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

To sum it up

This review of XM was written to help you understand why XM is considered to be the best broker for the next generation, where online forex and commodity trading is concerned.

XM offers a very user-friendly platform, both for beginners as well as experienced traders alike. To get started you can first test out the platform software with a demo account and $100,000 of virtual money.

Some of the highlights of trading with XM include services such as auto trading, they have no hidden fees or commissions on every trade, with fast order executions, 99% placed in under 1 second.

Company Details

The XM Group is a group of regulated brokers that operate online under different entities.

  • Trading Point of Financial Instruments. They were established in 2009 and are regulated by CySEC (Cyprus Securities and Exchange Commission).
  • Trading Point of Financial Instruments Pty Ltd. They were established in 2015 and are regulated by the Australian Securities and Investments Commission.
  • XM Global. They were established in 2017 and are regulated by the International Financial Services Commission.

XM has over 1.5 million customers in over 196 countries. They aim to become one big family and treat others with fairness and humanity.

They pride themselves on great customer service and are known to have a personalized approach to every client, no matter what goals they have for their investment portfolio.

XM Trading Platform

XM offers their clients 2 trading platforms. These can be accessed from real and demo accounts. You can customize almost everything, fee reports are easy to understand. We were missing price alerts.



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

XM review – Pros and cons of the trading platform

  • The MT4 (Metatrader 4) platform, is very popular amongst forex traders and supports trailing and market orders, limits and stops.
  • The MT5 (Metatrader 5) platform offers precious metals, stock indices as well as stocks.

Apart from installation on PC/Mac, both the MT4 and MT5 platforms are accessible from mobile as well and can be installed on Apple and Android devices.

There are more tools available on the platform, like economic calendars and trade volume statistics.

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

There are more tools available on the platform, like 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 can also be done with fingerprints.

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

XM review - Trading platform mobile
XM review – Trading platform mobile

Assets/ Markets

XM has over 1000 financial instruments, which are tradeable both on the MT4 and MT5 platforms.



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

XM review – Pros and cons of assets and markets

These include assets such as the energies CFDs, precious metals CFDs, equity indices CFDs, commodities CFDs, stocks CFDs and forex CFDs.

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

Spreads and Commission

The kind of spreads you will pay, will depend on the type of account you open. These are the different types of accounts you can open: Micro Account, XM Zero Account and Standard Account.

The minimum spreads you can pay across all accounts as well as what you’ll pay for major pairs is 0.1 pips. XM has a very strict policy when it comes to transparency.

They believe in no-hidden fees or commissions, and commissions are only given on the XM Zero Account.

XM guarantees same day withdrawal and covers transfer fees.


Depending on which instrument you’re trading on you can make use of the following leverage ratios from 2:1 up to 30:1. Of course this leverage is not forced upon anyone, and clients have the freedom to manage their own leverage risk.

Their margins requirements remain constant throughout the week and do not widen during the night or during weekends. This leverage is only applicable to clients who are registered under EU regulated part of the group.

Payment Methods

As per KYC regulations, all users must provide a coloured 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.

Once registration is successful, a minimum deposit of $5 for the Micro and Standard accounts and $100 for the Zero account. 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 review - Deposit and withdrawal options
XM review – Deposit and withdrawal options

Demo Account

XM has an exceptional demo account plan. Demo accounts can be set up with  few details and open up with as much as $100,000USD virtual money. Nothing is held back in the demo account, and all functionalities available in the real account are also available in the demo account.

Bonus Deals and Promotions

XM offers many other bonus services and deals like that of a free VPS service to help speed up trades.

The VPS can be accessed from anywhere in the world, anytime of the day, as long as you have an internet connection.

XM’s withdrawals and deposits have no extra fees. As XM is an EU (European Union) regulated company, they no longer offer bonuses no clients in the EU, in compliance with the ESMA’s ban of bonuses. Thus, the $30 bonus is not available to traders in the EU.

Regulation And Licensing

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

  • Trading Point of Financial Instruments is regulated by the Cyprus Securities and Exchange Commission (CySec) and was established in 2009.
  • Trading Point of Financial Instruments Pty Ltd is regulated by the Australian Securities and Investments Commission (ASIC) and was established in 2015.
  • XM Global is regulated by the International Financial Services Commission (IFSC) and was established in 2017.

Additional Features

The XM platform is filled with additional educational material for traders. They host webinars on a regular basis, both for seasoned as well as new traders.

The atmosphere is very social, encouraging peer-to-peer learning and coach-student instructions. They also publish technical and research analysis.

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

XM Account Types

Opening the XM account is really easy quick and completely digital.

XM review - Opening an account
XM review – Opening an account

XM has four different levels of accounts: Micro, Ultra, Standard and Zero, each of these allowing to 200 open or pending positions.

Micro Account – This account can be traded in these currencies: EUR, GBP, CHF, AUD, JPY, HUF and PLN as base currencies, and starting out with $5USD deposit. A micro lot is equivalent to 1000 units of the base.

Ultra Account – The Ultra Low account trades the following currencies: EUR, USD, GBP, AUD, ZAR, SGD as base currency and requires a minimum deposit of $50USD.

A Standard Ultra lot is equal to 100,000 units of the base currency, while a Micro Ultra lot is 1,000 units of the base currency. These Ultra accounts are only available to some of the XM entities.

Standard Account – The Standard account trades the following currencies: USD, EUR, GBP, CHF, AUD, JPY, HUF and PLN as base currencies, and starting out with $5USD deposit. A standard lot is equal to 100,000 units of the base currency.

Zero Account – This account uses USD, JPY and EUR as base currencies, with only a $10USD deposit required. Just as the Standard account, a standard lot is 100,000 units of the base currency.


As part of their excellent customer service, XM offers an education package on forex. This is excellent for those getting their feet wet with trading. The experienced trader also is catered for, with expert analysis and tracking tools to help them with their trading.

Support on XM is available in different languages.


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.

If Paypal is your mode of money transfer, then that would be a problem as they are not currently supported. Due to the restrictions of licensing laws traders from Canada and the US may not trade with XM.

Trading Hours

XM operates in line with global forex market hours and are available 24hours a day. Their trading hours for phone trading are Sunday, 22:05 GMT all through Friday, 21:50 GMT.

Contact Details

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.

XM review - Customer support
XM review – Customer support

Safety And Security

The XM website has no apparent 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. XM has also put in place organizational procedures, ensuring that personal data is kept secure and safe.

Accepted Countries

If you are form the following countries you can trade on XM:

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

Residents of these countries cannot trade on XM:

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

Overall Verdict

As you can see through this XM review, this platform offers clients an all-inclusive trading service. No matter whether you are just starting out or are an experienced trader wanting to trade with reliable providers, XM is a good choice. 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 thourough 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.

We think you might find lots of things there which could lead you

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