Quick Verdict — New Zealand Traders
Best Overall
XM Group
Higher overall score & more features
Best Spreads
XM Group
Lower trading costs for scalpers
Islamic Accounts
Both Available
Swap-free for New Zealand Muslims
Best for Beginners
XM Group
Better education & support
1:5000 vs 1:1000
Max leverage
ASIC vs CySEC
Top regulator
Head-to-head comparison
For New Zealand traders comparing IC Markets and XM Group in 2026, the choice often comes down to trading costs versus accessibility. IC Markets, rated 4.8/5, is known for its raw spreads starting from 0.0 pips and deep liquidity, making it a top pick for scalpers and high-volume Kiwi traders. XM Group, scoring 4.7/5, appeals to retail traders with a low $5 minimum deposit and a wide range of account types. Both brokers support local payment methods like Bank Transfer, Skrill, Neteller, and USDT, which are popular among NZ clients. While neither is regulated by the local financial regulator, they operate under strong international licenses, offering a secure trading environment for New Zealanders.
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Overall Scores Comparison
IC Markets
ASIC · CySEC · FSA
3.6
CompareBroker score
VS
XM Group
CySEC · ASIC · IFSC
4.3
CompareBroker score
Winner
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 | XM Group | Winner |
|---|
| EUR/USD avg spread | 0.09 pips + $3.5/lot | 0.0 pips + $3.5/lot | XM Group |
| XAU/USD (Gold) | $0.14 typical | $0.12 typical | XM Group |
| GBP/USD avg spread | 0.29 pips | 0.23 pips | XM Group |
| Standard acc spread | from 1.0 pips | from 0.8 pips | XM Group |
| ECN commission | $3.5/lot/side | $3.5/lot/side | Tie |
| Min deposit | $200 | $5 | IC Markets |
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.
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Account Types Comparison
| Account Type | IC Markets | XM Group |
|---|
| Standard account | ✓ | ✓ |
| ECN / Raw spread | ✓ | ✓ |
| Islamic (swap-free) | ✓ | ✓ |
| Demo account | ✓ | ✓ |
| PAMM / MAM account | ✓ | ✓ |
| Zero spread account | ✓ | ✓ |
| Copy trading | ✗ | ✗ |
| Min deposit | $200 | $5 |
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Leverage Comparison - New Zealand Traders
| Entity / Asset | IC Markets | XM Group |
|---|
| New Zealand (offshore) | Up to 1:5000 | Up to 1:1000 |
| Forex major pairs | 1:5000 | 1:1000 |
| 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 | XM Group | 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 | ✗ | ✗ | XM Group |
| ETFs | ✗ | ✗ | Tie |
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Execution Quality - Speed & Slippage
| Factor | IC Markets | XM Group | Winner |
|---|
| Execution model | ECN/STP | True ECN | XM Group |
| 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 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.
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Regulation & Safety for New Zealand Traders
| Safety Factor | IC Markets | XM Group |
|---|
| Primary regulator | ASIC | ASIC |
| 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.
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 | XM Group |
|---|
| 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 | Visa/Mastercard and e-wallets near-instant to 1-2 business days; bank wire several days |
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 $5, 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.
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Islamic Accounts - Swap-Free for New Zealand Muslims
| Islamic Account Feature | IC Markets | XM Group |
|---|
| 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 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.
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 | XM Group | 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 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.
| Mobile Feature | IC Markets | XM Group | 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 | XM Group | 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
XM Group
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...
- Are a scalper or high-volume trader needing raw spreads from 0.0 pips
- Prefer cTrader for advanced charting and depth of market
- Trade major forex pairs like NZD/USD and AUD/USD frequently
- Want ultra-fast execution under 40ms for precise entries
Choose XM Group if you...
- Are a beginner with a small starting capital (minimum $5 deposit)
- Prefer no-commission trading with standard spreads
- Want access to proprietary XM WebTrader and educational resources
- Need flexible leverage options up to 1:888
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FAQ - IC Markets vs XM Group in New Zealand
Is IC Markets or XM Group 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 XM Group?
+Do both brokers offer Islamic accounts for New Zealand?
+Final Verdict - New Zealand 2026
XM Group wins overall
For New Zealand traders, IC Markets is the stronger choice for cost-sensitive, active traders who benefit from raw spreads and fast execution, especially when trading NZD pairs. XM Group stands out for beginners and those with limited capital, offering a low $5 deposit and a user-friendly experience. Both brokers support local payments like Bank Transfer, Skrill, Neteller, and USDT, and while neither is regulated by the local financial regulator, their international licenses provide adequate security. Ultimately, IC Markets wins on trading costs, while XM Group wins on accessibility for Kiwi retail traders.
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.
