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XM Broker Review

Discover XM, a leading online broker since 2009, offering diverse trading instruments, robust security, and global reach. Explore competitive conditions and innovative platforms today!

Updated: 15 March 2025
Overall rating
4.7 of 5
Minimum deposit
5
Tradable instruments
Forex, Shares, Indices, Commodities
Regulation
CySec, BAFIN, CNMV, MNB, CONSOB, ACPR, FIN-FSA, KNF, AFM, FI
Overview Users reviews
Marina Panasenko
Edited by
Marina Panasenko
Table of Content

History and Foundations

XM was established in 2009. Over a decade later, it is now renowned in the online trading business. The exposure that XM has had to these markets over the years is because it has been able to communicate its hallmark of transparency, reliability, and innovation.

Mission and Vision

Supreme trading experience, competitive trading conditions, and cutting-edge technology are all part of XM's mission. The vision is clear: XM aspires to be a world leader in online trading by continuously earning its clients' trust through extraordinary services.

Global Presence

XM operates in more than 190 countries around the world. Approximately 30 languages are spoken at the broker, making it possibly the most globally diverse broker. Some examples of its international involvement include the company's locations in Europe, the Middle East, and Asia, from where it provides localized support and offers services adapted to the area.

Strengths and Weaknesses

Key Strengths

  • Multiple regulations
  • Extensive instruments offering
  • VPS hosting
  • Thematic indices
  • Robust supporting content

Areas of Improvement

  • Above-average fees
  • No cryptocurrencies
  • Limited platforms offering

Security and Regulations

Proof of License

The regulatory bodies that have jurisdiction over XM include the Cyprus Securities and Exchange Commission (CySEC), the Australian Securities and Investments Commission (ASIC), and the International Financial Services Commission (IFSC).

Fund Segregation and Insurance

Client funds are segregated from company accounts and are maintained in top-tier bank accounts. Moreover, protection against negative balances means clients cannot lose more than their deposits.

Instruments for Trade

Forex Pairs

With XM, you can trade over 55 forex pairs, including major, minor, exotic, and emerging market currencies, benefiting from high liquidity and competitive spreads.

Commodities

Trading in gold, silver, oil, and other agricultural goods is supported with low margin requirements and favorable trading conditions.

Indices

The global indices available to clients give them access to stock markets rooted in prominent countries, such as Nasdaq, The Standard & Poor's 500, FTSE 100, and the Nikkei 225, among others.

Cryptocurrencies

Bitcoin and Ether are among the major cryptocurrencies that XM offers an opportunity to trade in.

Account Types

Fees and Charges

Spreads and Commissions

Starting from 0.0 pips on XM Zero Accounts, the operator provides industry-leading spreads. Standard and Micro Accounts do not charge commissions.

Swap Rates

Islamic accounts do not charge swaps. XM provides open swap rates on the internet.

Inactive Account Fees

Brokers impose inactivity fees within a standard 90-day dormant period.

Trading Platforms

Available tools Forex, Shares, Indices, Commodities
CFD Forex: 55 Cryptocurrency: 31 Commodities: 8 Indices: 11 Metals: 3 Energy: 3 Stocks: 337

MetaTrader 4 and 5

XM offers both MT4 and MT5 platforms, providing much-analyzed and automated trading for its traders; they can be customized.

XM Mobile App

Trade on the go with XM mobile apps, which cater to iPhone and Android users, offering a smooth and intuitive trading experience.

WebTrader

The WebTrader platform launched by XM allows traders to use the full set of functionalities without downloading anything.

Customer Support

Steps to Register

The registration process is quick and easy. You complete an online form, select an account type, and confirm your ID to start trading.

Verification Requirements

For verification, clients must supply an ID, such as a passport or government ID, as well as proof of address, such as a utility bill or bank statement, before they can register according to regulatory standards.

Deposits & Withdrawals

Methods for Deposit

XM supports payments through Skrill, Neteller, credit and debit cards, and bank transfers.

Times of Processing

Deposits are processed immediately, while payouts typically take 1-3 business days, depending on when the payout was requested and the method used.

Associated Costs

Deposits are fee-free, but some fees are associated with certain withdrawal options. For a more detailed overview of associated fees, visit the broker's site.

FAQs

Is the broker regulated?

XM is regulated by CySEC, ASIC, and IFSC, ensuring it provides a secure and transparent trading environment.

Which platforms are available for trading?

XM offers MetaTrader 4, MetaTrader 5, XM WebTrader, and mobile app platforms for trading on the move.

What is the minimum deposit needed to open an account?

The minimum deposit starts at $5, making XM accessible to everyone.

What accounts does the broker offer?

XM provides Micro, Standard, XM Zero, and Islamic accounts to suit a variety of trading needs.

What fees and commissions are levied?

Costs include spreads, commissions on XM Zero Accounts, swap rates for overnight positions, and inactivity charges if an account remains dormant.

What is the highest leverage offered?

The highest leverage offered is up to 1:888, depending on the account type and regulatory jurisdiction with the broker.

Does it have demo accounts?

Yes, XM offers demo accounts with virtual funds so traders can practice and test strategies without risking their money.

How do I contact the broker?

You can contact XM through live chat, email, or telephone. Multilingual customer support is available 24/7.

Users reviews

Ahmed Basil

From my personal experience, I strongly advise against using this brokerage. They denied my withdrawal request without providing any explanation, which felt like a scam. I will never engage with this brokerage again. Additionally, be cautious with their bonuses, as they make it impossible to withdraw any resulting profits.

23 December 2024 Read
Athul Deepu

I recently faced a distressing situation with this company. My account, which had accumulated a profit of $2,074, was suddenly blocked and deleted without any prior notice. Despite reaching out to them via email three times, their responses have been dismissive and unhelpful, directing me to refer to previous communications that I never received. My account number was 314196742, and my email is athuldeepu10@gmail.com. I urge them to stop these unfair practices and allow me access to my earnings.

22 December 2024 Read
Malcolm Pereira

I am incredibly frustrated and disheartened by my recent experience. I was ambitiously working to grow my initial £50 investment to £1000 and had successfully increased it to £400. However, today I encountered a significant setback. When I executed a trade on a forex pair, the position immediately showed a loss of £150, which only worsened. This situation has left me feeling extremely discouraged and upset. I strongly advise others to avoid using this broker due to its unfavorable spreads. I sincerely hope that XM addresses the financial loss I've incurred. Thank you.

21 December 2024 Read
Muhammed Oral

As a Muslim investor, I was initially drawn to XM because they offered a swap-free account, which aligned with my beliefs. Excited about this opportunity, I signed up right away. However, after some time, I discovered that my account had been switched to a standard account without any notification, and I was charged swaps. When I reached out to customer service for clarification, I faced a frustrating 30-hour delay. Eventually, they accused me of "arbitrage," which I found completely unfounded. Disappointed and feeling deceived, I decided to withdraw all my funds and close my positions. I wouldn't recommend this service to others.

20 December 2024 Read
tc

I recently had a disappointing experience with XM, where they canceled my profits and denied my withdrawal request. While they were quick to cancel the trades where I made a profit, they left the losing ones untouched. When I asked for a refund of my initial deposit, they refused. Although their 100% bonus offer seemed appealing at first, it came with the downside of having my profits nullified. I want to express my frustration and caution others about XM's practices, as they refused to pay me the $750 profit I earned. A reputable broker should have the financial stability to honor such payments. Trading with a company that doesn't fulfill its obligations seems pointless. I am not alone in this experience; many others have shared similar issues with XM on platforms like Trustpilot. Losing money is one thing, but my goal is to prevent others from falling into the same trap. I hope this review serves as a warning to potential investors. For context, the trade in question was during the Non-Farm Payroll release. XM accused me of arbitrage, but I never engaged in simultaneous trades on the same symbol across different accounts. After reviewing their terms and conditions, I found no clear rule against my actions. If XM wants to resolve this, they should consider reimbursing me the approximately $800 profit.

19 December 2024 Read
Sani Ayovi

Trading with XM has been a pleasant experience. Getting started was straightforward, and they offer excellent educational resources that have helped me expand my knowledge. For those who are newer to trading, there's a copy trading feature that's quite beneficial, and the incentives are appealing as well. Overall, this broker seems to cater well to traders of all levels.

18 December 2024 Read
Rod Phillips

This broker offers a fascinating selection of trading platforms, including both MetaTrader 4 and 5, along with their own XM app. The interface is intuitive, allowing users to effortlessly move between different sections, place orders, and conduct thorough technical analyses. It's clear they've invested significant effort into creating a user-friendly experience.

17 December 2024 Read
Lena Bona

One aspect of XM that I find particularly useful is the ability to select your preferred leverage for trading. Personally, I've opted for a 1:200 leverage ratio because I recognize that anything higher could introduce unwarranted risks to both my trades and my overall investment. My goal is to remain in the trading game for the long haul, so taking on excessive leverage just doesn't align with my strategy.

16 December 2024 Read
ronald fernandez

XM's customer service has been incredibly disappointing, marking the worst experience I've ever had. They seem ill-equipped to manage client issues effectively. I made a deposit into my account on December 3rd, yet by December 9th, the funds still hadn't appeared. I reached out to their support team via WhatsApp and spoke with an agent named Maryann. Instead of addressing my concern with urgency, she requested my personal bank statements for the account used for the deposit. I had already provided my bank account details along with a screenshot of the transaction, but this wasn't sufficient for them. Maryann insisted on having the bank statement, which I explained is only available at the end of the month. Her response was that they couldn't start investigating without it. This interaction with XM has been frustrating and lacks any sense of urgency. It's baffling that they offer a QR code for deposits that doesn't seem to work properly. I strongly advise against using this broker for trading. In contrast, my experience with Oanda was seamless, with funds reflecting in just an hour. XM needs to overhaul their system and hire competent staff if they wish to improve.

15 December 2024 Read
Josephyn Mulkey

As someone with some experience in trading, I firmly believe that ongoing learning is essential for successful investing. Currently, I'm focusing on the technical analysis segment of a course offered by Tradepedia. I hope to maintain the patience needed to complete it and enhance my expertise. I genuinely appreciate XM for providing these educational resources.

14 December 2024 Read
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