IC Markets vs XM Group: Complete Comparison for New Zealand Traders (2026)

For New Zealand traders, trading costs are a critical factor. IC Markets offers a Raw Spread account with spreads from 0.0 pips and a $7 commission per lot round turn, ideal for those trading NZD/USD or AUD/USD frequently. XM Group’s standard account has spreads from 1.0 pips with no commission, which can be cheaper for smaller trades. Over 100 standard lots per month, IC Markets’ lower spreads save Kiwi traders approximately $200–$300 compared to XM Group, depending on pair volatility.

Both brokers provide MetaTrader 4, MetaTrader 5, and cTrader, with IC Markets offering cTrader’s advanced charting for New Zealand traders who prefer ECN-style execution. XM Group also includes its proprietary XM WebTrader, which is user-friendly for beginners. Kiwi traders benefit from fast execution on both platforms, but IC Markets’ cTrader often appeals to those needing advanced order types and depth of market.

IC Markets boasts an average execution speed of 40ms, ideal for New Zealand scalpers using ECN technology. XM Group’s execution averages 50ms, still fast but slightly slower. Both brokers offer no requotes, but IC Markets’ direct market access provides tighter spreads during high volatility, which is beneficial for Kiwi traders trading NZD pairs during Asian sessions.

IC Markets is regulated by the Australian Securities and Investments Commission (ASIC) and the Cyprus Securities and Exchange Commission (CySEC), while XM Group is regulated by CySEC, the Financial Conduct Authority (FCA) in the UK, and the International Financial Services Commission (IFSC) in Belize. For New Zealand traders, neither broker falls under the local financial regulator, but both offer client fund segregation and negative balance protection, which are important safety features for Kiwi clients.

New Zealand traders can fund 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 from just $5. Withdrawals are processed within 1–2 business days for e-wallets and 3–5 days for bank transfers. IC Markets charges no deposit fees, and XM Group also offers fee-free deposits. USDT deposits are processed instantly on both platforms, making them convenient for crypto-savvy Kiwi traders. XM Group additionally supports local credit/debit cards, which IC Markets does not for NZ clients.

Both IC Markets and XM Group offer Islamic (swap-free) accounts for New Zealand Muslim traders. IC Markets provides swap-free accounts on its Standard and Raw Spread accounts, while XM Group offers them on all account types. There are no hidden fees, but accounts may be charged a small administrative fee if held for extended periods. Traders must request the account type during registration, and both brokers process approvals within 24 hours.

IC Markets offers 24/7 live chat, email, and phone support, with a dedicated team for New Zealand traders available during local hours. XM Group provides similar 24/5 support with multilingual phone lines and a comprehensive FAQ section. Both brokers respond within minutes via live chat, but XM Group’s phone support is often faster for urgent NZ queries.