Position in Rating | Overall Rating | Trading Terminals |
2nd  | 4.6 Overall Rating |  |
XM Review
XM is a trusted online broker known for fast execution and clear trading conditions. It’s built for traders who value both performance and reliability. The company is owned by XM Global Limited, a well-regulated firm operating under multiple licenses worldwide. CySEC, FSC, FSA, DFSA, FSC, and FSCA.
With over 15 million clients in more than 190 countries, XM has become a global leader in online trading. The broker handles around 14 million trades every day, showing its strong presence in the market. This massive trading activity highlights XM’s deep liquidity and reliability, proving that millions of traders trust its execution every single day. XM is designed for traders who want smooth order execution and minimal delays. Every account type offers the same high-quality execution, so all clients trade with fairness and speed. Its zero requotes and zero rejections policy ensures that traders always get the prices they see on their screens. This level of reliability builds confidence, especially for those who trade during fast-moving market hours.
XM’s trading conditions are built to support both beginners and experienced traders. The platform also follows the MiFID II framework, ensuring safe and transparent trading practices across its regulated entities. For traders in Asia and beyond, XM stands out for its stable leverage up to 1000:1, even during major events like NFP or CPI releases. This allows traders to manage large positions with consistent performance. At its core, XM aims to make trading simple, fair, and accessible to everyone. It combines regulation, speed, and technology to create a smooth trading experience from the first click to the final trade.
What is XM?
XM is a global online trading platform that connects people to the world’s financial markets with ease and security. It offers a wide range of instruments, including Forex, Cryptocurrencies, Stock CFDs, Turbo Stocks, Commodities, Equity Indices, Precious Metals, Energies, Shares, and Thematic Indices. Headquartered in Cyprus, XM follows strict regulatory standards under authorities like CySEC, FSC, FSA, DFSA, FSC, and FSCA to ensure fair and transparent trading.
In selected regions such as Singapore, XM operates under the Belize Financial Services Commission (FSC-Belize) license. This regulation helps provide local traders with an added layer of trust and protection. The platform is flexible, catering to both new and experienced traders through multiple account types and simple tools that make trading accessible to everyone.
Founded in 2009, XM has grown into one of the leading brokers worldwide, serving over 15 million clients across more than 190 countries. It allows retail traders to access various global markets and trade with leverage up to 1000:1, giving them the freedom to explore opportunities across different assets while maintaining control and transparency.
Advantages and Disadvantages of Trading with XM
There are tons of reasons to trade with XM, and below are the main advantages that make this broker one of the best in the industry although XM is a great online broker, there are also a few disadvantages that traders should be aware of.
Advantages
DisadvantagesBenefits of Trading with XM
XM Pros and Cons
Pros
- The top 5 well-known regulators license XM including the Belize license issued by the Financial Services Commission (FSC-Belize) for the Singapore market.
- Although the classic MT4 and MT5 platforms have been modified, they are still recognizable to most traders.
- Availability of micro accounts and Ultra Low accounts for beginner traders and great educational tools.
- Traders can get free forex market analysis, free signals, and protection against negative balance.
Cons
- Non-EU clients are not protected under investment law.
- Average stock and forex index CFD
- A typical account's spread is significantly higher priced than other providers in the industry.
Analysis of the Main Features of XM
4.6 Overall Rating |
4.6 Execution of Orders |
4.5 Investment Instruments |
4.5 Withdrawal Speed |
5.0 Customer Support |
4.5 Variety of Instruments |
4.5 Trading Platform |
XM Customer Reviews
The customer reviews for XM are generally positive. Most reviewers cite the broker's low spreads, fast execution speeds, fast withdrawals, and excellent customer service as the main reasons for their positive experiences. However, a few reviewers have had negative experiences with the broker, citing issues such as delayed withdrawals and lack of customer support on weekends.
XM Spreads, Fees, and Commissions
Let's discuss XM spreads, fees, and commissions in detail:
XM Spreads
The average spread for a major pair such as EUR/USD is 0.1 pips, but XM operates with variable spreads that can start as low as 0.0 pips depending on the account type opened.
All XM account types don't have any hidden fees or commissions. XM promises same-day withdrawals, and it covers all transfer fees. Additionally, fractional pip pricing lets clients gain from the tiniest movements.
Deposit Fee
The deposits on XM are processed instantly in any currency, and there is no deposit fee. In addition, the traders only need a minimum of 5 GBP/USD/EUR to open an account on XM.
Traders can easily make the payment in any currency that is automatically converted into the currency as the base currency they choose while opening an account.
Accepted for transactions includes Debit/Credit Cards, Online Bank Transfer, E-wallet , International Bank Wire Transfer, Skrill, Neteller, Perfect Money, Google Pay, and Apple Pay, providing traders with a comprehensive range of options for their financial transactions. However, PayPal and other crypto options are not currently accepted by this broker.
Withdrawal Fee
Most withdrawal requests on XM will be processed within 24 hours. If you're requesting a wire transfer and the amount is less than 200 USD, there may be a fee associated with your request. The minimum withdrawal sum is 5 USD.
Traders must submit a color copy of an official identifying document, like a passport or driver's license, to process deposit and withdrawal requests. This is in line with standard KYC regulations; a recent utility bill is no more than three months old as proof of their current address.
Different withdrawal methods have varying maximums. Reviewers tend to speak positively about withdrawals. If you're having trouble withdrawing or validating your account, contact customer support for help.
XM Trading Fee
Before we discuss the XM trading fee, let's take a look at how the XM trading fee is calculated. We have reviewed several brokers and found trading and non-trading fees. Not only that, but there are also commissions, spreads, conversion fees, and financing rates. However, according to traders, the non-trading fees include withdrawal or inactivity fees.
In the below sections, we will discuss the XM fee for different assets so let's start with the XM trading fee first.
XM offers four distinct account types: Standard, Micro, Ultra Low, and Shares accounts. Traders looking for zero swap charges and tighter spreads might find the Ultra Low account preferable to the Standard and Micro options. Notably, the Shares account is the only one that involves commission charges. This variety of account types allows traders to choose the option that best suits their trading style and needs.
We chose instruments that were popular within each asset class:
- Forex: GBP/USD, EUR/CHF, EUR/USD, EUR/GBP, and AUD/USD
- Cryptocurrencies: BTC/USD, XRP/USD, ETH/USD,
- Stock Index CFDs: EUSTX50, SPX
- Stock CFDs: Vodafone, Apple, Amazon
- Turbo Stocks: Adidas, Facebook, Google
- Commodities: COFFE, WHEAT, SUGAR, SBEAN
- Equity Indices: JP225, DJIA, S&P500, DAX
- Precious Metals: Gold, Silver, Platinum
- Energies: NGAs, OIL
- Shares: BMW, Amazon
Trades are usually defined as buying a leveraged position, holding it for around one week, and then selling. To give you an idea of volume, we chose a $2,000 position for the stock index and stock CFDs and $20,000 for forex transactions.
We used the following leverage to calculate the fees:
- 5:1 for stock CFDs
- 30:1 for forex
- 20:1 for stock index CFDs
Non-trading/Non-activity Fees
If your account is inactive for more than 90 days, XM will charge a monthly inactivity fee of 10 USD. There is no one-off maintenance fee.
The account inactivity fee charges registered brokerage clients who don't meet their broker's trade activity requirements. For example, an inactivity fee may be charged if a client goes without buying or selling activity in their account for the broker-dictated amount of time.
Not only do online trading accounts have inactivity fees, but many financial service companies also charge them. So please check your broker's website and ensure you are comfortable with all the services and fees that come with it. That way, there won't be any surprises down the road. Then, to avoid being charged any additional fees, close your trading account with the broker's customer support and make sure to get confirmation.
XM Commissions
According to XM users, there are no secret commissions, and you won't be charged for withdrawing or depositing money. If you choose to shift your transactions to the next day, however (a process called ‘swap'), there is a commission that changes based on market conditions and an i-e average of $6.
How XM Fees Compare to other Brokers
Account Types
Currently, XM offers four different types of live trading accounts, allowing up to 200 open/pending positions per client. Below are the four account types of XM:
Micro Account
At number first comes the micro accounts and these accounts use USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, SGD, and ZAR as the base trading currency. Users can trade with a deposit as low as USD 5. Spreads start at one pip, and one micro lot is equivalent to 1,000 units of the base currency.
Standard Account
A Standard account allows you to use USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, SGD, and ZAR as your base currency. You can begin trading with only $5 USD. 1 standard lot is equal to 100 000 units of whichever base currency you have chosen. Lastly, spreads on all majors are low – starting from 1.6 pips only!
Ultra Low Account
The XM Ultra Low Account presents traders with a range of features designed to enhance their trading experience. With the option to select from multiple base currencies, including EUR, USD, GBP, AUD, ZAR, and SGD, this account type offers a diverse and flexible trading environment. The minimum deposit is also $5 USD. Like the Standard account, one standard lot equals 100,000 units of the chosen base currency. Spreads are very low, too, starting at 0.8 pips.
Shares Account
A Shares account allows you to use USD as the base currency only. Unlike the other types of account, there is high minimum deposit $10,000 USD. Its contract size includes one share with charged commission fees, and the maximum number of positions that you can open is only 50.
According to XM customers, they can have a maximum of eight trading accounts open at once. All account management is done through the XM members area on their website. Additionally, an Islamic account is available upon request for those who need it. The only downside is that XM does not offer PAMM accounts.
Demo Account
XM users can open a demo account, test the XM platform, and get accustomed to the forex market. The demo account is available for 30 days and comes with $100,000 virtual money. After the 30 days are up, the account will automatically close.
To open a demo account, go to the XM website and sign-up for the paper trading solution by filling out a quick online form. You can use the demo account on both MT4 and MT5 trading platforms.
The demo account offers an authentic trading experience without the risk of incurring real losses. In addition, you can continue learning at your pace by keeping a demo account open even after activating a live account.
How to Open your Account?
XM now offers One-Click Registration which makes it easier for new traders to register an account. In addition, your account will be verified on the same day with the required documentation. Moreover, you can choose between 27 other languages except for English. The process of account opening on XM is as follows:
- Visit the official website and click on ‘Open an Account'
- Then, enter your name, email address, and chosen password, check their agreement box and click “REGISTER”
- A verification email will be sent to your email inbox for you to verify and set up your XM profile
- In the next step, you will be given a choice to open a Demo Account or a Real Account
- Now add your personal data, like your address and date of birth
- You will then be asked about your financial details
- Next, you will be asked about your preferred platform, type of account, leverage, base currency, and if you want to receive an account bonus
- Finally, you will be asked to verify your account for KYC purposes
The quickest and easiest way to verify your identity and residency is by uploading a copy of your national ID, passport, or driver's license. If you don't have any of those documents, another form of acceptable proof is utility bills or bank statements.
What Can You Trade on XM?
XM offers various assets that can be traded on its platform. Here is a list of all the available assets:
- Forex Trading: 50+ global currency pairs, including majors, minors, and exotics, are available.
- Cryptocurrencies: Over 60 cryptocurrencies are offered including: BTC, ETH, and XRP
- CFD Indices: XM offers CFDs on various assets, including indices, energies, metals, and more.
- Equity Indices: Trade up to 24 equity indices including JP225, DJIA, S&P500, DAX, and more.
- Turbo Stocks: Trade up to 7 turbo stocks including Apple, Amazon, Facebook, and more. XM also offers Turbo Stocks, a faster trading option for those seeking short-term opportunities with quick results. This feature adds more flexibility for traders who prefer dynamic market movements.
- Commodities CFDs: Trade CFDs on sugar, cocoas, wheat, and more.
- CFDs on Stocks: Trade over 1200+ global stocks from companies like Apple, Google, and more.
- CFDs on Metals: Precious metals, including gold, silver, and palladium, are available.
- Energies CFDs: Trade CFDs on energies like natural gas, oil, and more.
- Thematic Indices: Trade popular thematic indices such as AI Index, Crypto 10, Blockchain & NFT and more.
In addition to those assets, crypto trading is not available on XM (under the EU-regulated group entity).
XM Customer Support
Good customer support is essential for every trader, and XM takes this part very seriously. Its support team is available 24/7, matching global market hours from the Asian open on Monday to the US close on Friday. XM also provides 24/7 multilingual assistance, allowing traders from every time zone to reach support anytime, even beyond weekday sessions. Traders can get help anytime, whether during calm sessions or busy market moments.
XM’s customer service is multilingual, offering help in more than 30 languages including English, Spanish, Arabic, Thai, Malay, Hindi, Vietnamese, Russian, and Chinese. This makes XM one of the few brokers that truly understands traders from different regions. The support team works directly for XM, not through outsourced call centers, ensuring accurate answers and professional guidance. Because XM’s support is handled fully in-house, responses are quicker and more precise, with teams trained directly on XM’s systems, platforms, and policies.
Clients can reach support through live chat, email, or phone, and each request is handled through an organized system. XM also provides a detailed Help Center and FAQ library for quick self-service. Every client is assigned a dedicated Client Relations Manager who helps with account verification, deposits, withdrawals, and product details. These managers act as personalized liaisons, bridging everyday support with tailored assistance, ensuring traders always have someone who understands their journey from setup to live trading. While they don’t give financial advice, they ensure that traders always have someone who understands their needs.
XM’s local presence also strengthens its reputation. The company hosts seminars, expos, and workshops in regions like Latin America, Southeast Asia, and MENA, where traders can meet support teams face to face. This personal approach helps build trust with new traders who prefer human contact over online-only service. XM’s support has earned high ratings on Trustpilot, SiteJabber, and Myfxbook for fast responses, clear communication, and deep product knowledge. It has also received multiple awards from sites like TradersUnion and Forex-Ratings for consistent customer satisfaction and professional service. Mobile users can even contact support directly from the XM App, ensuring instant help during live trading hours. This in-app support integration ensures traders get real-time assistance without switching platforms, keeping their focus entirely on the markets. XM’s educational programs also align with its support services, helping traders learn and receive guidance in their preferred language. XM connects its education and support services, letting traders learn and receive help in their preferred language seamlessly.
Advantages and Disadvantages of Customer Support
Below are a few of the advantages and disadvantages of XM customer support according to its user reviews:
XM Contacts Table
Security for Investors
As mentioned earlier, XM Broker is licensed by several leading international regulatory bodies: CySEC, FSC, FSA, DFSA, FSC, and FSCA. The CySEC license, in particular, means that the broker falls under the European legal framework regulated by MiFID I and II. All customer accounts are held with segregated European banks, meaning they are kept separate from brokerage operating accounts.
In the Singapore market, XM is overseen by a renowned international license, namely the Belize license issued by the Financial Services Commission (FSC-Belize). This oversight ensures that regional clients enjoy localized protection and transparency, backed by the same high standards as XM’s top-tier global regulators.
Withdrawal Options and Fees
XM offers a variety of withdrawal options to its clients. These include bank wire transfers, credit/debit cards, and e-wallets. In addition, you can find out how to restock and withdraw money from your Personal Account.
The broker's internal documents regulate the withdrawal procedure, which is prioritized as follows: credit and debit cards first, then electronic wallets. XM will begin processing your payment request within 24 hours, and you can anticipate receiving your withdrawal within five business days.
You can easily withdraw your money without limit to the number of requests. Plus, the currency you deposit is always the same as what you'll get back- ensuring easy transactions. If there's a discrepancy between currencies, don't worry! The broker automatically converts it to market value.
The only time you'll be charged a commission is when you're withdrawing or replenishing funds that are over 200 US dollars.
XM vs Other Brokers
#1. XM vs Avatrade
XM is a great broker for those looking for various account types with low spreads. On the other hand, AvaTrade is best for those who want a broker that offers multiple platforms and instruments.
Both brokers are well-regulated and offer negative balance protection. XM also offers a higher maximum leverage of 1000:1 compared to AvaTrade's 400:1. In addition, XM has lower minimum deposit requirements at $5, while AvaTrade requires a minimum deposit of $100. When it comes to customer support and investor protection, both companies are on par with each other.
Out of the one hundred variables we tested, analyzed, and researched, AvaTrade is our top pick for the best MetaTrader broker. However, with a low minimum deposit of $5, XM is a better choice for small account holders.
#2. XM vs Roboforex
XM is the better choice for those looking for a broker with multiple account types and low spreads. Roboforex is best for traders who want an ECN account-compatible broker that offers the cTrader platform.
Both brokers offer negative balance protection and are well-regulated. However, XM's leverage is higher at 1000:1 while Roboforex's is 30:1. Minimum deposit requirements are also lower at XM at $5, while Roboforex requires a minimum deposit of $100.
According to customer reviews, XM is comparatively better regarding customer service and order execution. XM also has a wider range of deposit and withdrawal options. Overall, XM is the better choice for online forex trading.
#3. XM vs Alpari
Alpari has been a reliable forex broker for over 20 years, providing tightly fixed and variable spreads and speedy order execution. Alpari offers three account types: Standard, ECN, and Pro.
On the other hand, XM is a great choice for beginner and intermediate traders as it is user-friendly and has a wide range of educational content. Moreover, it is a regulated broker with a strong presence in several countries. Moreover, they offer customer support in 27 languages.
XM is the better choice for those looking for a regulated broker with multiple account types and low spreads. Alpari is best for traders who want a reliable and well-established broker.
In terms of leverage, XM offers a maximum leverage of 1000:1 while Alpari's is 3000:1. Minimum deposit requirements are also lower at XM at $5, while Alpari requires a minimum deposit of $1. So, overall, XM is the better choice for online forex trading.
When it comes to customer reviews, Alpari is a better choice as it has been around for longer and is a more established broker. However, XM is the better choice for those looking for a regulated broker with multiple account types and low spreads.
How XM Trading Options Compare against other Brokers
Conclusion: XM Review
XM is a great forex broker with a solid reputation, high-quality trade execution, and a wide range of tradable assets. The broker is also very well-regulated by some of the most respected financial authorities in the world. Our experts liked the low fees for stock CFDs and withdrawals. Opening an account is easy and free of trouble, and the broker offers a broad range of high-quality educational tools.
Despite XM's perks, there are some cons to consider as well. It only offers forex and CFDs, so the product range is limited. In addition, its fees for forex and stock index CFDs are mediocre, and non-EU customers have no investor protections.
XM's customer support is excellent and always willing to help their clients. Moreover, If you're looking for a CFD and forex broker that uses MetaTrader trading platforms, we recommend giving XM a try. You can register for a demo account to test it out. Overall, we believe XM is a great choice for experienced and beginner forex traders. Beyond its strong platform and regulation, XM’s local events, training sessions, and in-person seminars help foster trust and a real sense of community among traders worldwide. Whether you’re just starting out or already trading full-time, XM remains one of the most trusted brokers for accessible, fair, and reliable trading.
XM Review FAQs
Is XM safe and legit?
Yes, XM is safe and legit. The broker is licensed by three leading international regulatory bodies: CySEC, FSC, FSA, DFSA, FSC, and FSCA. In the Singapore market, XM is regulated by a well-known global license which is the Belize license – Financial Services Commission (FSC-Belize). Therefore, it is secure and regulated.
Can you make money with XM?
Many traders have found success with XM. However, it is important to remember that trading on the financial markets will not make you rich overnight. If you take the time to educate yourself about trading, practice with a demo account, and carefully plan your trades, you will increase your chances of success. You should never trade with money that you cannot afford to lose.
CFDs are complex instruments and can be risky; 77.74% of retail investor accounts lose money when trading CFDs with this provider. Before investing in a CFD, make sure you understand how it works and whether or not you can afford to risk losing your money.
Is XM a good broker?
Our experts concluded that XM is a reliable broker with trading conditions appropriate for various types of traders, quick and excellent service, and beginner-friendly educational content — all while having some of the lowest deposit requirements in the industry.
In addition, it is regulated by top-tier financial authorities, providing an additional level of protection for its clients. However, this means XM falls under regulation from a jurisdiction that can hold the broker responsible for its actions; or, at best, play an arbitration role in case of bigger disputes.
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