Plain-English forex education. No hype, no signals.فارسی
BrokerCutForex Academy

Head to head

ThinkMarkets vs XM

ThinkMarkets is licensed by FCA in the United Kingdom; CySEC in the European Union; ASIC in Australia; DFSA in Dubai (DIFC), UAE and FSCA in South Africa, and also has an offshore registration. 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 $10 at ThinkMarkets (the Standard account needs $50) and $5 at XM. Only XM offers negative balance protection. Both offer segregated client money.

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

ThinkMarkets 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
ThinkMarketsStrictly regulatedRead the profile
XMStrictly regulatedRead the profile
Comparing
ThinkMarketsStandard account · United Kingdom
XMEuropean Union

Overview

Founded
2010
2009
Headquarters
Not yet checked
Not yet checked
Official websites
  • thinkmarkets.com
  • xm.com
  • trading-point.com
Facts last checked
20 October 2026
20 October 2026

Regulation and protection

Company you would contract with
TF Global Markets (UK) Limited
Trading Point of Financial Instruments Ltd
Regulator
FCA
United Kingdom
CySEC
European Union
Regulation level
Strictly regulated
Strictly regulated
Licence number
629628
Check the register
120/10
Check the register
Clients this company serves
UK residents
Residents of EU and EEA countries (CySEC lists xm.com and trading-point.com as its approved domains)
All licences held
  • FCA (United Kingdom)
  • CySEC (European Union)
  • ASIC (Australia)
  • DFSA (Dubai (DIFC), UAE)
  • FSCA (South Africa)
  • FSA Seychelles (Seychelles)
  • CySEC (European Union)
  • DFSA (United Arab Emirates (DIFC))
  • FSCA (South Africa)
Segregated client money
Yes
Yes
Negative balance protection
No
Yes
Compensation scheme
FSCS up to £85,000 (UK); ICF up to €20,000 (Cyprus); none for the Seychelles company
ICF (Cyprus) for eligible clients of Trading Point of Financial Instruments Ltd; none named for XM Global Limited

Costs

Your monthly cost
$110$11 per lot × 10 lots
No accounts listed
Cost per lot (EUR/USD)
$11
No accounts listed
Spread from
0.4 pips
No accounts listed
Typical EUR/USD spread
1.1 pips
No accounts listed
Commission per lot (round turn)
None
No accounts listed
Typical GBP/USD spread
1.3 pips
Not yet checked
Typical USD/JPY spread
1.4 pips
Not yet checked
Typical XAU/USD spread
Not yet checked
Not yet checked
Swap-free account
Yes
Yes

Leverage and margin

Maximum retail leverage
1:30 on major pairs (UK, EU, Australia); up to 500:1 (2500:1 on ThinkTrader) at the Seychelles company
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
  • Currency pairs: up to 500:1
  • ThinkTrader account (Seychelles company): up to 2500:1
Not yet checked
Margin call level
Not yet checked
Not yet checked
Stop-out level
50% (forced liquidation level)
Not yet checked

Account

Minimum deposit (this account)
$50
No accounts listed
Base currencies
USD, USDt, AUD, GBP, EUR, SGD, CHF
No accounts listed
Execution
Spread only, no commission (MT4, MT5)
No accounts listed

Platforms and features

Platforms
  • ThinkTrader
  • MetaTrader 4
  • MetaTrader 5
  • TradingView
  • MetaTrader 4
  • MetaTrader 5
  • XM App
Markets
Forex, commodities, indices, crypto, stocks, ETFs and futures CFDs (up to 4,000 instruments on ThinkTrader)
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 wire
  • Visa
  • Mastercard
  • Apple Pay
  • Google Pay
  • Neteller
  • Crypto
Not yet checked
Withdrawal fee
No fee on any funding method (international site)
Not yet checked
Inactivity fee
Not yet checked
Not yet checked

Support

Customer support
Not yet checked
Not yet checked

Our notes

Strengths
  • Licensed by the FCA, CySEC and ASIC, with client money in segregated accounts
  • Publishes target (typical) spreads for the Standard account, such as 1.1 pips on EUR/USD
  • No deposit or withdrawal fees on the international site's funding methods
  • 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
  • International clients join TF Global Markets Int Limited in the Seychelles (offshore tier), where leverage goes up to 2500:1 on ThinkTrader and losses can exceed deposits
  • ThinkMarkets also says it is licensed by CIMA, an FSC, an FMA and (on its South African company) FSCA FSP 49835, without naming every company; we could not confirm these on 2026-10-20. Its FSCA OTC derivative provider approval is confirmed.
  • The ThinkZero minimum deposit is shown as $100 on the account types page and $500 on the ThinkZero page; ask before you fund.
  • 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:

  • ThinkMarkets: Derivative products are leveraged products and can result in losses that exceed initial deposits. Please ensure you fully understand the risks and take care to manage your exposure and seek independent advice if necessary.
  • XM: Risk Warning: Our services involve a significant risk and can result in the loss of your invested capital.

Open this comparison in the full tool to share a link with your own accounts and companies chosen.

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.

BrokerCut on Telegram

Get the latest forex news and market analysis.

Join the channel