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XM vs Plus500 | Broker Comparison

Review By: Alan Little

Review Updated: 2022-08-01

Are you seeking a comparison of two very capable forex and CFD brokers, XM and Plus500? We are here to assist you with that very comparison, providing a recap of our in-depth reviews and commentary about how these two leaders in the forex industry stack up against one another.

4.5

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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

4.1

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 86% 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

Heavily regulated in 11 jurisdictions, including FCA, ASIC and CySEC
Good transparency on fees, better than average on costs
Proprietary WebTrader platform and app have won many awards, user-friendly
More than 2,000 popular asset choices on CFD platform

Cons

Research and education materials could be more comprehensive
Customer service has no telephone access
No MT4 or MT5 trading platform products offered

Feature

Plus500

Minimum deposit:

100 units of USD, EUR, GBP

Withdrawal fee amount:

None

Inactivity fee charged (Y/N):

Max leverage:

30:1

1:30

Spread from:

0.0 pips

Varies

Number of instruments:

1,000+

2,000+

Year founded:

2009

2008

Time to open account:

1 business day

1-2 business days

Demo account provided (Y/N):

Countries of regulation:

Cyprus, UK

UK, Cyprus, Australia, New Zealand, South Africa, Seychelles, Estonia, Singapore, Israel, US, Japan

Products offered:

Forex, CFDs, Stocks, Commodities, Energies, Precious Metals, Equity Indices

CFDs in forex, indices, shares, commodities, options, ETFs, and cryptocurrencies in limited jurisdictions, stocks on Plus500Invest (available in certain countries)

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What are the strengths of each broker?

When comparing XM vs Plus500, both brokers rate highly when compared to the industry. On the positive side for XM, it supports MT4 and MT5, has generally lower fees and spreads than Plus500, a better-than-average research and education centre, and regulatory oversight from the FCA, ASIC and CySEC. Plus500 is listed on the London Stock Exchange, heavily regulated in 11 jurisdictions, offers an award-winning proprietary trading platform, and 2,000+ CFD tradable instruments, including cryptocurrencies. XM does not offer cryptocurrencies.

Is one better suited to a certain trade type than the other?

XM can appeal to a broader group of traders as it offers more than just CFD trading, but its product portfolio is only half as large as the one for Plus500.

Does one offer benefits that the other doesn’t and vice versa?

When comparing Plus500 vs XM, Plus500 offers the security of being a publicly traded stock company on the LSE and being regulated in 11 jurisdictions, while XM generally offers lower fees, MT4, and better research and education resources.

Is one better suited to a new, mid-level or advanced trader?

XM rates a little better for beginners, but both appeal to mid-level and advanced traders.

Is one’s trading platform better than the other’s?

XM has MetaTrader platforms, but Plus500 does not, though it does have an award-winning proprietary CFD trading platform.

What are the fees like on both?

XM has below average fees, while Plus500 fees are roughly average. Both firms have inactivity fees that kick in after 90 days.