XM Broker Review

Author By Jeffrey Cammack
Updated: May 10, 2022
Overall Rating
4.25 4.25 / 5
Rated #9 of 66 Recommended Brokers
🏦  Min. DepositGBP 5
🛡️  Regulated By
💵  Trading Cost 
USD 16
⚖️  Max. Leverage30:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 
AlertAccepts UK Clients. Average spread EUR/USD 1.60 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 & MT5 platforms supported. XM Group regulated by CySEC, ASIC, and the IFSC. 74.07% of traders lose money with this provider.
Last updated on 10 May 2022
by Editorial Director Jeffrey Cammack
Jeffrey Cammack

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Our verdict on XM

A popular global broker with a large customer base and a good reputation, XM is a good option for most British traders. It has some of the lowest fees in the industry, provides excellent research and education, and has a beginner-friendly trading app. It also has an outstanding range of trading tools and its customer service is responsive and well-trained.

Because XM is regulated by CySEC in Europe, British traders can be sure they will be treated fairly. Their funds are segregated at top-tier banks and they are granted automatic negative balance protection.

🏦  Min. DepositGBP 5
🛡️  Regulated By
💵  Trading Cost 
USD 16
⚖️  Max. Leverage30:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 
Best Islamic Forex Account

Overall Summary

Regulation
111104/ 5
Trading Conditions
11110.54.5/ 5
Trading Platforms
11110.54.5/ 5
Deposit & Withdrawal
11110.54.5/ 5
Education & Research
111115/ 5
Assets Available
1110.503.5/ 5
Customer Service
111104/ 5
Beginner Friendly
Excellent
Welcome Bonus

Account Information

Base Currencies
USD, EUR, GBP, JPY, CHF, ‎AUD, HUF, PLN, RUB, SGD, ZAR
Number of FX Pairs
57
Crypto Pairs
31
Copy Trading
Hedging Allowed
Scalping Allowed
Islamic Acct

Trading Conditions

Account Name
XM Zero
Trading Desk
Commission
7 USD / lot - XM Zero Account
EUR/USD
0.10 pips
GBP/USD
0.20 pips
USD/JPY
0.10 pips
Negative Balance Protection

Company Details

Company Name
Trading Point Holdings Ltd.
Founded
2009
Website
Website Language
English, Malay, Chinese, Hungarian, Russian, Indonesian, French, Italian, German, Polish, Arabic, Spanish, Portuguese, Vietnamese, Thai
Support Language
English, Chinese, Russian, French, Italian, Spanish, Portuguese, Polish, Arabic
Office Locations
Cyprus, Australia, Belize

Pros

  • Well regulated
  • Excellent education
  • Free deposits and withdrawals

Cons

  • Dealing desk
  • Wide spreads on its entry-level accounts

Is XM Group Safe?

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

CySEC regulation: XM is regulated by ASIC of Australia, and the DFSA of Dubai, and it is registered for outward passporting to the FCA, which means that XM’s British clients will be 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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Group Regulators
Trading Desk
Website
Year Founded
Office Locations
Inactivity Fee
CySEC
ASIC
FCA
IFSC
Market Maker
2009
Cyprus, Australia, Belize
Once-off inactivity fee of 15 USD after one year of inactivity and a 5 USD monthly fee thereafter.

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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Financial Instrument
Number of Assets
Leverage
Commodities
10
10:1
Energies
5
10:1
Stock CFDs
1,291
5:1
Forex
57
30:1
Indices
14
20:1
Metals
2
10:1
 

  • 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, 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 1.6 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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Trading account
Min. Deposit
Min. Spread EUR/USD
Commission
Trading Cost (USD)
Micro
USD 5
1.70
Spread Only
17.0
Standard
USD 5
1.70
Spread Only
17.0
XM Ultra Low
USD 5
0.80
Spread Only
8.0
XM Zero
USD 5
0.10
7 USD / lot
8.0

See below for account details:

  • Micro Account
    XM’s entry-level account, minimum deposits start at 5 USD and spreads average at 1.7 pips on the EUR/USD, which is wider than other similar-sized market makers.  Base currencies on this account are USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, RUB, SGD, and ZAR.  

  • Standard Account
    Like the Micro Account, the minimum deposit requirement is 5 USD, and spreads average at 1.7 pips on the EUR/USD, which is wider 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.

  • XM Zero Account
    The minimum deposit requirements 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 Accounts

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 11 base currencies, including EUR, USD, GBP, AUD, CHF, JPY, RUB, HUF, PLN, ZAR, and SGD. Because we were depositing funds from a British bank with a GBP trading account, we weren’t charged any currency conversion fees.

XM Base Currencies (2)

 

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:

XM Deposits

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:

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:

XM Mobile

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:

XM MT4 Look

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

XM MT5 Depth of Market

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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11110.54.5/ 5
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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.

XM Registration

  • 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.

XM Market Research

  • 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
AvaTrade
eToro
 

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.

    XM Education
  • 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
AvaTrade
eToro

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:

XM Customer Service (3)

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 of Financial Instruments UK Ltd was established in 2016 and is regulated by the Financial Conduct Authority (FCA 705428).
  • 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 IFSC under license number 000261/158.

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:

Avatrade Scoring

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. 71.61% 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 other similar brokers, with spreads of 1.7 pips (EUR/USD) on its Standard Account and 0.8 pips (EUR/USD) on its Ultra-Low Account.  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.

AlertAccepts UK Clients. Average spread EUR/USD 1.60 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 & MT5 platforms supported. XM Group regulated by CySEC, ASIC, and the IFSC. 74.07% of traders lose money with this provider.
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