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XM review
By
5 mins read
Overview
Our 5-step process of verification and evaluation – How do we obtain information?
General inspection – 30%
Trading experience – 30%
Technical audit – 20%
Collective experience from collaborations with the broker – 10%
Interviews with real traders – 10%
See the entire process here.
Pros
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Multi-Regulated Broker: XM has multiple regulations including CySEC (Cyprus), FSC (Belize and Mauritius), FSA (Seychelles), and DFSA (Dubai).
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Variety of Bonuses: The broker offers an extensive range of bonuses including welcome, no-deposit, and seasonal offers that can boost capital and allow profit withdrawal.
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Consistent High Leverage and Low Spreads: The company offers consistently low spreads and a high leverage even during volatile market conditions.
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24/7 Customer Support in 30 Languages: Customer service is available round-the-clock across calls, live chat, and emails. The support is multilingual and offered in almost 30 languages.
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Focus on Trader Education: Comprehensive trader education with live webinars, video lessons, and ongoing training suitable for all experience levels.
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Extensive Variety of Tradable Assets: XM gives traders access to 1400+ tradable CFD assets like cryptos, forex, indices, stocks, and commodities. You can also trade with real stocks.
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Variety of Payment Methods: XM allows you to make and receive payments via credit cards, debit cards, bank transfers, and a number of national and international wallets.
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Copy Trading and Automated Trading Strategies: XM allows trading copy trading and other automated trading strategies (Restrictions may apply based on your region).
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Multiple Trading Platforms: You can trade with MetaTrader 4, MetaTrader 5, WebTrader, and the company’s own mobile app.
Cons
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Not Available in the US: XM does not accept clients from the US. For traders based in restricted regions, it is best to look for other options.
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Offerings May Differ Based on Location: Payment methods, trading strategies, and bonuses may vary depending on your location.
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Inactivity Fees: XM charges a dormant fee when your account stays dormant for consecutive 90 days. You are charged an inactivity fee of $5 per month.
General details
Introduction
XM is one of the most popular CFDs with more than 15+ years in industry. The company advertises that they have 15 million customers in 190 countries. Out of all the brokers we have reviewed on TopBrokers, XM is one of the most complete brokers in terms of tradable assets, trading platforms, and features for both beginners and expert traders. You can get started with deposits as low as $5 to start trading with XM.
The broker has multiple regulations from tier-1 jurisdictions and offshore regulators. With a secure yet flexible trading environment, traders get both the security and flexibility. You also have access to an extensive range of 1400+ assets across 7 markets. On top of CFDs, you can also trade real stocks.
Supported Countries
Before choosing a broker, it is important to ensure that the company accepts clients from your country. For reasons like local and international regulations, almost no brokers accept clients from all countries. The same is the case with XM. The company accepts clients from 190 countries. Therefore, it is easier to mention the countries where the broker does not operate instead of mentioning the ones where the broker operates.
- Aland Islands
- Albania
- American Samoa
- Anguilla
- Argentina
- Barbados
- Bonaire
- Bouvet Island
- British Columbia
- Canada
- French Southern Territories
- Guam
- Guernsey
- Heard Island and McDonald Islands
- Isle of Man
- Israel
- Japan
- Jersey
- Kosovo
- Liberia
- New Zealand
- Nicaragua
- Northern Mariana Islands
- Palau
- Puerto Rico
- Quebec
- Saint Barthelemy
- Saint Martin
- Samoa
- Sint Eustatius and Saba
- Sint Maarten
- U.S. Virgin Islands
- United States Minor Outlying Islands
- USA
- Vanuatu
- Yemen
- Cuba
- Iran
- Myanmar
- North Korea / Democratic People’s Republic of Korea
- Sudan
- South Sudan
- Syrian Arab Republic
- Russia
Average Customer Rating
When you are choosing a broker, it is highly advisable to look at what their average customer feedback is like. According to most users on our website, they have had a positive experience with XM. Besides the reviews on our website, the company boasts a solid 3.8-star rating on Trustpilot.
Trading Platforms
You can trade with MetaTrader 4, MetaTrader 5, and XM app when you create an account with XM. With these platforms, you can leverage automated trading and copy trading strategies. You can either download these platforms on your device or trade straight from your browser with an MT5 WebTrader.
If you prefer trading from a mobile device, you can do that with the XM mobile app. It is available on both iOS and Android platforms.
Customer Support
You can reach XM customer support via the usual channels like live chat, calls, and email. In addition, you also have WhatsApp, Line, and Telegram chat options, which are quite uncommon among other brokers. Support is available 24/7. This means you can reach the support even on weekends when only crypto markets are open.
Calling XM support multilingual would be an understatement as the company offers support in almost 30 languages. These languages include:
- English
- Greek
- French
- Polish
- Portuguese
- Dutch
- Turkish
- Malay
- Hungarian
- Italian
- Arabic
- Vietnamese
- Czech
- Hindi
- Simplified Chinese
- Russian
- Swedish
- Spanish
- Thai
- Bengali
- Sinhala
- Traditional Chinese
- Indonesian
- German
- Korean
- Filipino
- Urdu
- Uzbek
Trading Fees
Brokers make money by charging traders different types of fees. These fees include spreads, swap fees, withdrawal fees, deposit fees, and inactivity fees. XM offers low spreads on all its account types, providing customers with lower trading costs. The spreads are especially low on Ultra Low accounts starting at just 0.6 pips.
Besides spreads, the company does not charge deposit and withdrawal fees.. You may incur fees from your payment platform. However, depending on the funds to be withdrawn, you may be charged a withdrawal fee on wire transfers.
If your account stays dormant for 3 months in a row, the company starts charging $5 per month.
Regulations and Compliance
XM operates under the name of Trading Point Holdings Ltd., and holds many regulations from jurisdictions across the world. The company holds the following licenses:
- CySEC (Cyprus): License No. 120/10
- FSC (Belize): License No. 000261/27
- FSC (Mauritius): License No. GB22200948
- FSCA (South Africa): FSP No. 49976
- DFSA (Dubai): License No. F003484
- FSA (Seychelles): License No. SD190
Being a regulated broker, the company requires clients to comply with AML (Anti-Money Laundering) and KYC (Know Your Customer) compliance.
Conclusion
XM has many standout features and offerings suitable for most traders. The broker checks all the usual boxes by offering features that the majority of traders usually look for. Low trading fees, high leverage, a solid reputation, top regulations, and so much more.
All things considered, XM is a great broker and worth trying. The barrier to entry is very low with the initial deposit requirement set at only $5. If it’s your first time trading, you can also explore XM’s demo account to test your strategies.
+501 223-6696
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Accounts
Account Types
XM offers a total of 4 types of live trading accounts including one for trading stocks only. The Micro and Ultra Low accounts are also available as swap-free Islamic accounts. You can find the details of all trading accounts in the table below:
| Feature | Micro Account | Standard Account | Ultra Low Account | Shares Account |
| Platform Availability | MT4, MT5, XM App | MT4, MT5, XM App | MT4, MT5, XM App | MT5 only |
| Base Currencies | USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, ZAR | USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, ZAR | USD, EUR, GBP, AUD, ZAR | USD |
| Minimum Deposit | 5 USD | 5 USD | 5 USD | 10,000 USD |
| Minimum Trade Volume | 1 micro lot (1,000 units) | 1 standard lot (100,000 units) | 0.01 lots | 1 share |
| Maximum Leverage | 1:1000 (entity dependent) | 1:1000 (entity dependent) | 1:1000 (entity dependent) | 1:1 (no leverage) |
| Commission | None | None | None | Commission per share |
| Spreads | From 1 pip | From 1 pip | From 0.6 pips | Market dependent |
| Swap-Free Option | Yes (available by request) | Yes (available by request) | Yes (available by request) | No |
| Instruments Offered | Forex, Commodities, Indices, Crypto, CFDs | Forex, Commodities, Indices, Crypto, CFDs | Forex, Commodities, Indices, Crypto, CFDs | Real Stocks (non-CFD) |
| Bonus Eligibility | Yes (where applicable by regulation) | Yes (where applicable by regulation) | No | No |
| Stop-Out Level | 20% | 20% | 20% | 20% |
| Execution Type | Market Execution | Market Execution | Market Execution | Market Execution |
| Best For | Beginners, small-volume traders | Everyday retail traders | Active traders seeking tighter spreads | Investors seeking direct stock exposure |
Besides live accounts, the company also offers demo accounts where you can test your strategies risk-free.
Tradable instruments
XM allows trading with 1400+ tradable assets across forex, crypto, stocks, indices, and commodities. XM also calls some instruments Turbo Stocks and Thematic Indices that you can explore. You can also invest in real stocks with a separate Shares Account.
Frequently asked questions
Find the right answer to your question below.
XM Broker offers two trading platforms – MetaTrader 4 (MT4) and MetaTrader 5 (MT5). Both of these platforms have excellent reputations for usability with intuitive interfaces. However, you shouldn’t confuse user-friendliness with low performance. They both offer advanced charting capabilities and high-level analytical tools and are a great fit for all trading levels.
XM Broker features three different account types, each catering to different trading styles. The accounts include Ultra Low Micro, Ultra Low Standard, and XM Zero. There are low minimum deposits across the board with the three accounts. However, you will notice differences in advanced features.
Yes, XM Group is well-regulated. They hold regulating licenses with the Cyprus Securities and Exchange Commission (CySec), along with other global regulating agencies. These include the FCA and ASIC, among others. These regulatory authorities instill confidence in XM Broker’s operations, even for the momentum trader.
XM Broker is one of the top choices in global brokers, however their asset coverage is rather limited. Currently, they offer forex and CFD trading. Through the CFDs, traders can speculate on indices, commodities, currency pairs, and other financial instruments. For traders who are looking to level up their trading game, we suggest this article on counter trading.
Funding and withdrawal options with XM Broker include credit and debit cards, e-wallets, and wire transfers. This range of options offers convenience for traders, especially since not all brokers accept e-wallet funds.
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Forex.com Best Trading PlatformsStart trading76-78% of retail investor accounts lose money when trading CFDs with this provider.
XM compared with alternative brokers
To see the full broker review click “See review”, to see the complete table and compare more brokers visit our Comparison page.
- Overall verdict
- Trading
- Minimum deposit
- Maximum leverage
- Fees
- Withdrawal fee
- Deposit fee
- Safety
- Top-tier regulators
- Investor protection
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4.7/ 5
-
4.8/ 5
- $5
- 1:1000
-
4.7/ 5
- $0
- $0
-
5/ 5
- CySEC, FSCA, DFSA
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Yes
-
See review
-
4.7/ 5
-
4.7/ 5
- $100
- 1:10000
-
4.7/ 5
- $0
- $0
-
4.7/ 5
- FCA
-
Yes
-
See review
-
4.5/ 5
-
4.6/ 5
- $50
- 1:500
-
4.5/ 5
- $0
- $0
-
4.8/ 5
- ASIC, CYSEC
-
Yes
-
See review
-
4.6/ 5
-
4.8/ 5
- 20$
- 1:400
-
4.9/ 5
- N/A
- N/A
-
4.8/ 5
- FCA
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No
-
See review
-
4.6/ 5
-
4.6/ 5
- $200
- 1:500
-
4.5/ 5
- $0
- $0
-
4.2/ 5
- ASIC, CySEC
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Yes
-
See review
