ForexQuick pick: Pepperstone: no minimum deposit with top-tier licences, if $5 is not essential; IC Markets: raw pricing from 0.0 pips with a published commission.
XM alternatives compared
| Broker | Why consider it | Min deposit | Platforms |
|---|---|---|---|
| Pepperstone | No minimum deposit with top-tier licences, if $5 is not essential | $0 (minimum top-up $10) | Pepperstone platform, MT4, MT5, cTrader, TradingView |
| IC Markets | Raw pricing from 0.0 pips with a published commission | $0 (global accounts) | MT4, MT5, cTrader, TradingView |
| Eightcap | ASIC, FCA and CySEC companies plus TradingView and TradeLocker | $100 | MT4, MT5, TradingView, TradeLocker |
| eToro | Copy trading with a low regional minimum in many countries | $10 to $10,000 depending on country | eToro web and app platform with copy trading |
Why people look for XM alternatives
Most non-EU clients join the company licensed in Belize, and in March 2024 the Philippine SEC said XM is not authorised to offer securities to the public there. If that matters to you, one of the brokers below may suit you better. If it does not, see our full XM review.
The alternatives in detail
Pepperstone
Why consider it: No minimum deposit with top-tier licences, if $5 is not essential.
Regulation: ASIC, FCA, CySEC, SCB, DFSA, CMA, BaFin. EUR/USD: Razor from 0.0 pips (avg 0.1) + $3.50 per lot per side.
Watch out: TradingView is offered on the Razor account only.
Pepperstone review · Pepperstone vs XM
IC Markets
Why consider it: Raw pricing from 0.0 pips with a published commission.
Regulation: ASIC, CySEC, FSA Seychelles, SCB; CMA (Kenya). EUR/USD: Raw from 0.0 pips + $3.50 per lot per side (MetaTrader).
Watch out: Its global accounts are held by an offshore company licensed in Seychelles, so check which company you would join.
IC Markets review · IC Markets vs XM
Eightcap
Why consider it: ASIC, FCA and CySEC companies plus TradingView and TradeLocker.
Regulation: ASIC, FCA, CySEC (plus SCB and FSA offshore companies). EUR/USD: Raw from 0.0 pips + $3.50 per lot per side.
Watch out: The $100 minimum is higher than at brokers with no minimum, and it has a shorter history than most brokers we review.
Eightcap review · XM vs Eightcap
eToro
Why consider it: Copy trading with a low regional minimum in many countries.
Regulation: FCA, CySEC, ASIC (plus an FSA Seychelles company). EUR/USD: Spread-only, no separate commission.
Watch out: There is no MetaTrader, so Expert Advisors and MT-based tools will not work.
FAQ
What is the best alternative to XM?
It depends on why you are leaving. For lower costs on frequent trading, look at raw-pricing brokers; for stronger protection, choose a company licensed by the FCA, ASIC or an EU regulator; in the US, OANDA and FOREX.com are the CFTC/NFA options we review. Our shortlist: Pepperstone, IC Markets, Eightcap, eToro.
Is there a broker like XM for US traders?
Among the brokers we review, OANDA and FOREX.com accept US retail forex clients.
How do I switch brokers?
Open and verify the new account first, close positions or let them expire at the old broker, withdraw your balance to the same method you deposited with, and keep statements for tax records.
Related
XM review · Is XM regulated? · Low-deposit forex brokers · Compare all 11 brokers
Forex and CFDs are leveraged products and most retail accounts lose money. Forex Awards may earn commissions from some links; see our affiliate disclosure. General information, not financial advice.