XM Review 2023

We conducted an in-depth review of this award-winning FOREX broker to verify if it is really that good. Read our review, you can find pros and cons as well as our 15 Key takeaways.
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🏆 Broker Evaluation
🗺️ Regulatory Bodies FCA
💳 Minimum Deposit 5$
⚖️ Islamic Account yes
💰 Payment Methods Bank transfer, credit card,Electronic Banks
🏢 Main Branch Cyprus
☎ Customer Service 24/5
🎮 Demo account yes
🖥 Trading Platforms MT4,MT5,Web Platform

Key Takeaways

XM Evaluate - research resu

Overall Evaluation: 7.54
Deposits and Withdrawals
Trading Platform
Research and Development
Customer Service
Mobile App Trading
Experience with broker
Trading Tools

Overall Summary

Founded in 2009, XM Group is a large global broker with a reputation that is improving all the time. With XM, you can trade over 1,000 CFD instruments and also invest in stocks, indices and FOREX. Further, you can try your hand at metals and energies. 
XM has over 300,000 accounts with traders in 196 countries. The company positions itself as being fair and reasonable. It especially does not hide any of its fees. XM positions itself to offer excellent customer service and an individual approach for every client, no matter their trading objectives.
As a rising star in the FOREX trading world, XM was recently recognized as the “Global FOREX Broker of the Year” at the 2020 Global FOREX Awards, keeping the award it also won in 2019. In recognition of its vision of open-handed fees, it won the “Most Transparent Broker–Global” award by Capital Finance International magazine. 
XM complies with the most stringent regulation in key markets. It is subject to stringent regulation by the CySEC, the ASIC and the IFSC of Belize. This means that XM adheres to best practices, such as segregating client funds from its own operating cash to keep them safe
XM uses the well-recognized third-party trading platforms MT4 and MT5. These trading platforms are well-developed and robust and can easily be downloaded for iOS and Android systems. 
You can trade with XM using four main types of accounts. You can choose to use the Micro, Standard, XM Ultra-Low Account and Zero Account, depending on your requirements. The Micro and Standard Accounts offer no-commission trading with spreads as low as 0.6 pips. The broker also offers an Islamic account option for each of these accounts.  
Broker Evaluation
Year of Establishment
Main Branch
Other Branches
Australia, Greece
Supported Languages
30 languages including English
Operating Hours
Market Opening Hours

Who XM Is Good For?

Beginner and expert traders can both use this well-run and customer-focused broker. First-time traders who want to get a feel of what it is like to work with XM can open a demo account with $100,000 of virtual money. 
Offering a broad range of tradable items, like 1,000 CFD instruments, as well as investment in stocks, indices and FOREX, every trader can find a home here. Meanwhile, traders who are interested in upskilling themselves, will enjoy XM’s impressive research and education section.  
As traders develop their skills and gain experience, they will come to appreciate the features that differentiate XM from its rivals. Some of these features include the no-hidden-fee promise and the fact that XM rapidly and reliably completes its executions, with 99.35% of executions happening in under one second.


  • Strong regulation in key global markets, such as the CySEC, the ASIC and the IFSC of Belize.
  • Transparent and competitive fee structure.
  • Offers trading on industry standard MT4 and MT5 platforms.
  • Investors have access to over 1,000 trading instruments.
  • Up-to-date and comprehensive list of education tools.
  • Wide-ranging and globally representative newsfeeds.
  • Long, unbroken operating track record.
  • High-touch senior management engagement that involves regular country visits.
  • High levels of client retention for a FOREX broker.
  • A large customer base of over 300,000 accounts in 196 countries.
  • It periodically offers generous customer bonuses, though not available to the EU clientele because of strict regulations there.


  • Not available for key markets, such as the US, Canada, Israel, Iran, Portugal and Spain.
  • Customer support is only available 24/5.
  • A relatively low number of account types with little differentiation among accounts.
  • PayPal deposits are currently not supported.
  • It does not have its own proprietary mobile trading software.
Trading Account Information
Account Currency
Minimum Deposit
Segregated Accounts
Payment Methods
Bank Transfer, Credit Card, Electronic Banks
Accepting US Clients
Available Markets
FOREX, Stocks, Indices, Commodities, Metals, Energies
Demo Account Duration
30 days

Is XM Safe?

Yes, XM is safe. It has been in operation since 2009, meaning it has a long track record for its industry. Traders can take comfort that the longer a broker has been in business, the better. Although this is not the only test, it helps to look at the overall picture. One encouraging factor is that the XM Group has shown steady growth, with strategic new entities coming up for regulation in key jurisdictions over time: 
  1. 2009 – Trading Point of Financial Instruments was established and was regulated by the CySEC. 
  2. 2015 – Trading Point of Financial Instruments Pty Ltd. was established and regulated by the ASIC.  
  3. 2017 – XM Global was established and regulated by the IFSC of Belize.  
It is thus clear that the group has subjected itself to unending scrutiny. By virtue of its regulation in Cyprus, it has an extra level of investor protection through the CySEC’s Investor Compensation Fund. It will compensate depositors up to €20,000 if they lose money through the insolvency of a regulated firm.  
Because of its membership in the ASIC and the IFSC of Belize, XM ensures it segregates client funds at tier-one banks like Barclays.  
As a FOREX/CFD broker regulated in Cyprus, which is an EU member, XM clients enjoy negative balance protection. This means they cannot lose more than the amount they have deposited. All these factors point to XM being a safe bet in which invest your money
Advantages of Trading
Maximum Leverage
Minimum Lot Size
Available FOREX Pairs
55 Currency Pairs
Starting from 1 pips
Trailing Stop
Islamic Account
Trading Platforms
MT4,MT5,Web Platform
Regulatory Bodies
Broker Type

Offering of Investments

Unlike more conservative brokers, XM offers access to a diverse range of trading instruments. With over 1,000 financial CFD instruments available to trade, including FOREX, stocks, indices, commodities, metals and energies, XM has something for every trader’s taste. 
Featuring a robust 55 FOREX pairs, 26 indices, eight commodities, over 600 company stocks, four metals and five energies, there is something for every trader. The size of trading costs, like spreads, commissions and overnight rates, vary depending on the account type and instrument you are trading. Maximum leverage is flexible up to 1:1000 for non-EU customers. 
Stocks – It offers an array of individual stocks to trade, drawn from 1,200 different equities. There is a broad choice for those looking for global equities. You can access stocks from major equity markets like the US, UK, Germany and France
Commodities – There is a wide choice of eight commodities on offer. Few brokers can match this. Traders who are interested in precious metal trading can find access to gold and silver investing. 

Account Types

Account Type Minimum Deposit Spread Commission Commission Swap Commission Deposit Commission Withdrawal Commission
Standard Account 5$ Starting from 1 pip 0$ 0$ Starting at $0 with credit cards and wire transfer, and up to to 2% with electronic banks. 1.5% when using credit cards and/or electronic banks and up to 30$ with bank transfers.
Micro Account 5$ Starting from 1 pip 0$ 0$ Starting at $0 with credit cards and wire transfer, and up to to 2% with electronic banks. 1.5% when using credit cards and/or electronic banks and up to 30$ with bank transfers.
XM Zero Account 5$ Starting from 0 pip Not mentioned 0$ Starting at $0 with credit cards and wire transfer, and up to to 2% with electronic banks. 1.5% when using credit cards and/or electronic banks and up to 30$ with bank transfers.
XM offers traders a small and manageable range of account types. Each of them caters to a slightly different requirement. The range of accounts is easy to use and understand.  
XM has deliberately kept the account types simple and streamlined. In the age of complex accounts in the retail FOREX and CFD world, this is a breath of fresh air. Entry-level traders will appreciate the simplicity of these accounts, but more seasoned traders might want more account complexity. 
All XM account types allow hedging, scalping and automated trading. You will also have access to Expert Advisers (EA), regardless of the account you choose. These are the main trading accounts:  
Micro Accounts: You can get started with a minimum deposit of $5. Micro Accounts can be denominated in any major currency, such as the EUR, the USD, the GBP and the AUD. However, you can also select emerging currencies like the Singapore dollar, the Hungarian forint and the Russian Ruble. This account allows you to trade with lower levels of risk. One micro lot is 1,000 units of the denominated currency. 
Ultra-Low Accounts: The XM Ultra-Low Account can only be denominated in one of six major currencies: the EUR, the USD, the GBP, the AUD, the ZAR and the SGD. The minimum deposit is $50. One standard lot is 100,000 units of the denominated currency. Traders can use either micro lots or standard lots and get low spreads as little as 0.6 pips. 
Standard: The minimum deposit for the XM Standard Account is $5. As with the Ultra-Low Account, you can choose to trade in micro lots or standard lot sizes. You can also choose to trade in major currencies or a range of emerging currencies.
Zero Accounts: Zero Accounts require a minimum deposit of $10. Like the Standard and Ultra-Low Accounts, one standard lot is 100,000 units of the chosen base currency. With this account, you can operate with standard lots that feature lower spreads starting at 0 pips. Watch out, however, for the $3.5 commission per $100,000 traded.   

Account Opening

The account-opening process with XM is fast and hassle-free. If your documents are in order, it can open your account in one business day. As part of the process, traders will need to go through Web screens to confirm certain details about themselves.  
As is normal, it will require you to verify your ID and proof of residency through utility bills or bank statements. Acceptable proof of ID is a national identity card, passport or driver’s license.

Available assets

Markets Available Number of Assets
Currency Pairs 55
Stocks 1261
Commodities 8
Indices 14

Deposits and Withdrawals

XM offers many deposit and withdrawal choices. Traders can access these options in the XM Member’s Area.
It can execute deposits via most credit cards, such as Visa, Electron, MasterCard, Maestro and China UnionPay. Wire transfer and local bank transfer options are also possible, and so are electronic payments with vendors like Moneybookers, Skrill and Neteller.
There are zero fees on deposits and withdrawals through Neteller, Moneybookers and all major credit cards. There are also zero fees on deposits and withdrawals made by bank wire transfer over $200 or currency equivalent.
Your XM trader account will reflect instant funds from deposits received from credit cards and electronic wallets. It processes all withdrawals in 24 hours, and there are no fees to take your money out of your e-Wallet. 
However, traders should note that withdrawals via bank wire transfer of amounts under $200 are subject to a $15 administration fee. Smaller depositors should know this might eat into their earnings. It might be a good idea for them to hold off on withdrawals until they are larger than the $200 fee threshold. 

Customer Service

XM offers high-quality, multilingual customer support on a 24/5 basis. It delivers help and support through live chat, email and phone. Some traders do list this as a drawback that XM does not offer weekend support. That said, the quality of XM’s customer support is held in high regard as it is multilingual, fast and responsive. Traders of any level have access to well-trained human account managers if they need help. 

Commissions and Fees

Traders should always look carefully at broker fees as they try to find the right broker for their needs. XM is clear about transparency and operates a strict no-hidden fees or commissions policy. This is a relief to entry-level and expert traders alike. 

Trading Fees 

These are fees such as spreads, commissions and overnight financing. They also include selected fees, such as penalties for account inactivity, or transaction fees applied to deposits or withdrawals.  
XM is highly competitive and only charges commission on XM Zero Accounts. For the Zero Account, a commission is charged per $100,000 traded, although this account comes with the benefit of very low average spreads.   
XM’s spreads vary depending on the type of account the trader has opened. For the Micro Account, Standard Account and XM Zero Account, the minimum spread across all accounts is 0.1 pips. This is in line with XM’s competitive spread and commissions offering for traders who deposit amounts lower than a few hundred dollars. For example, the minimum deposit required to open a Standard Account is only $5. However, traders with much larger deposits of up to a few thousand dollars at a time could realistically find more competitive rates with other brokers. This is unless they open an XM Zero Account, which has extremely competitive fees. 
XM is transparent about its overnight financing fees. This charge applies to trades that remain open past the end of the business day (22:00 GMT). The company’s Website says, “Rollover comes at a cost or gain for traders. XM does not close and re-open positions, but it simply debits or credits trading accounts for positions held open overnight, depending on the current interest rates.”  
Retail brokers like XM often struggle to remain competitive on rollover trades in currencies with very low or negative interest rates. XM discloses its rates and gives a helpful guide on what fees clients can expect to pay on such a trade. This transparency means that XM may be the right broker for traders who want to hold positions open for longer than a day or two. 

Transaction Fees 

These are fees that occur through non-trading processes. If your account is inactive for more than 90 days, XM charges an inactivity fee of $5 per month thereafter.  
XM does not charge extra fees on deposits or withdrawals except with wire transfers below $200. Overall, XM’s fees are attractive to traders making deposits under $1,000 across all account types, while the XM Zero Account is competitive at any deposit level
To enhance their service offering, XM is also offering a free Virtual Private Server (VPS) service that speeds up trades. The selling point of the VPS is that you can access it from anywhere in the world and that it is available around the clock. The idea is for this service to remove unforeseen downtime that can hamper the speed of trades. 

Platforms and Tools

As aforementioned, XM traders have access to trading platforms MT4 and MT5 that are household names in the industry. Traders can even use these platforms on their demo accounts. The award-winning MT4 is primarily a FOREX-trading platform that supports stop, limit, market and trailing orders in FOREX. The MT5 is the next-generation, multi-asset trading platform that also offers access to stocks, stock indices and precious metals.  

XM MetaTrader 4 Platform 

XM was one of the early-adopting brokers that used the MT4 platform with trading execution quality in mind. Traders can access the following benefits on MT4:  

XM WebTrader 4 

PC and Mac owners can trade on the Web version without downloading any new software. They can use the same login on the Web version as they would on the downloaded application. 

XM MT4 Multiterminal 

The XM MT4 Multi-terminal platform helps traders handle several MT4 accounts from a single terminal. It seamlessly achieves this with a master login and password. Multi-terminal can support up to 128 trading accounts. It has multiple order types, three allocation methods and it easily handles real-time account management and trader execution. 


MT5 builds on its predecessor, MT4, to offer a range of extra features beyond FOREX trading. It is a powerful tool for traders who work with multiple asset classes. MT5 builds on MT4 to provide: 

Mobile Trading

XM clients can download the XM MT4 and XM MT5 apps through the Apple App Store or Google Play Store for Android. Login is simple and can be done via a conventional password or using a biometric option, such as a fingerprint. Here are some of the top benefits of the mobile trading offering: 
XM MT4 Mobile Trading App 
XM MT5 Mobile Trading App 
From the app, users can access their member’s area to manage their MT4 and MT5 trading accounts, as well as other services, including placing trades. Both MT4 and MT5 are fully functional and allow account monitoring and trading on the go.  
XM does not have its own proprietary mobile app, unlike leaders in the field. This could be a problem for a demanding trader. However, MT4 and MT5 provide such high uptime and a great user experience that the lack of proprietary software is barely noticeable. 

Research and Development

Traders can use several research tools that are aimed at both novice and expert traders. The analysis concentrates on all asset classes. Traders can access deep technical analysis of FOREX markets, receive daily market updates and stock market alerts – all while improving their experience with each session. 
Unlike some brokers that do not emphasize educational material, XM’s educational resources are top-notch, evidenced by a large number of videos, platform tutorials, Webinars and live sessions in circulation. Traders can catch the informative Webinars seven days a week in 18 different languages.
The education rooms are live environments that offer basic and advanced services as trading session analyses and a Q&A section. Education rooms are free and are conducted in English. Many of them operate for eight continuous hours on weekdays, which shows XM’s commitment to education. 
Traders can also get a live stream of key market events. There is a real-time technical analysis on selected price charts to mimic actual trading conditions. This analysis extends to FOREX, commodities and stocks. In what follows is how XE.com account holders can benefit from the impressive educational stream: 

Final Thoughts

XM is a good quality broker with a growing international reputation. With 300,000 accounts in 196 countries, it is a serious player. Its spreads are competitive, and it only charges commissions on the XM Zero Account.   
XM offers a diverse range of tradable assets, highlighted by 1,200 individual stocks and shares. The company is highly regulated, meaning that trader funds are safe. XM also has a relatively long track record of performance for its industry. 
Its emphasis on fee transparency is a big win for new traders and old traders alike. XM has a wide range of impressive research and education tools that users can access in several languages, showcasing XM’s commitment to becoming the international broker of choice. 


The XM Group is a popular online broker, where traders of all levels can find a home. With high levels of trade-execution reliability through known industry platforms, it can become a trusted partner to any trader
Traders will welcome XM’s bold approach to fee transparency and reliable customer service. Both beginner and advanced traders will enjoy the impressive research and education section. The research comes from expert sources and is wide and varied in approach. If XM continues to place a premium on quality client engagement, then it will continue to thrive.

XM in Brief

XM offers competitive fees and diverse market access to its growing customer base. It backs this up with solid research and education products that are designed to inform and educate any level of trader. With commendable fee transparency, rapid and reliable trade execution, as well as a strong trading platform, this broker is set to continue to thrive. 

Review Methodology

The team at Arincen collected more than 120 pieces of data covering in excess of 100 licensed FOREX companies. Data collection was done in three ways:
1. Companies’ Websites.
2. Other Websites that have ranked FOREX companies.
3. A survey questionnaire (referred to here as Survey “1”) we had sent to the companies invited to participate in the exercise. 
We have identified 12 criteria for our assessment, each containing several aspects and carrying its own relative weight. These include licensing, deposits and withdrawals, number of assets etc.  
Afterward we validated the data by:
1. Registering with FOREX companies as a secret shopper and/or as Arincen.
2. Survey number “2,” in which we asked these companies’ customers for important feedback and past experience. 
The next step saw us evaluate and rank each company, relying on the hard work of 15 Arincen employees. We were very careful in ensuring the most accurate assessment possible, including taking into account different languages, as well as the various mobile-app operating systems, e.g., Apple, Samsung etc.
To add credibility to our research project, we sent a final and third survey (referred to here as Survey “3”) to enable participating FOREX companies evaluate our own research and whether it accurately reflects the realities on the ground. We were fortunate enough to receive a mark of 9.9 out of 10! We have kept to a minimum the margin of error, which stood at a measly 1%. To learn more on how we came up with the evaluation, please click here.
Home Page of XM Trading Company
Licenses obtained by XM Trading Company
The most important legal documents about XM Trading Company
Trading accounts offered by XM broker
Trading platforms available at XM Trading
A Brief Introduction About XM Trading Company


Where is XM Group regulated?

XM Group is regulated by two tier-1 (high trust) regulators in the form of the CySEC and the ASIC. It also enjoys additional regulation by the IFSC of Belize.

In what other ways does XM Group protect me?

By virtue of its regulation in Cyprus, it has an extra level of investor protection through the CySEC’s Investor Compensation Fund. It will compensate depositors up to €20,000 if they lose money through the insolvency of a regulated firm. As a FOREX/CFD broker regulated in Cyprus, which is an EU member, XM clients enjoy Negative Balance Protection as mandated by ESMA rules. This means they cannot lose more than the amount they have deposited.

Which countries does XM Group serve?

XM has clients in 196 countries. That being said, the broker is not available in some key markets, such as the US, Canada, Israel, Iran, Portugal and Spain.

Does XM Group offer Cryptocurrency trading?

No. XM does not offer cryptocurrency trading.

Does XM Group provide any extra offerings?

Yes. XM periodically offers generous trading bonuses, deposit bonuses, and seasonal loyalty programs, although these are not available to the EU clientele because of strict regulations there.

How do I fund my account?

XM can execute deposits via most credit cards, such as Visa, Electron, MasterCard, Maestro and China UnionPay. Wire transfer and local bank transfer options are also possible, and so are electronic payments with vendors like Moneybookers, Skrill and Neteller.

Which trading platforms does XM Group offer?

XM traders have access to trading platforms MT4 and MT5, which are household names in the industry.

How can I access customer service?

XM offers high-quality, multilingual customer support on a 24/5 basis. It delivers help and support through live chat, email and phone.

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Written by
Adrian Ashley
Adrian Ashley is a seasoned business and finance writer. With a corporate career spanning over 20 years, he has developed deep experience in such diverse areas as investing, business, finance, technology and macroeconomics.
Edited by
Marwan Kardoosh
The Editorial Department at Arincen makes an important contribution to the world-class content that...
Fact Checked by
Bahaa Khateeb
Bahaa Khateeb is currently the CEO of Arincen, a start-up Fintech company based in Haifa. Bahaa has...

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