FP Markets vs XM
Two well-respected brokers targeting opposite ends of the retail forex spectrum. FP Markets (2005) optimized for institutional-grade ECN execution and serious active traders. XM (2009) optimized for beginner accessibility and educational onboarding. Both CySEC-regulated; they just serve different cohorts.
FP Markets wins for active traders, XM wins for absolute beginners. FP Markets edge: $3/lot commission, raw 0.0 pip ECN, highest Trustpilot in retail forex (4.7★ from 7,400+), Iress for DMA share CFDs across 10,000+ instruments, ASIC's 20-year track record. XM edge: $5 minimum (lowest in this list), $30 no-deposit bonus for new accounts, 30+ language interfaces, one of the largest free-education libraries in retail forex. Under $100 capital and learning → XM. Above $500 capital and trading actively → FP Markets.
Head-to-Head Comparison
| Feature | FP Markets | XM |
|---|---|---|
| Score | 4.6/5 | 4.5/5 |
| Min Deposit | $100 | $5 |
| Spreads | 0.0 pips (Raw) | 0.6 pips (Standard) |
| Regulation | ASIC, CySEC, FSA | CySEC, ASIC, DFSA, FSC |
| Founded | 2005 | 2009 |
| HQ | Australia | Cyprus |
| Platforms | MT4, MT5, cTrader, Iress | MT4, MT5 |
| Trustpilot | 4.7★ (7,400 reviews) | 3.5★ (4,800 reviews) |
| Islamic Account | Yes | Yes |
Spreads & Fees
FP Markets Raw ECN: 0.0 pip EUR/USD avg + $3/lot ($6 round-turn). XM Standard: 1.6 pip EUR/USD avg, no commission ($16/standard lot). XM Zero: 0.0 pip + $3.50 commission ($7 round-turn). XM Standard is meaningfully more expensive than FP Markets Raw ECN. XM Zero is competitive but $1/round-turn more than FP Markets. For 10+ trades/month, FP Markets meaningfully cheaper.
Regulation & Safety
FP Markets ASIC (Australia, 2005+) and CySEC. XM CySEC, ASIC, DFSA (Dubai), IFSC (Belize). Both segregate client funds + negative balance protection. XM has broader geographic coverage including DFSA (useful for UAE residents). FP Markets has longer single-jurisdiction track record. EU/UK/AU traders, both equivalent under MiFID II passporting.
Platforms & Tools
FP Markets: MT4, MT5, cTrader, TradingView, Iress (DMA share CFDs across 10,000+ instruments). XM: MT4, MT5, XM App (account management only). FP Markets' platform breadth significantly wider, especially for cTrader algorithmic trading and DMA share CFD access via Iress. XM's MT4/MT5-only setup is sufficient for pure forex but limits multi-asset access. For share CFDs or cAlgo strategies, FP Markets is the only viable option.
You trade actively (5+ standard lots/month), want raw ECN spreads with cheapest per-lot commission ($6 round-turn), need cTrader for algorithmic trading via cAlgo, or want DMA share CFDs via Iress alongside forex. FP Markets is the serious multi-asset trader's broker.
Open FP Markets Account →You're an absolute beginner wanting the lowest entry point ($5 minimum vs $100 at FP Markets), a $30 no-deposit bonus to try real trading without committing money, or 30+ language support. XM removes every possible barrier to getting started — the broker most beginners open as their first account.
Open XM Account →Can't Decide?
We recommend FP Markets
FP Markets scored 4.6/5 in our testing. $100 minimum deposit, ASIC, CySEC, FSA regulated.
Open FP Markets Account →We opened live accounts with both brokers, deposited real funds, and tested spreads, execution, and withdrawals over 30 days. Scores are based on our transparent methodology. Last updated: April 2026.
CFDs are complex instruments. 74-89% of retail accounts lose money. Data accurate April 2026.