XM Review 2024
Key Takeaways
- XM is a well-regulated global online broker, founded in 2009.
- XM offers trading access to over 1,000 Contract for Difference (CFD) instruments, as well as investment opportunities in stocks, indices, commodities and FOREX.
- XM offers a robust investment slate of 55 FOREX pairs, 26 indices, eight commodities, over 600 company stocks, four metals and five energies.
- The broker has reportedly opened 300,000 accounts with traders from 196 countries.
- XM won the “Global FOREX Broker of the Year” at the 2019 and 2020 Global FOREX Awards.
- XM is regulated by the Cyprus Securities and Exchange Commission (CySEC), the Australian Securities Investments Commission (ASIC), and the International Financial Services Commission of Belize (IFSC).
- Traders receive an extra level of investor protection through CySEC’s Investor Compensation Fund, where qualifying depositors can get compensation of up to €20,000.
- XM uses the well-recognized third-party trading platforms MetaTrader 4 (MT4) and MetaTrader 5 (MT5). Traders can use these platforms on demo accounts and live accounts.
- XM rapidly and reliably completes trade executions, with 99.35% of executions happening in under one second.
- XM offers traders a small and manageable range of account types. Each account caters to a unique trader requirement.
- XM offers high-quality, multilingual customer support on a 24/5 basis. Skilled consultants expertly deliver customer support through live chat, email and phone.
- XM offers competitive levels of spreads and commissions across its various account types.
- XM is adamant about fee transparency and operates a strict no-hidden fees or commissions policy.
- Traders can access several research tools that are targeting both novice and expert traders. The analysis concentrates on all asset classes.
- XM clients can easily download the XM MT4 and XM MT5 apps through the Apple App Store or Google Play Store for Android.
XM Evaluate - research resu
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.
Who XM Is Good For?
-
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.
Is XM Safe?
- 2009 – Trading Point of Financial Instruments was established and was regulated by the CySEC.
- 2015 – Trading Point of Financial Instruments Pty Ltd. was established and regulated by the ASIC.
- 2017 – XM Global was established and regulated by the IFSC of Belize.
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 | |
| Crypto | ||
| Indices | 14 | |
| ETFs |
Deposits and Withdrawals
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
Commissions and Fees
Trading Fees
Transaction Fees
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:
Well over 1,000 tradable instruments like FOREX, CFDs and futures.
One login access to eight platforms.
No requotes and no rejections.
Flexible leverage from 1:1 to 1000:1.
Full EA-functionality.
Technical analysis tools with 50 indicators.
Charting tools with three different chart types.
One-click trading with native news functionality.
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
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:
Unique order types such as “Fill or Kill” and “Immediate or Cancel”.
Technical and market analysis using over 79 analytical tools.
300 additional stock CFDs.
More order types.
80 technical trading indicators.
A native economic calendar.
Comprehensive, multi-geography market coverage.
Mobile Trading
- Full MT4-account functionality.
- Three chart types.
- Access to 30 technical indicators.
- Real-time insights through chart tools.
- Full MT5-account functionality.
- Multiple asset classes on offer.
- Can support all trading order types.
- Comes with built-in market analysis tools.
Research and Development
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:
- Webinars in 18 different languages, including languages as diverse as Arabic, Bengali, Indonesian and Polish.
- 18 expert investment practitioners handle the instruction.
- The list of video tutorials is extensive and covers diverse topics.
- The native economic calendar alerts users to noteworthy upcoming events in markets around the world.
- Its daily feed includes market reviews, FOREX news reports and technical analysis.
- Teaching facilitators assess a range of trading tools and each user on how to use helpful tools, such as FOREX calculators.
Final Thoughts
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.
Conclusion
XM in Brief
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.
FAQ
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.
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.
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.
No. XM does not offer cryptocurrency trading.
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.
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.
XM traders have access to trading platforms MT4 and MT5, which are household names in the industry.
XM offers high-quality, multilingual customer support on a 24/5 basis. It delivers help and support through live chat, email and phone.
