Choosing the right Forex broker is crucial for traders. A reliable broker can offer you better trading conditions, faster execution, and reliable customer support. Among the many options available, Doo Prime and XM are two popular brokers that cater to different types of traders. In this post, we’ll compare Doo Prime vs XM to help you decide which is the best fit for your trading needs in 2024.
This table summarizes the main differences and should help you easily compare the two brokers.
| Feature | Doo Prime | XM |
|---|---|---|
| Regulation | FCA (UK), ASIC (Australia), VFSC (Vanuatu) | CySEC (Cyprus), ASIC (Australia), FSC (Belize) |
| Trading Platforms | MT4, MT5, TradingView, FIX API | MT4, MT5, XM Mobile App |
| Account Types | ECN, STP | Micro, Standard, Ultra Low, Shares |
| Spreads | From 0.0 pips (ECN) | From 0.6 pips (Ultra Low) |
| Commission | Yes (ECN accounts) | No (most accounts) |
| Leverage | Up to 1:400 | Up to 1:888 |
| Minimum Deposit | $100 (Varies by account type) | $5 (Varies by account type) |
| Customer Support | 24/7, Multilingual | 24/5, 30+ Languages |
| Education Resources | Limited | Extensive (Webinars, Seminars) |
| Best For | Advanced Traders (ECN & API access) | Beginners and Intermediate Traders |
| VISIT DOO PRIME | VISIT XM |
1. Overview of Doo Prime and XM
Before diving into the detailed comparison, it’s important to understand a little background about these two brokers.
Doo prime
Doo Prime is an international financial services group that offers multi-asset trading services, including forex, stocks, futures, and commodities. Known for its user-friendly trading platforms and advanced trading tools, Doo Prime provides services to both retail and institutional clients. They also emphasize security and compliance, operating under strict regulatory oversight.
XM
XM, on the other hand, is a globally recognized broker established in 2009. XM has grown into a trusted name in the industry by offering forex and CFDs (Contracts for Difference) on various assets, including stocks, indices, metals, and cryptocurrencies. XM prides itself on offering competitive spreads, a variety of account types, and excellent educational resources for traders at all levels.
2. Regulation and Safety: How Safe Are Your Funds?
When comparing brokers, regulation is a key factor, as it ensures the safety of your funds and the integrity of trading practices.
Doo Prime is regulated by multiple regulatory bodies including the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC), and the Vanuatu Financial Services Commission (VFSC). This multi-layered regulation ensures that Doo Prime operates within strict standards of transparency and security.
XM is also a well-regulated broker, holding licenses from reputable regulatory bodies such as the Cyprus Securities and Exchange Commission (CySEC), the Australian Securities and Investments Commission (ASIC), and the Financial Services Commission (FSC) in Belize. XM’s solid regulatory foundation ensures that client funds are segregated and protected.
Verdict: Both brokers are highly regulated, providing a safe trading environment. This is a tie, as both meet strict regulatory requirements.
3. Trading Platforms
The trading platform is the heart of any trading operation. Let’s see what both brokers offer in terms of technology.
Doo Prime offers MetaTrader 4 (MT4) and MetaTrader 5 (MT5), two of the most popular trading platforms globally. These platforms are renowned for their ease of use, fast execution, and vast range of technical analysis tools. Doo Prime also provides access to TradingView, a powerful charting platform, as well as FIX API for advanced traders who need custom trading strategies.
XM also provides MetaTrader 4 and MetaTrader 5 platforms. XM has optimized these platforms with features such as no requotes, fast order execution, and a vast array of trading tools. Additionally, XM has a mobile app for traders who want to manage their trades on the go.
Verdict: Both brokers offer top-tier trading platforms. However, Doo Prime slightly edges out XM by offering more flexibility for advanced traders with FIX API access.
4. Account Types: Doo Prime vs XM
The type of trading account can influence your experience significantly, especially if you’re a beginner or a professional trader.
Doo Prime offers several account types, including the ECN Account and the STP Account. The ECN (Electronic Communication Network) account is ideal for experienced traders who want direct access to the market with low spreads and a commission per trade. The STP (Straight-Through Processing) account is great for beginners, as it has no commission fees and slightly higher spreads.
XM offers four main account types: Micro, Standard, XM Ultra Low, and Shares Accounts. The Micro and Standard accounts are designed for beginners and intermediate traders, offering low minimum deposits, tight spreads, and no commissions. The XM Ultra Low account is perfect for traders who prefer lower spreads, while the Shares Account allows you to trade shares directly.
Verdict: XM offers more variety in terms of account types, making it more appealing for traders of all levels.
5. Spreads and Commissions: Which Broker is More Cost-Effective?
Costs matter to traders and spreads and commissions are the two main factors that determine trading expenses.
Doo Prime offers competitive spreads, especially on its ECN Account, where spreads start as low as 0.0 pips. However, there is a commission on ECN accounts, while the STP account has no commission but slightly wider spreads.
XM offers spreads starting from as low as 0.6 pips on their Ultra Low Account with no commission. On other account types, spreads start at 1 pip. XM does not charge commissions on most trades, which can be beneficial for those who trade frequently.
Verdict: XM wins in this category for traders who prefer commission-free trading. However, Doo Prime is an excellent choice for those who prefer tighter spreads with a commission.
6. Leverage: Which Broker Gives You More Flexibility?
Leverage allows traders to control larger positions with smaller initial investments. However, higher leverage can also increase risk.
Doo Prime offers leverage of up to 1:400, which is quite competitive. This leverage is adjustable based on the account type and the trader’s risk tolerance.
XM offers leverage up to 1:888 for smaller accounts, making it one of the highest in the industry. However, the leverage is reduced as the account size grows to minimize risks.
Verdict: XM provides higher leverage options, which may appeal to traders seeking more flexibility.
7. Customer Support: How Easy is it to Get Help?
Good customer support can make or break your trading experience.
Doo Prime offers 24/7 customer support through multiple channels, including live chat, email, and phone support. They also offer multilingual support, making it easy for traders from different regions to get assistance.
XM is known for its excellent customer service, offering support in more than 30 languages. Their customer service is available 24/5 through live chat, email, and phone support. XM also provides educational webinars and seminars for traders at all levels.
Verdict: XM takes the lead here with its wide range of languages and educational support.
8. Doo Prime vs XM: Which is the Best Trading Platform?
So, which broker is better? Doo Prime and XM are both excellent brokers, but they cater to slightly different audiences.
- Choose Doo Prime if you’re an advanced trader who values tighter spreads, FIX API, and institutional-grade tools.
- Choose XM if you’re a beginner or intermediate trader looking for more account options, higher leverage, and excellent educational resources.
Ultimately, the decision between Doo Prime vs XM depends on your specific trading needs and preferences. Both brokers are reliable, but one may suit your trading style better than the other.
By considering the key features outlined in this article, you should now be able to make a more informed decision when choosing between Doo Prime and XM.
Editorial Staff at Chweya is a team of financial experts led by Vincent Nyagaka, with over 9 years of experience in finance, commerce, forex, crypto, and marketing. Started in 2014, Chweya is now among the largest free financial resource sites in the industry and is often referred to as Wikipedia for business.