XM vs IG.com: A Side by Side Comparison 2024

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XM and IG are online forex brokers that offer their trading services to traders and investors. XM is a regulated and trusted forex broker. It is regulated by multiple regulatory authorities including ASIC, CySEC, DFSA, FSCA, FSC in Belize (Global). Similarly, IG is also a regulated broker which is regulated by ASIC, FCA, JFSA, SFC (Hongkong), FSCA, MAS, FMA, GmbH, FINMA. Both the brokers have their own strengths and weaknesses.  

In this article, we will review and compare the brokerage services offered by XM and IG. 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 vs IG: Overview

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

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

IG:

Founded in 1974 as IG Index by British financier Stuart Wheeler, IG is a well-known forex and CFD broker. Based in the United Kingdom, IG offers online trading services, including spread betting and CFD trading. It provides access to over 100 forex currency pairs, CFDs, commodities, stocks, indices, gold, silver, oil, bitcoin, and other cryptocurrencies for personal investment and trading. As of 2021, IG had a market value of £2.9 billion and offered trading in 17,000 investment markets. Regulated by the Financial Conduct Authority (FCA), IG is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index. To know more, read our review about IG.

IG Markets Overview

IG Markets Overview
  • Founded In: 1974
  • Minimum Deposit: $250
  • Maximum Leverage: 200:1
  • Regulations: ASIC, FCA, FSA, NFA , AMF, FMA, MAS, DFSA
  • Trading platform: MT4, WebTrader, MobileTrader (MobileApp), ProRealTime
  • Account Types: Standard account, DMA Account
  • Payment Options: Bank Wire (BankTransfer/SWIFT), VISA, MasterCard, PayPal
  • US Traders:  Accepted 

XM vs : IG Features

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 

IG

  • Trading Instruments: 17,000+ trading instruments including forex, indices, cryptocurrencies, shares, commodities, bonds, options, etc
  • Maximum leverage: 30:1 to 200:1 ( dependent on Jurisdiction and Tradable assets) 
  • Minimum Deposit: No Minimum Deposit. However, the Minimum requires $250 if traders use credit/debit cards or PayPal 
  • Account Types:  Ig Offers couple of account types including Standard Accounts, Limited Risk Accounts, Spread Betting Accounts, Options Trading Accounts, Turbo24 Accounts, Share Dealing Accounts, Professional Accounts, etc
  • PAMM/ MAM:  Available 
  • Scalping: Allowed 
  • News Trading: Allowed
  • EA/ Robot Trading: Allowed

XM vs IG: Pros and Cons

XM:

Pros
  • 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)
Cons
  • 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

IG:

Pros
  • Regulated by multiple top tire regulators like  NFA,  FCA, ASIC, FSA, AMF, FMA, MAS, DFSA 
  • Allows scalping, EA/ Robot Trading, News Trading
  • Offers web trading, mobile trading and ECN Trading 
  • IG's acquisition of tastytrade for $1 billion brought options trading and listed-derivatives (such as futures) trading to clients in the United States
  • 16,000 trading instruments, investments in IPOs and exchange-traded funds;
  • Quality choice of trading platforms, including MT4, WebTrader, MobileTrader (MobileApp), ProRealTime
  • Relatively good spreads, from 0.6-1 pips depending on the type of instrument;
  •  Offers passive investment programme ( MAM, PAMM accounts)
Cons
  • Relatively high Minimum deposit ( Min Deposit $250) 
  • Conservative leverage in some areas  ( The max leverage is 1:200)
  • IG charges $/£12/€14 per month after 24 months of inactivity 
  • Limited product range on MT4
  • High Stock CFD fees 

XM vs IG: Side-by-Side Comparison

XM
IG.com
Product
Product
XM
IG.com
Founded In
Founded In
2009
1974
Founded By
Founded By
Constantinos Cleanthous
Stuart Wheeler
Headquarters
Headquarters
Limassol, Cyprus
London, UK
Regulations
Regulations
ASIC, CySec , FSC , DFSA, FSCA
ASIC, FCA, JFSA, SFC (Hongkong), FSCA, MAS, FMA, GmbH, FINMA
Min Deposit
Min Deposit
$5
None
Max Leverage
Max Leverage
1000:1
1:200
Tradable Assets
Tradable Assets
Forex , Commodities, Stock ,Indices , Crypto , Turbo Stocks Equity indices , Precious Metals , Energies
Forex, indices, Cryptocurrencies, Shares, Commodities
Fees
Fees
Spreads as low as 0.6 pips
Spread starting from 0.1 pips
Platforms and Tools
Platforms and Tools
MT4, MT5
MT4, WebTrader, MobileTrader (MobileApp), ProRealTime
US Traders
US Traders
Not Allowed
Allowed

XM Vs IG: Our Scores and Ratings

We rated both brokers, XM and IG, 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:

9.3
Total Score
Regulation and Security (40%)9.6
Fees and Commissions (20%)9.5
Trading (15%)8.4
Trading tools (10%)8.6
Customer Support (10%)9.5
Trading Education (5%)9.4

IG:

9
Total Score
Regulation and Security (40%)10
Fees and Commissions (20%)9
Trading (15%)8
Trading tools (10%)8
Customer Support (10%)8
Trading Education (5%)8

Final Verdict:

Both XM and IG.com offer similar trading services globally and are regulated forex brokers. The minimum lot size for both is as low as 0.1. However, there are some differences between them.

For example, XM is regulated by 5 regulatory authorities, including ASIC, CySEC, DFSA, FSCA, FSC in Belize (Global) , while IG.com is regulated by 9 regulatory authorities, including ASIC, FCA, JFSA, SFC (Hongkong), FSCA, MAS, FMA, GmbH, FINMA. The trading cost for XM is 0.6 pips  pips spread, whereas IG.com’s trading cost is 0.6 points on key FX pairs, 0.8 points on major indices, and 0.1 points on commodities.

XM cannot accept US clients as it is not regulated in the USA, while IG.com, being a US-regulated forex broker, can accept clients from both the US and around the world.

Our score for IG.com is 9, and for XM, it is 9.3 (according to our expert ratings, brokers that achieve a score of 8.00 or higher are considered safe and trustworthy).

Therefore, XM is most suited and trusted for non-US traders. However,  if you are a US trader seeking a trusted and regulated forex broker, IG.com is a perfect choice.

Written by

Jason Paine is a forex trader, researcher, and tech enthusiast. He is passionate about financial markets and cutting-edge technology. With a dynamic 16-year trading career, he's on a mission to guide fellow traders. Having navigated diverse forex brokers, Jason shares his insights at Brokersway to bridge the gap between traders and the right brokerage.

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