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Alison Heyerdahl is the Head of Content at FxScouts and a Chartered Market Technician (CMT), as well as a trader and financial writer with extensive experience in Forex trading, broker analysis, and market research. She has reviewed 100+ brokers, publishes weekly YouTube trading videos, and co-hosts the “Let’s Talk Forex” podcast.
In the fast-paced world of forex trading, choosing the right broker is crucial. XM and Exness are two popular options, each with unique strengths and weaknesses. This comparison will dive into the key features of both platforms,helping you decide which one best suits your trading style and goals.
The radar chart above illustrates the comparison between XM and Exness across several key metrics, with the highest possible score being 100 in each category.
At FxScouts, our mission is to assist traders in finding the broker that best suits their needs. Comparing brokers side-by-side is an effective method to achieve this goal. We evaluated XM and Exness, using our standard criteria: trust and regulation, trading platforms, costs and trading conditions, and educational and market analysis resources.
Trust and regulation are crucial when selecting a Forex broker. A broker’s credibility is largely built on its regulatory status. We spend considerable time verifying the safety of each broker by examining their regulatory licenses. We also consider numerous factors when deciding which tier a regulator belongs to. Regulators that we rank as the world’s top regulators, gets a tier 1 rank, while regulators who only scores a tier 5-rank, provide virtually no regulatory oversight. The more top-tier authorities regulating a broker, the higher its trust rating. Read more about regulation and our tier system here.
In our comparison:
Based on these findings, XM earned a higher trust rating than Exness.
When comparing brokers, trading costs are a significant factor. We consider the minimum deposit required to open an account and ongoing costs, including spreads and commissions. We measure the cost to trade one lot of EUR/USD using the broker’s account with the lowest minimum deposit, including both the spread and any commission charged.
We found that XM has overall lower trading costs than Exness.
Trading Platforms Offered Traders prefer brokers that offer a variety of trading platforms. We rate brokers higher if they support multiple platforms like MetaTrader4, MetaTrader5, cTrader, and proprietary platforms.
Copy trading is beneficial for beginner traders or those unable to trade full-time. In this case both Exness and XM offer copy trading.
A broader range of CFD instruments provides more trading opportunities. Exness offers a greater variety of instruments compared to XM:
For those interested in trading cryptocurrencies, XM offers 60 cryptocurrencies, while Exness offers 34 cryptocurrencies. Therefore, XM is the better choice for cryptocurrency trading.
Traders prefer brokers with quick and cost-effective deposit and withdrawal processes. We favor brokers that process withdrawals within 24 hours using multiple methods without charging fees.We found that neither Exness nor XM charges a withdrawal fee. Overall, Exness has better deposit and withdrawal processes than XM.
We often find that brokers offer very little in the way of educational materials, forcing traders to use other third-party sites or self-educate elsewhere. Beginner traders need well-structured, well-presented materials in multiple formats to get a good start at trading. More experienced traders also benefit from webinars led by experts in the field and advanced trading strategy sections with new trading ideas.
XM has better educational support than Exness. Both Exness and XM offer educational support for more experienced traders.Access to frequent and high-quality market research and analysis is crucial.
We found that XM offers better research analysis than Exness and that both Exness and XM offer frequent webinars.
XM is renowned for its low trading costs, extensive research, educational resources, and user-friendly trading app, positioning it as a strong choice for Nigerian traders.
The broker’s account structure is designed to accommodate a variety of trading strategies and experience levels, featuring four accounts with a minimum deposit starting from 5 USD. The Ultra Low Account offers spreads as tight as 0.6 pips on EUR/USD without commission, ensuring cost-effective trading. However, XM’s leverage, peaking at 1000:1, requires cautious management due to the amplified risk of significant losses. Traders will also appreciate XM’s comprehensive range of trading tools, copy trading service, and generous bonus scheme. Finally, XM’s educational offerings are top-tier and aimed at enhancing the trading skills of beginners and seasoned traders alike.
The largest broker in the world by trading volume, Exness offers nine distinct account types, including one of the lowest-cost Cent Accounts in the industry. It provides acceess to over 100 forex pairs—far more than most competitors. Traders can choose between MT4, MT5, and Exness Terminal—a proprietary platform available on desktop and mobile. The broker also offers a rich suite of tools, including FXStreet News, Trading Central, and regular educational webinars led by experts.
Overall, Exness presents an attractive option for Nigerian traders: competitive pricing, trading accounts for every budget, comprehensive education, and robust tools.
For more detailed reviews, please read our comprehensive assessments of XM and Exness.
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Broker | FSCA Regulated | Licenced by | Min. Deposit | Cost of Trading Total trading cost at the time of last update, for 1 lot of EUR/USD using the account with the lowest minimum deposit. Includes spread and commission. | Official Site | Compare | |
|---|---|---|---|---|---|---|---|
 | No |   | USD 0 | USD 10 | |||
 | Yes | | USD 3 | USD 7 | |||
 | Yes |   | USD 100 | USD 9 | |||
 | Yes |  | USD, NGN 0 | USD 10 | |||
| No | | USD 5 | USD 6 | |||
 | No |  | USD 200 | USD 8 | |||
 | Yes |  | USD 100 | USD 6 | |||
 | Yes | | USD 100 | USD 14 | |||
 | No |  | USD 0 | USD 7 |
Select another broker to another broker to compare features, fees, and platforms side by side.
Alison and Chris cover a range of topics, including how to choose a Forex broker, safety and regulation, how to reduce your risk, trading psychology, trading platforms, and trading strategies, among others.
The FxScouts podcast helps beginner Forex traders get the best start to their trading careers.
