If you are choosing between XS and HFM, start by putting the numbers on the same basis. XS publishes an average spread, while HFM publishes a minimum spread ("from"). The two cannot be lined up as they are.
This article sorts the data we confirmed (XS on 2 August 2026, HFM on 1 September 2026) and the standing bonus terms by condition. By the end, you can pick the entry account that suits you.
Conclusion: choose between XS and HFM by the condition you value most
- Entry account: XS Standard (no stated minimum deposit) and HFM Premium (minimum USD 0) are close in terms
- Spreads: XS publishes an average and HFM a minimum, so the numbers alone cannot name a winner
- Platforms: XS offers MT4 and MT5; HFM offers MT4 and MT5 plus WebTrader and the HFM app
- Bonuses: XS gives JPY 5,000 for identity verification and JPY 10,000 for a first deposit; HFM gives a 20% deposit bonus and JPY 45,000 of trading funds with no deposit
- Leverage: XS is up to 1:2000; HFM differs by account, with 1:2000, 1:1000 and unlimited* available
The figures are published values, not necessarily the conditions you can actually trade under. For items marked *, the conditions and exceptions are set by each broker's terms.
XS vs HFM comparison table: basic account specs
Here are the basic conditions of both brokers side by side. For items marked *, check the conditions in each broker's terms.
| Item | XS | HFM |
|---|---|---|
| Account types | 5 (Standard, Cent, Pro, Elite, VIP) | 6 (Premium, Cent, Pro, Zero, KATANA, Top-Up Bonus) |
| Maximum leverage | Up to 1:2000* | Up to 1:2000* (varies by account) |
| Minimum deposit | Some accounts have no stated minimum | Some accounts start from USD 0 |
| Basis of published spread | EURUSD average (Standard is 1.1 pips) | Minimum (Premium is from 1.4 pips) |
| Platforms | MT4 and MT5 | MT4, MT5, WebTrader and the HFM app |
| Zero-cut (you are not billed for losses beyond your balance) | Yes* | Yes* |
| Japanese-language support | Japanese-language desk available* | Japanese-language desk available* |
| EAs and scalping | Allowed* | Allowed* |
| Entity and regulation that apply | Shown on the sign-up screen | Shown on the sign-up screen |
※ *Each broker's terms take priority for conditions and exceptions. The entity and licence that apply are shown on the account-opening screen.
The entity that applies is the one shown on the sign-up screen. Save the entity name and the terms shown, so you can check them later.
XS vs HFM spreads: an average and a minimum cannot be lined up
A spread (the gap between the buy and sell price, which acts as a trading cost) is published by XS as a EURUSD average. HFM publishes a variable minimum.
An average smooths out the actual values, while a minimum is the lower bound the spread can reach. XS's 1.1 pips average and HFM's 1.4 pips minimum cannot be compared on the same scale.
| Account | Published spread | Commission | Minimum deposit |
|---|---|---|---|
| XS Standard | 1.1 pips average | None | No stated minimum |
| XS Cent | 1.1 pips average | None | No stated minimum |
| XS Pro | 0.7 pips average | None | USD 500 |
| XS Elite | 0.1 pips average | USD 6 round turn | USD 500 |
| XS VIP | 0.1 pips average | Customised | USD 100,000 |
| HFM Premium | From 1.4 pips | None | USD 0 / EUR 0 / JPY 0 |
| HFM Cent | From 1.4 pips | None | USD 0 |
| HFM Pro | From 0.6 pips | None | USD 100 / EUR 100 / JPY 13,000 |
| HFM Zero | From 0 pips | Forex: USD 6 round turn per standard lot | USD 0 / EUR 0 / JPY 0 |
| HFM KATANA | From 0.3 pips | None | USD 500 / EUR 430 / JPY 80,000 |
| HFM Top-Up Bonus | From 1.4 pips | None | USD 0 / EUR 0 / JPY 0 |
※ XS publishes averages and HFM publishes minimums. Actual spreads change by instrument and time of day.
To compare costs including commission, the candidates are XS Elite and HFM Zero. Elite is a 0.1 pips average plus a USD 6 round turn. Zero is from 0 pips plus a forex commission of USD 6 round turn per standard lot.
A USD 6 round turn is about 0.6 pips for 1 standard lot on a pair where 1 pip is worth about USD 10. The actual total changes by instrument and time of day.
See the spread and commission comparison of 9 major offshore brokers by account →
XS vs HFM leverage: maximum values and stop out levels
Maximum leverage is 1:2000 at XS and varies by account at HFM. Check the stop out level (the margin level at which open positions are force-closed) at the same time.
| Item | XS | HFM |
|---|---|---|
| Maximum leverage | Up to 1:2000*. Steps down according to equity and other factors | CENT, ZERO, PRO and PREMIUM are 1:2000; TOP-UP BONUS is 1:1000; KATANA is unlimited |
| Margin call (warning level) | 40% on the Standard account | 50% (20% on KATANA only) |
| Stop out level | 20% on the Standard account | 20% (0% on KATANA only) |
| Bonus-eligible account | Welcome bonus: MT5 JPY-denominated account. First deposit bonus: MT5 Standard account | Top-Up Bonus account (up to 1:1000*) |
※ For XS Cent, Pro, Elite and VIP, check the official individual terms for leverage. HFM leverage may be adjusted, and the trading screen and terms take priority.
XS vs HFM bonuses: the four standing offers compared
This section covers only the four standing offers. Credit can be used as trading margin, but the credit itself cannot be withdrawn.
| Offer | Details and eligibility | Main withdrawal and expiry conditions |
|---|---|---|
| XS welcome bonus | JPY 5,000 credit on completing identity verification. For customers resident in and nationals of Japan, on an MT5 JPY-denominated account | Withdrawal requires 5 lots or more traded on the same account (only positions held 2 minutes or longer count). Valid for 60 days from being granted. Withdrawing profit removes all the credit |
| XS first deposit bonus | JPY 10,000 credit for a first deposit of JPY 20,000 or more (once only). MT5 Standard account | Within 60 days, a total of 5 lots or more (held 2 minutes or longer) in forex, BTC, gold and silver. Withdrawing or transferring funds before reaching this removes all the credit |
| HFM Top-Up Bonus account 20% deposit bonus | 20% of each deposit. The total you can receive is capped at USD 5,000. Top-Up Bonus account only | The bonus itself cannot be withdrawn. Profit from trades made with the bonus can be withdrawn. The bonus is removed in proportion to the share withdrawn |
| HFM Bonus Hunter | JPY 45,000 of trading funds with no deposit. Open the dedicated account within 30 days of completing account verification | The trading funds cannot be withdrawn. With profit of JPY 15,000 or more, 3 or more round-trip trades and a total of 1 standard lot or more, it converts to a 100% deposit bonus of up to JPY 150,000 |
※ For XS, the sources are the offer terms published on this site (confirmed on the official site). For HFM, the sources are the official promotions page and the official Bonus Hunter page.
Withdrawals are treated differently. At XS, some conditions remove all the credit if you withdraw or transfer funds. At HFM, the bonus is reduced in proportion to the share withdrawn.
Bonus terms may change without notice. Before depositing, check the display in the client area for XS and in myHF for HFM. Choosing a broker on the presence of a bonus alone can lead you to overlook the withdrawal conditions.
See the terms for the XS welcome bonus of JPY 5,000 →
See the terms for the XS first deposit bonus of JPY 10,000 →
See the terms for the HFM Top-Up Bonus account 20% deposit bonus →
See the application terms for HFM Bonus Hunter (JPY 45,000, no deposit) →
XS vs HFM deposits, withdrawals and support
| Item | XS | HFM |
|---|---|---|
| Deposit methods | Bank transfer, Visa, MasterCard, Skrill, Neteller, online banking and local payments (varies by country of residence) | 7 methods: bank transfer, credit/debit card (JCB, VISA), cryptocurrency, EXONE, bitwallet and BINANCE PAY |
| Deposit fee | Free on the XS side. Bank and payment provider fees are separate | Free on the HFM side. Bank and payment provider fees are separate |
| Withdrawals | No fee on the XS side. Withdrawal to a third party is not allowed | Accepted 24 hours a day, 365 days a year. In principle, withdraw by the same method used to deposit |
| Withdrawal processing time | Normally processed within 24 hours. Also processed at weekends | Requests made before 10:00 server time are processed on the same business day |
※ Minimum amounts by method for XS are covered in a separate article. The methods and amounts shown after you log in are the final check.
For both, the methods and minimum amounts shown after login are the standard. Avoid deposits in a third party's name, and match the name on your registration.
See HFM deposit and withdrawal methods, fees and processing times →
XS deposit and withdrawal methods: fees, processing times, minimums and withdrawal rules →
XS or HFM? How to choose by condition
- To start on MT4 or MT5 with a low minimum deposit: XS Standard (no stated minimum) or HFM Premium (minimum USD 0)
- To try small trade sizes on MT5: XS Cent (MT5 only) or HFM Cent (minimum USD 0)
- To add WebTrader and the HFM app to your trading setup: HFM
- To manage costs including commission: XS Elite (USD 6 round turn, minimum USD 500) or HFM Zero (forex: USD 6 round turn per standard lot)
- To try a broker through an offer without depositing: the XS welcome bonus of JPY 5,000 or HFM Bonus Hunter (JPY 45,000 of trading funds)
- To use an offer tied to your deposit amount: the XS first deposit bonus (JPY 10,000 for JPY 20,000 or more) or the HFM 20% deposit bonus (capped at USD 5,000)
Trading forex and CFDs with leverage can lose some or all of your funds. Do not increase trade size on the strength of a bonus or high leverage. Decide within what your own funds can sustain.
Steps to check after you decide between XS and HFM
- 01Check the entity and the terms
For both XS and HFM, check the entity and licence that apply on the sign-up screen. Save the entity name and the terms shown.
- 02Choose an account type and currency
Compare the minimum deposit, spread, commission and supported platforms, and decide on an account type.
- 03Finish identity verification before you deposit
The HFM official FAQ states that you can deposit once your documents are approved. The XS welcome bonus also requires completed identity verification.
See our article on XS regulation, insurance and account conditions from official information →
Check HFM account types and current offers on the broker page →
Frequently asked questions
Q. Which is better, XS or HFM?
A. Neither is better outright; choose by the condition you value most. For the entry account, XS Standard (no stated minimum deposit) and HFM Premium (minimum USD 0) are close in terms. Compare bonus types, platforms and whether commission applies.
Q. Which has tighter spreads, XS or HFM?
A. The numbers alone cannot decide it, because the published bases differ. XS publishes the EURUSD average (Standard is 1.1 pips) and HFM publishes the minimum (Premium is from 1.4 pips). For accounts with commission, add the round-turn commission before comparing.
Q. What is the maximum leverage at XS and HFM?
A. XS is up to 1:2000, stepping down according to equity and other factors. HFM differs by account: PREMIUM, PRO, ZERO and CENT are 1:2000, TOP-UP BONUS is 1:1000, and KATANA is unlimited. Leverage may be adjusted.
Q. What is the difference between XS and HFM bonuses?
A. XS gives a credit of JPY 5,000 for identity verification and JPY 10,000 for a first deposit of JPY 20,000 or more. HFM offers 20% of your deposit (capped at USD 5,000) on the Top-Up Bonus account, and Bonus Hunter with JPY 45,000 of trading funds and no deposit. Withdrawal conditions differ by offer.
Q. Which of XS and HFM can I start with a small deposit?
A. Both have accounts you can start with a small amount. XS Standard and Cent have no stated minimum deposit, and HFM Premium, Cent, Zero and Top-Up Bonus have a minimum of USD 0. Check the minimum for each payment method on the screen after login.
Q. Do XS and HFM offer zero-cut?
A. On our broker pages, both XS and HFM are listed with zero-cut (you are not billed for losses beyond your account balance) as "Yes*". Check each broker's terms for the conditions and exceptions.
Sources and conditions
- XS Official: Account Types (Japanese, Standard and Cent checked 17 October 2026) →
- XS Official Help Center: Deposits (checked 17 October 2026) →
- XS Official Help Center: Withdrawals (checked 17 October 2026) →
- XS bonuses and campaigns (this site, terms checked 19 September 2026) →
- HFM Official: Trading Accounts (account types, Japanese, checked 26 September 2026) →
- HFM Official: Bonuses (Japanese, checked 1 September 2026) →
- HFM Official: Bonus Hunter (Japanese, checked 19 September 2026) →
- HFM Official: Deposit Options (Japanese, checked 26 September 2026) →
- XS account types and trading conditions (this site) →
- HFM account types and trading conditions (this site) →
- Advertising disclosure and risk warning →
FX Textbook is an independent information site, not a broker or provider of personal investment advice. Forex and CFDs involve risk. You may lose some or all of your invested capital. No trading result is guaranteed.
NEXT STEP
Compared the conditions? Check XS's account conditions next.
Spreads, commissions and maximum leverage by account type, and the account-opening steps, are set out on the broker page. You can read them alongside the differences from HFM.
Brokers covered in this column
Account types, trading conditions and current offers are on each broker page.