Choose CMC Markets if you want…
Discretionary traders wanting deep instrument coverage and a sophisticated proprietary platform from a publicly-listed UK broker.
CMC Markets
⭐ 4.5 / 5
VS
XM
⭐ 4.5 / 5
CMC Markets vs XM — which broker is better in 2026?
We compared CMC Markets and XM across five core criteria: regulation, minimum deposit, spreads, platform choice, and overall user rating. The two brokers are evenly matched — your final choice depends on your specific trading style.
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| CMC Markets | XM | Winner | |
|---|---|---|---|
| Rating | ⭐ 4.5 / 5 | ⭐ 4.5 / 5 | Tie |
| Regulators | FCA, ASIC, BaFin, MAS, FMA NZ, IIROC, MA Poland | CySEC, ASIC, IFSC, DFSA | CMC Markets |
| Min. deposit | $0 (no minimum) | $5 | CMC Markets |
| Spreads from | 0.7 pips (Next Generation) | 0.6 pips (Ultra Low) | XM |
| Max. leverage | Up to 1:30 (EU retail) / 1:500 (Professional) | Up to 1:30 (EU retail) / 1:1000 (offshore) | — |
| Platforms | CMC Next Generation, MT4, CMC Mobile | MT4, MT5, XM WebTrader, XM Mobile | XM |
| Founded | 1989 | 2009 | — |
| HQ | London, United Kingdom | Limassol, Cyprus | — |
Pros & cons compared
CMC Markets pros
- ✓ Founded 1989 — among the oldest CFD brokers (LSE: CMCX)
- ✓ FCA, ASIC, BaFin, MAS — tier-1 regulators across major financial centres
- ✓ 12,000+ instruments — one of the broadest catalogues in retail CFDs
- ✓ Award-winning proprietary 'Next Generation' platform
- ✓ No minimum deposit
Cons
- ✗ Proprietary platform has a learning curve vs. MT4
- ✗ Spread on FX 'Standard' account (0.7 pips) wider than ECN brokers
- ✗ Limited cryptocurrency CFD coverage
XM pros
- ✓ $5 minimum deposit — the lowest in the regulated peer group
- ✓ Industry-leading educational content (XM Live webinars, daily research)
- ✓ Multi-jurisdictional regulation: CySEC, ASIC, IFSC, DFSA
- ✓ Strong MENA presence with Arabic platform + local payment methods
- ✓ Negative balance protection on all account types
Cons
- ✗ Spreads on Standard account (1.6+ pips) are uncompetitive vs ECN brokers
- ✗ EU leverage capped at 1:30 retail (ESMA rules)
- ✗ Limited cTrader availability — MT4/MT5 only
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Which one should you choose?
Choose XM if you want…
Beginners, low-deposit traders, and education-focused traders, especially in MENA and Asia.
Frequently asked questions
Which is better — CMC Markets or XM?
CMC Markets and XM are evenly matched on most measurable criteria. Your choice should depend on which specific features matter most — review the comparison table above and the "Pros & Cons" section.
Is CMC Markets more regulated than XM?
CMC Markets holds licenses from: FCA, ASIC, BaFin, MAS, FMA NZ, IIROC, MA Poland. XM holds licenses from: CySEC, ASIC, IFSC, DFSA. CMC Markets has more regulatory licenses, giving it broader geographic coverage.
What are the spreads at CMC Markets vs XM?
CMC Markets spreads start from 0.7 pips (Next Generation). XM spreads start from 0.6 pips (Ultra Low). Actual spreads vary by account type and market conditions.
Which has a lower minimum deposit, CMC Markets or XM?
CMC Markets: $0 (no minimum). XM: $5. CMC Markets has the lower entry barrier.