XM

XM Review 2023

Peter Lengyel
Written by
Peter Lengyel
Mark Fodor
Fact checked by
Mark Fodor
Updated
Jul 2023

XM is an online forex and CFD broker that was established in 2009. The company is regulated by multiple reputable financial authorities, including the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC), and the Cyprus Securities and Exchange Commission (CySEC).

XM offers a range of trading instruments, including forex, stocks, commodities, metals, energies, and indices, and provides access to three different trading platforms, including MetaTrader 4, MetaTrader 5, and XM WebTrader. The company offers multiple account types, including Micro, Standard, and XM Zero accounts, with competitive spreads and leverage of up to 1:888.

XM provides a range of educational resources, including webinars, video tutorials, and trading tools, to help traders improve their trading skills and knowledge. Overall, XM is a reputable and well-regulated broker that offers a range of trading instruments and platforms, making it a popular choice among traders of all levels.

Pros

Regulated by multiple reputable financial authorities
Provides access to three trading platforms
Multiple account types with competitive spreads
Offers a range of educational resources

Cons

Limited product offerings
Withdrawal fees may be charged for certain methods
No social or copy trading features available
Inactivity fees may be charged on dormant accounts
is XM a legit broker?

Why we think you should have no worries using XM:

Regulated by multiple reputable financial authorities
Segregates client funds from company funds
Offers negative balance protection
Has a transparent pricing and fee structure
Has a proven track record of operating for over a decade

XM Broker Regulations in 2023: A Thorough Review

XM's ASIC license number is 443670. This license allows XM to provide financial services in Australia, including offering trading in various financial instruments such as forex, commodities, and CFDs. By holding an ASIC license, XM is subject to the regulatory requirements and standards set by the ASIC, which aim to protect investors and promote fair and transparent trading practices in the financial markets.

XM is regulated by the Cyprus Securities and Exchange Commission (CySEC), and its license number is 120/10. The CySEC is a respected financial regulatory body in Cyprus that enforces strict regulations to ensure the protection of investors and the integrity of the financial markets. As an CySEC-regulated broker, XM is required to comply with the regulatory standards set by the CySEC, which includes segregation of client funds, negative balance protection, and providing transparency in pricing and fees. The CySEC also conducts regular audits and inspections to ensure that XM is operating in compliance with its regulations.

XM is also regulated by the International Financial Services Commission (IFSC) of Belize, with license number IFSC/60/354/TS/19. The IFSC is a regulatory body that oversees financial activities in Belize and ensures that financial service providers operating in Belize adhere to its regulatory framework. By holding an IFSC license, XM is subject to the regulatory requirements and standards set by the IFSC, which include client fund segregation, negative balance protection, and maintaining adequate financial resources. While the IFSC is not considered to be as stringent as some of the other regulatory bodies, it does provide some level of oversight and regulation for XM's operations.

XM is also regulated by the Dubai Financial Services Authority (DFSA), with license number F004356. The DFSA is the financial regulatory authority of Dubai and regulates financial services companies that operate in the Dubai International Financial Centre (DIFC). As an DFSA-regulated broker, XM is required to comply with the regulatory standards set by the DFSA, which includes client fund segregation, negative balance protection, and transparency in pricing and fees. The DFSA also conducts regular audits and inspections to ensure that XM is operating in compliance with its regulations. Holding an DFSA license is a positive indication of XM's commitment to maintaining high standards of transparency and trustworthiness in its operations.

  Australia Flag
Trading Point of Financial Instruments Pty Ltd
Cyprus Flag
Trading Point of Financial Instruments Ltd
Belize Flag
XM Global Limited
UAE Flag
Trading Point MENA Limited
Regulations Australia ASIC Cyprus CYSEC Belize FSC UAE DFSA
Segregated Client Money Yes
Investor Protection
Negative Balance Protection Yes
Maximum Leverage 1:30 1:1000 1:30
As a regulated broker, XM provides client money protection by adhering to the regulations set by its regulatory bodies, which includes client fund segregation. This means that client funds are kept separate from the broker's operating funds, and in the event of the broker's insolvency, client funds would be protected and returned to the clients

XM provides negative balance protection, which means that clients cannot lose more than their account balance, even in the event of significant market volatility or unexpected events. These measures ensure that client funds are protected and that clients can trade with peace of mind, knowing that their funds are safe with XM.

It is unclear whether XM offers a professional indemnity service to its clients. Professional indemnity insurance typically covers a business or professional for any damages or losses that may arise due to negligence, errors or omissions in the provision of their services. 

Comparing XM Group's Account Types and Fees: XM Broker Review

XM offers various account options to suit the different needs of its clients. Here are the main account types and associated fees:

Micro Account

XM's Micro Account is a beginner-friendly option with a low minimum deposit of $5, leverage of up to 1:888, and access to over 700 instruments. It has no commissions, allows hedging and scalping, and offers free educational materials and trading tools. Traders can use the MT4 and MT5 platforms, and the account comes with negative balance protection. Spreads are variable and subject to widening during volatile market conditions.

Standard Account

XM's Standard Account is a beginner-friendly option with a low minimum deposit of $5, leverage of up to 1:888, and access to over 700 instruments. It has no commissions, allows hedging and scalping, and offers free educational materials and trading tools. Traders can use the MT4 and MT5 platforms, and the account comes with negative balance protection. Spreads are variable and subject to widening during volatile market conditions.

XM Ultra Low Account

XM's Ultra Low Account offers tight spreads from 0.6 pips with a minimum deposit of $50. Traders can use leverage up to 1:888, trade over 700 instruments, and engage in hedging and scalping strategies. The account charges a commission per lot traded and has no re-quotes. It supports both MT4 and MT5 platforms and comes with negative balance protection.

Shares Account

XM's Shares Account offers traders the ability to trade over 1000 global shares with leverage up to 1:5 and no commissions charged. The account allows hedging, offers negative balance protection, and can be used on both MT4 and MT5 platforms. The minimum deposit required to open a Shares Account is $10,000.

XM Zero Account

XM's Zero account is designed for traders looking for low spreads and high execution speed, with spreads starting from zero pips on major forex pairs. The account offers leverage up to 1:500 and a minimum deposit of $100. The Zero account is available on both the MT4 and MT5 platforms, and includes access to all trading instruments offered by XM, including forex, stocks, commodities, and cryptocurrencies. There are no hidden fees or commissions, and the account offers negative balance protection, ensuring that traders will never lose more than their account balance. In addition, the Zero account provides access to the XM VPS service, which allows for seamless automated trading with minimal latency.

Islamic Account

XM also offers an Islamic account that is compliant with Sharia law. This account type operates without swaps, which are interest fees charged for holding positions overnight. The XM Islamic account is designed for traders who follow the Muslim faith and wish to trade in the forex market while adhering to their religious beliefs. The account has no hidden fees or additional charges, and Islamic account holders are granted full access to all trading instruments and platforms. To open an Islamic account, clients must first open a regular trading account and then request the conversion to an Islamic account.


Please note that fees may vary depending on the instrument traded, and that there may be additional fees for certain account activities, such as inactivity fees. It is recommended to check the XM website for up-to-date information on fees and account options.

XM Account Deposit/Withdrawal: Forex Trading Made Easy in 2023


Account currencies USD, EUR, GBP, AUD, CHF, HUF, PLN, RUB, SGD, ZAR, JPY
Standard/RAW (MT4/MT5) accounts minimum deposit 50 currency units
Funding methods Bank Wire, Broker to Broker, 
Credit/Debit Cards, Neteller, Skrill
Deposit fees XM does not charge fees for deposits
Deposit processing times from instant to 1 hour (bank wires up to 3 working days)
Withdrawal fees XM does not charge additional fees for withdrawals
Withdrawal processing times variable, from instant to 1 day
Inactivity fee XM does not charge an inactivity fee

XM supports a wide range of base currencies, including USD, EUR, GBP, AUD, CHF, HUF, PLN, RUB, SGD, ZAR, and JPY. The available base currencies may vary based on the client's country of residence and the selected account type. Clients can choose their preferred base currency during the account registration process and can also open additional accounts in different base currencies. Deposits and withdrawals can be made in any of the supported base currencies using various payment methods, including bank wire transfer, credit/debit cards, e-wallets, and local payment options.

This is important for two main reasons. Firstly, if you deposit funds into your trading account using the same currency as your bank account or if you trade assets in the same currency as your account's base currency, you can avoid paying conversion fees. Secondly, it allows for easier tracking and management of your account's funds, as all transactions are conducted in the same currency.

Deposit options

XM offers a wide range of deposit options, including:

  • Credit/debit cards: XM accepts deposits made through Visa, Visa Electron, MasterCard, Maestro, China UnionPay, Diners Club International, and American Express credit/debit cards. Deposits are processed instantly.
  • Bank wire transfer: XM also allows deposits via bank wire transfer. Deposits made through this method usually take 2-5 business days to be processed.
  • Electronic payment methods: Electronic payment methods such as Skrill, Neteller, and WebMoney are also available for depositing funds. Deposits made through these methods are processed instantly.
  • Other local payment methods: XM provides various local payment methods, depending on the client's country of residence. These include, but are not limited to, iDEAL, SOFORT, Przelewy24, and Qiwi. Deposits made through these methods are processed instantly.
  • XM prepaid cards: XM prepaid cards can also be used to deposit funds. These cards are available in USD and EUR and can be purchased online. Deposits made through XM prepaid cards are processed instantly.

You can only deposit funds from accounts that are registered in your name.


Withdrawal options

XM offers various withdrawal options to its clients, including:

  • Bank wire transfer
  • Credit/debit card
  • E-wallets: Neteller, Skrill, WebMoney, and more
  • Local bank transfer

Please note that the availability of certain withdrawal methods may vary depending on your location and account type. Also, XM does not charge any fees for withdrawals, but third-party fees may apply.

XM Trading Platforms Review: Forex Trading on Advanced Platforms

XM offers clients the choice of two trading platforms:

MetaTrader 4 (MT4)

MetaTrader4 is the world's most popular trading platform, available in desktop, web, and mobile versions, providing access to trade forex, CFDs, and futures markets.

MetaTrader 5 (MT5)

MetaTrader5 is an upgraded version of MT4, offering advanced features and the ability to trade additional financial instruments such as stocks and commodities.


XM offers its own proprietary trading platform called XM MT4 and XM MT5. These platforms are based on the popular MetaTrader 4 and MetaTrader 5 platforms, respectively, but they have been customized to meet the specific needs of XM clients. The platforms are available for desktop, web, and mobile devices, allowing traders to access the markets from anywhere at any time.

Market Offerings and Products: An Expert Review of XM Forex Trading

XM offers a wide range of markets and products, including:

Forex

The forex market offerings include over 55 currency pairs, including major, minor, and exotic pairs.

Stocks

XM offers trading in stocks of major global companies, such as Apple, Google, Amazon, and Microsoft.

Commodities

Traders can also access CFDs on commodities, including gold, silver, oil, and natural gas.

Commodities

AXI provides traders access to CFDs on various commodities, such as gold, silver, oil, and natural gas.

Indices

XM offers trading in indices, including major indices such as S&P 500, NASDAQ, and DAX.

Cryptocurrencies

XM offers CFD trading on Bitcoin, Ethereum, Litecoin, and Ripple.
Cryptocurrencies

IPOs

XM also provides traders with the opportunity to participate in IPOs (Initial Public Offerings) of major companies, which can be a unique and potentially lucrative investment opportunity.

Researching Trading Conditions with XM: A 2023 XM Broker Review

XM Research

XM offers a range of research materials to assist traders in making informed decisions. Here are some key features of XM's research offerings:

Daily market analysis

XM provides daily market analysis with up-to-date news and insights on major currencies, commodities, and stocks.

Technical analysis

XM offers a variety of technical analysis tools and indicators to help traders identify trading opportunities.

Economic calendar

XM's economic calendar provides information on upcoming economic events, such as central bank meetings and economic releases, along with their potential impact on the markets

Webinars and seminars

XM hosts regular webinars and seminars on various trading topics, featuring industry experts and seasoned traders.

Trading signals

XM provides free trading signals to its clients, generated by its in-house team of analysts.

Market sentiment

XM provides information on market sentiment, including the percentage of traders who are long or short on a particular instrument.

XM Forex Education: Elevate Your Trading Skills with XM Broker

XM Education

XM provides a range of educational resources to help traders develop their skills and knowledge.

Some of the educational resources available on XM include:

Forex webinars

XM offers free live webinars presented by experienced forex professionals. These webinars cover a range of topics related to forex trading, including technical analysis, risk management, and trading psychology.

Trading seminars

XM also hosts trading seminars in various countries around the world. These seminars are led by forex experts and provide traders with an opportunity to learn new trading strategies and techniques.

Video tutorials

XM provides a range of video tutorials covering various aspects of forex trading. These tutorials are suitable for traders of all levels and are designed to be easy to follow.

Forex e-books

XM offers a range of forex e-books that cover a variety of trading topics, including technical analysis, trading strategies, and risk management.

Overall, XM's educational resources are designed to help traders develop their skills and knowledge, regardless of their level of experience.

Customer Service at XM: An Expert's Review of XM Trading Experience


Live chat

XM offers a live chat feature on their website where clients can chat with their customer support team in real-time. The live chat support is available 24/5, meaning clients can access the support service from Monday to Friday, and it is available in multiple languages. This service can be accessed from the 'Contact Us' page on their website, and clients are required to provide their name, email address, and account number to begin the chat.

Email

XM offers email support to its clients, which can be used for any queries or issues related to their trading accounts. Clients can send an email to the support team, and they will respond as soon as possible. The email support is available in multiple languages, including English, Arabic, Chinese, German, Spanish, French, Italian, Japanese, Korean, Portuguese, Russian, and Thai. The support team is generally prompt and helpful in resolving any issues that clients may have. Additionally, XM also provides a comprehensive FAQ section on its website, which may address many common queries that clients have.

XM Contact
Phone

XM provides phone support for clients in multiple languages, including English, Arabic, Chinese, French, German, Greek, Hungarian, Indonesian, Italian, Japanese, Korean, Malay, Polish, Portuguese, Russian, Spanish, Swedish, Thai, and Turkish. Clients can contact XM's customer support team via telephone during market opening hours, which are 24 hours a day, five days a week. The broker provides local phone numbers for its clients in several countries, including the UK, Australia, Cyprus, Germany, Spain, Italy, and Hungary.

XM's phone support team is known for its promptness and efficiency in handling customer queries and issues. Clients can contact the support team for assistance with account opening, deposits and withdrawals, trading platforms, technical issues, or any other related queries. Additionally, the broker provides a call-back service, which allows clients to request a call back from the support team at a time convenient for them. The call-back service is available in multiple languages as well.

Overall, XM's phone support is considered reliable and efficient by its clients. The broker's customer support team is known for its professionalism, knowledge, and responsiveness, and is dedicated to providing prompt and effective solutions to client issues and queries.

XM FAQ

XM offers a comprehensive FAQ section on their website to help clients find answers to common questions regarding account registration, deposit and withdrawal options, trading platforms, trading conditions, and more. The FAQ section is searchable and includes a wide range of topics to help clients resolve their queries quickly and efficiently. In addition, XM offers multilingual support in several languages to cater to clients from different regions and countries.

FAQ

Who is XM Group?
XM Group is a reputable online forex broker established as XM Global Limited. They offer a wide range of trading services.

What does trading with XM entail?
Trading with XM includes forex trading, mobile trading, and much more. XM excels in providing a user-friendly platform for forex traders.

Is XM a good broker?
Yes, XM is considered one of the good brokers in the market, appreciated for its broker offerings and reliable services.

What does XM offer its clients?
XM offers its clients a variety of features such as the XM app for mobile trading, free demo accounts, and a wide range of deposit or withdrawal options.

How can I start trading with XM?
You can start trading by opening an XM broker account. Visit the XM website to open an account and begin your trading journey.

Can I open a demo account with XM?
Yes, XM also offers a free XM demo account for beginners or those wishing to practice their strategies without financial risk.

How does XM operate?
XM operates as an entity of the XM Group, offering a wide range of services for retail forex traders.

What are XM's deposit and withdrawal procedures?
XM deposits and withdrawals are made easy through a range of options available at XM. Detailed steps can be found on their website.

Is there anything else I need to know about XM?
It's important to note that the broker also accepts various forms of deposit and includes comprehensive educational resources for traders.