Spreads are the single largest recurring cost for most forex traders. Even a 0.2 pip difference adds up to hundreds of dollars over a month of active trading. In this comparison, we measured XM and Exness spreads across their most popular account types during March 2026 — covering peak London/New York sessions as well as off-peak Asian hours.
In This Comparison
How We Measured Spreads
We recorded average spreads over 10 trading days in March 2026 using both brokers' MT5 platforms. All measurements were taken on live accounts with real market conditions. We compared XM Ultra Low (zero commission) against Exness Pro (zero commission) as these are the most directly comparable accounts for retail traders.
For raw spread accounts, we compared XM Zero against Exness Raw Spread, adding the commission to calculate total cost per round trip.
Forex Major Spreads
The major currency pairs are where most trading volume flows, and even small differences in spreads have a real impact on net profitability.
| Pair | XM Ultra Low | Exness Pro |
|---|---|---|
| EUR/USD | 0.8 pips | 0.6 pips |
| GBP/USD | 1.0 pips | 0.7 pips |
| USD/JPY | 0.9 pips | 0.7 pips |
| AUD/USD | 1.0 pips | 0.8 pips |
| USD/CAD | 1.2 pips | 0.9 pips |
| NZD/USD | 1.4 pips | 1.0 pips |
| USD/CHF | 1.1 pips | 0.8 pips |
Exness Pro consistently delivers 20-30% tighter spreads on every major pair. This is partly because Exness uses instant execution on the Pro account with proprietary liquidity aggregation.
Cross Pairs & Minors
| Pair | XM Ultra Low | Exness Pro |
|---|---|---|
| EUR/GBP | 1.3 pips | 0.9 pips |
| EUR/JPY | 1.5 pips | 1.1 pips |
| GBP/JPY | 2.2 pips | 1.5 pips |
| AUD/NZD | 2.0 pips | 1.4 pips |
The gap widens on crosses and minors. GBP/JPY shows a 0.7 pip difference — on a standard lot, that is $7.00 per trade saved with Exness.
Gold & Commodity Spreads
Gold (XAU/USD) is one of the most traded instruments among retail traders. Spreads on gold tend to be significantly wider than forex pairs, so the broker's pricing model matters even more here.
| Instrument | XM Ultra Low | Exness Pro |
|---|---|---|
| XAU/USD (Gold) | 2.5 pips | 1.6 pips |
| XAG/USD (Silver) | 3.0 pips | 2.2 pips |
| US Oil (WTI) | 0.04 | 0.04 |
Exness offers a 0.9 pip advantage on gold, which translates to $9.00 per standard lot. For gold traders who make multiple trades per day, this difference can easily exceed $100/week in savings.
Commission Structures
For raw spread accounts, the spread is tighter but a fixed commission applies. Here is how the two compare:
| Feature | XM Zero | Exness Raw Spread |
|---|---|---|
| Commission (per lot RT) | $7.00 | Up to $7.00 |
| EUR/USD Raw Spread | 0.1 pips | 0.0 pips |
| Minimum Deposit | $5 | $200 |
Total Cost per Trade (EUR/USD)
Let us calculate the total cost to open and close 1 standard lot of EUR/USD on each broker's best account:
| Cost Breakdown | XM Zero | Exness Raw Spread |
|---|---|---|
| Spread Cost | $1.00 (0.1 pip) | $0.00 (0.0 pip) |
| Commission | $7.00 | $7.00 |
| Total per RT | $8.00 | $7.00 |
On a per-trade basis, Exness saves $1.00 per standard lot on EUR/USD. Over 100 trades per month, that is $100 in savings — purely from tighter pricing.
Verdict: Exness Wins on Spreads
Exness offers tighter spreads across virtually every instrument and account type. The Pro account (zero commission, 0.6 pip EUR/USD) is particularly compelling for traders who want a simple, low-cost structure without tracking commission charges.
However, XM remains competitive — their Zero account is accessible from just $5, making it a better entry point for cost-conscious traders who cannot meet Exness's $200 minimum for Raw Spread. And XM's $30 no-deposit bonus offsets initial trading costs entirely for new accounts.
Test the Spreads Yourself
Open a demo or live account with either broker and compare spreads in real time on your preferred instruments.