FxPro is an STP broker with a great range of markets for CFD trading, a wide choice to trading platforms and ultra-fast execution of <11.06ms. XM is a MetaTrader 4 and MetaTrader 5 trading platform specialist that is regulated in multiple regions.
Both online brokers offer multiple account types for customers to choose from with different spreads, commission fees, and trading platforms.
When trading with XM, a Micro Account, Standard Account, Ultra-Low Account and Zero Account is available. XM traders can choose either MetaTrader 4 (MT4) or MetaTrader 5 (MT5) as their trading platform, regardless of the account type.
Common features between XM trading accounts include negative balance protection, tiered leverage and a maximum of 200 positions per client, with key differences being lot sizes, spreads and minimum deposits:
Micro accounts may be useful for those without a large enough account balance to trade larger lots, wanting more precision with position sizes or wanting to test strategies with low volumes instead of using a demo account.
While a higher minimum deposit is required for an XM Ultra-Low account, traders from certain countries such as South Africa and Australia can access tighter commission-free spreads than XM’s Micro or Standard account type.
If traders want to save on costs, then Ultra-Low will be the preferred option. Additionally, the Ultra-low account provides extra flexibility for trading size as it combines the trading lot size allowances of the Mirco and Standard account with the Micro only allowing micro lot trading (1,000) and standard allowing standard lots (100,000).
XM’s Micro, Standard and Ultra-Low trading accounts are all commission-free and may not suit scalpers, day traders and those using Expert Advisors requiring tighter ECN-style spreads with flat-rate commission fees. European/UK traders signed up to an XM Zero account pay a flat rate, a round-turn commission fee of $7 while accessing tighter spreads than XM’s commission-free accounts.
XM’s ECN-like account provides customers access to institutional-grade pricing with minimum spreads of 0.0 pips. Although customers are offered much lower spreads than XM’s other account types, as mentioned above, market access is limited to forex and metals.
As shown below, XM offers tight average spreads as low as 0.10 pips for the EUR/USD currency pair. The EUR/GBP is the online brokers’ biggest strength, averaging 0.30 pips while top brokers such as Pepperstone offer 0.48 pips.
Data taken from broker website. Accurate as at 02/04/2021
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Spreads offered by XM to Micro and Standard account holders (first row below) are the same and not particularly competitive when compared to other brokers. For instance, spreads for the EUR/JPY fx pair are 2.30 pips for Micro and Standard account holders and 1.70 pips for EUR/USD.
On the other hand, Ultra-Low traders outside of the EU can trade tighter commission-free spreads that are more in line with the industry standard (second row below). Customers can trade EUR/GBP and EUR/JPY at 1.20 pips with no commission fees, while brokers such as Forex.com offers 1.80-2.10 pips.
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A unique feature offered by XM is tiered leverage. While most top forex brokers provide a set leverage amount for each financial instrument and asset, XM customers are offered flexible leverage ranging from 1:1 to 500:1 (depending on the XM subsidiary and its local financial regulation).
As shown below, XM may not be suitable for those wanting to trade large volumes with high leverage. The tiered system means trading volumes up to $20,000 can set their leverage to no more than 500:1 leverage, while customers trading more than $100,001 can only use up to 100:1 leverage.
As a FxPro customer, you can sign up to the following account types:
FxPro’s Variable Spreads
FxPro cTrader, MT4 and MT5 account types can trade floating spreads with either instant (MT4) or market (MT4, MT5 or cTrader) execution.
As shown below, FxPro and XM’s no commission spreads are not as competitive as brokers such as Forex.com or FXCM for the majority of currency pairs. Yet, FxPro may be ideal for those wanting to focus their trading strategies around the EUR/GBP, as the broker offers the lowest spreads when compared to the best brokers. While most online brokers commission-free spreads are over 2 pips for EUR/GBP, FxPro’s average spread is 1.74 pips.
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Commission-free fixed spreads are available through a FxPro MT4 account type. As shown in the table below, FxPro is one of the best brokers for fixed spread pricing. Across EUR/USD, USD/JPY, AUD/USD, EUR/JPY and EUR/GBP currency pairs, the FxPro MT4 account gains access to the tightest fixed spreads ranging from 1.60 pips to 1.80 pips.
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The leverage available varies depending on the FxPro entity being used and their associated regulator. Traders in Europe will be restricted to 30:1 for major currency pairs and 20:1 for minor pairs. Those outside these Europe will have 500:1 leverage.
When trading forex with FxPro, commission fees and structure vary between trading accounts. FxPro MT4 and MT5 account holders pay no commission fees on top of the spread markup, while cTrader accounts pay $9 per $100,000 traded round turn. To assist FxPro cTrader account holders with commission cost calculations, a forex calculator can be found on the broker’s website.
Designed for high volume traders, FxPro offers a VIP Account type with premium benefits. As well as up to 30% discounts on spreads, traders gain access to VPS while cTrader account holders also pay up to 30% less in commission fees. To qualify for a FxPro VIP account, a minimum deposit of $50,000 is required.
No premium account is offered by XM, although the broker does promote a loyalty program where XM points can be exchanged for credit bonus rewards.
Islamic trading accounts are available with both XM and FxPro. Also known as swap-free accounts, Islamic account holders do not pay interest based swap or overnight financing fees. Instead, a flat rate financing fee is applicable when positions are held open for a certain number of days. XM’s Islamic account are charged no additional commission fee on top of the spread, and unlike many competing broker’s swap-free accounts, XM does not widen the spreads for Islamic account holders. FxPro on the other hand only offers Islamic accounts to existing customers and imposes administration fees.
To commence trading forex with an Islamic Account type, prospective customers can start the application process by contacting either broker’s customer support team.
As FxPro offers some of the best fixed spreads available as well as excellent discounts for VIP accounts, the broker offers better account type options than XM. Although XM’s Zero account type provides ECN-style spreads, Zero accounts are only available to a small selection of traders. On the other hand, FxPro offers a range of fixed or floating spreads as well as different types of execution to clients regardless of where they reside.
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As a market maker, XM sets their own bid-ask prices and internally matches orders with their own liquidity, through a dealing desk. Unusual for a market maker, XM guarantees no requotes or slippage due to lag.
All XM account types benefit from real-time market execution, no re-quotes with 99.35% of orders being executed in less than 1 second. Traders are also guaranteed fills on orders up to 50 lots. These are two of XM’s signature selling points to differentiate them from other brokers.
Requotes occurs when a delay between the trades initiation and the execution of the order results in quoted prices no longer being available. During this time market prices may change known as slippage, meaning a new price needs to be offered. As an ECN or STP style broker, XM uses markets execution rather than instant execution. Use of market execution means the best available price in the market at the time of order is processed rather than traders being presented with requotes.
XM uses ultra-fast execution to minimise the risks of slippage. As the market is using ‘best available’ price, traders can be positively or negatively affected by market execution however the advantage market execution has over instant is that trades can be processed much faster.
In addition to no requote guarantee, XM will also guarantee fills for orders up to 50 lots (5 million) at best available market price. With the promise, XM is guaranteeing they will fill your order however it should be noted that to do this, XM may split the order using best available prices where it cannot complete the order as a whole.
While FxPro does not classify themselves as an ECN broker, they execute orders with Straight-Through-Processing (STP) and no dealing desk (NDD) intervention, using Equinix trading servers and tier-1 liquidity providers. FxPro traders experience minimal slippage as the broker’s average order execution speed is less than 11.06ms.
As with XM, FxPro also offers no requotes however to for this to occur traders need to choose an account with market execution. Specifically, this means MT4 with market execution and floating spreads or either of the MT5 or cTrader accounts, since these only offer market execution. When using market execution, the price quoted will use a volume-weighted average price (VWAP).
Choosing market execution means faster execution speeds. The average execution speed of the FxPro MT4 account with market execution is .158 vs 1.71 for instant execution. FxPro MT5 and FxPro cTrader platforms are even faster since these use 64-bit processing. Faster execution means lower the chances of lags when executing trades. This reduces the risks of slippage and therefore the changes of FxPro using best available market price for orders.
If you do choose the MT4 account with instant execution and variable spreads, then you may receive requote when the market experiences high volatility. You can avoid requotes by checking the ‘standard; deviation’ box on the order window. This box allows you to define the pip range that will be available should a requote be required.
While both broker’s offer no requote guarantees, XM and FxPro follow different business models with XM being a market maker and FxPro a no dealing desk (NDD) broker. As brokers using STP, NDD execution tends to offer better bid/ask prices due to their top-tier liquidity sources, FxPro provides the best trading conditions overall when compared to XM.
To get in touch with XM, traders can contact the broker via live chat, email or phone. Customer support is only available 24 hours a day, 5 days a week (Monday-Friday). While XM’s customer service is sufficient, at times answers are vague and not always relevant.
Unlike XM, FxPro’s customer support is quick and efficient, with trained staff providing helpful information. The broker’s customer service team can be contacted through email, phone, fax or live chat, 24/5. Additionally, FxPro offers multilingual customer support that is available in 27 different languages.
FxPro and XM both offer educational resources that cover various trading topics.
FxPro provides a wide range of materials aimed at beginners, with videos and articles that explain the basics of trading, fundamental analysis, technical analysis and the psychology of forex trading. Educational resources that are designed for experienced traders are limited and restricted to fundamental analysis.
XM’s educational resources cover beginner to advanced topics, with trading platform tutorials, videos and webinars available. As well as articles and videos, both online brokers offer demo accounts on their entire trading platform offering, allowing both beginner and experienced traders to practise and optimise trading strategies.
With excellent educational resources and multilingual customer support, FxPro offers the best customer support. FxPro provides materials that cater to all levels of trading experience while providing quick customer service, while XM is known for slow and inefficient responses when traders are seeking help.
Both XM and FxPro provide access to MetaTrader 4 and MetaTrader 5 trading platforms, with FxPro also offering cTrader and FxPro Edge, a proprietary platform for spread betting (only available for UK traders).
XM customers can trade forex and CFDs on stocks, indices, commodities, precious metals and energies. All asset classes are available to trade via a Standard, Micro or Ultra-Low account type, while XM Zero customers are restricted to forex and precious metals. To trade share CFDs, XM customers must choose MetaTrader 5.
Depending on the trading platform you choose, the following CFDs will be available to trade with FxPro:
Offered by both XM and FxPro, MT4 and MT5 are two of the most popular trading platforms worldwide, largely due to their easy-to-use interface, advanced trading tools and Expert Advisors (trading robots). For those wanting to develop algorithmic trading strategies while accessing a huge forex community and marketplace, MT4 or MT5 are excellent options.
Each broker provides free access to advanced technical indicators and research tools. For instance:
The main difference between the two trading platforms is that MT4 was designed for forex trading, while MT5 is a multiple asset platform that permits share trading.
Additionally, MT5 offers improvements over MT4 such as more technical indicators, charts and timeframes, to allow for more sophisticated technical analysis. MT5 also saw improvements with backtesting. While MT4 allows for single currency, single thread backtesting, multiple currencies can be backtested at a time when using MT5.
XM and FxPro both offer MT4 and MT5 as desktop trading platforms for Mac and Windows computers, as well as a webtrader platform and mobile trading apps.
cTrader is a forex trading platform that offers an institutional style trading environment with advanced technical analysis tools. As with MetaTrader platforms, complex algorithmic trading strategies can be developed and implemented on the cTrader platform. Trading robots (known as cBots) can be written using the C# programming language with backtesting available.
cTrader can be accessed via a desktop trading platform, webtrader platform, or trading apps for iOS and Android devices. FxPro customers wanting to use cTrader should note the trading platform is only compatible with Windows computers.
As with FxPro’s MT4 offering, share trading is not available on cTrader.
For those wanting to access either broker’s full product range, MT5 is the best-suited trading platform. As well as Forex, CFD and Share trading, MT5 users gain access to an extensive range of trading tools and features. As customers of both XM and FxPro can utilise the MT4 and Mt5 platforms which offer Expert Advisors, backtesting and advanced technical analysis tools so little separates the two brokers however FxPro also offers cTrader so has a little bit more diversity when it comes to platform choices.
XM traders can use MT4 or MT5 trading apps on Android, iPhone and iPad devices. Similarly to the desktop trading platform, MT4 mobile app users will not gain market access to the 300 shares that are available when using the MT5 mobile app.
FxPro traders can choose between MT4, MT5, cTrader and FxPro Edge mobile trading apps, with all platforms available on both iOS and Android devices.
With a far greater number of trading apps to choose from, FxPro is the winner overall. FxPro traders can access four different mobile apps that are specifically designed for Android and iOS devices. Whether you want to use MT4, MT5, cTrader or FxPro Edge, the broker offers a functional mobile app to trade on the go.
For UK traders, spread betting can be a tax-efficient trading strategy as unlike CFD trading, spread betting profits are not subject to Capital Gains Tax (CGT). While XM does not offer spread betting services, FxPro is popular for this style of trading. To spread bet via FxPro, UK traders can use FxPro Edge, the broker’s proprietary spread betting platform.
FxPro Edge offers the following features and trading tools to help you develop spread betting trading strategies:
As XM does not offer spread betting to UK clients, FxPro is the clear winner. FxPro’s UK clients can enjoy great tax benefits when spread betting, as net profits are free from both capital gains tax and stamp duty. To execute spread betting strategies with the top broker, you can download their proprietary trading platform, FxPro Edge.
When trading CFDs, signing up to a regulated broker provides another level of protection for retail investor accounts. XM and FxPro are both overseen by top tier financial authorities in multiple jurisdictions.
FxPro is regulated by:
XM, on the other hand, is regulated by:
ASIC, CySEC, and the FCA are well respected tier-1 financial authorities. Traders can be assured that client funds are held in segregated accounts, with customers of the CySEC and FCA broker subsidiaries receiving negative balance protection while close-out margins and leverage caps are enforced.
Additionally, CySEC and FCA regulated brokers are required to display clear risk warnings to ensure customers are aware of the high risk that comes with trading CFDs and forex.
Australian traders should note that FxPro is not regulated by ASIC and FxPro allows you to use the Securities Commission of the Bahamas (SCB) which is not a tier-1 regulator.
In addition to top-tier financial regulation, FxPro and XM provide all trading accounts (regardless of location) with negative balance protection. Negative balance protection ensures customers cannot lose more than they have deposited into their trading account. If positions move in an unfavourable direction and account balances move into negatives, the broker will close all a traders’ open positions and cover the losses and reset the customer’s balance to $0.
With negative balance protection, XM and FxPro clients are never at risk of becoming indebted to the broker.
Both XM and FxPro are overseen by well-respected, top-tier financial authorities however FxPro does not offer ASIC protection to its Australian clients and uses SCB regulation which is not a tier-1 regulator. As well as multiple regulators, both online brokers provide negative balance protection (NBP) to all traders, regardless of location or the subsidiary they are registered with. As customers of both brokers are protected via NBP, ensuring they cannot lose more funds than they have deposited.
We award this category as they only use tier-1 regulators and cover Australian traders.
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When opening a trading account with XM, a $5 minimum deposit is required for Micro and Standard accounts with Ultra-Low account requiring an initial deposit of $50. FxPro requires a significantly higher minimum deposit for all account types, with traders required to deposit at least $500 to start trading forex and CFDs.
XM offers a range of payment methods with no deposit or withdrawal fees. As well as bank transfers and Visa, Mastercard and UnionPay credit cards, XM customers can manage their trading account balances using e-Wallet services such as Skrill, Neteller and Moneybookers.
Like XM, FxPro provides multiple payment methods. Depending on the FxPro subsidiary you are trading with (the UK, Europe or Bahamas), the following funding methods are available with no deposit and withdrawal fees:
As XM requires a smaller minimum deposit and charges no deposit and withdrawal fees, they offer the best funding methods when compared to FxPro. To start trading with XM, as little as $5 is needed to open an account.
When XM and FxPro go head to head, FxPro is the clear winner due to the broker’s low fixed spreads as well as a wide range of trading platforms and account types. FxPro customers can choose between cTrader, MT4, MT5 and the brokers spread betting platform, while trading tight spreads with low or no commission fees. The broker is overseen by multiple top-tier financial authorities, offering risk management benefits such as negative balance protection in certain locations.
To start trading with FxPro, traders can sign up to one of FxPro’s five different account types, or explore the broker’s features through a demo account.
Justin Grossbard has been investing for the past 20 years and writing for the past 10. He co-founded Compare Forex Brokers in 2014 after working with the foreign exchange trading industry for several years. He also founded a number of FinTech and digital startups including Innovate Online and SMS Comparison. Justin holds a Masters Degree and an Honours in Commerce from Monash University. He and his wife Paula live in Melbourne, Australia with his son and Siberian cat. In his spare time, he watches Australian Rules Football and invests on global markets.