XM
JustMarkets
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 hold CySEC licenses alongside offshore entities, both keep minimum deposits low, and both built their emerging-market business on promotions.
One thing has changed since we first published this, and it changes the bonus half of the comparison. XM’s $50 no deposit bonus was verified as active on 7 August 2026 against XM Global’s own terms document. JustMarkets’ $30 NDB and all three of its deposit tiers moved to unverified on 18 August 2026: JustMarkets no longer publishes them, and we could not confirm any of them is running. We are not calling those offers expired — there is no broker statement to that effect — but a comparison in which one side’s offer cannot be verified is still a valid comparison, and saying so is more useful than quietly deleting the rows. So the rows stay, labelled.
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 come from our Broker & Bonus Matrix: XM offers verified 7 August 2026, JustMarkets offer terms recorded June 2026 with status re-checked 18 August 2026.
Disclosure: forex-bonus.com may earn a commission when you sign up through our links. This never influences our ratings or analysis. Trading forex carries significant risk — most retail traders lose money. See our full affiliate disclosure and risk warning.
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) | $10 (Standard Cent) — widely cited, not directly confirmed from the broker’s own site |
| No Deposit Bonus | $50 — active, verified 7 Aug 2026 | $30 recorded — unverified 18 Aug 2026 |
| Deposit Bonus | 50% up to $500 + 20% up to $4,500 (total max $5,000) — active | Up to 120% recorded (tiered: 50%/100%/120%) — unverified 18 Aug 2026 |
| Deposit Bonus Cap | $5,000 (standard PDF-verified structure) | $40,000 combined across all tiers, as recorded |
| 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 Traders Club (XM Coins) — unverified | Loyalty Program in JM USD — unverified, conflicting rates on file |
| 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. This is also where the two brokers now differ most, and not in the way the structures alone would suggest.
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.
Verification Status: The Difference That Now Matters Most
| Broker | Bonus lineup | Verification status |
|---|---|---|
| XM | $50 NDB; 50%+20% deposit bonus | Active. Verified 7 August 2026 against XM Global’s own T&C document |
| JustMarkets | $30 NDB; 50%/100%/120% deposit tiers | Unverified. Re-checked 18 August 2026: all four recorded URLs return 404, justmarkets.com/trading/promotions redirects to a homepage with no promotions section, and none of the offers appears in sitemap-en.xml (951 URLs) or sitemap-ph.xml (140 URLs) |
Read that second row precisely. It does not say the JustMarkets offers expired, were withdrawn, or ended — JustMarkets has issued no statement of the kind, and the offers may still exist inside the client BackOffice. It says JustMarkets no longer publishes them and we could not verify any of them is running. Three earlier checks were inconclusive because the broker’s site serves HTTP 403 to automated fetches and its promo paths behaved like geo-suppression for banned regions; the sitemaps resolve that, because a sitemap is a static file served identically to every visitor.
The terms comparison below is still worth reading — it tells you what each broker designed, and the design differences are real. Just keep the status column in mind when you get to the verdict.
No Deposit Bonus Comparison
XM’s offer is $50 and verified; JustMarkets’ recorded offer is $30 and unverified. The terms also differ substantially.
| NDB Term | XM ($50) — active | JustMarkets ($30) — unverified |
|---|---|---|
| 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 | No claim window stated in current T&C | 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, DZ, AO, BW |
| Status | Active, verified 7 Aug 2026 | Unverified 18 Aug 2026 — not published on the broker’s site |
XM’s headline amount is higher ($50 vs $30), and its offer was more generous in design even before status entered the picture. XM states no profit cap and no deposit requirement to withdraw profits. The JustMarkets record caps withdrawable profit at $30 and requires a $100 deposit into a separate live account before any profit transfer, while restricting positions to 0.01 lots with a maximum of five open at once — which means roughly 500 manual trades to clear the 5-lot requirement.
Notable exclusion: the JustMarkets record excludes Nigeria and South Africa from its no deposit bonus — two of the largest emerging markets for forex — alongside Vietnam, Algeria, Angola and Botswana. XM lists Nigeria and South Africa as eligible. That exclusion is independent of the verification issue: it applied while the offer was published, and it still stands on the record.
For no deposit bonuses whose status we have confirmed, see our no deposit bonus guide.
Deposit Bonus Comparison
On design, JustMarkets pulls ahead with substantially higher percentage matches. On what you can currently confirm is available, XM does.
| Deposit Bonus Term | XM — active | JustMarkets — unverified |
|---|---|---|
| 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 | Regional 3-tier variant advertised (100%+50%+20%; no total stated, T&C unpublished) | — |
| Volume Requirement | Bonus amount / 3 = required lots | Bonus amount / 2 = required lots |
| Time to Meet Volume | No expiry stated (program is ongoing) | 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 |
On paper, JustMarkets offered a higher deposit bonus percentage at every tier. A $500 deposit at the 120% tier would yield $600 in bonus credit, against $250 (50%) at XM on a first deposit or $100 (20%) on a subsequent deposit under the standard XM program.
XM’s terms are also more forgiving in structure. XM imposes no pip threshold on qualifying trades, and its time limit is effectively open-ended as long as you trade at least once every 90 days. The JustMarkets record allows 30 calendar days to meet volume on the 50% and 120% tiers, which is tight if you are trading small positions.
Use the bonus comparison tool to model exact bonus amounts for your planned deposit size.
Bonus Verdict
On design, JustMarkets wins on deposit bonus size — the recorded 120% tier and $40,000 combined cap dwarf XM’s $5,000 standard cap. On design, XM wins on no deposit bonus terms — no profit cap, no deposit gate, and eligibility for Nigeria and South Africa.
On what you can actually claim today, XM wins outright, and it is not close. XM’s $50 NDB and its deposit bonus are both verified active. All four JustMarkets offers are unverified: the broker does not publish them, and we could not confirm they are running. That does not mean they are gone — we have no broker statement — but you cannot plan around an offer you cannot confirm exists. If a bonus is part of your reason for choosing between these two, that asymmetry outweighs every percentage in the tables above.
Browse offers we have verified 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 | $10 | From 0.3 pips | None | Cent lots (1,000 units) |
| Standard | $10 | From 0.3 pips | None | Standard (100,000 units) |
| Pro | $10 | From 0.1 pips | None | Standard |
| Raw Spread | $10 | From 0.0 pips | $3/lot/side | Standard |
Our Matrix records JustMarkets’ minimum deposit at $10, not the $1 some third-party sources report — and even the $10 figure is widely cited rather than directly confirmed, because justmarkets.com blocked our fetches. JustMarkets does offer more account-type flexibility for experienced traders, with a Pro account advertised from 0.1 pips and a Raw Spread account from 0.0 pips plus commission.
Minimum Deposit Verdict
XM edges JustMarkets on confirmed entry cost — $5 on Micro and Standard, against JustMarkets’ recorded $10 on Standard Cent. XM’s figure is also the better documented of the two. For traders with more capital, JustMarkets’ Pro and Raw Spread accounts offer tighter advertised spreads than XM’s Standard account, 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 no deposit bonus you can confirm exists. XM’s $50 was verified active on 7 August 2026; JustMarkets’ $30 is unverified. XM’s also beats it on the headline, has no profit cap, no deposit requirement to withdraw profits, and includes Nigeria and South Africa.
- You want any bonus you can plan around. Both XM offers are verified; none of JustMarkets’ four is.
- 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 raw spread pricing. The 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. This is a trading-conditions advantage, and nothing about the bonus situation touches it.
- You want cent-lot sizing on a low deposit. The Standard Cent account at a recorded $10 minimum lets you size positions small enough to survive a learning curve.
- 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 are attaching a per-lot IB rebate rather than chasing a promotion. A cashback arrangement pays on closed volume regardless of what the broker is publishing.
What is no longer on this list: the deposit bonus ladder. The recorded 120% tier and $40,000 combined cap did far exceed XM’s $5,000 limit, and if the tiers are running they still would — but we could not verify any of them on 18 August 2026, so “more bonus capital” is not a reason we can currently give you for choosing JustMarkets.
The Verdict: XM vs JustMarkets in 2026
The right broker depends on what you prioritize.
Choose XM if you want a bonus you can actually verify, better no deposit bonus terms, stronger regulation, more educational support, and a track record since 2009. Both XM offers on this page are verified active; that alone settles the promotional half of the comparison. Our score: 8.5/10.
Choose JustMarkets if its trading conditions suit you — Raw Spread pricing from 0.0 pips, cent-lot sizing, higher maximum leverage, and a four-regulator structure — and you are treating any promotion as an unconfirmed extra rather than a reason to sign up. Its recorded 120% deposit tier was one of the highest in the industry, but we could not verify on 18 August 2026 that it, or any of the other three offers, is running. Our score: 7.5/10.
A note on “try both”. We used to suggest claiming both no deposit bonuses to test each platform. That advice no longer works as written: XM’s $50 is verified, JustMarkets’ $30 is not. If you want to test both brokers, open a demo at each and compare spreads during your trading hours, then fund small at whichever executes better and test a withdrawal early. Do not open a JustMarkets account expecting a $30 credit to be waiting for you.
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?
On the record, yes — up to 120% on deposits of $500 or more (Standard and Pro accounts only) with a $40,000 combined cap, against XM’s 50% on first deposit and 20% on subsequent deposits capped at $5,000. But we could not verify on 18 August 2026 that any JustMarkets tier is currently running: the pages return 404 and the offers are absent from the broker’s sitemaps. XM’s program is verified active. Note too that the JustMarkets record requires volume of bonus ÷ 2 in lots within 30 calendar days on the 50% and 120% tiers, with trades under 5.9 pips not counting — XM’s 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, an education program with live webinars and in-person seminars in Africa and Asia, and a no deposit bonus we have verified as running. JustMarkets is also beginner-accessible with cent-lot sizing from a recorded $10 minimum, but it lacks XM’s educational depth and platform variety — and none of its bonus offers is currently verifiable.
Can I claim the no deposit bonus at both XM and JustMarkets?
Not reliably. XM’s $50 NDB is verified active as of 7 August 2026 and can be claimed if you are in an eligible country. JustMarkets’ $30 NDB is unverified as of 18 August 2026 — the broker does not publish it and we could not confirm it is running, so we cannot tell you it is claimable anywhere. Separately, the JustMarkets record excludes Nigeria, South Africa, Vietnam, Algeria, Angola and Botswana, while XM lists Nigeria and South Africa as eligible. The recorded JustMarkets terms also required a $100 deposit into a live account before any NDB profit withdrawal; XM does not.
Are the JustMarkets bonuses expired?
We do not say that, because we cannot support it. What we found on 18 August 2026 is that all four recorded offer URLs return 404, justmarkets.com/trading/promotions redirects to a homepage with no promotions section, and none of the offers appears in either public sitemap. Because a sitemap is served identically to every visitor, that absence is not regional suppression — it is the offers not being published. But absence of a public page is strong evidence, not a broker statement of withdrawal, and the offers may still exist behind the client-portal login. Our Matrix records them as unverified, and we did not advance the verified date, because nothing was verified as running.
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 come from our Broker & Bonus Matrix: XM’s $50 NDB and deposit bonus verified 7 August 2026 against XM Global’s own terms documents; JustMarkets offer terms recorded June 2026, with status re-checked 18 August 2026 and set to unverified. Spread figures are broker-stated minimums — always test on a demo account during your planned trading sessions.