Comparison of Tradersunion’s brokers: FXOpen and XM
FXOpen is an online broker providing advanced capabilities for ECN trading. XM is also an online broker that is well-known for multiple account types including.
FXOpen is an online broker providing advanced capabilities for ECN trading. XM is also an online broker that is well-known for multiple account types including a cent account, with considerably low trade sizes. XM offers the XM Zero account, featuring extremely low spreads along with a commission charge. Each of these brokers offers MT4, while XM also provides MT5, where it provides a vast array of markets, including Stocks CFDs. FXOpen is administered by the FCA in the United Kingdom, the ASIC in Australia and the FSRC in Nevis. XM is administered by the CySEC in Cyprus, the ASIC in Australia and the IFSC in Belize. In this XM and FXOpen review, you will gain an objective opinion about these brokers. Hopefully, it will make it easier for you to make the final choice.
FXOpen is an MT4 ECN broker, while XM has numerous account types, for instance, a cent account. Apart from MT4, XM also has MT5 to have a better coverage for existing markets. Here are some more characteristics you should be aware of:
- Minimum deposit and account types
The minimum deposit for FXOpen is estimated at €/$300 or £200, while for XM at $5. FXOpen offers three accounts types, ECN, STP and Crypto. XM also offers two account types, a Micro and a Standard account, which have a different range of internal features. With the minimum deposits of $5, both the Micro and Standard accounts do not charge commissions.
- Covered markets
On the ECN account, FXOpen provides Forex, Indices, Energy and Precious Metals, with more than 60 assets. On the STP account, FXOpen has over 50 Forex and Precious Metals. On the Crypto account, FXOpen has almost 60 Forex, Precious Metals and Cryptocurrencies. Meanwhile, XM is equipped with Forex, Indices, Energy, Cryptocurrencies, Metals, Soft Commodities and Stocks. The total number of assets on MT5 is over 1000 and over 100 on MT4.
- Cryptocurrency CFDs
FXOpen has a great variety of cryptocurrencies, including Bitcoin, Litecoin, Bitcoin Cash, Ripple, Dash, OMNI, IOTA, EOS, Ethereum Classic, Peercoin, and Emercoin. The variety of options offered by XM is more moderate, including Bitcoin, Ethereum, Litecoin, Bitcoin Cash, and Ripple.
- Spreads and leverage
Spreads at FXOpen are quite changeable, ranging from 0.0 for EUR/USD, 0.0 for UK 100, 0.0 for Gold and 0.0 for US Crude Oil. These choice also include the commissions. Generally, STP account has high spreads.
Spreads at XM are also changeable. For the Standard and Micro accounts range from 1 for EUR/USD, 1.5 for UK 100, 0.40 for Gold and 0.05 for US Crude Oil. These accounts do not charge you commissions. For the XM Zero account, spreads feature a low of 0 for EUR/USD, in addition to a commission.
For Forex, FXOpen charges a commission, depending on volume traded from $1.5 - $5 per standard lot. Other tools feature different commission charges. The XM Zero account has a standard commission of $3.5 per lot per side.
FXOpen is equipped with MT4 desktop, MT4 apps and an MT4 based web trader. XM features MT4 and MT5 desktop, MT4 and MT5 apps and MT4 and MT5 based web traders.
Why FXOpen or XM?
Traders and investors who want to trade on MT4 may do so at every broker. Traders who want to trade on MT4, can find this platform at XM broker. Generally, XM has more markets to cover compared to FXOpen. Despite being an ECN broker, FXOpen is less responding to traders’ needs and preferences. At CySEC regulated XM, traders and investors may trade on the XM Zero account which can offer low spreads and commission charges.
So you are looking for a reliable broker with advanced functionality, both XM and FXOpen can be considered for long-term use. Both of them offer high quality services with the minimum investments. Similar to any life situation, the final decision of what broker to use should be based on the way you are going to trade. This XM and FXOpen comparison should be useful for you because you will be able to judge the effectiveness, price, ease of use and support, reliability of broker side by side.
Regulation related to currency availability is significant when it comes to the choice of a broker. It is very important to find a broker like XM and FXOpen, so you can trust them your money without regretting anything. While considering which one to choose, you should pay special attention to the popular online instruments and market features traders need for a decent performance.
So, if you are eager to start trading, feel free to read the above-mentioned information to make a more informed decision. If it doesn’t look sufficient to you, feel free to check the information on the Internet. Both brokers have a long-time reputation on the Forex market, so it won’t be difficult for you to find independent reviews left by other traders.