XM Forex Broker
Since its establishment in 2009, XM, a forex broker, has emerged as a prominent player in the industry. It is an appealing choice for forex traders looking for a dependable and adaptable platform. XM has gained recognition for its outstanding customer service, competitive trading conditions, and a wide array of financial instruments. As a result, it has solidified its position as a leading contender in the forex market.
Pros
- Diversity of trading instruments (more than 1000)
- Low minimum deposit
- Free access to forex market research
- Copy Trading
- Wide range of educational materials
Cons
- Absence of PayPal support
- $5 Inactivity Fee
- Leverage Risk
XM Review Summary
XM is a well-regarded forex and CFD broker that has built a solid reputation by serving more than 10 million clients worldwide. XM adheres to strict financial and operational standards, offering traders an extra layer of protection, so you can trust that your funds and trades are protected. This broker combines good educational resources, availability of the most required platform (MT 4&5), mobile app, low minimum deposits, excellent protection, and competitive fees. If you intend to go deep into trading – this platform is for you.
XM Broker offers various account types to accommodate the requirements and preferences of both beginners and experienced traders. However, we would emphasize that XM charges an Inactivity Fee (more than 90 days without using your account), that’s why the platform perfectly suits you if you are an active trader. We’d like to add that XM provides mobile trading apps for traders to be well-informed wherever they are. If you don’t trade that often, there must be a better choice for you.
XM Highlights
- Forex Market Analysis: This analysis includes both fundamental and technical aspects. Detailed insights about major currency pairs, trends, and trading possibilities are covered in depth.
- Premium Third Party Tools: XM clients can get access to a professional range of products powered by Trading Central.
- Outstanding Research & Education: A branch of educational & research support, including live webinars and trading courses is available for XM traders
- MetaTrader 4 and 5: The most popular trading platforms with advanced features for technical analysis, automated trading, and various order types are available on XM platform
- Diverse asset selection: A unique opportunity to trade with over 1,000 instruments
- Economic Calendar: XM offers an economic calendar that tells about forthcoming economic events, their potential influence on markets, and consensus predictions. It assists traders monitor vital market catalysts, enabling them to craft judicious trading strategies.
- Negative balance protection: It gives a safeguarded trading experience for all the traders on the platform.
Supported Countries
Due to regulation by two of the world’s most respected financial authorities mentioned above, XM is able to offer its services to traders in over 190 countries worldwide. This list includes Australia, the United Kingdom, South Africa, Singapore, Hong Kong, India, EU countries, the United Arab Emirates, Saudi Arabia, etc. However, traders from the United States, Canada, Israel, Iran, and Argentina are not eligible to use XM.
XM trading platforms
Traders who use XM forex broker can use a variety of trading platforms that can be customized to meet different requirements. It doesn’t matter whether you analyze charts expertly or trade better using mobile platforms, there is something for every kind of trader at XM. Here are the options:
MetaTrader 4 & 5
The trading platforms MT4&5 appeal to both new and experienced traders. Although beginners may initially need to familiarize themselves with the platform. MT4&5 offer customizable watchlists and charts, which can be tailored to a traders’ needs. While newcomers invest some time in getting acquainted with MT5 and all its features, its intuitive navigation obviates any difficulties that might arise. Among the features furnished by MT5 we can highlight 97 technical indicators, 44 drawing tools, 21 timeframes, and 3 chart types.
XM Mobile Apps
For Android and iOS, XM gives clients access to both MT4 and MT5. The MT5 mobile app is user-friendly as it contains charts, quotes, account balance info, economic calendar and news.
Although the mobile app does not have every feature that can be found on the desktop version, it is still enough for people trading on the go.
XM Trading Account Types
XM provides a range of account types tailored to meet the diverse needs of traders, catering to both novices and seasoned professionals. Here’s a brief overview of their most popular account types:
| Index | Ultra Low Micro Account | Ultra Low Standard Account | XM Zero Account |
| Account currency | EUR, USD, GBP | EUR, USD, GBP | USD, EUR, JPY |
| Commission | No | No | Yes |
| Spread | As Low as 0.6 Pips | As Low as 0.6 Pips | As Low as 0 Pips |
| Maximum leverage | Up to 1:30 | Up to 1:30 | Up to 1:30 |
| Minimum deposit | 5$ | 5$ | 5$ |
| Islamic Account | Optional | Optional | Optional |
The account types offered by XM Group were created to meet the needs of different users; hence it accommodates every kind of trader. Beginners can trade on a demo account that does not put their money at risk while those who follow Sharia law can use Islamic accounts. This includes segregated accounts which encompass the splitting up of customer’s capital for an added layer of trader protection in securing investments against any trading risks from broker’s end.
Tradable Assets on XM
XM provides access to many forex pairs and stocks. The tradable assets on XM are the following:
- 55 forex pairs
- 5+ commodities
- 30+ cryptocurrencies
- 1261 share CFDs
- 24 indices
Forex pairs, cryptocurrencies, commodities, indices, and stocks are some of the things that you can trade at XM. The number of available forex pairs is average compared with what other brokers offer. However, there are plenty of commodities, indices, and stocks for trading at XM as well. It is also possible to trade with cryptocurrencies CFD round the clock.
The number of stocks offered for trading seems very attractive since it reaches up to 1261 different kinds of stock CFDs. These include American, European (including UK), German-speaking Europe, Dutch-speaking Europe, Spain, Switzerland, French-speaking Europe, Greece, Italy, Benelux, Scandinavi, South European countries, Central European countries, Brazil and Canada stocks.
Cash indices as well as futures indices are some of the commodities options available for trade. Trading in commodities is mostly based on futures contracts, although there are also gold and silver available.
Deposits
| Payment Method | Minimum Deposit Amount | Deposit Commissions | Processing Time |
| Credit/Debit Cards | 5 USD, for Shares Account – 10.000 USD | None | Instant |
| Bank Wire Transfers | 5 USD, for Shares Account – 10.000 USD | None | 2-5 business days |
| Electronic Transfers | 5 USD, for Shares Account – 10.000 USD | None | Instant |
XM Forex Broker offers traders funding options with different payment methods, including credit/debit cards, bank wire transfers, and online transfers. The minimum deposit requirement is 5 USD for Micro, Standard, and Ultra Low accounts. However, for Shares accounts, the minimum deposit is 10,000 USD. It’s important to highlight that XM does not impose any deposit commissions, regardless of the payment method chosen.
Withdrawals
| Withdrawal Method | Minimum Withdrawable Amount | Withdrawal Commissions | Processing Time |
| Credit/Debit Cards | 5 USD, for Shares Account – 10.000 USD | None | 2-5 business days |
| Bank Wire Transfers | 5 USD, for Shares Account – 10.000 USD5 USD, for Shares Account – 10.000 USD | None | 2-5 business days |
| Electronic Transfers | 5 USD, for Shares Account – 10.000 USD | None | Instant |
XM offers convenient withdrawal options for traders, allowing them to withdraw funds through credit/debit cards, bank wire transfers, and online transfers. The minimum withdrawal amounts are 5 USD for credit/debit cards, bank wire transactions, and online transaction withdrawals for Micro, Standard, and Ultra Low accounts. However, for Shares accounts, the minimum withdrawal is set at 10,000 USD.
XM trading education and training
XM’s educational center is designed for all types of traders who want to learn everything in one place, although it still needs some work before being completely aligned with what is expected within the sector. Take a look at XM educational content and see if it’s any good:
- Live education: The Live Education of XM is divided into Beginner and Advanced Rooms. Every day, there are live sessions conducted on up-to-date financial news, market analysis, questions and answers, introductions to XM products and services, as well as specialist views concerning the latest trends. In this way, such live sessions may be useful not only for those who have just started trading with XM but also for experienced traders who know this broker well.
- General trading course: This is a course of video tutorials that touches upon all the main issues of trading: from its origin to the latest trading strategies.
- Trade ideas: A list of the current trends is available for all.
- Economic Calendar: A list of the most relevant issues which influence the world economy. For example, it predicts Monthly Budget Statement MAR in the US and such events.
XM License and Regulatory Compliance
To show you that your investments are safe, they’ve had their operations checked out by the Cyprus Securities and Exchange Commission (CySEC), the Australian Securities and Investments Commission (ASIC), the Dubai Financial Services Authority (DFSA), and more. On top of that, they’re also allowed to work in the European Union with the Federal Financial Supervisory Authority of Germany (BaFIN) and the UK Financial Conduct Authority (FCA) as their outward passporting providers.
When choosing a forex broker, prioritizing regulatory compliance is crucial, and XM demonstrates a clear commitment to client security and ethical practices. By opting for XM forex broker, you can focus on making well-informed trading decisions, confident that your funds are protected, and the trading environment is fair for all participants.
Customer Support
XM has a strong focus on customer support. You can get help in 25 different languages through live chat, email or phone. They also offer a FAQ section and lots of helpful information on their website.
XM has received mixed reviews on Trustpilot for its customer service. The online forex broker has an average of 3.2 stars, based on 537 reviews. A lot of users are satisfied with the educational resources and easy-to-use platform. However, some people say that it takes too long for them to get answers and problems don’t always get fixed, so XM could do better with its customer service team.
How to open a XM account
The registration process on the XM platform is simple and easy to follow. Here’s a step-by-step guide to get started:
- In the application form, choose your country of residence from the dropdown, provide your email, and select a password.
- Click on ‘Open A Real Account’ on the next page.
- Enter your personal details, including your country of residence, name, date of birth, address, and phone number.
- Complete your financial profile by indicating your current employment status and the planned investment amount.
- Input your account parameters, specifying the trading platform, account type, leverage, and base currency.
- Review the information you’ve provided and submit your application.
FAQ
Does XM accept US clients?
XM does not offer its services to individuals residing in the United States. This decision aligns with regulatory constraints, and consequently, U.S. residents are not allowed to establish accounts with XM.
What is the XM minimum deposit?
XM sets the minimum deposit requirement at 5 USD for Micro, Standard, and Ultra Low accounts. However, for Shares Accounts, the minimum deposit is 10,000 USD.
Is XM a trusted broker?
Yes, XM is a trusted broker and has been recognized for its reliability, transparency, and commitment to customer protection. It is regulated by several top-tier financial authorities, including the CySEC, FCA, and ASIC.
Does XM have withdrawal fees?
No, XM does not charge any withdrawal fees from your trading account. This is a great benefit for traders, as it means that they can keep more of their profits.
How much is the XM commission fee?
At XM, the fees for trading differ based on the asset class and account type. Commission-free trading is offered on Micro and Standard accounts, featuring a floating spread starting from 0.6 pips, which is narrower compared to the majority of other brokers.