XM Broker Review

XM is a global multi-award-winning Forex and CFD broker with over 3.5 million active traders in 190+ countries.

With XM, traders can get access to a variety of asset classes along with 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.

XM Broker Details

BrokerXM
Foundation2009
Head Office12 Richard & Verengaria Street,
Araouzos Castle Court,
3rd Floor, 3042 Limassol, Cyprus.
RegulationsCySEC (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).
Ways To Trade
Trading Desk TypeSTP
Trading PlatformsMetaTrader4, MetaTrader5
Mobile TradingAvailable
PC TradingAvailable
Minimum deposit$5
Maximum Leverage1:1 – 1:888
1:1 – 1:30 (EU Traders)
Minimum trade size0.01
Demo AccountAvailable – Open Demo Account
US ClientsNo
Deposit/
Withdrawal Options
Credit cards, Electronic Payment,
Bank Wire Transfer, Local Bank Transfer,
and Other Payment Methods.
Account CurrenciesUSD, EUR, GBP, JPY, CHF,‎
AUD, HUF, PLN, RUB, SGD, ZAR
ScalpingYes
HedgingYes
Asset ClassesForex, Stocks, Commodities, Equity Indices,
Precious Metals, Energies, Shares.

XM 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.
  • Low minimum deposit starting at $5.

Cons

  • US clients are not accepted.

XM License and Regulations.

XM is licensed and regulated across multiple jurisdictions by top tier financial regulatory bodies around the world which includes;

  • 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).

XM Account Types

XM offers 3 account types designed to suit different trading needs and style. These 3 account types offered include the;

  • Micro Account
  • Standard Account
  • XM Zero Account

Micro Account Details

Account TypeMicro Account
Base CurrenciesUSD, EUR, GBP, JPY, CHF,‎
AUD, HUF, PLN, RUB, SGD, ZAR
Contract Size1 Lot = 1,000
Spread on all majorsAs Low as 1 Pip
CommissionNo Commission
Maximum open/pending
orders per client
200 Positions
Minimum trade volume0.01 Lots (MT4)
0.1 Lots (MT5)
Lot restriction per ticket100 Lots
Islamic AccountOptional
Minimum Deposit$5

Standard Account Details

Account TypeStandard Account
Base CurrenciesUSD, EUR, GBP, JPY, CHF,‎
AUD, HUF, PLN, RUB, SGD, ZAR
Contract Size1 Lot = 1,000
Spread on all majorsAs Low as 1 Pip
CommissionNo Commission
Maximum open/pending
orders per client
200 Positions
Minimum trade volume0.01 Lots (MT4)
0.1 Lots (MT5)
Lot restriction per ticket50 Lots
Islamic AccountOptional
Minimum Deposit$5

XM Zero Account Details

Account TypeXM Zero Account
Base CurrenciesUSD, EUR, JPY
Contract Size1 Lot = 1,000
Spread on all majorsAs Low as 1 Pip
CommissionYes
Maximum open/pending
orders per client
200 Positions
Minimum trade volume0.01 Lots (MT4)
0.1 Lots (MT5)
Lot restriction per ticket50 Lots
Islamic Account
Optional
Minimum Deposit$100

Asset Classes Offered by XM

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.

XM Spreads and Commission

Just like the interbank forex markets, XM operates with variables spreads, offering very tight spreads across all account types they offer with spreads going as low as 0.0 pips on major currency pairs.

XM Trading Fees

XM does not impose a bunch of unnecessary trading fee 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 banks wire transfers (for amounts over $200) are covered by the broker.

XM 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.

XM 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

BrokerXM
PC Platform:Yes
Mobile Platform:Yes
Web Trading Terminal:Yes
Social Trading:No
Copy TradingYes
Proprietary:No
MetaTrader4:Yes
MetaTrader5:Yes
cTrader:No
ZuluTrade:Yes

XM 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 includes; 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.

XM FAQ

Is XM regulated?

Yes, XM is regulated. XM is regulated across multiple jurisdictions by top tier financial regulatory bodies around the world which includes; 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).

What is XM minimum deposit?

The minimum required deposit on XM is $5 for the MICRO and STANDARD accounts, while for the ZERO accounts it is $100.

How long do withdrawals take on XM?

All withdrawals on XM are instant and are processed by the brokers back office in 24 hours on business days, with the exception of bank wire transfer which takes 2-5 working days.

Does XM accept US traders?

No, XM does not accept US traders.

Does XM allow scalping?

Yes, XM allows scalping.

Does XM allow hedging?

Yes, XM allows hedging.