| Feature | XM Trading | Alpaca Trading |
|---|---|---|
| Overall Score | 4.2/5 | 4.3/5 |
| Popularity | 6.7K | 32K |
| Availability in United States | Not available | Available |
| Fees | Slightly higher compared to Alpaca Trading | Slightly lower compared to XM Trading |
| US Stock Fee | $1.0 | $0.0 |
| EUR/USD Spread | 0.1 | N/A |
| S&P 500 CFD Spread | 0.6 | N/A |
| Withdrawal Fee | $0 | $0 |
| Deposit Fee | $0 | $0 |
| Inactivity Fee | Yes | No |
| Minimum Deposit | $5 | $0 |
| Deposit Methods | Bank transfer, credit/debit card, Revolut, other electronic wallets | Bank transfer, Wise |
| Withdrawal Methods | Bank transfer, credit/debit card, Revolut, other electronic wallets | Bank transfer |
| Trading Platforms | MT4, MT5, web platform (score: 2.8/5), mobile platform (score: 3.8/5) | Proprietary platform, web platform (score: 4.0/5), mobile platform (score: 4.3/5) |
| Customer Service Score | 4.5/5 | 3.2/5 |
| Account Opening Score | 5.0/5 | 5.0/5 |
| Regulation | ASIC in Australia | SEC and FINRA in the US |
| Foundation Date | 2009 | 2015 |
| Investor Protection | Yes | Yes |
| Recommended For | Beginners, equity, forex, CFD traders | Beginners, equity, forex, CFD traders |
| Asset Classes Offered | Forex, CFDs, equities | US equities, ETFs, cryptocurrencies |
| Leverage | Up to 1:500 | Up to 1:2 (1:4 for pattern day traders) |
| API Trading Support | No | Yes, extensive API support for custom algorithmic trading solutions |
| Fractional Shares Trading | No | Yes, allows investment in high-priced stocks with smaller amounts |
| Extended Hours Trading | Not specified | Yes, Monday through Friday from 4 a.m. to 8 p.m. EST |
| Payment for Order Flow (PFOF) | Not specified | Yes, earns revenue by routing orders to third-party market makers |
| Customer Support Methods | Email, live chat, phone support | Email support only |
| Demo Account Availability | Yes | Yes, with a default balance of $100,000 |
| Order Execution Speed | Fast execution, typically under 1 second | Ultra-fast execution, optimized for algorithmic trading |
| Trading Instruments | Forex, Indices, Commodities, Stocks, CFDs | Stocks, ETFs, Cryptocurrency, Futures |
| Scalping Allowed | Yes | Yes |
| Hedging Allowed | Yes | No, as per US regulations |
| Islamic Account (Swap-Free) | Yes | No |
| Copy Trading Feature | Yes, via MetaTrader platforms | No |
| Social Trading Integration | Yes, through third-party services | No |
| Algo Trading Support | Limited (via Expert Advisors in MT4/MT5) | Yes, strong API and automation support |
| Margin Trading | Yes, up to 1:500 leverage | Yes, up to 1:2 (1:4 for PDT) |
| Stop-Loss and Take-Profit Orders | Yes, available on all trading platforms | Yes, available for all assets |
| Trailing Stop Orders | Yes, available on MT4/MT5 | No, not supported |
| Risk Management Tools | Negative balance protection, margin call levels, stop-out levels | Basic margin calls, no negative balance protection |
| Deposit Processing Time | Instant for most methods | 1–3 business days |
| Withdrawal Processing Time | 24 hours for most methods | 1–3 business days |
| Mobile App Features | Full trading functionality, price alerts, market analysis tools | API integration, real-time trading, portfolio tracking |
| Educational Resources | Webinars, video tutorials, trading guides, daily market analysis | Limited educational resources, mainly documentation for API traders |
| Market News & Analysis | Extensive, daily analysis, market insights | Basic news feed, limited market insights |
| Available Base Currencies | Multiple (USD, EUR, GBP, AUD, etc.) | USD only |
| Charting & Technical Analysis Tools | Advanced via MT4/MT5, custom indicators | Basic, mainly for stock trading |
| Account Tiers/VIP Benefits | Yes, includes higher leverage, lower spreads, priority support | No special tiers or VIP benefits |
| Affiliate & Referral Program | Yes, competitive commissions for referrals | Yes, referral program with fixed rewards |
| Tax Reporting Support | No built-in tax reports, traders need to calculate manually | Yes, provides 1099 forms for US traders |
| Crypto Trading | No, not supported | Yes, Bitcoin, Ethereum, and more |
| Exchange Connectivity | Market Maker, ECN-like execution | Direct market access (DMA) for equities |
| Regulatory Oversight | CySEC, ASIC, IFSC, FSC | SEC, FINRA |
| Order Types Available | Market, Limit, Stop, Stop-Limit, Trailing Stop, OCO (One-Cancels-Other) | Market, Limit, Stop, Stop-Limit, Bracket Orders |
| Order Execution Model | Hybrid model (Market Maker & ECN-like execution) | Direct Market Access (DMA) |
| Slippage Control | Yes, with settings to limit slippage | No direct control over slippage |
| Trade Rejection Policy | Trades may be rejected during high volatility | Minimal rejections, orders may get routed to market makers |
| Liquidity Providers | Multiple banks and financial institutions | Major US exchanges and third-party liquidity providers |
| Price Improvement Mechanism | Yes, provides better execution in fast markets | Yes, automatic price improvement in certain conditions |
| Short Selling Availability | Limited (only in CFDs) | Yes, available for stocks |
| Margin Call Level | 50% margin level | 100% margin level (200% for PDT accounts) |
| Overnight Fees (Swap Rates) | Yes, applies to leveraged positions | Yes, but only for margin accounts |
| Dividend Adjustments | Yes, for CFD stocks | Yes, for stock positions |
| Rebate Programs | Available for high-volume traders | No rebate programs |
| Multi-Asset Portfolio Support | Yes, allows holding multiple asset classes | Limited, mainly focused on US stocks and crypto |
| Penny Stock Trading | No, not available | Yes, supports OTC and penny stocks |
| Market Depth Data (Level 2) | No, only standard bid-ask spread data | Yes, available for advanced traders |
| Time-in-Force (TIF) Options | GTC (Good-Till-Cancelled), Day, IOC (Immediate-Or-Cancel), FOK (Fill-Or-Kill) | Day, GTC, Extended Hours, MOC (Market-On-Close) |
| Multiple Account Types | Micro, Standard, XM Ultra Low, Shares Account | Individual, Corporate, IRA |
| Multiple Login Sessions | Yes, allows multiple devices at once | Yes, supports multiple API keys and logins |
| Geographical Restrictions | Not available in the US, Canada, Japan | Available only in the US and limited global access |
| Automated Trading Tools | Yes, Expert Advisors (EAs) for MetaTrader | Yes, full API-based automation |
| Custom Indicators & Scripts | Yes, via MT4/MT5 scripting (MQL4/MQL5) | No, uses pre-built trading indicators |
| Cloud-Based Trading | No, requires local or VPS installation for MetaTrader | Yes, runs on cloud infrastructure with API access |
| Paper Trading Mode | Yes, demo account available | Yes, with API-based and manual paper trading support |
| Server Locations | Europe, Asia, Australia, Africa | US-based servers |
| Spread Type | Variable spreads | Commission-based, zero-spread execution |
| High-Frequency Trading (HFT) | Limited support, depends on liquidity | Yes, optimized for HFT and algorithmic traders |
| Latency & Order Speed | Low latency, but depends on market conditions | Ultra-low latency due to direct market access |
| Data Subscription Fees | No extra cost for live data | Some live market data may require a subscription |
| Customizable Dashboard | No, only standard MT4/MT5 interface | Yes, highly customizable via API and web app |
| Cloud-Based Backtesting | No, requires local or VPS-based testing | Yes, API-based backtesting support |
| Developer Support | Limited, mostly through MetaTrader forums | Extensive API documentation and community support |
| Two-Factor Authentication (2FA) | Yes, optional security feature | Yes, enforced for account security |
| Withdrawal Limits | No fixed limits, but subject to processing fees | No fixed limits, but subject to funding and withdrawal policies |
| Direct Bank Integration | No, third-party payment methods required | Yes, supports direct bank transfers |
XM Trading is a well-regulated broker offering forex and CFD trading with MetaTrader platforms, while Alpaca Trading is a commission-free US-based brokerage specializing in API-driven stock and crypto trading. XM has higher leverage and diverse assets, whereas Alpaca excels in automation and US market access.