XM Review 2023

/ 5
XM is #6 in our CFD broker rankings.

XM will suit traders looking for a trustworthy broker with low fees, access to the reliable MetaTrader platforms, plus excellent market research and education.

- DayTrading Review Team

XM is a globally recognized forex and CFD broker with 10+ million clients in 190+ countries. Since 2009, this trusted CySEC-regulated broker has been well-known for its low spreads and competitive fees on 1000+ instruments. XM offers both the MT4 and MT5 platforms.


Demo Account

Copy Trading

Beginner Friendly
MT4, MT5
Forex CFDs, Commodity CFDs, Equity Indices CFDs, Precious Metals CFDs, Energy CFDs, Stocks
Free VPN Services
Credit Card, Debit Card, Wire Transfer, UnionPay, Sofort
and 12 more

Forex Trading

XM offers ultra low spreads across a range of forex markets with no re-quotes or hidden charges. Forex can be traded 24/5 on desktop, web and mobile. Over 50 currency pairs are available including all majors.

Stocks Trading

Trade hundreds of shares in major markets, including the US, UK, Europe and Asia. Traders can go long or short on stocks with commissions as low as $1 per transaction.

CFD Trading

Speculate on rising and falling prices with leveraged CFDs spanning popular financial markets. Users get low spreads and high-quality market insights to support CFD trading.

Crypto Trading

Not Available

Copy Trading

XM offers over copy trading on MT4 and MT5. Integrated signals can be used to inform trades, including buy and sell decisions and entry and exit points.


  • The Best Crypto CFDs 2022 - Financial Expo Egypt
  • Best FX Service Provider 2022 - City of London Wealth Management Awards
  • Best MT4/MT5 Broker 2021 - DayTrading.com
  • Best FX Educational Broker in the MENA region 2021 - Dubai Expo Awards
  • Best Trading Experience 2021 - Ultimate Fintech
  • Best FX Service Provider 2021 - City of London Wealth Management Awards
  • Best Broker in Customer Service 2020 - FX168
  • Best Customer Service Experience 2020 – Global Business Awards
  • Global Forex Broker of the Year 2020 - Global Forex Awards
  • Best FX Service Provider for 2020 - City of London Wealth Management Awards

✓ Pros

  • Beginner-friendly education tools including podcasts and expert-led webinars in 9 languages
  • Premium research including market sentiment, fundamental insights and strategy builders
  • Accessible trading accounts with a $5 minimum deposit and easy account opening
  • Powerful MT4 and MT5 platforms available via web, desktop or mobile
  • Reliable 24/5 customer support in over 25 languages
  • Hugely respected brand with 30+ industry awards
  • Transparent fees with spreads from 0.0 pips
  • 1000+ instruments including 50+ forex pairs

✗ Cons

  • $5 inactivity fee
  • Traders from the US not accepted

XM broker review; touted as the next generation broker for online forex and commodity trading, XM is suitable for beginner and seasoned traders alike. Investors can get started with the trading software real account, or test the waters with a demo account platform with 100,000 USD of virtual currency. Highlights of this particular broker service include auto trading, no hidden fees or commissions and fast order executions, with 99.35% taking place in under 1 second.

In this 2023 XM review, we take a look at what the broker offers and how it compares vs its competitors. Find out whether our expert traders would recommend opening an account with XM.

Read why you can trust DayTrading.com reviews.

TR at Day Trading
Expert View: XM deliver a slick and feature rich platform. It is possible to get the maximum out of the MT4 and MT5 functionality when the integration is this comprehensive.

Company Details

XM.com was founded in 2009. Today, it is a market maker boasting over five million clients in over 190 countries and 30+ industry awards. 1000+ assets are available with spreads starting from 0.0 pips.

The company has grown into an established international investment firm, priding itself on providing a personalized experience for every client, no matter their investment goals. The broker’s headquarters are based in Limassol, Cyprus.

XM is essentially a group of regulated online trading entities:

Note, the brokerage also holds additional operating licenses in other trading jurisdictions.

Trading Platforms

XM.com offers two top-rated trading platforms: MetaTrader4 (MT4) and MetaTrader5 (MT5).

The platforms are accessible from both real and demo accounts.

XM broker review
Trading Platforms

MetaTrader 4

The multi-award winning MetaTrader 4 is a popular choice amongst retail forex traders. Its tools are easy to use, efficient and support customization.

Key features include:

XM 30$ bonus
MetaTrader 4

The XM margin call level on MT4 is 20%.

MT4 Multiterminal is also available to manage up to 128 accounts simultaneously.

TR at Day Trading
Expert View: The metatrader integration is a great selling point of XM. Requotes can be frustrating – XM eliminate those, and single click trade execution helps traders for whom timing is everything.

MetaTrader 5

MT5 is the successor of MT4. It offers all the features of MT4 plus a greater number of tradeable instruments as well as more advanced technical analysis. Our experts found that it is best suited to experienced traders.

Key features include:

XM withdrawal fees
MetaTrader 5

Both platforms are available on Apple and Android devices, which makes for a smooth and easy-to-use mobile trading experience. MT4 and MT5 are also available online through WebTrader.

Note, the trading area offers additional tools, such as an economic calendar and trade volume stats.

How To Make A Trade

It is quick and easy to open a position on XM’s trading platforms:

  1. Register for a live account
  2. Download the trading platform or login via the browser
  3. On MT5, select ‘File’ in the top left menu
  4. Click on ‘New chart’ and find the asset you wish to speculate on, for example forex
  5. Select ‘Insert’ from the top menu to overlay indicators, objects, experts and scripts
  6. When you are ready to make a trade, click ‘New order’ from the centre of the top menu
  7. Choose your trade paramaters, including order size, buy or sell, stop loss and take profit orders etc
  8. Confirm the trade

Assets & Markets

XM offers 1000+ trading instruments spanning CFDs on forex, stocks, cryptocurrency, equity indices and commodities, including precious metals and energies.

Forex trading is available on over 55 pairs, including USD, GBP, EUR and JPY pairs.

Traders can choose between stocks from over 600 companies as well as major global indices such as the NASDAQ and DAX.

XM.com does not offer binary options.

Spreads & Commission

XM operates with variable spreads.

Spreads start as low as 0.0 pips but vary depending on the account type opened. The average spread for a major pair such as EUR/USD is 0.1 pips.

XM operates a strict “no hidden fees or commission” policy. As such, commission is only charged on XM Zero accounts. XM covers all transfer fees and same-day withdrawals are guaranteed.

Fractional pip pricing is also available, allowing clients to benefit from the smallest movements.


Depending on the instrument, leverage can range from 1:2 to 1:30. This is flexible and XM offers its clients the chance to manage their own leverage risk. Margin requirements remain constant throughout the week and never widen at weekends or at night.

This leverage applies to clients registered under the EU-regulated entity of the group. Traders registered with other entities may be able to trade with 1:1000 leverage.

Mobile Apps

XM is available to use on the go with their mobile app. The broker also recently upgraded its mobile trading application, which now offers 1000+ CFD instruments, advanced charts, 90+ indicators, and full account management. The latest financial news and market insights are also available directly through the new and improved app. Login is also easy and can be done via fingerprint.

The application is compatible with a range of Android phones (APK) and tablets, plus Apple devices including iPhones and iPads. The XM app can be downloaded from the Apple App Store or the Google Play Store.

XM login area
Mobile Trading

Payment Methods


Deposits are processed instantly. They can be made in any currency and will be automatically converted into the currency you select as your base when opening the account.

Accepted funding methods include Visa, Visa Electron, Mastercard, Maestro, Diners Club International, UnionPay, XM card, Skrill, Neteller, Web Money, Sticpay, and bank wire transfers.

PayPal is not currently accepted, nor are Bitcoin deposits or payments made with other cryptocurrencies.


Withdrawals are usually processed within 24 hours. The minimum withdrawal sum is 5 USD.

Whilst most withdrawal methods are free, there is a fee associated with wire transfers if the amount is less than 200 USD.

In line with conventional KYC regulations, users need to provide a color copy of an official identification document such as a passport or a driver’s license to process a deposit or withdrawal request. Traders also need to provide a recent utility bill dated within the last three months as proof of address.

Maximum withdrawals may vary according to the method used. Withdrawal reviews are generally positive.

For withdrawal issues, or account validation, contact the customer support team.

XM Account Types

There are currently three options for live trading accounts: Micro, Standard and Zero. All accounts allow up to 200 open/pending positions per client.

XM clients can hold up to eight trading accounts at a time. Account management can be handled in the XM.com members area. An Islamic account is also available upon request.

The broker does not offer a PAMM account.

Demo Account

Users can set up a demo account free of charge.

Each demo account is credited with a virtual balance of 100,000 USD and there are no time limits imposed.

To open an XM demo account, simply head to the website, sign up for a paper trading solution and complete the registration form.

The demo account offers an authentic trading experience, without the risk of incurring real losses. Clients are able to keep a demo account open once a live account has been activated, meaning that you can continue to learn at your own pace.

Demo login is quick and easy.

XM demo account profile
Demo Trading

Bonus Deals & Promotions

As an EU-regulated brand, XM complies with the ESMA ban on bonuses and contests. The 30$ bonus is no longer available to claim by EU traders, for example.

However, the brokerage does offer commission and fee-free withdrawals and deposits. XM also offers a free VPS (virtual private server) service to help increase the speed of trades. The VPS is accessible from anywhere and available 24/7.

Regulation & Licensing

As outlined above, the XM Group encompasses a number of brands. These are covered by different regulators:

The global brokerage offers negative balance protection. Client funds are also kept separate from the broker’s cash.

Additional Features

While using XM, we found one of the biggest perks is the wealth of training and educational materials available. The platform hosts a Research hub where traders can access technical summaries, trade ideas as well as a podcast, blog and XM TV.

XM trading tools
Technical Summaries

There is also a Learning Centre that hosts regular webinars suitable for newcomers and seasoned professionals. As well as educational videos, tutorials and live market tips.

In addition, the XM broker is inherently social, encouraging users to learn from their team of instructors.

There is also a range of basic tools available including an economic and margin calculator and regular news.


XM.com offers a full-service education package on all things forex, great for those making their first steps into trading.

However, this is not at the expense of the more seasoned professional, who also has access to expert analysis and advanced tracking tools. As a company that prides itself on solid customer service, its users are well-served with support available in many different languages.

Multiple strategies and systems are accepted such as copy trading, automated investing, and hedging.

XM provides negative balance protection to both EU and non-EU clients.

Free forex signals are also provided to all account holders.


When we used XM, we found that customer support is only available Monday to Friday.

Another drawback is the lack of diversity between the different account types. Whereas other brokers offer more benefits as you move through the account options, the XM Micro, Standard and Zero accounts are fairly similar.

Traders from certain regions are also forbidden to open an account due to licensing laws, these include Canada and the United States.

In addition, the lack of cryptocurrency trading may deter some users.

Trading Hours

In line with worldwide forex market hours, XM is available 24 hours a day.

For day traders, sessions that see high volumes are generally the most lucrative. Peak times correspond to when US and London markets overlap, between 13:00 GMT – 16:00 GMT. There are key three time zones:

XM.com trading hours may change around key holidays schedules such as Christmas.

Contact Details & Customer Support

The easiest way to contact the team at XM.com is through their live chat feature found on the contact page of their website.

Clients can also email support at support@xm.com or, call their contact number on ‎+357 25029933.

Support is available in 30 languages including English, Chinese, Russian, Spanish and Arabic.

User reviews are generally positive, reporting that staff are available to assist with a range of issues from member areas login problems to queries regarding the pip calculator and more.

Safety & Security

There are no obvious security concerns with the website. Encryption technology and multi-factor authentication is available on the platforms to improve login security.

According to the company privacy policy, XM has organizational procedures in place to ensure that personal data is kept secure.

Clients are required to confirm their email address to open a demo account but signing up for email updates is not a requirement. Identification documents are also required.

XM Verdict

XM is a reputable broker offering flexible options to suit the needs of any trader. Whether you are just starting out and learning the ropes, or if you’re a seasoned investor looking for a reliable and efficient platform, XM has a lot to offer.

Fees are competitive and resources are comprehensive. Whilst the range of instruments available is not the biggest our experts have seen, the number of platforms is extensive.

Use the sign-up link below to create a live account.

Accepted Countries

XM accepts traders from 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.

Traders can not use XM from United States, Canada, Israel, Iran, Argentina.

Payment Methods

XM Details

Minimum Trade 0.01 Lots
Account Types
  • ECN
Islamic Account Yes
Mobile Apps iOS, Android & Windows
Margin Trading Yes
Volatility Index No
Spot Trading Yes
Perpetual Swaps No
AI / Machine Learning No
Robo Advisor No
P2P Trading No
Negative Balance Protection Yes
VPS Hosting Yes
Tournaments No
Demo Competitions No
Managed Accounts No
Market Maker Yes
Auto Trading Yes (EAs)
Social Trading No
Trade Signals Yes
Guaranteed Stop Loss No
Stock Exchanges
  • Australian Securities Exchange
  • CAC 40 Index France
  • DAX GER 40 Index
  • Deutsche Boerse
  • Dow Jones
  • Euronext
  • FTSE UK Index
  • Hang Seng
  • Japan Exchange Group
  • Nasdaq
  • New York Stock Exchange
  • S&P 500
  • SIX Swiss Exchange
  • Cocoa
  • Coffee
  • Copper
  • Corn
  • Cotton
  • Gasoline
  • Gold
  • Oil
  • Precious Metals
  • Silver
  • Sugar
  • Wheat

CFD Trading Details

FTSE Spread 1.5 pts (var)
GBPUSD Spread 2.1 (var)
Oil Spread 0.05 (var)
Stocks Spread 0.1% (var)
Leverage 1:500

Forex Trading Details

GBPUSD Spread 2.1 pips (var)
EURUSD Spread 1.6 pips (var)
EURGBP Spread 2 pips (var)
Assets 55+
Currency Indices
  • USD

Compare XM

Compare XM with similar brokers that accept traders from your location. Among available brokers these are the most similar to XM:

  1. IG Group – IG is an award-winning broker that has an excellent reputation globally. The brand-US offers spread betting, CFD and forex trading across a comprehensive suite of markets. IG is also multi-regulated, provides a great trading app and has 50 years experience.
    Go to IG Group
  2. Forex.com – Forex.com boasts a global reputation with multiple awards and 20+ years experience. Regulated in the US, EU, UK and Canada they offer a huge range of markets, not just forex, and offer competitive fees on a cutting-edge platform. The brand also provides a suite of additional tools, from performance analytics and SMART Signals to advanced charts and strategy builders.
    Go to Forex.com
  3. Just2Trade – Just2Trade offer high-tech trading on stocks and options with some of the lowest prices in the industry.
    Go to Just2Trade

XM Comparison Table

Compare XM With Similar Brokers
XM IG Group Forex.com Just2Trade
Rating 4.4 4.4 4.5 3.5
Markets Forex CFDs, Commodity CFDs, Equity Indices CFDs, Precious Metals CFDs, Energy CFDs, Stocks Forex, ETFs, CFDs, indices, shares, commodities, cryptocurrencies, options, futures, spread betting Forex, CFDs, Stocks, Indices, Commodities, Cryptos, Futures, Options Stocks, ADRs, ETFs, futures, options, commodities, bonds
Demo Account Yes Yes Yes Yes
Minimum Deposit $5 £250 $100 $100
Minimum Trade 0.01 Lots 0.1 lots $1 0.01
Bonus Free VPN Services Up to $2,000 for professional accounts
Education Yes Yes Yes No
Platforms MT4, MT5 MT4, AutoChartist, TradingCentral MT4, MT5, TradingView, AutoChartist, TradingCentral MT4, MT5, TradingCentral
Leverage 1:500 1:30 1:200 1:5 to 1:20
Payment Methods 17 6 8 20
Visit Visit Visit Visit
Review XM
IG Group

Compare Trading Instruments

Compare the markets and instruments offered by XM and its competitors. Please note, some markets may only be available via CFDs or other derivatives.

Compare XM Trading Instruments
XM IG Group Forex.com Just2Trade
CFD Yes Yes Yes Yes
Forex Yes Yes Yes Yes
Stocks Yes Yes Yes Yes
Commodities Yes Yes Yes Yes
Oil Yes Yes Yes Yes
Gold Yes Yes Yes Yes
Copper Yes Yes No No
Silver Yes Yes Yes Yes
Corn Yes No No No
Crypto No Yes Yes Yes
Futures No Yes Yes Yes
Options No Yes Yes Yes
ETFs No Yes No Yes
Bonds No Yes No Yes
Warrants No Yes No No
Spreadbetting No Yes No No
Volatility Index No Yes No No

XM vs Other Brokers

Compare XM with any other broker by selecting the other broker below.

XM vs

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  8. XM vs FXPro


Is XM A Good And Genuine Broker?

XM is a leading CFD broker, with low fees, multiple platforms and flexible account options. It is suitable for traders of all experience levels. XM is also regulated and adheres to high standards for security and operations. We are confident that it is not associated with scams or fraudulent channels.

Is XM.com A Legit Stock Broker?

Clients can trade CFDs on stocks of over 600 global companies. In addition to forex, commodities and indices. The online brokerage is a top-rated and legitimate trading firm.

IS XM Available In The US?

No – XM is not currently available to traders based in the United States (USA). For a full list of accepted countries, visit the XM website.

What Is The Minimum Investment On XM?

To open a live trading XM account, clients will need to deposit 5 USD. Micro trading lots are available.

How Do You Make Money From XM Trading?

To be a successful trader requires dedication. Make the most of the free resources available including demo accounts, webinars, and tools. Head to the company’s Research & Education portal for a selection of beginner-friendly resources.

Is XM A Market Maker?

XM is a market maker. The broker also guarantees no requotes alongside fast execution speeds.

XM is a globally recognized forex and CFD broker with 10+ million clients in 190+ countries. Since 2009, this trusted CySEC-regulated broker has been well-known for its low spreads and competitive fees on 1000+ instruments. XM offers both the MT4 and MT5 platforms.