FP Markets vs XM (2026): Which Broker Is Better?
Compare fees, spreads, minimum deposits, platforms and regulatory information side by side. Conditions vary by country and legal entity.
Quick verdict
FP Markets has the higher Brokeradar score
FP Markets leads this comparison with an editorial score of 4.8/5. XM has the lowest recorded entry deposit at $5, while FP Markets offers the broadest platform selection in our current dataset. The right choice still depends on the entity available in your country and the account type you use.
FP Markets (founded 2005, Sydney) and XM (founded 2009, Cyprus) represent two different broker models. FP Markets is an ECN/STP broker recorded as A-book (no dealing desk) with ASIC and CySEC as its lead regulators and a $100 entry point. XM is a market-maker/STP hybrid with a $5 entry, eight licences across mostly offshore jurisdictions, and a strong education and promotions focus. This comparison looks at fees, platforms, safety and which type of trader each suits.
Comparing 2 brokers
- Brokeradar score
- ★ 4.8 / 5
- Spreads from
- 0.0 pips
- Minimum deposit
- $100
- Maximum leverage
- Up to 1:500
- Platforms
- MT4, MT5, cTrader, TradingView
- Brokeradar score
- ★ 4.6 / 5
- Spreads from
- 0.6 pips
- Minimum deposit
- $5
- Maximum leverage
- Up to 1:1000
- Platforms
- MT4, MT5, XM App
| Compare Features | ||
|---|---|---|
| Logo | FP | XM |
| Rating | 4.8 / 5 | 4.6 / 5 |
| Min Deposit | $100 | $5 |
| Spreads From | 0.0 pips | 0.6 pips |
| Max Leverage | Up to 1:500 | Up to 1:1000 |
| Regulation | ASIC, CySEC, FSCA, CMA Kenya, FSA Seychelles | CySEC, FSC Belize, ASIC, DFSA UAE, FSCA South Africa, FSA Seychelles, FSC Mauritius, CMA Kenya |
| Platforms | MT4, MT5, cTrader, TradingView | MT4, MT5, XM App |
| Islamic Accounts | Yes, Swap-Free | Yes, Swap-Free |
| Established Year | 2005 | 2009 |
| Actions |
FP Markets vs XM: fees and spreads
FP Markets trading costs
Published spreads start from 0.0 pips. The minimum deposit recorded is $100. Raw and standard accounts can use different spread and commission models, so compare the account-level schedule before funding.
XM trading costs
Published spreads start from 0.6 pips. The minimum deposit recorded is $5. Raw and standard accounts can use different spread and commission models, so compare the account-level schedule before funding.
Regulation and country availability
A broker brand can serve customers through multiple legal entities. Licenses, leverage limits and compensation arrangements may therefore differ between two customers using the same brand.
FP Markets
Licenses recorded: ASIC, CySEC, FSCA, CMA Kenya, FSA Seychelles.
Review FP Markets safety detailsXM
Licenses recorded: CySEC, FSC Belize, ASIC, DFSA UAE, FSCA South Africa, FSA Seychelles, FSC Mauritius, CMA Kenya.
Review XM safety detailsWho should choose each broker?
Choose FP Markets if…
- ✓ Spreads from 0.0 pips
- ✓ ASIC & CySEC regulated
- ✓ Multiple platforms including cTrader
Consider first: Higher minimum deposit for premium accounts; No inactivity fees.
Choose XM if…
- ✓ Super low $5 minimum deposit
- ✓ Excellent educational webinars
- ✓ Huge array of deposit bonuses
Consider first: Doesn't offer cTrader or TradingView; Crypto CFDs availability is limited in EU.
FP Markets vs XM: category-by-category winners
Last checked 2026-09-03
| Category | Winner | Why |
|---|---|---|
| Trading costs (spread + commission) | FP Markets | For commission-based trading FP Markets' Raw account is recorded at 0.0 pips plus $3 per side ($6 round turn), one dollar cheaper per lot than the $7 round turn recorded for XM's raw-style account. On the commission-free tier XM is cheaper in our data (EUR/USD from 0.6 pips vs 1.0 pips on FP Markets Standard), so occasional traders on spread-only accounts may find XM competitive. |
| Platforms | FP Markets | FP Markets is recorded with MT4, MT5, cTrader and a TradingView connection, plus a separate IRESS direct-market-access account for share CFDs. XM offers MT4, MT5 and the XM App only; the dataset flags the absence of cTrader and TradingView as a limitation. |
| Regulation and safety by entity | FP Markets | FP Markets' primary entities are ASIC (Australia) and CySEC (Cyprus) licensed, with FSCA and CMA Kenya alongside, and only five restricted countries recorded. XM is CySEC-licensed in Cyprus but the bulk of its group sits under offshore regulators. Both offer Cyprus Investor Compensation Fund cover to eligible CySEC clients; note that ASIC provides no compensation scheme. |
| Deposits and withdrawals | FP Markets | FP Markets records ten base currencies, PayPal, BPAY, POLi and crypto funding, and charges no inactivity fee. XM records more individual payment methods (21) but only four base currencies and an inactivity fee after three months. |
| Account minimums | XM | XM's recorded minimum deposit is $5 on every retail account type. FP Markets requires $100 for Standard and Raw and $1,000 for the IRESS account. |
| Beginner-friendliness | XM | The $5 entry, Micro account and webinar programme make XM easier to start with. FP Markets' cleaner execution model and stricter margin call (100%) are good for learning discipline but the $100 entry and cTrader/TradingView choice suit someone who already knows what they want. |
| Scalping and EA suitability | FP Markets | An A-book ECN/STP model, a $6 round-turn raw commission and cTrader's native algorithmic tooling make FP Markets the more natural home for scalpers and automated strategies. XM permits scalping but records a 100-lot maximum volume and undisclosed execution speed. |
Trading costs (spread + commission)
Winner: FP Markets
For commission-based trading FP Markets' Raw account is recorded at 0.0 pips plus $3 per side ($6 round turn), one dollar cheaper per lot than the $7 round turn recorded for XM's raw-style account. On the commission-free tier XM is cheaper in our data (EUR/USD from 0.6 pips vs 1.0 pips on FP Markets Standard), so occasional traders on spread-only accounts may find XM competitive.
Platforms
Winner: FP Markets
FP Markets is recorded with MT4, MT5, cTrader and a TradingView connection, plus a separate IRESS direct-market-access account for share CFDs. XM offers MT4, MT5 and the XM App only; the dataset flags the absence of cTrader and TradingView as a limitation.
Regulation and safety by entity
Winner: FP Markets
FP Markets' primary entities are ASIC (Australia) and CySEC (Cyprus) licensed, with FSCA and CMA Kenya alongside, and only five restricted countries recorded. XM is CySEC-licensed in Cyprus but the bulk of its group sits under offshore regulators. Both offer Cyprus Investor Compensation Fund cover to eligible CySEC clients; note that ASIC provides no compensation scheme.
Deposits and withdrawals
Winner: FP Markets
FP Markets records ten base currencies, PayPal, BPAY, POLi and crypto funding, and charges no inactivity fee. XM records more individual payment methods (21) but only four base currencies and an inactivity fee after three months.
Account minimums
Winner: XM
XM's recorded minimum deposit is $5 on every retail account type. FP Markets requires $100 for Standard and Raw and $1,000 for the IRESS account.
Beginner-friendliness
Winner: XM
The $5 entry, Micro account and webinar programme make XM easier to start with. FP Markets' cleaner execution model and stricter margin call (100%) are good for learning discipline but the $100 entry and cTrader/TradingView choice suit someone who already knows what they want.
Scalping and EA suitability
Winner: FP Markets
An A-book ECN/STP model, a $6 round-turn raw commission and cTrader's native algorithmic tooling make FP Markets the more natural home for scalpers and automated strategies. XM permits scalping but records a 100-lot maximum volume and undisclosed execution speed.
Which broker should you choose?
Last checked 2026-09-03
Choose FP Markets if…
- You want an A-book ECN/STP broker with ASIC or CySEC oversight.
- You trade on cTrader or want charts and execution inside TradingView.
- You run scalping or EA strategies and care about the $6 round-turn raw commission.
- You want share CFDs with direct market access through IRESS and can meet the $1,000 minimum.
Choose XM if…
- You are starting with a very small balance and want the $5 minimum deposit.
- You prefer commission-free trading and can accept a wider recorded spread (from 0.6 pips).
- You value webinars and structured education while you learn.
- You want leverage up to 1:1000 through an offshore entity and accept the reduced protection that implies.
Legal entities and country differences
Last checked 2026-09-03
FP Markets is recorded with ASIC (Australia), CySEC (Cyprus), FSCA (South Africa) and CMA (Kenya) licences and registrations in Seychelles and Mauritius. Eligible CySEC clients are covered by the Investor Compensation Fund up to €20,000; ASIC clients have no equivalent scheme but benefit from segregated client money held with Australian banks according to our dataset. The 1:500 leverage recorded applies to non-EU and non-Australian entities.
XM's Cyprus entity is CySEC-licensed with the same Investor Compensation Fund cover, but its highest leverage (1:1000) and promotional offers are available only from offshore entities under FSC Belize, DFSA/CMA UAE, FSCA, FSA Seychelles, FSC Mauritius or CMA Kenya. The entity assigned to you depends on your country of residence.
Final verdict: FP Markets vs XM
Last checked 2026-09-03
FP Markets earns the higher Brokeradar editorial score (4.8 vs 4.6) and wins on trading costs for commission-based accounts, platform choice, regulatory profile and funding flexibility. It is the better broker for active, self-directed traders. XM keeps a clear edge on accessibility: the $5 minimum, Micro account and education programme make it the more sensible first broker, and its spread-only account is recorded cheaper than FP Markets' Standard account. Choose FP Markets if you will trade often on a raw account or need cTrader/TradingView; choose XM if you are starting small and learning.
FP Markets vs XM: frequently asked questions
Last checked 2026-09-03
Which has lower fees, FP Markets or XM?
For commission-based accounts, FP Markets: $6 round turn on Raw versus $7 recorded at XM, both from 0.0 pips. For spread-only accounts XM is cheaper in our data, with EUR/USD from 0.6 pips versus 1.0 pips on FP Markets Standard.
Is FP Markets more strictly regulated than XM?
Its lead regulators are ASIC and CySEC, both tier-one. XM holds a CySEC licence too, but most of its group operates under offshore regulators. Which protections apply to you depends on the entity that opens your account.
Can I use cTrader or TradingView with XM?
No. XM is recorded with MT4, MT5 and the XM App only. FP Markets offers MT4, MT5, cTrader and a TradingView connection.
Which broker is better for a small first deposit?
XM, with a recorded $5 minimum against $100 at FP Markets. If you plan to trade frequently on a raw account, the higher FP Markets entry may still be worth it for the lower commission.
Does either broker charge inactivity fees?
FP Markets is recorded with no inactivity fee. XM records an inactivity fee after three months without trading.
Sources and verification
Last checked 2026-09-03
Figures on this page come from the Brokeradar dataset and should be verified against the official broker pages and regulator registers below before you fund an account. Entity, leverage and fee schedules change and vary by country.