• Minimum Deposit

    • 0-50
  • Leverage

    • 30:1
  • Regulation

    • ASIC
    • DFSA
    • CySec
    • FSC

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Full Breakdown
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Contract Sizes
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Introduction to XM

Website: https://www.xm.com/

The XM.com website is part of the XM Group, XM Group is a group of regulated online brokers. Trading Point of Financial Instruments Ltd was established in 2009 and it is regulated by the Cyprus Securities and Exchange Commission (CySEC 120/10), Trading Point of Financial Instruments Pty Ltd was established in 2015 and it is regulated by the Australian Securities and Investments Commission (ASIC 443670, XM Global Limited was established in 2017 and is regulated by the Financial Services Commission (000261/309).

The XM Group was begun in 2009, and in the decade following has become a well-known and well-established global broker.

They are now so established they have over 5 million clients in more than 190 countries in the world. In addition they claim 2.4 billion transactions with zero requotes or rejections ever.

XM is a big broker, but they also want to be a fair broker and one with a human side. That’s driven the meetings with the management team and clients in over 120 cities to date. And it has led to the development of a broker with over 450 global employees with long years of financial market experience.

As part of being a human focused company they offer support in more than 30 languages. This allows them to help traders from all around the world, and with experience levels ranging from beginners to professionals.

With 16 platforms based on MetaTrader 4 and MetaTrader 5, there is something for every trader. Plus, all the platforms are available in either demo or real accounts. These multi-asset trading platforms give clients access to six different asset types, and over 1,000 individual assets.

Plus the broker offers up dozens of additional training and educational tools, from technical analysis to economic calendars, to live seminars.

Quick Look

As part of the research process to write this review, we set up a demo account with XM. We accessed their trading platforms to test for execution and stability, among other things. The process of opening a demo account was straight-forward, easy, and quick.

Anyone familiar with the MetaQuotes platforms will understand us when we say it is apparent XM is treating their clients to the most advanced trading platforms on the market. MetaTrader 4 is the standard for forex trading platforms for many years. Now MetaTrader 5 is rapidly becoming the standard for multi-asset trading.

The platforms work smoothly, with trades getting instant execution. Whether on desktop, web, or mobile the trading experience is world-class.

With a choice between the MT4 or MT5 platform, and versions for most types of devices, the broker has made trading available to everyone interested in exploring the financial markets.

Regulations & Licenses

XM Group is regulated by the CySEC (Cyprus Securities and Exchange Commission) - Trading Point of Financial Instruments Ltd, FSC (Financial Services Commission) - XM Global Limited, ASIC (Australian Securities and Investments Commission) - Trading Point of Financial Instruments Pty Ltd and DFSA (Dubai Financial Services Authority) - Trading Point MENA Limited.

For more information please visit XM's regulation page.

In addition, all clients of XM enjoy negative balance protection, meaning they cannot lose more than the amount available in their account.

Clients are also protected from broker failure by the CySEC Investor Compensation Fund. This fund will pay up to €20,000 to investors who lose their account due to the failure of a regulated firm.


The broker’s website is available in 22 different languages, but support is offered in 30 languages. The MetaTrader 4 and MetaTrader 5 platforms have dozens of different languages that can easily be applied. Most clients should be able to find a language they are comfortable with.

Account types

Retail Trader Accounts

XM makes five different types of accounts available to their retail clients.

The Standard and Micro accounts are quite similar. Both have leverage up to** 1000:1 and both have a $5 minimum deposit. Spreads are as low as 1 pip and there are no commissions. The primary difference between the two is the lot size, which makes lots smaller in the Micro account. This gives clients the ability to put on smaller trades more easily. Both accounts accept a wide range of base currencies: USD, EUR, GBP, JPY, CHF,‎ AUD, HUF, PLN, RUB, SGD, and ZAR.

The third account type is the *XM Ultra Low Account, and it has spreads which are a bit lower starting at 0.6 pips. There are no commissions, and a minimum deposit of $50. It is a market-maker account like the other two, and has leverage up to** 1000:1. Supported base currencies are EUR, USD, GBP, AUD, ZAR, and SGD.

The fourth account type available is an ECN-type account called the *XM Zero Account. This account can have spreads as low as 0 pips, but also charges a commission on each trade. The commission on the EUR/USD pair is just 0.0035%, which is equal to 0.8 pips. That makes it a very competitive rate. The minimum deposit is a bit higher at $100. Supported base currencies are USD, EUR, and JPY.

All four of these account types allow hedging, scalping, and automated trading via Expert Advisers.

The fifth account type is new and somewhat different from the others. This is the *shares account. It is used specifically for share trading. There is a high $10,000 minimum deposit, and the USD is the only supported base currency. There is no leverage for this account and spreads are determined per the underlying exchange.

*XM Zero, XM Ultra Low and Shares accounts are not available to all the entities of XM Group. Leverage depends on the financial instruments traded.

**This leverage does not apply to all the entities of XM Group. The maximum leverage for clients registered under the EU regulated entity of the group is 30:1. Leverage depends on the financial instrument traded.”

Open an XM account by clicking here.

Demo Account

All traders are able to open a demo account at XM and practice trading without risking any real money. These demo accounts begin with $100,000 in virtual funds and traders can test their strategies on the desktop, web and mobile versions of XM’s platform. Registering for a demo account took me less than 60 seconds. These demo accounts have no expiry date and can be used as long as desired. Demo accounts that have been inactive for longer than 90 days from the last login will be closed. However, users can open a new demo account at any time. Please note that maximum of 5 active demo accounts are allowed.

Open an XM demo account by clicking here.

For more information please visit XM's account types page.

Fees, Costs & Spreads

XM has variable spreads that start from as low as 0 pips on the EUR/USD pair. The spreads are dependent on which type of account the client holds but are still competitive with global brokers. One of the accounts also comes with commissions, but again the commissions are small enough that they are very competitive with other brokers.

There are very few other fees that traders will come across when dealing with this broker. There are no deposit or withdrawal fees. There is an inactive account fee of $5 a month for account that have been inactive for 90 days.

One other potential cost is incurred when positions are held overnight. This is the swap fee, and it is variable based on the asset being held. In some cases a swap can be a fee and in others it can be a credit.

For more information please visit XM's spreads page.

Deposits & Withdrawals

Deposits can be made for as little as $5 through Moneybookers, Skrill, and NetTeller, as well as via bank transfer and credit card. XM also accepts Western Union and Moneygrams as deposit options. In all cases there are no deposit fees. Deposits can be made in any currency and they will automatically be converted to the base currency of the trading account. Deposits are credited instantly to client accounts, except bank transfers, which might take up to 5 business days.

Withdrawals can all be made through the same methods. There are no withdrawal fees with the exception of bank transfers for less than $200, which incur a $20 transfer fee. Withdrawals take 24 hours to be processed by XM, and bank transfers can take up to 5 business days.

One restriction is that withdrawals cannot be made until an account is validated. The validation process includes providing Proof of Identity (ID, passport, driving license) and Proof of Residency (utility bill, telephone/Internet/TV bill or bank statement), which includes the client address and name and can’t be older than 6 months.

Trading Platforms

XM provides its clients with a choice between the MetaTrader 4 platform and the MetaTrader 5 platform. The MetaTrader 4 platform is an award-winning forex trading platform, while MetaTrader 5 was developed for multi-asset trading. In both cases there is a desktop version, a web-based version, and a mobile version of the platform.

In addition, the platforms are available for both Windows and Mac operating systems, and for both Android and iOS mobile operating systems. In total there are 16 versions of the two platforms available to traders.


XM was the pioneer in offering the MetaTrader 4 platform. Although this platform is offered at many brokers, none focus on trading execution in the same way as XM, who boast they have never had a requote – ever. MT4 is respected as the top forex trading platform, and at this broker traders get access to 57 currency pairs, and single login access to 8 different platforms. Other benefits of the platform include support for Expert Advisor trades, one-click trading, a massive library of technical analysis tools, and a variety of chart types.

MT4 is available for Windows and Mac, Android and iOS, and via a WebTrader. While the WebTrader comes with no downloads, it also has limited functionality.

MT4 Multiterminal

Those who handle more than one account can take advantage of the MT4 Multiterminal at XM. This supports up to 128 trading accounts with just 1 master login and password. It is an ideal solution for those selling their services as a signal provider.


MT5 gives access to multiple asset types and ECN and STP style execution. Clients can gain access to a variety of additional features, and different order types such as “Fill or Kill” or “Immediate or Cancel” order. Of course MT5 also comes with all the technical analysis tools that MT4 became famous for as well.

For more information please visit XM's trading platforms page.

Assets Available

After considering security and cost, the range of available assets is the next important consideration when choosing a broker. At XM clients have access to more than 1,250 different assets. That includes 57 different forex pairs, as well as five other asset types.

One of the largest selections here is in the stock category, where there are more than 1,000 different stocks to choose from. This includes stocks from all across the globe. Those who are serious about trading stocks will find plenty of options here.

Another asset class many traders prefer is the commodities, and there is a selection of 8 soft commodities and 5 energies that are available to trade. Of course, the broker also makes gold and silver available, however there are no exotic metals like palladium and platinum.

Equity indices are well represented, with the broker giving clients trading access to 18 different equity indices.

Even though this isn’t the largest offering of assets, we think it is sufficient to satisfy nearly every trader, especially when stocks are the focus. Even for those who are looking for diversified offerings will find plenty worth trading.

For more information please visit XM's page.

Order Types

In addition to offering the usual order types of limit orders, market orders, stop loss orders, and trailing stop orders traders are able to take advantage of “fill or kill” orders and “immediate or cancel” orders.. The variety of orders types helps to manage risk and avoid market whipsaws.

Notification and Alerts

Because the broker offers MetaTrader 4 and MetaTrader 5 it’s possible to use the alert systems built into those platforms. Those alerts are price-based and can be sent to email or SMS push. There are additional alert services that work with MT5 and are offered by third parties that can be used as well.

Trading and Risk Management Tools

There are no specific trading or risk management tools being provided other than those already present within the trading platforms. There are also educational materials that help learn about risk management and can make traders more aware of their risk exposure and risk profile.

Education and Training

It has to be said that XM gives its clients an impressive array of research, education, and trading tools.

Let’s face it, trading the financial markets is serious business and requires an extensive amount of knowledge and ongoing study of current market changes and global events. Brokers aren’t required to provide this knowledge and research, but those that do can be considered to stand a cut above the rest.

XM hasn’t simply thrown together some materials just to say they have an education center. They’ve actually put serious work into creating a true resource for traders.

Traders will find research in the form of key global news reports and analysis of markets. This includes both fundamental analysis and technical analysis. Stocks, commodities, and forex are covered by this analysis.

The XM Learning Center consists of educational videos, webinars, MT4/5 Platform tutorials, and Forex seminars.

There is also a live education room, where traders can come and see professionals trading the markets live, and in real-time. In most cases these live education rooms are open eight hours a day, five days a week.

It’s also impressive to see that the webinars being offered can be viewed in 13 different languages. These include Arabic and Indonesian.

The section containing the video tutorials is updated several times daily and contains a seemingly endless number of videos. These videos range from platform tutorials to breaking news to detailed technical analysis of markets.

In addition to the basic videos it’s also possible to watch previous webinars, as well as signing up for those that haven’t yet occurred. And of course there is an economic calendar to let traders know what economic events are coming up that might influence market prices.

Finally, traders can access a number of trading tools such as forex calculators and free forex signals.

For more information please visit XM's research page.

Customer Support

Beyond basic questions to clarify trading terms and conditions most traders will have no reason to contact customer support at their broker. But it is still good to know that there’s a knowledgeable, professional, and dedicated team that can be contacted when necessary.

The customer support team at XM is known to have an excellent reputation in taking care of clients. Part of that is because they are available Monday through Friday, 24 hours a day via telephone, email and live chat. Part is because the representatives speak English, Greek, Japanese, Chinese, Bahasa Malay, Bahasa Indonesia, Hungarian, Russian, French, Spanish, Italian, German, Polish, Hindi, Arabic, Korean, Portuguese, Czech, Slovakian, Bulgarian, Romanian and Dutch.

But mostly it’s because the customer support team is always professional and knowledgeable and will see through any issue to the satisfactory resolution for each client.

We tested their reputation by asking a few basic questions via email and via live chat. In each case the customer service rep responded promptly and completely to our questions.

For more information please visit XM's support page.

Independent Opinion & Rating

In the decade it’s been in existence, XM has built a solid reputation for itself by emphasizing its clients and the human factor behind trading. We have to agree that they deserve the reputation they’ve built. It’s a good broker whether looking for security, good spreads, solid customer service, a variety of assets, or a good trading platform. They have also added an education and training center that’s superior to most other brokers we’ve reviewed.

We were also impressed with the small $5 minimum deposit, and the lack of any fees for deposits and withdrawals. XM will even cover the cost of third-party fees in most any case, which is something that can’t be found elsewhere.

This is a good broker for beginning traders, intermediate traders, and even experienced traders. We give them two thumbs up for building a reputable, useful, and successful trading experience.

73.03% of retail investor accounts lose money when trading CFDs with this provider.

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