Updated: 05/16/2024

XM

XM Review

4.3 / 5
1216 ratings
Learn More
.22 Apr 2023
author avatar image Chad Smith

Table of Contents

Overview

XM Main Features
Feature Title Feature Value
🗺️ Year Founded 2009
🏢 Headquarters Cyprus, Australia, UK
⚖️ Tier-3 Licenses Yes
Minimum Initial Deposit $5
Demo Trading Yes
Leverage (EU Clients) 1 : 30
Leverage(Non-EU-Clients) 1 : 500
Average Spread EURUSD 0.1 pips
💰 Withdrawal fee No
Withdrawal Time Same day
💰 Inactivity Fee No

XM is a globally recognised forex and CFD broker that has been serving millions of clients since 2009. With its client base spread across over 190 countries, XM has managed to build a strong reputation in the trading industry. The broker is known for offering competitive fees on more than 1,000 instruments and is regulated by multiple financial authorities, such as the ASIC and CySEC.

The platform provides traders with access to a wide range of currency pairs, including majors, minors, and emerging markets. Additionally, XM offers easy and fast account opening, as well as a range of educational tools to help both new and experienced traders improve their knowledge and skills. However, it’s worth noting that the product portfolio is somewhat limited and there is no investor protection for non-EU clients.

Key Takeaways

  • Established forex and CFD broker regulated by financial authorities like ASIC and CySEC
  • Offers a wide range of currency pairs and boasts swift account opening
  • Provides a variety of educational tools, but has a limited product portfolio and no protection for non-EU clients

What Did We Like about XM

  • Strong regulatory framework: XM is licensed and regulated by reputable authorities such as CySEC, ASIC, and IFSC, ensuring compliance with industry standards and providing a secure trading environment.
  • Wide range of account types: XM offers multiple account types with different features and minimum deposit requirements, catering to the diverse needs of traders.
  • Access to popular trading platforms: Traders can choose from MT4, MT5, and WebTrader, all of which offer advanced features, intuitive interfaces, and seamless trading experiences.
  • 24/5 customer support: XM provides round-the-clock customer support through various channels, ensuring that traders receive timely assistance whenever needed.
  • Comprehensive educational resources: XM offers a wealth of educational materials, including webinars, videos, tutorials, seminars, and a demo account, enabling traders to expand their knowledge and improve their trading skills.

Account Types & Pricing

  • Average Spread
  • Average Spread EURUSD – Standard
  • Average Spread USDJPY – Standard
  • Average Spread GBPUSD- Standard
  • Average Spread BTCUSD – Standard
  • Average Spread XAUUSD – Standard
  • Average Spread OILUSD – Standard
  • Review Link
  • 0.1 pips
  • 0.3 pips
  • 17 pips
  • 0.3 pips
  • 20 pips
  • 3.0 pips
  • 0.4 pips
  • 0.5 pips
  • 23 pips
  • 0.7 pips
  • 70 pips
  • 3.0 pips
  • 0.09 pips
  • 0.15 pips
  • 22.8 pips
  • 0.45 pips
  • 11.25 pips
  • 4.0 pips

XM offers a range of account types to accommodate different trading preferences and capital sizes. Here are the main account types provided by XM:

  • Micro Account: The Micro Account is designed for traders who want to start with smaller trade sizes and lower risk. It requires a minimum deposit of $5 and allows trading with micro lots.
  • Standard Account: The Standard Account is suitable for traders who prefer trading with standard lots. It also has a minimum deposit requirement of $5 and offers access to a wide range of trading instruments.
  • XM Ultra Low Account: The XM Ultra Low Account is ideal for traders looking for lower spreads starting from 0.6 pips. It requires a minimum deposit of $50 and allows trading with either micro or standard lots.
  • XM Zero Account: The XM Zero Account is designed for traders who prioritize tight spreads and faster execution. It has a minimum deposit requirement of $100 and charges a commission of $3.5 per $100,000 traded.
  • Shares Account: The Shares Account caters to traders interested in trading stock CFDs. It requires a minimum deposit of $10,000 and offers access to a wide range of global stocks.

XM is a globally recognised forex and CFD broker, catering to over 10 million clients in more than 190 countries. Regulated by multiple financial entities, including ASIC and CySEC, you can feel confident about the safety of your funds and trades. In this section, we’ll delve into the details of XM’s trading platform, account types, and fees.

When you trade with XM, you’ll have access to a vast array of asset classes including forex, stock CFDs, indices, commodities, precious metals, energies, shares, cryptocurrencies, and futures. To make your trading experience seamless, XM offers user-friendly MetaTrader 4 and MetaTrader 5 platforms, which are highly popular among traders worldwide.

There are three types of accounts available to suit both beginner and experienced traders. All of these accounts require a minimum deposit of just $5, making them easily accessible. Spreads start at 0.6 pips on EUR/USD for the two commission-free accounts, while the Zero account offers 0 pip spreads but charges commission. If you require an Islamic account, XM offers swap-free options to accommodate your needs.

As for the trading fees, XM is known for its low costs on more than 1000 financial instruments. Although the forex and stock index CFD fees are average, the stock CFD and withdrawal fees are comparatively low. To fund your account and withdraw your profits, XM supports various deposit and withdrawal options, ensuring a convenient and smooth process. The broker also offers a $30 no-deposit bonus when you register a real account.

In terms of leverage, XM provides flexible options, allowing you to adjust it according to your trading strategy and risk appetite. You also have the option to open a demo account, allowing you to practice your trading skills before entering live markets. With a myriad of educational tools available, you can enhance your knowledge and stay updated with market trends.

In summary, XM offers trading services with a diverse range of asset classes, user-friendly platforms, low minimum deposits, and competitive fees. Catering to various types of traders, you can consider XM as a reliable broker to embark on your trading journey.

Trading Platforms

  • Trading Platforms
  • No. of Trading Platforms
  • Proprietary Platform
  • Desktop Platform (Windows)
  • Web Platform
  • Social Trading / Copy Trading
  • MetaTrader 4 (MT4)
  • MetaTrader 5 (MT5)
  • cTrader
  • TradingView
  • DupliTrade
  • ZuluTrade
  • Review Link
  • No
  • No
  • Yes
  • Yes
  • No
  • Yes
  • Yes
  • Yes
  • Yes
  • No
  • No
  • No
  • Yes
  • Yes
  • No
  • Yes
  • Yes
  • Yes
  • Yes
  • No
  • 6
  • No
  • No
  • Yes
  • Yes
  • No
  • Yes
  • Yes
  • Yes
  • Yes
  • No

XM offers a range of trading platforms to suit the needs of different traders. These platforms include:

  • MetaTrader 4 (MT4): MT4 is a widely used platform known for its user-friendly interface, advanced charting capabilities, and extensive library of technical analysis tools. It allows traders to automate their strategies using Expert Advisors (EAs) and provides access to a large marketplace of trading indicators and add-ons.
  • MetaTrader 5 (MT5): MT5 is the successor to MT4, offering additional features and improved performance. It provides enhanced charting tools, more order types, and a built-in economic calendar. MT5 also supports hedging, making it suitable for traders who employ diverse trading strategies.
  • WebTrader: XM’s WebTrader is a browser-based platform that allows traders to access their accounts and trade directly from their web browsers. It offers a user-friendly interface, real-time quotes, and a range of trading tools. WebTrader is compatible with all major web browsers, making it convenient for traders who prefer trading on the go without the need to download or install any software.

The availability of multiple platforms ensures that traders can choose the one that best suits their trading style and preferences. Whether traders prefer the feature-rich MT4 and MT5 platforms or the convenience of WebTrader, XM has options to cater to their needs.

Customer Support

XM is committed to providing excellent customer support and offers various channels for traders to seek assistance:

  • Live Chat: Traders can access live chat support directly through XM’s website. The live chat feature allows for quick and efficient communication with support representatives, enabling traders to get immediate help with their queries.
  • Email: Traders can contact XM’s support team via email for more detailed inquiries or assistance. The email support ensures that traders can have their questions answered in a timely manner.
  • Phone Support: XM provides phone support for traders who prefer direct communication. By contacting XM’s dedicated phone lines, traders can speak to support representatives and receive personalized assistance.

As you explore XM, you’ll notice a range of options that are designed to cater to both beginners and experienced traders. The platform offers an extensive education section, which can help you feel more confident and knowledgeable in your trading journey. This wealth of educational resources covers various topics, including trading in CFDs, improving technical skills, and understanding market analysis.

The customer service at XM strives to provide clear and efficient support to its clients. Whether you’re facing an issue with your account or have a general question about the platform, the customer support team is readily available to assist you. With their neutral and helpful approach, they ensure that you feel heard and understood. Additionally, the platform offers multiple channels for support, including live chat, email, and phone, making it more convenient for you to get in touch.

Placing trust in a trading platform is incredibly important, and XM makes an effort to maintain a transparent and secure environment. As you navigate through the platform, you’ll find that the processes for managing your account and conducting transactions are straightforward and well-detailed.

Withdrawals, a key part of any trading experience, are generally smooth and hassle-free at XM. Speedy processing times and a variety of withdrawal methods make it easier for you to access your funds. However, some users have reported encountering issues while withdrawing.

In summary, XM focuses on ensuring that your trading experience feels inclusive and enjoyable. From the extensive educational offerings to the prompt customer support, the platform aims to equip you with the tools and assistance you need to succeed in your trading ventures. The trust they strive to build with their clients and the diverse range of CFDs available reflect their dedication to delivering a comprehensive and satisfying customer experience.

Education

XM also places a strong emphasis on trader education and offers a range of educational resources:

  • XM Live: XM Live is a podcast-style resource where traders can listen to discussions about trading-related topics, ask questions, and participate in competitions. It provides a unique opportunity for traders to learn and engage with industry experts.
  • Educational Videos: XM provides a library of educational videos that cover various trading topics and strategies. These videos offer valuable insights and practical guidance to help traders improve their trading skills.
  • Webinars: XM hosts live webinars conducted by experienced traders and analysts. These webinars cover a wide range of topics, including technical analysis, fundamental analysis, risk management, and trading psychology. Traders can participate in these webinars to expand their knowledge and gain valuable insights.
  • Platform Tutorials: XM offers detailed tutorials for its trading platforms, including MT4, MT5, and WebTrader. These tutorials guide traders through the features and functionalities of each platform, ensuring that they can navigate and utilize the platforms effectively.
  • Forex Seminars: XM organizes forex seminars and workshops in various locations, providing traders with the opportunity to attend in-person events and learn from industry experts. These seminars cover a wide range of topics and offer valuable networking opportunities.
  • Demo Account: XM provides a demo account with virtual funds of $100,000 for traders to practice and familiarize themselves with the trading platforms and conditions. The demo account allows traders to test their strategies and gain hands-on experience without risking real money.

By offering comprehensive customer support and educational resources, XM aims to empower traders with the knowledge and tools they need to make informed trading decisions.

XM vs. Competitors

XM faces competition from other forex brokers in the market. Here is a comparison of XM with some of its competitors:

  • OctaFX: OctaFX is another well-known forex broker that offers competitive trading conditions, multiple account types, and a range of trading platforms. While OctaFX provides a lower minimum deposit requirement starting from $100, XM offers a broader selection of account types and a wider range of trading instruments.
  • Pepperstone: Pepperstone is a popular forex broker known for its tight spreads and fast execution speeds. Both XM and Pepperstone are regulated by reputable authorities, offer multiple trading platforms, and provide excellent customer support. However, XM has a lower minimum deposit requirement and offers more account types to choose from.
  • Avatrade: Avatrade is a reputable forex broker that offers a wide range of trading instruments, educational resources, and multiple account options. While Avatrade provides a lower minimum deposit requirement of $100, XM offers a more diverse selection of account types and has a stronger emphasis on trader education.

It’s important for traders to carefully evaluate the features, trading conditions, and customer support offered by different brokers to determine which one aligns best with their individual needs and preferences.

Conclusion

In conclusion, XM is a reputable forex broker with a strong focus on customer satisfaction and a commitment to providing a secure and transparent trading environment. With its wide range of account types, access to popular trading platforms, comprehensive customer support, and extensive educational resources, XM caters to both new and experienced traders. The company’s strong regulatory framework and transparent fee structure further enhance its appeal. Overall, XM is a reliable choice for traders looking for a trusted broker with a range of features and benefits.

FAQs

Is XM a safe broker to trade with?

Yes, XM is considered a safe broker as it is licensed and regulated by reputable authorities such as CySEC, ASIC, and IFSC. It complies with strict regulatory standards and ensures the safety of client funds through segregation into separate accounts.

What are the minimum deposit requirements for XM?

What are the minimum deposit requirements for XM? The minimum deposit requirements vary depending on the account type chosen. The Micro Account and Standard Account require a minimum deposit of $5, while the XM Ultra Low Account has a minimum deposit of $50. The XM Zero Account and Shares Account have minimum deposits of $100 and $10,000, respectively.

What trading platforms does XM offer?

XM offers popular trading platforms such as MetaTrader 4 (MT4), MetaTrader 5 (MT5), and WebTrader. These platforms provide advanced charting tools, a user-friendly interface, and seamless trading experiences across different devices.

How can I contact XM’s customer support?

XM provides customer support through various channels. You can contact their support team via live chat, email, or phone call. The support team is available 24 hours a day, five days a week, to assist with any inquiries or concerns.

Does XM offer educational resources for traders?

Yes, XM offers a comprehensive set of educational resources, including live webinars, educational videos, platform tutorials, forex seminars, and a demo account. These resources are designed to help traders enhance their knowledge and improve their trading skills.

author avatar image
Chad Smith

Chad Smith is the Director of Research & Analysis here at ForexBrokerListing.com. Chad previously served as an Editor for a number of websites related to finance and trading, where he authored a significant number of published articles about trading and the impact of technology in transforming investing as we know it. Overall, Chad is an active fintech and crypto industry researcher with more than 15 years of trading experience, and you can find him teaching his dog how to trade in his free time.

XM

4.3 / 5
1216 ratings

Comments

  • cryptomaster01

    5 Jan, 2022

    Trading crypto is great on XM. Good spreads and leverage.

  • forexninja007

    28 Jan, 2022

    Excellent customer service. Always helpful and quick response.

  • fxprotrader246

    23 Feb, 2022

    Very good broker, low fees and excellent service.

  • dollarhero22

    24 Feb, 2022

    Low spreads, fast execution. Very reliable for trading.

  • forexmastermind88

    26 Feb, 2022

    Go-to broker, reliable, low spreads.

  • investgenius77

    9 Mar, 2022

    Good trading experience. Low fees, fast execution.

  • fxninja88

    24 Mar, 2022

    Trading with XM very good. Fast execution, low spreads.

  • fxwarrior99

    20 Apr, 2022

    Best platform for forex trading. Tools very helpful.

  • cryptomogul88

    7 May, 2022

    Best broker for crypto trading. Fast execution, good spreads.

  • fxking01

    14 May, 2022

    Trustworthy broker, very good for forex trading.

  • tradermark

    19 May, 2022

    XM provides excellent execution speed, and I appreciate their educational resources.

  • forextitan99

    24 May, 2022

    Very happy, low fees, fast withdrawals.

  • investmogul77

    13 Jun, 2022

    Great experience, good tools and support.

  • tradehero01

    1 Jul, 2022

    Great broker. Low spreads and good support.

  • fxexpert24

    9 Jul, 2022

    Very good for forex trading, low fees, fast trades.

  • investgenius99

    31 Jul, 2022

    XM is great for forex. Low spreads, fast execution.

  • fxtrader99

    3 Aug, 2022

    Faced issues with account verification. Took longer than expected.

  • mariapips

    19 Aug, 2022

    XM is a good choice for beginners due to their educational materials.

  • cryptowizard24

    23 Aug, 2022

    Trading crypto is fun here. Good spreads, high leverage.

  • forexmaven99

    28 Aug, 2022

    Customer support not always responsive. Some delay in replies.

  • investwizard77

    2 Sep, 2022

    Excellent trading experience, highly recommend.

  • cryptoking123

    3 Sep, 2022

    Crypto trading okay, but spreads on altcoins could be better.

  • marketmogul77

    23 Sep, 2022

    Great conditions, easy withdrawals. Very satisfied.

  • trademaniac007

    13 Oct, 2022

    Favorite broker. Low fees, great support.

  • cryptojoe

    15 Oct, 2022

    I like trading on XM’s platform. It’s easy to use, even for a beginner like me.

  • forexchamp88

    26 Nov, 2022

    Excellent, highly recommend for forex traders.

  • lucasfx

    8 Dec, 2022

    Fast withdrawals and a user-friendly platform at XM.

  • tradewithme

    9 Jan, 2023

    XM provides a solid trading experience with valuable insights.

  • fxwhale88

    15 Feb, 2023

    Excellent for forex trading, highly recommend.

  • forexfanatic88

    19 Feb, 2023

    Satisfied with XM. Fast trades, low spreads.

  • cryptolord24

    26 Feb, 2023

    Love trading here. Great leverage, low spreads.

  • tradesavant99

    2 Mar, 2023

    Satisfied, low fees, good support.

  • trade_expert88

    5 Mar, 2023

    Reliable platform, fast trades, low costs.

  • cryptoqueen77

    11 Mar, 2023

    Platform is good, but had issues with withdrawal time.

  • trademaster21

    13 Apr, 2023

    Excellent support, low costs. Very happy with this broker.

  • daniforex

    7 May, 2023

    XM offers a variety of trading instruments, which I find valuable.

  • trademaster007

    8 Jun, 2023

    Easy to use, good support. Happy with XM.

  • janetrader

    13 Jun, 2023

    XM’s customer support is responsive and helpful.

  • sophiatrade

    18 Jun, 2023

    I’ve been using XM for a while now, and I’m satisfied with their services.

  • fxguru77

    7 Aug, 2023

    XM is amazing broker. Fast execution, low spreads.

  • investmaster22

    12 Aug, 2023

    Trading platform is good, but could improve mobile app features.

  • martinpips

    18 Aug, 2023

    The spreads at XM are competitive, making it a cost-effective choice.

  • forexguru22

    5 Sep, 2023

    Platform had some downtime during important trades.

  • cryptoslayer007

    5 Sep, 2023

    Good for BTC and ETH trading. Smooth experience.

  • investguy24

    5 Sep, 2023

    Spreads not as low as expected. Sometimes slippage.

  • investdude88

    6 Sep, 2023

    Had problem with leverage settings, not very clear initially.

  • forexguru77

    20 Sep, 2023

    Excellent broker, very reliable.

  • cryptowarrior24

    10 Oct, 2023

    Great for crypto trading, fast platform, good leverage.

  • cryptofreak77

    14 Oct, 2023

    Good broker for crypto, fast platform, good spreads.

  • cryptoking221

    17 Oct, 2023

    Trading crypto very good. Fast execution, low spreads.

  • cryptoking88

    20 Nov, 2023

    Love trading BTC on XM. Good leverage, reliable platform.

  • fxhero007

    3 Dec, 2023

    Easy and reliable trading, good spreads.

  • annaava

    28 Dec, 2023

    I trust XM with my trades. They’ve been reliable and consistent.

  • traderjohn007

    12 Jan, 2024

    Execution speed is fine, but faced some issues with deposits.

  • tradewizard88

    15 Jan, 2024

    Trading indices here is great. Low cost, quick trades.

  • dollartrader99

    8 Feb, 2024

    Great broker, low spreads, fast withdrawals.

  • investqueen99

    16 Feb, 2024

    Very happy with XM. Great trading experience, good support.

  • traderchamp77

    10 Mar, 2024

    Withdrawal process slow, took a few days.

  • investpro24

    31 Mar, 2024

    Good tools for trading and learning. Very helpful.

  • Eng Yi De

    16 May, 2024

    It turns out that trading stocks is not as easy as I imagined! Wow, that was difficult.
    I decided that I was not ready to trade stocks yet and would trade currency pairs a bit. I read that they are easier to trade than other assets.
    It’s good that my broker has a lot of choice. And I can also try demo trading if I lose too much from my deposit.

Please Log in to rate!