XM Review 2024

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Written By
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Written By
Rebecca Holden
Rebecca is an investment writer and broker analyst. She has evaluated dozens of brokers and trading platforms. Rebecca formerly worked in e-commerce where she helped grow the online presence of some of the UK's largest brands.
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Edited By
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Jemma Grist
Jemma is a writer, editor and fact-checker focused on retail trading and investing. Jemma brings a unique perspective to the forex, stock, and cryptocurrency markets and works across several investment websites as a researcher and broker analyst.
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James Barra
James is an investment writer with a background in financial services. He has worked as a management consultant, where he delivered large-scale operational transformational programmes at some of Europe's biggest banks. James authors, edits and fact-checks content for a series of investing websites.

4.4 / 5
XM is #6 in our CFD broker rankings.

XM is one of the best forex and CFD brokers we have tested. The flexible account types will suit a variety of short-term trading styles while the $5 minimum deposit and smooth sign-up process make it easy to start trading.

- Rebecca Holden, Reviewer

XM is a globally recognized forex and CFD broker with 10+ million clients in 190+ countries. Since 2009, this trusted broker has been known for its low fees on 1000+ instruments. XM is regulated by multiple financial bodies, including the ASIC and CySEC.

MT4, MT5
Forex, Stock CFDs, Turbo Stocks, Indices, Commodities, Precious Metals, Energies, Shares, Crypto, Futures
$30 No Deposit Bonus When You Register A Real Account
Credit Card, Debit Card, Skrill, Neteller, Wire Transfer, Perfect Money, Apple Pay, Google Wallet, TransferWise, Visa
Forex Trading

XM offers ultra low spreads across a wide range of forex assets with no re-quotes or hidden charges. Over 50 currency pairs are available, which is above the market average and is in line with one of our top award-winners, AvaTrade.

Stock Trading

You can trade hundreds of shares in major markets, including the US, UK, Europe and Asia. Commissions are as low as $1 per transaction while fractional shares reduce the entry barrier for beginners. There's also a dedicated stock market analysis section on the broker's website.

CFD Trading

Day traders can speculate on leveraged CFDs with zero commissions, spanning popular markets including currencies, equities and commodities. Additionally, the MetaTrader platforms collectively offer dozens of advanced technical indicators built for short-term strategies.

Crypto Trading

XM offers a handful of cryptocurrencies against the USD via the South African entity only. These are tradable via CFDs with high leverage up to 1:500. You can explore major tokens like Bitcoin, Ethereum and Ripple with just a $30 deposit.

Copy Trading

XM global offers a pre-integrated signals service via the MT5 platform. Aspiring investors can view detailed performance metrics and copy the trades of strategy managers. It's easy to set up, only requiring a handful of steps after logging in to your MQL5 community account.


  • 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
  • Global Forex Broker of the Year 2020 - Global Forex Awards

✓ Pros

  • Transparent and low fees with spreads from 0.0 pips that will protect day trading profit margins
  • XM continues to deliver diverse and multilingual educational materials and offers a useful live education schedule for its webinars and insights
  • The broker offers premium research including market sentiment, fundamental insights and strategy builders
  • Accessible trading accounts with a $5 minimum deposit and fast account opening
  • Powerful MT4 and MT5 platforms are available with 60+ and 80+ technical charting tools, respectively
  • Reliable 24/7 customer support with fast response times within a few minutes during testing
  • XM is a hugely respected broker authorized by tier-one regulators
  • 1000+ instruments are offered including 50+ forex pairs which is higher than average
  • XM provides a no re-quotes and no rejections policy

✗ Cons

  • There is weak regulatory oversight through the global entity
  • There's $5 inactivity fee after only 3 months, though this won't affect active traders
  • PayPal deposits are not supported

In this review of XM, we share the key findings from our tests. We evaluate, compare and rate the forex and CFD broker in key areas, from its investment offering, trading fees and accounts to its platforms, research, education and customer support.

Importantly, we also examine XM’s regulatory status and track record to determine whether they can be trusted.

Assets & Markets

4.3 / 5

XM.com offers an excellent breadth of 1000+ instruments, with trading opportunities on popular asset classes, including forex, stocks, indices, commodities and cryptocurrencies.

While using XM, we were particularly impressed with the turbo stocks, which offer highly leveraged trading on a handful of popular shares. The availability of fractional shares is also a bonus, allowing traders on a budget to speculate on high-value stocks.

You can trade:

Note, that access to instruments may vary depending on your location.

Comparison of similar brokers 2024
XM IG Forex.com
Instruments Forex, Stock CFDs, Turbo Stocks, Indices, Commodities, Precious Metals, Energies, Shares, Crypto, Futures CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting Forex, Spot Metals

Account Types

XM offers a choice of accounts to suit different trading styles, budgets and experience levels. European and UK clients, for example, can access the Ultra Low Micro, Ultra Low Standard or XM Zero accounts. Global clients, on the other hand, can open a Micro, Standard, or XM Ultra Low account. There is also a dedicated Shares account in some locations.

We recommend the Micro account for beginners – it offers nano lots and access to a huge range of markets. The Standard account is a good option for a range of traders with a straightforward sign-up process and competitive trading conditions. We were particularly impressed with the Ultra Low/Zero account – this is best for traders looking for the tightest spreads with a low commission.

While testing XM, we were also reassured to see that Islamic-friendly solutions are available on all accounts with swap-free trading and no replacement fee.

In addition, it is one of the few brokers we have reviewed that allows clients to open up to 8 accounts, allowing users to benefit from the perks of different solutions.

Importantly, XM stands out for its $5 minimum deposit – lower than almost every broker we have reviewed. This makes the brokerage a good option for beginners and those with less starting capital. The only exception to this is the Shares profile, which requires a $10,000 minimum investment.

Comparison of similar brokers 2024
XM IG Forex.com
Minimum Deposit $5 $0 $100
Minimum Trade 0.01 Lots 0.01 Lots 0.01 Lots

How To Open An XM Account

I found it easy to sign up for an XM account, although the process is quite lengthy, especially the investor profile section which is used to determine the trading products that are most appropriate. To get started:

  1. In the application form, choose your country of residency from the dropdown, add your email, and choose a password
  2. Select ‘Open A Real Account’ on the following page
  3. Add your personal details (country of residency, name, date of birth, address, and phone number)
  4. Complete your financial profile, declaring your current employment status and planned investment value
  5. Input your account parameters including trading platform, account type, leverage, and base currency
  6. Review and submit your application

Payment Methods

XM offers a good selection of secure and low-cost deposit options. I can fund my account with wire transfer, Visa and Mastercard credit/debit cards, and popular e-wallets, including Apple Pay, Google Pay, Skrill, and Neteller. My only minor complaint is that PayPal isn’t supported.

Our tests found that e-wallets offer the fastest processing times, with funds typically available within 1 hour.

We also appreciate the choice of base currencies, which include USD, EUR and GBP (European and UK clients), and HUF, PLN and ZAR (global clients). This makes it easy to run your account and trades in a convenient currency.

Withdrawals are another strong point based on our assessment. You can withdraw as little as $5 while there is no maximum limit. Withdrawal times are also reasonable, typically taking 2 to 5 days.

Comparison of similar brokers 2024
XM IG Forex.com
Payment Methods Apple Pay, Credit Card, Debit Card, Google Wallet, Neteller, Perfect Money, Skrill, TransferWise, Visa, Wire Transfer Credit Card, Debit Card, Mastercard, PayPal, Visa, Wire Transfer ACH Transfer, Credit Card, Debit Card, Mastercard, Neteller, Skrill, Visa, Wire Transfer

How To Deposit Funds

The account funding process is simple and I can initiate a deposit in a matter of minutes. To get started:

  1. Log in to the XM members area
  2. From the accounts page, click on ‘Deposit Funds’
  3. Choose a payment method from the list of options
  4. Follow the on-screen instructions (different per method) to complete the payment

Trading Fees

XM offers some of the lowest trading fees in the industry based on our assessment.

We found that trading fees vary between asset class and account, with commission-free trading available on the Micro and Standard accounts with a floating spread from 0.6 pips – tighter than most brokers we have evaluated.

Alternatively, the Zero account offers raw spreads from 0.0 pips with a low commission of $3.50. Again, this is cheaper than most alternatives we have reviewed and will appeal to serious traders.

Non-Trading Fees

We didn’t encounter any hidden fees when we used XM.

Overnight fees apply on cash instruments held overnight, but this is industry standard. The broker also doesn’t charge any deposit or withdrawal fees, while third-party bank charges will be reimbursed on international wire transfers over $200.

The only charge to be aware of for casual investors is the $5 monthly inactivity fee that applies after 90 days. If you want a broker with no inactivity fee, we recommend Vantage.

Trading Platforms

XM.com offers two of the best third-party trading platforms: MetaTrader 4 (MT4) and MetaTrader 5 (MT5). They can be downloaded to desktop devices or opened through web browsers.

MT4 and MT5 are both powerful platforms, built for multi-asset trading. They offer dozens of indicators, multiple charting styles, timeframes and order types, plus support for automated trading through expert advisors (EAs) and scripts.

With excellent customization capabilities, we are comfortable traders of all experience levels will be able to navigate the interface and open/close positions with ease.MetaTrader 5 platform at XM with forex chart

Based on our assessment, MT4 is best for beginners with 3 chart types, 9 timeframe views, 4 pending order types, 30+ technical indicators and 23 drawing tools.

MT5 will serve experienced traders thanks to its wider range of indicators and order types, faster processing, and extras like the integrated economic calendar.

Our only minor complaint is that the look and feel of the MetaQuotes software trails alternatives we have tested, such as TradingView.

A number of other brokers also offer proprietary desktop platforms that are beginner-friendly, whereas XM only offers the MetaTrader suite.

Comparison of similar brokers 2024
XM IG Forex.com
MetaTrader 4 Yes Yes Yes
MetaTrader 5 Yes No Yes
cTrader No No No
TradingView No No Yes
Auto Trading Expert Advisors (EAs) on MetaTrader Expert Advisors (EAs) on MetaTrader, build your own on ProRealTime Expert Advisors (EAs) on MetaTrader

How To Place A Trade

I find it quick and easy to make trades on MT4 and MT5, with the process similar across both platforms:

  1. On the platform, select ‘File’ in the top left menu
  2. Click on ‘New Chart’ and find the asset you wish to speculate on, for example, EUR/USD
  3. Select ‘Insert’ from the top menu to overlay indicators, objects, and scripts
  4. When you are ready to make a trade, click ‘New Order’ from the center of the top menu
  5. Enter your trading parameters, including order size, buy or sell, stop loss and take profit orders
  6. Confirm the trade

Mobile App

XM offers a mobile app which is available to download on iOS and Android devices.

We found the app offers seamless connection to the  MetaTrader platforms, so any trades performed in the app will be automatically reflected in your desktop client, and vice versa. It also helps that we can access full account management features, including the members area, plus deposits and withdrawals.

Overall, the mobile application works well for trading on the go, with one-tap trading functionality, access to the broker’s full suite of 1,000+ instruments and interactive charting.

Regulation & Licenses

Our team is comfortable that XM is a legitimate, trustworthy broker that is regulated by credible financial bodies. These include the Cyprus Securities and Exchange Commission (CySEC), the Australian Securities and Investments Commission (ASIC), and the Dubai Financial Services Authority (DFSA).

In the EU, the brand has outward passporting with approval from the Federal Financial Supervisory Authority of Germany (BaFIN) and the UK Financial Conduct Authority (FCA).

Our experts also found important account safeguards in place during their assessment of XM, including segregated client accounts and negative balance protection.

On the downside, the broker’s offshore entity operates with less regulatory scrutiny. Traders who sign up with this branch may not receive the same degree of legal protection or safeguards.

Comparison of similar brokers 2024
XM IG Forex.com
Segregated Accounts Yes Yes Yes
Negative Balance Protection Yes Yes Yes


Leveraged trading is available at XM, ranging from 1:1 to 1:1000 – higher than most brokers we have reviewed. With that said, the amount of leverage available will depend on your location and the instrument. For example, EU, UK and Australian traders can access leverage up to 1:30.

Importantly, we do not recommend that beginners trade with high leverage – this can increase the risk of large losses. High leverage will appeal to seasoned traders with effective risk management strategies.

XM uses a dynamic model, meaning the highest leverage is only available on lower equity amounts. For example, the maximum leverage is available on trading volumes of less than $40,000.

XM has a 50% margin call and a 20% stop-out level. Our team found that requirements remain constant throughout the week and never change at weekends or nights.

Comparison of similar brokers 2024
XM IG Forex.com
Leverage 1:1000 1:30 (Retail), 1:250 (Pro) 1:50

Demo Account

XM offers one of the best demo accounts we have used. Up to $5,000,000 is available in virtual credit and you can test strategies risk-free on any of the broker’s trading accounts.

Another bonus for us is that the paper trading account does not expire, so you can make use of it alongside your real-money account. That said, demo accounts automatically close after 60 days if there is no activity.

Comparison of similar brokers 2024
XM IG Forex.com
Demo Account Yes Yes Yes

How To Open A Demo Account

Registration for a practice account is quick and easy. You can sign up in the client area:

  1. From the ‘Overview of My Accounts’ section, select ‘Open Additional Account’
  2. Choose ‘Custom Demo Account’ from the dropdown menu
  3. Select either ‘MT4’ or ‘MT5’ from the menu
  4. Pick between ‘Ultra Low Standard’ or ‘XM Zero’ account conditions
  5. Choose the leverage, base currency, and investment amount from the dropdown menus
  6. Create a password and select ‘Complete’
  7. Login credentials will be displayed on the following page and sent to your email address

Demo account registration at XM

Bonuses & Promotions

XM offers occasional bonuses and financial incentives for new customers. Access will vary by jurisdiction due to regulatory restrictions – EU, UK and Australian investors cannot access trading promotions for example.

Previous incentives, available to global clients, have included a $30 no-deposit bonus. Here, profits generated using the credit could be withdrawn once the account volume reaches 10 micro lots and 5 round turn trades have been completed.

Traders who sign up with the global entity will also be able to take part in various competitions that offer a range of prizes, including withdrawable cash, bonus credit, and pre-funded trading accounts. There are daily, weekly and monthly contests, offering ample opportunities.

Importantly though, experts do not recommend choosing a broker based on their bonus deals. There are more important factors, including the firm’s trading conditions, tools and safety rating.

Additional Tools

Our XM review uncovered an average selection of extra trading tools.

We found several features useful, namely the forex calculators, exclusive technical indicators and VPS hosting. Global investors can also access copy trading, where they can mirror the trades of strategy managers with performance metrics to help them find the right provider for their goals.

However, there isn’t access to excellent third-party tools like Autochartist, available at alternatives like Pepperstone.

Our other criticism is that the VPS, while offering low latency trading and 24/7 market connectivity, costs $28 per month. This is higher than other brokers we have used, with some firms offering free VPS hosting for active traders.


4.5 / 5

The wealth of educational materials available is a key benefit of trading with XM in our opinion. There is a Learning Centre with regular webinars, as well as an extensive catalog of training videos, tutorials, and trading tips.

The video series in particular is comprehensive, covering everything from the basics of forex trading to trading psychology and building a successful strategy. This is a great place to start for beginners.


4.5 / 5

The market research and insights at XM are another strong point. The Research Hub is home to technical summaries, podcasts, blogs, and XM TV.

The two features we found particularly useful during our review, were the Discover and Trade Ideas. These offer useful market sentiment data and insights to help inform the decision-making process.

Market sentiment tool at XM
Market Sentiment

Customer Support

4.5 / 5

XM has one of the best customer support teams we have encountered. Multilingual customer service is available in over 30 languages, including English, Chinese, Russian, Spanish and Arabic. You can contact the broker 24 hours a day by telephone, email, and live chat.

Based on our tests, the live chat is the quickest and most convenient way to get help. We can normally get through within a few minutes and customer service agents are helpful. If you have a complex query, our tip is to skip the bot assistant by typing ‘human’.

There is also a help center with useful information on common problems, including withdrawal issues, account validation queries, and software download problems.

Trading Restrictions

We did not come across any strategy restrictions when we used XM. Scalping, hedging and automated trading are all permitted on the broker’s accounts.

Company Background

XM.com was established in 2009. Today, it is one of the most popular online brokers with over 10 million clients from more than 190 countries.

The brokerage has offices in multiple countries, including headquarters in Limassol, Cyprus. The brand is comprised of a group of online trading entities, with regulatory oversight from the likes of the CySEC, ASIC, and DFSA.

Other reassuring signs for us are the multiple industry awards and accolades. These are all promising signs for us that XM.com is a trustworthy broker.

Trading Hours

XM trading hours follow standard market opening times. The broker’s trading sessions are from Sunday 10:05 pm to Friday 9:50 pm (GMT), though this will vary between asset classes.

An economic calendar is available with a public holiday schedule and upcoming events which may cause market volatility.

Should You Trade With XM?

XM is one of the best forex and CFD brokers based on our assessment. It offers multiple accounts to suit different investors with over 1000 instruments and competitive trading conditions.

The low starting deposit, excellent education and responsive support will appeal to beginners, while seasoned traders will rate the ultra-tight spreads on the Zero account and access to two of the most reliable platforms, MetaTrader 4 and MetaTrader 5.


Is XM Genuine Or A Scam?

XM is a legitimate broker. The firm is authorized by tier-one regulators, has received dozens of awards and proved itself to be a reliable forex and CFD broker during our tests. Our team also didn’t uncover reports of major scams or safety issues during their research.

Is XM Trustworthy?

We gave XM a high trust score for several reasons: it is regulated by reputable bodies, including the ASIC, CySEC and FCA, it has a long track record in the industry with millions of clients and multiple awards, plus users get important safeguards like negative balance protection and segregated client accounts.

Is XM A Good Broker For Beginners?

XM is a good broker for beginners based on our evaluation. It offers a very low deposit of $5, its educational materials are among the best we have seen, there is an unlimited demo account, plus around-the-clock customer support. Fractional shares are also available to stock traders with less starting capital.

Does XM Have Low Trading Fees?

XM offers lower fees than most brokers we have reviewed. Variable spreads start from 0.6 pips on the Standard and Micro accounts, which is competitive. Equally, the Zero account offers raw spreads from 0.0 pips with a low commission of $3.50. XM.com is a good option if you want a low-cost broker with transparent pricing and no hidden charges.

Is XM Good For Day Trading?

XM is one of the better brokers we have tested for day traders. We recommend the Zero account and the MetaTrader 5 platform for day trading. The Zero account offers spreads from 0.0 pips with a $5 minimum deposit while MT5 offers fast processing and powerful trading tools.

Is XM A Market Maker?

Yes, XM is a market maker broker, operating with a dealing desk. This means it matches its clients’ trades using its own liquidity channels.

Does XM Offer A Reliable Trading App?

XM does not offer a proprietary mobile app, however, MT4 and MT5 have mobile app compatibility. These applications are available for free download to iOS and Android devices and offer the full functionality of the desktop solutions for mobile traders.

Top 3 Alternatives to XM

Compare XM with the top 3 similar brokers that accept traders from your location.

  1. IG – Founded in 1974, IG is part of IG Group Holdings Plc, a publicly traded (LSE: IGG) brokerage. The brand-US offers spread betting, CFD and forex trading across an almost unrivalled selection of 17,000+ markets, with a range of user-friendly platforms and investing apps. For 50 years, IG has maintained its position as an industry leader, excelling in all key areas for traders.
    Go to IG
  2. Interactive Brokers – Interactive Brokers (IBKR) is a premier brokerage for experienced traders, providing access to 150 markets in 33 countries, along with a suite of comprehensive investment services. With over 40 years of experience, this Nasdaq-listed firm adheres to stringent regulations by the SEC, FCA, CIRO, and SFC, amongst others, and is one of the most trusted brokers for trading around the globe.
    Go to Interactive Brokers
  3. Forex.com – Forex.com boasts a global reputation with multiple awards and 20+ years experience. Regulated in the US, EU, UK and Canada they provide a huge range of day trading 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

XM Comparison Table

Compare XM With Similar Brokers
XM IG Interactive Brokers Forex.com
Rating 4.4 4.4 4.3 4.5
Markets Forex, Stock CFDs, Turbo Stocks, Indices, Commodities, Precious Metals, Energies, Shares, Crypto, Futures CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting Stocks, Options, Futures, Forex, Funds, Bonds, ETFs, Mutual Funds, CFDs, Cryptocurrencies Forex, Spot Metals
Demo Account Yes Yes Yes Yes
Minimum Deposit $5 $0 $0 $100
Minimum Trade 0.01 Lots 0.01 Lots $100 0.01 Lots
Bonus $30 No Deposit Bonus When You Register A Real Account Active Trader Program With A 15% Reduction In Costs
Education Yes Yes Yes Yes
Platforms MT4, MT5 Web, ProRealTime, L2 Dealer, MT4, AutoChartist, TradingCentral Trader Workstation (TWS), Desktop, GlobalTrader, Mobile, Client Portal, AlgoTrader, OmniTrader, eSignal, TradingCentral MT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral
Leverage 1:1000 1:30 (Retail), 1:250 (Pro) 1:50 1:50
Payment Methods 10 6 6 8
Visit Visit Visit Visit
Review IG
Interactive Brokers

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 Interactive Brokers Forex.com
CFD Yes Yes Yes No
Forex Yes Yes Yes Yes
Stocks Yes Yes Yes Yes
Commodities Yes Yes Yes Yes
Oil Yes Yes No Yes
Gold Yes Yes Yes Yes
Copper Yes Yes No No
Silver Yes Yes No Yes
Corn Yes No No No
Crypto Yes Yes Yes No
Futures Yes Yes Yes No
Options No Yes Yes Yes
ETFs No Yes Yes No
Bonds No Yes Yes No
Warrants No Yes Yes No
Spreadbetting No Yes No No
Volatility Index No Yes No No

XM vs Other Brokers

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Customer Reviews

  3 / 5

This average customer rating is based on 1 XM customer reviews submitted by our visitors.

If you have traded with XM we would really like to know about your experience - please submit your own review. Thank you.


XM is good if you want to open an account and start trading quickly. I think the platform is pretty dated though and you can’t trade ETFs.

✍ Sam Cable | 🌐 United Kingdom | November 17, 2023

Submit Your Own Review of XM

If you have experience trading with XM please share your personal review of the broker and what you think are strong and weak points. Thank you.

XM is a globally recognized forex and CFD broker with 10+ million clients in 190+ countries. Since 2009, this trusted broker has been known for its low fees on 1000+ instruments. XM is regulated by multiple financial bodies, including the ASIC and CySEC.

Article Sources

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