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Exness and XM are two of the biggest MetaTrader brokers serving traders outside the US and Europe. Both have low minimum deposits, very high leverage through offshore companies and fast funding, but they are built for different people. Exness competes on price and trading conditions. XM competes on accessibility, education and the range of markets.
The short answer: Exness is the better choice for experienced forex and gold traders who want the lowest costs, with tighter spreads, no inactivity fee and more currency pairs. XM is the better choice for beginners, copy traders and anyone who wants stronger regulation, more markets or free education. XM scores 4.0 out of 5 in our reviews and Exness 3.8.
Exness vs XM at a glance
| Exness | XM | |
|---|---|---|
| Our rating | 3.8 out of 5 | 4.0 out of 5 |
| Founded | 2008 | 2009 (Trading Point group) |
| Regulation for retail clients | FSA Seychelles, CBCS Curaçao, FSC BVI, FSCA South Africa, CMA Kenya | CySEC, ASIC, DFSA and FSC Belize |
| UK and EU retail clients | Not accepted (FCA and CySEC companies serve professionals only) | Accepted through the CySEC company |
| Minimum deposit | From $10 (Standard); about $200 for Pro and raw accounts, varies by country | $5 ($10,000 for the Shares account) |
| Spread only accounts (EUR/USD) | Standard about 0.8 to 1.1 pips; Pro about 0.6 to 0.7 pips | Standard about 1.6 to 2.0 pips; Ultra Low about 1.1 pips on average |
| Raw spread account | Raw Spread: from 0 pips plus up to $7 per lot round turn | Not offered to international clients |
| Maximum leverage | Up to unlimited offshore for eligible accounts | Up to 1:1000 offshore; 1:30 in the EU, Australia and Dubai |
| Platforms | MT4, MT5, Exness Terminal and the Exness Trade app | MT4, MT5 and the XM app |
| Forex pairs | 78 | 54 |
| Total instruments | About 240 | More than 1,400 |
| Copy trading | No (Social Trading closed in 2026) | XM Copy Trading |
| Inactivity fee | None | $15 after 12 months, then $5 a month |
| US clients | Not accepted | Not accepted |
Trading costs: Exness is cheaper
Exness wins on costs at almost every level. Its Standard account averages about 0.8 to 1.1 pips on EUR/USD, while the XM Standard account averages about 1.6 to 2 pips. On a standard lot that is a difference of roughly $5 to $10 per round turn.
The gap stays when you move up. The Exness Pro account charges no commission and averages about 0.6 to 0.7 pips, and the Raw Spread account offers spreads from 0 pips plus up to $7 per lot round turn. The best XM option for international clients is the Ultra Low account, which XM says averages about 1.1 pips on EUR/USD with no commission. The catch is the entry point: Exness Pro and raw accounts usually need about $200, and some reviewers report higher minimums in certain countries, while XM Ultra Low opens with $5.
Exness also charges no inactivity fee and no broker fee on most deposits and withdrawals. XM charges a one off $15 after a year without trading, then $5 a month, and makes withdrawals free above $200.
Regulation and safety: XM is stronger
This is where XM pulls ahead. XM serves retail clients under CySEC in the EU, ASIC in Australia and the DFSA in Dubai, plus XM Global Limited in Belize for most other countries. Exness holds FCA and CySEC licenses, but those companies only serve professional clients. Its retail clients are placed with companies in the Seychelles, Curaçao or the British Virgin Islands, apart from South Africa (FSCA) and Kenya (CMA).
For a trader in Asia, Latin America or the Middle East, both brokers will usually put you with an offshore company with no compensation scheme. Even so, XM’s wider set of strong licenses counts in its favor: ForexBrokers.com gives XM a Trust Score of 93 out of 99 and Exness 80 out of 99.
Be careful with leverage. Exness offers unlimited leverage on eligible offshore accounts and XM up to 1:1000. Leverage that high can wipe out an account in minutes, so most traders should set it far lower.
Platforms, research and education
Both brokers offer MT4 and MT5. Exness adds its own web platform, Exness Terminal, and the Exness Trade app. XM adds the XM app with TradingView charts, account management and copy trading, though it has no desktop or web version and does not run Expert Advisors. ForexBrokers.com rates the two equally on platforms.
Education and research are a clear win for XM. It runs a large free education program in around 20 languages, and ForexBrokers.com ranks it 8th for research and 5th for education out of 36 brokers in those categories. Exness closed its standalone research blog, and its learning material is now mostly YouTube videos, podcasts and the help center.
Range of markets
XM offers more than 1,400 instruments, most of them stock CFDs, and XM Global clients can buy real shares through the Shares account on MT5. ForexBrokers.com counts about 240 instruments at Exness. If you trade mainly forex, Exness has the deeper list of currency pairs, 78 against 54 by the same count, and it is especially popular for gold.
Copy trading: only XM
Exness wound down its Social Trading service in 2026. It stopped taking new users in February and closed the remaining investments in June, so Exness no longer offers copy trading. XM Copy Trading runs through the XM app and is open to XM Global clients. For more options, see our guide to the best copy trading brokers.
Which should you choose?
Choose Exness if:
- You trade forex or gold often and want the lowest spreads
- You want no inactivity fee and fast withdrawals
- You want a wide choice of currency pairs
- You are an experienced trader comfortable with offshore regulation
Choose XM if:
- You are new to trading and want to start with $5 and micro lots
- You want to copy other traders
- You want stock CFDs, indices and real shares as well as forex
- You want stronger regulation or free education
Read our full Exness review and XM review, see how XM compares with HFM in our XM vs HFM comparison, or compare more options in our guide to the best forex brokers. Ready to open an account? Visit Exness or visit XM. Your capital is at risk.
Exness vs XM: frequently asked questions
Is Exness better than XM?
For experienced forex traders who care most about costs, Exness is usually the better pick, with tighter spreads, no inactivity fee and more currency pairs. For beginners, copy traders and anyone who wants stronger regulation, more markets or free education, XM is the better choice.
Which is cheaper, Exness or XM?
Exness. Its Standard account averages about 0.8 to 1.1 pips on EUR/USD, against about 1.6 to 2 pips on the XM Standard account. The Exness Pro account, at about 0.6 to 0.7 pips with no commission, is also cheaper than the XM Ultra Low account at about 1.1 pips.
Is Exness safer than XM?
XM has the stronger regulatory profile. ForexBrokers.com gives XM a Trust Score of 93 out of 99 and Exness 80 out of 99. Most international clients of both brokers join offshore companies, but XM also serves retail clients under CySEC, ASIC and the DFSA, while Exness only accepts retail clients through offshore companies and its South African and Kenyan licenses.
Does Exness still offer copy trading?
No. Exness stopped taking new Social Trading users in February 2026 and closed the remaining investments in June 2026. XM still offers copy trading through the XM app.
What is the minimum deposit at Exness and XM?
XM asks for $5 on its Micro, Standard and Ultra Low accounts. Exness starts from $10 on the Standard account, and its Pro and raw spread accounts usually need about $200, depending on your country and payment method.
Do Exness and XM accept US clients?
No. Neither broker accepts US residents. See our guide to the best forex brokers in the USA for regulated alternatives.
Facts checked in October 2026 against each broker’s website, ForexBrokers.com, DayTrading.com and other independent reviews, as listed in our full reviews. Fees and terms change, so confirm the current figures on the broker’s site before you open an account.