XM Alternatives - Better Forex Brokers for 2024
Find out the major disadvantages of XM Forex Brokers and alternatives with lower fees and more security. Unbiased XM Alternatives reviews.
So which brokers are better than XM? Want to jump straight to the answer? OspreyFX is the best alternative broker to XM in 2024 .

4.0 / 5

Rating breakdown

Security
80%
4.0/5
Ease of Use
100%
5.0/5
Tradable Assets
50%
2.5/5
Deposit and withdrawal
100%
5.0/5
Trading Fees
80%
4.0/5
Support
70%
3.5/5

Things we didn't like:

 XM has a limited product portfolio
 The research tools are limited
 It charges inactivity fees

Why would you want an alternative to XM?

You might consider seeking an alternative to XM due to several notable limitations. Firstly, XM's average spread for the EUR/USD pair is 1.6, which is higher than the industry average of 1.08. This can make trading more expensive, especially for those who trade frequently. Additionally, XM does not offer a proprietary trading platform, which could be a drawback for traders who prefer or rely on unique, in-house platform features. The lack of VIP or active trader discounts means that traders do not benefit from reduced costs even if they trade in high volumes. Furthermore, XM does not publish average spreads for its commission-based XM Zero account, which can make it difficult for traders to assess the true cost of trading. Despite offering MetaTrader, the absence of a proprietary platform might limit the trading experience for some users.

What to look for in a XM Alternative?

When searching for an alternative to XM, it's important to find a broker that addresses its shortcomings. Look for brokers that offer lower average spreads to reduce your trading costs, particularly if you trade high volumes or frequently. A broker that provides a proprietary trading platform can offer unique features and a more tailored trading experience compared to XM. Additionally, seek brokers that offer VIP or active trader discounts to benefit from lower costs if you trade extensively. Ensure that the broker publishes clear and transparent information about spreads and fees for all account types, including commission-based accounts, to allow for accurate cost assessment. Lastly, while having MetaTrader is beneficial, also consider brokers that offer robust proprietary platforms to enhance your trading options. By focusing on these factors, you can find a broker that better meets your trading needs and offers a more cost-effective and flexible trading environment.

Best XM alternatives – forex brokers like (or better than) XM

Best XM Alternatives

4.3 / 5

Rating breakdown

Security
80%
4.0/5
Ease of Use
80%
4.0/5
Tradable Assets
100%
5.0/5
Deposit and withdrawal
80%
4.0/5
Trading Fees
100%
5.0/5
Support
80%
4.0/5

Things we liked:

 Up to 500:1 leverage
 Low minimum deposit requirement

Things we didn't like:

 Absence of a direct telephone number for customer support
 Ospreyfx is not a fully licensed and regulated broker

#1
OspreyFX Overview

Named after the very large, distinctively shaped, fish preying hawk, which suitably decorates the brand’s logo, OspreyFX is a relatively new entrant in the world of forex brokerages, aiming to offer existing and aspiring traders an innovative venue in which they can satisfy all their trading needs, including the trading of cryptocurrencies.

4.2 / 5

Rating breakdown

Security
70%
3.5/5
Ease of Use
90%
4.5/5
Tradable Assets
100%
5.0/5
Deposit and withdrawal
100%
5.0/5
Trading Fees
80%
4.0/5
Support
60%
3.0/5

Things we liked:

 AvaTrade has low trading fees
 The account opening is user-friendly and fast
 It offers a lot of deposit and withdrawals options free of charge

Things we didn't like:

 The product portfolio is limited as it offers only CFDs, forex, and cryptos
 The research tools are limited

#2
AvaTrade Overview

Since its establishment in 2006, AvaTrade has expanded to 11 countries and offers an array of trading platforms for web, desktop, and mobile use. It facilitates trading in spot forex, forex options, and CFDs across various asset classes, including cryptocurrencies. AvaTrade boasts 300,000 registered traders executing over 3 million trades monthly, with a total traded value exceeding $1.47 trillion.

3.9 / 5

Rating breakdown

Security
100%
5.0/5
Ease of Use
80%
4.0/5
Tradable Assets
50%
2.5/5
Deposit and withdrawal
100%
5.0/5
Trading Fees
70%
3.5/5
Support
70%
3.5/5

Things we liked:

 Multiple social copy trading platforms are available.
 Pepperstone is regulated in three Tier-1 jurisdictions, two Tier-2 jurisdictions, and two Tier-4 jurisdictions.

Things we didn't like:

 Mostly CFDs offered
 MetaTrader platform is basic
 Slow live chat

#3
Pepperstone Overview

Pepperstone is a Forex and CFD broker headquartered in Australia, offering 156 tradable assets across five different trading platforms. Pepperstone offers a small set of tradeable products but provides forex and CFD traders with competitive pricing and one of the largest selections of third-party platforms, including numerous options for social copy trading.

XM Alternatives Frequently Asked Questions (FAQs):

Are there any sites like XM?
Yes, there are many sites offering similar services like XM. Those include OspreyFX, AvaTrade, Pepperstone and many more. If you are to look for an alternative to XM for your forex trading needs, then you must make sure it is one with a better offering.
Who are XM Top Competitors?
XM 's top competitors in July 2024 are: OspreyFX, AvaTrade and more. OspreyFX is currently rank as the number one on the list of top Forex brokers.

Are you Satisfied with what They Offer?