The upgraded MT4/MT5 platforms at FP Markets, consisting of twelve plugins and Autochartist, plus the MAM/PAMM modules for asset managers, create a competitive environment for manual, algorithmic, and copy traders. The geographically restricted Iress trading platform, primarily for equity traders, is also available, while FP Markets deploys its proprietary social trading service and Myfxbook Autotrade.
Traders at XM get upgraded MT4/MT5 platforms and one of the most efficient order execution environments, mostly without requotes or rejections, confirming deep liquidity. XM ranks among the most accessible brokers with a $5 minimum deposit requirement and offers generous bonuses and trading incentives, plus quality trading tools.
We have conducted an in-depth review of FP Markets and XM to determine which presents the better overall choice and which traders will benefit the most at either broker.
- Features and Platforms
- Available Markets
- Typical Spreads and Fees
- Security and Trust
- XM versus FP Markets - Verdict
 |  | |
Headquarters | Australia | Cyprus |
Regulators | ASIC, CMA, CySEC, FSCA | ASIC, CySEC, DFSA, FSC Belize |
Tier 1 Regulator(s)? | ||
Owned by Public Company? | ||
Year Established | 2005 | 2009 |
Execution Type(s) | ECN/STP | Market Maker |
Minimum Deposit | $100 | $5 |
Negative Balance Protection | N/A | |
Trading Platform(s) | MetaTrader 4, MetaTrader 5, cTrader, Proprietary platform, Web-based | MetaTrader 4, MetaTrader 5, Proprietary platform |
Average Trading Cost EUR/USD | 1.2 pips | 0.1 pips |
Average Trading Cost GBP/USD | 1.4 pips | 0.2 pips |
Average Trading Cost WTI Crude Oil | $0.02 | $0.05 |
Average Trading Cost Gold | $0.16 | $0.19 |
Retail Loss Rate | 72.44% | N/A |
Minimum Raw Spreads | 0.0 pips | N/A |
Minimum Standard Spreads | 1.0 pips | N/A |
Minimum Commission for Forex | $6.00 per Round Lot | N/A |
Islamic Account | ||
Signals | ||
US Persons Accepted? | ||
Managed Accounts | ||
| Visit Website | Visit Website |
Features and Platforms
| | |
MT4 | ||
MT5 | ||
MT4/MT5 Add-Ons | N/A | |
cTrader | ||
Proprietary Platform | ||
Automated Trading | ||
Social/Copy Trading | N/A | |
DOM? | ||
Guaranteed Stop Loss | ||
Scalping | ||
Hedging | ||
One-Click Trading | ||
OCO Orders | ||
Interest on Margin | ||
| Visit Website | Visit Website |
Noteworthy:
Both offer quality education and research for beginners, but XM has more resources. FP Markets offers VPS hosting for algorithmic traders, and XM rewards active traders with a loyalty program.
Available Markets
| | |
Currency Pairs | ||
Cryptocurrencies | ||
Commodities | ||
Crude Oil | ||
Gold | ||
Metals | ||
Equity Indices | ||
Stocks (non-CFDs) | ||
Bonds | N/A | |
ETFs | ||
Options | N/A | |
Futures | ||
Synthetics | ||
| Visit Website | Visit Website |
While FP Markets lists 10,000+ equity CFDs, they require the geographically restricted Iress platform. All MT4/MT5 traders get 1,300+ trading instruments at XM and 1,000+ at FP Markets for MT5, notably fewer for MT4. Forex traders get an equal number of currency pairs in all FP Markets trading platforms and at XM.
Typical Spreads and Fees
| | |
Average Trading Cost EUR/USD | 1.2 pips | 0.1 pips |
Average Trading Cost GBP/USD | 1.4 pips | 0.2 pips |
Average Trading Cost WTI Crude Oil | $0.02 | $0.05 |
Average Trading Cost Gold | $0.16 | $0.19 |
Average Trading Cost Bitcoin | $21.08 | N/A |
Minimum Raw Spreads | 0.0 pips | N/A |
Minimum Standard Spreads | 1.0 pips | N/A |
Minimum Commission for Forex | $6.00 per Round Lot | N/A |
Deposit Fee | N/A | |
Withdrawal Fee | N/A | |
Inactivity Fee | No | N/A |
| Visit Website | Visit Website |
The commission-based FP Markets account and the commission-free XM alternative provide equal core trading costs for Forex traders. It starts with a competitive $6.00 per round lot, but XM has a volume-based rebate program. Equity traders must compare fess on an asset basis to locate cost advantages.
Security and Trust
| | |
Country of the Regulator | Australia, Cyprus, Kenya, South Africa | United Arab Emirates, Australia, The Bahamas, Belize, Cyprus, United Kingdom, United States |
Name of the Regulator | ASIC, CMA, CySEC, FSCA | ASIC, CySEC, DFSA, FSC Belize |
Regulatory License Number | 286354, 103, 371/18, 50926 | 705428, 120/10, 443670,000261/27, F003484, SIA-F201, 0516820 |
Regulatory Tier | N/A | 1,1,1,4,2,4,1 |
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XM complies with more regulators, and FP Markets caters to most traders from its unregulated but duly registered St. Vincent and the Grenadines subsidiary. Both are among the most secure and trusted brokers, and they segregate client deposits from corporate funds, offer negative balance protection, and maintain a spotless regulatory record.
FP Markets vs XM – Verdict
FP Markets
Pros | Cons |
|---|---|
| Choice of trading platforms and auxiliary trading tools | Availability of Iress geographically restricted |
| Very competitive cost structure and excellent asset selection | Limited commodities and metals selection |
| Low minimum deposit requirement and leverage of up to 1:500 | |
| Well-regulated and trustworthy |
XM
Pros | Cons |
|---|---|
| A well-balanced overall asset selection | Limited cryptocurrency selection |
| Upgraded MT4/MT5 trading accounts with excellent order execution statistics | |
| Low minimum deposit of $5 and maximum leverage of 1:888 | |
| Competitive commission-free trading costs from $5.00 per 1.0 standard lot |
XM and FP Markets upgrade their MT4/MT5 platforms, where the latter has more plugins, but the former features lower costs due to its volume-based rebate program, and both have access to deep liquidity. MT4/MT5 traders get a balanced asset selection at XM, but FP Markets presents an overall better choice due to MAM/PAMM modules for asset managers, VPS hosting, and social trading services.
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FAQs
Does FP Markets have the NASDAQ?
FP Markets offers the NASDAQ 100 Index as a CFD and lists several components of the NASDAQ as individual CFDs.
What is FP Markets leverage?
The leverage depends on the asset and sector. Forex and commodity traders get a maximum of 1:500, 1:2 for cryptocurrencies, and 1:20 for equity CFDs.
Is FP Markets a trusted broker?
FP Markets ranks among the most trusted brokers industry-wide, with 15+ years of experience and a spotless regulatory track record.
Does FP Markets have a no deposit bonus?
FP Markets presently lists no bonuses, but it has offered them in the past and may introduce them during promotional campaigns, which previously included a $30 no deposit bonus.
Does XM have NAS100?
XM offers clients the NAS100 CFD with leverage of 1:100. It also lists individual NASDAQ 100 constituents as share CFDs.
Does XM offer the Volatility 75 index?
XM does not offer the Volatility 75 index, also known as VIX.
Is XM broker good?
XM ranks among the most balanced and accessible multi-asset brokers due to its broad-based asset selection, low minimum deposit requirement, deep liquidity, excellent order execution, and competitive trading costs.