XM competitors and alternatives

Summary

Based on our analysis, there are several good alternatives to XM . They all offer similar products and target similar customers.

Broker	Info	Recommended for
XM	Global CFD and forex broker	Forex and CFD traders who prefer MetaTrader platforms and seek great account opening
FxPro	Global CFD and forex broker	Forex and CFD traders looking for a broker with great account opening and familiar with MetaTrader platform
FXTM	Global CFD and forex broker	Forex traders familiar with the MetaTrader platform
FP Markets	Australian CFD and forex broker	Forex and CFD traders familiar with the MetaTrader and IRESS trading platforms
Markets.com	Global CFD and forex broker	Traders looking to venture into CFD trading

Visit XM
75.33% of retail CFD accounts lose money

AvaTradeYou may also want to consider one of the following brokers that have a slightly different overall profile:

Interactive Brokers (IB)
Oanda
Tickmill
Vantage FX

These are all brokers that BrokerChooser has reviewed.

There are some other brokers with similar services listed below.

Proceed with caution!

We haven’t reviewed these firms (yet) so we can't recommend them. They are similar to XM in terms of products (CFD and forex) and are Non Dealing Desk (NDD) brokers.

We recommend that you only work with brokers that have top-tier regulators such as the Financial Conduct Authority (FCA) in the UK, the Securities and Exchange Commission (SEC) and Financial Industry Regulatory Authority (FINRA) in the US, the Federal Financial Supervisory Authority (BaFIN) in Germany, and the Australian Securities and Investments Commission (ASIC) in Australia.

Admiral Markets (admirals)
BTFT Markets
HotForex (HF Markets)
Deriv
FXPesa
AM broker
exness (B2B only)
FBS broker
Trading Point
CMS Prime
OctaFX
Scope Markets
Vault Markets

And now let’s go back to the detailed verdict on the brokers we have analyzed.

Back to Summary

XM

XM is regulated by several authorities globally, including the top-tier Australian Securities and Investments Commission (ASIC).

On the plus side, we liked the low stock CFD and withdrawal fees the broker charges. The account opening process is seamless and hassle-free. There is a wide range of educational tools of great quality.

XM has some drawbacks though. Its product range is limited to forex and CFDs. Its forex and stock index CFD fees are average, and non-EU customers are not covered by any investor protection.

	XM snapshot
Summary	XM is a global forex and CFD broker regulated by Australia's ASIC, CySEC of Cyprus, and Belizean authority IFSC.
Fees score	4.1 stars
Recommended for	Forex and CFD traders who prefer MetaTrader platforms and seek great account opening

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FxPro

FxPro is regulated by several authorities globally, including the top-tier Financial Conduct Authority (FCA) in the UK.

On the plus side, opening an account is fast and fully online. There are a lot of free deposit/withdrawal options. FxPro has great customer service in several languages.

FxPro has some drawbacks though. Its product range is limited to CFDs and forex. Its trading fees are generally low, but relatively high for some stock CFDs. A $15 one-off account maintenance fee and a monthly $5 fee is charged after 6 or 12 months of inactivity depending on your jurisdiction.

	FxPro snapshot
Summary	FxPro is an international CFD and forex broker, regulated by the UK FCA, CySEC of Cyprus and the SCB at the Bahamas. It is also licensed by South Africa's FSCA.
Fees score	4.0 stars
Recommended for	Forex and CFD traders looking for a broker with great account opening and familiar with MetaTrader platform

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FXTM

FXTM is regulated by several financial authorities globally, including the top-tier Financial Conduct Authority (FCA).

On the plus side, customer support gives fast and relevant answers. There are several educational tools, including demo accounts and webinars. The account opening is fast and fully digital.

FXTM has some drawbacks though: it charges high CFD fees, inactivity and withdrawal fees, and the product range is limited.

	FXTM snapshot
Summary	FXTM is an international CFD and forex broker, regulated by the UK FCA, CySEC of Cyprus and the Mauritian FSC. It is licensed by South Africa's FSCA.
Fees score	3.5 stars
Recommended for	Forex traders familiar with the MetaTrader platform

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FP Markets

FP Markets is a great CFD and forex broker regulated by the top-tier Australian Securities and Investments Commission (ASIC). It offers low forex fees and does not charge an inactivity fee. Both the account opening and depositing are fast and you'll find high-quality educational tools as well.

On the downside, stock CFD fees are high and the product portfolio is limited, as it covers only CFDs (equities, indices, metals) and forex instruments. The MT4 web and desktop trading platforms have outdated designs.

	FP Markets snapshot
Summary	FP Markets is an Australian CFD and forex broker regulated by the top-tier ASIC.
Fees score	3.9 stars
Recommended for	Forex and CFD traders familiar with the MetaTrader and IRESS trading platforms

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Markets.com

Markets.com is a CFD broker regulated by several authorities globally, including the top-tier FCA and ASIC.

The account opening is seamless and fast. It has good research tools and great customer service.

On the other hand, forex trading fees are high and the product selection covers mostly CFDs and forex. We also missed some important features on the trading platforms, like two-step authentication and price alerts on the web.

	Markets.com
Summary	Markets.com is a brand of Markets.com, a global CFD and forex broker regulated by the UK FCA, Australia's ASIC, CySEC in Cyprus, and South Africa's FSCA, among others. Its operated by Playtech, a subsidiary that is on the London Stock Exchange.
Fees score	2.2 stars
Recommended for	Traders looking to venture into CFD trading

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AvaTrade

AvaTrade is regulated by several authorities globally, including the top-tier Central Bank of Ireland and the Australian Securities and Investments Commission (ASIC), therefore it is considered safe.

We liked the seamless and hassle-free account opening. You can use a lot of deposit and withdrawal options, all free of charge. We also liked that you can use many user-friendly tools for research.

AvaTrade has some drawbacks though. The product range is limited to forex, CFDs, and cryptos, and there is a high fee charged for inactivity. Lastly, there are better alternatives if forex trading fees are your main concern.

	AvaTrade snapshot
Summary	AvaTrade is a global forex and CFD broker. It is regulated by several financial authorities globally, including the Central Bank of Ireland and Australia's ASIC.
Fees score	3.8 stars
Recommended for	Forex and CFD traders looking for an option to use MetaTrader platforms

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Interactive Brokers (IB)

Interactive Brokers is one of the biggest US-based discount brokers, regulated by several top-tier regulators globally. We recommend this broker both for advanced traders and for everyday investors who want to have access to many stock markets.

On the plus side, IB offers very low fees, a vast range of markets and products, and diverse research tools.

There are some drawbacks. We weren't satisfied with the quality of its customer service and the account opening process is complicated. Unlike the web and mobile platforms, the desktop platform is complex and hard to get a handle on, especially for beginners.

If you have experience navigating complex platforms and enjoy transparent, low-cost trading, Interactive Brokers is a great fit for you.

	Interactive Brokers snapshot
Summary	Interactive Brokers is a US discount broker. It is listed on a stock exchange and regulated by several authorities, including top-tier ones like the FCA and the SEC.
Fees score	4.5 stars
Recommended for	Traders looking for broad market access and a professional trading environment

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Oanda

Oanda is a great forex broker. It has user-friendly trading platforms that you will quickly learn to use confidently. It also provides powerful research tools, especially trading APIs. The account opening process is easy and quick.

It also has some negative features: Oanda's product selection is limited to forex and CFD products. It doesn't have a banking background and is not listed on any stock exchange, two typical factors that enhance transparency. Customer support, while helpful, is only available 24/5.

	Oanda snapshot
Summary	Oanda is a US forex broker. It is regulated by top-tier authorities like the UK FCA and Australia's ASIC.
Fees score	4.2 stars
Recommended for	Forex traders who value a user-friendly platform and great research tools

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Tickmill

Tickmill is a low-cost forex and CFD broker, regulated by several authorities globally including the top-tier FCA in the UK.

On the plus side, we liked Tickmill's low forex fees. Account opening is seamless and there are many free deposit/withdrawal options.

Tickmill has some drawbacks though. Its product range is limited to forex and CFDs on some stock indexes, commodities and cryptos. The trading platforms have an outdated design, and the quality of some research tools is uneven.

	Tickmill snapshot
Summary	Tickmill is a low-cost forex and CFD broker. It is regulated by several financial authorities, including the top-tier FCA.
Fees score	4.5 stars
Recommended for	Forex traders looking for low fees who are familiar with the MetaTrader 4 platform

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Vantage FX

Vantage is a forex and CFD broker, regulated by the top-tier ASIC.

It offers low forex and non-trading fees. The account opening and the deposit/withdrawal processes are seamless and most of them are free of charge.

On the other hand, the product offering at Vantage is limited to forex, CFDs, and cryptos. Their customer service could use some improvement. Lastly, investor protection is only available in the UK for Vantage clients.

	Vantage
Summary	Vantage FX is a forex and CFD broker regulated by the Cayman Islands and Australian financial authorities.
Fees score	4.2 stars
Recommended for	Forex and CFD traders familiar with the MetaTrader trading platforms