To find the top fx brokers
, the team here at ForexBrokers.com collected over 6,000 data points during a seven month review of the forex industry. In this fx broker comparison, we will compare eToro vs XM.
To assess both of these forex brokers, we will begin with cost. Comparing two fx brokers on cost is not easy. First, not every broker publicizes their average spreads. And, for the brokers that do publish their data, the formulas used to calculate average spreads can vary. Furthermore, the currency pair you are trading can impact cost, as well as the execution policies of the broker. Dealing desk or no dealing desk? The list goes on and on. To make comparing cost easy, we have a star rating that takes everything into account. XM's score is 4.00 stars versus eToro's 3.50 stars.
Next to commissions and fees, regulation and currency availability are important to take into consideration. You want to trust and have confidence the forex broker you choose. Both eToro and XM are regulated in a major hub. Neither eToro and XM are publicly traded companies. And, when it comes to total currency pairs available to trade, a quick comparison is helpful. XM offers its clients access to 57 different currency pairs while eToro has 47 available pairs, a difference of 10.
To round out our comparison of eToro vs XM, let's look at the tools and features most used by forex traders. For trading platforms, traders are all familiar with MetaTrader. XM makes Meta Trader available to clients, while eToro does not. With a platform picked out, looking at charts is a must so they should be of high-quality. As part of our research, we count the number of drawing tools and total technical indicators available. eToro trails XM by 17 total charting tools, with XM offering 31 and eToro offering 14. XM trails eToro by 15 total different indicators (for example, moving averages), with eToro offering 66 and XM offering 51.
Overall, eToro takes the upper hand with 4.00 stars over XM's 3.50 stars. And, when it comes to individual category awards, eToro finished with awards Best in Class - Customer Service in 2018, while XM came up with none of these.