XM Forex Review – Read this, it will help you decide

In a nutshell

XM review - Trading platform mobile

XM is considered one of the best brokers of the next generation of forex and commodity trading. They offer a big variety of different currency pairs and also other tradable assets.

The broker offers a user-friendly platform for beginners as well as experienced traders. The sign up process is fast and easy.

You can first test out the platform software with a demo account and $100,000 of virtual money. Auto trading and fast order executions are also a highlight of the platform.

XM claims to have no hidden fees. Their trading fees are low to average. Deposits and withdrawals are free of charge but there is $5 inactivity fee after 90 days of inactivity.

XM claims to have over 1.5 million customers in over 196 countries.

They have above-average customer service and are known to have a personalized approach to every client.

XM parent company is Trading Point Holding, founded in 2009. Trading Point Holding has two brands: besides XM they also own Trading.com.

XM is regulated by three financial authorities: the Cyprus Securities and Exchange Commission (CySEC), the Australian Securities and Investments Commission (ASIC), and the International Financial Services Commission of Belize (IFSC). XM was recently nominated as the best trading platform for beginners in 2020 by business24-7.ae.

Spreads and Commission

XM trading fees on CFDs are low while trading with currencies is considered average.

The pricing depends on the account type, of which XM has three. The Standard and Micro accounts charge higher spreads but there is no commission. The XM Zero account charges lower spreads, but there is a commission.

The non-trading fees are also somewhere in the middle. As a trader, you don’t pay anything for using the platform or to deposit the money. XM generally doesn’t charge and withdrawal, although bank withdrawals below $200 cost $15.

Note that there is an inactivity fee which is not unusual for an online broker. After 90 days of inactivity, you’ll pay $5 per month.

Deposit and withdrawal

XM’s deposit policy is very friendly to the beginners – the minimum deposit is $5 for the Micro and Standard accounts and $100 for the Zero account. 

The most popular modes of making a deposit are accepted, including local bank transfer, wire transfer, electronic payment and many major credit cards.

When depositing from your currency, it will automatically be converted to the base currency you chose when you opened your account. 

Withdrawals are normally processed in 24hours, with no fees payable when taking money out of your wallet.

XM Trading Platform

XM offers two distinct trading platforms. They can both be accessed from real or demo accounts. Platforms are highly customizable while fee reports are easy to understand. We have missed price alerts though.



  • Very customizable
  • Price alerts are missing
  • Web, desktop and mobile platforms
  • Design is a bit oldschool

Traders can choose from:

The MT4 (Metatrader 4) platform that is popular amongst forex traders and supports trailing and market orders, limits and stops.

The MT5 (Metatrader 5) platform that offers precious metals, stock indices as well as stocks.

Both the MT4 and MT5 platforms are accessible through Windows/Mac desktops or on the smartphone.

Both the PC and Mac versions of the software allow for one-click trading.

There are other tools available, such as economic calendars and trade volume statistics.

XM review - Trading platform web XM review – Trading platform web

XM Mobile Apps

The XM mobile platform is available for download from both the Apple and the Android stores, and can be used on the Apple iPhone, iPad, tablets and Android phones. To login is easy and safe

The apps are fully functional and allow for full monitoring of your trades while traveling.

Assets/ Markets

XM offers over 1000 financial instruments which can be traded on both the MT4 or MT5 platform.



  • More than 100 financial instruments
  • No futures or binary options
  • Tradeable on both platforms

The assets include the CFDs with different underlying assets such as stock, commodities, equity indices.

When trading currency pairs you can do so on over 55 different pairs, including JPY, USD, GBP and EUR pairs. XM does not offer futures or binary options.

XM also offers real stocks for non-European clients. You can trade stocks using the “Share” account only. The real stock selection lags behind that of XTB.

Social trading

XM also offers a social trading service. The Mirror Trader platform allows investors to mirror professional traders on their own trading accounts, and execute trades manually, semi-automatically, or automatically.

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69.10% of retail investor accounts lose money when trading CFDs with XM. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Risk warnings are shown on the website but they are unclear on percentages


Depending on which instrument you’re trading on you can make use of the leverage ratios from 2:1 up to 30:1.

Their margins requirements remain constant throughout the week and do not widen during the night or during weekends.

Note that the leverage is only applicable to clients who are registered under the EU regulated part of the group.

You cannot change leverage levels which is a considerable drawback.

Account opening

The basic registration is fast and simple. For verification, all users have to provide a colored copy of their national identification document. This can either be a passport or a driver’s license.

Apart from an identification document, customers must also provide a utility bill that is as recent as three months for proof of address.

XM has four different levels of accounts:

Micro Account – This account allows USD, EUR, GBP, JPY, CHF,‎
AUD, HUF, PLN, RUB, SGD, ZAR as base currencies. The minimum deposit is set at $5. Spread on all majors are as Low as 1 Pip.

Standard Account – The Standard account allows USD, EUR, GBP, JPY, CHF,‎ AUD, HUF, PLN, RUB, SGD, ZAR as base currencies. The minimum deposit is set at $5. Spread on all majors are as Low as 1 Pip. The difference between standard and micro accounts is that the contract size of the standard account is 1 Lot = 100,000.

Zero Account – This account uses USD, JPY and EUR as base currencies, with a $100 minimum deposit required. There are no spreads while trading with this account, but you have to consider paying commissions.

XM review - Deposit and withdrawal options
XM review – Deposit and withdrawal options

Regulation And Licensing

The XM Group (XM) runs under a number of brands, and each of these is covered by a different regulator.

XM is regulated by the:

  • Cyprus Securities and Exchange Commission (CySEC),
  • the Australian Securities and Investments Commission (ASIC), and
  • the International Financial Services Commission of Belize (IFSC).

The private company behind the XM brand is Trading Point Holdings. It has a good reputation, but it doesn’t disclose financial information and isn’t listed on any exchanges.

The XM website also has no known security issues. As a user, you are required to confirm your email address to open a demo account, but you don’t have to sign up for any email updates.

In order to open a real account, you would need to provide identification documents.

Research and education

The XM platform has a rich library of educational material for traders. They host webinars on a regular basis, both for seasoned as well as new traders.

They especially excel in the area of the video content that ranges from an introduction to financial markets to money management and trading strategies.

XM also offers live training both online and offline for various experience levels. 

In terms of the research area, you can use 31 technical indicators. A news feed is available on the ‘Markets’ and ‘News’ pages under the ‘Research and Education’. Their economic calendar is also above average; it has a filter function where you can filter for countries, data type and importance.

XM review - Education and research
XM review – Education and research

Customer support

Customer support is available in different languages. You can contact the broker via live chat, telephone and email. You can expect answers in a couple of hours the latest. 

To reach XM, the easiest way to do so is via their live chat. This feature is found on the contact page. Apart from that you can also email them at support@xm.com or you can call on +357 25029933.


Though their customer support is excellent, they are only available from Monday to Friday. 

The different account types seem too similar and do not have that personalized feel.

Customers have complained that the Micro, Standard and Zero accounts look almost identical.

Paypal transfers are not supported. Due to the restrictions of licensing laws traders from Canada and the US may not trade with XM.

XM review - Customer support
XM review – Customer support

Accepted Countries

If you are from the following countries, you can trade on XM:

  • Australia,
  • Thailand,
  • The United Kingdom,
  • South Africa,
  • Singapore,
  • Hong Kong,
  • India,
  • France,
  • Germany,
  • Norway,
  • Sweden,
  • Italy,
  • Denmark,
  • The United Arab Emirates,
  • Saudi Arabia,
  • Kuwait,
  • Luxembourg,
  • Qatar
  • and most other countries.

Residents of these countries cannot trade on XM:

  • The United States,
  • Canada,
  • Israel,
  • Iran.

Overall Verdict

As XM offers traders a truly all-inclusive trading service.

XM is a good choice whether you are just starting out or are an experienced trader.

Although they have a few shortcomings in regard to the different account options, their platform is easily navigable and simple.

We hope you have enjoyed reading through this review. Before you really decide if this is the right broker for you, we invite you to read our other broker reviews such as Plus500 review and our eToro review.

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