Your capital is at risk. Trade only with funds you can afford to lose.
XM
#1 in our CFD broker rankings
Accepts traders from Venezuela
Rating breakdown
- Regulation & trust4.50.1 lower than Pepperstone (4.6)
- Assets & markets4.50.1 lower than Pepperstone (4.6)
- Fees & costs4.00.5 lower than Pepperstone (4.5)
- Platforms & tools4.8same as Pepperstone (4.8)
- Accounts & banking4.50.5 higher than Pepperstone (4.0)
- Education4.80.8 higher than Pepperstone (4.0)
- Research4.3same as Pepperstone (4.3)
- Customer support4.90.3 higher than Pepperstone (4.6)
Pepperstone’s score. Numbers show the difference.
Pepperstone
#5 in our CFD broker rankings
Accepts traders from Venezuela
CFDs and FX are complex instruments and come with a high risk of losing money rapidly due to leverage. 73-89% of retail investor accounts lose money when trading CFDs.
Rating breakdown
- Regulation & trust4.60.1 higher than XM (4.5)
- Assets & markets4.60.1 higher than XM (4.5)
- Fees & costs4.50.5 higher than XM (4.0)
- Platforms & tools4.8same as XM (4.8)
- Accounts & banking4.00.5 lower than XM (4.5)
- Education4.00.8 lower than XM (4.8)
- Research4.3same as XM (4.3)
- Customer support4.60.3 lower than XM (4.9)
XM’s score. Numbers show the difference.
| XM | Pepperstone | |
|---|---|---|
| Overview | XM is a globally recognized forex and CFD broker with 20+ million clients in 190+ countries. Since 2009, this trusted broker has been delivering low trading fees across its growing roster of 1000+ instruments. It also offers a comprehensive MetaTrader experience that we've observed firsthand placing test trades. | Established in Australia in 2010, Pepperstone is a top-rated forex and CFD broker with over 830,000 clients worldwide. It offers access to 1,400+ instruments on leading platforms MT4, MT5, cTrader and TradingView, maintaining low, transparent fees. Pepperstone is also regulated by trusted authorities like the FCA, ASIC, and CySEC, helping to ensure a secure environment for day traders at all levels. |
| Customer Reviews | Based on 53 customer reviews | Based on 10 customer reviews |
| Trustpilot Score | ||
| Bonus Offer | $30 No Deposit Bonus, 100% Deposit Bonus | – |
| Promotions | – | |
| Comment by Reviewer | “With a low $5 minimum deposit, advanced charting platforms in MT4 and MT5, expanding range of markets, and a Zero account offering spreads from 0.0, XM provides all the essentials for active traders.” | “Pepperstone stands out as a top choice for day trading, offering razor-sharp spreads, ultra-fast execution, and advanced charting platforms for experienced traders. New traders are also welcomed with no minimum deposit, extensive educational resources, and exceptional 24/5 support (18h a day on weekends).” |
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| Instruments | CFDs, Forex, Stocks, Commodities, Indices, Thematic Indices, Precious Metals, Energies | CFDs, Forex, Currency Indices, Stocks, Indices, Commodities, ETFs, Crypto CFDs, Spread Betting |
| Demo Account | Yes | Yes |
| Minimum Deposit | $5 | $0 |
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| Minimum Trade | 0.01 Lots | 0.01 Lots |
| Regulator | CySEC, DFSA, FSCA, SCA, FSA, FSC-Belize, FSC-Mauritius, CMA-Kenya, CMA-UAE | FCA, ASIC, CySEC, BaFin, DFSA, SCA, SCB, CMA-Kenya |
| Margin Trading | Yes | Yes |
| STP Account | Yes | Yes |
| ECN Account | No | Yes |
| DMA Account | No | Yes |
| MAM Account | No | Yes |
| PAMM Account | No | Yes |
| LAMM Account | No | No |
| Demat Account | No | No |
| AI / Machine Learning | Yes | No |
| Robo Advisor | No | No |
| Negative Balance Protection | Yes | Yes |
| Market Maker | Yes | No |
| P2P Trading | No | No |
| Spot Trading | Yes | Yes |
| Mobile Apps | iOS, Android & Windows | iOS & Android |
| App Review | XM offer a mobile app for both Android and iOS that has been specifically tailored to each platform, maximizing the functionality of both. The app delivers the MT4 and MT5 software on the move, with full access to the broker’s 1,400+ instruments. Where they shine is their dependability with minimal glitches and delays during testing. The built-in news, trading journal and push notifications also ensure you have everything you need to day trade from your hand. | Pepperstone excels for its excellent integration with the MT4, MT5, cTrader, and TradingView apps, making it a standout option for day traders familiar with these leading third-party trading solutions. These platforms deliver a stable and reliable mobile trading experience, enhanced by Pepperstone's almost unrivalled execution speeds and wide range of asset classes. Recent improvements also helped it secure second place in DayTrading.com's annual 'Best Trading App' award for 2025. |
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| Auto Trading | Expert Advisors (EAs) on MetaTrader | Expert Advisors (EAs) on MetaTrader, cBots on cTrader |
| Copy Trading | Yes | Yes |
| Copy Trading Platform | XM offers copy trading through its intuitive app with exclusive crypto pairs. XM global offers a pre-integrated signals service via the MT5 platform. Aspiring investors can view detailed performance metrics and copy the trades of strategy managers. It's easy to set up, only requiring a handful of steps after logging in to your MQL5 community account. | Pepperstone facilitates the replication of experienced traders' strategies through MetaTrader Signals, DupliTrade and now its own copy trading app (available in certain regions) through a partnership with Pelican Trading, providing access to thousands of experienced traders and personalized risk parameters. On the downside, it lacks support for cTrader Copy which may deter users familiar with the terminal from Spotware. |
| Social Trading | Yes | No |
| Trade Signals | Yes | Yes |
| VPS Hosting | Yes | No |
| Tournaments | Yes | No |
| Demo Competitions | Yes | No |
| Ethical Investing | No | No |
| Custodial Account | No | No |
| Guaranteed Stop Loss | No | No |
| Inactivity Fee | $5 | $0 |
| Islamic Account | Yes | Yes |
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| CFD Trading | ||
| Overview | XM delivers for CFD traders with flexible leverage and a huge range of markets, including bespoke thematic indices for exposure to popular sectors like artificial intelligence. The MT4/MT5 platforms are also fast and dependable while a free VPS is available to qualifying XM traders running algo trading strategies. | Pepperstone maintains its position as one of the fastest and most dependable CFD brokers during our latest round of testing. With execution speeds averaging around 30ms and an outstanding fill rate of 99.90%, the broker ensures a seamless trading experience without requotes or dealing desk interference. It also provides ample trading opportunities across over 1,300 assets. |
| Leverage | 1:1000 | 1:30 (Retail - UK, EU, Australia), 1:500 (Pro), 1:200 (Offshore), 1:400 (Kenya) |
| FTSE Spread | 1.4 | 1.0 |
| GBPUSD Spread | 0.8 | 0.4 |
| Oil Spread | 0.03 | 0.02 |
| Stocks Spread | 1.79 (Apple) | 0.02 |
| Forex Trading | ||
| Overview | XM offers a strong selection of currency pairs with no re-quotes or hidden charges, while spreads have come down over the years, now starting from 0.6 pips on the EUR/USD in the commission-free account. | Pepperstone offers ultra-competitive forex spreads averaging 0.12 pips on EUR/USD in the Razor account, accompanied by a diverse portfolio comprising 100+ currency pairs - an extensive selection surpassing most competitors. Additionally, Pepperstone distinguishes itself by offering three currency indices (USDX, EURX, JPYX), not commonly found among alternative platforms. Pepperstone has now won our annual 'Best Forex Broker' award twice. |
| GBPUSD Spread | 0.8 | 0.4 |
| EURUSD Spread | 0.8 | 0.1 |
| EURGBP Spread | 1.5 | 0.4 |
| Assets | 55+ | 100+ |
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| Cryptocurrency | ||
| Overview | XM offers a handful of cryptocurrencies against the USD via the South African entity only. These are tradable via CFDs with very high leverage up to 1:500, amplifying potential returns but also losses. You can day trade major tokens like Bitcoin, Ethereum and Ripple, though the suite of tokens trails the 100+ crypto derivatives at some category leaders. | Pepperstone continues to prove itself as one of the most trusted crypto CFD brokers. Although its selection of digital tokens is average, you can trade popular cryptos like Bitcoin and altcoins like Ripple with up to 1:10 leverage, while its crypto indices provide a holistic view of the digital currency markets not found on most day trading platforms. It has also launched a dedicated crypto exchange in Australia - Pepperstone Crypto. |
| Spread | Variable | 30 (BTC) |
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| Crypto Lending | No | No |
| Crypto Mining | No | No |
| Crypto Staking | No | No |
| Auto Market Maker | No | No |
CFDs and FX are complex instruments and come with a high risk of losing money rapidly due to leverage. 73-89% of retail investor accounts lose money when trading CFDs.