| Feature | XM Trading | TradeStation |
|---|---|---|
| Regulation | ASIC (Australia) | SEC, CFTC, FINRA, NFA, FCA, IIROC, ASIC |
| Foundation Year | 2009 | 1982 |
| Minimum Deposit | $5 | $0 |
| Deposit Methods | Bank transfer, credit/debit cards, electronic wallets (e.g., Skrill, Neteller) | Bank transfer, check |
| Withdrawal Methods | Bank transfer, credit/debit cards, electronic wallets | Bank transfer, check |
| Trading Platforms | MetaTrader 4 (MT4), MetaTrader 5 (MT5) | Proprietary platform (TradeStation), FuturesPlus, TS Crypto, OptionsStation Pro |
| Tradable Instruments | Forex, CFDs on indices, commodities, stocks, cryptocurrencies | Stocks, ETFs, options, futures, mutual funds, futures options, cryptocurrencies |
| Leverage | Up to 888:1 | Up to 1:4 for intraday trading, 1:2 for overnight positions |
| Spreads | From 0.1 pips on EUR/USD | Variable |
| Commission Fees | None on most accounts | Variable; options from $0.60 per contract |
| Inactivity Fee | Yes | Yes, $10 if month-end equity is <$10,000 or fewer than 10 trades in the past 3 months |
| Customer Support | 24/5 via live chat, email, phone | 24/5 via phone, email, live chat |
| Educational Resources | Webinars, tutorials, market analysis | Trading guides, platform tutorials, webinars, seminars |
| Demo Account | Yes | Yes |
| Mobile Trading | Yes, via MT4/MT5 apps | Yes, via TradeStation mobile app |
| Account Types | Micro, Standard, XM Ultra Low, Shares | Individual, Joint, Entity, Crypto |
| Research Tools | Market insights, economic calendar, trading signals | Market insights, RadarScreen, Scanner |
| Automated Trading | Yes, via MT4/MT5 EAs | Yes, via EasyLanguage on TradeStation platform |
| Investor Protection | Yes | Yes, SIPC coverage up to $500,000, including $250,000 for cash claims |
| Accepted Clients | Most countries, excluding the USA, Canada, Israel, Iran | Primarily USA; international clients accepted with certain restrictions |
| Deposit Fees | None | None |
| Withdrawal Fees | None | None |
| Account Currencies | Multiple, including USD, EUR, GBP | USD |
| Scalping Allowed | Yes | Yes |
| Hedging Allowed | Yes | Yes |
| Islamic Accounts | Yes | Not specified |
| Bonus Offers | Yes, including deposit bonuses | Not specified |
| Affiliate Program | Yes | Yes |
| Trading Hours | 24/5 for Forex | Varies by instrument; generally 08:00 to 20:00 ET for equities |
| Algo Trading Support | Yes, via Expert Advisors (EAs) in MT4/MT5 | Yes, via TradeStation's proprietary EasyLanguage |
| Copy Trading | Yes, via Signal Providers in MT4/MT5 | No built-in copy trading feature |
| Social Trading | Limited, through MQL5 community | No direct social trading integration |
| VPS Hosting | Yes, free for eligible accounts | Yes, for futures and equities traders with required balances |
| Fractional Shares | No | Yes, available for stocks and ETFs |
| Order Types | Market, Limit, Stop, Trailing Stop | Market, Limit, Stop, Stop Limit, Bracket, OCO, Trailing Stop, and advanced order types |
| Market Execution Type | No re-quotes, instant execution | Direct market access (DMA) and smart order routing |
| Tick Data Availability | Limited, depends on MetaTrader platform | Extensive, with historical and real-time tick data |
| Depth of Market (DOM) | No | Yes, available on equities, futures, and options |
| Custom Indicators | Yes, in MetaTrader (MQL4/MQL5) | Yes, through EasyLanguage and third-party integrations |
| Backtesting Capabilities | Yes, within MT4/MT5 strategy tester | Yes, with extensive historical market data |
| Paper Trading | Available via demo accounts | Yes, via simulated trading mode |
| API Access | No official API, only MQL scripting | Yes, via TradeStation API (REST, WebSocket, and FIX) |
| Stock Borrowing for Short Selling | Not applicable (CFDs only) | Yes, for short selling stocks |
| Options Analytics | Not applicable | Advanced tools like Theoretical Pricing, Greeks, and Probability Cones |
| Futures Trading | No | Yes, including mini and micro futures |
| Multi-Asset Portfolio Management | No, only CFD & Forex accounts | Yes, with equities, futures, options, and crypto |
| Interest on Idle Cash | No | Yes, cash balances may earn interest |
| Cryptocurrency Trading | CFDs on crypto only | Direct crypto trading available |
| OTC Trading | No, all trading happens on platforms | Yes, for large institutional orders |
| Broker-Assisted Trading | No | Yes, available with additional fees |
| Tax Reporting Features | Limited | Extensive, with capital gains reporting, 1099 forms, and tax-loss harvesting tools |
| Trading Contests | Occasionally available | No official trading contests |
| Referral Program | Yes, with rewards | Yes, varies by region |
| Mobile App Features | Full trading, account management, indicators | Advanced charting, real-time alerts, full trading functionality |
| Institutional Trading Support | No | Yes, for hedge funds, professional traders, and asset managers |
| Regulatory Protection for Clients | Segregated accounts for funds protection | Extensive investor protection via SIPC and FDIC |
| Customer Community | Forum-based support | Active user forum, developer community, and webinars |
| Geographical Restrictions | No U.S. clients | Primarily U.S.-based, with some international support |
| Trading Central Integration | Yes, for technical analysis | No |
| Sentiment Analysis Tools | Limited, via MetaTrader plugins | Yes, via built-in Market Insights |
| Real-Time Market News | Yes, through MetaTrader news feed | Yes, via Dow Jones News, Benzinga, and TradeStation news integration |
| Market Scanner | No | Yes, with RadarScreen and real-time scanning tools |
| Smart Order Routing (SOR) | No | Yes, routes orders for best execution |
| ECN Trading | No, market maker model | No, but provides direct market access |
| Slippage Protection | No guaranteed protection | Smart order execution minimizes slippage |
| Dark Pool Trading Access | No | Yes, for institutional and high-volume traders |
| Multiple Monitor Support | Depends on MT4/MT5 configuration | Yes, fully optimized for multi-screen setups |
| HFT (High-Frequency Trading) Support | No | Limited, but can be configured via API |
| Custom Alerts & Notifications | Yes, via MetaTrader | Yes, via TradeStation alerts and push notifications |
| Time & Sales (Tape Reading) | No | Yes, detailed time & sales data for stocks and futures |
| Risk Management Tools | Stop loss, take profit | Advanced portfolio analytics, margin calculators |
| Custom Watchlists | Yes, within MetaTrader | Yes, with advanced filters and sorting |
| Market Replay Feature | No | Yes, for backtesting trading strategies |
| Simulated Trading Environment | Yes, via demo account | Yes, with real-time and historical market conditions |
| Trading Psychology Tools | No | Yes, includes trade journaling and performance tracking |
| Trade Sharing Feature | No | No direct sharing, but strategy publishing is possible |
| Customizable Dashboard | Limited, depends on MetaTrader templates | Fully customizable via widgets and layout settings |
| Voice-Activated Trading | No | No |
| Custom Trading Bots | Yes, via MQL4/MQL5 coding | Yes, via EasyLanguage scripting |
| Full Market Depth (Level 2 Data) | No | Yes, for stocks and futures |
| VWAP Trading Strategy Support | No | Yes, with built-in tools |
| Dividend Stock Trading | No, only CFDs | Yes, including direct dividend payments |
| Retirement Accounts (IRA, Roth IRA, etc.) | No | Yes, supports traditional IRA, Roth IRA, and SEP IRA |
| Mutual Funds Trading | No | Yes, access to thousands of funds |
| ETF Trading | No, only CFD-based ETFs | Yes, direct ETF trading available |
| Forex Swap-Free Accounts | Yes, for Islamic traders | Not applicable |
| 24/7 Crypto Trading | No, only CFD-based crypto | Yes, direct crypto trading is available 24/7 |
| Stock Lending Program | No | Yes, clients can earn income by lending stocks |
| Corporate & Trust Accounts | No | Yes, available for businesses and institutions |
| Professional Trader Discounts | No | Yes, with reduced commissions for high-volume traders |
| Proprietary Trading Firm Support | No | Yes, allows prop firms to integrate their accounts |
| Private Wealth Management Services | No | Yes, for high-net-worth individuals |
| Dedicated Account Managers | Yes, for high-tier accounts | Yes, for active and professional traders |
| Automated Tax Lot Selection | No | Yes, for optimizing capital gains tax |
| Multi-Asset Allocation Strategies | No | Yes, includes model portfolios and advisory services |
| Custom Fee Structure for Institutions | No | Yes, negotiable based on trading volume |
| Regulatory Reporting Tools | No | Yes, includes detailed tax and compliance reporting |
XM Trading is best for forex and CFD traders seeking high leverage, while TradeStation is ideal for stock, options, and futures traders with advanced tools and direct market access.