The short answer: Exness comes out ahead. Both brokers serve our readers through offshore companies with tier-3 licences, so neither gives you strong regulatory protection. The difference is the record: XM has been hit with a Philippine cease-and-desist order with an asset freeze and was blocked in Singapore in 2025, while Exness’s record is lighter and its withdrawal system is more automated. Exness scores 7.4 out of 10 in our model; XM scores 6.3.
Exness or XM: quick verdict
- Choose Exness if fast, automated withdrawals and published daily spreads matter most to you, and you accept an offshore licence.
- Choose XM only if you specifically want its copy trading or bonus offers, and you’ve read the bonus terms for withdrawal conditions first.
- Choose neither if you live in India, Pakistan, Malaysia or Singapore. Neither is legal for residents there.
Regulation: who holds your money
Exness lists five offshore companies in its site footer, with licences from Seychelles (SD025), Curaçao, the British Virgin Islands, Mauritius and Belize. All five are tier 3 in our model, and Exness doesn’t say which one opens a given country’s accounts, so check your client agreement. It states that client funds are segregated and that negative balance protection applies.
XM serves international clients through one company: XM Global Limited, licensed by the Financial Services Commission of Belize (8557558). That’s also tier 3. The group holds stronger licences elsewhere, including Cyprus, but none of them covers xm.com’s international clients.
Regulator actions
This is where the two separate. XM’s list is long: the Philippine SEC ordered XM Global and related companies to stop soliciting investors and froze assets, the Monetary Authority of Singapore had XM blocked in June 2025 for serving residents without a licence, and XM is on India’s RBI Alert List, with further warnings in Japan and Argentina.
Exness is also on the RBI Alert List, and the Philippine SEC has warned against it for operating without a licence there. We found no asset freeze or MAS block. Neither broker’s actions involve fraud findings; they’re about operating without local permission.
Costs
Exness publishes the previous day’s average spreads on its homepage, which is more than most offshore brokers do, and offers a Pro account it markets as having spreads 50% below the average of 15 rivals (its own comparison). XM advertises spreads from 0.8 pips with no commission on its standard accounts and says it charges no swap fees. Neither publishes a typical EUR/USD cost we could verify for a like-for-like comparison, so treat both sets of figures as the brokers’ own claims.
Deposits and withdrawals
Exness says more than 98% of its withdrawals are processed automatically. XM says 92.9% of withdrawals are approved automatically and advertises instant, fee-free withdrawals. Both are the brokers’ own numbers. Forum complaints about XM closing accounts and removing profits come up repeatedly in 2025 and 2026; we can’t verify individual cases, but the pattern is worth knowing.
Platforms and accounts
Both offer MT4, MT5 and their own apps. Exness adds a web terminal and 24/7 support in 14 languages; XM offers over 1,400 instruments and copy trading. Exness offers swap-free trading on popular assets, subject to its terms. XM advertises a limited-time welcome bonus, and we haven’t yet confirmed whether its terms lock withdrawals.
Exness vs XM by country
- UAE and Kuwait: both accept residents through their offshore companies. Neither holds a local licence.
- Singapore: neither is MAS-licensed, and MAS had XM blocked. Use a MAS-licensed broker instead.
- India: both are on the RBI Alert List of unauthorised platforms.
- Pakistan, Malaysia and Saudi Arabia: trading with or being marketed by offshore brokers is barred or restricted. See our country guides.
Common questions
Is Exness safer than XM?
Both hold tier-3 offshore licences, so neither is strongly regulated for our readers. Exness has the cleaner regulator record: XM has a Philippine cease-and-desist order with an asset freeze and a 2025 block in Singapore.
Which has faster withdrawals, Exness or XM?
By their own figures, Exness processes over 98% of withdrawals automatically and XM approves 92.9% automatically. Your payment provider’s processing time comes on top of either.
Are Exness and XM legal in India?
No. Both are on the Reserve Bank of India’s Alert List of unauthorised forex platforms, and Indian residents may not trade forex with overseas online platforms.
Which is better for beginners?
Exness, mainly for its published spreads, automated withdrawals and lighter regulator record. Whichever you pick, start small and confirm the company named in your client agreement.
Full details and sources: Exness review and XM review.