IG Group vs XM: Which One Is Best?

2. IG Group: Better Trading Platform

While IG has provided its clientele with a choice of a variety of in-house and specialist trading platforms, XM offers only two specialist platforms – MetaTrader 4 and MetaTrader 5, and their proprietary platform XM WebTrader accessible from any browser.

IG vs XM: MetaTrader 4 Trading Platform Comparison

MetaTrader 4, already an industry standard for Forex trading and very popular among retail traders, offers good customisation options, charting and analytical capabilities and significant support for expert advisors.

XM offers the desktop version of the trading platform for both PC and Mac, while IG – for PC. The trading software at both brokers features the One-Click Trading option and the standard set of technical indicators, drawing objects and timeframes.

However, IG goes further and offers 6 additional technical indicators (Order history indicator, Pivot points indicator, High-low indicator, Renko indicator, Chart group indicator, Freehand drawing indicator) and 12 additional trading tools (including Stealth orders, Correlation matrix, Sentiment trader, Candle countdown).

With IG, clients will also have access to the powerful Autochartist pattern recognition tool.

XM MetaTrader 5

MetaTrader 5 is an upgrade on MT4 and offers a wider selection of tradable asset classes (including Stock CFDs), more order types, technical indicators, drawing objects, and time frames and also expanded development, optimisation and testing options for EAs.

MT5 also allows for position hedging and access to market depth. XM offers the desktop version of the trading software for both PC and Mac.

IG vs XM: Web Trading

IG offers its own innovative web-based platform that delivers an array of customisation options, advanced charting and technical analysis tools and grants access to news and analysis from several leading sources, live and on-demand shows from the broker’s in-house TV channel, as well as to price level, price change, technical indicator and economic calendar alerts.

Last but not least, the web-based trading platform delivers exceptional order execution speed (0.014 seconds on average), while IG uses 256-bit SSL (Secure Sockets Layer) encryption for top-level security of online financial transactions.

In the case of XM, its MT4, MT5 WebTrader, and XM WebTrader can be accessed on PC and Mac without the need for a download. They feature almost the same functionalities as the desktop platform versions, with the exception of support for expert advisors.

IG vs XM: Mobile Trading

Both brokers offer mobile trading apps. IG has its own proprietary mobile apps for Android and Apple iOS devices, which have received several industry awards.

IG’s Android trading app grants access to the full range of financial instruments grouped in five asset classes, including Forex, Cryptocurrencies and Indices. With this app, clients will be able to open and close positions with the broker’s intuitive mobile deal ticket, control risk with both standard Stop-Loss orders and Trailing Stops and take advantage of tight protection against slippage with Guaranteed Stops (this tool will incur a small charge if triggered).

The Android trading app also features real-time charts, 28 technical indicators and advanced dealing options such as partial fills and points through current. Clients can also set price alerts and receive trading signals via email, SMS, or push notifications.

IG clients can also use the third-party MT4 mobile trading app.

In the case of XM, similar to the desktop platform versions, it does not offer an in-house mobile trading app. Clients can access MetaTrader 4 and MetaTrader 5 via third-party mobile apps for Android and iOS devices.

The scope of features is more limited compared to the desktop and web-based versions of the platforms, with traders able to use real-time interactive charts with zoom and scroll, 3 chart types, 30 technical indicators and push notifications for trading alerts.

Specialist Platforms Offered By IG

ProRealtime trading platform offers a range of time frames, over 100 technical indicators, 8 order types and access to advanced technical analysis tools such as:

• ProScreener – a tool that allows for setting alerts based on customised criteria,
• ProRealTrend – a tool that allows for drawing trend lines with the use of automated software that updates in five-minute intervals,
• Custom Indicators – traders can build indicators of their own by using the ProBuilder programming language.

L2 Dealer

This is a free downloadable trading platform allowing for direct market access to Foreign Exchange and Shares CFDs. It features monitoring tools such as watchlists and price alerts and research tools such as streaming news, economic calendar and trading signals.

Social Trading Platforms

IG and XM don’t offer specialised social trading app like eToro. However, XM clients can enjoy the integrated MT4 and MT5 copy trading solutions powered by MQL5 signals.

IG’s WebTrader also grants access to buy and sell signals on Forex pairs, Indices and Commodities from two expert third parties (Autochartist and PIA-First).

Verdict

Overall, IG comes at the top, as they offer a wider selection of proprietary and third-party trading platforms and useful trading tools. By comparison, XM only offers the industry standards MT4 and MT5. Click the button below if you want to test drive IG’s software solution.

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3. Tie: Superior Accounts And Features

In order to accommodate the trading needs and financial objectives of traders with different levels of trading experience and clients employing different trading styles, both IG and XM offer a variety of account types.

IG is a leading, multi-regulated CFD and Forex broker with decades of business history. Operating in 17 countries and having over 239,000 active clients worldwide, London-based IG gives you access to financial markets with a choice of trading platforms and provides a variety of educational materials and tools to enhance your trading experience.

Founded in 2009, XM represents a group of brokerages operating under one parent company – Trading Point of Financial Instruments Ltd and currently has over 3.5 million clients worldwide. The broker has received over 30 industry awards for its services and trading platforms. XM Group does not accept clients from all countries, among them are Canada, China, and Japan.

Account Types Offered By IG

Our review has found that IG does not provide a specific breakdown of features and trading conditions on its account types. Consequently, for the purpose of the current broker review, we shall present the account types available for clients of different regulatory jurisdictions and the types of financial instruments that can be accessed.

IG Trading Account (Standard CFD Account) – All countries

All traders, regardless of location, will have access to the IG Trading account. This account is IG’s standard account, which means you get access to most of IG’s trading products without commissions. This means trading costs are included as part of the spread. There are some exceptions to this rule. For example, shares will have commission costs.

Limited Risk Account (Australia, Switzerland, South Africa, New Zealand, Japan, and Dubai)

Limited risk account is for beginner traders. With this type of account, traders must purchase a guaranteed stop-loss order to open a position. This ensures one cannot lose more than the initial deposit. Guaranteed stops protect you against slippage, which means the broker guarantees to close your order at a set limit.

While there are benefits with a limited risk account, there is a small fee to use a guaranteed stop loss, and you cannot use other types of stops.

Other than the need to purchase a guaranteed stop, the account is the same as the IG Trading Account. This Account is available in the following countries – Australia, Switzerland, South Africa, New Zealand, Japan, and Dubai.

Other Trading Accounts With IG Include:

1. Share Dealing Account (Australia) – This account allows traders to purchase physical shares rather than CFDs. If you do sign up for a Share trading account and wish to trade CFDs, you will also need to apply for an IG trading account. If you trade Shares in the US and UK markets, then you can have $0 commission fees, provided you made at least 3 share purchases in the previous month. Aussies shares start at $5.00. Note: Shares are also available in the UK, but no separate account is required.
2. Swap-Free Account (Dubai/United Arab Emirates) – This account is designed for Islamic traders who are forbidden from paying interest rates such as overnight fees or rolling fees.
3. IG Professional Account (UK, Dubai, Australia) – This account allows eligible clients to trade with higher leverage. Pro traders, however, should be aware that with higher leverage, they will lose guaranteed negative balance protection.
4. IG options trading account (Europe excluding UK and Switzerland) – With this account, over 60 options are available for trade, including Daily, Weekly, Future, Stock Index, and Share options. Traders outside this region can trade options without an options account. Options allow you to trade on volatility and come with a range of timeframes, including daily, weekly, quarterly and future positions.

Account Types Offered By XM Group

In comparison, XM offers three main types of live trading accounts:

• Standard Account – The most popular account type suitable for retail clients employing scalping, day trading and swing trading. It features all-inclusive spreads and no commissions;
• Micro Account – suitable for novice traders who wish to explore leverage and margin capabilities. Clients can trade with micro-lots (the contract size of 1 Lot is 1,000 units instead of 100,000 units, as with the Standard Account). The Micro Account has all the same features available on XM’s Standard Account;
• XM Zero Account (Europe only) – a commission-based account type that has ultra-tight spreads, starting from 0.0 pips with ECN trading conditions. A commission of $3.5 per side, per 1 Standard Lot, is charged. The Zero Account is associated with a higher minimum deposit requirement compared to the Standard Account and supports fewer base currencies.
• XM Ultra Low Account (outside Europe) – Same as the Standard account but with lower spreads.
• Islamic Account – The swap-free account is designed specifically for clients of the Muslim faith in line with Sharia law. There will be no overnight interest charges on open positions for a period longer than 24 hours. Instead, clients will be charged a fixed fee that depends on the direction of their trade orders. XM does not widen their spreads in place of swaps.

If you are outside the UK and Europe and are wondering why you should consider the Standard account or Micro Account over the XM ultra-low account, given that are pretty much identical except that the ultra-low account has better spreads, we are not sure. The only difference of note is that the XM Ultra-Low account does not offer JPY and RUB as a based currency. In the past, the XM Ultra-low account had a higher minimum deposit to begin trading, so it seems XM has not reviewed its trading account policy following the change.

The following table presents a comparison between trading conditions offered on XM Group’s main account types.

IG vs XM Review: Demo Account

Yes, both brokers offer a free Demo account. IG’s practice account comes equipped with $20,000 in virtual funds and can test features of the broker’s web-based platform, mobile trading apps and various trading strategies in a risk-free environment. Clients can also access exclusive educational content on IG Academy.

Meanwhile, XM’s Demo account comes equipped with $100,000 in virtual funds and has an unlimited duration.

Verdict

There is a good range of account types with both brokers, but if you want to trade with 0.0 pips and ECN trading conditions, XM Zero Account is the best choice. If you want to get access to more CFD instruments, IG Markets is the best broker.

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4. IG Group: Best Trading Experience And Ease

When it comes to trading experience and ease of use, both XM and IG have their unique strengths. Having personally tested both platforms, I can say that the user interface of each broker is designed with the trader in mind. Here are some key observations from our testing:

• XM’s platform is intuitive and caters well to both beginners and experienced traders.
• IG’s platform, on the other hand, offers a more comprehensive range of tools and resources, making it ideal for those who like to dive deep into their analysis.
• Both platforms provide seamless mobile trading experiences, ensuring you can trade on the go.
• Customer support is crucial, and both brokers excel in this department, offering timely and helpful responses.

Now, while both brokers offer commendable trading experiences, there are subtle differences that might sway a trader one way or the other. It’s essential to consider what features and tools are most important to you and how they align with your trading style.

Verdict

Based on our extensive testing, IG offers a slightly more comprehensive trading experience, especially for those who value a wide range of tools and resources.

5. IG Group: Stronger Trust And Regulation

IG has an extremely high trust score of 97 vs 67 for XM. This is largely due to the fact IG Group complies with the strict regulatory standards in 12 jurisdictions, while XM is regulated in only five.

IG Group Trust Score

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Regulation

Of IG Group’s 12 financial services licenses, 8 are in tier-1 jurisdictions, while three of XM’s regulators are considered top-tier. Both brokers are regulated by the Australian Securities and Exchange Commission (ASIC), the UK’s Financial Conduct Authority (FCA), and the Cyprus Securities and Exchange Commission (CySEC).

Although both brokers are highly secure and trustworthy providers of online trading services, IG has some of the strongest regulatory coverage of all brokers globally, contributing to its high trust score of 97 / 100.

Reputation

IG Group is one of the world’s oldest and largest online brokers and was established in 1974, while XM is much newer to the scene and was founded in 2009.

IG Group’s prominence is evident in their monthly search volume, which reaches an impressive 2 million compared to XM’s 673,000 monthly searches.

Furthermore, IG’s role as a publicly listed bank bolsters their credibility through increased transparency and strict reporting requirements, significantly enhancing their trust score and reputation.

Reviews

IG Group has a TrustPilot score of 3.9 out of 5, while XM clients rated the broker 3.3 out of 5.

Verdict

IG is seen as more trustworthy and safe than XM as its not just a regulated forex broker but also a regulated bank, adding an extra layer of credibility to its name.

IG ReviewVisit IG Group

6. IG Group: Top Product Range And CFD Markets

Our broker review has found that clients can access a considerably larger number and a greater variety of financial instruments with IG – over 17,000 tradable instruments. At the same time, XM has roughly 1,000 financial instruments on its product list.

Disclaimer: Trading complex instruments such as CFDs on retail investor accounts carries a high risk of losing capital rapidly as leverage is used. It is advisable that clients make sure they fully understand how these derivative instruments work before they operate with them on a live trading account.

Let us now have a closer look at both brokers’ CFD offerings:

• Forex – 99 major, minor and exotic currency pairs at IG vs. 57 Forex pairs at XM. IG also offers direct access to the Forex market (Forex Direct) through its L2 Dealer platform;
• Cryptocurrencies – 8 digital coins (including Bitcoin, Bitcoin Cash, Litecoin and Ethereum) at IG, while XM currently does not offer Cryptocurrencies;
• Stock Index CFDs – 32 major and minor Indices (traded either Cash or as Futures) at IG vs. 14 Indices at XM;
• Commodity CFDs – 39 Metals (Spot and Futures), Energies (Spot and Futures) and Soft Commodities (Futures) at IG vs. 17 Metals, Energies and Softs at XM;
• Stock and ETF CFDs – 10,500 Stock CFDs (mostly US, UK, European, Australian and Hong Kong shares) and 1,900 ETFs at IG vs. 1,286 Stock CFDs (18 countries) and no ETFs at XM. IG will charge a 0.10% commission per side for trading UK and European Shares CFDs, a 0.18% commission for Hong Kong Shares, a 0.08% commission for Australian Shares and a 2 cents per share commission for US Stocks. XM Group will not charge any extra fees for Stock CFD trading. Both IG and XM provide access to real Stocks. IG offers over 2,000 real Shares traded at 8 major stock exchanges, but this is valid only for clients based in the UK, Ireland, Malta, Cyprus, Australia, Gibraltar and the British Virgin Islands. XM offers 100 US, UK and German real Shares, but only to clients signed up with XM Global, which is regulated in Belize;
• Bond CFDs – 11 contracts (only at IG);
• Options CFDs – only at IG, Vanilla and Barrier Options on Stock Indices, Forex pairs and Commodities. The broker allows Options trading only for clients living in Austria, Denmark, France, Germany, Ireland, Italy, Netherlands, Norway, Portugal, Romania and Sweden;
• Knock-Outs – only at IG. They represent limited-risk positions that allow clients to manage their own margin on Stocks, Forex pairs, Indices and Commodities. Their price moves one-for-one with the underlying IG price, while the position closes automatically if a client’s selected knock-out level is reached;
• Interest Rate CFDs – 6 contracts, including the US 30-Day Fed Funds Rate (only at IG);
• Sector CFDs – over 35 UK and Australian sectors, including banking, mining and general retailers (only at IG).

Verdict

Overall, IG offers more tradable instruments and a larger variety of asset classes for those wishing to diversify their portfolios. With over 1,400 financial instruments offered by XM, the available markets are sufficient for any beginner retail trader, but professional traders will likely find more opportunities at IG.

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7. Tie: Superior Educational Resources

When it comes to client education materials, both brokers have apparently put a lot of effort into this front. What clients will find are diversified education sections, including both a cannonade of written content and education in the form of live events (seminars and webinars).

At XM, both beginners and more advanced traders will find:

• Educational videos
• Platform tutorials
• Live education service – something that is not that commonly offered at other major brokerages
• Forex seminars
• Forex webinars – conducted in 19 different languages, 7 days a week.

Meanwhile, the IG Academy includes:

• Online trading courses for beginners, intermediate and advanced traders with practical exercises and quizzes
• Live sessions (webinars and in-person trading seminars) – clients can access knowledge and trading ideas directly from IG experts
• Trading strategy centre, providing specialist insight into various trading techniques
• Risk management education – an in-depth look into leverage and margin trading
• Extensive glossary of terms related to financial markets and trading.

Verdict

Both brokers offer educational content, daily market commentaries, webinars and trade ideas to assist beginner traders.

IG ReviewVisit IG Group

8. IG Group: Superior Customer Service

Our broker review has found that both IG and XM offer reliable customer support services. In case clients cannot resolve their queries with the help of both brokers’ extensive FAQ sections, they can contact the respective Customer Support departments during business days over the phone. Phone support is 24/5 at both IG and XM.

To contact IG, clients can dial +61 3 9860 1799 (new customers) or +61 3 9860 1734 (existing customers) from 8am Saturday to 10pm Friday (UK time). To contact XM, clients can choose from various phone numbers, depending on the office location and department.

We were able to contact both brokerages over the phone in about 2-3 minutes.

Another good option to contact the respective customer support teams includes the live chat. It is available 24/5 at both brokers. In both cases, we got a quick response (under a minute) from a company representative and received precise answers to all matters we were interested in.

IG’s support team can also be contacted via IG Client Help on Twitter.

Finally, clients can opt to contact both IG and XM via email, respectively. In both cases, we received an emailed answer to our inquiries in about 3-4 hours.

Let us also not forget to mention that XM will assign a Personal Account Manager to all new clients, which adds reassurance of the broker’s professional support.

Verdict

Based on direct user reviews, IG has 3.6 stars on Trustpilot compared to only a 2.4-star rating obtained by XM. On that alone, IG tops XM and claims the first spot in this category.

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9. Tie: Better Funding Options

Account Base Currencies

With IG, clients can choose from six base account currencies – USD, EUR, GBP, AUD, SGD and HKD. In comparison, XM supports 11 base account currencies – USD, EUR, GBP, JPY, CHF, AUD, PLN, RUB, HUF, ZAR and SGD.

Funding Methods

We should note that there will be no deposit fee with both IG and XM for all payment methods. IG accepts deposits via the following options:

• Bank transfer – deposits are processed within several business days;
• Debit or Credit Card (Visa, MasterCard, Maestro) – deposits are processed instantly;
• PayPal – deposits are processed instantly.

At the same time, XM accepts deposits via the following methods:

• Bank wire transfer
• Local bank transfer
• Debit or Credit Card
• Skrill,  Neteller

While IG currently does not have any promotions, clients signed up with XM Global will receive a $30 bonus just for opening their first live trading account with the brokerage.

As for fund withdrawals, again, both IG and XM will not charge a withdrawal fee for all payment options. IG has a minimum withdrawal amount requirement for Debit/Credit Cards – the min. amount clients can withdraw to a card is $150, while the maximum amount for cards is up to $25,000 per day. Depending on the base currency, these requirements are presented as follows:

Both online brokers will usually process withdrawals within 24 hours.

Fund withdrawals to a card are usually cleared within 2 to 5 business days, while withdrawals via a bank transfer – within 1 to 3 business days. Withdrawals via e-wallets, once processed, are usually cleared the same day.

Meanwhile, XM will cover any fees for bank transfers in case the withdrawal amount is more than $200. If clients withdraw amounts lower than $200 via bank transfer, there will be a charge of $15.

IG vs XM Review: Inactivity Fee

Unfortunately, both brokers will charge such a fee. XM Group will charge a $15 one-off maintenance fee in case there has been no trading activity for 12 months, which will be followed by a $5 fee per month if the trading account remains inactive.

Meanwhile, IG will charge an $18 fee per month in case clients’ trading account has remained inactive for 24 consecutive months.

Verdict

IG and XM both offer low entry barriers and a good range of funding and withdrawal methods. With both brokers, you’ll get your own secure client area to manage all your payment activities. The only advantage XM has over IG is the availability of more E-wallet options.

XM ReviewVisit XM

10. IG Group: Lower Minimum Deposit

IG Group has a lower minimum deposit of $0 against $5 by XM. Both brokers offer traders very low minimum requirements.

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Verdict

With IG Group having a $0 deposit requirement and XM at $5, it can really be anyone’s game here.

XM ReviewVisit XM

So Is IG Group or XM The Best Broker?

IG is the winner because of its comprehensive trading experience, stronger trust and regulation, and a wider range of tools and resources.

The table below summarises the key information leading to this verdict:

IG Group: Best For Beginner Traders

IG is better for beginner traders due to its comprehensive range of tools, resources, and strong regulatory framework.

IG Group: Best For Experienced Traders

While IG is our overall winner, XM remains suitable for experienced traders, especially those who value tight spreads and ECN trading conditions.