Broker comparison between XM vs FXOpen
Do you want to figure out which is the better broker, xm or fxopen?
In the following table, you can compare the features of xm and fxopen side by side to determine the best fit for your trading needs.
Which broker is more reliable?
You can determine the reliability and credibility of a broker by checking four factors:
1.Forex broker introduction.
2.Does xm or fxopen have a lower transaction costs and fees?
3.Which broker is safer?
4.Which broker provides better trading platform?
Based on these four factors, we believe that xm and fxopen are both reliable. We analyze the reasons as following:
Forex broker introduction
Basic Information & Regulators of XM
Founded in 2009, XM has grown to become a globally recognized broker with over 600 professionals who have been working in the financial sector for many years, serving over 5,000,000 clients from 196 countries and regions. XM is currently regulated by the Financial Services Commission of Belize (Regulation No. 000261/158), the Cyprus Securities and Exchange Commission (Regulation No. 000261/106), and the International Financial Services Commission (Regulation No. 000261/106). XM is currently regulated by the International Financial Services Commission of Belize (Regulation No. 000261/106), the Securities and Exchange Commission of Cyprus (Regulation No. 120/10), the Australian Securities and Investments Commission (Regulation No. 443670), and the Dubai Financial Services Authority (Regulation No. F003484).
Safety Analysis of XM
The trader holds several mainstream regulatory licenses. All users of the company enjoy a negative balance protection policy so that users will not be exposed to the risk of losing more than their account balance. Besides, the company does not charge any fees for deposit and withdrawal.
Market Instruments of XM
XM provides investors with access to the most popular and mainstream financial tradable instruments in the financial markets, with over 1000 instruments in 6 asset classes, mainly Forex (55 currency pairs, including major, cross-currency pairs, and non-mainstream currency pairs), commodities, stock indices, precious metals (Gold and Silver), energies, and stocks.
Leverage & Account of XM
To meet different traders' trading experience and needs, XM has set up four different account types: Micro (minimum deposit of $5), Standard (minimum deposit of $5), Ultra Low Spread (minimum deposit of $50), and Stock (minimum deposit of $10,000). The leverage settings for Mini, Standard and Super Spread accounts are: $5-$20,000 for 1:1 to 1:888 leverage, $20001-$100,000 for 1:1 to 1:200 , and greater than $100,000 for 1:1 to 1:100. Stock accounts are not available for leverage.
Spreads & Commission Fees of XM
The spreads on standard accounts start from 1.6 pips for EURUSD, 1.8 pips for EURGBP, 0.3 pips for Gold, and 0.03 pips for Silver. The spreads on the Micro account start from 1.6 pips for EURUSD, 1.8 pips for EURGBP, 0.3 pips for Gold, and 0.03 pips for Silver. The spreads on the Ultra Low Spreads account start from 0.7 pips for EURGBP, 0.06 pips for EURUSD, 0.2 pips for Gold, and 0.022 pips for Silver. The spreads on Ultra-Low Spread Mini accounts start from 0.7 pips on EURGBP, 0.6 pips on EURUSD, 0.2 pips on Gold, and 0.022 pips on Silver. No commission is charged for Mini, Standard, and Ultra-Low Spread accounts. Stock trading commission: 4% per transaction for all US stocks (minimum $1 commission per trade), 0.10% per transaction for all UK stocks (minimum $9 per trade), 0.10% per transaction for all German stocks (minimum $5 per trade).
Trading Platform Applied
XM provides traders with the market-leading and highly acclaimed MT4 and MT5 trading platforms available for PC, Mac, mobile (iPad, Android, iPhone), web, and multi-terminal.
Deposit & Withdrawal
XM welcomes credit cards, electronic payments (Skrill, NETELLER), local bank transfers, etc. The broker does not charge any service fee for deposits or withdrawals.
General Information & Regulation
FXOpen EU is a trading name of FXOpen EU Ltd. FXOpen EU Ltd is authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC) under license number 194/13. FXOpen EU offers retail and professional trading available markets including forex intruments, indices, commodities, shares, etc through popular MT4 & MT5 trading platform.
FXOpen provides investors with access to popular tradable instruments on the financial markets, including Forex (major, minor, and emerging currency pairs), indices, commodities, stocks, cryptocurrencies.
Two account options are offered at FXOpen platform. The minimum deposit for both accounts is 300 USD/300 EUR, slightly higher than most brokers' initial deposit requirements.
Leverage & Account
Leverage is 1:30 for major currency pairs, 1:20 to 1:30 for minor currency pairs, 1:20 for emerging currency pairs, 1:20 for indices, 1:10 to 1:20 for commodities, 1:5 for stocks, and 1:2 for cryptocurrencies. The difference lies in that ECN accounts can trade currencies, cryptocurrencies, stocks, metals, energies, and index CFDs, while STP accounts can trade only currencies and metals CFDs.
Spreads & Commissions
The main spreads on Forex are 0.2 pips minimum for EURUSD, 0.3 pips minimum for GBPUSD, and 0.3 pips minimum for AUDUSD. Commissions are charged at $3.5 per lot for Forex transactions up to $1000, $2.5 per lot for $1000-$25,000, $1.8 per lot for $25,000-$250,000, and $1.5 per lot for trades over $250,000. The main spreads of the indices: 2.4 pips for the UK 100, 0.9 pips for the U.S. Hakko Tech 100, and 1.7 pips for the Wall Street 30 (Mini). 0.0075% commission for index products trading below $1000, 0.005% commission for $1000-$25,000 and 0.005% commission for greater than $25,000. Major spreads for commodities: 0.31 pips for XAUUSD minimum, 0.02 pips for XGUUSD. Major spreads on stocks: 2.65 pips on Tesla, 0.45 pips on Appl, 0.86 pips on Facebook, 0.01% commission on stocks. Bitcoin has a minimum spread of 62.6 pips with a commission of 0.5% per side.
FXOpen offers traders the current market-leading and popular MT4 and MT5 trading platforms and VPS and FIX API.
Deposit & Withdrawal
FXOpen offers its users a variety of safe and convenient deposit and withdrawal channels, mainly wire transfer, which supports EUR/USD/GBP with a minimum deposit of 300 EUR/USD/GBP and a minimum withdrawal of 50 GBP/EUR/USD. There is no commission for the wire transfer deposit, but a commission of 15 GBP/EUR/USD30 is required for withdrawal. Besides, Visa/MasterCard is also supported, and this method supports EUR/USD/GBP, the minimum deposit is 50 EUR/USD/GBP, the maximum amount is 10,000 EUR/GBP/USD.
Trading hours for forex, indices, and commodities run from 22:00 on Sunday to 22:00 on Friday (UK time). All crypto instruments are tradable 24 hours a day, 7 days a week.
FXOpen accepts traders from Australia, Thailand, Canada, United Kingdom, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar and most other countries. Traders can not use FXOpen from Belgium, Japan, United States.
Does xm or fxopen have a lower transaction costs and fees?
To compare transaction costs across different brokers, our experts analyze the transaction-specific fees (such as spreads) and non-trading fees (such as inactivity fees and payment costs).
To get a comprehensive understanding of how cheap or expensive xm and fxopen are, we first considered common fees for standard accounts. On xm, the average spread for the EUR/USD currency pair is as low as 1 pips, while on fxopen the spread is --.
Which broker is safer, xm or fxopen?
To determine the safety of a forex brokers, our experts take various factors into consideration in a multi-dimensional manner. This includes which regulatory licenses the forex trader holds and how reputable those licenses are. We also consider the history of a forex dealer, as long-standing dealers are usually more reliable and trustworthy than newer start-ups. xm is regulated by ASIC,CYSEC,FSC,FSA,DFSA. fxopen is regulated by CYSEC.
Which broker provides better trading platform, xm or fxopen?
When our experts review a broker, they usually open real trading accounts and trade through the broker's trading platform. This gives us a better overall assessment of the quality of the platform, the ease of use and the features it offers. xm Available trading platforms include Micro Account、Standard Account、Ultra Low Spread Standard & Micro Account、Stock Account, tradable financial instruments include STP、ECN fxopen works/provides Micro Account、Standard Account、Ultra Low Spread Standard & Micro Account、Stock Account trading platform, trading instruments STP、ECN