XM vs JustMarkets is a comparison that matters for traders in emerging markets who want the most from their broker — generous bonuses, low entry barriers, and regulation they can verify. Both brokers offer a $30 no deposit bonus, both hold CySEC licenses alongside offshore entities, and both keep minimum deposits in single digits. But the similarities end once you look at deposit bonus structures, account types, platform options, and the fine print on promotional terms.
This comparison covers every factor that affects your trading experience and your wallet. We score XM at 8.5/10 and JustMarkets at 7.5/10 in our review methodology, but the right broker depends on what you value most. All bonus figures sourced from the Broker & Bonus Matrix, verified June 2026.
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XM vs JustMarkets: Side-by-Side Comparison Table
This table summarizes the core differences between XM and JustMarkets. Each category is explored in detail in the sections that follow.
| Category | XM | JustMarkets |
|---|---|---|
| Our Score | 8.5 / 10 | 7.5 / 10 |
| Founded | 2009 | 2012 |
| Top-Tier Regulation | CySEC, ASIC, DFSA, FCA (via Trading.com) | CySEC (License 401/21) |
| Offshore Regulation | IFSC (Belize), FSCA (South Africa) | Seychelles FSA, FSCA (South Africa), FSC Mauritius |
| Minimum Deposit | $5 (Micro/Standard) | $1 (Standard Cent) |
| No Deposit Bonus | $30 | $30 |
| Deposit Bonus | 50% up to $500 + 20% up to $4,500 (total max $5,000) | Up to 120% (tiered: 50%/100%/120%) |
| Deposit Bonus Cap | $5,000 (standard); up to $10,500 (enhanced, entity-specific) | $40,000 combined across all tiers |
| Trading Platforms | MT4, MT5, XM WebTrader | MT4, MT5 |
| Account Types | Micro, Standard, Ultra Low, Shares | Standard Cent, Standard, Pro, Raw Spread |
| Typical EUR/USD Spread | From 1.0 pips (Standard); from 0.6 pips (Ultra Low) | From 0.3 pips (Standard); from 0.0 pips (Raw Spread) |
| Leverage (Offshore) | Up to 1:1000 | Up to 1:3000 |
| Instruments | 1,000+ (forex, CFDs, stocks, commodities) | 260+ (forex, metals, indices, crypto, stocks) |
| Deposit/Withdrawal Fees | None from XM | None from JustMarkets |
| Islamic Accounts | Yes | Yes |
| Loyalty Program | XM Points (XMP) | 10% cashback from spreads/commissions (JM USD) |
| Copy Trading | XM CopyTrading | JustMarkets CopyTrading |
Spread figures are broker-stated minimums, not measured live averages. Always test spreads on a demo account during the sessions you plan to trade. Instrument counts are approximate and vary by entity.
For broader comparisons, visit the broker comparison hub or use the bonus comparison tool to compare specific offers side by side.
Regulation Comparison
Regulation determines how your funds are protected, what recourse exists in disputes, and whether the broker faces real enforcement. Here is how XM and JustMarkets compare on regulatory depth.
XM Regulation
XM operates under six regulatory licenses across multiple jurisdictions:
- CySEC (Cyprus) — Trading Point of Financial Instruments Ltd, License 120/10. EU-level oversight with investor compensation fund up to EUR 20,000.
- ASIC (Australia) — AFSL 443670. One of the strictest global regulators.
- DFSA (Dubai) — License F003484. Regulates XM’s UAE operations.
- FCA (UK) — via the Trading.com brand. FSCS protection up to GBP 85,000 for eligible clients.
- IFSC (Belize) — XM Global Limited, License 000261/106. The offshore entity serving most emerging-market clients.
- FSCA (South Africa) — Oversees South African operations.
Most traders in Nigeria, India, Indonesia, the Philippines, Pakistan, and Bangladesh will be onboarded under XM’s Belize (IFSC) entity. The CySEC, ASIC, and FCA entities serve their respective regulated markets. XM’s multi-regulatory structure means the company operates under high compliance standards globally, even if the offshore entity offers fewer formal protections.
JustMarkets Regulation
JustMarkets holds four regulatory licenses:
- CySEC (Cyprus) — License 401/21. EU-level regulation confirming the parent company meets capital adequacy and conduct standards.
- Seychelles FSA — The primary entity for most emerging-market clients.
- FSCA (South Africa) — License 51114. Direct regulatory oversight in South Africa.
- FSC Mauritius — License GB22200881. Additional offshore license.
JustMarkets obtained its CySEC license more recently (2021 vs XM’s 2010), and its regulatory footprint is narrower. Most emerging-market traders will trade under the Seychelles FSA entity.
Regulation Verdict
XM leads on regulation. XM holds four top-tier licenses (CySEC, ASIC, DFSA, FCA) compared to JustMarkets’ single top-tier license (CySEC). For readers of this guide — traders in Africa, South Asia, and Southeast Asia — both brokers will serve you through offshore entities. However, XM’s deeper regulatory structure provides a stronger corporate governance framework. If regulatory depth is your top priority, XM is the safer choice.
Bonus and Promotion Comparison
Bonuses are one of the primary reasons traders compare XM and JustMarkets. Both brokers run active promotional programs targeting emerging-market clients, but the structures differ significantly.
Important: Forex bonuses are not available in the EU, UK, Australia, or the United States due to regulatory restrictions. The offers described below apply only to clients registered under offshore entities in eligible regions. Always verify current availability directly with the broker before claiming any offer. For the full regulatory background, see our guide on why forex bonuses are banned.
No Deposit Bonus Comparison
Both XM and JustMarkets offer a $30 no deposit bonus, but the terms differ substantially.
| NDB Term | XM ($30) | JustMarkets ($30) |
|---|---|---|
| Volume Requirement | 10 micro lots (0.1 standard lots) + min 5 round-turn trades | 5 standard lots within 30 days |
| Profit Cap | No profit cap stated | $30 maximum withdrawable profit |
| Time Limit | Must claim within 30 days of opening account | 30 days active trading + 30 days to transfer profit |
| Max Lot Size | 5 lots per position | 0.01 lots per position |
| Max Concurrent Positions | 10 positions | 5 positions |
| EAs Allowed | No | No |
| Deposit Required to Withdraw | No | Yes — $100 minimum deposit into live account |
| Eligible Instruments | Forex, CFDs | Forex, precious metals only |
| Key Exclusions | EU, UK, AU, US, IL, IR | EU, UK, US, CA, JP, AU, NG, ZA, VN |
The headline “$30 NDB” is identical, but XM’s offer is significantly more generous in practice. XM has no profit cap and no deposit requirement to withdraw profits. JustMarkets caps withdrawable profit at $30 and requires a $100 deposit into a separate live account before any profit transfer. JustMarkets also restricts you to 0.01 lot positions with a maximum of 5 open at once, making it harder to meet the 5-lot volume requirement.
Notable exclusion: JustMarkets excludes Nigeria and South Africa from its no deposit bonus — two of the largest emerging markets for forex. XM includes both countries.
For a full list of no deposit bonuses across all brokers, see our no deposit bonus guide.
Deposit Bonus Comparison
This is where JustMarkets pulls ahead with substantially higher percentage matches.
| Deposit Bonus Term | XM | JustMarkets |
|---|---|---|
| Tier 1 | 50% on first deposit (up to $500 bonus) | 50% on $10+ deposit (Standard Cent/Standard/Pro) |
| Tier 2 | 20% on subsequent deposits (up to $4,500 bonus) | 100% on $100+ deposit (Standard/Pro) |
| Tier 3 | — | 120% on $500+ deposit (Standard/Pro only) |
| Total Bonus Cap | $5,000 (standard program) | $40,000 combined |
| Enhanced Program | Up to $10,500 (entity-specific, 100%+50%+20%) | — |
| Volume Requirement | Bonus amount / 3 = required lots | Bonus amount / 2 = required lots |
| Time to Meet Volume | No expiry (forfeited after 90 days inactivity) | 30 calendar days (50%/120%); 90 days (100%) |
| Min Qualifying Deposit | $5 | $10 (50%); $100 (100%/120%) |
| Eligible Accounts | Standard, Micro (not Ultra Low/Shares) | Standard Cent (50% only), Standard, Pro |
| Pip Threshold | None stated | Orders under 5.9 pips do not count toward volume |
JustMarkets offers a higher deposit bonus percentage at every tier. A $500 deposit at JustMarkets with the 120% tier yields $600 in bonus credit, compared to $250 (50%) at XM on a first deposit or $100 (20%) on a subsequent deposit under the standard XM program.
However, XM’s terms are more forgiving. XM does not impose a pip threshold on qualifying trades, and its time limit is essentially unlimited as long as you trade at least once every 90 days. JustMarkets gives you 30 calendar days to meet volume on the 50% and 120% tiers, which is tight if you are trading small positions.
Use the bonus calculator to model exact bonus amounts for your planned deposit size.
Bonus Verdict
JustMarkets wins on deposit bonus size. The 120% tier and $40,000 combined cap dwarf XM’s $5,000 standard cap. XM wins on no deposit bonus terms — no profit cap, no deposit gate, and eligibility for Nigeria and South Africa. If you are depositing $500 or more and can meet the volume requirement within 30 days, JustMarkets delivers more bonus capital. If you want to start without depositing your own funds using a no deposit bonus, XM’s terms are considerably more trader-friendly.
Browse all available promotions in the Bonus Finder.
Minimum Deposit and Account Types
XM Account Types
| Account | Min Deposit | Spread | Commission | Lot Size |
|---|---|---|---|---|
| Micro | $5 | From 1.0 pips | None | 1 micro lot (1,000 units) |
| Standard | $5 | From 1.0 pips | None | 1 standard lot (100,000 units) |
| Ultra Low | $5 | From 0.6 pips | None | Micro or Standard |
| Shares | $10,000 | Variable | Per-share commission | 1 share (MT5 only) |
XM’s $5 minimum on Micro and Standard accounts is among the lowest in the industry. The Micro account trades in 1,000-unit lots, reducing risk proportionally for beginners.
JustMarkets Account Types
| Account | Min Deposit | Spread | Commission | Lot Size |
|---|---|---|---|---|
| Standard Cent | $1 | From 0.3 pips | None | Cent lots (1,000 units) |
| Standard | $10 | From 0.3 pips | None | Standard (100,000 units) |
| Pro | $100 | From 0.1 pips | None | Standard |
| Raw Spread | $100 | From 0.0 pips | $3/lot/side | Standard |
JustMarkets claims a $1 minimum on the Standard Cent account, which would make it the lower entry point. JustMarkets also offers a Pro account with spreads advertised from 0.1 pips and a Raw Spread account, giving more account-type flexibility for experienced traders.
Minimum Deposit Verdict
JustMarkets may edge XM on raw entry cost ($1 vs $5), though both are accessible for traders starting with minimal capital. XM’s Micro account is better documented and verified. For traders with $100 or more, JustMarkets’ Pro account offers tighter advertised spreads (from 0.1 pips) than XM’s Standard account (from 1.0 pips), though advertised minimums reflect best-case conditions during peak liquidity — always test on a demo account during your typical trading sessions.
For more on XM’s deposit options, see the XM minimum deposit guide.
Platforms and Technology
XM Platforms
- MetaTrader 4 (MT4): Full Expert Advisor support, custom indicators, one-click trading.
- MetaTrader 5 (MT5): Access to more instruments including stock CFDs, built-in economic calendar, enhanced multi-threaded backtesting.
- XM WebTrader: Browser-based trading without software installation.
- XM App: Proprietary mobile trading application for iOS and Android with integrated account management, deposits, and withdrawals.
JustMarkets Platforms
- MetaTrader 4 (MT4): Standard MT4 implementation.
- MetaTrader 5 (MT5): Full MT5 with JustMarkets server infrastructure.
JustMarkets offers only MT4 and MT5 with no proprietary platform or web trader. This is not necessarily a drawback — MetaTrader covers the needs of most retail traders — but it means fewer options if you want a browser-based or non-MetaTrader experience.
Platform Verdict
XM leads on platform variety with WebTrader and a dedicated mobile app alongside standard MetaTrader. Both brokers support MT4 and MT5, so the core trading experience is equivalent. If you only trade through MetaTrader, this category is a draw.
Trading Conditions: Spreads, Fees, and Leverage
Spread and Fee Comparison
| Fee Type | XM | JustMarkets |
|---|---|---|
| Spread Model | Variable, spread-only on most accounts | Variable, spread-only on Standard/Pro; raw + commission on Raw Spread |
| EUR/USD Typical | From 1.0 pips (Standard); from 0.6 pips (Ultra Low) | From 0.3 pips (Standard); from 0.0 pips (Raw Spread) |
| Deposit Fees | None | None |
| Withdrawal Fees | None from XM | None from JustMarkets |
| Inactivity Fee | $5/month after 90 days of no trading activity | $5/month after 90 days of no trading activity |
| Swap/Overnight | Standard swaps; Islamic swap-free available | Standard swaps; Islamic swap-free available |
We cannot declare a spread winner without live testing data. JustMarkets advertises tighter minimums on its Pro and Raw Spread accounts, but advertised minimums are best-case scenarios during peak liquidity. Open demo accounts on both platforms and measure real spreads during your trading sessions before committing capital.
Leverage Comparison
| Factor | XM (Offshore Entity) | JustMarkets (Offshore Entity) |
|---|---|---|
| Maximum Leverage | Up to 1:1000 | Up to 1:3000 |
| Dynamic Leverage | Reduces at higher equity levels (e.g., 1:200 above $20,000 equity) | Reduces at higher equity levels (check broker website for current tiers) |
JustMarkets advertises higher maximum leverage, but using leverage above 1:100 is a risk management decision that most traders should approach with extreme caution. High leverage amplifies both gains and losses. The difference between 1:1000 and 1:3000 is practically irrelevant for responsible trading.
Education and Support
XM Education
XM invests heavily in trader education, especially in emerging markets. Their offering includes live webinars in multiple languages, video tutorials, daily market analysis, and the XM Research hub. XM is known for hosting in-person seminars across Africa and Asia, which is valuable for traders who learn better with face-to-face instruction.
JustMarkets Education
JustMarkets provides educational materials through its website and blog, including basic trading tutorials and market analysis. The educational offering is more limited compared to XM’s, particularly the absence of live multilingual webinars and in-person events.
Education Verdict
XM wins on education, especially for beginners in emerging markets. The combination of multilingual live webinars, in-person seminars, and a dedicated research hub creates a more supportive learning environment than JustMarkets’ standard online resources.
Where XM Wins
XM is the better choice if:
- You want a more generous no deposit bonus. Same $30 headline, but XM has no profit cap, no deposit requirement to withdraw profits, and includes Nigeria and South Africa.
- You are a beginner. The $5 minimum, Micro account with 1,000-unit lots, WebTrader for browser-based access, and extensive educational resources (webinars, seminars) make XM more beginner-friendly.
- Regulatory depth matters to you. Four top-tier licenses (CySEC, ASIC, DFSA, FCA) versus one (CySEC) gives XM a stronger regulatory profile.
- You want educational support. Multilingual webinars, daily analysis, and in-person seminars in Africa and Asia are genuinely useful for developing traders.
- You trade from Nigeria or South Africa. JustMarkets excludes both countries from its no deposit bonus; XM includes them.
Where JustMarkets Wins
JustMarkets is the better choice if:
- You want maximum deposit bonus value. The 120% deposit bonus tier on $500+ deposits and a $40,000 combined cap far exceed XM’s $5,000 standard limit. If you are depositing meaningful capital and can meet the volume requirements, JustMarkets delivers substantially more bonus credit.
- You want the lowest possible entry. The $1 Standard Cent account (if confirmed) is lower than XM’s $5 minimum.
- You want raw spread pricing. JustMarkets’ Raw Spread account offers spreads from 0.0 pips with a $3/lot/side commission, giving ECN-style pricing that XM’s standard account lineup does not match.
- Higher leverage is important to you. Up to 1:3000 versus XM’s 1:1000 — though this matters only if you deliberately use extreme leverage and understand the risks.
- You want a tiered deposit bonus system. JustMarkets’ three-tier structure (50%/100%/120%) lets you pick the match percentage based on your deposit size, offering more flexibility than XM’s two-tier system.
The Verdict: XM vs JustMarkets in 2026
The right broker depends on what you prioritize.
Choose XM if you want the better no deposit bonus terms, stronger regulation, more educational support, and a proven track record since 2009. XM is the safer, more established choice with a bonus ecosystem that works well for traders starting small. Our score: 8.5/10.
Choose JustMarkets if you are making a larger deposit and want maximum bonus percentage. The 120% deposit bonus on $500+ deposits is one of the highest in the industry, and the $40,000 combined cap means high-volume depositors get significantly more bonus capital than XM offers. Our score: 7.5/10.
For many traders, the practical approach is to try both. Both brokers offer $30 no deposit bonuses, so you can test each platform with zero financial risk. Open demo accounts to compare spreads during your trading hours, test the withdrawal process with a small amount, and commit your primary capital to whichever delivers the better real-world experience.
Read our full reviews for more detail: XM broker review | JustMarkets broker review. Compare all brokers in the comparison hub, or use the Bonus Finder to filter offers by type and country.
Frequently Asked Questions
Does JustMarkets really offer a bigger deposit bonus than XM?
Yes. JustMarkets offers up to 120% on deposits of $500 or more (Standard and Pro accounts only), compared to XM’s standard program of 50% on first deposit and 20% on subsequent deposits, capped at $5,000 total. JustMarkets’ combined bonus cap is $40,000. However, JustMarkets requires you to meet the volume requirement (bonus amount divided by 2, in standard lots) within 30 calendar days for the 50% and 120% tiers, and trades under 5.9 pips do not count. XM’s volume deadline is more relaxed.
Which broker is better for beginners: XM or JustMarkets?
XM is generally better for beginners. It offers a $5 minimum deposit, Micro accounts with 1,000-unit lots that limit per-trade risk, browser-based WebTrader, and an extensive education program with live webinars and in-person seminars in Africa and Asia. JustMarkets is also beginner-accessible with its $1 Standard Cent account, but it lacks XM’s educational depth and platform variety.
Can I claim the $30 no deposit bonus at both XM and JustMarkets?
You can claim both offers if you are in an eligible country. Each broker’s NDB is a separate promotion with its own terms. However, JustMarkets excludes Nigeria, South Africa, and Vietnam from its NDB, while XM includes Nigeria and South Africa. Also note that JustMarkets requires a $100 deposit into a live account before you can withdraw any NDB profits, while XM does not require a deposit for profit withdrawal.
Are XM and JustMarkets regulated by the same authorities?
Both hold CySEC (Cyprus) licenses, which is EU-level regulation. Beyond that, XM holds additional top-tier licenses from ASIC (Australia), DFSA (Dubai), and FCA (UK via Trading.com), while JustMarkets has Seychelles FSA, FSCA (South Africa), and FSC Mauritius. Most emerging-market clients of either broker will trade under an offshore entity (XM’s Belize IFSC or JustMarkets’ Seychelles FSA), which offers fewer formal protections than the CySEC or FCA entities. Both brokers segregate client funds from corporate funds.
This comparison was researched and written by Tim Morris, founder of forex-bonus.com. All bonus figures and broker data sourced from the verified Broker & Bonus Matrix, June 2026. Spread figures are broker-stated minimums — always test on a demo account during your planned trading sessions. Last verified June 2026.