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Head to head

Swissquote vs XM

Swissquote is licensed by FINMA in Switzerland; FCA in the United Kingdom; CySEC in the European Union; SFC in Hong Kong and DFSA in Dubai (DIFC), UAE. XM is licensed by CySEC in the European Union, DFSA in the United Arab Emirates (DIFC) and FSCA in South Africa. The licence that applies to you depends on where you live, so check which company you would contract with before comparing anything else.

Minimum deposits start at $1,000 at Swissquote (the Prime account needs $50,000) and $5 at XM. Only XM offers negative balance protection and segregated client money.

Facts last checked: Swissquote on 20 October 2026, XM on 20 October 2026.

Swissquote profileXM profile
Broker 1
Broker 2
Broker 3

Monthly cost uses the account chosen in each slot: cost per lot × your lots. Swap and other fees are extra. The lowest monthly cost is highlighted only as a fact about cost, not as a recommendation.

Broker
SwissquoteStrictly regulatedRead the profile
XMStrictly regulatedRead the profile
Comparing
SwissquotePrime account · Switzerland
XMEuropean Union

Overview

Founded
Not yet checked
2009
Headquarters
Switzerland
Not yet checked
Official websites
  • swissquote.com
  • swissquote.ch
  • swissquote.co.uk
  • swissquote.eu
  • swissquote.cy
  • xm.com
  • trading-point.com
Facts last checked
20 October 2026
20 October 2026

Regulation and protection

Company you would contract with
Swissquote Bank Ltd (Swissquote Bank SA)
Trading Point of Financial Instruments Ltd
Regulator
FINMA
Switzerland
CySEC
European Union
Regulation level
Strictly regulated
Strictly regulated
Licence number
Bank licence
Check the register
120/10
Check the register
Clients this company serves
Swiss residents and international clients not served by a local Swissquote company
Residents of EU and EEA countries (CySEC lists xm.com and trading-point.com as its approved domains)
All licences held
  • FINMA (Switzerland)
  • FCA (United Kingdom)
  • CySEC (European Union)
  • SFC (Hong Kong)
  • DFSA (Dubai (DIFC), UAE)
  • CySEC (European Union)
  • DFSA (United Arab Emirates (DIFC))
  • FSCA (South Africa)
Segregated client money
No
Yes
Negative balance protection
No
Yes
Compensation scheme
Swiss depositor protection up to CHF 100,000 (Swissquote Bank); FSCS up to £85,000 (UK); ICF up to €20,000 (Cyprus)
ICF (Cyprus) for eligible clients of Trading Point of Financial Instruments Ltd; none named for XM Global Limited

Costs

Your monthly cost
$120$12 per lot × 10 lots
No accounts listed
Cost per lot (EUR/USD)
$12
No accounts listed
Spread from
1.1 pips
No accounts listed
Typical EUR/USD spread
1.2 pips
No accounts listed
Commission per lot (round turn)
None
No accounts listed
Typical GBP/USD spread
1.6 pips
Not yet checked
Typical USD/JPY spread
Not yet checked
Not yet checked
Typical XAU/USD spread
Not yet checked
Not yet checked
Swap-free account
Not yet checked
Yes

Leverage and margin

Maximum retail leverage
1:30 on major pairs (UK, EU); 1:100 standard at Swissquote Bank
Up to 1:1000 (XM Global Limited); EU retail clients are limited to 1:30 on major pairs
Retail leverage by asset class
  • Major currency pairs (UK: 1:30
  • EUR/USD and other major pairs (Swissquote Bank): 1:100 (1% margin)
  • Gold (Swissquote Bank): 1:50 (2% margin)
Not yet checked
Margin call level
100% (maintenance margin)
Not yet checked
Stop-out level
30%
Not yet checked

Account

Minimum deposit (this account)
$50,000
No accounts listed
Base currencies
Not yet checked
No accounts listed
Execution
Spread only, minimum trade 1 lot
No accounts listed

Platforms and features

Platforms
  • MetaTrader 4
  • MetaTrader 5
  • CFXD
  • TradingView
  • FIX API
  • MetaTrader 4
  • MetaTrader 5
  • XM App
Markets
About 130 currency pairs, metals and CFDs on indices, commodities and bonds
Currency pairs, indices, commodities and share CFDs; real shares on the Shares account
Demo account
Yes
Yes
Copy trading
Not yet checked
Yes
Expert advisors (automated trading)
Yes
Yes
News trading allowed
Not yet checked
Not yet checked
Guaranteed stops
Not yet checked
Not yet checked

Deposits and withdrawals

Deposit methods
  • Bank transfer
Not yet checked
Withdrawal fee
Not yet checked
Not yet checked
Inactivity fee
10 units of the account currency a month after 6 months without activity
Not yet checked

Support

Customer support
Not yet checked
Not yet checked

Our notes

Strengths
  • Forex accounts held with a Swiss bank supervised by FINMA, with Swiss depositor protection up to CHF 100,000
  • Subsidiaries licensed by the FCA, CySEC and Hong Kong's SFC
  • Spread-only pricing with no commission on forex, and live spreads shown per account on its website
  • Low minimum deposit of $5 on the Standard and Ultra Low accounts
  • Negative balance protection on all accounts, according to XM's account page
  • EU clients can contract with a CySEC-licensed company (licence 120/10)
Watch out for
  • High entry level: $1,000 for Standard, $10,000 for Premium and $50,000 for Prime.
  • At Swissquote Bank, Swissquote warns that losses are in theory unlimited and you may have to pay in more if your balance falls below margin
  • Inactivity fee of 10 a month in the account currency after only 6 months
  • Says Swissquote South Africa (Pty) Ltd holds FSCA licence 43908 (advice and intermediary services); we could not confirm it on the FSCA register on 2026-10-20.
  • XM's global site names XM Global Limited, which it says is regulated by the FSC of Belize (licence 8557558). We could not confirm this licence on the Belize FSC's online register on 2026-10-20, so we do not list it.
  • Leverage of up to 1:1000 on the global site magnifies losses as much as gains
  • The Standard account is marketed with deposit bonuses; read the bonus terms before you accept one
  • XM no longer holds a UK licence (the FCA register shows its passport as cancelled) and its former Australian company now trades as Trading.com Markets

Risk warnings

The buttons to a broker’s website above the table are partner links: we may earn a commission if you open an account through them. That never changes the facts shown here. Trading leveraged products such as forex and CFDs carries a high risk of losing money rapidly, and most retail accounts lose money. Each broker’s own warning:

  • Swissquote: Trading leveraged products on the Forex platform, such as foreign exchange, spot precious metals and Contracts for Difference (CFDs), involves significant risk of loss due to the leverage and may not be suitable for all investors. Prior to opening an account with Swissquote, consider your level of experience, investment objectives, assets, income and risk appetite. Losses are in theory unlimited and you may be required to make additional payments if your account balance falls below the required margin level and therefore you should not speculate, invest or hedge with capital you cannot afford to lose, that is borrowed or urgently needed or necessary for personal or family subsistence. Over the past 12 months, 68.22% of retail investors have either lost money when trading CFDs, experienced a total loss of their margin at the closing of their position or ended up with a negative balance after closing their position.
  • XM: Risk Warning: Our services involve a significant risk and can result in the loss of your invested capital.

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Other head-to-head pages

Cost per lot is the typical EUR/USD spread in busy hours × $10, plus any round-turn commission, for one standard lot. “Not yet checked” means we have not confirmed that fact yet. This page compares facts; it does not rank the brokers or recommend either. Confirm costs and licences on each broker’s site and the regulator’s public register before opening an account: see how we review brokers and check a broker yourself.

Nothing on this page is financial advice. Read the full disclaimer.

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