Compare forex brokers side by side: Exness, HFM, XM and Deriv
You can compare forex brokers fairly only when the same facts sit on the same line, and these pages do that for Exness, HFM, XM and Deriv. Each comparison covers licences, minimum deposit, leverage, EUR/USD cost, platforms and payments, then gives a plain answer on which one suits which trader.
Updated . Figures come from broker pages, regulator registers and published reviews.
Our broker comparisons
Six head-to-head pages cover every pairing among these four brokers, chosen because African traders search for them most. Exness vs HFM is the closest match, at USD 0 against a regional minimum, with both holding licences in Nairobi and Johannesburg. Deriv vs Exness is the sharpest contrast, setting mobile money against local regulation.
Each page drops any row that one side lacks, so you will not see a guess. Deriv's measured EUR/USD spread is missing from the sources we can read, so cost rows on its pages stay limited. Green marks the better figure on rows that have a clear winner, such as minimum deposit.
All 6 pages use the same 10 rows where data exists, so moving between them is easy.
The facts that decide most comparisons
Three facts decide most of these match-ups, and each takes under 5 minutes to check.
First, whether the broker holds a licence in your country: Exness and HFM have one in both Kenyan and South African markets, and we cannot confirm one for XM or Deriv. Second, the all-in cost on your usual trade. Third, how you plan to move money.
At 20 lots a month, a 0.4-pip gap costs USD 80, and at 0.01 lots, it costs USD 0.80 for the same number of trades. So a small trader should weigh licence and payment first, and a larger one should watch cost. Use the pip calculator for your own size.
A USD 10 test deposit settles the third question quickly.
At 0.1 lots, each pip is worth USD 1 on EUR/USD, so a small gap stays small.
On 1 full lot, each 0.1 pips is worth USD 1, so a broker's 0.5-pip lead saves USD 5 a trade.
Comparing other brokers yourself
Our comparison pages cover the four brokers with the fullest data, and you can compare any other pair using their reviews. Open two reviews side by side and read the same sections: licence table, cost per lot and funding. All the broker reviews follow similar headings for that reason.
For a quick view across many names, the tables on our guides are useful. The low spread shortlist compares all-in cost across 7 brokers, and the MT5 shortlist compares 8. Your own country guide shows the legal position next to each name.
You can compare forex brokers from any of our reviews this way, in about 10 minutes.
The names in our main table make a sensible first shortlist, and a USD 20 test settles the rest.
Test both on a demo
Numbers on a page cannot tell you how a platform feels, even at 0.1 pips of difference. Open a demo at both brokers, place the same trade at the same time, and note the spread on each.
Do that during your usual trading hours for a week, then write down the average. It costs nothing and it beats any published figure.
Then test the money side at your favourite. Deposit USD 20, trade once, and withdraw USD 10, and note how long it took and what you received. The main forex broker comparison shows other names if neither of your two passes that test.
That 1-week test also shows you which platform you enjoy using.
Five trading days is enough, and 1 trade per session will do.
Short answers to common match-ups
Between Exness and HFM, active forex traders lean to Exness, and small accounts and copy traders lean to HFM. Between Exness and XM, Exness suits licence-focused traders in those two markets, and XM suits learners. Between HFM and XM, XM usually costs less, and HFM has the local licence.
With Deriv, the question changes. Deriv wins on published mobile money routes and has Derived Indices, and it loses on regulation against Exness and HFM. Against XM, both sit offshore for most Africans, so pick on what you need: mobile money or education. Full reasoning sits on each comparison.
Compare forex brokers on your own numbers before you settle on any of these answers.
Each page ends with 4 common questions and short answers.
Questions about these comparisons
Which forex broker is best overall?
No single answer fits everyone. Exness suits active forex traders in Kenya and South Africa, HFM suits small accounts, XM suits learners, and Deriv suits those needing mobile money. Your country, your balance and your strategy should decide it.
Why do you compare only these four?
They have the fullest data and the most search interest among African traders. We can read their licences, accounts and payment routes in detail. Other brokers have full reviews, and we will add pairs as we verify more data.
What does green mean in the comparison tables?
Green marks the better figure where both brokers have a confirmed number and a clear winner, such as a lower minimum deposit. Rows that one side lacks are removed, so a missing row means we cannot confirm it for both.
Are these comparisons sponsored?
Our links to brokers are sponsored, and we earn a commission if you open and fund an account. Commission leaves the numbers unchanged, which come from brokers' pages, regulators' lists and published data. See the affiliate disclosure for details.