Contents
- 1 HFM vs. XM Comparison Conclusion: HFM offers high returns and unlimited leverage, while XM offers beginner bonuses
- 2 HFM vs XM Overall Comparison Chart
- 3 Leverage comparison between HFM and XM
- 4 HFM vs. XM Bonus Comparison
- 5 HFM vs. XM: A Comparison of Spreads and Trading Costs
- 6 Reliability and safety comparison of HFM and XM
- 7 Comparison of Trading Instruments and Trading Hours between HFM and XM
- 8 Comparison of deposit/withdrawal and trading environments between HFM and XM
- 9 Cashback comparison via Moneycha
- 10 Who is HFM suitable for? Who is XM suitable for?
- 11 Which should I choose, HFM or XM?
- 12 Frequently Asked Questions about HFM vs XM
- 13 Benefits of using HFM via MoneyChat
HFM vs. XM Comparison Conclusion: HFM offers high returns and unlimited leverage, while XM offers beginner bonuses
HFM and XM are two of the most popular overseas forex brokers among Japanese traders. Both are highly reliable brokers with a long history and proven track record, but their features are distinctly different. If you prioritizeunlimited leverage, up to 2,000x leverage, a cumulative bonus of 750,000 yen, and fast withdrawals with the KATANA account, then HFM is the better choice. If you prioritize a 15,000 yen account opening bonus, up to 1,000x leverage, and the recognition of the F1 partnership, then XM is thebetter choice. On this page, we will compare HFM and XM in detail across all categories, including specifications, bonuses, spreads, reliability, and cashback, to help you decide which one to choose.
Published: 2026-05-11 / Updated: 2026-05-11 / Source: HFM Official / XM Official (as of May 2026)
HFM vs XM Overall Comparison Chart
We have compiled a list comparing the main specifications
| item | HFM | XM |
|---|---|---|
| Year of establishment | 2010 (16th year of operation) | 2009 (17th year of operation) |
| Maximum leverage | Unlimited (KATANA) / 2,000x | 1,000 times |
| Number of account types | 7 types | 4 types |
| Account opening bonus | none | 15,000 yen |
| Deposit Bonus | 20% total of 750,000 yen + 100% irregular | 100% + 20% total equivalent to 1,575,000 yen |
| Spread (USD/JPY) | 1.4 to 1.8 pips (variable) | 1.6 pips ~ |
| Minimum deposit amount | From 5 USD (depending on the account) | 5 USD |
| Number of trading instruments | Over 1,200 types | Over 1,000 types |
| Loyalty Program | HFM bars (maximum 12 bars/lot) | XMP (maximum 20 XMP/lot) |
| Zero Cut | Yes (all accounts) | Yes (all accounts) |
| Japanese support | Chat/Email | Chat, phone, and email available 24 hours a day on weekdays |
| Trading platform | MT4, MT5, HFM platform | MT4/MT5 |
| Number of financial licenses | 6 types (FCA, CySEC, DFSA, etc.) | 4 types (CySEC, ASIC, etc.) |
| F1 Sports Partnership | Arsenal FC | F1 "Visa Cash Up RB" |
Leverage comparison between HFM and XM
Leverage is a fundamental element of trading strategy. There is a significant difference in the maximum leverage offered by the two companies
Maximum leverage
| item | HFM | XM |
|---|---|---|
| Maximum leverage | Unlimited (KATANA account) / 2,000x leverage | 1,000 times |
| Criteria for limits based on balance | With over $5,000, you can get 1,000 times your investment | Increase your investment by 500x if you invest over $20,000 |
| High-leverage trading accounts available | KATANA Premium Zero Pro | Standard, KIWAMI, Zero |
Key points for comparing leverage
- Small-amount, high-leverage trading: HFM's 2,000x leverage is overwhelmingly advantageous (twice that of XM).
- Unlimited leverage: Available only for KATANA accounts and HFM only.
- Loose balance limits: XM maintains a 1,000x leverage up to $20,000, making it advantageous for those with large capital.
- Large-volume trading: HFM offers 200x leverage for trades over $50,000, while XM offers 200x leverage for trades over $100,000, making XM's leverage more lenient.
If you want to trade boldly with a small amount of capital, HFM is a good choice, while XM tends to have more lenient restrictions if you want to invest on a larger scale for the long term
HFM vs. XM Bonus Comparison
Bonuses are the biggest deciding factor when choosing between two brokers
Account opening bonus (no deposit bonus)
| item | HFM | XM |
|---|---|---|
| Account opening bonus | none | 15,000 yen |
For beginners who want to start trading with no risk, XM is the clear winner. HFM is not currently offering an account opening bonus
Deposit Bonus
| item | HFM | XM |
|---|---|---|
| Deposit Bonus | 20% total of 750,000 yen + 100% irregular 45,000 yen | 100% up to 500 USD + 20% total equivalent to 1,575,000 yen |
| Receipt deadline | none | Irregular resets occur |
| Eligible accounts | Top-up bonus account | Standard Micro Account |
| Cushioning function | can be | can be |
XM offers a higher cumulative deposit bonus limit (approximately 1.575 million yen vs. 750,000 yen). However, HFM has a stronger advantage over XM, as it frequently offers 100% bonuses, with up to 45,000 yen available once a month.
Loyalty Program
| item | HFM | XM |
|---|---|---|
| name | HFM bar | XMP (XM Points) |
| Granting units | Maximum 12 bottles/lot | Maximum 20 XMP/lot |
| Recipient | Cash, bonuses, VPS, etc | Bonus/Cash (for higher ranks only) |
| Number of levels | 4 stages | 4 stages |
While XM offers more points overall,using cashback through MoneyChatmakes HFM's effective return several times that of XM (see below).
HFM vs. XM: A Comparison of Spreads and Trading Costs
Spreads on major currency pairs (variable, reference values)
| currency pair | HFM Premium | XM Standard | HFM Pro | XM KIWAMI Kiwami |
|---|---|---|---|---|
| USD/JPY | 1.4–1.8 pips | 1.6 pips | 0.5 pips | 0.7 pips |
| EUR/USD | 1.2–1.4 pips | 1.6 pips | 0.4 pips | 0.6 pips |
| GBP/USD | 1.8 pips ~ | 1.9 pips | 0.6 pips | 0.9 pips |
| gold | 25 pips ~ | 35 pips ~ | 12 pips ~ | 18 pips ~ |
startingfrom 0.3 pips) offer narrower spreads than XM's KIWAMI account. For scalping and short-term trading, HFM has an advantage in terms of trading costs.
However, since XM'sstandard accountis eligible for deposit bonuses, there is an aspect in which the cost difference can be effectively offset by the bonus.
Reliability and safety comparison of HFM and XM
Operational track record and financial licenses
| item | HFM | XM |
|---|---|---|
| Year of establishment | 2010 | 2009 |
| Years of operation | 16th year | 17th year |
| Number of active accounts | Over 2.5 million accounts | Over 10 million accounts |
| Industry Awards | Over 80 awards | Over 30 awards |
| Major Licenses | 6 types including FCA, CySEC, DFSA, FSCA, etc | 4 types including CySEC, ASIC, FSA, etc |
| Separate management of customer funds | Yes + Insurance | can be |
While XM has a significantly larger number of accounts (four times), HFM surpasses it in the number of industry awards won and the types of financial licenses it holds.Both companies are among the most reliable in the industry, so there is no clear difference in terms of reasons to choose between them.
Withdrawal problems
Neither company has received many reports of malicious withdrawal refusals. Even the troubles related to HFM's 2023 account opening bonus were found to be legitimate responses to users abusing the bonus
Recognition and brand power
- HFM: Arsenal FC Official Partner
- XM: Official Partner of F1 "Visa CashUp RB"
While XM, an F1 partner, has a slight edge in terms of name recognition and brand exposure, HFM tends to be more recognizable to football fans in Europe
Comparison of Trading Instruments and Trading Hours between HFM and XM
Number of brands handled
| category | HFM | XM |
|---|---|---|
| Total number of items handled | Over 1,200 types | Over 1,000 types |
| FX currency pairs | Approximately 60 types | Approximately 55 types |
| Stock index CFDs | Over 30 types | Over 20 types |
| Stock CFDs | Over 1,000 types | Over 1,200 types |
| Commodity CFD | can be | can be |
| Cryptocurrency CFDs | can be | can be |
| ETF | can be | can be |
| Bond CFDs | can be | can be |
HFM has a larger total number of available stocks. On the other hand, XM offers a wider selection of individual stock CFDs, so if you're looking for a broader range of stock CFDs, XM is the better choice
Cryptocurrency weekend trading
- HFM: Cryptocurrency CFD trading is available on weekends with MT5 accounts.
- XM: Cryptocurrency CFD trading is available even on weekends.
Both companies support cryptocurrency trading on weekends, allowing for flexible trading even on Saturdays and Sundays
Comparison of deposit/withdrawal and trading environments between HFM and XM
Deposit and withdrawal methods
| item | HFM | XM |
|---|---|---|
| Payment Methods | 7 types | 4-6 types |
| Bank transfer | can be | can be |
| credit card | can be | can be |
| bitwallet | can be | can be |
| Cryptocurrency | can be | can be |
| Deposit processing time | Immediate ~ 10 minutes | Immediate ~ 10 minutes |
| Bank transfer withdrawal time | 1-2 business days | 2-5 business days |
| Withdrawal fees | Free (electronic wallet charges apply) | Bank transfers under 10,000 yen incur a fee |
HFM has the advantage in terms of withdrawal speed and flexibility in minimum withdrawal amounts. HFM allows withdrawals from 1,000 yen via bank transfer, while XM's minimum withdrawal amount via bank transfer is equivalent to 10,000 yen.
Japanese support
| item | HFM | XM |
|---|---|---|
| Supported languages | Japanese language support | Japanese language support |
| Support hours | Weekday support | Weekday 24-hour support |
| How to respond | Chat/Email | Chat, phone, email |
| Phone support | Callback only | Direct phone line available |
XM has superior support. XM is suitable for those who want to consult directly by phone
Cashback comparison via Moneycha
Both companies offer cashback through Moneychat, but HFM offerssignificantly higher cashback.
Cashback amount per lot of representative stock
| Brand | HFM Premium | XM Standard |
|---|---|---|
| BTC/USD | 16.00 USD | Around 8.00 USD |
| XAU/USD (Gold) | 12.00 USD | Around 7.00 USD |
HFM's cashback is approximately 1.5 to 2 times that of XM. Furthermore, HFMsupports auto-rebates, meaning cashback is automatically deposited directly into your trading account, which is another major differentiating factor.
Effective spread using cashback
| Brand | HFM Actual Cost | XM Actual Cost |
|---|---|---|
| Gold 1 lot | Spread of 25 pips – 12 USD cashback | Spread 35 pips – 7 USD cashback |
Because the spreads are narrow and the cashback amount is high,trading HFM via MoneyChat offers overwhelmingly favorable effective trading costs.
Who is HFM suitable for? Who is XM suitable for?
Based on each person's strengths, we'll categorize who is best suited for the role
Who is HFM suitable for?
- For those who want to use unlimited leverage(KATANA account)
- People who want to use high leverage of 2,000 times with a small amount of capital
- People who want to maximize their cashback rewards
- People who prioritize a large number of trading instruments(over 1,200 types)
- For those who prioritize withdrawal speed(instant to 2 business days)
- People who want to receive a 750,000 yen bonus over the long term
- People who want to use an account with a narrow spread(KATANA Pro Zero)
- People who want to improve operational efficiency with auto-rebate support
Who is XM suitable for?
- Beginners who want to start trading with no risk(¥15,000 account opening bonus)
- People who want to receive a large amount of deposit bonuses(approximately 1.575 million yen in total)
- People who need 24-hour Japanese support on weekdays
- People who want to receive direct support and consultation by phone
- People who like the F1 brand
- People who want to trade a wide range of individual stock CFDs
- For those who want to invest large sums of money for the long term(relaxed balance limits)
Which should I choose, HFM or XM?
The clear criteria for making a decision are as follows:
"I'm a beginner with limited funds and want to start with no risk" → XM
XM's 15,000 yen account opening bonus is among the best in the overseas forex industry. The peace of mind of being able to experience trading without depositing your own funds is a major advantage for beginners
"Intermediate and advanced traders who want to maximize trading efficiency" → HFM
The unlimited leverage, narrow spreads, high cashback rates, and fast withdrawal speeds of the KATANA account are all strengths of HFM.If you're looking to maximize your earnings from trading, HFMis overwhelmingly advantageous.
"Using both is also effective."
In fact, many traders use both. An efficient approach is to use the 15,000 yen account opening bonus at XM to practice and gain experience, and then use HFM for serious trading
Frequently Asked Questions about HFM vs XM
Which is more reliable, HFM or XM?
Both companies boast top-tier reliability in the industry. HFM was established in 2010, has received over 80 industry awards, and holds six licenses including the FCA, while XM was established in 2009 and has over 10 million accounts. There is no clear superiority between the two
Which offers higher maximum leverage, HFM or XM?
HFM offers significantly higher leverage. HFM is unlimited with a KATANA account and up to 2,000x with other accounts. XM's maximum leverage is 1,000x
Which bonus offer is better, HFM or XM?
The only account opening bonus offered is 15,000 yen from XM. While XM offers a higher cumulative deposit bonus limit (approximately 1.575 million yen) compared to HFM's 750,000 yen, HFM's appeal lies in its irregularly held 100% bonus promotions
Which has narrower spreads, HFM or XM?
HFM's Pro and KATANA accounts offer some of the narrowest spreads in the industry, generally narrower than XM's KIWAMI and Zero accounts. However, XM has a slightly more favorable spread for some instruments in its Standard account
Which is faster for withdrawals, HFM or XM?
HFM is faster. HFM takes approximately 1000 yen to 2 business days, while XM takes 2 to 5 business days. The minimum withdrawal amount is also more flexible with HFM, at 1,000 yen compared to XM's 10,000 yen
Which offers more cashback, HFM or XM?
If you use MoneyChat, HFM is overwhelmingly the most popular option. The return rate is approximately 2x for BTC/USD and approximately 1.7x for gold. Furthermore, HFM supports auto-rebate and is automatically deposited into your trading account
Which is better for beginners, HFM or XM?
XM is recommended for beginners. It offers excellent support for beginners, including a 15,000 yen account opening bonus, 24-hour Japanese language support on weekdays, and telephone support
Can I use both HFM and XM?
Yes, you can use both. In fact, many traders use them interchangeably depending on the purpose. A common approach is to practice using the account opening bonus at XM and then use HFM for serious trading
Benefits of using HFM via MoneyChat
HFM isan auto-rebate provider, so simply opening an account through MoneyChat will automatically deposit cashback into your trading account for each trade. XM does not have this auto-rebate function, so you will need to go through a separate withdrawal procedure to receive cashback.
HFM offers industry-leading cashback amounts of 16 USD for BTC/USD and 12 USD for XAU/USD (premium account).approximately 1.5 to 2 times the cashback rate of XM, allowing you to significantly reduce trading costs.
The ability to take advantage of deposit bonuses, loyalty programs, and money chat cashback is a unique strength of the HFM x Money Chat combination. It's not uncommon for this to result in cost differences of several hundred thousand yen per year compared to using XM.
Risk Warning: Overseas forex trading involves risks. While both companies are reputable and trustworthy, please only invest with funds you can afford to lose.
