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

Head to head

ThinkMarkets vs XS.com

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. XS.com is licensed by CySEC in the European Union, ASIC in Australia and Labuan FSA in Malaysia (Labuan), and also has an offshore registration. 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 $0 at XS.com. Only XS.com offers negative balance protection. Both offer segregated client money.

Facts last checked: ThinkMarkets on 20 October 2026, XS.com on 20 October 2026.

ThinkMarkets profileXS.com 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
XS.comOffshore registration onlyRead the profile
Comparing
ThinkMarketsStandard account · United Kingdom
XS.comInternational

Overview

Founded
2010
Not yet checked
Headquarters
Not yet checked
Eden Island, Seychelles (group companies in Cyprus, Australia, Malaysia and elsewhere)
Official websites
  • thinkmarkets.com
  • xs.com
  • xsmarkets.com
Facts last checked
20 October 2026
20 October 2026

Regulation and protection

Company you would contract with
TF Global Markets (UK) Limited
XS Ltd
Regulator
FCA
United Kingdom
FSA Seychelles
International
Regulation level
Strictly regulated
Offshore registration only
Licence number
629628
Check the register
SD089 (Securities Dealer)
Check the register
Clients this company serves
UK residents
Clients who open an account through xs.com
All licences held
  • FCA (United Kingdom)
  • CySEC (European Union)
  • ASIC (Australia)
  • DFSA (Dubai (DIFC), UAE)
  • FSCA (South Africa)
  • FSA Seychelles (Seychelles)
  • FSA Seychelles (International)
  • CySEC (European Union)
  • ASIC (Australia)
  • Labuan FSA (Malaysia (Labuan))
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
None for clients of XS Ltd (Seychelles); EU clients of XS Markets Ltd are covered by Cyprus's Investor Compensation Fund

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 1:2000 (XS Ltd, dynamic); 1:30 on major pairs for EU retail clients
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
40%
Stop-out level
50% (forced liquidation level)
20%

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
  • XS Trading App
Markets
Forex, commodities, indices, crypto, stocks, ETFs and futures CFDs (up to 4,000 instruments on ThinkTrader)
CFDs on forex, metals, energies, indices, cryptocurrencies, futures and shares
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
  • Bank transfer
  • Visa and Mastercard
  • Skrill
  • Neteller
Withdrawal fee
No fee on any funding method (international site)
No XS fee; a fee of up to 3% can apply where there was no trading or abusive trading
Inactivity fee
Not yet checked
Not yet checked

Support

Customer support
Not yet checked
Email support@xs.com and phone +248 432 3314

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
  • Group companies licensed by CySEC (412/22), ASIC (374409) and Labuan FSA, all checked on the regulators' registers
  • Negative balance protection and segregated client accounts are in the XS Ltd client agreement
  • No minimum deposit on Standard, Cent and Micro accounts, and published average EUR/USD spreads for each account
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.
  • Clients of xs.com join XS Ltd in Seychelles, an offshore licence with leverage up to 1:2000 and no compensation scheme
  • The ASIC licence covers wholesale clients only, and the CySEC company serves the EU through a different website
  • Says group companies hold licences from the FSCA (FSP 53199), FSC Mauritius (GB25204786), the UAE Capital Market Authority (20200000339) and Kuwait (513918); we could not confirm these on the regulators' registers on 2026-10-20 (FSCA and FSC sites unreachable, UAE and Kuwait not checked).

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.
  • XS.com: Our products are traded on margin and carry a high level of risk and it is possible to lose all your capital. These products may not be suitable for everyone, and you should ensure that you understand the risks involved.

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