XM vs FP Markets: Honest 2026 Comparison
Affiliate disclosure: this article contains partner links. KenMacro may earn a commission when you open an account through these links, at no additional cost to you. The desk only partners with brokers that pass our regulatory and execution-quality screen.
XM and FP Markets both target the ASIC plus CySEC retail archetype but with different trade-offs. XM carries CySEC, ASIC, FSC Belize, DFSA oversight, founded 2009, with $5 minimum deposit on micro and standard, deep multilingual support across 30-plus languages, no broker-side fees. FP Markets runs ASIC, CySEC, FSCA, FSA Saint Vincent, founded 2005, with ecn execution under asic since 2005, iress share-cfd platform, low commission on raw. For the ASIC plus CySEC retail archetype, FP Markets is the cleaner fit.
By Ken Chigbo, Founder, KenMacro, 18-plus years in markets, London trading floor and institutional FX. The framework runs daily inside the MACRO MASTERY desk.
Quick verdict
- For CySEC plus ASIC vs ASIC plus CySEC, FP Markets. XM runs CySEC, ASIC, FSC Belize, DFSA, FP Markets runs ASIC, CySEC, FSCA, FSA Saint Vincent.
- For raw spreads plus commission. XM EUR/USD 1.6 pips typical (standard and micro), 0.6 pips typical (ultra low), 0.0 pips raw on zero account, commission zero on standard, micro, ultra low. zero account: $7 round-turn. FP Markets EUR/USD 0.0 pips raw (raw account), 1.0 pip typical (standard, spread-only), commission raw account $6 round-turn, standard zero.
- For XM WebTrader vs IRESS share-CFD. XM runs metatrader 4, metatrader 5, xm mobile app, xm webtrader. FP Markets runs metatrader 4, metatrader 5, iress (shares cfd), tradingview, ctrader, fp markets mobile app.
- For minimum deposit. XM: $5 (Micro), $5 (Standard), $50 (XM Ultra Low). FP Markets: $100 (Standard, Raw).
- For Trustpilot 2026. XM: 4.4 / 5. FP Markets: 4.7 / 5.
- For the partner-stack alternative. Vantage Markets is the partner alternative the desk routes to. FCA UK plus ASIC Tier-1 stack with raw-spread economics, plus Lloyd’s of London insurance and the bundled MACRO MASTERY desk overlay.
Open Vantage Markets, the partner alternative →
Capital at risk. CFD and margin trading carry significant risk of loss. Past performance does not guarantee future results.
The desk’s institutional read
Before you pick either, here is what the desk actually funds
The desk has audited both Xm and Fp Markets against the same institutional checklist used for every broker on this site. Here is the part the comparison itself does not answer: for a trader who is funding real capital, the question is not which of these two edges the other on a spread table, it is whether either is the account the desk would actually fund. On the desk’s regulated-broker shortlist, neither is the primary pick. The institutional answer below is matched to how a trader actually operates, not to whoever paid for placement on a comparison page.
- Best all-round, Tier-1 regulatedVantage Markets The desk’s primary pick for a macro-led trader who wants genuine ASIC or FCA Tier-1 regulation, a real RAW pricing account, and MT4, MT5 and TradingView in one place. Choose the entity deliberately, the strongest statutory cover sits with the FCA and ASIC entities.
- Raw spreads, scalping and expert advisorsIC Markets The desk’s honest top-tier answer for execution-sensitive strategies: a genuine ECN-style book, deep liquidity, EA friendly. The desk says this even though IC Markets is a partner, because for this archetype it is genuinely the strongest answer.
- First serious funded account and serviceBlueberry Markets ASIC regulated, built around responsive support and low-friction onboarding rather than a leverage arms race. The cleanest choice for a first funded account.
- Cent or higher-leverage archetype onlyPU Prime On the list for one specific archetype, the cent or higher-leverage trader who understands the trade-off. Not a Tier-1 substitute, and entity selection is the whole decision here.
At a glance
| Variable | XM | FP Markets |
|---|---|---|
| Founded | 2009 | 2005 |
| Regulation | CySEC, ASIC, FSC Belize, DFSA | ASIC, CySEC, FSCA, FSA Saint Vincent |
| Min deposit / fee | $5 (Micro), $5 (Standard), $50 (XM Ultra Low) | $100 (Standard, Raw) |
| EUR/USD spread | 1.6 pips typical (Standard and Micro), 0.6 pips typical (Ultra Low), 0.0 pips raw on Zero account | 0.0 pips raw (Raw account), 1.0 pip typical (Standard, spread-only) |
| Commission | Zero on Standard, Micro, Ultra Low. Zero account: $7 round-turn | Raw account $6 round-turn, Standard zero |
| Max leverage | 1:30 ASIC, CySEC retail, up to 1:1000 FSC Belize offshore | 1:30 ASIC, CySEC retail, up to 1:500 SVG offshore |
| Platforms | MetaTrader 4, MetaTrader 5, XM mobile app, XM WebTrader | MetaTrader 4, MetaTrader 5, IRESS (shares CFD), TradingView, cTrader, FP Markets mobile app |
| Payment / payouts | Bank wire, debit and credit cards, Skrill, Neteller, local APMs in selected regions. No broker-side deposit or withdrawal fees. | Bank wire, debit and credit cards, PayPal, Skrill, Neteller, BPay (AU), crypto. Free on most methods. |
| Trustpilot 2026 | 4.4 / 5 | 4.7 / 5 |
| Key strength | $5 minimum deposit on Micro and Standard, deep multilingual support across 30-plus languages, no broker-side fees | ECN execution under ASIC since 2005, IRESS share-CFD platform, low commission on Raw |
Regulation and trust
XM carries Trading Point of Financial Instruments Ltd is regulated by CySEC under licence 120/10. Trading Point of Financial Instruments Pty Ltd holds ASIC AFSL 443670. XM Global Limited is regulated by the FSC Belize under licence 000261/4. XM MENA Ltd is regulated by the DFSA Dubai. XM Group operates under the Trading Point Holdings group structure. Founded 2009, headquartered in Cyprus, with over 10 million reported clients across 190-plus countries. EU clients fall under the CySEC entity with ICF compensation up to 20,000 euros per client. FP Markets runs First Prudential Markets Pty Ltd holds ASIC AFSL 286354. First Prudential Markets Ltd is regulated by CySEC under licence 371/18. FP Markets ZA is FSCA-regulated FSP 50926. FP Markets Saint Vincent operates under the FSA SVG offshore licence. Founded 2005, headquartered in Sydney, one of the longer-operating ECN-style retail brokers in the Australian regulatory perimeter. Regulator depth is one of the cleanest filters when picking a broker, the deeper the audited stack the better the recourse if anything goes wrong. Neither broker is in the partner stack the desk runs daily. Vantage Markets is the partner alternative the desk routes to: FCA UK plus ASIC Tier-1 stack with raw-spread economics, plus Lloyd’s of London insurance and the bundled MACRO MASTERY desk overlay.
XM, the regulator footprint runs Trading Point of Financial Instruments Ltd is regulated by CySEC under licence 120/10. Trading Point of Financial Instruments Pty Ltd holds ASIC AFSL 443670. XM Global Limited is regulated by the FSC Belize under licence 000261/4. XM MENA Ltd is regulated by the DFSA Dubai. XM Group operates under the Trading Point Holdings group structure. Founded 2009, headquartered in Cyprus, with over 10 million reported clients across 190-plus countries. EU clients fall under the CySEC entity with ICF compensation up to 20,000 euros per client.
FP Markets, by contrast, operates under First Prudential Markets Pty Ltd holds ASIC AFSL 286354. First Prudential Markets Ltd is regulated by CySEC under licence 371/18. FP Markets ZA is FSCA-regulated FSP 50926. FP Markets Saint Vincent operates under the FSA SVG offshore licence. Founded 2005, headquartered in Sydney, one of the longer-operating ECN-style retail brokers in the Australian regulatory perimeter.
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Spreads and commission
On the headline raw account tier, XM posts 1.6 pips typical (standard and micro), 0.6 pips typical (ultra low), 0.0 pips raw on zero account on EUR/USD with zero on standard, micro, ultra low. zero account: $7 round-turn. FP Markets posts 0.0 pips raw (raw account), 1.0 pip typical (standard, spread-only) with raw account $6 round-turn, standard zero. All-in cost is the relevant comparison rather than the headline raw spread on its own, the commission rate per round-turn lot can flip the verdict for high-frequency traders. On the ASIC plus CySEC retail archetype, FP Markets edges the cost stack.
On the headline raw account tier, XM posts 1.6 pips typical (standard and micro), 0.6 pips typical (ultra low), 0.0 pips raw on zero account on EUR/USD with zero on standard, micro, ultra low. zero account: $7 round-turn. FP Markets posts 0.0 pips raw (raw account), 1.0 pip typical (standard, spread-only) with raw account $6 round-turn, standard zero. Both numbers are sourced from the brokers’ published spread sheets and cross-referenced against live execution windows during NFP and FOMC.
Platforms
XM’s platform stack runs metatrader 4, metatrader 5, xm mobile app, xm webtrader. FP Markets covers metatrader 4, metatrader 5, iress (shares cfd), tradingview, ctrader, fp markets mobile app. Platform fit is rarely the differentiator on its own, the question is which stack lines up with the trader’s existing chartwork and automation. For traders running MetaTrader expert advisors or TradingView native chartwork, both brokers cover the standard set, the differentiator lives in any proprietary platform extension on each side.
XM’s platform stack covers metatrader 4, metatrader 5, xm mobile app, xm webtrader, while FP Markets runs metatrader 4, metatrader 5, iress (shares cfd), tradingview, ctrader, fp markets mobile app. Platform fit is rarely the differentiator on its own, the differentiator is how the platform set lines up with the trader’s existing chartwork and automation set.
Payments and withdrawals
XM: Bank wire, debit and credit cards, Skrill, Neteller, local APMs in selected regions. No broker-side deposit or withdrawal fees. FP Markets: Bank wire, debit and credit cards, PayPal, Skrill, Neteller, BPay (AU), crypto. Free on most methods. Withdrawal infrastructure is a quiet but high-impact layer. The cleanest brokers process broker-side withdrawals same-day on most methods with zero broker-side fees, intermediary-bank delays are the variable element on bank-wire withdrawals.
XM: Bank wire, debit and credit cards, Skrill, Neteller, local APMs in selected regions. No broker-side deposit or withdrawal fees.
FP Markets: Bank wire, debit and credit cards, PayPal, Skrill, Neteller, BPay (AU), crypto. Free on most methods.
ASIC regulated. Strong mid-tier broker with competitive raw-spread accounts and full MT4 and MT5 support.
Who should pick XM
Pick XM if you are
Pick XM if you fit the ASIC plus CySEC retail archetype that prioritises $5 minimum deposit on micro and standard, deep multilingual support across 30-plus languages, no broker-side fees. The headline differentiator is CySEC, ASIC, FSC Belize, DFSA regulator coverage with 1.6 pips typical (standard and micro), 0.6 pips typical (ultra low), 0.0 pips raw on zero account on EUR/USD. XM is not in the partner stack the desk runs, see the pivot CTA below.
Who should pick FP Markets
Pick FP Markets if you are
Pick FP Markets if you fit the ASIC plus CySEC retail archetype that prioritises ecn execution under asic since 2005, iress share-cfd platform, low commission on raw. The headline differentiator is ASIC, CySEC, FSCA, FSA Saint Vincent regulator coverage with 0.0 pips raw (raw account), 1.0 pip typical (standard, spread-only) on EUR/USD. FP Markets is not in the partner stack the desk runs, see the pivot CTA below.
The desk’s verdict
Desk verdict
XM and FP Markets are both credible options inside the ASIC plus CySEC retail archetype. FP Markets wins on the IRESS share-CFD platform, four-platform stack including cTrader, the longer ASIC operating history (since 2005), and the higher Trustpilot rating. XM wins on the very low Micro and Standard minimum deposit ($5) and the broader 30-plus language support. Neither broker is in the partner stack. The desk’s preferred alternative is Vantage Markets: FCA UK plus ASIC Tier-1 stack with raw-spread economics, plus Lloyd’s of London insurance and the bundled MACRO MASTERY desk overlay.
Open Vantage Markets, the partner alternative →
Capital at risk. CFD and margin trading carry significant risk of loss. Past performance does not guarantee future results.
ASIC, CySEC, and FSA Seychelles regulation. Raw-spread cTrader and MT4 / MT5 execution with some of the tightest EUR/USD all-in costs in the institutional retail tier.
The MACRO MASTERY angle
Broker selection is one piece of the framework. Macro positioning is what compounds across cycles, irrespective of the execution venue. The MACRO MASTERY desk runs daily macro pulses, NFP and FOMC and CPI live coverage, BTC whale-flow signals, weekly performance scorecard, and the live MT5 signal bridge.
Get the macro framework that compounds across every broker
Same stack a hedge-fund analyst runs every morning. Free Discord onboarding.
Still weighing Xm against Fp Markets? The desk’s position is that the regulated partner shortlist beats both for a trader funding real capital, and the MACRO MASTERY desk overlay is the part no comparison page can match.
Frequently asked questions
Which is better, XM or FP Markets?
For the ASIC plus CySEC retail archetype: FP Markets, on ecn execution under asic since 2005, iress share-cfd platform, low commission on raw. Both are credible options inside their respective regulator stacks.
Is XM safer than FP Markets?
XM runs CySEC, ASIC, FSC Belize, DFSA. FP Markets runs ASIC, CySEC, FSCA, FSA Saint Vincent. Both segregate client funds per regulator rules. The deeper the audited stack the cleaner the recourse if anything goes wrong, CySEC plus ASIC vs ASIC plus CySEC is the differentiator on this pair.
Are XM spreads tighter than FP Markets?
XM posts 1.6 pips typical (standard and micro), 0.6 pips typical (ultra low), 0.0 pips raw on zero account with zero on standard, micro, ultra low. zero account: $7 round-turn. FP Markets posts 0.0 pips raw (raw account), 1.0 pip typical (standard, spread-only) with raw account $6 round-turn, standard zero. All-in cost is the operationally relevant comparison rather than the headline raw spread on its own.
Which has lower minimum deposit, XM or FP Markets?
XM: $5 (Micro), $5 (Standard), $50 (XM Ultra Low). FP Markets: $100 (Standard, Raw). The lower minimum is the cleaner door-opener for early-stage traders, but capital should match the trader’s risk-management plan rather than the broker’s floor.
Which has the bundled MACRO MASTERY desk overlay?
Neither broker is in the partner stack the desk runs. Vantage Markets is the partner alternative the desk routes to: FCA UK plus ASIC Tier-1 stack with raw-spread economics, plus Lloyd’s of London insurance and the bundled MACRO MASTERY desk overlay.
Can I run both XM and FP Markets accounts?
Yes. Many traders run more than one broker account in parallel, eg one for ECN raw execution and one for spread-only proprietary platforms. Both brokers segregate client funds per their respective regulator rules, so capital is protected on each entity’s terms even if one entity fails.
Related reading
- Best forex brokers 2026, the institutional verdict
- How to choose a forex broker, the desk’s framework
- Vantage vs Blueberry vs Star Trader, three-way verdict
Educational analysis only. Past performance does not guarantee future results. Manage risk against your own portfolio. CFD and margin trading carry significant risk of loss. Verify current XM and FP Markets terms against each official documentation before opening an account.
Sources cross-referenced for this XM vs FP Markets comparison: https://www.xm.com/legal-documents, https://www.cysec.gov.cy/en-GB/entities/investment-firms/cypriot/37919/, https://uk.trustpilot.com/review/xm.com, https://www.fpmarkets.com/about-us/regulation/, https://connectonline.asic.gov.au/RegistrySearch/, https://uk.trustpilot.com/review/fpmarkets.com, Trustpilot aggregations 2026.
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