Forex traders always look for trusted, reliable brokers that suit their trading styles and preferences. Oanda and XM are top-tier regulated forex brokers offering online trading services globally. Oanda is regulated by 9 regulatory bodies including CFTC, NFA, FCA, PFSA, MAS, IIROC, ASIC, FSA in Japan, and FSC in the BVI. On the other hand, XM is also regulated by 5 regulatory authorities including FSC, CySEC, ASIC, DFSA, and FSCA. These two brokers offer almost similar services. However, each broker has its strengths and weaknesses.
In this article, we will compare Oanda with XM regarding trading platforms, regulations, tradable assets, fees, customer support, and overall trading experience score. We will also explore if Oanda is better than XM and vice versa. This comparison lets you understand which broker is better for your trading style and preferences
Oanda vs XM: In a Nutshell
Oanda
Founded by Drs. Stumm and Olsen in the USA in 1996, Oanda is one of the oldest and most experienced forex brokers in the world. The broker expanded into Asia in 2007, opened its London office in 2011, and its Sydney office in 2014. On its platforms, you can trade over 3,000 forex pairs, CFDs, and even real stocks. The broker is regulated by top regulatory authorities including ASIC, CFTC, IIROC, FCA, PFSA, MAS in Singapore, FSA in Japan, and FSC in BVI. Oanda offers multiple trading platforms such as MT4, MT5, the fxTrade app, and TradingView. Oanda is also known for its currency transfer services as well as its MarketPlus trading analytics. To learn more, you can read our review on Oanda, where we cover features, pros, cons, and more
Oanda Overview
- Founded In: 1996
- Founder: Dr. Stumm (a computer scientist), and Dr. Olsen (an economist)
- Headquarters: New York, United States
- Trading Instruments: 100+ trading Instruments including forex, indices, shares, commodities, metals, cryptocurrencies, metals
- Minimum Deposit: No minimum Deposit is required. You may deposit as low as $1
- Maximum Leverage: 1:50 (US), 1:30 (EU), 1:200 (other regions)
- Regulations: ASIC, CFTC, IIROC, FCA, PFSA, MAS in Singapore, FSA in Japan, FSC in BVI
- Trading platform: MT4, MT5, fxTrade app, Tradingview
- Account Types: Standard, Elitetrader
- Trading Fees: Spreads starting from 0.6 pips (EUR/USD pair)
- Payment Options: Bank Wire (BankTransfer/SWIFT), VISA, MasterCard, ACH Payments (echeck), BPAY, CHAPS, Check, DBS Bill Payment, Local Bank Deposits, Local Bank Transfers, Neteller, Payment Asia, PayNow, PayPal, SEPA Credit Transfer (SCT), Skrill
- US Traders: Accepted
XM
Founded in 2009, XM is a forex and CFD broker that offers online trading services globally. It provides access to over 1000+ trading instruments including forex, cryptocurrencies, stock CFDs turbo stocks, commodities, equity indices, thematic indices, precious metals, energies, and shares. The broker is regulated by multiple reputable regulatory authorities, including FSC, ASIC, CySEC, DFSA, and FSCA. The broker offers a full edition of the popular MT4 and MT5 platforms, which include numerous proprietary indicators. XM offers a maximum leverage of 1:1000 to its clients. It is a low-cost broker with spreads starting from as low as 0.6 pips. To learn more, you can read our review on XM.
XM Overview
- Founded In: 2009
- Founder: Constantinos Cleanthous
- Headquarters: Limassol, Cyprus.
- Trading Instruments: 1000+ trading instruments including forex, cryptocurrencies, stock CFDs turbo stocks, commodities, equity indices, thematic indices, precious metals, energies, shares
- Minimum Deposit: $5 for Micro, Standard, Ultra low accounts, and $10,000 for share accounts
- Maximum Leverage: up1000:1 for Standard, Micro, and Ultra-low accounts, No leverage for share account
- Regulations: FSC, ASIC, CySEC, DFSA, FSCA
- Trading platform: MT4, MT5, XM trading apps
- Spreads: As low as 0.6pips
- Account Types: Standard, Micro, Ultra-low, Share accounts
- Trading Styles: Allows all trading styles including scalping, news trading, copy trading, EA trading
- Payment Options: Bank Wire (BankTransfer/SWIFT), VISA, MasterCard, Neteller, Skrill
- Funding Currencies: USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, SGD, ZAR
- US Traders: Not Accepted
Oanda vs : XM Features
Oanda:
- Trading Instruments: CFD trading is not allowed for US clients; however, non-US clients can trade CFDs
- Maximum leverage: The maximum leverage of Oanda is 1:200 (global), 1:50 (US), 1:30 (EU)
- Minimum Deposit: No Minimum Deposit.
- Account Types: Two (Standard, Elitetrader)
- Trading Fees: Spreads range from 0.1 to 0.6, and commissions range from 3.5 to 4 per lot (depending on account type).
- PAMM/ MAM:
- Scalping: Allowed
- News Trading: Allowed
- EA/ Robot Trading: Allowed
XM:
- Trading Instruments: 1000+ including Forex, Crypto CFDs, Indices CFDs, Commodities CFDs, Stocks CFDs, Turbo Stocks CFDs, Metals CFDs, Energies CFDs
- Maximum leverage: up to 1000:1
- Minimum Deposit: $5 or Equivalent
- Account Types: Micro, Standard, Ultra Low, Shares Accounts
- Fees: Starting from 0.6 in Ultra-low account, 1 Pips for standard account, and 1 Pips for Micro account
- PAMM/ MAM: Not Available
- Scalping: Allowed
- News Trading: Allowed
- EA/ Robot Trading: Allowed
Oanda vs XM: Pros and Cons
Oanda
- Regulated by the CySEC, FCA, CFTC, JFSA, IIROC, ASIC, MAS and FSC BVI
- Clients can trade over 1800 forex/CFDs and over 2000 real stocks.
- Platforms: MT4, MT5, and Oanda mobile apps on iOS and Android.
- Trading tools provided are MetaTrader premium tools, Autochartist, Market pulse analysis, etc.
- Customer support is provided in multiple languages and via different channels.
- Fast and user-friendly account opening
- The TradingView platform is available, alongside several VPS services for MT4 hosting.
- Bank withdrawals incur a fee which is transferred to the trader.
- Premium core accounts require a minimum balance of $20,000
- Inactivity fees are charged from dormant accounts.
- No account protection for U.S. clients
- No guaranteed stop-losses for U.S. or U.K. clients
- Traders in the U.S. cannot access single-stock CFDs
- No cent accounts, bonus programme for beginner traders
XM
- Regulated by CySEC, ASIC, DFSA in UAE, and FSC Belize.
- Easy and fast account opening
- Minimum deposit is $5
- Over 1000 forex/CFDs are available for trading.
- MT4 and MT5 are the available trading platforms.
- Quality research, market analysis, and access to trading tools like Autochartist.
- Quality training for newbies and ‘ultra-low micro account’ for beginners.
- High leverage up to 1000:1 (this leverage is not available to all the entities of the Group)
- Dormant fees are charged after 3 months of no account activity.
- Trading of real stocks is not available to European traders.
- Traders have no other choice apart from the MetaTrader platforms.
- Limited tradable assets.
- No passive investment services (social trading platform, PAMM accounts);
- Funding with PayPal is unavailable
Oanda vs XM: Side-by-Side Comparison
Oanda Vs XM: Our Scores and Ratings
We rated both brokers, Oanda and XM, on a scale of 1 to 10, with 0.1 increments. To achieve a comprehensive rating, we broadly grouped all services offered by brokers into 6 macro categories and assigned percentage weights to them. Each macro category is subdivided into several data points which contributes to the total score of 1.0-10.0 assigned to each macro category. Since all categories are not equally important, our weight percentage plays a significant role in assessing the broker accurately. For example, Regulation and Security contributes a total weight of 40% to the whole ratings because this is the most important rating category. To learn more, read our methodology.
Oanda :
XM
Oanda and XM are regulated forex and CFD brokers in the industry. They offer similar trading services, including forex and CFDs. Both allow scalping, hedging, EA trading and Copy trading, with a minimum order size of 0.01.
However, there are a few areas where you may find some differences. For example, the minimum deposit for Oanda is $200, whereas the minimum deposit for XM is $5. Additionally, the maximum leverage for Oanda is generally from 1:50 (US), 1:30 (EU), and 1:200 (other regions). In contrast, the maximum leverage for XM is 1:1000. Oanda offers TradingView access, while XM does not have TradingView
Our score for Oanda is 8.8, and for XM, it is 9.3. If you are looking for the most trusted US forex broker that accepts clients from all over the world with flexible trading experience and TradingView facilities, you may choose Oanda. However, if you prefer a high-leverage forex broker with similar trading services, you may choose XM.
