XM vs Exness Spread Test: Real Data Comparison (2026)
Updated Apr 2026 • 13 min read • 30-day test
XM and Exness are two of the most widely used forex brokers globally, particularly popular in emerging markets across Asia, Africa, and the Middle East. Both offer zero-commission standard accounts alongside raw spread options, making them direct competitors for the same trader demographic. We conducted a 30-day side-by-side test to determine which broker delivers better value across different account types and instruments.
Standard Account Spread Comparison
| Pair | XM Standard | Exness Standard | Winner |
|---|---|---|---|
| EUR/USD | 1.0 pip | 0.7 pip | Exness |
| GBP/USD | 1.4 pip | 0.9 pip | Exness |
| USD/JPY | 1.0 pip | 0.7 pip | Exness |
| AUD/USD | 1.2 pip | 0.9 pip | Exness |
| XAU/USD | 25 cents | 20 cents | Exness |
Raw Account Spread Comparison
| Pair | XM Zero | Exness Raw | Winner |
|---|---|---|---|
| EUR/USD | 0.6 pip + $3.50 | 0.0 pip + $3.50 | Exness |
| GBP/USD | 0.9 pip + $3.50 | 0.1 pip + $3.50 | Exness |
| USD/JPY | 0.7 pip + $3.50 | 0.0 pip + $3.50 | Exness |
| AUD/USD | 1.0 pip + $3.50 | 0.2 pip + $3.50 | Exness |
| XAU/USD | 18 cents + $3.50 | 5 cents + $3.50 | Exness |
The results are clear: Exness offers tighter spreads than XM on both standard and raw account types across every pair tested. The average saving with Exness is 0.3 pips on standard accounts and 0.5-0.7 pips on raw accounts, which translates to $3-7 per standard lot per trade.
Where XM Competes
Despite losing on spreads, XM has genuine strengths that attract millions of traders. The $5 minimum deposit (versus $10 at Exness) makes it more accessible for beginners. XM educational resources, including daily webinars and comprehensive learning center, are significantly better than what Exness offers.
XM also runs regular trading competitions and loyalty programs that can offset the spread difference for some traders. The $30 no-deposit bonus for new accounts allows traders to test the platform with zero risk.
Test Both Brokers
Open accounts at Exness and XM to compare spreads on your preferred pairs.
Withdrawal Speed Comparison
Exness dominates on withdrawal speed with instant e-wallet processing averaging 22 seconds. XM processes e-wallet withdrawals within 24 hours, which is respectable but not in the same league as Exness instant payouts. For traders who value fast access to profits, Exness is the undisputed winner.
Regulation Comparison
Both brokers are well-regulated but with different entity structures. XM operates under CySEC, ASIC, and IFSC licenses. Exness holds FCA, CySEC, FSCA, and FSA licenses. Exness FCA regulation is considered marginally stronger than XM ASIC license for European clients, but both provide adequate protection including negative balance protection and segregated funds.
The Verdict
For traders whose primary concern is trading cost, Exness wins convincingly on every pair tested. The spread advantage ranges from 0.3 to 0.8 pips depending on the instrument and account type. Combined with faster withdrawals and broader regulation, Exness is the better overall choice for cost-focused traders.
XM remains a strong option for beginners who value educational content, low minimum deposits, and trading bonuses. If you are just starting your forex journey and plan to trade small volumes, XM accessibility and learning resources may be more valuable than the spread savings Exness provides.
Related Comparisons
Explore more spread data across different pairs and brokers.
Frequently Asked Questions
Is Exness cheaper than XM?
On raw accounts, Exness is significantly cheaper with 0.0 pip EUR/USD spread versus 0.6 at XM Zero. On standard accounts, Exness also wins with 0.7 pip average versus 1.0 at XM Standard.
Which is better for beginners, XM or Exness?
XM offers better educational resources and a $5 minimum deposit versus Exness $10 minimum. However, Exness lower spreads mean beginners pay less in trading costs from day one.
Do XM and Exness both allow scalping?
Yes. Both brokers explicitly allow scalping on all account types. Exness is the better choice for scalpers due to its consistently tighter spreads and faster execution.