Our ForexBrokers.com team spent seven months and hundreds of hours assessing 43 different forex broker accounts
for trading FX. In total, over 6,000 data points were collected. For this review, we will compare FXOpen vs XM.
To start this comparison, first, we will take a look at the fees charged for trading forex. It's important to note this is no easy task. Not every broker shares their average spreads, spreads can be fixed or variable (floating), execution policies differ, and brokers can act as market makers (dealers) or act as agents for execution. To simplify things, we analyzed everything for you and provide a single star rating for cost. Both FXOpen and XM are rated 4.00 stars.
Cost aside, we can now turn our focus to regulation alongside currency availability. For regulation, it's very important to select a broker you can trust with your money. FXOpen and XM both are regulated in a major hub. Neither FXOpen and XM are publicly traded companies. How many currency pairs are available to trade? 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, let's look at the popular tools and features forex traders prefer. For platforms, some FX traders prefer MetaTrader. FXOpen alongside XM offer Meta Trader. Within the trading platform, charting should be robust, so we counted the number of drawing tools and total technical indicators made available. Both brokers offer clients access to 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, unfortunately, neither FXOpen nor XM received awards 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.