XM Broker Review

XM Group is a broker specializing in online forex trading, founded in 2009 and backed by a large international investment company. Many traders rank it among the best forex brokers thanks to its long track record in the financial sector and a staff of more than 450 professionals. The company also runs customer support in over 30 languages, which makes it a popular pick for traders of every level, in almost any country. For how it compares with other brokers, see our guide to the best forex brokers.

XM has earned the trust of more than 3,500,000 traders across roughly 196 countries. It offers more than twenty-five different, secure deposit and withdrawal methods, sixteen full-featured trading platforms, and personal customer service Monday through Friday, 24 hours a day.

XM at a Glance

XM keeps its clients satisfied and builds trust by staying responsive to what they need, backing the platform with current technology and fast execution so that reaching the markets at any hour is straightforward, with leverage up to 1:888.

The company also runs very competitive, low spreads, and traders can access the best available price to execute their positions and trades. XM has picked up hundreds of international awards over the years; in 2020 alone, for example, it received:

• Best Global Forex Broker, Global Forex Awards 2020
• Best Forex Affiliate Program Europe, Global Forex Awards 2020
• Most Trusted Global Broker, Capital Finance International
• Best Global Forex and CFD Online Trading Broker, Global Business Awards 2020
• Best Global Customer Service, Global Business Awards 2020
• Investors in People Gold accreditation
• Best Forex Services Provider, COLWMA 2020

This article reviews and lays out everything relevant to XM’s services so readers can make up their own mind about the company and decide whether it fits their trading plan and strategy.

We’ll also look at XM’s pros and cons with complete neutrality, covering the account types on offer, licensing and legitimacy, trading platforms, and more.

Company Website

https://www.xm.com/en

Assets Available at XM

Beyond trust, credibility, fees, and standout customer service, it matters a great deal to know what assets a broker actually offers for trading. Some traders prefer to stick to a single asset class, such as forex or stock CFDs and individual shares, while others look for variety.

XM also gives clients several incentives to start trading and keep going, starting with a $30 no-deposit welcome bonus — in other words, XM credits you $30 to open your first real XM account, letting you test its products and services by trading with no investment and no risk.

The company offers a wide range of individual stocks for trading, with more than 1,200 different shares available, so traders interested in trading major individual stocks should consider XM among the top brokers for that.

Account Types at XM

Traders can reach the markets through XM via four live account types, plus a demo account, with an Islamic swap-free account also available, meaning no interest-based commissions or extra fees on trades.

XM also works to earn client satisfaction and loyalty honestly and transparently, serving clients the way they expect and deserve, by tracking different forex trends and keeping up with the latest technology.

Worth flagging: the Micro and Standard accounts are very similar, since both require a minimum deposit of just $5, a low and competitive threshold compared with other brokers.

The only real difference between them is the notional standard contract size, which is mostly a naming convention, along with a lower maximum trade size on the Micro account that is still generous enough to make it a standout offering. Both accounts can trade an unusually wide range of base currencies, including the US dollar, euro, British pound, Japanese yen, Swiss franc, Australian dollar, Russian ruble, and more.

The Ultra Low account offers tighter average spreads and requires a minimum deposit of just $50. It supports fewer base currencies, excluding the Japanese yen and Russian ruble from the tradable list, and it doesn’t come with any trading bonuses.

All three of these account types offer very high maximum leverage starting at 1:888, with XM quoting the client a price and earning through the variable spread applied. There’s also an alternative, the Zero account, which offers low variable spreads plus a commission on EUR/USD of 0.0035%, which is very small.

That rate works out to roughly the same as the total average spread, plus a trading commission cost of just 0.8 pips, which is very competitive against other forex firms. As for minimum deposit requirements, the Zero account only needs $10. All account types allow hedging, scalping, and automated trading without restriction.

Taken together, XM’s lineup of account types is practical, easy to understand and use, and genuinely competitive.

XM Licensing and Regulation

Right off the bat: this is not a scam operation. XM carries a relatively high and strong level of regulation and licensing. It’s owned by Trading Point of Financial Instruments UK Ltd, a British company.

XM is headquartered in Cyprus and Australia, two jurisdictions well known for hosting forex brokers. Clients outside Australia can also open accounts booked and regulated in Cyprus. The company is licensed by the following authorities:

• Registered and licensed by the Cyprus Securities and Exchange Commission (CySEC), license number 120/10.
• Registered and licensed by the International Financial Services Commission (IFSC), license number 000261/106.
• Registered and licensed by the Financial Conduct Authority (FRN: 705428).
• Registered and licensed by the Australian Securities and Investments Commission (AFSL 443670).
• Registered and licensed by the Dubai Financial Services Authority (DFSA), license number F003484.

It’s worth mentioning that XM’s Cyprus regulatory framework gives clients a significant degree of investor protection, since it maintains an investor compensation fund that can pay depositors up to €20,000 if they lose their accounts because the regulated firm fails.

XM has operated as a broker since 2009, giving it fairly long seniority in the market — and generally speaking, the longer a broker has been operating, the more credibility and trust it tends to carry. That means XM has a track record and reputation for credibility and trust as a brand it clearly wants to protect.

Like all forex and CFD brokerages regulated in EU member states such as Cyprus, XM clients get negative balance protection regardless of whether their account is booked in Australia or Cyprus.

In practice, that means it’s impossible for a client to lose more than the amount they deposited with XM — XM absorbs the “risk” from sudden, large market moves that get amplified by any fully-used leverage, under EU regulation.

Trading Platforms at XM

XM gives all of its clients the choice between the trading platforms best known worldwide for forex and CFDs. Clients with any account type can choose to use either MetaTrader 4 or MetaTrader 5.

Both platforms are well known, easy to learn, and have been around for years. Some traders may want something more advanced, but the vast majority of XM’s clients will find the platform choice on offer more than adequate, given the range of options.

Worth noting: XM also offers MT4 and MT5 builds for Windows and Mac, giving traders unrestricted access across desktop systems. On top of that, there are MetaTrader 4 and MetaTrader 5 mobile apps for both iOS and Android, giving easy account access and full account functionality from a smartphone or tablet.

Deposits and Withdrawals at XM

There’s no fixed minimum deposit as such, but in practice the company sets it at $5 for e-wallet funding such as Moneybookers/Skrill and Neteller, as well as credit cards and bank transfers. It also accepts MoneyGram and Western Union payments, and withdrawals can be made through the same methods used for deposits. Traders just need to click “Make a Deposit” or “Request a Withdrawal” to complete the transaction.

On fees: withdrawals under $200 carry a $15 administrative fee. Traders working with smaller capital should think through whether they can hold out and grow their account to a level where that fee no longer applies to the amounts they want to withdraw.

XM’s Trading Education Efforts

It’s worth pointing out that forex and CFD brokers can offer excellent service without providing any education or research at all. A broker’s core job is executing trades and safeguarding deposits efficiently, and that’s the basic function clients need and want.

XM stays aligned with client needs without overcomplicating things, weighing every factor that can affect a client’s performance — which is part of why it offers tight spreads and ranks among the best execution setups available in the forex market.

Brokers often deliver education that falls short of what’s needed, throwing together a quick batch of low-quality material simply to look good on paper.

XM is different: its educational and research offering is genuinely professional. Research is delivered as news and analysis on the major relevant markets, including technical analysis run across various price charts, covering forex, commodities, and stocks.

XM’s education center splits into subsections covering live lessons, instructional videos, online forex webinars, platform tutorials, and forex seminars.

Customer Support at XM

Most traders rarely use a broker’s support line at all, beyond the occasional question about trading terms. Even so, XM handles you promptly and professionally, meeting the purpose with a high degree of skill. XM’s customer support has a strong reputation, partly because it’s delivered in a wide variety of languages, with dedicated native speakers supporting clients in their own language.

Clients can reach a representative across different departments and multiple international locations by email, phone, or live chat.

Note: it’s best to log into your XM members’ area to get the best support experience.

Read more:

• Regulation and licensing hubs for forex companies
• A guide to trading hours across the world’s exchanges and forex markets

FAQ

What’s the difference between a Micro account and a Standard account?

The difference between a Micro account and a Standard account comes down to minimum deposit requirements and allowed trade sizes. The Micro account has low deposit requirements and allows trades as small as 0.01 lots, letting traders manage risk levels more tightly at low cost.

The Standard account, on the other hand, requires larger deposits and allows larger trade sizes starting at 0.1 lots, making it better suited to more experienced traders aiming for higher profit levels.

That said, account type should be chosen based on the trader’s own experience and risk tolerance, since each has its own advantages and drawbacks.

What is an XM account?

An XM account is a trading account offered by XM Global Limited, a global brokerage providing online trading in forex and CFDs, precious metals, stocks, indices, and energy. XM accounts come in three types — Micro, Standard, and Zero — which differ in minimum deposit requirements, trade sizes, execution type, and other features. XM accounts stand out for features such as no limit on the number of simultaneously open orders, long trading hours on major currency pairs and stocks, and strong customer support. XM is also licensed and regulated by various regulators including the FCA, ASIC, and CySEC, which makes it a broker trusted worldwide.

What’s the best trading platform?

It’s hard to pin down the single best trading platform, since that depends on individual goals and needs. Still, some factors are worth weighing when choosing, such as brand strength and credibility, trading costs, available assets, trading tools, customer service quality, business model, and regulation. From there, you can compare the available options based on personal preference.

Among the options worth considering are AvaTrade, Pepperstone, City Index, MetaTrader, and Markets.com, which are some of the most common choices and stand out for the strength of their trading tools, platforms, and regulation. Even so, the other factors mentioned above should still factor into the final decision.

How do you trade on XM?

You can start trading on XM by following these simple steps:

Open a live trading account on XM’s website and deposit funds into it.

Download and install one of the available trading platforms, such as MT4 or MT5, on your computer, or trade through your browser using WebTrader.

Add the instruments you want to trade to your trading account’s watchlist.

Pick the instrument you want to trade and open a buy or sell position, sizing the trade based on the available balance in your trading account and the risk level you’re comfortable with.

Set the profit and loss level you want for the trade, monitor the position, and close it once it hits your profit target or once the loss reaches your set stop-loss level.

Is the XM website a scam?

No, XM is not a scam — it’s a trusted, globally recognized trading broker. XM has a solid reputation in the trading market and holds the trust of its clients, along with a number of licenses from reputable regulators, including the UK’s Financial Conduct Authority (FCA), the European Securities and Markets Authority (ESMA), and the Cyprus Securities and Exchange Commission (CySEC).

Related articles

• Best forex brokers: full comparison
• Exness Review
• FXTM Review
• IC Markets Broker Overview
• Forex Demo Account