When choosing a forex broker, it’s crucial to compare different options to find the one that best suits your trading needs. In this post, we will compare two popular forex brokers: Exness and XM. We’ll look at their features, trading conditions, and other key aspects to help you decide which broker might be the best fit for you.
Before we jump into our full review, let’s take a quick look at the table below which provides a clear side-by-side comparison of the key features of both Exness and XM to help you quickly see the differences.
| Feature | Exness | XM |
|---|---|---|
| Overview | Well-known broker with multiple account types and high leverage options. | Popular broker offering various account types with competitive spreads. |
| Account Types | Standard, Raw Spread, Zero | Micro, Standard, XM Ultra Low |
| Minimum Deposit | $1 for Standard Account | $5 for Micro Account |
| Trading Platforms | MT4, MT5, Proprietary Platform | MT4, MT5, XM App |
| Spreads | From 0.0 pips (Raw Spread & Zero Accounts) | From 0.6 pips (Ultra Low Account) |
| Commissions | Applicable on Raw Spread & Zero Accounts | No commissions on Micro & Standard Accounts |
| Leverage | Up to 1:2000 | Up to 1:1000 |
| Margin Requirements | Flexible | Reasonable |
| Customer Support | 24/7 via live chat, email, and phone | 24/5 via live chat, email, and phone |
| Regulation | FCA (UK), CySEC (Cyprus), FSA (Seychelles) | ASIC (Australia), FCA (UK), CySEC (Cyprus) |
| Visit Exness | Visit XM |
Overview
Exness and XM are well-known brokers in the forex trading world. Both offer a range of services to cater to traders of all levels, but they have different strengths and weaknesses. Understanding these can help you make a more informed decision.
Account Types and Minimum Deposit
Exness:
- Account Types: Exness offers several account types including Standard, Raw Spread, and Zero accounts. Each has different features to suit various trading styles.
- Minimum Deposit: The minimum deposit requirement is as low as $1 for the Standard account, making it accessible for new traders.
XM:
- Account Types: XM provides Micro, Standard, and XM Ultra Low accounts. They also offer accounts tailored to Islamic traders.
- Minimum Deposit: The minimum deposit starts at $5 for the Micro account, which is slightly higher than Exness but still very affordable.
Trading Platforms
Exness:
- Platforms: Exness supports MetaTrader 4 (MT4), MetaTrader 5 (MT5), and a proprietary platform. MT4 and MT5 are widely recognized for their comprehensive features and user-friendly interfaces.
XM:
- Platforms: XM also offers MT4 and MT5 platforms. Both platforms are available on desktop, web, and mobile devices, providing flexibility for traders.
Spreads and Commissions
Exness:
- Spreads: Exness offers competitive spreads, especially on the Raw Spread and Zero accounts, where spreads can be as low as 0.0 pips.
- Commissions: Depending on the account type, commissions can apply, particularly on the Raw Spread and Zero accounts.
XM:
- Spreads: XM offers tight spreads, starting from 0.6 pips on the Ultra Low account. The Micro and Standard accounts have slightly higher spreads.
- Commissions: XM does not charge commissions on its Micro and Standard accounts, but there might be commissions on other account types.
Leverage and Margin
Exness:
- Leverage: Exness provides high leverage options, up to 1:2000, allowing traders to control larger positions with a smaller amount of capital.
- Margin: The margin requirements are flexible, catering to both high and low-risk traders.
XM:
- Leverage: XM offers leverage up to 1:888, which is lower than Exness but still substantial for most traders.
- Margin: XM’s margin requirements are generally reasonable and suitable for different trading strategies.
Customer Support
Exness:
- Support: Exness offers 24/7 customer support through live chat, email, and phone. Their support team is known for being responsive and helpful.
XM:
- Support: XM also provides 24/5 support through live chat, email, and phone. They have a reputation for good customer service and quick response times.
Regulation and Safety
Exness:
- Regulation: Exness is regulated by several authorities, including the FCA (UK), CySEC (Cyprus), and the FSA (Seychelles). This provides a high level of security for traders.
XM:
- Regulation: XM is regulated by the ASIC (Australia), FCA (UK), and CySEC (Cyprus), ensuring a high level of protection and regulatory oversight.
Bottom Line
Both Exness and XM are reputable brokers with strong features and competitive conditions. Exness stands out with its low minimum deposit and high leverage options, while XM offers a slightly higher minimum deposit but no commission on standard accounts and competitive spreads.
Choosing between Exness and XM will depend on your specific trading needs, including account types, spreads, leverage, and personal preferences. Evaluate what matters most to you and choose the broker that best aligns with your trading goals.
For further details or to start trading, visit the official websites of Exness and XM. We hope this comparison helped you decide the broker to choose. You might wish to use our XM review and Exness review to get more information of the brokers
Editorial Staff at Chweya is a team of financial experts led by Vincent Nyagaka, with over 9 years of experience in finance, commerce, forex, crypto, and marketing. Started in 2014, Chweya is now among the largest free financial resource sites in the industry and is often referred to as Wikipedia for business.