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Overview#
XM and FBS are both popular forex brokers with strong followings in emerging markets, particularly in Asia, the Middle East, and Africa. Both position themselves as accessible, beginner-friendly brokers with low minimum deposits and bonus programs.
XM was founded in 2009 and serves over 10 million clients across 190 countries. XM is known for its comprehensive educational resources, award-winning customer support in 30+ languages, and generous $30 no-deposit bonus program.
FBS was founded in 2009 and has built a large user base particularly in Southeast Asia and the Middle East. FBS offers extremely high leverage (up to 1:3000), various bonus programs, and a straightforward trading experience focused on accessibility.
Quick Comparison Table#
| Feature | XM | FBS |
|---|---|---|
| Founded | 2009 | 2009 |
| Regulation | CySEC, ASIC, DFSA, FSC | CySEC, ASIC, FSC, FSCA |
| Min. Deposit | $5 | $5 (Standard) |
| Spreads (EUR/USD) | From 0.6 pips (Ultra Low) | From 0.7 pips (Standard) |
| Commission | $0 (Standard/Ultra Low) | $0 (Standard) |
| Max. Leverage | 1:1000 | 1:3000 |
| Platforms | MT4, MT5, XM App | MT4, MT5, FBS Trader |
| Islamic Account | Yes (all account types) | Yes (swap-free option) |
| Bonus | $30 no-deposit + deposit bonuses | Deposit bonuses |
| Support Languages | 30+ including Arabic | 15+ including Arabic |
| Education | Extensive (webinars, seminars) | Moderate |
| Instruments | 1,000+ | 550+ |
Regulation#
Regulation is a critical factor where XM holds a notable edge.
XM's regulatory licenses:
- CySEC (Cyprus) — License #120/10
- ASIC (Australia) — License #443670
- DFSA (Dubai, UAE) — License #F003484
- FSC (Belize) — License #000261/4
FBS's regulatory licenses:
- CySEC (Cyprus) — License #331/17
- ASIC (Australia) — License #426359
- FSC (Belize)
- FSCA (South Africa)
| Aspect | XM | FBS |
|---|---|---|
| Tier 1 Regulators | ASIC, CySEC | ASIC, CySEC |
| Middle East | DFSA (Dubai) | — |
| Africa | — | FSCA |
| Client Fund Segregation | Yes | Yes |
| Negative Balance Protection | Yes | Yes |
| Compensation Scheme | ICF (up to €20,000) | ICF (CySEC entity) |
Verdict on regulation: Both are adequately regulated with Tier 1 licenses. XM's DFSA license gives it a meaningful advantage for traders in the UAE and GCC region. For other regions, both meet high regulatory standards.
Spreads and Fees#
Both brokers target cost-conscious traders, but the details reveal important differences.
XM Spreads (typical):
| Account | EUR/USD | GBP/USD | USD/JPY | Gold |
|---|---|---|---|---|
| Standard | 1.6 pips | 2.1 pips | 1.6 pips | 3.5 pips |
| Ultra Low | 0.6 pips | 0.7 pips | 0.7 pips | 1.5 pips |
| XM Zero | 0.0 pips | 0.2 pips | 0.1 pips | 2.0 pips |
XM Zero charges $3.50/lot/side commission.
FBS Spreads (typical):
| Account | EUR/USD | GBP/USD | USD/JPY | Gold |
|---|---|---|---|---|
| Standard | 0.7 pips | 1.1 pips | 1.0 pips | 3.0 pips |
| Cent | 1.0 pips | 1.5 pips | 1.3 pips | 3.5 pips |
| ECN | 0.0 pips | 0.3 pips | 0.2 pips | 1.5 pips |
FBS ECN charges $6/lot round-turn commission and requires $500 minimum deposit.
All-in cost comparison (EUR/USD, 1 standard lot round-turn):
| XM Ultra Low | XM Zero | FBS Standard | FBS ECN | |
|---|---|---|---|---|
| Spread cost | $6.00 | $0.00 | $7.00 | $0.00 |
| Commission | $0.00 | $7.00 | $0.00 | $6.00 |
| Total | $6.00 | $7.00 | $7.00 | $6.00 |
XM's Ultra Low account and FBS's ECN account offer similar all-in costs, but XM's Ultra Low requires only $5 to open while FBS's ECN requires $500. For cost-efficient trading with a low entry barrier, XM's Ultra Low is the better value.
Non-trading fees:
- Deposits/Withdrawals: Both offer free deposits and most withdrawals
- Inactivity fee: XM charges $5/month after 90 days. FBS charges $5/month after 180 days
- Swap rates: Both offer swap-free options
Leverage#
| XM | FBS | |
|---|---|---|
| Maximum leverage | 1:1000 | 1:3000 |
| Default leverage | 1:888 (adjustable) | 1:500 |
| Leverage on Majors | Up to 1:1000 | Up to 1:3000 |
| Leverage on Gold | Up to 1:1000 | Up to 1:500 |
| Leverage on Crypto | Up to 1:250 | Up to 1:5 |
| Leverage on Indices | Up to 1:200 | Up to 1:100 |
Verdict on leverage: FBS offers higher maximum leverage, but this is a risk factor rather than an advantage for most traders. XM's 1:1000 provides ample flexibility. XM offers significantly better leverage on crypto CFDs (1:250 vs 1:5).
Account Types#
XM Account Types:
| Account | Min. Deposit | Spread From | Commission | Key Feature |
|---|---|---|---|---|
| Micro | $5 | 1.0 pips | $0 | Micro lots (1,000 units) |
| Standard | $5 | 1.0 pips | $0 | Standard lots |
| Ultra Low | $5 | 0.6 pips | $0 | Low spreads, no commission |
| XM Zero | $5 | 0.0 pips | $3.50/lot/side | Raw spreads |
FBS Account Types:
| Account | Min. Deposit | Spread From | Commission | Key Feature |
|---|---|---|---|---|
| Cent | $1 | 1.0 pips | $0 | Cent lots for micro trading |
| Standard | $5 | 0.7 pips | $0 | Standard trading |
| ECN | $500 | 0.0 pips | $6/lot RT | Direct market access |
Platforms#
Both brokers rely on the MetaTrader ecosystem and offer proprietary mobile apps.
XM:
- MetaTrader 4 (Desktop, Web, Mobile)
- MetaTrader 5 (Desktop, Web, Mobile)
- XM App (proprietary mobile app with account management)
FBS:
- MetaTrader 4 (Desktop, Web, Mobile)
- MetaTrader 5 (Desktop, Web, Mobile)
- FBS Trader App (proprietary mobile app)
| Feature | XM | FBS |
|---|---|---|
| MT4 | Yes | Yes |
| MT5 | Yes | Yes |
| Proprietary App | XM App | FBS Trader |
| Copy Trading | Yes | Yes (FBS CopyTrade) |
| VPS | Free (conditional) | Free (conditional) |
| Autochartist | Yes | No |
| Demo Account | Yes (unlimited) | Yes |
Both brokers offer comparable platform experiences through MetaTrader. XM's Autochartist integration provides additional market analysis tools that FBS lacks.
Islamic Accounts#
Both brokers cater to Muslim traders with swap-free options.
XM Islamic Account:
- Available on all account types (Micro, Standard, Ultra Low, Zero)
- No swap or rollover charges on overnight positions
- No additional fees, markups, or spread widening
- Activated upon request through customer support
- No expiry or time limit on swap-free status
FBS Islamic Account:
- Swap-free trading enabled as an account option
- Available on Standard and Cent accounts
- No swap charges on overnight positions
- Enabled through personal account settings
- Conditions may vary by instrument
Customer Support#
Customer support is where XM has a significant and measurable advantage over FBS.
| Aspect | XM | FBS |
|---|---|---|
| Live Chat | 24/5 | 24/7 |
| Yes | Yes | |
| Phone | Yes | Yes |
| Languages | 30+ | 15+ |
| Arabic Support | Full dedicated native team | Available |
| Response Time | Under 1 minute (chat) | Variable |
| Personal Account Manager | Yes | No |
| Webinars | Regular (multiple languages) | Occasional |
| Seminars | Global events | Limited events |
| Educational Depth | Extensive (200+ videos) | Moderate |
XM's support strengths:
- Dedicated Arabic-speaking support team
- Regular live webinars in Arabic and other languages
- Personal account managers for active traders
- Global seminar program
- Over 200 educational videos and comprehensive guides
- Award-winning customer service
FBS's support strengths:
- 24/7 availability including weekends
- Active social media presence
- FBS CopyTrade community
- Localized support in key Asian markets
Final Verdict#
XM and FBS target similar audiences but deliver different experiences.
Choose XM if you:
- Value strong regulation including DFSA for the Middle East
- Want a $30 no-deposit bonus to start trading risk-free
- Need tight spreads (from 0.6 pips) with just a $5 deposit
- Appreciate comprehensive education — webinars, seminars, and videos
- Need full Arabic support with personal account managers
- Want a wider selection of instruments (1,000+ vs 550+)
- Prefer deposit bonuses up to $5,000
Choose FBS if you:
- Need the absolute highest leverage available (1:3000)
- Want 24/7 customer support including weekends
- Prefer a Cent account for ultra-small position sizes
- Are primarily based in Southeast Asia
- Value simplicity over feature depth
Overall: XM delivers a more complete and professional trading experience. Its combination of stronger DFSA regulation, $30 no-deposit bonus, competitive spreads, award-winning support, extensive education, and wider instrument selection makes it the better all-around choice. FBS is a respectable broker, but XM's quality advantage across regulation, education, support, and trading instruments is consistent and meaningful.
