XM vs FBS is a comparison that matters if you trade forex in emerging markets and want to make the most of broker bonus programs. Both brokers were founded in 2009, both hold multiple regulatory licenses, and both offer promotional programs that include no-deposit bonuses and deposit bonuses. But the bonus structures, terms and conditions, and overall trading environments differ in ways that can affect your bottom line.
This article compares XM and FBS across bonuses, regulation, spreads, platforms, and fees so you can decide which broker fits your trading goals. We score XM at 8.5/10 and FBS at 7.5/10 in our review methodology, though scores alone do not tell the full story. Updated and verified June 2026.
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Availability note: Forex bonuses are not available to clients in the EU (ESMA), UK (FCA), Australia (ASIC), or the US. The bonus information in this article applies to traders in eligible regions such as Nigeria, South Africa, India, Indonesia, Malaysia, the Philippines, Pakistan, and Bangladesh. Both XM and FBS restrict bonus programs to clients registered under their offshore entities.
XM vs FBS: Side-by-Side Comparison Table
This table covers the most important differences between XM and FBS. Each category is expanded in the sections below.
| Category | XM | FBS |
|---|---|---|
| Our Score | 8.5 / 10 | 7.5 / 10 |
| Founded | 2009 | 2009 |
| Top-Tier Regulation | CySEC, ASIC, DFSA, FCA (via Trading.com) | CySEC, ASIC, FSCA |
| Offshore Regulation | IFSC (Belize), FSCA (South Africa) | FSC (Belize) |
| Minimum Deposit | $5 (Micro/Standard) | $5 |
| Trading Platforms | MT4, MT5, XM WebTrader | MT4, MT5, FBS Trader App |
| Spread Model | Variable, spread-only on most accounts | Variable, spread-only |
| No-Deposit Bonus | $30 (active, verified) | $100 Quick Start Bonus Non-withdrawable credit; profits withdrawable |
| Deposit Bonus | 50% + 20% (up to $5,000 total) | 100% first deposit + tiered 10—60% subsequent |
| Deposit Bonus Cap | $5,000 total | $10,000 per deposit / $25,000 total |
| Loyalty Program | XM Points (XMP) per lot traded | Cashback up to $15/lot Check broker website for current details |
| Leverage (Offshore) | Up to 1:1000 1:1000 | Up to 1:3000 1:1000 |
| Islamic Accounts | Yes | Yes |
| Deposit/Withdrawal Fees | None from XM | None from FBS |
Bonus terms change frequently. Always verify current offers on the broker’s website before opening an account. Figures above are sourced from official broker T&C documents verified as of June 2026.
For a broader view of broker bonus programs, see the bonus comparison hub or use our bonus calculator to estimate your actual credit based on deposit size.
No-Deposit Bonus Comparison
A no-deposit bonus lets you trade with real money without funding your account first. Both XM and FBS offer this type of promotion, though the structures differ substantially.
XM No-Deposit Bonus: $30
XM offers a $30 no-deposit bonus for new clients who open a live account through the XM Global (Belize IFSC) or XM Mauritius (FSC) entities. This is one of the most established no-deposit bonuses in the industry.
Key terms:
- Amount: $30 credited to your trading account
- Volume requirement: 10 micro lots (0.1 standard lots) with a minimum of 5 round-turn trades
- Time limit: Must claim within 30 days of opening a live account
- Profit cap: No profit cap stated — profits are fully withdrawable after meeting the volume requirement
- Withdrawability: The $30 bonus credit itself is non-withdrawable; only profits can be withdrawn
- Minimum withdrawal: $5
- Restrictions: SMS verification required to activate; EAs and automated trading not allowed on bonus accounts; one bonus per person per IP address
The XM no-deposit bonus has clear, verifiable terms. The volume requirement of 0.1 standard lots is modest — achievable within a few trading sessions for most active traders. The absence of a profit cap is a genuine advantage; some competitors cap withdrawable profits at the bonus amount or less.
Source: XM Bonus Terms and Conditions (official T&C PDF). Verified June 2026.
FBS No-Deposit Bonus: $100 Quick Start Bonus
FBS offers a $100 Quick Start Bonus available through the FBS Trader mobile app. This bonus includes a 7-step educational program alongside the trading credit.
Key terms:
- Amount: $100 credited via FBS Trader app
- Volume requirement: Check broker website for current details — specific lot requirements could not be confirmed from available sources
- Time limit: Check broker website for current details
- Profit cap: Check broker website for current details
- Withdrawability: Profits stated as withdrawable; exact conditions unconfirmed
- Restrictions: Available only through the FBS Trader app, not via MT4/MT5
There is an important caveat with the FBS no-deposit bonus. FBS promo pages redirect to the homepage when accessed directly, which makes it difficult to verify current availability and exact terms. Additionally, FBS published a blog post stating that they do not offer a welcome bonus as a deliberate policy choice. This creates uncertainty about whether the Quick Start Bonus is actively available in all regions or has been restructured. We recommend contacting FBS support directly before relying on this offer.
FBS previously offered a Level Up Bonus of $70 (web) or $140 (mobile app), but this program was discontinued in 2025.
Source: FBS promotional pages and blog. Several key terms could not be verified directly due to page redirects. Check with FBS support for current availability.
No-Deposit Bonus Verdict
XM wins on transparency and verifiability. The XM $30 bonus has clear, documented terms sourced from official T&C PDFs, no profit cap, and a low volume requirement. The FBS $100 bonus is larger in nominal terms, but key conditions remain unverified, and conflicting signals from FBS about bonus availability reduce confidence. If you want a no-deposit bonus you can rely on, XM is the safer choice as of June 2026.
Deposit Bonus Comparison
Deposit bonuses add trading credit when you fund your account. Both XM and FBS offer deposit bonuses, but the structures and caps differ.
XM Deposit Bonus
XM uses a two-tier deposit bonus structure:
| Tier | Match Rate | Maximum Bonus | Applies To |
|---|---|---|---|
| First deposit | 50% | $500 | New and existing clients |
| Subsequent deposits | 20% | $4,500 | All eligible deposits after the first |
| Total cap | — | $5,000 | Lifetime maximum across all deposits |
Key terms:
- Minimum deposit: $5
- Volume requirement for withdrawal: Check broker website for current details — not explicitly specified in available T&Cs
- Expiry: No fixed expiry, but bonus is forfeited after 90 days of account inactivity
- Eligible accounts: Micro and Standard accounts; Zero and Ultra Low accounts are not eligible
- Profit cap: No profit cap; profits are fully withdrawable
- Withdrawal impact: Withdrawing funds causes proportional bonus removal
Example calculation: If you deposit $1,000, you receive a $500 bonus (50% of $1,000). Your next deposit of $2,000 earns $400 (20% of $2,000). Your total bonus at that point is $900. Use our bonus calculator to model your specific scenario.
Source: XM Terms and Conditions — Bonus Program (official T&C PDF). Verified June 2026.
FBS Deposit Bonus
FBS uses a tiered structure where the first deposit earns a higher rate and subsequent deposits are matched based on the deposit amount:
| Deposit | Match Rate | Maximum Per Deposit |
|---|---|---|
| First deposit | 100% | $10,000 |
| $100 — $250 | 10% | Based on deposit |
| $250 — $500 | 20% | Based on deposit |
| $500 — $1,000 | 30% | Based on deposit |
| $1,000 — $2,500 | 40% | Based on deposit |
| $2,500 — $5,000 | 50% | Based on deposit |
| $5,000+ | 60% | Based on deposit |
| Total cap | — | $25,000 |
Key terms:
- Minimum deposit: No explicit minimum for bonus activation (broker minimum is $5)
- Volume requirement: No volume requirement specified in official T&Cs — bonus is non-withdrawable credit used for margin only; profits can be withdrawn freely
- Expiry: Bonus expires 28 days after the last deposit or trading activity (opening new positions)
- Eligible accounts: All FBS accounts including Standard and Cent
- Profit cap: No profit cap — profits from trading with bonus funds are fully withdrawable
- Withdrawal impact: Withdrawing funds causes bonus to be deducted in equivalent amount
- Eligible countries (confirmed): South Africa, Cameroon, Argentina, Kenya, Brazil, Malaysia, Philippines, Nigeria, Thailand, Turkey
Example calculation: If you deposit $2,000 as your first FBS deposit, you receive a $2,000 bonus (100% match). If you later deposit $3,000, you receive $1,500 (50% tier for the $2,500—$5,000 range). Your total bonus at that point is $3,500.
Source: FBS Deposit Bonus Terms and Conditions (official T&C PDF from ptfbs.com). Verified June 2026.
Deposit Bonus Verdict
FBS offers a higher match rate and cap. The 100% first-deposit match at FBS is double XM’s 50%, and the $25,000 lifetime cap is five times XM’s $5,000 ceiling. FBS also has no explicit volume requirement for keeping the bonus, while XM’s volume conditions remain unverified. However, the FBS bonus expires after just 28 days of inactivity, which is aggressive compared to XM’s 90-day grace period. For traders who deposit regularly and trade frequently, FBS delivers more bonus credit. For traders who deposit once and trade sporadically, XM’s longer inactivity window is more forgiving.
Regulation Comparison
Regulation determines how your funds are protected and what recourse you have in disputes. Both brokers hold multiple licenses, but the mix is different.
XM Regulation
- CySEC (Cyprus) — Trading Point of Financial Instruments Ltd, License 120/10
- ASIC (Australia) — AFSL 443670
- DFSA (Dubai) — License F003484
- FCA (UK) — via Trading.com brand
- IFSC (Belize) — XM Global Limited, License 000261/106
- FSCA (South Africa)
XM’s top-tier licenses (CySEC, ASIC, DFSA, FCA) demonstrate a company-wide commitment to compliance. Most emerging-market clients will trade under the IFSC Belize entity, which carries fewer formal protections than the tier-one licenses. Bonuses are not available under the CySEC, ASIC, or DFSA entities.
FBS Regulation
- CySEC (Cyprus) — Tradestone Limited, License 331/17
- ASIC (Australia) — Intelligent Financial Markets Pty Ltd, ABN 48 155 185 014
- FSC (Belize) — FBS Markets Inc., License 000102/460
- FSCA (South Africa) — Trade Stone SA (Pty) Ltd, FSP No. 50885
FBS holds CySEC and ASIC licenses like XM, plus direct FSCA regulation in South Africa. However, FBS lacks the DFSA (Dubai) and FCA (UK) licenses that XM holds. Most emerging-market traders will be served through the Belize FSC entity.
Regulation Verdict
XM leads on regulation depth. Both hold CySEC and ASIC, but XM adds DFSA and FCA coverage. The FCA license in particular (even through the Trading.com brand) gives XM access to one of the world’s most stringent regulatory frameworks. For traders who prioritize regulatory breadth as a proxy for corporate governance, XM has an edge.
Spreads and Fees Comparison
Spreads directly affect your trading costs on every position. Both brokers use variable spread-only models on their standard accounts.
| Metric | XM (Standard) | FBS (Standard) |
|---|---|---|
| EUR/USD typical | From 1.0 pip [NEEDS-TEST-DATA] | From 0.7 pip [NEEDS-TEST-DATA] |
| Commission | None (Standard/Micro) | None |
| Swap-free | Yes (Islamic accounts) | Yes (Islamic accounts) |
| Deposit fees | None | None |
| Withdrawal fees | None from XM | None from FBS |
Advertised “from” spreads are minimums, not averages. Real-world spreads during your preferred trading sessions can differ significantly. We recommend testing both brokers on demo accounts during the sessions you plan to trade (e.g., London or New York sessions for major pairs).
For a detailed look at each broker’s spread environment, see our XM spreads guide and FBS spreads guide.
Neither broker charges deposit or withdrawal fees on their side. Third-party payment processor fees may still apply depending on your funding method and country.
Platforms Comparison
| Feature | XM | FBS |
|---|---|---|
| MetaTrader 4 | Yes | Yes |
| MetaTrader 5 | Yes | Yes |
| Proprietary platform | XM WebTrader | FBS Trader App |
| Mobile trading | MT4/MT5 mobile + XM app | MT4/MT5 mobile + FBS Trader |
| Copy trading | XM CopyTrading Check broker website for current details | FBS CopyTrade |
Both brokers support the industry-standard MetaTrader 4 and MetaTrader 5 platforms, so you will not face a platform disadvantage with either choice. The difference is in proprietary tools: XM offers a web-based trader, while FBS has its own mobile trading app that also serves as the gateway for the Quick Start Bonus.
If you already use MT4 or MT5, switching between XM and FBS requires no platform relearning. If you prefer a proprietary mobile experience, test both the XM app and FBS Trader app to see which interface suits your workflow.
Account Types and Minimum Deposit
Both XM and FBS set their minimum deposit at $5, making them accessible for traders starting with small capital.
| Account Feature | XM | FBS |
|---|---|---|
| Lowest minimum deposit | $5 (Micro, Standard) | $5 |
| Micro/Cent accounts | Micro (1,000 unit lots) | Cent account available |
| Standard accounts | Standard (100,000 unit lots) | Standard |
| Low-spread accounts | Ultra Low ($50 min) From 1.0 pips (Standard) | From 1.0 pips (Standard) |
| Base currencies | Multiple Check broker website for current details | Multiple Check broker website for current details |
The $5 minimum on both brokers means neither has a meaningful deposit barrier. For traders in countries like Nigeria, the Philippines, or Bangladesh, this allows you to test live trading conditions with minimal capital exposure. However, realistic position sizing typically requires at least $50 to $200 regardless of the account minimum.
Where XM Wins
- Regulation depth. Four top-tier licenses (CySEC, ASIC, DFSA, FCA) compared to two at FBS.
- No-deposit bonus transparency. The $30 NDB has fully documented terms, no profit cap, and a low volume requirement. Every key condition is verified from official T&C documents.
- Longer inactivity grace period. XM gives 90 days before forfeiting a deposit bonus, versus 28 days at FBS.
- Established loyalty program. XM Points (XMP) earned per lot traded, with tier progression and multiple redemption options.
- Higher vetting score. 8.5/10 vs 7.5/10 in our broker evaluation.
Where FBS Wins
- Larger deposit bonus. 100% match on first deposit versus 50% at XM, with a $25,000 total cap versus $5,000 at XM.
- Larger no-deposit bonus amount. $100 versus $30 (though FBS terms are less transparent).
- Higher leverage available. Up to 1:3000 reported on offshore entity 1:1000 versus up to 1:1000 at XM 1:1000.
- No explicit volume requirement on deposit bonus. FBS deposit bonus does not require lot volume to maintain, while XM’s volume conditions are unspecified.
- Tiered subsequent deposit matching. FBS offers up to 60% on subsequent deposits over $5,000, compared to a flat 20% at XM.
Which Broker Should You Choose?
The right choice depends on what matters most to you.
Choose XM if:
- You prioritize regulation and trust. XM’s four top-tier licenses provide more oversight than FBS’s two.
- You want a no-deposit bonus with clear, verifiable terms and no profit cap.
- You trade infrequently and need a longer inactivity grace period to keep your bonus.
- You value a proven loyalty program (XMP) that rewards ongoing trading activity.
Choose FBS if:
- You plan to deposit $1,000 or more and want the highest possible bonus credit. The 100% first-deposit match at FBS delivers double the credit of XM’s 50%.
- You trade actively and regularly, making the 28-day inactivity expiry irrelevant.
- You want access to higher leverage (if available through the Belize entity).
- You are located in one of FBS’s confirmed eligible countries (South Africa, Nigeria, Malaysia, Philippines, Kenya, Brazil, Thailand, Turkey, Cameroon, Argentina).
For most traders reading this comparison, XM offers a more transparent and well-documented bonus environment backed by stronger regulation. FBS delivers more raw bonus value for larger deposits but with less verifiable terms on its no-deposit bonus and a shorter inactivity window. If you are unsure, start with XM’s $30 no-deposit bonus — it costs nothing and the terms are clear.
Use our bonus finder to compare current offers across all brokers, or estimate your deposit bonus with the bonus calculator.
Frequently Asked Questions
Can I claim bonuses from both XM and FBS at the same time?
Yes. XM and FBS are separate brokers, so you can hold accounts and claim bonuses at both simultaneously. There is no rule preventing you from using promotions at multiple brokers. However, each broker’s bonus terms apply independently — the XM no-deposit bonus has its own volume requirement, and the FBS deposit bonus has its own inactivity expiry. Managing multiple bonus accounts requires tracking each set of conditions separately.
Which broker has the better no-deposit bonus, XM or FBS?
XM has the more reliable no-deposit bonus as of June 2026. The XM $30 NDB has clear terms sourced from official documents: 0.1 standard lots volume requirement, no profit cap, and a 30-day claim window. The FBS $100 Quick Start Bonus is larger in nominal terms but has unverified conditions, and FBS has published conflicting statements about whether they offer this type of bonus. For a no-deposit bonus you can count on, XM is the stronger option. See our full no-deposit bonus guide for alternatives.
Are XM and FBS bonuses available in my country?
Both brokers restrict bonuses to clients registered under their offshore entities. XM bonuses are available through XM Global (Belize IFSC) and XM Mauritius (FSC), serving traders in countries including Nigeria, South Africa, India, Indonesia, Malaysia, the Philippines, Pakistan, and Bangladesh. FBS bonuses are available through FBS Markets Inc. (Belize FSC), with confirmed eligible countries including South Africa, Nigeria, Malaysia, Philippines, Kenya, Brazil, Thailand, Turkey, Cameroon, and Argentina. Bonuses are not available in the EU, UK, Australia, or the US under either broker due to regulatory restrictions.
Is it better to use the XM deposit bonus or the FBS deposit bonus for a $500 deposit?
For a $500 deposit, FBS gives you more bonus credit. FBS matches 100% on a first deposit, so you would receive a $500 bonus (total trading capital: $1,000). XM matches 50% on the first deposit, giving you a $250 bonus (total trading capital: $750). However, XM’s bonus has a 90-day inactivity grace period compared to 28 days at FBS, and XM’s regulatory framework is stronger. The purely mathematical answer favors FBS; the risk-adjusted answer depends on how actively you trade and how much you value regulatory depth.