If you’re searching for a reliable and reputable forex broker, you’ve probably come across XM. As one of the largest forex and CFD brokers by trade volume, XM has built a reputation for offering excellent trading conditions, a wide range of financial instruments, and outstanding customer support.
But is XM the right broker for you? In this comprehensive XM review, we’ll dive deep into all aspects of the broker, from its history to its account types, trading platforms, fees, and more. By the end of this review, you’ll have a clear understanding of whether XM is the ideal broker for your trading needs.
Table of Contents
XM Broker Overview
XM is an award-winning broker that has been in operation since 2009. It is one of the largest forex and CFD brokers in the world, with billions of dollars traded daily, thanks to its millions of loyal clients and outstanding brokerage solutions.
XM offers over 1000+ financial instruments to trade, including Forex, stocks CFDs, commodities, equity indices, precious metals, energies, and shares. The broker provides access to over 55+ currency pairs, including major, minor, and exotic currency pairs. Traders can also access the market with a variety of platforms offered, including the popular MetaTrader 4 and MetaTrader 5 platforms, as well as its own proprietary platform, XM WebTrader.
One of XM’s main advantages is its wide range of account types designed to suit the needs of different traders. The Micro account, with a maximum contract size of 1000 units, is ideally suited for traders who seek exposure to forex trading but don’t want to risk a lot of money. The Standard account offers ultra-competitive spreads with no commissions, while the XM Zero account features tighter spreads but charges a commission, making it ideal for active traders, scalpers, and algorithmic traders.
Overall, XM offers low trading fees, deep liquidity, fast order execution, low minimum deposit, multiple fast & secure deposit and withdrawal methods, industry-standard trading platforms, quality education & research offerings, and excellent customer support services. It is an excellent choice for traders of all levels, and with its commitment to providing innovative solutions, XM is a broker that traders can rely on.
XM Broker Features
| XM Broker Features | Specifications |
|---|---|
| Established | 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). |
| Product Offering | Forex and CFDs |
| Financial Instruments | Forex, Stocks, Commodities, Equity Indices, Precious Metals, Energies, and Shares. |
| Currency Pairs | 57 including major, minor and exotic pairs. |
| Trading Platforms | MetaTrader4, MetaTrader5, and XM WebTrader |
| Minimum deposit | $5 |
| Account Currencies | USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, RUB, SGD, ZAR |
| Payment Options | Credit cards, Electronic Payment, Bank Wire Transfer, Local Bank Transfer, and Other Payment Methods. |
| Maximum Leverage | 1:1000 EU Traders – 1:30 |
| Minimum trade size | 0.01 |
| Demo Account | Available – Open Demo Account |
Pros of XM
- Strong regulatory framework across multiple jurisdictions.
- Easy account registration process.
- Offers a wide range of financial instruments.
- Provides access to a variety of industry-standard trading platforms in web, mobile, and desktop versions.
- Has a wide range of account types.
- Offers low trading fees across all account types.
- Provides clients with deep liquidity and fast order execution,
- Offers a low minimum deposit of $5.
- Provides access to various fast and secure payment options.
- Offers quality education and research materials to help traders improve their skills.
- Provides excellent customer support service.
Cons of XM
- Limited availability of financial instruments compared to some other brokers.
- Limited range of trading tools and indicators on the proprietary platform.
- The customer support service may not be available in some languages.
- The educational and research materials may not be suitable for advanced traders.
- An inactivity fee is charged after 90 days of inactivity on the account.
- Does not accept clients from the United States.
Regulation
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 Features
| Micro Account Features | Specifications |
|---|---|
| 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 | 300 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 Features
| Standard Account Features | Specifications |
|---|---|
| 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 | 300 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
| XM Zero Account Features | Specifications |
|---|---|
| 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 |
Conclusion
In conclusion, XM is a well-regulated and reputable broker that offers a wide range of trading instruments, account types, and trading platforms suitable for traders of all levels. Its low fees, deep liquidity, fast order execution, and excellent customer support also make it an attractive choice for traders.
After conducting a thorough XM review, it is evident that the broker offers a competitive and reliable trading experience, with a commitment to meeting the needs of its clients. Whether you’re a beginner or an experienced trader, XM provides a range of tools and resources to help you achieve your investment goals. Therefore, if you’re looking for a reliable and reputable broker, XM is definitely worth considering.