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XM Review 2024

Last updated Jun 29, 2024
XM is trusted. Tested via live trading.

Highlights of XM

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RegisterTrading CFDs carries high risks. You may lose all invested funds
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Trading Assets
ForexIndicesStocksPrecious MetalsEnergy CarriersSoft CommoditiesCryptocurrency
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XM is an international Forex and CFD broker regulated by reputable organizations such as ASIC (Australia), CySEC (Cyprus), and FSC (Belize).

XM offers a wide range of services that attract traders of all levels. With over 1500 trading instruments, extensive educational resources, and a variety of trading platforms, this broker is suitable for both novice and experienced traders.

However, the broker's technical support can be inconsistent, as evidenced by customer reviews highlighting discrepancies in service quality.

Pros and Cons of XM


  1. Wide range of trading assets.
  2. Extensive educational resources.
  3. Tight spreads on the Ultra Low account.
  4. Many analytical materials.
  5. Commission-free deposits and withdrawals.


  1. Inconsistency in technical support.
  2. Inactivity fee.
  3. Standard account has a higher spread than the market average.

XM reviews

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XM Broker Overview

Foundation Year2009
Official Websitehttps://www.xm.com
Regulated in CountriesBelize, Cyprus, Australia, United Arab EmiratesMore Details
Minimum Deposit
  • 5 USD
  • 5 EUR
  • 5 GBP
  • 5 AUD
  • 5 CHF
  • 750 JPY
  • 20 PLN
  • 90 ZAR
  • 5 SGD
  • 1800 HUF
Spreadfrom 0 points
Max Leverage1:1000
Trading Assets
  • Forex
  • Indices
  • Stocks
  • Precious Metals
  • Energy Carriers
  • Soft Commodities
  • Cryptocurrency
Trading Platforms
  • MetaTrader 5
  • MetaTrader 4
Email Support
  • support@xm.com
Hotline Phones
Social Media

The brokerage company XM offers over 300 financial instruments for Forex and CFD markets. Its main slogan is "Big. Fair. Human." This is the trademark of the holding company Trading Point Holdings Ltd.

XM Review Summary

Our team of experts conducted the XM broker evaluation using clearly defined criteria and standards. You can familiarize yourself with our broker evaluation methodology by visiting our methodology page. This will help you better understand how we analyze and assess various aspects of broker operations. Continue reading the review to learn all the details about the XM broker and determine if it meets your requirements and expectations.

Reliability and Regulation

Legal EntityRegulator

The XM Group of companies holds licenses from leading regulators in various jurisdictions, including ASIC in Australia, CySEC in Cyprus, FSC in Belize, and DFSA. These licenses testify to the company's strict compliance with international standards and regulatory requirements.

Client accounts are segregated, meaning client funds do not participate in operational transactions and are kept separate from the broker's money. All investments are insured by the Investor Compensation Fund, which implies reimbursement of up to 20,000 euros. In addition, the broker protects negative balance, ensuring that traders cannot spend more than they have invested.

Account Opening


The account opening process at XM Group is marked by simplicity and convenience. Registration takes two steps and only requires 2 minutes, with clear instructions at each stage. The choice between a demo and a real account and the selection of the trading platform and account type makes the setup process personalized and flexible. Verification is also straightforward, requiring only a primary document to confirm identity.


Access to the personal account is made from the main page by clicking the "Member Login" button. But first, you should go through a simple registration procedure, initially deciding which type of account you plan to open: virtual or real.

Account registration occurs in 2 stages, but it does not take more than 2 minutes.

XM Registration Page
XM Registration Page

All fields are mandatory in the form. In the "Title" line, you should indicate the client's title depending on the gender – Mr. or Ms. In the account information, you immediately specify the suitable trading platform and type of account.

Moving on to the second step, you need to provide such details as:

  • date of birth;
  • residential address;
  • whether you pay taxes in the USA;
  • specify the leverage and account currency;
  • agree or decline to receive bonuses on the account;
  • enter information about your education, income, and the amount of planned investments.

The broker is interested in the trader's experience and skills in online trading.

After filling in all the lines, the client creates a password to enter the cabinet. The password should contain uppercase or lowercase letters combined with numbers. It should not have special symbols.

In the personal cabinet, you can view trading transactions, change leverage, deposit and withdraw profits, and participate in promotional programs.


The verification process at XM Group broker is relatively simple and does not require many documents. To become a company client, you must only provide proof of identity (POI).

A colored copy of any official document issued by a recognized body can serve as proof of identity. Such documents include passports (valid for at least 6 months), driver's licenses, and identity cards.

The verification process is a standard step in opening a trading account and aims to ensure security and compliance with legislation in anti-money laundering.

Minimum Deposit

One of the attractive aspects of trading with XM Group is the low entry threshold for novice investors and traders. The company's minimum deposit is just $5.

Account Types


XM broker offers a wide range of accounts, making it attractive to a broad spectrum of investors. Additionally, extra services such as copy trading, contests, VPS, and a loyalty program enrich the trading experience and meet the diverse needs of traders.

However, despite the variety of accounts and services, it should be noted that XM does not offer STP accounts, ECN accounts, or accounts with fixed spreads, which could be helpful for specific categories of traders.

Trading Accounts

StandardMicroXM Ultra LowShares
Minimum Deposit5 $5 5 $5 10 000 $
Trading PlatformsMetaTrader 5MetaTrader 4MetaTrader 5
Spreadfloatingfrom 1.6 pipsfor EURUSD~ 1.7 pipsfloatingfrom 0.6 pipsfor EURUSD~ 0.8 pipsfloatingfrom 0 pips
Commission per Tradeper 1 lot5 $
Trading AssetsForexIndicesStocksPrecious MetalsEnergy CarriersSoft CommoditiesCryptocurrencyStocks
Opened Positionsup to 300up to 50
Margin Call / Stop Out50% / 20%
Order ExecutionMM
Demo Account
Islamic Account

Micro Account

A cent account suitable for beginners and those wishing to start trading with small investments. Leverage up to 1:1000 and a minimum deposit of just $5, making it accessible to many investors.

Standard Account

Ideal for experienced traders, offering a standard contract size of 1 lot = 100,000 and leverage up to 1:1000. With a minimum deposit of $5, it provides flexibility in trading.

XM Ultra Low Account

Suitable for traders looking for low spreads (from 0.6 pips) and high leverage up to 1:1000. With two contract size options, it offers flexibility for different trading strategies.

Shares Account

Intended for serious investors interested in trading shares. With a minimum deposit of $10,000 and no leverage, it's suitable for those looking for stable and long-term stock investments, with the possibility of hedging and specific spread conditions.

Demo Account

Beginners should initially work on an XM demo account to assess their potential. To open one, complete the registration form on the XM website.

The broker opens an account with $10,000 virtual currency. Leverage can be chosen, ranging from 1:1 to 1:888. Trading is done in standard lots.

Importantly, there is no time limit on the demo account.

Swap-Free Accounts

XM Group offers the option of opening Islamic accounts, also known as Swap-free accounts. These accounts are designed for clients who cannot trade swaps due to religious beliefs.

Islamic accounts fully comply with Sharia laws and do not include swaps or interest for carrying positions overnight, making them an ideal choice for Muslim traders.

However, it should be noted that XM reserves the right to require adequate justification to open such an account. This may include providing documents or other evidence confirming the client's religious beliefs.

Copy Trading

Copy trading at XM provides a unique opportunity for even novice traders to trade like professionals. This innovative approach allows copying the trades of experienced traders directly on your account.

XM Copy Trading
XM Copy Trading

Benefits of Copy Trading

  • No need to spend a lot of time in front of a monitor.
  • Ability to subscribe to traders' strategies and copy their trades.
  • Create your strategies and attract subscribers, possibly earning up to 50% of the subscribers' profits.

How It Works

  1. Subscribe to a strategy. You need an investor account, which can be easily opened in the Personal Cabinet. After confirming the trading account, click the "Copy Strategy" button.
  2. Features of investor accounts. Investor accounts are denominated in USD and offer leverage of 300:1. They act as digital wallets, accessible on the website and mobile devices. Direct trading operations cannot be performed from the investor account.
  3. Create a strategy. The process of creating a strategy is simple. Go to the Copy Trading platform, select "Strategy Manager", then "Create Strategy". Your strategy will become visible to investors with more than $150 equity.
  4. Commissions. Commissions are charged on the amount by which equity exceeds the initial value and are calculated at the close of each trade. Managers receive commissions in the currency of their accounts.
XM Copy Strategy
XM Copy Strategy

XM Competitions

XM introduces a new and exciting element to the trading world - Forex contests. These contests allow novices and experienced traders to test their skills, compete with others, and win valuable prizes.

XM Competitions
XM Competitions

Benefits of XM Contests

  • Skill testing. Traders can gauge their skills against other participants.
  • Great prizes. The possibility to win cash, trading bonuses, physical goods, or an account with a pre-funded balance.
  • Reputation development. This is an excellent opportunity to build a reputation and gain subscribers for your strategies in copy trading.
  • Strategy management. The chance to become a strategy manager.

How to Participate in a Contest?

  1. Registration. Select an account for participation and check its compliance with the contest requirements.
  2. Contest information. All active and upcoming contests are displayed on the platform, where you can learn the conditions, dates, and prizes.
  3. Participate in multiple contests. You can participate in various competitions simultaneously with different accounts.
  4. Calculation of results. Results are calculated using a formula that considers the current and initial equity, deposits, and withdrawals.
  5. Participant rating. The rating is calculated based on the results of all participants, updated every 10 minutes.
  6. View results. Results of active and completed contests are available on the platform.

XM Loyalty Program

XM offers a unique loyalty program that allows traders to earn bonus points (XMP), which can be exchanged for credit bonuses. The loyalty program is automatically available to all real account holders, and there is no need for additional registration.

Loyalty Statuses

  • EXECUTIVE. Initial status: 7 XMP per lot.
  • GOLD. After 30 days of active trading, 10 XMP per lot.
  • DIAMOND. After 60 days of active trading, 13 XMP per lot.
  • ELITE. After 100 days of active trading, 16 XMP per lot. With each increase in loyalty status, the number of points earned per lot increases, allowing traders to accumulate XMP faster.

Loyalty Program Rewards

  • Exchange XMP. Traders can exchange their XMP points for credit bonuses anytime through the Personal Cabinet.
  • Using bonuses. Bonuses are credited to the trading account and can be used only for trading.
  • Withdraw profits. All earned profits can be withdrawn anytime, while trading bonuses are annulled proportionally to the funds withdrawn. The broker's website details the calculation of bonuses and conditions for withdrawing funds.


XM offers its clients a Virtual Private Server (VPS) to optimize trading on the MT4 platform. This service provides traders with several significant advantages:

  • Uninterrupted access from anywhere. Trading becomes accessible from any point in the world.
  • Best execution of XM deals. Thanks to high-speed connections, trade execution becomes faster and more efficient.
  • Ideal for trading with advisors. The possibility of non-stop work with advisors without the need for constant monitoring.
  • Availability 24/7. The server is available around the clock, ensuring uninterrupted trading.
  • State-of-the-art fiber-optic connection. High-speed connection ensures reliability and stability.

Limited Offer - XM VPS Service

The XM VPS service is provided on favorable terms as part of a promotion. Clients with a balance of at least $500 and a trading volume of at least 2 standard lots or 200 micro-lots per month can connect to VPS for free. Other clients can connect to the service for a monthly fee of $28.

Technical Specifications
  • OS: Windows Server 2019
  • RAM: 2 GB
  • Disk Space: 25 GB
  • Virtual CPU: 1

How to Connect to VPS Service

  1. Remote desktop connection. Click the "Start" button and enter the command to connect.
  2. Entering the IP address. Enter the IP address of the VPS and connect.
  3. Authorization. Enter the username and password for the VPS.
  4. Confirming the connection. On the first connection, guarantee the security of the connection.

XM's VPS service is an excellent addition to the broker's trading capabilities, ensuring high-speed execution of transactions and trading reliability. This is especially useful for traders who use automated trading systems and advisors and wish to ensure the continuous operation of their strategies.



XM's commission rates can be considered average. The Ultra Low account with below-market average spreads makes the fees more attractive to some traders. Still, the Standard account with above-market average spreads, swaps, and possible inactivity fees balances out this advantage.

Spreads and Swaps

At XM, spreads and swaps are the primary forms of trading fees.

The Ultra Low account offers the most favorable conditions with low spreads and no swaps on many currency pairs. The average spread on this account is lower than the market average other brokers offer.

However, it should be noted that the Standard account has above-market average spreads and swaps. This could make the Ultra Low account attractive to traders seeking minimal trading costs.

Here is a table of average spreads and swaps for major currency pairs on XM's Standard account.

AssetAverage spreadSwap longSwap short
AUDUSD2.1 pips-4.13 pips0.37 pips
EURUSD1.7 pips-7.40 pips1.10 pips
GBPUSD2.0 pips-4.68 pips-3.38 pips
NZDUSD2.7 pips-2.20 pips-1.90 pips
USDCAD2.6 pips-2.70 pips-5.70 pips
USDCHF2.7 pips4.14 pips-13.86 pips
USDJPY1.9 pips12.00 pips-29.05 pips

Inactivity Fee

XM charges an inactivity fee if an account remains inactive for twelve months. In this case, a one-time account maintenance fee of 15 USD (or the equivalent in another currency) is charged, followed by a monthly fee of 5 USD for each month of inactivity. The broker reserves the right to change the inactivity period at its discretion, making it essential to regularly monitor the account status.

Deposit and Withdrawal


At XM, a variety of popular deposit and withdrawal methods are available. The processing time for a withdrawal request is one business day, which is the standard. However, it should be noted that cryptocurrencies are not included in the list of available methods, which may limit options for some traders.

Deposit Methods

Payment SystemCurrenciesDeposit FeeOperation Limit
from 5 USD
from 5 USD
from 5 USD
Perfect MoneyPerfect Money
from 5 USD
from 5 USD
from 5 USD
from 5 USD

The holder solely does account funding; third-party payments are not accepted. For electronic payment systems, the minimum deposit amount is 5 US dollars. There are no limitations on other types of deposits.

Withdrawal Methods

Payment SystemCurrenciesWithdrawal FeeOperation Limit
from 5 USD
Perfect MoneyPerfect Money
from 5 USD
from 5 USD
from 5 USD
from 100 EUR

Withdrawals are only possible after the verification process has been completed. To do this, one must provide the broker with documents verifying the identity of the account owner.

The company processes a withdrawal request within one business day.

Markets and Products


The diversity of markets and products makes XM appealing to traders of various levels and interests, offering flexibility and opportunities for different trading strategies.

What markets are available?

BrokerOlymp TradeXMBinomo
Precious Metals232
Energy Carriers131
Soft Commodities8


The maximum leverage depends on the market and product. Let's consider the maximum leverage relative to the market.

Trading InstrumentMax. Leverage for Retail Traders
Precious Metals
Energy Carriers
Soft Commodities

Trading Platforms


XM offers trading through the MT4 and MT5 terminals. These can be used on various devices, with a total of 15 versions of the platforms available for traders:

  • for PC and Mac;
  • WebTrader for trading through a browser without downloading software;
  • MultiTerminal for trading with multiple accounts;
  • for smartphones on iPhone and Android;
  • for tablets on iPad and Android.

When choosing a terminal, note that stock CFDs cannot be traded on MetaTrader 4.

All versions of the trading platforms can be downloaded from the XM website.

MetaTrader 5
MetaTrader 5



XM provides its clients with comprehensive analytical tools and resources that can be useful for both novices and experienced traders.

Here are the main features available upon opening an account:

  • Detailed Forex News: Clients can access the latest Forex and market news, informing them about the latest events and trends.
  • Exclusive Market Analysis: Experienced traders and market analysts at XM offer detailed analysis of many instruments based on practical experience.
  • Professional Technical Analysis: Clients receive access to in-depth technical and fundamental analyses from the broker's team of experts.
  • Trading Ideas and Signals: XM offers exclusive trading signals from Trading Central and the Autochartist tool, aiding traders in making informed decisions.
  • Technical Analysis Summary: This section includes an overview of the main trends, current movements, and extremes for critical instruments, which can be helpful in strategic planning.
  • News Podcast: For those who do not have time to read, XM offers a unique opportunity to listen to the news in a recorded format, making analysis even more accessible.
XM Research
XM Research

Overall, the "Analytics" section at XM is extensive and multifunctional, providing traders with everything needed for successful trading.



XM offers various educational resources to help novice and experienced traders improve their skills and understanding of the market.

  • XM Live: From Monday to Friday, between 06:00 to 15:00 GMT, traders can participate in daily special presentations expert interviews, and get acquainted with XM's products and services. These sessions include a "Questions and Answers" segment, where participants can get their questions answered live online.

  • XM Educational Classes: These classes are held from Monday to Friday and include introductions to products and services and online interviews with experts.

  • Schedule of Educational Online Trading Classes: Daily classes for beginner and advanced traders offer fresh market analysis, overviews, and forecasts for the week from leading experts.

  • Free Forex and CFD Webinars: XM conducts webinars to ensure access to education for different language groups.

  • Educational Videos: A series includes introductions to the markets, trading fundamentals, analysis, and strategies. These videos are available for free on the XM website.

  • Forex Trading Seminars: XM regularly hosts planned seminars in various countries, such as Peru, El Salvador, Thailand, and others, to provide direct education to traders.

XM Education Rooms
XM Education Rooms

XM's educational content is extensive and varied, providing all the necessary tools for successful trading in the financial markets.

Customer Support


XM Technical Support offers a variety of communication channels that operate around the clock, ensuring convenience and accessibility for clients. However, customer feedback is mixed, and while some users highly rate the speed and professionalism of the support, others complain about generic responses and ineffective resolutions. This suggests a potential inconsistency in service quality among different support agents.

Contact Information

  • Legal address: Belize City, Belize, Suite 404, The Matalon, Coney Drive
  • Email: support@xm.com
  • Online chat: available 24/7
  • Phone: +501 223-6696, +501 227-9421 (operates 24/7)

Reviews of XM Technical Support

Customer reviews of XM's technical support are mixed. Some users rate the service quality highly, noting quick withdrawals and low spreads. However, others report issues logging into the system, lack of support, and generic responses to inquiries. Some traders also point to problems with bonuses and account closures without explanations.


XM broker offers a wide range of services, making it an attractive option for various traders. With over 1500 trading instruments, extensive educational resources, and numerous trading platforms, XM is ideally suited for beginners and experienced traders. Novice traders will particularly appreciate the accessible educational materials and low entry threshold, while professionals will find the competitive spreads and diversity of instruments appealing.


Is XM legit?

Yes, XM is a legitimate broker. It is regulated by several reputable authorities, including ASIC (Australia), CySEC (Cyprus), DFSA (UAE), and FSC (Belize).

Which country is XM from?

XM is registered and regulated in several countries, with its primary registration and headquarters located in Cyprus.

Is XM an ECN broker?

No, XM is not an ECN broker. It operates as a market maker.

How does XM make money?

XM makes money through spreads on trades and potentially through other fees such as overnight financing charges.

Is XM good for beginners?

Yes, XM is considered good for beginners due to its extensive educational resources, user-friendly platforms, and wide range of trading tools.

Does XM offer a demo account?

Yes, XM offers a demo account that allows traders to practice and familiarize themselves with the platform without risking real money.

How can I open an account with XM?

To open an account with XM, you need to visit their website, complete the registration form, verify your identity, and fund your account.

How can I delete my XM account?

To delete your XM account, you need to contact XM's customer support and request account closure. They will guide you through the process.

What is the minimum deposit for XM?

The minimum deposit for XM varies depending on the account type, but it generally starts from $5.

What is the maximum leverage on XM?

The maximum leverage offered by XM is up to 1:1000, depending on the account type and regulatory requirements.

How do I deposit funds in an XM account?

You can deposit funds into your XM account through various methods, including bank transfers, credit/debit cards, and electronic wallets like Skrill and Neteller.

How do I withdraw money from XM?

To withdraw money from XM, you need to log in to your account, go to the withdrawal section, and follow the instructions for your chosen withdrawal method.

Does XM provide VPS?

Yes, XM provides VPS (Virtual Private Server) services for its clients, which can help improve trading performance and connectivity.

Is XM suitable for scalping?

Yes, XM allows scalping, making it suitable for traders who prefer this strategy.

Is XM suitable for auto-trading?

Yes, XM supports auto-trading through platforms like MetaTrader 4 and MetaTrader 5, which allow for the use of Expert Advisors (EAs).

Is XM suitable for hedging?

Yes, XM allows hedging, making it suitable for traders who use this strategy to manage risk.

Is XM suitable for spread betting?

No, XM does not offer spread betting. It focuses on Forex and CFD trading.

Visit XMTrading CFDs carries high risks. You may lose all invested funds

Nikolay is an experienced specialist in financial markets and co-founder of IamForexTrader. He has been successfully trading Forex since 2014 and has been actively involved in the cryptocurrency market since 2017.

He develops investment strategies adaptable to any level of experience and has been actively investing in stocks, bonds and ETFs since 2018.