XM vs HFM: Which Broker Is Better in 2026?
XM and HFM share the same overall rating in our reviews (3.7/5). XM is a globally recognised multi-regulated broker founded in 2009, best known for its $5 minimum deposit, industry-leading educational content, and 1,400+ instruments across MT4/MT5 and a proprietary TradingView-powered web platform. A well-regulated, multi-entity broker (est. 2010) offering competitive raw spreads and wide instrument access via MetaTrader, suited to intermediate traders across multiple regions. Every figure below comes from our full review of each broker; spreads, deposits and leverage vary by entity and country, so confirm the terms for your account before funding.
| XM | HFM | |
|---|---|---|
| FXMARE rating | 3.7/5 | 3.7/5 |
| Regulators | CySEC (Cyprus), ASIC (Australia), FCA (UK), DFSA (UAE / Dubai), FSCA (South Africa), FSA (Seychelles), FSC (Belize), FSC (Mauritius), CMA (Kenya) | FCA (UK), CySEC (Cyprus), DFSA (UAE/DIFC), FSCA (South Africa), FSA (Seychelles), CMA (Kenya) |
| Founded / HQ | 2009, Limassol, Cyprus | 2010, Larnaca, Cyprus (group HQ); additional entities in London UK, Dubai UAE, Johannesburg SA, Seychelles |
| Spreads from | 0.1 pips (raw/ECN) | 0 pips (raw/ECN) |
| EUR/USD spread | 1.7 pips (standard) · 0.1 pips + commission (raw) | 1.4 pips (standard) · 0 pips + commission (raw) |
| Commission | $7 (Zero account only; Standard and Ultra Low are commission-free) | $6 (Zero account: $3 per side) |
| Minimum deposit | $5 | $0 (Cent, Premium, Zero accounts); $100 (Pro); $500 (InfinityX offshore) |
| Maximum leverage | 1:30 (EU/UK under CySEC/FCA); up to 1:1000 (offshore entities, e.g. Belize) | 1:30 (EU/UK retail, FCA/CySEC); 1:1000 (international/offshore entities) |
| Platforms | MT4, MT5, TradingView, XM Mobile App | MT4, MT5, WebTrader, HFM Mobile App, Copy Trading platform |
| Swap-free account | Conditional | Conditional |
| Best for | high-volume retail traders and beginners who prioritise education and a low starting deposit | Multi-regulated MT4/MT5 trading with low entry cost and broad geographic reach |
Category by category
- Fees: XM 3.0 vs HFM 3.5 — HFM leads
- Platforms: XM 3.5 vs HFM 3.0 — XM leads
- Support: XM 4.5 vs HFM 4.0 — XM leads
- Trust: XM 4.0 vs HFM 4.0 — level
XM: pros and cons
- + Multi-regulated by CySEC, ASIC, FCA and DFSA — strong tier-1 coverage for EU, AU, and UK clients
- + Very low entry barrier: $5 minimum deposit on Standard/Micro accounts
- + Exceptional education offering: daily live webinars in 23+ languages, 77 instructors
- + Zero account offers raw spreads from 0.0 pips with competitive $7 round-turn commission
- + Ultra Low account provides built-in swap-free status on 28 major pairs plus Gold/Silver at no extra cost
- − Standard account EUR/USD spread (~1.6–2.0 pips) is wide relative to ECN-focused competitors
- − $5/month inactivity fee kicks in after 90 days — penalises inactive retail accounts
- − Philippine SEC issued a cease-and-desist order (November 2025) for operating without local licence — a reputational flag for that jurisdiction
- − Zero account (lowest-cost option) restricted to CySEC entity clients only — not available to offshore/international clients
XM is a well-established, broadly regulated broker with genuine tier-1 oversight from CySEC, ASIC, FCA, and DFSA, making it a credible choice for traders in the EU, UK, and Australia. Its ultra-low entry cost, prolific education suite, and built-in swap-free Ultra Low account stand out. The main weaknesses are its wide Standard account spreads, the restriction of the Zero (raw spread) account to EU-entity clients only, and a 2025 enforcement action by the Philippine SEC for operating without a local licence — which, while jurisdiction-specific, is worth noting for risk-conscious traders.
Read the full XM reviewHFM: pros and cons
- + Regulated by multiple Tier-1/Tier-2 authorities (FCA, CySEC, DFSA, FSCA) — strong trust for a retail broker
- + Very low or zero minimum deposit on main accounts; accessible entry point
- + Zero account offers 0.0-pip raw spreads with only $6 round-turn commission — competitive for active traders
- + Extensive multi-language support (27 languages) via live chat, phone, email 24/5
- + Broad instrument range (~1,000+ CFDs) covering stocks, crypto, indices, commodities alongside forex
- − No cTrader or TradingView; platform suite is entirely MetaTrader-based with no proprietary desktop/web platform
- − Business terms restrict scalping with abnormally large lots, arbitrage strategies, and AI-assisted trading
- − Card withdrawals can take up to 10 business days — slower than many peers
- − MT4 now offshore-entity-only for some regions; EU/UK clients limited to MT5
HFM (formerly HotForex) has built genuine regulatory credibility with FCA, CySEC, DFSA, and FSCA licences across four jurisdictions — meaningful protection for most retail traders. Costs are reasonable: the Zero account's $6 round-turn commission on 0.0-pip raw spreads is in line with mid-tier ECN brokers, while the Premium account's ~1.4-pip EUR/USD spread is slightly above best-in-class. The broker's reliance solely on the MetaTrader ecosystem (no cTrader, no proprietary web platform) and its anti-arbitrage/AI trading clauses are the main practical limitations to be aware of.
Read the full HFM reviewFrequently asked questions
Is XM or HFM better?
The two brokers share the same FXMARE overall rating of 3.7/5, so the choice depends on what you trade: XM is best for high-volume retail traders and beginners who prioritise education and a low starting deposit, while HFM is best for multi-regulated MT4/MT5 trading with low entry cost and broad geographic reach.
Which is cheaper, XM or HFM?
XM's spreads start from 0.1 pips (raw/ECN) with commission of $7 (Zero account only; Standard and Ultra Low are commission-free); HFM's start from 0 pips (raw/ECN) with commission of $6 (Zero account: $3 per side). On EUR/USD our data records 1.7 pips (standard) · 0.1 pips + commission (raw) at XM and 1.4 pips (standard) · 0 pips + commission (raw) at HFM. Costs vary by account type and entity, so compare the account you would actually open.
Do XM and HFM offer swap-free (Islamic) accounts?
XM: Available on request for clients with religious grounds. Ultra Low account is inherently swap-free on 28 major currency pairs plus Gold and Silver. On other account types, Islamic swap-free status is granted on request; XM reserves the right to apply Fair Value Adjustments on Cash Energies and Spot Metals CFDs held overnight, and can revoke swap-free status at sole discretion without notice. No time limits explicitly stated, but conditions apply per instrument class. HFM: Available on request for Micro, Premium and Zero account types; swap-free status is also extended by default to clients in applicable countries. No extra fee for the Islamic account itself, but standard inactivity fee ($5/month after 6 months of no trading) applies. Specific instruments and position-holding time limits governed by HFM's full swap-free T&Cs.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Most retail investor accounts lose money when trading CFDs. Ratings are FXMARE editorial opinion and are never sold.