, IC Markets is slightly more accommodating, while XM Group is better for short-term traders.

Both brokers offer 24/5 multilingual customer support via live chat, email, and phone. IC Markets provides faster response times for technical queries, while XM Group offers support in Dhivehi through its multilingual team. For Maldivian traders, XM Group’s local language support is a clear advantage, though IC Markets’ English support is highly professional.