XM.COM Review

XM Group is an online broker that offers thousands of financial instruments in various asset classes. The company operates as part of the XM Group financial company.

From their offices in Belize, they provide trading platform services to millions of clients in 190 countries. Their key features include free deposits and withdrawals, instant transactions, and extensive educational resources.

This XM review will help you decide if the broker is the best option for your needs.

Supported Countries

XM Group provides brokerage and trading platform services to clients from all over the world. They also offer support for over 25 languages, so traders from supported countries can use the platform and get customer support in their preferred languages.

The broker does not offer its services to specific regions. Residents of certain countries, such as Israel, Canada, Israel, Iran, and the United States, cannot access their services. 

If you are a US resident, you can check out other brokers that provide trading services to United States residents.

Customer Service Rating

XM has a 2.1 rating on Trustpilot based on 315 reviews. The reviews are usually on extreme ends, with more reviews skewed toward the negative side. The bulk of the negative reviews focus on withdrawal issues. 

Complaints are mostly about XM’s policy restricting withdrawal methods to the channel used to fund accounts. So, if users deposit funds via a particular credit card, they may only withdraw those funds into the same credit card. This policy is usually an issue for customers who did not read the company's policies and causes the most negative review.

The positive reviews praise their quick transaction speeds, instant deposits and withdrawals, and helpful support. 

XM Trading Platforms

XM is a MetaTrader only broker. They also provide an Android app that interfaces with MetaTrader 4 and MetaTrader 5.

• MetaTrader 4: The MT4 trading platform offers over 1000 financial instruments and allows you to access 6 platforms from one login access. It supports technical analysis, hedging, EA (Expert Advisor), automated (algorithmic) trading strategies, and VPS functionality. Clients can access the platform via Android devices, PC (windows) downloads, and web browser applications. The MetaTrader 4 MultiTerminal is also accessible as a PC Windows download.

• MetaTrader 5: The MetaTrader 5 software offers all the MetaTrader 4 and includes additional features such as 1000 stock CFDs on stocks and built-in analysis tools. Traders can access the platform via Android and Windows PC and as a web browser application. If you want to trade stock CFDs, use MT5, as XM does not offer stock CFDs on MT4.

• XM App: XM offers the XM app for iOS (iPhone and iPad) and Android (smartphone and tablets). The app services as a way for traders to access MT4 and MT5 platforms.

Type of Trading Accounts on XM

XM offers four types of trading accounts: Micro Account, Standard Account, XM Ultra Low Account, and Shares Account. Each type offers demo trading and real trading. 

The demo accounts offer a real account's features and functions with one key difference. The volume will not affect your trades when using a demo account. While in real trading, market volume can affect your trades, especially when you have a large deal size. 

The live accounts allow you to trade with micro or standard lots, access MT4/MT5 with expert advisor trading, and get free regular intra-day market updates and technical analysis. All accounts also come with multilingual support and a personal account manager.

• Micro Account: The Micro Account has USD, EUR, GBP, JPY, CHF,‎ AUD, HUF, PLN, SGD, and ZAR as base currencies. It provides up to 1:1000 and negative balance protection. It also allows hedging, algorithmic trading, swaps, and Islamic accounts. The minimum deposit for this account is $5.

• Standard Account: The Standard Account has all the features of the Micro Account. The only difference is that the Micro Account has a 100-lot restriction per ticket, while the Standard Account has a 50-lot restriction per ticket.

• XM Ultra Low Account: This account offers fewer base currencies (EUR, USD, GBP, AUD, ZAR, SGD) and the lowest spread (as low as 0.6 pips). The Standard Ultra has a 50 lots restriction per ticket, while the Micro Ultra has a 100 lots restriction per ticket. While it supports hedging, algorithmic trading, and Islamic accounts, it doesn't allow swaps.

• Shares Account: The base currency for this account is USD. It offers no leverage, hedging, or swaps. The minimum deposit is $10,000, and the underlying exchange decides the spread.

Execution times

XM trading hours are between Sunday 22:05 GMT and Friday 21:50 GMT. 99.35% of all orders executed in less than 1 sec with a 100% execution rate on all orders.

Company Structure

XM Broker is a subsidiary of XM Global Limited, the broker began operations in 2009 under Trading Point Holdings as a global forex brokerage. It purchased XEMarkets.com in 2012 and the 2-letter domain name XM.COM as the short version of XEMarkets in 2013.

XM gained popularity due to its low minimum deposits and soon began to attract clients from continents worldwide. The platform launched the Multi-Asset MetaTrader 5 (MT5) trading platform and crossed the 1,000,000 clients milestone in 2017.

Currently, it operates as an online multi-asset forex broker offering 55 currency pairs and thousands of CFDs as tradable assets.

XM Licenses, Regulatory Compliance, and Customer Protection

XM complies with many regulatory bodies and policies to protect customers' funds and uphold accountability. These include:

• FSC: XM is licensed by the Financial Services Commission (FSC) in Belize under the license number 000261/309 as XM Global Limited.

• ASIC: The XM Group is also licensed as a broker by the Australian Securities and Investments Commission (ASIC) in Australia under the license number: №443670 as Trading Point of Financial Instruments Pty Limited.

• CySEC: The broker is licensed by the Cyprus Securities and Exchange Commission in Cyprus under the license number №120/10 as Trading Point of Financial Instruments Ltd. Since Cyprus is a member of the EU, the CySEC's financial regulations and operations are aligned with the European MiFID financial harmonization law. 

• DFSA: XM is regulated by the (Dubai Financial Services Authority) DFSA with the reference number F003484.

Note: You should confirm that your country of residence is not on XM’s list of restricted regions. Countries in this list include Iran, Israel, the United States, and Canada. 

Trading Info

XM supports automated (algorithmic) trading strategies via their Expert Advisor (EA) functionality. They also provide a hedging system for traders. However, there are no mandatory stop-loss and take-profit requirements.

Tradable Assets

Clients can trade thousands of instruments from a range of 8 trading assets. XM trading assets are:

• Forex: There are over 50+ currency pairs in majors, crosses, and exotics categories. The market is open 24 hours/day, 5 days/week, allowing up to 1000:1 leverage. You can swap for free on Ultra Low Accounts. Furthermore, there are no hidden charges or re-quotes.

• Cryptocurrencies: Cryptocurrency trading is also supported via CFDs on the XM trading platform. The market is open 24/7, and you can swap products for free. Traders can either go long or short and access up to 1:250 leverage.

• Indices: Investors looking to profit from Equity Index can do so by the indices CFDs offered on the platform. The financial instruments provide instant and cost-efficient access to global economies. Traders have up to 1:500 leverage to speculate on whether the market will go up or down with no extra fees. You should check the trading hours for the index you want to trade.

• Commodities: Clients can trade XM commodities (as CFDs) with no exchange fees. This asset type provides direct access to global markets. It is ideal for beginner traders due to low deposit requirements.

• Energy commodities: Financial instruments based on oil and energies (offered as CFDs) are available on the platform. These instruments have high volatility allowing traders to profit from sharp price movements. The trading margin starts from as low as 5 USD. Furthermore, you don't have to pay overnight financing on oil CFDs or extra fees.

• Metals: Investors looking to trade gold, silver, and other metal without holding the underlying assets can trade the metal CFDs on XM. The platform offers up to 1000:1 leverage, and traders using the Ultra Low Accounts can swap for free.

• Stocks: XM allows traders to invest in over 1,200 stock CFDs. These stocks are from companies worldwide, including countries like the US, the UK, France, Germany, the Netherlands, Spain, and Canada. (You should note that the platform doesn't allow traders from the US and Canada.)

XM  Notable Features

Here are some key features of XM.

• VPS hosting: XM offers free VPS hosting to clients with a minimum trading account balance of 5000 USD (or equivalent currency). However, they are only eligible if they trade at least 5 standard round turn lots (or 500 micro round turn lots) monthly. Clients who don't need the eligibility criteria can request VPS at $28 monthly.

• Education: Clients can access helpful resources from the research and education tab. These resources include a live training center, educational videos, forex webinars, and newly launched offline forex classes for new traders. On the research end, traders can access trade ideas, market overviews, economic calendars, and technical summaries.

• Customer support: All traders get round-the-clock support via email, live chat, and phone. The support is available in English, Arab, Bulgarian, Vietnamese, Greek, Indonesian, Spanish, Italian, Chinese, Korean, Malay, Deutsch, Polish, Portuguese, Russian, Turkish, French, Swede, Japanese, Arabic, German, Japanese, Portuguese, Chinese, Russian, Malay Thai, Asian, Polish, and English. There is also an FAQ section that answers most beginner questions.

• Bonuses and Promotions: XM offers a lot of bonuses and promotions to attract and keep clients. Customers get a 50% deposit bonus (capped at $500 or currency equivalent). They also offer an extra 20% deposit bonus of up to $4,500 or equivalent currency. Their loyalty program includes special seasonal bonuses and invite-only bonuses. They also offer $35 per referral.

• Hedging: Traders can hedge their positions on their trading accounts. Since the margin requirement for hedged positions for Forex, Gold, and Silver is zero, traders can open positions when the margin level is below 100%. For other instruments, the margin requirement for hedging is 50%.

Deposits/Withdrawal Channels and Requirements

XM accepts deposits and processes withdrawals via Neteller, Sticpay, Bank Wire, and all major credit cards (including VISA, VISA Electron, MasterCard, and Maestro). The minimum deposits and withdrawals depend on the order type, not the payment channel.

• Credit/debit card: You can fund your XM trading account using credit and debit cards from Visa, Visa Electron, Mastercard, and Maestro. There are no deposit fees, and the minimum deposit is $5. 

• E-wallets: XM supports deposits from electronic payment channels such as Neteller, Skrill, and Unionpay. Instant deposit works for Neteller and Skrill, while deposit via UnionPay can take up to 24 hours to reflect in your account. XM does not accept crypto deposits.

• Bank Transfer: For bank transfers, you can only make deposits in USD or equivalent. Using Sofort Banking, your deposits must be in EUR or GBP. Deposits can take two to five days to process.

How to start trading on XM

To start trading on XM, open a trading account. Once you've done so, you will receive login details that you can use to assess the secure Members Area.

You can fund your trading account from the Members Area and open additional trading accounts. You can also claim bonuses, check your loyalty status, manage your accounts, get support, and use the trading tools provided by the platform. Any changes you make in the Members Area will reflect in all your trading accounts.

You must go through a straightforward KYC (Know your Customer) process to verify your identity, protect your funds and secure your account.

Conclusion

XM is one of the best online brokers for beginners and experienced traders. Although they don't offer as many instruments as other brokers, they still do well in terms of trading features and bonuses. Top financial regulatory bodies around the world also regulate them.