XM vs FXTM | We Compare Brokers
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XM vs FXTM | Broker Comparison

Review By: Alan Little
Review Updated: 2022-08-31

Is XM better than FXTM? While both XM and FXTM have a lot of great features, there are some differences to consider. For example, XM offers an excellent education section and a low minimum deposit, making it great for beginners. FXTM, also known as ForexTime, has a strong international presence, and has been voted ‘Most Trusted Broker Nigeria’ and ‘Best Online Trading Platform Nigeria’ by World Business Outlook, which will understandably mean that it has strong appeal for traders living in Nigeria and other African countries.

When you compare XM vs FXTM, both brokers are respected and regulated brokers, so which is the best one for you?

4.5
Rating

Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74.89% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Pros
  • Great choice of trading platforms
  • 1,000+ instruments
  • Low minimum deposit
Cons
  • No cryptocurrencies
  • Support is not 24/7
FXTM Broker Review
4.3
Rating

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Pros
  • Fully regulated
  • Good choice of accounts
  • Risk-free demo account

 

Cons
  • No cryptocurrencies
  • Limited language options
  • Customer service is not 24/7

 

Feature
XM
ForexTime (FXTM)
Minimum deposit:
$5
$50
Withdrawal fee amount:
None
€2 (credit cards) or €10 (bank transfers)
Inactivity fee charged (Y/N):
Y
Y
Max leverage:
30:1
30:1
Spread from:
0.0 pips
0 pips
Number of instruments:
1,000+
Year founded:
2009
2011
Time to open account:
1 business day
3 minutes
Demo account provided (Y/N):
Y
Y
Countries of regulation:
Cyprus, UK
UK
Products offered:
Forex, CFDs, Stocks, Commodities, Energies, Precious Metals, Equity Indices
Forex Indices, Forex Pairs, Stocks, CFDs, Commodities, Indices, Metals
Compare other brokers

 

Does FXTM or XM offer lower costs?

It can be quite challenging to compare broker fees, as the way that they are calculated varies depending on a number of factors, including the instruments you trade, the account type you hold, and how active you are on the platform. For example, at FXTM, clients who hold an Advantage MT4 account are offered a floating commission, which depends on their trading activities. The higher your equity and the larger your trading volume, the lower your commissions will be, making this a popular choice for active traders. There is also the option of the commission-free Advantage Plus account, where broker profits are taken exclusively from the spreads.

At XM, fees also vary, and each account type has a slightly different fee structure, so you will have to study the features of each account and read the terms and conditions for the type of account you need. Clients who open an XM Zero account can access spreads as low as 0.0 pips on USD/EUR trades, but will also be charged a small commission. Other accounts are commission-free, but come with higher spreads. XM also offers no-fee deposits and withdrawals, whereas FXTM charges a withdrawal fee with some payment methods such as bank transfers and credit cards. There are, however, other fee-free methods available. Both brokers charge an inactivity fee on dormant accounts.

Does FXTM or XM offer better leverage?

When deciding whether to trade with FXTM or XM, you will not have to worry too much about the level of leverage you might be offered. Both brokers offer leverage of up to 30:1, which is the standard maximum leverage offered by brokers in the UK and throughout the EU. As both firms are regulated in Europe, they are unable to offer higher leverage.

How easy is it to open an account at FXTM or XM?

Opening an account is fairly straightforward with either FXTM or XM, but you will have to research the different account types first and decide which one you want to open. As with any online broker, the sign-up process is very simple and is carried out entirely online. The initial registration process can be completed in minutes with both of these brokers. As there are four account types at FXTM, the firm encourages you to contact customer service if you are unsure which one you need, and an agent will talk you through your options.

Does FXTM or XM offer a demo account?

Both FXTM and XM offer a demo account so that you can try out the platform or practice new trading strategies. The XM demo account comes with $100,000 of virtual funds. At FXTM, you will first need to register, and you can then open a demo account from within ‘MyFXTM’. The demo account is available for all account types, so as with a live account, you will need to know which one you are choosing before you set up the account.

Which trading platform is better, FXTM or XM?

FXTM offers MT4 trading, and XM offers both MT4 and MT5, as well as copy trading via XM Mirror Trader. At XM, mobile trading is easily accessible via the MT4 and MT5 apps for iPhone, iPad and Android, or through the proprietary XM mobile app. FXTM also has a robust and popular app for mobile traders, so if mobile trading is important to you, then either FXTM or XM will work.

Which has the lowest deposit requirement, FXTM or XM? 

Clients who choose to sign up with XM are rewarded with a very low minimum deposit of just $5, and this applies across all retail accounts. With FXTM, the minimum deposit depends on the account type. It is a very reasonable $50 if you open a micro account, which offers limited features but is a decent option for beginners. 

Which has the most trading assets, XM or FXTM?

XM provides trading in more than 1,000 different instruments, including 55 forex pairs, along with CFDs, stocks, commodities, energies, precious metals and indices. FXTM offers access to currencies, stocks, indices and commodities, with more than 60 currency pairs on offer, including majors, minors and exotics.

Which should I choose, FXTM or XM?

So, which broker is best for you, FXTM or XM? The answer to this question depends on you and your trading needs. New traders with a very low sum to invest can benefit from the low deposit requirement at XM, but international traders may prefer to go with FXTM, given that it has a great reputation in certain countries. Both brokers are fully regulated and offer similar levels of leverage, trading via MetaTrader, and a good choice of instruments. Don’t forget that you can try out each platform with a free demo account before making a final decision.