Forex traders always look for trading with brokers that suit their trading needs and preferences. XM and EagleFx are online forex brokers that offer their trading services to traders and investors. XM is a regulated and trusted forex broker. It is regulated in two tier-1, two tier-2, and one tier-4 jurisdictions including ASIC, CySEC, FSCA, FSC-Belize, and DFSA. On the other hand, EagleFx is an offshore forex broker which is not regulated by any regulatory bodies.
In this article, we will review and compare the brokerage services offered by XM and EagleFx. We will explore options such as regulations, reputations, fees, features, leverage, and more. Additionally, we will analyze and rate the brokers based on macro and micro categories and options. By reviewing these aspects, you will get a clear idea of which broker suits you best for your trading journey.
XM
XM is a well-regulated Australian broker founded in 2009. On its MT4 and MT5 platforms, you can trade over 1,000 forex, CFDs and even real stocks. Its ultra-low standard and micro accounts come with low trading fees. Trading tools like Autochartist, market news and analysis are provided.
Risk warning: 72.89% of CFD accounts lose money
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
EagleFX
Though EagleFX is unregulated, it asserts that clients’ Bitcoin deposits are safely stored in a cold storage location. Bitcoin is the primary payment option used by EagleFX. You can start trading with just $10 on its MT4 platforms and enjoy deep liquidity, tight spreads, and speedy STP executions.
- Founded In: 2019
- Minimum Deposit: $10
- Maximum Leverage: 500:1
- Regulations: None
- Trading platform: MT4 , Webtrader
- Account Types:
- Payment Options: Bank Wire (BankTransfer/SWIFT), VISA, MasterCard, Bitcoin
- US Traders: Currently Not Accepted. However, Old traders can still trade.
XM vs EagleFX: Pros and Cons
XM Pros & Cons
- 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
EagleFX Pros & Cons
- The maximum leverage is as high as 1:500
- The minimum deposit is as low as $10
- Scalping Hedging, News trading, and the use of trading robots are allowed
- Speedy STP trade executions in less than a second.
- Over 150 trading instruments can be traded on the platforms.
- Offers free demo accounts
- The round-turn commission is $6, which is low and competitive compared to others.
- Zero Fees on Deposit and Withdrawal
- Offers Crypto CFD Trading
- The broker is not regulated
- No investor protection scheme for traders
- No managed accounts, social trading, or any provision for investors.
- Limited Deposit and Withdrawal Options
- Ctrader, Zulutrade, and Tradingview are not available
- There are no educational resources
XM vs EagleFX: Side-by-Side Comparison
XM Vs EagleFX: Our Scores and Ratings
We rated both brokers, XM and EagleFX, 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.
XM :
EagleFX
Final Verdict :
Both XM and EagleFx offer similar trading services worldwide. However, there are differences in their regulations, reputation, and operation. XM is a highly regulated and trusted forex broker. It is regulated by top-tier regulatory authorities, including ASIC, CySEC, FSCA, FSC-Belize, and DFSA. On the other hand, EagleFx is an unregulated offshore forex broker. XM provides Multiple trading platforms including MT4, MT5, WebTrader, NinjaTrader, MotiveWave, MultiCharts, TradingView, and more. On the Contrary, EagleFx offers MT4.
As XM is not licensed in the USA, it cannot accept US clients. Being an unregulated offshore forex broker, EagleFx can onboard clients from anywhere in the world, including the USA. Therefore, non-US traders may opt for XM, while US traders looking for offshore forex brokers may consider EagleFx. However, Trading with offshore forex brokers is risky and not recommended.
