IC Markets
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XM vs FP Markets
XM vs FP Markets: XM offers a $5 minimum and copy trading; FP Markets offers raw spreads at US$3 per side.
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XM is a spread-only broker with a $5 minimum deposit, no commission and its own copy trading service. FP Markets is a raw-spread broker that has traded since 2005, with ASIC and CySEC licences in its group, four platforms and more than 10,000 CFDs. The better fit depends on where you live, how often you trade and which company would hold your account.
Quick Answer
| Best for | Winner | Why |
|---|---|---|
| Starting small | FP Markets | No stated minimum against $5 |
| Raw-spread account | FP Markets | XM has no raw-spread account |
| No inactivity fee | FP Markets | XM: $10 a month after 90 days without activity |
| cTrader | FP Markets | XM doesn’t offer it |
A “winner” here means the better published figure on that one line. It is not a recommendation: the right broker depends on where you live and how you trade.
Comparison Table
| XM | FP Markets | |
|---|---|---|
| Operating since | Over 15 years in business | 2005 |
| Company for international clients | XM Global Limited, licensed by the FSC in Belize (8557558) | FP Markets Ltd, registered in Saint Lucia (a registration, not a licence) |
| Regulators in the group | CySEC, DFSA, FSC Belize, FSA Seychelles, FSC Mauritius | ASIC, CySEC, FSCA, FSA Seychelles, CMA Kenya; Saint Lucia registration |
| Minimum deposit | $5 | None stated |
| Commission-free spreads | Ultra Low from 0.8 pips; Standard from 1.6 pips | Standard from 1.0 pip (EUR/USD average 1.2) |
| Raw-spread account | None | Raw from 0.0 pips (EUR/USD average 0.1) plus US$3 per side |
| Maximum leverage | 1:1000 | 1:500 |
| Platforms | MT4, MT5, XM App | MT4, MT5, cTrader, TradingView |
| Copy trading | XM Copy Trading, from $50 per strategy | Social Trading on MT4 and MT5; cTrader Copy |
| Inactivity fee | $10 a month after 90 days without activity | None |
| Withdrawal fee | None from XM | None on bank wires from FP Markets |
| Swap-free | Islamic option on all accounts | Islamic accounts with admin fees after a grace period |
| Bonus | 50% deposit bonus up to $100 and further bonuses (not in every country) | None; Refer a Friend only |
Figures come from each broker’s official site, checked on 11 October 2026. Spreads move through the day, and conditions vary by country and by the company that holds your account.
Watch both video reviews
Our XM and FP Markets reviews on video. Tap a chapter to jump straight to safety, costs, withdrawals or the verdict.
XM review 8:42
FP Markets review 5:06
Regulation and Safety
XM’s group holds licences from CySEC in Cyprus and the DFSA in Dubai, plus offshore licences in Belize, Seychelles and Mauritius. Most international clients open accounts with XM Global Limited, licensed by the FSC in Belize. XM says negative balance protection applies to all clients.
FP Markets’ group is regulated by ASIC in Australia and CySEC in Cyprus, and its site also names the FSCA in South Africa and the FSA in Seychelles. Many international clients, however, are placed with FP Markets Ltd, which is registered in Saint Lucia and is not a member of an investor compensation fund.
Both groups hold top-tier licences, but those protect only the clients of the licensed companies. What matters is which company your country places you with, so check your client agreement before you deposit.
Trading Costs
On commission-free accounts, XM lists: Ultra Low from 0.8 pips; Standard from 1.6 pips. FP Markets lists: Standard from 1.0 pip (EUR/USD average 1.2). “From” figures are minimums, so expect wider live spreads, especially around news.
Only FP Markets offers a raw-spread account: Raw from 0.0 pips (EUR/USD average 0.1) plus US$3 per side. XM is spread-only, which is simpler but usually costs more per trade for frequent traders.
XM’s inactivity fee: $10 a month after 90 days without activity. FP Markets lists no inactivity fee. Withdrawal fees: XM: none from XM; FP Markets: none on bank wires from FP Markets.
Platforms and Copy Trading
XM offers MT4, MT5 and XM App. FP Markets offers MT4, MT5, cTrader and TradingView.
XM’s copy trading: XM Copy Trading, from $50 per strategy. FP Markets’s copy trading: Social Trading on MT4 and MT5; cTrader Copy. Copying another trader doesn’t remove risk: you can lose money as fast as trading yourself.
Leverage
XM’s maximum leverage: 1:1000. FP Markets’s: 1:500.
A higher maximum is not an advantage in itself. Leverage multiplies losses as fast as gains, so beginners should use far less than either broker allows.
Which One Should You Choose?
Go with XM if:
- You want to start with as little as $5
- You prefer spread-only pricing with no commission
- You want copy trading and regular bonuses
Go with FP Markets if:
- You trade often and want raw spreads with a low commission
- You want cTrader or TradingView
- You want a group with ASIC and CySEC licences
Whichever you choose, test a small withdrawal early, verify your account before you need your money, and risk only what you can afford to lose.
More XM and FP Markets comparisons
Each one sets the same checks side by side: regulation, costs, platforms and leverage.
- XM vs AvaTrade
- XM vs Elev8
- XM vs Exness
- XM vs Fusion Markets
- XM vs FXTM
- XM vs IC Markets
- XM vs IUX
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- XM vs Pepperstone
- XM vs RoboForex
- XM vs Tickmill
- XM vs Vantage
- AvaTrade vs FP Markets
- Exness vs FP Markets
- FP Markets vs Elev8
- FP Markets vs Fusion Markets
- FP Markets vs FXTM
- FP Markets vs Pepperstone
- FP Markets vs Tickmill
- FP Markets vs Vantage
- IC Markets vs FP Markets
- IUX vs FP Markets
- LiteFinance vs FP Markets
- RoboForex vs FP Markets
FAQ
Which has the lower minimum deposit, XM or FP Markets? FP Markets. XM: $5. FP Markets: none stated.
How are XM and FP Markets regulated? XM’s international clients deal with XM Global Limited, licensed by the FSC in Belize (8557558). FP Markets’s deal with FP Markets Ltd, registered in Saint Lucia (a registration, not a licence). Group regulators: XM: CySEC, DFSA, FSC Belize, FSA Seychelles, FSC Mauritius; FP Markets: ASIC, CySEC, FSCA, FSA Seychelles, CMA Kenya; Saint Lucia registration.
Which is cheaper to trade with? It depends on the account. Commission-free: XM: Ultra Low from 0.8 pips; Standard from 1.6 pips; FP Markets: Standard from 1.0 pip (EUR/USD average 1.2). Raw accounts: XM: none; FP Markets: Raw from 0.0 pips (EUR/USD average 0.1) plus US$3 per side.
Does either charge an inactivity fee? XM: $10 a month after 90 days without activity. FP Markets: none.
Do both offer copy trading? XM: XM Copy Trading, from $50 per strategy. FP Markets: Social Trading on MT4 and MT5; cTrader Copy.
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