- XM's welcome deposit bonus lets eligible clients test live markets with bonus credit, while HFM only offers a 20% deposit bonus
- HFM holds an FCA license while XM has DFSA/FSCA regional coverage
- Both brokers offer swap-free Islamic accounts with no hidden fees on all account types
- XM's personal account managers and regular webinars provide stronger support for developing traders
Regulated Global Broker Trusted by 20M+ clients worldwide
- Trade 1,400+ instruments
- Country-based bonus offers where eligible
- MT4 & MT5 available
- Easy deposits and withdrawals
- Leverage up to 1000:1, where available
- Copy Trading: auto-copy expert strategy managers
June 2026 field note: XM details can vary by country and legal entity. Before following this guide, compare the current signup or Members Area wording with the points below, especially account type, bonus and withdrawal conditions.
Last updated:
Overview#
XM and HFM (formerly HotForex) are both well-established international forex brokers with a strong presence in emerging markets, particularly the Middle East, Africa, and Southeast Asia. Both have been operating for over a decade and serve millions of traders worldwide.
XM was founded in 2009 and has grown to over 20 million clients in 190 countries. XM is renowned for its award-winning customer support, comprehensive educational resources, and trader-friendly bonus programs including a welcome deposit bonus.
HFM (HotForex Markets) was founded in 2010 and rebranded to HFM in 2022. HFM is known for its wide range of account types, competitive spreads, and a broad regulatory portfolio spanning multiple jurisdictions.
Quick Comparison Table#
| Feature | XM | HFM |
|---|---|---|
| Founded | 2009 | 2010 |
| Regulation | CySEC, DFSA, FSCA, FSC/FSA, CMA | CySEC, FCA, DFSA, FSCA, FSC, CMA |
| Min. Deposit | $5 | $0 |
| Spreads (EUR/USD) | From 0.6 pips (Ultra Low) | From 0.0 pips (Zero) |
| Commission | $0 (Standard/Ultra Low) | $3/lot/side (Zero) |
| Max. Leverage | 1:1000 | 1:2000 |
| Platforms | MT4, MT5, XM App | MT4, MT5, HFM App |
| Islamic Account | Yes (all account types) | Yes (selected accounts) |
| Bonus | welcome deposit bonus + deposit bonuses | 20% deposit bonus |
| Support Languages | 30+ including Arabic | 25+ including Arabic |
| Education | Extensive (webinars, seminars) | Good (videos, articles) |
| Instruments | 1,400+ | 1,000+ |
| Copy Trading | Yes | Yes (HFcopy) |
Regulation#
Both XM and HFM are multi-regulated brokers with licenses across several jurisdictions. HFM holds a slightly wider range of licenses, while XM includes valuable DFSA and FSCA regional coverage.
XM's regulatory licenses (9 worldwide):
- CySEC (Cyprus) — License #120/10
- DFSA (Dubai, DIFC) — License #F003484
- FSCA (South Africa) — License #49976
- FSC (Belize) — Licence #8557558
- Plus FSA (Seychelles), FSC (Mauritius), SCA (UAE), CMA (Kenya)
HFM's regulatory licenses:
- CySEC (Cyprus) — License #183/12
- FCA (United Kingdom) — License #801701
- DFSA (Dubai, UAE) — License #F004885
- FSCA (South Africa) — License #46632
- FSC (Mauritius) — License #C110008214
- CMA (Kenya) — License #155
| Aspect | XM | HFM |
|---|---|---|
| Tier 1 Regulator | ASIC | FCA, CySEC |
| EU Regulator | CySEC | CySEC |
| Middle East | DFSA | DFSA |
| Africa | — | FSCA, CMA |
| Client Fund Segregation | Yes | Yes |
| Negative Balance Protection | Yes | Yes |
| Civil Liability Insurance | — | Up to €5,000,000 |
Verdict on regulation: Both are well-regulated. XM now holds 9 worldwide licenses — surpassing HFM's 6 — while both provide strong Tier 1 and EU coverage. For Middle Eastern traders, both hold DFSA licenses, making this a near-tie.
Spreads and Fees#
Trading costs are where the differences become more tangible. Let's compare the most popular account types.
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.
HFM Spreads (typical):
| Account | EUR/USD | GBP/USD | USD/JPY | Gold |
|---|---|---|---|---|
| Cent | 1.2 pips | 1.8 pips | 1.4 pips | 3.0 pips |
| Premium | 1.2 pips | 1.6 pips | 1.3 pips | 2.8 pips |
| Pro | 0.5 pips | 0.6 pips | 0.5 pips | 1.4 pips |
| Zero | 0.0 pips | 0.2 pips | 0.0 pips | 1.5 pips |
HFM Zero charges $3/lot/side commission. HFM Pro requires $100 minimum deposit and has no commission.
All-in cost comparison (EUR/USD, 1 standard lot round-turn):
| XM Ultra Low | XM Zero | HFM Pro | HFM Zero | |
|---|---|---|---|---|
| Spread cost | $6.00 | $0.00 | $5.00 | $0.00 |
| Commission | $0.00 | $7.00 | $0.00 | $6.00 |
| Total | $6.00 | $7.00 | $5.00 | $6.00 |
HFM's Pro and Zero accounts show a slight cost advantage per trade. However, this doesn't account for XM's bonus programs which can effectively offset trading costs.
Non-trading fees:
- Deposits/Withdrawals: Both offer free deposits and most withdrawals
- Inactivity fee: XM charges $5/month after 90 days. HFM charges $5/month after 6 months
- Swap rates: Comparable across both brokers; both offer swap-free options
Leverage#
| XM | HFM | |
|---|---|---|
| Maximum leverage | 1:1000 | 1:2000 |
| Default leverage | 1:888 (adjustable) | 1:500 |
| Leverage on Majors | Up to 1:1000 | Up to 1:2000 |
| Leverage on Gold | Up to 1:1000 | Up to 1:2000 |
| Leverage on Crypto | Up to 1:250 | Up to 1:50 |
| Leverage on Stocks | Up to 1:20 | Up to 1:25 |
Verdict on leverage: HFM offers higher maximum leverage, but the practical difference is minimal for responsible traders. XM's 1:1000 is more than sufficient, and XM offers better leverage on crypto CFDs (1:250 vs HFM's 1:50).
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 | $100 | 0.0 pips | $3.50/lot/side | Raw spreads |
HFM Account Types:
| Account | Min. Deposit | Spread From | Commission | Key Feature |
|---|---|---|---|---|
| Cent | $0 | 1.2 pips | $0 | Cent lots for micro trading |
| Premium | $0 | 1.2 pips | $0 | Standard trading |
| Pro | $100 | 0.5 pips | $0 | Low spreads, instant execution |
| Zero | $0 | 0.0 pips | $3/lot/side | Raw spreads |
| HFcopy | $100 | 1.0 pips | $0 | Copy trading |
Platforms#
Both brokers rely on the MetaTrader ecosystem and supplement it with proprietary apps.
XM:
- MetaTrader 4 (Desktop, Web, Mobile)
- MetaTrader 5 (Desktop, Web, Mobile)
- XM App (proprietary mobile app)
HFM:
- MetaTrader 4 (Desktop, Web, Mobile)
- MetaTrader 5 (Desktop, Web, Mobile)
- HFM App (proprietary mobile app)
| Feature | XM | HFM |
|---|---|---|
| MT4 | Yes | Yes |
| MT5 | Yes | Yes |
| Proprietary App | XM App | HFM App |
| Copy Trading | Yes | Yes (HFcopy) |
| VPS | Free (conditional) | Free (conditional) |
| Autochartist | Yes | Yes |
| Trading Central | No | Yes |
Both brokers provide comparable platform experiences. HFM includes Trading Central integration for market analysis, while XM compensates with its extensive webinar program and built-in educational features within its app.
Islamic Accounts#
Both brokers cater to Muslim traders with swap-free account 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
HFM Islamic Account:
- Available on Premium, Pro, and Zero accounts
- No swap charges on overnight positions
- May have specific conditions depending on the instrument
- Activated upon request through customer support
- Conditions may vary by instrument and holding period
Customer Support#
Customer support is one of the areas where XM consistently outperforms its competitors, including HFM.
| Aspect | XM | HFM |
|---|---|---|
| Live Chat | 24/5 | 24/5 |
| Yes | Yes | |
| Phone | Yes | Yes |
| Languages | 30+ | 25+ |
| Arabic Support | Dedicated native team | Available |
| Response Time | Under 1 minute (chat) | Under 3 minutes (chat) |
| Personal Account Manager | Yes | Yes (Premium+) |
| Webinars | Regular (multiple languages) | Occasional |
| Seminars | Yes (global events) | Yes (limited regions) |
| Educational Depth | Extensive | Good |
XM's support advantages:
- Faster response times in live chat (consistently under 1 minute)
- Larger dedicated Arabic-speaking support team
- Regular live webinars in Arabic covering market analysis and education
- Global seminar program with in-person events
- Over 200 educational videos and comprehensive trading guides
- Award-winning support recognized by industry bodies
HFM's support strengths:
- Good multilingual support with 25+ languages
- Personal account managers for Premium accounts and above
- Trading Central integration for market research
Final Verdict#
XM and HFM are both reputable, multi-regulated brokers with strong offerings. Here's how to decide between them.
Choose XM if you:
- Value top-tier customer support and fast response times
- Want a welcome deposit bonus to test live markets without an initial deposit, subject to terms
- Are a beginner or intermediate trader who benefits from education
- Want access to tight spreads (Ultra Low) with only a $5 deposit
- Trade from the Middle East and want DFSA regulation plus Arabic support
- Prefer deposit bonuses (up to $5,000) to offset trading costs
- Want regular webinars and educational content in your language
Choose HFM if you:
- Prioritize the broadest possible regulatory coverage (6 licenses)
- Need maximum leverage of 1:2000
- Want Trading Central integration for market analysis
- Prefer the HFcopy system for social trading
- Need a dedicated Cent account for ultra-small position sizing
Overall: XM delivers a more complete trading experience for the majority of retail traders. Its combination of a welcome deposit bonus, $5 minimum deposit across all accounts, award-winning support, extensive education, and strong regulation makes it the better all-around choice. HFM is a respectable alternative with its own strengths, but XM's support quality and bonus programs give it a meaningful edge, particularly for traders in the Middle East and Arabic-speaking markets.
