XM vs BullWaves: Which Is Better in 2026? Regulation, Spreads, Withdrawals Compared

	XM	BullWaves
Founded	2009	2023
Regulation	CySEC, ASIC, DFSA, FSC Belize, FSCA	FSA Seychelles
Min. deposit	from $5	$100
Spreads & commissions	Standard from 1.6 pips; Ultra Low from 0.6 no commission	from 1.6 pips (Classic); Raw: $3 per lot per side (ECN)
Leverage	up to 1:1000	up to 1:500 (1:200 energies, 1:20 shares)
Platforms	MT4, MT5, XM App	MT5
Bonuses	welcome and deposit bonuses in some regions; points-based loyalty programme	in some regions
Copy trading	— check	yes
Funding & withdrawals	cards, transfers, e-wallets, local methods; no broker fees, withdrawals usually within a day	see the BullWaves review

Who XM suits

Large brand with strong education and webinars; spreads are market-average. Weak spots: no raw-spread ecn account; standard spreads wider than ecn competitors; bonuses unavailable in the eu and australia.

Who BullWaves suits

MT5, ECN from 0.1, copy trading, deposit bonus. Best for copy trading and the deposit bonus. We hold a live account at BullWaves and measure conditions monthly — details in the review.

Our take

If a familiar brand or bonuses matter most, XM remains a workable choice. If you value execution and withdrawal conditions we have tested, all-in cost and a clear contracting entity for your country — BullWaves.

Other comparisons: XM vs Vantage, XM vs VT Markets.

Frequently asked questions

Which is safer, XM or BullWaves?

XM: CySEC, ASIC, DFSA, FSC Belize, FSCA, since 2009. BullWaves: FSA Seychelles, since 2023. What matters most is which entity contracts with you in your country — see the reviews.

Who has lower spreads, XM or BullWaves?

XM: Standard from 1.6 pips; Ultra Low from 0.6 no commission. BullWaves: from 1.6 pips (Classic); Raw account $3 per lot per side (ECN).