If you’re a trader searching for a broker with low spreads on popular assets like EUR/USD, XM Group is likely a better option. But if you need a broker with ECN processing, Roboforex may be more appropriate. Based on specific factors, XM Group and Roboforex are more or less equal. In this Roboforex review, you will get deeper into details.
Who are they administered by?
XM Group is administered by IFSC, CySEC, and ASIC, while Roboforex is under control of IFSC Belize.
How long have they been on the market (XM Group and Roboforex)?
If a broker has been around for a while, they’re more likely to be reliable. A broker involves good risk management processes that have prevented them from the major financial events. Both XM Group and Roboforex have been around for more than 10 years.
Do they keep your money in a separate bank account?
You surely don’t want your broker to keep your funds in the same bank account with the staff’s finances. Luckily, all regulated brokers must use segregated bank accounts to maintain customer’s finances. Both brokers will keep your money in a separate bank account.
Do they use reliable “tier-1” banks such as Barclays, Goldman Sachs or HSBC?
Most tier-1 banks such as Barclays and HSBC were established 100 years ago. Currently, they manage trillions of dollars of assets, having a strong customer base. Both XM Group and Roboforex use tier-1 banks, although they are not sure of which bank specifically.
What are the services and tools of XM Group and Roboforex?
If you want to trade currency pairs, both provide a customer with efficient forex trading. XM Group has a slightly bigger variety of currency pairs with 55 pairs, compared to 32 provided by Roboforex. Both brokers allow you to trade commodities like gold, silver, and crude oil.
What are their platforms and account types?
If you trade forex, there’s a great chance you may want a broker that provides the popular MT4 trading platform. If it is the case, both offer this. Both brokers offer the updated version of MT5 platform. Apart from the platform, you’ll also want to ensure that the broker you offer the account type best suited to your preferences and expectations. Roboforex, for instance, provides a mini account, standard account, and VIP account.
For Muslim users, XM Group features an Islamic account that doesn’t accrue interest or incur/receive rollover swap aspects. You can check and compare Islamic trading accounts on the broker’s accounts.
What are trading features, risk management tools, and funding methods
If you have a particular trading style, you will definitely need to double check that the broker of your choice allows this. XM Group is equipped with the features of scalping and hedging. Meanwhile, Roboforex is equipped with the same features. Thus, you can trade with EAs (expert advisors) on both.
When it comes to risk management instruments, XM Group does provide negative balance protection to minimize the risks of owing your broker more than you’ve deposited. At the same time, Roboforex doesn’t offer this. XM Group also offers stop losses, limit orders, and price risks to assist you in automating aspects of your trading approach. Both XM Group and Roboforex offer Neteller as the major funding method.
Are they affordable?
Comparing the commission structures of various brokers can be a minefield. The significant thing to consider is what the spreads and fees are on the particular tools and account type that you will use. For trading EUR/USD, both XM Group and Roboforex tend to charge 0.10 points. Thus, both brokers are equally affordable for these tools. Whether or not your broker charges inactivity and deposit/withdrawal commissions, you can become a frequent trader.
Final verdict: XM Group or Roboforex?
There’s no such thing as an excellent broker, but some of them are going to be a better fit for you than others. To be honest, Roboforex is more reliable considering the above-mentioned criteria. XM Group has a broad spectrum of instruments to be managed. XM Group provides lower spreads on popular forex tools like EUR/USD and is applied by more traders throughout the trading process.
Both brokers provide demo accounts, allowing you to explore their platforms and to see the most appropriate option for you. You can check their demos by registering on their official websites. For both brokers, you have to create the major account to be able to create its demo version.
Generally, if you’re really not sure on the practical side of both or one of these brokers, you can check the alternative options offered by Forex-up. There are over 50 online brokerage companies offering excellent tools for potential traders and investors for Forex trading operations. Eventually, you will find a great broker considering the precise requirements and preferences of yours.