Forex Broker Comparison

One place to compare the brokers we review head-to-head — minimum deposit, spreads, maximum leverage and regulator licenses, with deep-dive guides for every XM matchup.

Short answer

Across the brokers we track, XM stands out for its low $5 minimum deposit and five-regulator coverage (CySEC, ASIC, DFSA, FSCA, FSC). For raw zero-spread scalping, ECN brokers like Pepperstone and IC Markets price tighter, while Exness offers the highest leverage. The right pick depends on your deposit size, strategy and country — use the table below to weigh them.

XM vs competitors — at a glance

Verified figures for the brokers we review. Lower minimum deposit and spread are better; higher leverage is riskier, not necessarily better.

XM vs competitors — at a glance
Broker	Founded	Min. deposit	Min. spread (EUR/USD)	Max. leverage	Regulator licenses
XM Our pick	2009	$5	0.6 pips	1:1000	5 CySEC 120/10 · ASIC 443670 · DFSA F003484 · FSCA 49976 · FSC Belize 8557558
Exness	2008	$10	0.0 pips	Unlimited	4 FCA 730729 · CySEC 178/12 · FSCA 51024 · FSC Mauritius
HFM	2010	$0	0.0 pips	1:2000	4 FCA 801701 · CySEC 183/12 · DFSA F004885 · FSCA 46632
Pepperstone	2010	$0	0.0 pips	1:500	4 FCA 684312 · ASIC 414530 · CySEC 388/20 · DFSA F004356
IC Markets	2007	$200	0.0 pips	1:500	3 ASIC 335692 · CySEC 362/18 · FSA Seychelles SD018
eToro	2007	$50	1.0 pips	1:30	3 FCA 583263 · CySEC 109/10 · ASIC 491139
FBS	2009	$1	0.7 pips	1:3000	3 CySEC 331/17 · ASIC 426359 · FSC Belize 000102/437
AvaTrade	2006	$100	0.9 pips	1:400	4 Central Bank of Ireland C53877 · ASIC 406684 · FSCA 45984 · FFAJ 1574
FxPro	2006	$100	0.45 pips	1:500	4 FCA 509956 · CySEC 078/07 · FSCA 45052 · SCB Bahamas

Figures sourced from each broker's public Terms of Business and the relevant regulator's license register, re-checked quarterly. Leverage caps vary by your country of residence and entity. Trading is high-risk; most retail accounts lose money.

Detailed head-to-head guides

Full side-by-side breakdowns — spreads, platforms, funding, regulation and who each broker suits best.

XM vs Exness

XM vs Exness head-to-head comparison — regulation, spreads, and features.

10 min

XM vs HFM

XM vs HFM (HotForex) compared — which broker is better for you?

10 min

XM vs Pepperstone

XM vs Pepperstone comparison — beginner-friendly vs advanced trading.

10 min

XM vs IC Markets

XM vs IC Markets comparison — accessibility vs raw ECN execution.

10 min

XM vs eToro

XM vs eToro comparison — traditional forex trading vs social investing.

10 min

XM vs FBS

XM vs FBS comparison — two beginner-friendly brokers head-to-head.

10 min

XM vs AvaTrade

XM vs AvaTrade comparison — low-cost trading vs platform diversity.

10 min

XM vs FxPro

XM vs FxPro comparison — beginner bonuses vs professional execution.

10 min

How we compare brokers

Every number on this page is taken from primary sources — the broker's own Terms of Business and the regulator's public license register — never from third-party listings. We re-verify the data each quarter and disclose our affiliate relationships.

Read our review methodology

Frequently asked questions

There is no single "best" broker for everyone. XM suits beginners and small accounts thanks to its $5 minimum deposit, Islamic accounts and five regulator licenses. Pepperstone and IC Markets suit scalpers who want raw zero spreads, while Exness offers the highest leverage. Compare them on the criteria that matter to you in the table above.

XM is regulated by five authorities (CySEC, ASIC, DFSA, FSCA, FSC) and starts from a $5 deposit, while Exness offers higher leverage and a lower raw spread. For tier-1 regulation and beginner support XM tends to lead; for high-leverage scalping Exness can be preferable. See the full XM vs Exness guide for a complete breakdown.

It varies by broker. Among the brokers we track, HFM and Pepperstone allow $0 to open an account, XM requires $5, and FBS starts from $1. A realistic starting balance for live trading is usually $100–$500 so position sizing and risk management remain practical.

All brokers in this comparison hold licenses from recognised regulators such as CySEC, FCA, ASIC, DFSA and FSCA. You can verify any license number on the regulator's official register — we link to those registers on our licensed brokers page. Regulation reduces, but never eliminates, market and counterparty risk.

We re-check every figure against each broker's public Terms of Business and the regulator's license register on a quarterly cadence, and after any major change a broker announces. The data on this page reflects our latest 2026 verification.