XM Review


Leverage: 1:30 to 1:888
Min. Deposit: $5
Platforms: MT4, MT5, XM WebTrader

Regulation: CySEC, ASIC, FSC, DFSA, FCA
HQ: Cyprus, Australia, Belize
Found in: 2009

XM Licenses:

  • Trading Point of Financial Instruments Ltd –  authorized by CySEC (Cyprus) registration no 120/10
  • Trading Point of Financial Instruments Pty Ltd – authorized by ASIC (Australia) registration no 443670
  • Trading Point MENA Limited – authorized by Dubai Financial Services Authority (DFSA) reference No. F003484
  • Trading Point of Financial Instruments UK Limited – authorized by FCA (UK) registration no. 705428
  • XM Global Limited – authorized by FSC (Belize) registration no. FSC/60/354/TS/19
  1. What is XM?
  2. XM Pros and Cons
  3. Awards
  4. Is XM safe or a scam?
  5. Leverage
  6. Account types
  7. Market Instruments
  8. Trading Fees
  9. Spreads
  10. Deposits and Withdrawals
  11. Trading Platform
  12. Customer Support
  13. Education
  14. Research
  15. Conclusion

Our Review Method

  • LowSpreadsFX leading financial experts with over 10 years experience in Forex Trading checked full trading offering including fees, platforms, verified licenses and safety, contacted customer service and placed traders to see trading conditions precisely to give expert opinion about XM

What is XM?

XM is a large Forex Broker started its activity in 2009 and so far operates clients from over 196 countries with a support staff speaking in 30 languages and is among the most trusted Regulated Brokers with good trading conditions and offering overall. The main branch located in Cyprus regulated by CySEC, yet offices are truly cover global needs and serve through Australia, UK, Belize, Greece also authorized in Dubai and MENA region.

Is XM good broker?

There are about 1.5 Million Traders and investors at XM that selected broker proposals and services, there are many advanced trading solutions, yet suitable for beginning traders. So yes, we can conclude XM is a good broker with good trading conditions and reputation since XM aims to provide one of the best user experiences in the industry to its clients. Generally, all procedures from account opening, managing, depositing/ withdrawing, and trading is straightforward, simple and transparent, which we will see in detail further within XM review.

XM Pros and Cons

XM is a broker with a great reputation and numerous regulations and very wide range of trading instruments which we mark as its main benefits. Besides, the offering is user-friendly and XM has one of the lowest deposit requirements among the industry, CFD costs we found average and platforms are very friendly to all types of traders.

At XM the account can be opened regardless of a net of capital with only 5$ or trading experience, also with its global approach and discovery of new markets, XM supports webinars and research materials, allowing to engage and start trading carer.

On the other hand, as we noticed XM has limited portfolio for EU clients, and outside EU clients there is no good investor protection.

Advantages Disadvantages
  • Multiply regulated broker with a strong establishment

  • Wide range of trading opportunities

  • Global expands including ASIA, MENA, Africa regions

  • Excellent Education and Research

  • Low minimum Deposit

  • Competitive trading conditions
  • Europe clients may trade only CFDs, Forex and Crypto products

XM Review Summary in 10 Points

Overall XM Ranking

Based on our Expert finds, XM is considered reliable broker with good trading conditions suitable for various traders including European clients and excellent service that makes XM suitable for beginners with quality education and one of the lowest deposit requirements overall.

  • XM Overall Ranking is 9 out of 10 based on our testing and compared to 500 other brokers, see Our Ranking below compared to other popular and industry Leading Brokers.
Ranking XM FXTM AvaTrade
Our Ranking

Low Deposit
Trading Conditions

XM Alternative Brokers

Yet, XM does not offer very wide range of trading instruments for European clients, mainly all are offered on CFD basis, while the range is larger for international traders along with various trading offerings too. Also, Spreads are within the average, some Brokers may have slightly lower spreads, based on our findings.

See detailed Alternative Broker Reviews:

  • FXTM – Good for Beginners and Good Fees
  • Dukascopy – Excellent for Shares, Futures Trading
  • AvaTrade – Good Instrument and CopyTrading


XM achieved a great focus on the Client’s needs while offers very competitive conditions and a range of services that attract global traders. Along time, we see great development of the company and its awards too, before company received awards from time to time, now they are on a regular basis. Apart from its highly good results and reputation among the trading community, XM received truly global recognition with many reputable awards for industry achievements including Best Forex Broker for Europe, Most Trusted Broker, etc.

Is XM Safe or Scam?

No, XM is not a scam. We consider XM a safe broker to trade Forex and CFDs, since XM is regulated and licensed by several top-tier financial authorities including FCA, ASIC, CySEC. Therefore, it is secure and low-risk to trade.

Is XM Broker regulated?

XM Group is a group of regulated online brokers, which serves as Trading Point of Financial Instruments Ltd established in 2009 and regulated by the Cyprus Securities and Exchange Commission (CySEC). Another entity Trading Point of Financial Instruments was established in 2015 in Australia and is regulated by Australian Securities and Investments Commission (ASIC) (Also like FP Markets). Read more, why trade with Australian Brokers by the link  so the regulatory obligations are covered at a sustainable level as we see through our XM Review.

  • However, the point to consider is that – global operation enabled by XM Global Limited established in 2017 is regulated by the Financial Services Commission, allowing to offer its services across the globe. Despite the fact that IFSC is an offshore license, that does not actually implement strict overseeing of the trading processes, yet additional heavy regulation of the XM makinng it an acceptable choice.

Is XM a reliable broker?

The main idea of the regulation is that the trader can trade secure, knowing that clients funds collaborate according to the strictest rules with minimized risks of fraud or unfair use. XM operates its trading environment according to the regulatory measures making it a reliable broker.

ALso, Client funds are kept in investment grade banks and use segregated accounts, falling under the Investor Compensation Fund that ensures recovery of funds up to €20,000 in case the broker goes insolvent (note that the coverage scheme depends on the particular entity). Besides, one of the advantages you will get as a trader is Negative Balance Protection, so there is no risk to lose more than the available balance.

See our conclusion on XM Reliability:

  • Our Ranked XM Trust Score is 9 out 0f 10 for good reputation and excellent service along the years, also reliable top-tier licenses under which Broker operates. The only point is International trading available via the offshore entity.
XM Strong Points XM Weak Points
  • Regulated by Top-Tier Authorities

  • Operates as a Group with Great Reputation

  • Compensation Scheme

  • Negative Balance Protection
  • Conditions and safety measures vary according to jurisdiction

  • International Proposal available via Offshore zone


Depending on the account type and the entity under which the XM follows regulatory obligations, you can use leverage on a scale from 1:1 to 888:1. So important to understand which leverage level you are entitled to use, therefore always refer to the conditions of your residency.

As various XM entities apply different conditions due to regulatory obligations here are the leverage offered according to entity rules, also note, Leverage depends on the financial instrument traded:

  • XM offers leverage up to 30:1 applied to the EU-regulated entity, European clients of Trading Point Cyprus may express a ratio of 1:5 for Cryptocurrencies and even a maximum of 1:2 for some products.
  • XM Australian entity and its regulation allows up to 30:1
  • And International entity offers high leverage of 888:1

However, always choose your leverage smartly, as well as the entity under which you would like to trade, which you may learn more through the XM education center, see snapshot for EU clients below.

Account Types

XM offering various account types, and made it simple as you may choose a preferred trading style through either account to trade smaller size via Micro Lots, or to trade regular size with Standard account based on spread only basisLastly, Zero Accounts will offer you another fee strategy where the spread is an interbank quote starting from 0 pips and the trading charge will be deducted through a commission per lot, see our snapshot below.

Pros Cons
  • Available options between spread only or commission Accounts

  • Micro Lot Account

  • Low minimum deposit

  • Low CFD fees

  • No Hidden costs
  • Account Vary based on Entity

  • Average Forex fees

Can you open XM account in South Africa?

If you are a trader from South Africa – yes you can open XM account, as XM applied for registration to local regulator since 2016 and even since appealing to South African traders. So truly worldwide traders can enjoy great customer-oriented features XM offers and engage in all the trading benefits relatively easily.

XM Account Base currencies

As for the account base currencies, by choosing XM Account you may select the base currency of your preference from the great supported selection. This range includes even the South African Rand (ZAR) or Singapore Dollar (SGD), besides to other global currencies.

So all in all registering with XM allows you transparency of money transactions, while you will avoid conversion fees for both deposits and withdrawals while selecting your

Trading Instruments

XM offers a huge variety of products so you can enjoy a great choice that meets expectations and preferences. besides, we see dramatic growth inn instrument offering compared to previous years, adding more Cryptocurrencies and CFDs to the list.

A range of trading markets is available from a single multi-asset account that offers 6 Asses Classes and includes about 55 currency pairs with a total over 1000+ trading markets. And so you are able to trade Forex or CFDs on stock indices, commodities, stocks, metals, energies and Cryptocurrencies at XM all available from the same trading account.

Is XM a stock broker?

XM offers Stocks for trading too, actually a quite good range with popular and minor Stocks too, however mainly based on CFDs, so you not trading or investing in Real Stocks. Also, conditions and offering is different based on XM entity as we found by research.

  • XM Markets Range Score is 8 out 0f 10 for good trading instrument selection, yet the only gap that European entity offers mainly CFDs and Forex Instruments, and much wider range is only available for International Clients

XM Fees

XM operates with variable spreads, just like the interbank forex market and imposes no restrictions on trading during news releases. XM fixed spreads are higher than a variable ones, as well are more flexible to different trading strategies. That means all trading costs are calculated into a spread with no hidden fees and tightest spread offering.

Also, while selecting the broker it is advisable to check not only the spread but also consider non-trading fees, withdrawal fee or other charges which applicable so that you will see the full picture, compare some fees below based on our find.

  • XM Fees are ranked average, low with overall rating 8 out of 10 based on our testing and compared to over 500 other brokers. Fees might be different based on entity, also majority of currency pairs are on an average level for spreads, additional fees like funding fees, rollover
Fees XM Fees FXTM Fees AvaTrade Fees
Deposit fee
Withdrawal fee
Inactivity fee
Fee ranking


XM pricing and costs are based on a spread, in case you will open Micro or Standard account. Also, XM spread is a fractional pip price that gets the best prices from XM’s various liquidity providers. Meaning, instead of regular 4-digit quoting prices you can benefit from the smallest price movements by adding a 5th digit, known as a fraction.

Below you may see average spread reference calculated throughout the day on a Standard account presented for most popular products. Even though some spreads might be higher than its industry competitors, the overall fee structure is rather average for Forex products and low cost for CFDs.

  • XM Spreads are ranked average/ low with overall rating 8 out of 10 based on our testing comparison to other brokers. We found Forex spread closer to the industry average of 1.2 pips for EURUSD, while other accounts based on commission might be good choice for professional traders
Asset/ Pair XM Spread FXTM Spread AvaTrade Spread
EUR USD Spread
1.6 pips
1.5 pips
1.3 pips
Crude Oil WTI Spread
5 pips
9 pips
3 pips
Gold Spread
BTC USD Spread

What is XM commission?

The commission fee is added on XM Zero Accounts only, as you will be trading with interbank spread quotes starting from 0 pips and commission charge as a trading fee. XM applies transparent conditions and a quite competitive offering of $3.5 per lot per 100,000 USD traded. Also, you may use the fee calculator provided by the XM for an easy understanding of your costs.

Fee conditions upon opening of trade

Overnight fee

Lastly, for the fees it is neccessary to calculate also XM overnight fee or the fee that a trader pays in case the position is opened longer than a day and is agreed through a swap contract that comes as a cost. Every currency has a different interest rate which comes as a calculation.

As an example assume that the interest rates in Japan and the US are 0.25% p.a. and 2.5% p.a. respectively, with an open position, you can either gain USD 6.16 per day or lose USD 6.16 per day, as the rollover calculated as an interest to borrowed currency or earned on the purchased currency.

You may see also swap fee conditions on the snapshot above, as well for better information check out and compare XM fees with another broker Pepperstone.

Deposits and Withdrawals

The funds transaction at XM are managed in a customer-oriented way too, traders having a choice of multiple payment methods supported in all countries. Various payment options including commonly used, also XM introduced a local bank transfer option, which is definitely a plus for many countries since enables to fund the account through local banks and currency with no conversion charges.

  • XM Funding Methods we ranked Excellent with overall rating 10 out of 10. Minimum deposit is among lowest in industry, also Fees are either none or very small, besides range of supported funding methods is good, yet based on the entity you trade with. 

Here are some good and negative points on XM funding methods found:

XM Advantage XM Disadvantage
  • Fast digital deposits, including Neteller, WebMoney and Credit Cards

  • 5$ as a first deposit

  • Multiple Account Base Currencies

  • 0$ deposits and free withdrawals

  • Withdrawal requests take up to 3 days
  • None

Deposit Options

XM supports many Deposit Options, see below snapshot from our account opening.

  • Credit cards
  • Bank wire and Local Bank Transfer (available in some regions)
  • E-wallets including Neteller, Moneybookers Skrill, Western Union, etc

XM Minimum Deposit

XM Minimum Deposit amount is 5$ only for Micro Account or a Standard Account, in case you wish to trade with Zero account minimum deposit is competitive also, demanding 100$ as a start. However, the amount varies according to the chosen payment method and trading account validation status. Yet, you can read and find all the necessary info in the Members Area.

XM minimum deposit vs other brokers

XM Most Other Brokers

Minimum Deposit



XM Withdrawals

XM withdrawal options are the same as the deposit ones, including Bank Wire transfers, e-wallets and Credit Debit cards. XM applied 0% Withdrawal Fee and offers zero fees on both deposits & withdrawals. Very pleasant addition indeed, as the XM company got all the transfer fees covered including e-wallets, major credit cards, instant account funding, and wire transfers with no hidden fees or commissions.

Moreover, while the majority of brokers still charge for wire withdrawals, XM deposits and withdrawals above 200 USD processed by wire transfer are also included in the Company’s zero fees policy.

How do I withdraw from XM Account?

To withdraw funds from the XM trading account you should simply follow the next steps, also good to contact customer service in case of any questions or terms, since they were responsive enough to us too.

Withdraw money step by step

1.    Login to your account

2.    Select on Withdraw Funds’ at the menu tab

3.    Enter the withdrawn amount

4.    Choose the withdrawal method

5.    Complete the electronic request with necessary requirements

6.    Confirm withdrawal information and Submit

7.    Check the current status of withdrawal through your Dashboard

How long does XM Withdrawal take?

While the XM Accounting team processes withdrawal requests quite quickly within 1-3 business days it depends on the country the money is sent to, as various rules and policies apply. The standard bank within the EU will take around 3 working days for the money to be available on your account, yet some methods or institutions may process almost instantly or take longer, all depending on the payment method you use.

XM Trading Platforms

In terms of trading software, XM clients access to make transactions and trades throughout well-known and perfectly-developed trading platforms MetaTrader4 and MetaTrader5 and its own one too.

Platform Ratings

XM mainstay on the most popular industry platforms MT4 and MT5, obviously for traders’ advantage, as the platforms are very known and allow you to get numerous extensions or access comprehensive education on how to use tools. So the platforms gaining high ratings due to their international recognition are always a plus towards brokers’ proposals.

  • XM Platform are ranked Excellent with overall rating 10 out of 10 compared to over 500 other brokers. We mark it as excellent since XM offers choice between industry popular platforms like MT4 and MT5, also developed its own platform with good research, excellent tools, copy trading, Robot Trading, EAs and quality execution. 

Trading Platform Comparison to Other Brokers:

Platforms XM Platforms FXTM Platforms AvaTrade Platforms
Own Platform
Mobile Apps

Web Trading

Directly accessible just from one account and available in various versions all platforms are integrated with a full site of technical analysis, indicators and comprehensive tools, stop or trailing orders. So you may access XM trading just by the use of the browser and login to Web Trading, see below our recommendation and evaluation of Pros and Cons on XM Web Platform.

Desktop Trading Platform

Though XM made the software even more advanced and suitable through 16 Trading platforms, which cater just any device including web, mobile, and even multiple accounts trading. So you get full account functionality and make the trading process at ease and comfort if you select the Desktop platform or other versions to trade.

Since XM uses MT4 or its newer version MT5 you are able to use its powerful capabilities along with automated trading or trading robots. EAs available with unlimited use of charts for those that prefer technological trading, also great manual trading tools will assist in your strategy as well. So overall all demands and trading needs are covered and are at very sustainable level and might be good match to various types of traders.

Look and Feel

MetaTrader is known for its clean and good feel while trading, also its Charting are among the most powerful offerings in the industry. So, the same as we do, you will enjoy its look and functions offered.

Mobile Trading Platform

Of course, you are able to use your mobile for trading as well, XM MT4 Android and iOS apps, along with XM MT5 apps will give you access to a trading account with full account functionality. MT4 and MT5 apps also offer great charting with 3 Chart Types, over 30 technical indicators in its package, and a full trading history journal. So

How to place orders with XM?

Placing order is a quite seamless process, as MT4 or MT5 also allows one-click trading option. So you may choose between pending order or market order available on all platforms. There are risk tools available as well, which you should never skip and stick to your strategy. So to place an order you should follow the next steps

  1. Through Market Watch select the product you wish to trade
  2. Right click on the symbol “New Order”
  3. Select the order either Pending Order or Market Order under the “Type”
  4. Set Risk, Reward and Expectancy levels through set of Volume, Stop Loss, Take Profit
  5. Select Place
  6. Once done on you may adjust or cancel your order at any time, as well as close it manually once executed

Platform trading tools

In addition, we found numerous XM’s add-ones allowing you to enjoy extra benefits that the platform offers. This includes also XM VPS, Rapid Trade Execution and remote connection to a Virtual Private Server(VPS). The XM VPS brings non-stop work without your monitoring or even having the computer on. Clients that maintain a minimum amount of $5,000 or equivalent, are eligible to request a Free VPS, for the ones’ that can’t meet the requirement, still can request a tool with a monthly cost – $28.

XM Customer Support

As for the customer support and service, as we see XM globally covers trading needs while the customer service team available in international locations and speaks more than 25 languages including Chinese, Russian, Hindi, Arabic, Portuguese, Thai, Tagalog and more languages.

You can reach out to the customer support team 24/5. The broker is available through email, phone, or live chat. Also, we found that the service is of good quality with reliable answers, which confirms again XM’s client-oriented policy.

  • Customer Support in XM is ranked Good with overall rating 8 out of 10 based on our testing. Support is knowledgeable, fast answers are received on Live Chat, also quite easy to reach during the working days

See our find and Ranking on Customer Service quality:

Pros Cons
  • Quick response

  • Relevant answers

  • Availability of Live Chat
  • No 24/7 customer support

XM Education

Along with good customer service, every client can access numerous educational materials through XM Learning Center, fulll of trading data and other necessary information that brings trading to a better level. In this regard, XM went also far and developed truly wide education support throughout various regions with the purpose to educate traders, which is a great plus for all traders.

With XM you may count on quality learning, as we found based on our tests, defined also by your level, which includes Live Education offerings, Educational Videos, Forex Webinars, and regularly held Forex Seminars in various destinations. In addition, there are very well-organized tutorials, videos and tools at your disposal.

  • XM Education ranked with overall rating 10 out of 10 based on our research. XM provides great Education Materials, quality research and runs its Academy with Webinars, Excellent Trading videos and more. 


In terms of research tools and Market materials, it is in good order at XM too. Along with News Feed, Technical Summaries and Technical Analysis, XM provides Fundamental Analysis and Trade Ideas suitable for beginning or advanced traders.

We do really like the way XM organizes its research tools, as you will find in one place everything that is required for your smarter trading decisions along with Forex Calculators, MQL5 and more. Also, exclusive technical indicators compatible with both platforms available for subscribers also making it possible to perform algorithmic trading.

Get More than a Forex and CFD Trading Account at XM

XM Review Conclusion

In conclusion XM Review, it is a well-regulated broker with numerous highly respected licenses that delivers truly transparent conditions and is an extremely customer-friendly brokerNo re-requotes and no hidden fees or commissions policy, as well Negative balance protection definitely a plus. So all in all, we had very comfortable as well the good real-time market execution, making XM very welcomed among trading offerings and suitable for various type of traders, including beginners.

Based on Our findings and Financial Expert Opinion XM is Good for:

  • Beginning Traders
  • Traders who prefer MT4 and MT5 platform
  • Currency Trading and CFD Trading
  • Suitable for a Variety of Trading Strategies

So overall we conclude XM has one of the most Comfortable proposals in terms of costs, trading conditions and opportunities overall before broker has much lower trading instruments in its range, but now it is one of the strongest points due to the wide range offered.

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