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 FXOpen 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. Both FXOpen and XM hold a 4.00 star rating.
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 FXOpen and XM are regulated in a major hub. Neither FXOpen and XM are publicly traded companies. And, when it comes to total currency pairs available to trade, a quick comparison is helpful. XM trails FXOpen by 6 total currency pairs (for example, EUR/USD), with FXOpen offering 63 and XM offering 57.
To round out our comparison of FXOpen vs XM, let's look at the tools and features most used by forex traders. For trading platforms, traders are all familiar with MetaTrader. FXOpen alongside XM offer Meta Trader. 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. FXOpen and XM offer the same number of charting tools, 31. Both FXOpen and XM provide clients with access to 51 total indicators (eg, moving averages).
Overall, both FXOpen and XM hold a 3.50 star rating. And, when it comes to individual category awards, both FXOpen and XM found themselves without awards for Best in Class - Platforms & Tools, Best in Class - Research, Best in Class - Customer Service, Best in Class - Active Trading, Best in Class - Mobile Trading and Best in Class - Investor Education in 2018.