Guide
Updated April 2026 · 8 min read
Complete guide to upi forex fees comparison for Indian forex traders using UPI deposits on Exness and XM. Both Exness and XM accept UPI deposits from Indian traders with instant processing and zero fees. This guide covers everything you need to know about upi forex fees comparison in 2026.
| Feature | Exness | XM |
|---|---|---|
| Min UPI Deposit | ₹840 (~$10) | ₹400 (~$5) |
| Deposit Speed | 5-12 seconds | 10-20 seconds |
| Deposit Fee | Free | Free |
| Signup Bonus | None | $30 no-deposit |
| EUR/USD Spread | 0.6 pips (Std) | 0.6 pips (Ultra Low) |
| Withdrawal Speed | 22 seconds (e-wallet) | 24 hours |
| Max Leverage | Unlimited | 1:1000 |
| Instruments | 200+ | 1,000+ |
| Regulation | FCA, CySEC | CySEC, ASIC |
| UPI Apps Supported | Google Pay, PhonePe, Paytm, BHIM | Google Pay, PhonePe, Paytm, BHIM |
The INR amount is automatically converted to USD at the interbank exchange rate with zero markup. Both brokers charge no fees for UPI deposits. You can start trading immediately after the deposit is credited.
| Fee Type | Exness | XM |
|---|---|---|
| UPI deposit | ₹0 (free) | ₹0 (free) |
| INR to USD conversion | Interbank rate, 0% markup | Interbank rate, 0% markup |
| E-wallet withdrawal | Free | Free |
| Bank wire withdrawal | Free (bank may charge) | Free (bank may charge) |
| Account maintenance | Free | Free |
| Inactivity fee | None | $15/month after 90 days inactive |
Both brokers offer genuinely free UPI deposits. The only costs you incur are trading spreads and commissions (on Zero/Raw accounts). There are no hidden fees on deposits, withdrawals, or currency conversion. See full comparison.
Understanding all fees — not just spreads — is critical because hidden costs can eat into your trading profits. Here is every fee you will encounter as an Indian trader using UPI deposits:
| Fee Type | Exness | XM |
|---|---|---|
| UPI deposit fee | Free (₹0) | Free (₹0) |
| Currency conversion fee | Free (interbank rate) | Free (interbank rate) |
| Bank-side UPI fee | Free (₹0) | Free (₹0) |
| NEFT deposit fee | Free | Free |
| Card deposit fee | Free | Free |
Both brokers absorb all deposit fees. You pay zero to move money from your bank to your trading account via UPI. The INR to USD conversion uses the interbank rate with no markup — this is important because many other platforms add 1-3% conversion markup.
| Instrument | Exness Standard | Exness Raw Spread | XM Ultra Low | XM Zero |
|---|---|---|---|---|
| EUR/USD | 0.6 pips | 0.0 + $7/lot | 0.6 pips | 0.0 + $7/lot |
| GBP/USD | 0.8 pips | 0.1 + $7/lot | 0.8 pips | 0.1 + $7/lot |
| USD/JPY | 0.7 pips | 0.0 + $7/lot | 0.7 pips | 0.0 + $7/lot |
| Gold (XAU/USD) | 16 cents | 3 cents + $7/lot | 18 cents | N/A |
| BTC/USD | $25-50 | $15-30 | $30-60 | N/A |
For major forex pairs, both brokers are nearly identical on spreads. Exness has a slight edge on gold. XM's Zero account matches Exness Raw Spread on forex but does not offer gold on the Zero account.
If you hold a position overnight, you pay or receive swap fees. These can add up significantly on multi-day trades:
| Pair | Exness Swap Long | Exness Swap Short | XM Swap Long | XM Swap Short |
|---|---|---|---|---|
| EUR/USD | -$6.50/lot/day | +$1.20/lot/day | -$7.10/lot/day | +$0.80/lot/day |
| GBP/USD | -$4.80/lot/day | -$2.10/lot/day | -$5.50/lot/day | -$2.80/lot/day |
| XAU/USD | -$4.50/lot/day | +$0.80/lot/day | -$5.20/lot/day | +$0.30/lot/day |
Exness consistently offers lower swap rates than XM. For swing traders who hold positions for days or weeks, this difference compounds. On Wednesday nights, swaps are tripled (to account for the weekend) — a $4.50 daily swap becomes $13.50 on Wednesday.
Swap-free option: Both Exness and XM offer Islamic (swap-free) accounts that eliminate overnight charges. See our Islamic account guide.
| Method | Exness | XM |
|---|---|---|
| UPI withdrawal | Free | Free (min $5) |
| Bank wire | Free | Free (min $200) |
| E-wallet | Free | Free |
| Processing time (UPI) | 22 seconds (e-wallet) to 24 hours | 24 hours |
| Minimum withdrawal | $1 | $5 |
Exness wins on withdrawals: $1 minimum vs XM's $5, and near-instant processing to e-wallets. XM typically takes up to 24 hours for withdrawal processing. Neither charges any withdrawal fees regardless of method.
Let us calculate the actual cost of a typical trade on each broker. Scenario: Buy 0.10 lot EUR/USD, hold for 3 days, close at 50 pips profit.
| Cost Component | Exness Standard | XM Ultra Low |
|---|---|---|
| Deposit fee (UPI) | ₹0 | ₹0 |
| Spread cost (0.6 pips x 0.10 lot) | $0.60 | $0.60 |
| Swap (3 nights long, including Wed 3x) | -$3.25 | -$3.55 |
| Commission | $0 | $0 |
| Withdrawal fee | ₹0 | ₹0 |
| Total trading cost | $3.85 | $4.15 |
| Gross profit (50 pips x 0.10 lot) | $50.00 | $50.00 |
| Net profit | $46.15 | $45.85 |
On this example trade, Exness saves $0.30 versus XM. The difference is small on individual trades but compounds over months of active trading. For scalpers (many trades per day), spread differences matter more. For swing traders, swap rates matter more.
XM at ₹400 (~$5) plus a $30 no-deposit bonus. Exness requires ₹840 (~$10) minimum.
Yes, both Exness (5-12 sec) and XM (10-20 sec) process UPI deposits in real time.
No, completely free. No fees from broker, bank, or UPI app. Conversion at interbank rate with zero markup.
Risk Disclaimer: Trading forex and CFDs involves significant risk. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Verify that forex trading is legal in your jurisdiction before opening an account. This article contains affiliate links.