XM Review

XM Review

XM Broker Review

XM is a globally recognized next-generation broker for online forex and commodity trading, suitable for beginner and seasoned traders alike. XM.com offers 1000+ markets including Forex CFDs, Commodities CFDs, Equity Indices CFDs, Precious Metals CFDs, and Energies CFDs at low spreads to appeal to all levels of traders. 

The XM Group (XM) as a group of regulated online brokers was established in 2009 and had about 4,540 employees across the world in 2019.

Overall Rating


Rated #68 of
Recommended FX Brokers

💰Minimum Deposit


🌐 Regulators


📱 Trading Desk

Desktop MT4 and MT5, Mobile MT4 and MT5, XM mobile app, Web platform



📈 Total Pairs


☪️ Islamic Account


📊 Trading Fees

No (Just spread) 

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker


Is XM Regulated?

Yes, XM is regulated by the Cyprus Securities and Exchange Commission, by the Australian Securities and Investments Commission (ASIC 443670), and XM Global is regulated by the International Financial Services Commission.

Is XM Regulated in the United States?

No, XM is not regulated anywhere in the United States. 

Is XM Regulated in Europe?

Yes. XM is regulated in Europe by the Cypress Securities and Exchange Commission (CySEC). Since Cyprus became a European Union member state in 2004, CySEC regulations and operations have to meet the European financial regulatory framework’s terms.

CySEC also advocates for secure trading and therefore connects with European regulations such as the Markets in Financial Instruments Directive (MiFID) and The Markets in Financial Instruments Regulation (MiFIR).

Is XM regulated in a Tier-1 Jurisdiction?

According to the XM website, XM is regulated under Tier-1 jurisdiction. 

Tier-1 jurisdiction authorizes XM to operate in countries like Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Israel, Japan, Luxembourg, Netherlands, New Zealand, Norway, Puerto Rico, Singapore, Sweden, and Switzerland.

Is XM regulated in Tier-2 Jurisdiction?

According to the official XM sources, XM is regulated under Tier-2 jurisdiction which gives the broker authority to operate in British V.I., Cayman Islands, Cyprus, Italy, Malaysia, Mexico, Poland, Portugal, Spain, and Taiwan.

What are the Platforms and Tools for Forex Trading in XM?

XM offers traders two trading platforms that are accessible from both real and demo accounts. The well-known MetaTrader 4 is predominantly a forex trading platform and supports stop, limit, market, and trailing orders while the MetaTrader 5 platform is a multi-asset trading platform that also offers access to stocks, stock indices, and precious metals. Both these platforms are available as web-based and mobile versions on Apple and Android devices too.


XM’s MT4 platform offers the following benefits: 

  • More than 100 Instruments including Forex, CFDs, and Futures, 
  • One login access to 8 platforms, 
  • Spread as low as 1 pip, 
  • Full EA (Expert Advisor) functionality, 
  • One-click trading, 
  • Technical analysis tools with 50 indicators and 
  • Charting tools and 3 different chart types.

Traders can trade with the MT4 platform on Macs as well as on mobile devices such as Androids and iPhones, iPads, and tablets.

XM WebTrader 4

XM WebTrader 4 is accessible for PC’s and Mac’s without downloading and boasts the following features:   

  • Traders can choose from over 100 Instruments Including Forex, CFD’s and Futures, 
  • One single login access to 8 Platforms, 
  • Spreads as low as 1 pip, 
  • One-click trading and 
  • Built-in news functionality

XM MT4 Multiterminal

The XM MT4 Multiterminal platform is ideal for traders who want to handle multiple MT4 accounts from a single terminal with ease and with one master login and password.

The terminal has the following features:

  • It supports up to 128 trading accounts, 
  • Has multiple order types, 
  • Offers three allocation methods and 
  • Provides management and execution in real-time.


MetaTrader 5 offers an extra range of features that analyze the market and help traders trade in any style they prefer.

In addition to all the features of the MT4 platform, the MT5 platform offers the following extras: 

    • Different order types such as ‘Fill or Kill' and ‘Immediate or Cancel' 
  • Technical and fundamental analysis using over 79 analytical tools.

Does XM Have a News Blog for Forex News?

Yes. XM has a free news blog on its official website. On the blog, research is offered as news and analysis on key markets and relevant geopolitical developments, including technical analysis performed on selected price charts. This analysis covers Forex, commodities, and stocks.

Does XM Have a Traders Dashboard?

Yes, the XM Traders Dashboard gives traders an overview of current market events and updates on contemporary news from all currency markets.

Does XM Have an Educational Section?

Yes, XM has a wealth of training and educational materials available in its education section on the company website. 

XM hosts regular webinars aimed at both newcomers and seasoned professionals. Most of the content is freely available, without needing to be a member of XM.

What is the content of XM Forex Education?

The educational content offered free of charge from XM’s website comprises the following: 

  • Forex Seminars
  • Platform Tutorials
  • Forex Webinars
  • Educational videos
  • Live education
  1. Forex Seminars

During the XM seminars, an internationally certified instructor and portfolio manager explain the basics of technical analysis and the “hidden relationships” of multiple time frames and how they are applied to intraday trading. 

The aim of these seminars was to:

  • Spot changes in market volatility
  • Trade the intraday swings in the market
  • Use volatility to spot the best trades every day
  • Combine the correct time frames to achieve the best entry on a daily basis
  • Use a clearly defined ‘set of rules’ to confidently trade intraday either short or long

The seminar topics are custom-tailored to the investment needs and trading abilities of traders in Europe, Asia, and Africa, in 16 languages.

  1. Platform Tutorials

More than 40 video tutorials were created with the talent, knowledge, and energy of the XM team to provide users with the best learning tools.

Tutorials cover topics like the following:

  • How to Open a Trading Account
  • How to Download, Install & log in to MT4
  • Market Watch / Standard Accounts
  • Market Watch / Micro Accounts
  • Chart Window Basics
  • Terminal Window Basics – Part 1
  • Terminal Window Basics – Part 2
  • Navigator Window Basics
  • Placing Orders in MT4
  • Account History Closed Trades
  • Market Watch in Detail
  • Managing Charts on MT4
  • Chart Window Properties
  • Indicators & Scripts
  • Set Profiles on MT4
  1. The Forex Webinars are presented free 7 days a week by 67 highly skilled Forex professionals in 19 languages.
  2. Educational videos are free to view by everyone interested in online trading, while access to the Intermediate video tutorials is only available for clients with an XM real account. Topics include:
  • Intro to the Markets
  • Trading Essentials
  • Fundamental Analysis
  • Technical Analysis
  • Money Management
  • Trading Psychology
  • Trading Strategies
  1. Live Education

Basic and Advanced “education rooms” were created to: 

  • introduce traders to the company’s products and services
  • Get their questions answered in live Q&As
  • Offer traders live interviews with experts

Traders have to register to participate in the live education rooms.

Is XM Legit?

Yes, XM is a legit Forex Broker and Trade Platform. XM has FCA, IFSC, CySec, ASIC legal certificates to perform Forex Broker and trading services.

Is XM Safe?

XM is a reliable and safe Forex Trade platform in terms of its regulation and safety protocols. The broker is regulated in several global jurisdictions, as described below:

  • The FCA regulates XM in the United Kingdom
  • CySEC regulates XM in the cross-border European Economic Area
  • The International Financial Services Commission.

The website is secure, and to open a trading account, identification documents are required and according to the company privacy policy, XM has procedures in place to keep personal data secure. XM stores all client funds in segregated accounts with top-tier banks and client deposits cannot be used by XM for any business purposes. 

Overall Rating


Rated #68 of
Recommended FX Brokers

💰Minimum Deposit


🌐 Regulators


📱 Trading Desk

Desktop MT4 and MT5, Mobile MT4 and MT5, XM mobile app, Web platform



📈 Total Pairs


☪️ Islamic Account


📊 Trading Fees

No (Just spread) 

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker


Is XM a Good Broker?

Yes. According to this Forex Suggest review, XM offers a comprehensive and reliable broker service to traders of all levels. XM is a solid choice for traders who are just starting out and learning the ropes, or seasoned traders looking for a reliable and efficient platform.

The platform is easy to use and simple to navigate, trades are filled fast and in terms of security, XM uses the highest levels of data encryption, 2-step verification option, and the broker is regularly audited against all their controls.  In terms of online support, XM offers direct access to a customer support team with prompt and efficient responses to queries. 

What is the Offering of Investment in XM?

Offerings of XM can be found below.

Feature XM
Forex Trading Yes
CFDs Yes
Forex Pairs Yes
Cryptocurrency (Physical) No
Cryptocurrency (CFD) No
Social Trading  No

Does XM have Nasdaq?

Yes, XM offers NASDAQ ‏(US100) as cash and futures CFDs. Their cash index CFDs are undated transactions that aim to replicate the cash price of the underlying index. Index futures CFDs expire on specific future dates and are cash-settled on the expiry date. The Nasdaq exchange is the global electronic marketplace for buying and selling securities created and Nasdaq100 the traded shares of the largest 100 companies by market capitalization. 

What are the Awards of XM?

Forex Trading Platform XM’s awards are listed below.

  1. Best MT4/MT5 Broker 2023 – DayTrading.com
  2. Silver — Covid-19 HR Action Plan – Cyprus HR Awards 2020
  3. Global Forex Broker of the Year 2020 – Global Forex Awards
  4. Best Forex Affiliate Broker Programme — Europe – Global Forex Awards 2020
  5. Most Reliable Broker – Global – Capital Finance International Magazine (CFI.co)
  6. Most Transparent Broker – Global – Capital Finance International Magazine (CFI.co)
  7. Best Online CFD & FX Trading Broker – Global – The European Magazine
  8. Best FX Broke Europe 2018 – World Finance
  9. Best Forex Execution Broker 2017 

How to Use XM for Forex trading?

To use XM, a forex trader need to have an account with the broker and can open one on the following conditions:

  1. Have copies of identification documents
  2. Be 18 years or older
  3. Be able to afford the minimum deposit required

When meeting these conditions, a trader can open a forex trading account with XM. 

How to open a Forex trader account with XM?

The process to open a Forex Trading Account with XM is fully digital, fast, and straightforward. One can fill out the online application form in 20 minutes and it may be verified on the same day. The process can be completed in several languages other than English. To open an account at XM, you have to go through these steps:

  1. Provide your name, country of residence, email address, and telephone number.
  2. Select the account type and trading platform (MT4 or MT5).
  3. Add your personal information, such as your address and date of birth. 
  4. Select the base currency and the ratio of leverage you want to use.
  5. Provide your financial information and answer questions about your financial knowledge.
  6. Verify your identity and residency by uploading a copy of your ID, passport, or driver's license and utility bills or bank statements as proof of residency.
  7. Wait for verification and then you can start trading.

What are the Forex Trader Account Types with XM?

Forex trading platform XM offers four different account types, each with different features and conditions. 

There are the Micro, Ultra Low, Standard, and Zero accounts, all of which allow up to 200 open/pending positions per client.

Accounts and their features are listed below:

  • Micro Accounts

  • Micro accounts can use USD, EUR, GBP, CHF, AUD, JPY, HUF, and PLN as the base currency 
  • The account can be opened with a minimum deposit of only $5USD. 
  • 1 micro lot is 1 000 units of the base currency.


  • XM Ultra-Low Account 

  • XM Ultra-Low Accounts can use EUR, USD, GBP, AUD, ZAR, and SGD as the base currency 
  • Traders require a minimum deposit of $50 USD. 
  • 1 Standard Ultra lot is 100 000 units of the chosen base currency, whereas, 1 Micro Ultra lot is 1 000 units of the base currency. 
  • XM Ultra-Low Accounts are not applicable to all entities of the group.


  • Standard Accounts 

  • Standard accounts can use USD, EUR, GBP, CHF, AUD, JPY, HUF, and PLN as the base currency 
  • Traders can get started with just $5USD. 
  • 1 standard lot is 100 000 units of the chosen base currency


  • Zero Accounts: 

  • Zero accounts can use USD, JPY, and EUR as the base currency
  • Traders will require a minimum deposit of $10USD to open an account 
  • Like the Standard account, 1 standard lot is 100 000 units of the chosen base currency.


  • Demo Account

XM excels in its demo account offering with exactly the same trading conditions as the real thing. Users can set up a demo account with the minimum details and then start trading with a virtual balance of $100 000. 

There are no time limits on how long you can use your demo account.

  • Islamic Account

Islamic or swap-free accounts are also available with XM. With these accounts, a flat commission is charged if a trader holds a leveraged position overnight instead of the percentage-based financing rates.

How to Withdraw Money from XM?

To withdraw money from XM, the following should be kept in mind during the steps:

  • All withdrawals are processed in 24 hours and there are no fees charged for taking money out of your eWallet.
  • For credit/debit cards and electronic wallets (Skrill, Neteller), the withdrawal amount cannot exceed the amount you deposited with the same method, leaving only a bank transfer to withdraw your trading profits.
  • Withdrawals, such as debit cards, usually take 2 business days.
  • You can only withdraw money to accounts in your name.
  • Withdraw money from XM by:
    • Log in to your account
    • Go to ‘Withdraw Funds'
    • Select the withdrawal method
    • Enter the withdrawal amount

How many days do deposits take with XM?

Deposits with XM usually do not take more than one working day for all the available deposit methods to clear. 

What are the costs and fees with XM?

Trading fees are charged every time a trade is placed and include spreads, commissions, overnight and rollover fees, perhaps also currency conversion fees. Non-trading fees make up the cost of using some brokers and include payment fees and inactivity fees.

XM spreads vary depending on the kind of account opened, with the minimum spread across all accounts being 0.1 pips, and the average spread for a major pair such as EUR/USD at 0.1 pips.

 XM operates a strict “no hidden fees or commission” policy and commission is only charged on XM Zero accounts. 

The Forex Trading Fees with XM are below. 


  • FTSE Spread: 1.5 pts (var)
  • GBPUSD Spread: 2.1 (var)
  • Oil Spread: 0.05 (var)
  • Stocks Spread: 0.1% Var


XM.com delivers ultra-low spreads across a huge range of Forex markets. Flexible lot sizes, and Micro and XM Zero accounts accommodate every level of trader.

  • GBPUSD spread: 2.1 pips (var)
  • EURUSD spread: 1.6 pips (var)
  • EURGBP spread: 2 pips (var)

What are the Trading Fees with XM?

XM charges no withdrawal fees, with the exception of bank (wire) transfers below $200, which incur a $15 fee. XM covers all transfer fees.

The broker does charge swap fees, which is interest accrued on positions held overnight. Swap-free accounts are available to traders of the Muslim faith which will allow them to avoid these fees, as interest is prohibited by Sharia law. On their accounts, a flat commission is charged for a leveraged position help open overnight.

What is the minimum deposit in XM?

The minimum initial amount to open a Micro and Standard account is only 5 $/€/£, while Zero accounts require a minimum deposit of $100.

What are the contract specifications in XM? 

Feature XM
Forex Trading Yes
CFDs 1273
Forex Pairs 57
Cryptocurrency (Physical) 0
Cryptocurrency (CFD) 0
Social Trading  Yes

Does XM have promotional offers?

No, XM does not have promotional offers. As an EU-regulated brand, the broker complies with the ESMA ban on bonuses, and even deposit bonuses are no longer available to EU traders. 

XM does offer a free VPS (virtual private server) service to help increase the speed of trades. This VPS is accessible from anywhere and available 24/7. 

Does XM have a welcome bonus?

As an EU-regulated brand, the broker adheres to ESMA regulations which include a ban on bonuses, and even deposit bonuses are no longer available to EU traders. Previously a $30 welcome bonus was paid at registration of an account.

Does XM have a deposit bonus?

No, XM does not offer a deposit bonus anymore, due to the fact that XM’s regulators like CySec and ESMA restrict the broker from offering deposit bonuses. 

Is there a commission-free trade bonus in XM?

No, XM does not offer a commission-free trade bonus, because the broker already follows a strict “no hidden fees or commission” policy, and commission is only charged on XM Zero accounts.  

Is there a VIP bonus in XM?

No, XM does not offer a VIP bonus, but VIP and high-volume traders can benefit from other enhanced trading conditions. 

Can you start trading with no money at XM?

No, you cannot start trading with no money at XM because XM does not offer a any deposit bonus anymore. Traders however only need a mere $5 to open an account, which makes it easy to start trading with very little initial investment.

How does leverage work with XM?

Depending on the instrument a trader wants to trade, the leverage can range from 2:1 to 30:1 for clients registered under the EU-regulated entity of the group. These ratios are completely flexible, and XM offers its clients the opportunity to manage their own leverage risk. Margin requirements remain constant throughout the week and never widen at weekends or at night. Higher leverage can be negotiated by clients in other regions. 

These funds which are actually borrowed from the broker allow a trader to increase his trading position and open larger positions. While it can amplify his profits, it can also increase his losses. 

Overall Rating


Rated #68 of
Recommended FX Brokers

💰Minimum Deposit


🌐 Regulators


📱 Trading Desk

Desktop MT4 and MT5, Mobile MT4 and MT5, XM mobile app, Web platform



📈 Total Pairs


☪️ Islamic Account


📊 Trading Fees

No (Just spread) 

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker


Where are the headquarters of XM?

XM is headquartered at 12 Richard & Berengaria Street, Araouzos Castle Court, 3rd Floor, 3042 Limassol, Cyprus

Who is XM’s CEO?

The CEO of XM is Constantinos Cleanthous. He was a founder of XM and graduated with a BSc in Business Mathematics and Statistics from The London School of Economics. He also holds an MSc in Shipping, Trade, and Finance, from the City Business School. In addition, he holds a Certificate of Professional Competence in accordance with MiFID (Markets in Financial Instruments Directive).

What are the social media accounts of XM?

Traders can follow XM on the following social media accounts:

  • Twitter
  • Facebook
  • Instagram
  • YouTube
  • LinkedIn

How many employees do work for XM?

XM had about 4 530 employees in 2019.

What are the opinions about XM?

XM is lauded for its education package on forex, especially by those taking their first steps into trading. More seasoned professionals also appreciate the access to expert analysis and unparalleled tracking tools. 

The company prides itself on solid customer service and users are happy and well-served with the support that is available in several different languages. While the support is strong, some users dislike the fact that it is only available from Monday to Friday. 

The lack of diversity between the different account types is also questioned and traders from certain regions like Canada and the United States cannot open accounts due to licensing laws.

What are XM Contests?

XM does not run any contests.

Forex Contests can be run by brokers who offer them to traders to profit on contest winnings. 

Does XM have online support?

Yes, XM has a very able online support team for its account users. The online support team can be contacted via the live chat option on XM's official website, by email, and telephonically. Support is provided in several languages.

Does XM offer demo accounts for Forex trading?

Yes, XM offers a free demo account for all new traders. Users can set up the demo account with just a few details to get trading with a virtual balance of 100 000 USD. The XM demo account offers exactly the same trading conditions as the real accounts and has no time limits on how long you can use it.

To open the demo account, a trader just needs to navigate to the demo account registration portal on the broker’s website, complete the registration form with the relevant information, and a confirmation email will be sent to your inbox. 

Does XM have a mobile app for Forex trading?

Yes, XM offers XM is available on a number of Android and Apple devices, including Apple iPhone, Apple iPad, and Android tablets, and Android phones. Both these apps can be downloaded from the Apple App Store or the Google Play Store. Login is very easy and can be done via fingerprint. 

Both apps are both fully functional and allow for monitoring and trading on the go. 

Does XM publish an economic calendar?

XM does publish an economic calendar, which is a useful resource to help Forex traders to remain up to date on all appropriate economic information that is scheduled to be released and may impact the currency markets. 

XM’s economic calendar provides information on forecasts and historical data and financial events for a specific day as well as the previous and following days. 

What is the communication information of XM?

XM publishes the following contact details:

Registered Company Addresses:

No.5 Cork Street, Belize City, Belize, C.A.

12 Richard & Berengaria Street, Araouzos Castle Court, 3rd Floor, 3042 Limassol, Cyprus

Online Support:  [email protected]

Phone Support:  +501 223-6696