Exness vs XM which is better for Nigerian traders?

Regulation: XM ✔ Exness ❌

XM has a wider global footprint with license/regulations from the UK, Australia, Cyprus, South Africa. Exness doesn't have such a global footprint, they are licensed mostly in African countries (Kenya, South Africa). XM has also been in the forex brokerage business for a longer time than Exness.

Minimum Deposit: Exness ✔ XM ❌

Exness has a lower minimum deposit than XM. Although XM says their minimum deposit is $5, the reality is that most of the deposit methods that allow you to deposit with $5 are not working in Nigeria. For XM, the working deposit method is bank transfer, and the minimum deposit is around $20. Exness on the other hand has a $10 minimum deposit for several local deposit methods.

Deposit Bonus: XM ✔ Exness ❌

If you are trading with small capital, deposit bonuses may be of importance to you because although you cannot withdraw the bonus, they add to your free margin, and you can withdraw any profits you realize from using the bonus. XM gives bonus on every deposit you make while Exness does not.

Pricing: Exness ✔ XM ❌

Exness has better pricing/fee structure. Some of their accounts charge spread as the only trading fee and some of their account types charge a commission on each trade in exchange for near zero spread. XM on the other hand only has spread-only accounts and the problem with this is that some expert traders prefer low spread plus commission pricing structure as it is more transparent.

Exness spreads are also tighter than XM spreads. At Exness you can get spreads from 0.8 pips on a good day. At XM the spreads are higher above 1 pip on most days. So, Exness spreads are tighter and more transparent than XM spreads.

Platforms: Exness ✔ XM ✔

When it comes to platforms Exness and XM are the same. They both offer MT4 & MT5 plus their own mobile trading apps. None of them has TradingView or cTrader.

Tradable Markets: XM ✔ Exness ❌

One of the major cons of Exness has always been that they do not offer a wide range of markets too trade. XM on the other hand offers a broad range of asset classes from forex to synthetic indices.

Leverage: Exness ✔ XM ❌

Exness leverage is as high as 1:2000 while XM leverage is 1:1000 so if you like high leverage, Exness is a better choice.

XM does not support several payment methods but with Exness you can choose to deposit/withdraw through several methods without any hitches. But to be fair to XM, they have a better product catalogue (more asset classes you can trade) than Exness. XM also gives deposit bonus which adds to your margin so you can trade a bigger lot size, Exness on the other hand doesnt do promotions.

I have traded with both Exness and XM but I think Exness is better because their spreads are lower, and they support more payment methods than XM.

Exness has the local naira account currency while XM doesn't. Exness also has more account types than XM so I go with Exness.

When depositing by bank transfer method, XM minimum deposit is N30,000 which is too high. Exness on the other hand is affordable with around N15,000 minimum deposit via bank transfer method. So, because of this I prefer Exness because i prefer funding my account via bank transfer.

XM is a shadow of its former self, right now they are just living on past glory. I used to trade with them some years ago, but the customer support got so bad i had to quit. The spreads also became shadier, and they always increased it unnecessarily. I don't know much about Exness in Nigeria, but I doubt they are as bad as XM.

Exness & XM have bad customer support

Both Exness and XM have terrible customer support, they do not assign personal account managers to clients, and they don't respond fast to emails etc. They kind of leave you to figure things out on your own.

Exness has faster deposit/withdrawals than XM

When you talk of deposit/withdrawal speed/efficiency, Exness wins the day because not only are their withdrawals super-fast, but they also support more local Nigerian funding methods. For example, XM does not accept certain card deposits/withdrawals from Nigerian traders.

Exness has Naira account currency while XM doesn't

Exness also has the Nigerian Naira account currency which means you do not have to pay currency conversion fees on deposits/withdrawals in Naira. This gives Exness another edge over XM.

XM gives deposit bonus while Exness doesn't

However, XM gives deposit bonuses which add to your margin, and you can use it to set a wider stop loss so if you are trading with little capital XM may be the better option so you can get a bonus on deposit. Exness on the other hand does not give any deposit bonus.

Exness has lower spread on major fx pairs

Exness spreads are lower but that is only when you are trading major fx pairs like EUR/USD which averages at 1.0 pip. For other asset classes Exness spreads are high. XM on the other hand has higher spreads on all instruments even though on their website they say spread starts from 0.8 pips, they usually increase it at will.

In my opinion, they are both the same (Exness and XM). Both have great mobile apps but their desktop platforms are not great, they should both add TradingView

They both do not have the one thing i care about, which is TradingView

XM spreads cannot be trusted they can manipulate, but Exness is more reliable

Do people still trade with XM? Exness is way better especially when it comes to funding your account in naira.