Which XM Account is Best for Trading USD/JPY? Real Spreads, Leverage, and Swaps Compared

  • XM
  • ⇐2026年3月4日
目次
[Until 5/15] XM Limited-Time Account Opening Bonus $15,000!

USDJPY

XM

USD/JPY is the familiar currency pair of the US Dollar and the Japanese Yen.

Considered one of the top two major currencies alongside EUR/USD, it is a particularly popular star within Forex trading.

You can, of course, trade USD/JPY on XM, but the spreads and swap conditions differ significantly depending on the account type:

  • KIWAMI Extreme Account
  • Standard Account
  • Zero Account

To get straight to the point, if you are trading USD/JPY on XM, the KIWAMI Extreme Account is recommended.

In this article, we compare XM's three account types and summarize the pros and cons of trading USD/JPY on each.

XM USD/JPY Leverage Comparison

Standard KIWAMIKIWAMI Zero
1,000x 1,000x 500x

For XM's FX currency pairs, Standard and KIWAMI accounts offer up to 1,000x leverage, while the Zero account is capped at 500x.

The Standard account was previously limited to 888x leverage before being raised to 1,000x, but the Zero account remains unchanged with its somewhat modest leverage.

XM USD/JPY Spread Comparison

First, let's compare the spreads, which directly impact your trading costs.

The average trading cost per 1 lot (100,000 currency units) is as follows:

Account Type Spread Commission Total Cost
Standard Approx. 2.4 pips Free Approx. 2.4 pips
ZERO Approx. 0.0 pips $10 round trip Approx. 1.0 - 1.1 pips
KIWAMI Extreme Approx. 0.7 pips Free Approx. 0.7 pips

While the Zero account appears to have the narrowest spread based solely on displayed numbers,

the Zero account incurs a trading commission of $10 round trip per lot.

Therefore, in terms of overall trading costs, the KIWAMI Account is advantageous in most cases.

Pips and Valuation of 1 Lot of USD/JPY

In overseas FX, 1 Lot equals 100,000 currency units.

For currency pairs involving JPY, such as USD/JPY, calculations are based on a fixed rate where:

  • 1 pip = approx. 1,000 JPY
  • 10 pips = approx. 10,000 JPY

Therefore, you can easily think of the trading costs converted to JPY like this:

  • 0.7 pips → Approx. 700 JPY
  • 2.4 pips → Approx. 2,400 JPY

Note: Direct USD pairs (like EUR/USD) are affected by exchange rate fluctuations when converted to JPY.

Effective Cost Including XMP (Standard Account)

On the Standard account, holding a position for 5 minutes or more grants you XM Points (XMP).

XMP can be redeemed for trading bonuses to reduce your effective spread.

They can also be redeemed for cash, but the conversion rate is lower compared to bonuses.

Status Required Volumeper quarter 1Lot XMP per Lot
Bronze None 10 XMP
Silver 2000K USD+20Lot〜 Up to 12.5 XMP
Gold 1,0000K USD+100Lot〜 Up to 15 XMP
Platinum 5,0000K USD+500Lot〜 Up to 20 XMP
Elite 300M USD+3,000Lot〜 Up to 30 XMP

Premise:

  • USD/JPY 1 Lot: 1 pip ≒ approx. $10
  • Standard Account Avg Spread: 2.4 pips
  • ELITE Rank: 30 XMP / Lot
  • Credit Conversion: XMP ÷ 3 = Equivalent in USD

30 XMP ÷ 3 = $10

Since 1 pip in USD/JPY is approx. $10,
this equals a reward of approx. 1.0 pips.

Item pips
Standard Account Spread 2.4 pips
XMP Reward (Elite Assumption) -1.0 pips
Effective Cost Approx. 1.4 pips

Even so, it does not reach the approx. 0.7 pips of the KIWAMI Extreme Account.

If you prioritize trading costs, the KIWAMI Extreme Account remains more advantageous.

XM USD/JPY Swap Points Comparison

Next, let's compare the swap points incurred when holding a position overnight.

The estimated values per 1 lot as of March 2026 are as follows:

XM Swap List for All Instruments on Standard and Zero Accounts

Account Type Buy (Long) Sell (Short)
KIWAMI Extreme Account 0.0 (Swap-free) 0.0 (Swap-free)
Standard Account 0.95 (approx. 95 JPY) -26.85 (approx. -2,685 JPY)
Zero Account 0.95 (approx. 95 JPY) -26.85 (approx. -2,685 JPY)

USD/JPY is heavily influenced by the interest rate differential between the US and Japan, making it a currency pair that easily generates massive negative swaps on short positions.

If you hold a short position for a long time on the Standard or Zero account, swap costs will pile up heavily.

On the other hand, the KIWAMI Account is Swap-free.

  • Holding a short position on USD/JPY
  • Executing swing trades
  • Holding a position for a long period

Even in these scenarios, you do not need to worry about swap costs at all.

1. KIWAMI Extreme Account: The Top Choice for USD/JPY

  • Narrow spread
  • Zero trading commissions
  • USD/JPY is swap-free

Since you can keep costs down for both day trading and swing trading, this is the most advantageous account if USD/JPY is your main focus.

Open a KIWAMI Extreme Account on XM

2. Standard Account: When You Want to Use Bonuses

The biggest feature of the Standard Account is the deposit bonus.

  • You have limited funds
  • You want to trade using bonuses

In these cases, the Standard account is highly suitable.

3. Zero Account: For Niche Uses

While the Zero Account has extremely narrow spreads, a commission is charged on every trade.

In terms of total costs, the KIWAMI Account is advantageous in most cases.

  • Focus on Trading Costs: KIWAMI Extreme Account
  • Want to Utilize Bonuses: Standard Account

Because USD/JPY is prone to massive negative swaps due to interest rate differentials, it is a currency pair that matches exceptionally well with the swap-free KIWAMI Extreme Account.

Open an XM Account and Start Trading

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