XM is a global multi-award-winning Forex and CFD broker with over 3.5 million active traders across 190 countries. The broker connects traders to a wide variety of global markets, with over 1000+ instruments available to trade, including Forex, stocks CFDs, commodities, equity indices, precious metals, energies and shares through CFDs.
With XM, traders can get access to a tailored account type suitable for both beginners and professional traders and traders can enjoy great trading tools, features, and trading conditions. These include access to multiple industry-standard brokers, tight spreads, fast order execution, negative balance protection, a dedicated multilingual customer support service, and more.
Table of Contents
Broker Details
| Broker | XM |
|---|---|
| Foundation | 2009 |
| Head Office | 12 Richard & Verengaria Street, Araouzos Castle Court, 3rd Floor, 3042 Limassol, Cyprus. |
| Regulations | CySEC (Cyprus), DFSA (United Arab Emirates), ASIC (Australia), IFSC (Belize), FCA (United Kingdom), BaFin (Germany), CNMV (Spain), MNB (Hungary), CONSOB (Italy), ACPR (France), FIN-FSA (Finland), KNF (Poland), AFM (Netherlands) and FI (Sweden). |
| Trading Desk Type | STP |
| Trading Platforms | MetaTrader4, MetaTrader5 |
| Mobile Trading | Available |
| PC Trading | Available |
| Minimum deposit | $5 |
| Maximum Leverage | 1:1 – 1:888 1:1 – 1:30 (EU Traders) |
| Minimum trade size | 0.01 |
| Demo Account | Available – Open Demo Account |
| US Clients | No |
| Deposit/ Withdrawal Options | Credit cards, Electronic Payment, Bank Wire Transfer, Local Bank Transfer, and Other Payment Methods. |
| Account Currencies | USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, RUB, SGD, ZAR |
| Scalping | Yes |
| Hedging | Yes |
| Asset Classes | Forex, Stocks CFDs, Commodities, Equity Indices, Precious Metals, Energies, Shares. |
Pros & Cons
Pros
- Used by Over 3.5 million traders.
- Easy account registration process.
- Regulation from multiple top-tier regulatory bodies around the world.
- Ultra-low spreads on major instruments.
- A 24/ 5 dedicated customer support team.
- Low latency and fast order execution.
- Provision of quality education & research materials and tools.
- The minimum deposit starts at $5.
Cons
- US clients are not accepted.
License and Regulations.
XM is licensed and regulated by multiple top-tier financial regulatory bodies around the world including;
- CySEC – Cyprus Securities and Exchange Commission (Cyprus),
- DFSA – Dubai Financial Services Authority (United Arab Emirates),
- ASIC – Australian Securities and Investments Commission (Australia),
- IFSC – International Financial Services Commission (Belize),
- FCA – Financial Conduct Authority (United Kingdom),
- BaFin – Federal Financial Supervisory Authority (Germany),
- CNMV – The National Securities Market Commission (Spain),
- MNB – The Hungarian National Bank (Hungary),
- CONSOB – The Italian Companies and Exchange Commission (Italy),
- ACPR – The French Prudential Supervision and Resolution Authority (France),
- FIN-FSA – The Finnish Financial Supervisory Authority(Finland),
- KNF – Polish Financial Supervision Authority (Poland),
- AFM – Netherlands Authority for the Financial Markets (Netherlands)
- FI – Financial Supervisory Authority (Sweden).
Account Types
XM offers 3 account types designed to suit different trading needs and styles. These 3 account types offered include the;
- Micro Account
- Standard Account
- XM Zero Account
Micro Account Details
| Account Type | Micro Account |
|---|---|
| Base Currencies | USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, RUB, SGD, ZAR |
| Contract Size | 1 Lot = 1,000 |
| Spread on all majors | As Low as 1 Pip |
| Commission | No Commission |
| Maximum open/pending orders per client | 200 Positions |
| Minimum trade volume | 0.01 Lots (MT4) 0.1 Lots (MT5) |
| Lot restriction per ticket | 100 Lots |
| Islamic Account | Optional |
| Minimum Deposit | $5 |
Standard Account Details
| Account Type | Standard Account |
|---|---|
| Base Currencies | USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, RUB, SGD, ZAR |
| Contract Size | 1 Lot = 1,000 |
| Spread on all majors | As Low as 1 Pip |
| Commission | No Commission |
| Maximum open/pending orders per client | 200 Positions |
| Minimum trade volume | 0.01 Lots (MT4) 0.1 Lots (MT5) |
| Lot restriction per ticket | 50 Lots |
| Islamic Account | Optional |
| Minimum Deposit | $5 |
Zero Account Details
| Account Type | XM Zero Account |
|---|---|
| Base Currencies | USD, EUR, JPY |
| Contract Size | 1 Lot = 1,000 |
| Spread on all majors | As Low as 1 Pip |
| Commission | Yes |
| Maximum open/pending orders per client | 200 Positions |
| Minimum trade volume | 0.01 Lots (MT4) 0.1 Lots (MT5) |
| Lot restriction per ticket | 50 Lots |
| Islamic Account | Optional |
| Minimum Deposit | $100 |
Asset Classes
XM offers a wide variety of global markets, giving clients access to over 6 asset classes including forex, stocks, commodities, equity indices, precious metals and energies, with over 1000+ instruments to trade from.
Spreads and Commission
Just like the interbank forex markets, XM operates with variable spreads, offering very tight spreads across all account types they offer with spreads going as low as 0.0 pips on major currency pairs.
Trading Fees
XM does not impose a bunch of unnecessary trading fees on their clients, instead, clients are provided with lesser fees with no hidden fees charged. The only significant fee charged by the broker is the $5 dormancy fee charge, which is only charged after 90 calendar days of inactivity. Inactivity on an account includes not trading and not making withdrawals or deposits.
On the other hand, XM does not charge a deposit or withdrawal fee, as all transaction fees imposed on clients by electronic payments, cards and bank wire transfers (for amounts over $200) are covered by the broker.
Funding and Withdrawals
The minimum required deposit on XM is $5 for MICRO and STANDARD accounts, while for ZERO accounts it is $100. XM provides clients with over 25+ secure payment options which can be categorized into; bank payments, electronic payments and card payments.
- Bank Payments – Wire Transfer, internet banking, local bank transfer
- Electronic Payments – Neteller, Neteller VIP, Skrill, UnionPay, RapidPay, POLI
- Card Payments – Credit and debit cards.
Trading Platforms
XM does not offer a proprietary trading platform, although clients have access to third-party trading platforms such as MetaTrader 4 and MetaTrader 5 which are industry-standard trading platforms known by lots of traders for their advanced trading tools and features.
XM Trading Platform Details
| Broker | XM |
|---|---|
| PC Platform: | Yes |
| Mobile Platform: | Yes |
| Web Trading Terminal: | Yes |
| Social Trading: | No |
| Copy Trading | Yes |
| Proprietary: | No |
| MetaTrader4: | Yes |
| MetaTrader5: | Yes |
| cTrader: | No |
| ZuluTrade: | Yes |
Customer Support
XM offers an impressive multilingual customer support service, with over 25+ languages including English, Greek, Simplified Chinese, Traditional Chinese, Bahasa Malay, Bahasa Indonesia, Korean, Russian, French, Spanish, Italian, German, Polish, Hindi, Arabic, Portuguese, Czech, Slovakian, Bulgarian, Romanian, Bengali, Urdu, Thai, Nepali, Tagalog, Vietnamese, Cebuano and Serbian.
The support team is available 24/5, from Monday to Friday and can be reached via live chat, email and telephone.
Summary
XM has been around since 2009, and since then, has grown to become a very reputable broker in the online trading industry, with over 3.5 million active clients in over 190+ countries.
The broker offers a bunch of great trading features and tools, provided to give clients an optimal trading experience. Some of the perks clients stand to get with the broker include; ultra-low spreads; bonuses; low latency and fast order execution; negative balance protection; regulation from top tier regulatory bodies globally; a 24/ 5 customer service team and more.