XM arrived on the Forex scene in 2009 and has grown to have clients in almost 200 countries.
XM has become one of the well-regulated, trusted brokers in the market that have a support team that can assist in 30 languages.
XM’s base of operations is located in Cyprus and are regulated by CySEC but the needs of customers worldwide are met by locations in UK, Australia, Greece, Belize and are also authorised in MENA and Dubai region.
The reason for XM’s exponential growth and popularity can be found in their core objective: To give users the best experience in the industry. This can certainly be felt by their customer support team who are with customers every step of the way.
XM offers a great range of products and approximately 1.5 Million investors and traders are making use of the broker’s services and adept trading solutions which, surprisingly, also appeal to beginner traders.
Users who are more tech-savvy can enjoy XM’s fantastic mobile platform, available on Android and IOS, which offers all the trading functionality of the website.
|Time to open an account||Immediate account opening, 1 day for verification|
|Bonus||$30 sign up bonus|
|Publicly traded – listed on the stock exchange||No|
|Country of regulation||ESMA, ASIC, FCA, CySEC|
|Platforms||MetaTrader 4, MetaTrader 5|
|Mobile App||iPhone, iPad, Android|
|Base currencies||USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, RUB, SGD, ZAR|
|Ave spread EUR/USD||From 1.6 pips|
|Leverage||Up to 888:1|
|Trading fees (low, average, high)||Low|
|Deposit with electronic wallet||Yes|
XM Pros and Cons
|Well regulated broker with a great track record||Only CFDs, Forex and Cryptocurrency products available to European clients|
|Variety of trading opportunities||Customer service lacks 24/7 support|
|Attractive trading conditions||Average fees on Forex transactions|
|Easy and quick account opening|
|No additional costs|
|Supports multiple languages|
|Multiple trading platforms|
|Capable and efficient customer support|
|Fantastic educational and research tools|
Is XM safe?
XM group complies with stringent regulatory standards and is fully compliant with regulatory bodies in the various operational jurisdictions including:
- Cyprus Securities and Exchange Commission (CySEC)
- Australian Securities and Investment Commission (ASIC)
- Dubai Financial Services Authority (DFSA)
- The Financial Conduct Authority (FCA)
- The International Financial Services Centre (IFSC)
With a stable and decorated track record dating back to 2009, XM is considered to be a reliable and safe broker.
Their continued compliance with industry regulations gives traders the trust that they are seeking in a broker.
XM has tailored many leverage offerings based on the jurisdiction that you are trading within as well as the instruments that you are trading.
Leverage range anywhere between 1:1 and 888:1 with flexible leveraging offered on both MetaTrader 4 and MetaTrader 5 platforms.
It is important to note that, as with all brokers, traders must ensure that there are sufficient funds in their trading accounts to cover potential losses to avoid their positions being shut down.
XM offers traders the opportunity to manage their own leverage risk.
XM is accepted in UAE, Australia, Bangladesh, Cyprus, Egypt, UK, Ireland, Indonesia, India, Kenya, Sri Lanka, Malaysia, Nigeria, Philippines, Pakistan, Saudi Arabia, Singapore, Thailand, Vietnam and South Africa.
This broker is unavailable to citizens in Canada, New Zealand and the United States.
XM allows traders to choose from four different accounts to begin their trading journey:
- Micro Account – Requires a $5 minimum deposit and a single lot is 1 000 units of the base currency
- Standard Account – Requires a $5 minimum deposit and a single lot is 100 000 units of the base currency
- XM Ultra-Low Account – Requires a $50 minimum deposit and a single lot is 1 000 units of the base currency. This account is only available through certain entities in the group
- Zero Accounts – This account is available in fewer base currencies and requires a $10 minimum deposit with a single lot is 100 000 units of the base currency.
Clients can request that accounts may be referred to as swap-free/Islamic account which implies that the treatment of the account and transactions will be aligned with Sharia Laws.
XM Market Instruments
Adding to the already amazing trading experience, XM offers traders a great variety of trading instruments from which to choose.
Traders can choose from Forex Trading, CFDs on Indices, Commodities on CFDs, CFDs on Stocks, CFDs on Metals as well as CFDs on Energies.
XM has ensured that traders have a great selection of instruments to aid them in achieving a diversified portfolio.
Your XM experience can begin with a minimum deposit of $5.
Traders will have an option to choose between commission charge or spread only fee structure.
XM offers average Forex fees and low CFD fees but the highlight of the fee structure has to be the exclusion of any additional costs which guarantees that there are no nasty surprises with transaction costs.
XM Deposit and Withdrawal
XM has chosen to manage their transactions with a customer-oriented focus by giving traders a choice of multiple payment methods supported in all countries.
Deposit options include Credit Cards, Bank wire and Local Bank Transfer and e-wallet transactions.
Trading accounts can also be funded by credit card with USD, EUR, GBP, JPY, CHF, AUD, RUB, PLN, HUF, SGD and ZAR currencies.
Withdrawals attract the same methods as deposits and XM guarantees that they carry no fees which also include wire transfers processed over the amount of $200.
Traders can expect withdrawals to be processed within 3 business days. This process is handled quickly by the XM support staff but regional regulatory authorities may take some extra time to process requests.
XM Trading Platforms
XM offers several great platforms to traders:
- MetaTrader 4 – a popular trading platform
- MetaTrader 5 – the latest trading platform with more tools
- Web Trading – no need to download the software trade from your browser
- Desktop Trading – full account functionality available on your desktop
- Mobile Trading – great functionality offered on Android and IOS
Along with the amazing tools listed above, XM also offers many add-ons to give traders additional benefits to their platform experience.
These tools include XM VPS, Rapid Trade Execution and remote connection to a Virtual Private Server. The above tools a free with a certain minimum balance or traders can pay for them monthly.
How to open an XM account:
Creating an XM account is easy and involves the following steps:
- Visit the website and select “Open an account”
- Fill in all your personal details
- Select the XM entity you wish to trade with as well as your trading platform
- Supply documentation confirming identification and citizenship
- Answer some personal preference questions about trading aims and trading experience
- Accept terms and conditions and create a password
- Download and install the trading platform
- Begin your trading journey!
XM Customer Support
XM customer support is some of the best in the industry and is available 24 hours a day, 5 days a week.
The support team are available via telephone, email and live chat and can assist in more than 25 languages.
Traders can enjoy quick responses and relevant answers from the support team to help resolve technical issues.
XM’s educational resources are really worth getting excited about as they have really made the effort to be a cut above the rest.
You will have access to multiple educational resources available on the XM Learning Centre to help you bring your trading to a whole new level.
Resources include a demo account, tutorial videos and YouTube videos.
As if that weren’t enough, XM also boasts live training webinars that allow traders to participate in live Q & A sessions.
XM has done well to provide Forex trading ideas and Fundamental Analysis to cater for novice and experienced traders.
Research tools are organised in a logical, easy to access and easy to navigate manner and include tools like Forex Calculators and MQL5 as well as exclusive technical indicators to make it possible for algorithmic trading.
XM customers can also look forward to benefitting from many technical analysis articles written by market experts.
XM has had a decorated tenure in the Forex market.
XM Forex Services Awards:
- 2020 – Best FX Service Provider awarded by COLWMA
- 2019 – Best Customer Service Global awarded by Capital Finance International Magazine
- 2019 – Best Market Research and Education Global awarded by Capital Finance International Magazine
- 2019 – Best FX Service Provider awarded by COLWMA
- 2018 – Best Forex Customer Service awarded by Shares Magazine UK Forex Awards
- 2018 – Best Market Research & Education awarded by Capital Finance International Magazine
- 2017 – Best Trading Support awarded by Capital Finance International Magazine
- 2017 – Best FX Service Provider awarded by COLWMA
- 2016 – Brokers Billboard awarded by FX168
- 2016 – Fastest-Growing Broker awarded by Saudi Money Expo
- 2015 – Best FX Technology Provider awarded by FX168
- 2014 – Best FX Technology Provider awarded by Saudi Money Expo
- 2014 – Best FX Technology Provider awarded by 10th China Int. Investment & Finance Expo
XM Forex Broker Awards:
- 2020 – Best Online CFD & FX Trading Broker – Global awarded Global Business Awards
- 2020 – Best Customer Service Experience – Global awarded Global Business Awards
- 2020 – Best FX Broker for Europe awarded by World Finance Magazine
- 2020 – Best Forex Broker for Australasia awarded by World Finance Magazine
- 2019 – Fastest-Growing Broker awarded by FollowMe Social Trading Network
- 2019 – Global Forex Broker of the Year awarded by Global Forex Awards
- 2019 – Most Trusted Asian Forex Broker awarded by Global Forex Awards
- 2019 – Best broker awarded by FinTech Age Awards
- 2019 – Best FX Broker for Europe 2019 awarded by World Finance Magazine
- 2019 – Best FX Broker for Australasia awarded by World Finance Magazine
- 2018 – Best FX Broker Europe awarded by World Finance Forex Awards
- 2017 – Best Forex Execution Broker awarded by UK Forex Awards
- 2017 – Best FX Broker Europe awarded by World Finance Forex Awards
- 2016 – Best Gold Broker awarded by CNFOREX.com
- 2016 – Best Forex Broker awarded by CNFOREX.com
- 2015 – Best Local Customer Service awarded by FX168
XM Forex Platform Awards:
- 2015 – Best Forex Platform awarded by China Investment Finance Expo
- 2015 – Best Financial Trading Platform awarded by Saudi Money Expo
- 2013 – Best Innovative Forex Provider awarded by ARABCOM Group
XM Other Accolades:
- Excellence in the Financial Industry awarded by World Finance 100
- Gold Accreditation awarded by Investors in People
XM is well-regulated by a number of high-fidelity regulators that ensure that customers can expect a transparent control environment and great customer service.
Customers have the freedom to tailor solutions that can cater to their individual needs with plenty of value add from start to finish for traders of any experience level.
XM are committed to offering no hidden cost or re-quotes and also provide negative balance protection.
Our finding in this XM Forex Review is that they have one of the most attractive proposals in terms of trading conditions, costs and opportunities. In our opinion, XM is one of the top brokers who are focused on the well-being of their customers as well as helping their customers to succeed.