XM Review 2023: Fees, Platforms, Apps, Safety, Pros & Cons

Are you looking to open an account with XM? Check out our full XM review before signing up. We will discuss the broker’s regulations, verification processes, deposit & withdrawal options, minimum spread, maximum leverage, online trading fees, and investment safety measures.

Regulated By

Regulated By

FSC & CYSEC

Used By

Used By

5,000,000+ clients

Established in

Established in

2009

xm logo Visit Broker

78% of CFD accounts lose money.

Spreads From

EURUSD 1.6 pips

What Can You Trade?

  • Stocks
  • Indices
  • Forex
  • ETFS
  • Commodities
  • Cryptocurrencies

Platforms

MobileMT4MT5

Funding Methods

Wire TransferVisaMaster CardPaypalSkrillNetellerUnionPayBPayPOLi Transfer

XM Review 2023: Fees, Platforms, Apps, Safety, Pros & Cons

Are you looking to open an account with XM? Check out our full XM review before signing up. We will discuss the broker’s regulations, verification processes, deposit & withdrawal options, minimum spread, maximum leverage, online trading fees, and investment safety measures.

  • author Usman Ahmed
  • Last updated 17/01/2023

78% of CFD accounts lose money.

Regulated By

Regulated By

FSC & CYSEC

Used By

Used By

5,000,000+ clients

Established in

Established in

2009

Spreads From

EURUSD 89 Points

Platforms

MobileMT4MT5

What Can You Trade?

  • Stocks
  • Indices
  • Forex
  • ETFS
  • Commodities
  • Cryptocurrencies

Funding Methods

Wire TransferVisaMaster CardPaypalSkrillNetellerUnionPayBPayPOLi Transfer

Summary

XM Review

XM is a global forex and CFD brokerage firm founded in 2009. With its headquarters in Belize, the company serves 5M+ clients from 190+ countries worldwide. The broker claims to have a wide range of trading instruments and accommodating terms to facilitate retail and professional clients. However, the company lacks competitive variety amid trading platforms. Due to the absence of XM’s proprietary trading platform, clients must go for the industry standard trading platforms like MT4 and MT5. Investors can also use the XM mobile app to trade while commuting. 

There are 1,500+ XM trading instruments and the broker seems committed to providing first-rate services in the foreign exchange market. While clients have 1,250+ stock CFDs, 50+ forex pairs, 13+ equity indices, 30+ crypto CFDs, and 15+ commodities to trade on XM. The broker also offers 100+ UK, USA, & Germany real shares. Since the company doesn’t deal in real cryptocurrencies, clients registered with the broker can only trade them as derivatives. 

Signing up with the broker is relatively quick but requires account verification. After filling up the registration form, clients need to upload the supporting documents to complete the KYC process so they may add funds to their accounts and start placing trades. The firm’s flexible account types cater well to the trading needs of new and seasoned professionals. Moreover, a virtually funded demo account can be used as a trading simulator to experience live market conditions without risking real money. Islamic accounts are also available to enable shariah practising clients to trade preferred financial instruments without compromising their religious beliefs. 

There are 25+ payment methods available to help you finance your account or request withdrawals, and the minimum deposit to open an account with the broker is $5. There is no fee on deposits and withdrawals. Besides keeping clients’ funds in segregated bank accounts, XM hosts advanced security protocols, including SSL encryption and two-step authentication preventing unauthorised access. In addition to negative balance protection, funds compensation service is available to claim your losses in case the company faces liquidation. 

The broker’s pricing structure is in line with average industry standards. While the company employs a variable spread charging policy, spreads on different tradable assets vary depending on your selected account types. Although the company makes most of its earnings via spreads, it also applies commission on trades executed with zero accounts. Your leverage options at XM are up to 1:1000, depending on your selected account type and jurisdiction. For example, clients based in Europe may only access leverage of up to 1:30 due to a strict regulatory regime. While the broker doesn’t restrict clients from employing various trading strategies, clients can use hedging and scalping techniques seamlessly. The company’s instant trade execution and presence of guaranteed stop loss help clients deal with slippage issues effectively. Notably, the broker has a rich research and educational section to help clients enhance their learning exposure. Free VPS and multilingual round-the-clock customer support are also part of the XM services. 

This XM review will take a deep look at various factors you must consider while signing up with the company. We’ll discuss XM fees, so you know whether the broker employs market competitive pricing structure. We’ll also explore XM trading platforms to find their useability and look into available account types to help you select the one that suits your trading needs. A simple step-by-step guide will also follow, explaining how to open an account with XM. Pros and Cons of signing up with the broker and customers’ feedback on different platforms like Reddit, Quora, Forexpeacearmy, and Trustpilot will also be looked into. 

Pros

  • Multiple Regulations
  • Flexible Account Types
  • User-Friendly Trading Platforms
  • Rich Educational Resources
  • Low Deposit Requirements
  • Negative Balance Protection
  • Islamic Accounts

Cons

  • No US Clients
  • Inactivity Fee
  • No Proprietary Trading Platform

XM Regulations

XM holds multiple regulations worldwide. The broker is part of XM Group which comprises two entities, XM Global and Trading Point Holdings Ltd. 

Trading Point Holdings Ltd: The entity is fully authorised and regulated by the Cyprus Securities and Exchange Commission (CySEC). The official address is at 12 Richard & Verengaria Street, Araouzos Castle Court, 3rd Floor, 3042 Limassol, Cyprus.

  • Registration Number:  HE251334
  • Licence Number:120/10

XM Global Ltd: This entity holds regulations from the Financial Services Commission (FSC) with a registered address at Suite 404, The Matalon, Coney Drive, Belize City, Belize.

  • Licence number: 000261/309

Supported Countries

XM services are available all across the globe except for a few jurisdictions, such as Iran, Somalia, Afghanistan, North Korea, Canada and the United States. 

Available Assets at XM

Available Assets at XM

XM’s product portfolio isn’t as competitive as other top-of-the-line brokers. However, it still provides 1,500+ financial instruments with sufficient tradable assets under each asset class. 

Cryptocurrencies

Clients can trade cryptocurrencies on XM. The broker offers  30+ crypto assets to trade as CFDs. However, crypto CFDs aren’t available to UK clients amid FCA restrictions. 

XM Cryptocurrencies

Stocks

A stock market allows investors to buy and sell securities while enjoying low-risk exposure. There are 1,250+ stock CFDs that you can trade on XM. 

XM Stocks

Commodities

For investors looking to broaden their portfolios beyond the typical stock and bond options, investment in commodities is also one of the available options. Some investors even base their decisions on commodity prices rather than stock prices during market instability. XM’s commodities listing comprises 15+ tradable assets, including energies and precious metals like Silver and Gold. 

XM Commodities

Indices

When you trade indices, you can get exposure to a whole economy or sector with just one position instead of opening several trades with different companies. The broker allows you to trade 13+ indices, such as AUS200, EU50, US500, etc. 

Indices at XM

Forex

Trading forex is a simple way to enter global markets. While investors mostly prefer trading major currency pairs, minor and exotic forex pairs become equally favourite during volatile market conditions. XM offers 50+ forex pairs to trade. 

Forex XM

Spread

A spread is the difference between a financial instrument’s ‘bid’ and ‘ask’ prices. It is a fee that XM charges for the services it offers. The broker’s spreads on all types of assets seem to be competitive. The minimum spreads for forex and other tradable instruments are listed in the table below.

Leverage

XM’s maximum leverage differs based on your jurisdiction and your selected asset class. For example, clients based in Belize and other Non-European countries have access to leverage of up to 1:1000 for trading currencies and commodities, while they can trade indices for maximum leverage of up to 1:100. Similarly, stock and crypto CFDs are available to them for maximum leverage of up to 1:10 and 1:250, respectively. 

On the other hand, Europe and UK-based clients can only use maximum leverage of up to 1:30 due to the strict regulatory framework imposed by their respective regulators.  

InstrumentsSpread (From)Leverage (Up to)

FOREX 

Major Forex Pairs

EUR/USD1.6 pips 1:1000
GBP/USD1.9 pips 1:1000
USD/JPY1.5 pips 1:1000
USD/CHF1.9 pips 1:400
AUD/USD1.6 pips 1:1000
USD/CAD2.0 pips 1:1000
NZD/USD2.5 pips 1:1000
EUR/GBP1.8 pips 1:1000
Minor Forex Pairs
NZD/JPY2.5 pips 1:1000
AUD/CAD2.8 pips 1:1000
AUD/CHF2.8 pips 1:400
AUD/JPY3.2 pips 1:1000
AUD/NZD3.7 pips 1:1000
EUR/AUD2.7 pips 1:1000
EUR/NZD3.9 pips 1:1000
GBP/AUD3.6 pips 1:1000
GBP/NZD6.2 pips 1:1000
NZD/CAD3.8 pips 1:1000
NZD/CHF3.8 pips 1:400
CAD/JPY3.1 pips 1:1000
GBP/CAD4.7 pips 1:1000
GBP/CHF3.7 pips1:1000
GBP/JPY3.2 pips1:1000
CAD/CHF3.5 pips 1:400
CHF/JPY2.8 pips 1:400
EUR/CAD2.9 pips 1:1000
EUR/CHF2.3 pips 1:400
EUR/JPY2.1 pips 1:1000

Exotic Forex Pairs

CHF/SGD28.2 pips 1:400
EUR/DKK38.5 pips 1:50
EUR/HKD41 pips 1:50
EUR/HUF33.4 pips 1:1000
EUR/NOK120 pips1:1000
EUR/PLN450 pips 1:1000
EUR/SEK76.5 pips1:1000
GBP/SGD27.6 pips1:1000
EUR/SGD16.1 pips1:1000
EUR/TRY191 pips 1:100
EUR/ZAR173.4 pips1:1000
GBP/DKK11.1 pips1:50
GBP/NOK183 pips1:1000
GBP/SEK94.5 pips1:1000
NZD/SGD26.5 pips1:1000
SGD/JPY19.5 pips1:1000
USD/DKK33.2 pips1:50
USD/HKD26 pips1:50
USD/HUF30.5 pips1:1000
USD/MXN197 pips1:1000
USD/NOK140 pips1:1000
USD/PLN400 pips1:1000
USD/SEK61 pips1:1000
USD/SGD19.5 pips1:1000
USD/TRY190 pips1:100
USD/ZAR120 pips1:1000
USD/CNH34 pips1:50

Commodities

WHEAT1.5 pips1:50
SUGAR0.6 pips1:50
SBEAN1.85 pips1:50
HGCOP47 pips1:50
COTTON3 pips1:50
CORN1.0 pips1:50
COFFEE0.5 pips1:50
COCOA90 pips 1:50
GOLD25 pips1:1000
SILVER330 pips1:400
PALLADIUM 1001 pips1:22
PLATINUM425 pips1:22
BRENT3.0 pips1:67
GSOIL1200 pips1:33
NGAS300 pips1:33
OIL3.0 pips1:67
OILMn3.0 pips1:67

Fees & Commissions at XM

When you use XM to trade, you will be subject to fees related to both trading and non-trading activities. It seems as though the broker adheres to the industry standards concerning its pricing structure. However, the company’s spreads are subject to change depending on your chosen financial instruments.

Trading Fees

Clients are likely to incur some trading fees and commissions at XM. Below, we discuss them separately. 

Spreads

The broker’s spreads are low across the board. Clients can trade major forex pairs such as the EUR/USD with a spread from 1.6 pips. On the other hand, the minimum spread to trade precious metals like Gold is 25 pips. 

Commission

Except for a zero-spread account, the broker doesn’t charge a commission from clients. When traders with an XM Zero account enter or exit a position, XM deducts a commission fee from their account. The company uses transactional volume to determine the commission rate. Clients pay a $7 commission fee for every $100,000 traded. Share trading comes for a minimum of 0.10% charge in the UK, and Germany whereas the broker charges 0.04$ commission per share besides the $1 commission on each transaction. 

Rollover Fee/Swap Rate

At XM, clients must pay rollover interest (swap costs) for all overnight positions. The broker doesn’t apply a swap fee on positions opened after 22:00 GMT until they remain open the next day. 

Non-Trading Fees

Non-trading fees include deposit and withdrawal charges, inactivity or currency conversion fees. Let’s take a look at each of them. 

Deposit and Withdrawal Fee

XM doesn’t charge any fee on deposits and withdrawals. 

Inactivity fee

XM charges a $5 inactivity fee each month from clients with dormant accounts having no activity in the previous 90 days. 

Trading Platforms at XM

Trading Platforms at XM

Since the broker doesn’t have a custom-built desktop trading platform, clients may use the industry’s renowned trading platforms, MT4 and MT5, to explore financial markets. Both platforms are accessible via desktop and mobile phones. Clients can also use the broker’s own mobile trading app without compromising the need of mobility. Let us quickly share some features of the trading platforms offered via each channel. 

Desktop Trading Platform at XM

The broker facilitates trading via MT4 and MT5 desktop trading platforms. Both platforms are powered by MetaQuotes and come equipped with powerful tools and features required for a meaningful trading endeavour. While the look and feel of both trading platforms is almost similar, we’ll review their main highlights. 

Desktop Trading Platform at XM

Trading Interface

Both desktop trading platforms are really easy to use thanks to their well-designed interface. The features are intuitive, and different parts of the apps are grouped together on a single dashboard.

Trading Interface 

Market Watchlist

The real-time status of the market is displayed in the top left panel, allowing traders to monitor market activity while using the navigation window.

Market Watchlist 

Charting Options

A variety of charts displayed in a window on the right side of the screen provide insight into market data. Clients can view underlying instruments in 9-time frames on MT4 and 21-time frames on MT5 to better understand their price direction and make informed trading decisions. 

Charting Options

Tools and Indicators

The MT4 comes with 30+ trading indicators and 24+ analytical tools to help clients perform in-depth technical analyses. On the other hand, MT5 desktop terminal has 38 trading indicators and 44 analytical tools making it a little superior to the MT4 trading platform.

Tools and Indicators at XM 

Trading Terminal

A terminal window can be seen beneath the charting window, displaying information such as current market positions, trading balances, broker emails, and the latest news.

Trading Terminal

Trade Automation

Those who look for enhanced market exposure to a public database of trading methodologies and automated trading bots can use MT5 – the upgraded version of the MT4 trading platform.

Trade Automation 

Trading History

Clients can also view their trading history using the desktop trading platforms to assess their past performance and review their trading strategies to make necessary amendments. 

Trading History

How to Open an Account and Trade on the XM Desktop Platform?

Signing up with XM is fairly quick. However, you need to verify your account before the broker allows you to add funds to your account or start placing trades. Here is the step-by-step process of opening an account with XM and initiating trades.

  1. Visit the broker’s official website ”www.xm.com”; and click on the green highlighted button with the caption ”Open an account” on the top right edge of the homepage.Open an Account and Trade on the XM
  2. Enter your personal details on the signup page, such as name, email ID, mobile phone number, country of residence and preferred language. Open an Account and Trade on the XM
  3. Select your preferred trading platform and account type from the drop-down menu and mark the confirmation box as checked. Open an Account and Trade on the XM
  4. Enter your date of birth and provide your address details. You also need to confirm whether or not you are a US Citizen for tax purposes.   Open an Account and Trade on the XM
  5. Choose the base currency for your account and preferred leverage level. Open an Account and Trade on the XM
  6. Provide your employment status and indicate the amount you plan to invest. You also need to confirm the purpose of your trading. Open an Account and Trade on the XM
  7. Confirm your trading exposure, your estimated net worth and average annual income.
  8. Choose your account password, mark your acceptance of the applicable terms and conditions, and click on the open a real account button. Open an Account and Trade on the XM
  9. Check your email and click the link received from XM to verify your email address to complete the signup process. Account Opening Confirmation at XM
  10. Access the dashboard using your account ID and password. Start Trading on XM
  11. Navigate to the payment section and select the action type. For example, select deposit since you wish to add funds to your account. Open an Account and Trade on the XM
  12. Select your preferred payment method, such as Debit card, Credit card, Skrill, Neteller, Perfect Money, Wire transfers, etc. Select Payment Methods
  13. Enter the amount you wish to deposit. You need to fund your account with $5 at least.
  14. Confirm your payment details and authorise them to complete funds transfers. 
  15. Click on the trading platforms and access the desktop trading terminal. Open an Account and Trade on the XM
  16. Navigate to the market watchlist and select your preferred trading instrument, eg., EUR/USD. 
  17. Right-click and select the open a new order option. Open an Account and Trade on the XM Platform
  18. Configure your trading details, such as amount, order execution type, trading volume, stop loss and take profits, etc. 
  19. Click the buy or sell button to initiate a position. Open an Account and Trade on the XM Platform

XM Mobile Trading App

Those who don’t want to compromise the need for mobility may access the market by using XM’s proprietary mobile trading app, or the third-party mobile platforms on their Android and iOS-based mobile phones and tablets. All mobile trading apps are readily available to be downloaded from the Google Play Store and App Store. We put the Android version of the XM’s mobile trading app through its paces to check out its features and useability. Let us share our findings below;

XM Mobile Trading App

Mobile App User Interface

XM’s mobile trading app has a convenient interface and a powerful search engine. Unfortunately, it doesn’t support biometric logins and Face ID. Both the layout and the ease of usage impressed us greatly. All of its functions are straightforward to access.

Mobile App User Interface

Accessibility

The mobile trading platform has numerous language options, just like the desktop version. Changing the language on your mobile device is pretty simple. You can use the menu option to do so. The app supports 14 languages, enabling you to select your preferred one. Depending on your tastes, you can also change the app’s theme colour to light or dark mode. 

Accessibility

Market Watch

This tab displays your favourite financial instruments. You can add as many tradable assets as you like using the “plus” button available on the top-right corner of the page. 

Market Watch

XM Instruments

The instruments page shows different asset classes, such as forex, CFD and Stocks. You need to click any options to view available instruments under each asset class. 

XM Instruments

XM Discover

Clients can access market insights using the discover tab. You can either enter the name of your preferred trading symbol or select it from the drop-down list .

XM Discover

Order Types at XM

The mobile trading app supports the same order types as accessible via the desktop terminal, such as market orders, limit orders, etc. 

Order Types at XM

Alerts and Notifications

Fortunately, you can set up notifications using the mobile trading app. The app will generate messages for all closed trades and pending orders. This feature looks the same as offered via XM’s desktop trading platform.

Alerts and Notifications 

How to Open an Account and Trade CFDs on XM Mobile App?

  1. Visit Google Play Store or App Store to download the supported version of the XM mobile app on your mobile device. 
  2. Click on the register an account button and select the relevant option, i-e real or demo account. Open an Account and Trade CFDs on XM Mobile AppOpen an Account and Trade CFDs on XM Mobile App
  3. Select the country of your residence and click next. Open an Account and Trade CFDs on XM Mobile App
  4. Select your preferred account type, trading platform and base currency for your trading account. Open an Account and Trade CFDs on XM Mobile App
  5. Enter your personal details, such as name, phone number, and email address. Open an Account and Trade CFDs on XM Mobile App
  6. Provide your address details, and confirm your postal code, then click next. Enter Details on XM Mobile Trading App
  7. Enter your date of birth, select your preferred language and confirm your taxation status. Enter Details on XM Mobile Trading App
  8. Choose your preferred leverage level. The broker offers maximum leverage of up to 1:1000. However, if you are based in the UK or Europe, 1:30 will be the maximum leverage available for you. 
  9. Indicate the amount you wish to invest, your intended purpose of trading and your employment status. Specify Investing Amount on XM Mobile App
  10. Confirm your net worth and estimated annual income. Confirm your net worth
  11. Confirm your trading knowledge and experience and indicate how many times you have traded CFDs over the past twelve months. Confirm Amount on XM Mobile App
  12. Choose a password for your trading account and click next. Select Password
  13. Read the terms and conditions, mark your acceptance, and click the submit button. Open Account on XM Mobile Trading App
  14. Check your email and click the link received from XM to verify your email ID and access the trading dashboard. verify your email ID and access the trading dashboard
  15. Access the dashboard using your login credentials. verify your email ID and access the trading dashboard
  16. Click on the menu option in the top left corner of the mobile dashboard. 
  17. Tap on the deposit button to access the supported payment methods and enter your desired deposit amount. Please note that the minimum deposit amount should be equal to or more than $5. Deposit Money on XM Mobile Trading App
  18. Enter the payment details and authorise them to complete funds transfers. payment details
  19. Navigate to the instruments tab and select your favourite financial market. 
  20. Select your desired tradable instrument, e.g., GBP/USD, etc. Select your desired tradable instrument
  21. Configure your position and define your preferred execution type.  Select your desired tradable instrument
  22. Finally, click the buy or sell button to place an order.  click the buy or sell button

Account Types at XM

Account Types at XM

XM offers multiple account types with varying trading requirements to accommodate traders of all skill levels. Clients also have the option of opening multiple accounts with the broker simultaneously. For instance, a user can hold up to 8 trading accounts at a time. Below is a quick review of the supported account types at XM. 

Demo Account

The virtually funded demo account makes up part of the broker’s offerings. Clients can use the demo accounts to practise their trading skills without risking their real funds. The company provides a virtual balance of up to $100,000 for one month. However, clients can open the demo account repeatedly using different email IDs. 

Micro Account

Well suited for clients with low risk-profile and limited funds, the Micro account comes with a minimum deposit of $5. Clients can trade a minimum trade volume of 0.1 lots on both MT4 & MT5 trading platforms. While the spread for micro account holders starts at 1.0 pips, the company does not charge any commission in this account. 

Standard Account

The broker facilitates most of its clients via the standard account. Although the services and features available appear identical to those in the micro account, the difference primarily lies in the size of a contract which is 100,000 for standard account holders as opposed to 1000 in micro-accounts. The minimum trading volume for this account is 0.01 lots.  

Zero Account

Those looking for tight spreads may prefer signing up for the Zero account at XM. While the minimum spread in the zero accounts is 0.0 pips, the broker also charges a commission of up to $7 per round trip on trading stocks and currencies. All other features stay the same as offered in the Standard account. 

Shares Account

This account is only available in selected regions. While you can trade a minimum of 1 share, the spread charge on trading shares depends on the concerned exchange. While all other features look identical to other account types, the company doesn’t allow hedging techniques in the share account. Like all other accounts, the share account is also convertible to swap-free Islamic accounts upon request. Clients need to deposit a minimum of $10,000 to sign up for the Share account on XM. 

Ultra-Low Account

Clients who don’t feel confident trading sizable lots can now sign up for Ultra-low accounts. The accounts come with a minimum lot size of 0.01 lots. While other trading conditions look similar to the other accounts offered, the broker doesn’t allow swaps in the ultra-low account. 

Islamic (Swap Free) Accounts

XM also offers swap-free Islamic accounts to shariah practising traders. Since the company doesn’t charge interest on overnight positions, clients can trade their preferred financial instruments without going against their religious beliefs. Although Islamic accounts are not offered as a stand-alone product, clients can request the company to switch their conventional account types to Islamic ones. 

Payment Methods at XM

Payment Methods at XM

XM supports several payment methods for deposits and withdrawals. Below we’ll have a quick review of both deposit and payment methods. 

Deposit Methods

Clients can make deposits using a variety of payment methods, including debit cards, credit cards, electronic wallets (Skrill, Neteller), bank transfers, and other local payment methods. 

The minimum deposit to open an account with the broker is $5, and the broker doesn’t charge any fee on deposits. Since third-party payments are not accepted, you must fund your account using the payment source that matches your name. 

The broker processes all payments within 24 hours, excluding bank transfers. Depending on your bank’s jurisdiction, it can take between 3 to 5 business days for wire transfers to reach your account. 

MethodDeposit Processing Time
Credit Cards One Business Day
Debit Cards One Business Day
PaypalOne Business Day
NetellerOne Business Day
SkrillOne Business Day
BPayOne Business Day
POLi TransfersOne Business Day
UnionPayOne Business Day
Wire TransferUp to 3-5 Business Days

Withdrawal Methods

XM process withdrawal request via the same methods that clients use at the time of deposits. The broker hasn’t stipulated a minimum withdrawal amount, so you can withdraw funds as much as you like. XM doesn’t charge for withdrawals either. The average time the company takes to release your funds via card payments and e-wallets is one business day. However, bank transfers can take up to 5 business days to reflect in your account. 

How to Withdraw Funds from XM?

To initiate a withdrawal request, you may follow the steps listed below. 

  1. Login to your trading account. 
  2. Navigate to the members’ area and click on withdrawals.
  3. Select the payment method you used for deposits
  4. Enter the amount you wish to withdraw
  5. Click confirm to initiate the withdrawal request. 

Education at XM

Education at XM

XM offers great research and educational facilities for clients to learn and grow. Market overview, XM Research, Newsfeed, Trade Ideas, Economic Calendar, Technical Summaries, XM TV, and Podcast are just some of the subheadings you’ll find under the Research area. On the other hand, educational videos, online webinars and tutorial guides make the educational section look quite promising. Let’s quickly review what’s in all these heads.

You can see the most recent political and social headlines that could affect the foreign exchange market under the “market overview” page. Clicking on the “News” page allows you to access articles covering the fundamental outlook on individual assets. Moreover, technical analysis posts on a variety of currency pairings, expert commentary, and in-depth studies on the most actively traded forex pairs are all part of XM’s extensive research offerings. 

While buy and sell signals on various assets are included in the trade ideas and technical reviews, traders can use the economic calendar to track upcoming major economic events. A trader’s confidence can be boosted by listening to XM’s trading podcast, which features informative and insightful interviews with successful traders. There is no better market commentary available than what you’ll see on XM TV regarding various financial issues.

The instructional videos, which number close to fifty, cover material spread throughout seven distinct courses. The broker begins by teaching traders the fundamentals of forex and CFD trading, and gradually advances them to more complex topics. Furthermore, numerous articles provide in-depth information on various trading issues and general industry standards. Additionally, the broker regularly hosts live webinars. Customers who learn best in a live setting have access to complimentary webinar training. Notably, Market Pulse and Strategy Builders are the recent addition to the broker’s educational facility.

In short, the broker seems to be fully committed to providing clients with the next level of educational services by continuously adding more features and content. 

Customer Support at XM

Customer Support at XM

XM pays special attention to customer service. The multilingual customer support stays available round the clock to offer you in-time assistance. A detailed FAQ section is also available to help you find resolutions to your queries and concerns on your own. However, you can always connect with the live support agent via telephone and live chat. Email correspondence is also an option for clients looking to escalate their issues with the broker in detail. Clients can also reach the company over Facebook, LinkedIn, Twitter, Instagram and Youtube. Should you wish to contact the company’s customer support, the following information might help: 

Telephone: 

Cyprus: +357 25029933

Australia:  +612 8607 8385

Greece: +30 211 7700022

Email: support@xm.com

XM Online Reviews

What Reddit Users Say About XM

XM is one of the few brokers who have a good reputation among clients on Reddit. While reading through various posts, we observed that people like trading with the broker due to its user-friendly trading conditions and consider it a reliable trading platform concerning withdrawals. 

What Reddit Users Say About XM

However, we also encountered a few posts where clients accused the company of price manipulation. According to the posts, the broker follows a dealing desk approach while processing clients’ orders. Nonetheless, most clients looked satisfied with the broker’s overall affairs. Essentially there are far more positive reviews about the broker on Reddit than those denouncing the company for specific reasons. 

What Reddit Users Say About XM

What Quora Users Say About XM

People hold different opinions about XM on Quora. While some clients believe the company is legitimate, others denounce it for withholding clients’ funds and unjustified account closures.

What Quora Users Say About XM

While sharing personal experience with XM, a Quora member said that he had been using the broker for more than three years and never faced any issues. However, he disliked the broker’s pricing structure. According to him, the company charges higher commissions than most other brokerage firms like Coinexx etc. 

What Quora Users Say About XM

Some Quora members also claimed that no broker could be legitimate or scam in absolute terms. Instead, it is your experience with them which includes or excludes them from your good books. 

Trustpilot Users Reviews About XM

Unfortunately, XM doesn’t hold a good reputation among clients on Trustpilot. With a total of 254 reviews posted on the platform so far, more than 50% of clients expressed their dissatisfaction with the company. The broker holds a rating of 2.4 out of 5 stars. According to customers, the company has a poor trade execution policy which typically results in slippage and makes you lose your funds despite incorporating a stop loss. 

Trustpilot Users Reviews About XM

Clients also criticised the broker for its high spreads & commissions and poor customer support. Overall, the company seems to have failed to make a good impression on Trustpilot users. 

Trustpilot Users Reviews About XM

ForexPeaceArmy Users Reviews

Like Trustpilot, the FPA community also seems divided concerning signing up with XM. Some clients appraised the broker for having ultra-low spreads and a fast withdrawal process, while others denounced the company for poor trade executions.

ForexPeaceArmy Users Reviews

A client from Kenya even reviewed its rating from 1 to 5 stars on FPA after getting his dispute resolved with the broker. Anyhow, the company holds a rating of 3.092 out of 5 stars after 669 reviews.

ForexPeaceArmy Users Reviews

Is XM Safe?

Yes! Given its multi-regulated framework, the availability of negative balance protection, guaranteed stop loss, and funds compensation scheme, the broker appears to be safe. The company keeps clients’ investments in segregated bank accounts and employs advanced security protocols to prevent unauthorised intrusions. 

Other Products and Services at XM

Virtual Private Server (VPS)

In order to help their clients make the most of XM’s trade execution, the broker provides free VPS services. While trading at XM, clients don’t have to worry about computer malfunction, power outages, or slow internet connectivity. Clients with an account balance of at least $5,000 (or its foreign currency equivalent) are entitled to request for free Virtual Private Server (VPS).

Virtual Private Server (VPS)

Promotions

XM advertises a bonus offer of up to 20% of the deposit amount under its promotional campaign. The broker names it a loyalty bonus offered to clients to encourage them to sign up and keep trading with XM.

Promotions 

Refer A Friend

Clients can also earn a commission of up to $35 for spreading word of mouth. However, the referral commission is transferred to your account only when your referee opens an account with the broker, deposits some funds and trades a specific amount.  

Refer A Friend

Bottom Line

XM is a competitive choice for novices as well as more experienced investors. Having regional offices in Greece, Cyprus and Australia, the company serves clients worldwide. While its product portfolio is not as extensive as other brokerages, clients can still find sufficient tradable assets to trade across multiple financial markets. The broker keeps clients’ investments in segregation with its own capital, ensuring clients have real-time access to their funds. Although the broker doesn’t have a proprietary trading platform, the company satisfied clientele trading needs with third-party trading platforms like MT4 and MT5. With small deposit requirements, XM makes it easy for everyone to come on board. Its instant trade execution policy accompanying guaranteed stops loss (GSLs) helps clients to avoid slippage issues. Flexible account types, rich educational resources, and round-the-clock customer service make it a value-for-money broker. However, the unavailability of the proprietary trading platform could become a point of concern for some traders. 

In this review, we tried to cover XM in detail. Besides explaining the pros and cons of signing up with it, we also mentioned supported countries and listed tradable markets you can explore at XM. We also covered available trading platforms, trading and non-trading fees, educational resources and customer support, followed by a step-by-step process explaining how to open an account with the broker on desktop and mobile. Moreover, we shared clients’ reviews about the broker on different platforms such as Reddit, Quora, Trustpilot and Forexpeacearmy. 

In conclusion, we addressed the most frequently asked questions (FAQs) to help clients know more about the broker. After reading this review, we believe you can certainly make an informed decision as to whether or not you should sign up with XM. However, the decision should be based on your discretion only. We strongly suggest you complete your homework before proceeding with it. 

Q & A

Yes! XM is a multi-regulated broker. The company holds registration from the Cyprus Securities and Exchange Commission (CySEC) and Financial Services Commission (FSC).

XM broker minimum deposit is $5. 

No! XM does not offer social trading services. Although the broker used to support social trading, it now seems to have quit offering it. 

No! XM fees are in line with the average industry standards. While the broker keeps its trading cost competitive, it neither charges any fee on deposits and withdrawals nor applies any inactivity or account administration fee.

The maximum leverage to trade with on XM is up to 1:1000. However, clients based in countries with stringent regulatory outlooks may only access the maximum leverage of up to 1:30, like Europe and the UK. 

Yes! You can invest in real shares on XM. Only shares from the USA, UK and Germany are real shares on XM. 

No! You can’t buy Bitcoin on XM since the broker doesn’t deal in real cryptocurrencies. However, you can speculate on its prices and trade it using CFD contracts. 

XM offers crypto trading to all its clients except for those based in the United Kingdom. That’s because FCA doesn’t allow brokers to offer crypto derivatives to UK citizens. 

XM takes 1 business day to process all withdrawals except for wire transfers. The average time for bank wires on XM is 5 working days. 

Yes! You can open a swap-free account on XM. However, you need to request the broker to convert your conventional trading account to a swap-free account after signing up since swap-free accounts are not available as a standalone product. 

XM’s proprietary trading platform refers to the company’s mobile trading app that is available to download from Google Play Store and App store.

Signing up with XM broker involves filling up the registration form and completing the KYC process. You can find the step by step process of how to open an account with XM in this review. 

You can read a detailed XM broker review in the broker review section on our website. 

Yes! XM is a trustworthy broker that has been providing forex and CFD trading services for over a decade. The company holds multiple regulations, employs advanced security protocols, and offers fair trading conditions.