XM Broker Review

Is XM Group Safe?

A CySEC-regulated broker, XM is well-known for being reliable and trustworthy. 

CySEC regulation: XM is regulated by ASIC of Australia and the DFSA of Dubai, and XM’s British clients are onboarded through the Cyprus Securities and Exchange Commission (CySEC). CySEC is considered a strong regulator and ensures that brokers treat their clients fairly.  

Safety Features: As required by CySEC, XM protects its traders by:

• Segregating its client funds from company funds in top-tier banks
• Providing traders with automatic negative balance protection, which means that traders cannot lose more than their initial deposit. 
• Limiting leverage to 30:1 to reduce traders’ risk
• Participating in an investor scheme so that residents of EEA countries such as the UK receive investor protection up to 20,000 EUR. 

Company Details:

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We confirmed each of the licences and regulations on the regulator’s online register. See below for details of XM’s CySEC-regulated entity:

XM’sTrading Instruments

We were impressed with XM’s range of trading instruments, including over 57 Forex pairs and over 1200 stock CFDs.

XM offers a similar range of instruments as other brokers but offers a wider range of Forex pairs. Due to CySEC regulations, maximum leverage on all assets is low, though this will be the same for all CySEC-regulated brokers.

Full List of Instruments and Leverage:

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• Forex: XM’s range of Forex pairs is around the industry average and includes majors (EUR/USD, GBP/USD, and USD/JPY), minors (NZD/CAD, EUR/JPY, and USD/ZAR), and exotics (SGD/JPY).  
• Stock CFDs: The number of stock CFDs available at XM is many more than most other brokers.  The selection available includes some of the major US companies, including Apple, Amazon, Facebook, Bayer, and Google, among others.  Note that most stock CFDs are only available on MT5. 
• Commodities: XM’s range of commodities is average.  These include gold and silver and softs such as coffee, corn, soybeans, and wheat. 
• Equity Indices: XM’s range of indices is slightly limited compared to other similar brokers and includes the likes of the US30Cash, UK100Cash, US500Cash, the VIX, and the EU50Cash. 
• Energies: XM’s range of energies is average and includes Brent, Natural Gas, and Oil.
• Shares: XM’s share offering is limited compared to other brokers. 

XM’s Accounts and Trading Fees

XM offers three account types that are suited to both beginner and experienced traders. 

Trading Fees: All of XM’s accounts have a minimum deposit of 5 USD, making them accessible to beginners. Spreads start at 0.6 pips on the EUR/USD on its two commission-free accounts but come down to 0 pips on its Zero Account in exchange for a commission of 7 USD (round turn).

Account Trading Costs:

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See below for account details:

• XM Ultra-Low Micro Account
  XM’s entry-level account, minimum deposits start at 5 USD and spreads start at 0.6 pips on the EUR/USD, which is tighter than other similar-sized market makers.  The base currencies on this account are USD, EUR, and GBP.  
  
  
• Ultra-Low Standard Account
  Like the Micro Account, the minimum deposit requirement is 5 USD and spreads start at 0.6 pips on the EUR/USD, which is tighter than other similar-sized market makers.  In contrast with the Micro Account, one lot is the equivalent of 100,000 units, and minimum trade volumes are 0.01 lots.  It also offers the same wide range of base currencies as the Micro Account. The XM Ultra-Low account offers swap-free trading for a wide selection of popular instruments such as Gold, EURUSD, USDJPY, EURJPY, GBPUSD and many others. 
  
  
• XM Zero Account
  The minimum deposit requirement on the XM Zero Account is 5 USD, and a commission of 3.5 USD per lot per side is charged, but spreads start at 0 pips on the EUR/USD.  The base currencies available on this account are USD, EUR, and JPY. 
  
  
• Islamic Account: XM offers Islamic accounts for traders of the Muslim faith.  We were pleased to note that XM does not apply any extra charges for Islamic accounts. This is unusual as most other brokers apply an admin fee to Islamic accounts in lieu of the swaps. 

XM’s Deposits and Withdrawals

We were pleased to find that all deposits and withdrawals over 200 USD are free. Deposits took less than an hour to reach our trading account and withdrawals took two days to reach our bank account.

In line with Anti-Money Laundering policies, XM operates a “return to source policy,” meaning that withdrawals can only be returned to the original funding source.

Base Currencies: When we opened our account, we noticed that the client portal allows traders to deposit funds in 3 base currencies, including EUR, USD, and GBP. Because we were depositing funds from a British bank with a GBP trading account, we weren’t charged any currency conversion fees.

Fees: The account funding process is open 24 hours a day and is fully automated. We were very pleased to note that XM covers all transfer fees and does not include any hidden fees or commissions on deposits or withdrawals. However, fees are charged on deposits and withdrawals made by wire transfer under 200 USD, or currency equivalent. 

Once your account has been verified by customer service, you can deposit funds through the client portal:

We tested deposits via credit card and found that our payment was processed within an hour, and it took two days for our withdrawal to arrive in our account. These times are about average for the industry. 

See below for more details on XM’s deposit and withdrawal methods:

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XM’s Mobile Trading Platforms

Our review found that XM offers three mobile trading platforms, which is more than other brokers, including MT4, MT5, and the XM App. All of the platforms are available on both Android and iOS.

We tested the XM App on an iPhone 11:

We were pleased to find that we could trade directly on the XM mobile app, and that it could be linked to our MT4 and MT5 accounts.

We found that the XM  app was very easy to set up and use. It was also easy to search for and monitor our assets and trades:

MT4/MT5 Mobile Trading

XM’s MT4 and MT5 mobile trading apps offer similar functionality to the desktop and web trader versions of the platforms. Traders can access all instruments available at XM (except that share CFD trading is only available on MT5), and access all the same charts. Additionally, all the trading order types are available. The only difference is that the number of indicators is reduced for both the MT4 and MT5 mobile applications.

XM’s Trading Platforms

We found that XM offers an average range of trading platforms, including the web trader and desktop versions of MT4 and MT5.

Both MT4 and MT5 are available on Mac and PC.  

For the purposes of this review, we tested XM’s web trader platforms.

MetaTrader 4 (MT4) and Metatrader 5 (MT5) 

The benefit of XM offering third-party platforms such as MT4 and MT5 is that traders can take their own customised version of the platform with them should they choose to migrate to another broker.  Additionally, there are thousands of plugins and tools available for both the MetaTrader platforms.  

As you can see, the MT4 Webtrader looks slightly outdated but it is highly customisable. There are three chart types, including Line, Bar, and Candlestick charts and you can access a wide selection of indicators in multiple timeframes. See below:

In our review of MT5 web trader, we noted that it has a great depth of market display:

One other benefit of trading with XM is that it offers MT4 Multiterminal, which is not often available at other brokers. It allows traders to open and manage multiple MT4 accounts from a single terminal with one login and password.  

Platform Comparison:

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Broker

Platform Choice

Copy Trading

Platforms

XM

4.5/ 5

Yes

MT4

MT5

AvaTrade

4.5/ 5

Yes

MT4

MT5

Avatrade Social

AvaOptions

FP Markets

5/ 5

Yes

MT4

MT5

cTrader

IRESS

Opening an Account at XM

We found XM’s account opening process fast and simple. Our account was open in less than a day, and XM’s customer support was readily available for our technical and account queries.  

It took us about 5 minutes to open an account at XM, and once our documentation had been submitted, our accounts were ready for trading on the same day. XM’s customer support agents were very helpful and provided relevant and immediate responses.

As a British trader, you are eligible to open an account at XM as long as you meet the minimum deposit requirement of 5 GBP. 

How to open an account at XM:

• We clicked on the “Open an Account” button at the top of the page.
• We then filled in our personal details and chose our preferred trading platform (MT4/MT5), base currency, and level of leverage.

• We were then required to fill in our financial information and answer questions about our trading knowledge.
• In order to verify our account, we were required to submit a copy of our British ID or Passport with the signature page and a copy of a recent utility bill or bank statement. Our documents were scanned through as high-quality digital camera pictures. 

Once all our documents had been received, the account was ready for trading on the same day. 

XM’s Research and Trading Tools

We found that XM offers excellent technical analysis tools and that its in-house curation of research data far surpasses that of other brokers.  It also offers several in-house trading tools that are compatible with MT4 and MT5.

Our review noted that XM’s market analysis section consists of a Markets Overview, News, XM Research, Trade Ideas, Technical Summaries, an Economic Calendar, XM TV, and a Podcast.  See below for more details:

• Markets Overview: Frequent articles by a third-party provider, Reuters, are available in this section and cover all the latest market news.
  

• News: All the latest market news, also provided by Reuters, is updated a few times an hour.
• XM Research: The XM Research team provides frequent articles covering technical analysis, Forex previews, market comment, financial markets, special reports, and stock market news.
• Trade-Ideas: Provided by a third party, namely Analyzzer, this section covers how the various instruments fare against one another.
• Technical Summaries: This section covers the various trends among the XM’s instruments.
• XM TV: Provided daily by XM’s in-house team of analysts, XM TV covers Forex News, Technical Analysis, and a Weekly Forex Outlook.
• Podcast: XM’s trading podcast, Global Market Insights, provides traders with meaningful and informative content encompassing up-to-date information needed for online investing and updates on economic events across the globe.
• Economic Calendar: XM offers a good economic calendar. It has a filter function where you can filter for countries, data type, and importance.

XM also offers several technical indicator tools to help guide traders in their trading decisions, including the following:

• Ribbon Indicator
• River Indicator
• Ichimoku Indicator
• Bollinger Bands
• ADX and PSAR Indicator
• Analyser Indicator
• MQL5

Unfortunately, XM doesn’t offer the popular third-party tools such as Autochartist or Trading Central, that are commonly available at other brokers.  

Overall, we found XM’s trading tools useful in making trading decisions, but it could add a variety of third-party tools to help with fundamental analysis.

Trading Tools Comparison:

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Broker

Autochartist

Trading Central

Trading View

XM

No

No

No

AvaTrade

No

Yes

No

FP Markets

Yes

No

Yes

Education

Our review noted that XM provides an excellent selection of educational materials suitable for both beginners and more experienced traders. It also offers a demo account that does not expire.  

We found that XM’s library of educational materials is world-class and on par with some of the best brokers in the world. Education comprises XM Live, Live Education, Educational Videos, Forex Webinars, Platform Tutorials, and Forex Seminars. These materials are in-depth and well-structured.  We were pleased to note that educational materials are accessible to all XM website visitors, although some sections require registration.  See below for more details:

• XM Live: Available from Monday to Friday 06:00 – 15:00 GMT, visitors can learn about the products and services offered by XM, trading fundamentals, and have all their questions answered by its hosts.
  
  
• Live Education: XM offers the Basic Room for beginner traders and the Advanced Room for more experienced traders. Live Education is essentially a series of live webinars that run from Monday to Friday from 06:00 – 15:00 GMT.  These webinars cover trading fundamentals and trading session analysis.  The Advanced Room also covers topics such as How to Prepare for a Trade, Follow Real-Time Trading, and Live Debates.
  
  
• Educational Videos: XM provides an extensive library of videos that cover topics such as:
  • • Intro to the Markets
    • Trading Essentials
    • Fundamental Analysis
    • Technical Analysis
    • Money Management
    • Trading Psychology
    • Trading strategies
    • More on Forex Trading
      
      
• Forex Webinars: XM offers free webinars presented by 67 highly skilled forex professionals in 19 languages, seven days a week.
  
  
• Platform Tutorials: XM’s team has developed a vast array of video tutorials that explain the ins and outs of the MT4 and MT5 platforms in addition to the XM trading tools.
  
  
• Forex Seminars: XM runs frequent seminars across the globe to educate online investors and help them develop their trading knowledge with the guidance of professional instructors. 

Education Comparison:

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Broker

Beginner Course

Advanced Course

XM

Yes

Yes

AvaTrade

Yes

Yes

FP Markets

Yes

No

Customer Support

Available 24/5, we found XM’s customer support agents are responsive and well-trained.

XM’s customer support is available 24/5 in over 30 languages, via email, phone, and live chat.  

For the purposes of the review, we tested the live chat service and email. Our email was answered within a day and the answer was relevant and to the point. The live chat agents were able to answer all our questions quickly and to our satisfaction.  They also provided links and extra reading material where appropriate.

After logging into the live chat, we were connected to an agent who replied to our message within a matter of seconds, as shown below:

Safety and Industry Recognition

Regulation: Founded in 2009 and headquartered in Cyprus, XM Group has grown into a large and well-established international investment firm with over 3,500,000 clients worldwide.  XM is a brand name of Trading Point Group and is regulated by the following authorities:  

• Trading Point of Financial Instruments Ltd was established in 2009 and is regulated by the Cyprus Securities and Exchange Commission (CySEC 120/10)
• Trading Point of Financial Instruments Pty Ltd was established in 2015 in Australia and is regulated by the Australian Securities and Investments Commission (ASIC 443670)
• Trading Point MENA Limited has been approved and regulated by the Dubai Financial Services Board (Reference No. F003484).
• XM Global Limited is licensed by the Belize FSC under license number 000261/397.

Awards

XM has won numerous awards for its services and offerings over the years, including:

• Silver for the COVID-19 HR Action Plan – Business as Usual, in an Unusual 2020 (Cyprus HR Awards 2020)
• Global Forex Broker of the Year (Global Forex Awards 2020)
• Best Forex Affiliate Broker Programme – Europe (Global Forex Awards 2020)
• Most Reliable Broker – Global 2020 (Capital Finance International Magazine)
• Most Transparent Broker – Global 2020 (Capital Finance International Magazine)
• Best Online CFD & FC Trading Broker – Global 2020 (The European Magazine). 

Overall, because of the long history of responsible behaviour, strong international regulation, and wide industry acclaim, we consider XM a trustworthy and safe broker. 

Evaluation Method

We value transparency and openness in the way we review the partners. To bring transparency to the forefront, we have published our review process. Central to that process is the evaluation of the reliability of the broker, the platform offering of the broker and the trading conditions offered to clients, which are summarised in this review. Each one of these is graded, and an overall score is calculated and assigned to the broker.

Each one of these is graded on 200+ metrics across seven areas of interest, and an overall score is calculated and assigned to the broker according to the diagram below:

XM Group Disclaimer

Trading Forex is risky, and each broker is required to detail how risky the trading of Forex CFDs is to clients. XM Group would like you to know that: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75.33%% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Please consider our Risk Disclosure.

Overview

A well-regulated market maker broker, XM offers trading on over 1000 instruments, including over 57 Forex pairs.  Trading conditions are average compared to similar brokers, with spreads of 0.6 pips (EUR/USD) on its Standard and Ultra-Low Accounts.  The minimum deposit requirements are low, at 5 USD on all account options, making it good for beginner traders.  

XM also offers trading on the most popular platforms – MT4 and MT5 and allows all trading strategies alongside a world-class repository of educational and market analysis materials and excellent customer service.

FAQ

Is XM Safe?

Yes, it is a trusted international broker. XM is regulated by CySEC in Europe. They have won multiple international awards.

What assets can I trade at XM?

Forex, stocks, commodities, indices, metals, and energies.

What is the minimum deposit at XM?

Trading accounts can be opened for 5 USD.

Is XM good for beginners?

XM has some of the industry’s best beginner and advanced learning material, with additional daily market analysis for free to all clients.

Editorial Team

 

Chris Cammack
Head of Content

Chris joined the company in 2019 after ten years experience in research, editorial and design for political and financial publications. His background has given him a deep knowledge of international financial markets and the geopolitics that affects them. Chris has a keen eye for editing and a voracious appetite for financial and political current affairs. He ensures that our content across all sites meets the standards of quality and transparency that our readers expect.

 

Alison Heyerdahl
Senior Financial Writer

Alison joined the team as a writer in 2021. She is the Senior Editor for FXScouts.  She has a medical degree with a focus on physiotherapy and a bachelor’s in psychology. However, her interest in forex trading and her love for writing led her to switch careers. She has a passion for Forex trading and over a decade of editorial experience researching Forex and the financial services industry, producing high-quality content. She hosts a weekly podcast, “Let’s Talk Forex,” alongside her colleague, Chris, and has produced over 100 Forex educational videos for the FXScouts YouTube channel. She also writes weekly technical analyses and has tested and reviewed over 100 Forex brokers.

 

Ida Hermansen
Financial Writer

Ida joined our team as a financial writer in 2023. She has a degree in Digital Marketing and a background in content writing and SEO. In addition to her marketing and writing skills, Ida also has an interest in cryptocurrencies and blockchain networks. Her interest in crypto trading led to a wider fascination with Forex technical analysis and price movement. She continues to develop her skills and knowledge in Forex trading and keeps a close eye on which Forex brokers offer the best trading environments for new traders.