For many of you who are new to forex and trading, it might be hard to know which forex broker suits your needs best. As there are so many online forex brokers available and after your research in the field, if you have finally decided to start your forex trading career, then it must be confusing to choose between so many brokers. So, to help you, here are two emerging names in the forex brokerage community that we have compared for you so that you can get a clear idea about what to look for in a forex broker.
Here are some points based on which we have compared Graphene FX and XM as forex brokers:
Graphene FX is regulated by the National Futures Association (NFA) and XM is also regulated by the International Financial Services Commission (IFSC), which proved that these brokers are legitimate and trustworthy. Graphene FX provides a completely transparent system and has instant money transfers with a 99% trade execution rate per second as well as balance protection for all clients’ funds. XM also provides negative balance protection so you do not lose more money than you invested and have segregated bank accounts where they keep their clients’ money protected.
- Spreads and other charges:
On both platforms, you will find different charges based on the different account types offered. But overall, Graphene FX and XM have market competitive prices. The spreads at Graphene FX are lower as compared to XM, otherwise, all other types of charges are more or less similar. To give you an idea about their charges, here are the standard account type rates for both brokers:
- Graphene FX has a minimum deposit of $100 and their spreads start from as low as 0.1 pips. On the other hand, XM has a minimum deposit requirement of $5 and their spreads for the standard account are 1 pip.
- Both brokers do not charge any hidden fees, commissions, withdrawal, or deposit fees.
- A deposit bonus of 20% is offered by both forex brokers.
- Islamic account option is available for all account types on both platforms.
- Trading Platforms:
MT4 and MT5 are the most widely used forex trading platforms by the majority of investors. These trading platforms are provided by Graphene FX and XM for all types of devices Desktop/Web, Mobile, and Tablets. It has multiple charting tools, 50+ indicators, one-click trade, hedging, and an Expert Advisor.
- Trading Instruments:
Graphene FX and XM offer a large variety in the trading instrument. Here is the list of all instruments available at Graphene FX and XM:
- Graphene FX offers forex, stocks, indices, cryptocurrencies, commodities, and metals.
- XM offers forex, stocks CFDs, equity indices, energies, commodities, precious metals, and shares.
- Learning Materials:
Both have offered great quality educational materials as well, with videos, news, analysis, courses, and an economic calendar.
- Customer Support:
Customer support at Graphene is available 24/7 via email, live chat, phone call, and WhatsApp. On the other hand, XM offers support 24/5 via email, phone calls, and live chat in multiple languages.
We would like to conclude on this thought that, it is usually up to an individual’s personal needs that decide which broker suits them best, however, Graphene FX seems to have better spread rates and customer services as compared to XM that can be really beneficial for many investors in the long run.