4.0 / 5
Rating breakdown
Things we didn't like:
XM has a limited product portfolioThe 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 other users do not like about XM
XM TrustPilot Customer Reviews, Feedback and Complaints
On Trustpilot, XM has currently 723 number of reviews with a TrustScore (the overall measurement of reviewer satisfaction) of 2.20/5.00.
Main Complains according to the Users' Reviews
- Withdrawal not received
- Manipulates your orders
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
4.3 / 5
Rating breakdown
Things we liked:
Up to 500:1 leverageLow minimum deposit requirement
Things we didn't like:
Absence of a direct telephone number for customer supportOspreyfx is not a fully licensed and regulated broker
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
Things we liked:
AvaTrade has low trading feesThe 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 cryptosThe research tools are limited
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
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 offeredMetaTrader platform is basic
Slow live chat
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.