XM is a regulated Forex broker that was founded in 2009 and provides a variety of trading instruments in global markets to almost 200 countries. Account types are flexible and compatible with MT4 and 5, offering advanced tools and features, and competitive pricing.
They offer 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 also appeals to beginner traders.
Customer support is provided to traders in 30 international languages.
XM’s base of operations is located in Cyprus and is 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.
Overview of XM
|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 is trusted by millions of investors and has two decades of experience in the Forex trading industry.
Let’s look at some of the pros and cons of trading with them.
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|
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 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 offers leverage based on the region you are based in and the trading instruments you choose.
The maximum leverage offered is 888:1 and Negative Balance Protection is provided to protect traders against major losses.
XM does not change its margin requirements over weekends.
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.
Traders are given the opportunity to manage their own leverage risk.
XM Account Types
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, but is unavailable to citizens in Canada, New Zealand and the United States.
Traders can convert their accounts to swap-free/Islamic account, which aligns the account with Sharia Laws.
XM Account types include:
XM Micro Account:
Requires a $5 minimum deposit and a single lot is 1 000 units of the base currency
XM 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
XM 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.
XM Traders can choose from Forex, CFDs on Indices, CFDs on Commodities, CFDs on Stocks, CFDs on Metals, and CFDs on Energies.
Traders have a great selection of trading instruments to aid them in achieving a diversified portfolio.
XM requires a low minimum deposit of $5.
Traders will have an option to choose between commission charge or spread-only fee structure.
Forex fees are average and CFD fees are low, with all fees are disclosed which ensures that there are no additional or hidden transaction fees.
Deposits and Withdrawals
XM traders can choose from multiple payment methods which are supported in all countries.
Deposit and withdrawal options include credit cards, Bank wire, Local Bank Transfer and e-wallet transactions.
Traders can expect withdrawals to be processed within 3 business days. This process is handled quickly by support staff but regional regulatory authorities may take some extra time to process requests.
Trading accounts can also be funded by credit card with USD, EUR, GBP, JPY, CHF, AUD, RUB, PLN, HUF, SGD and ZAR currencies.
XM is compatible with the following trading platforms:
- MetaTrader 4 – a popular trading platform with innovative trading features and tools
- MetaTrader 5 – an advanced trading platform
- 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
XM also offers a number of add-ons to give traders additional benefits to their platform experience, including XM VPS, Rapid Trade Execution and remote connection to a Virtual Private Server.
These tools are free with a certain minimum balance provided, 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 is available 24 hours a day, 5 days a week.
The support team is available via telephone, email and live chat and can assist in more than 25 languages.
Traders can enjoy quick responses and relevant answers from customer support to help resolve technical issues.
XM provides access to multiple educational resources available on the XM Learning Centre.
Resources include a demo account, tutorial videos and YouTube videos.
They also offer live training webinars that give traders an opportunity to participate in Q & A sessions.
XM 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 enable algorithmic trading.
Customers can also look forward to benefitting from many technical and fundamental analysis articles written by market experts.
XM has received the following rewards:
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
Other XM Rewards:
- 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 bodies that ensure that customers can expect a transparent, controlled environment and reliable customer service.
Customers have the freedom to tailor solutions that cater to their individual needs, with tools and features for traders of any experience level.
They committed to offering affordable online trading solutions with all trading conditions disclosed and within the frameworks of regulatory bodies.
Frequently Asked Questions
What is XM’s Overall Review Rating?
Does XM have Volatility 75?
No. XM.com does not have Volatility 75.
Does XM have Nasdaq?
Yes, Nasdaq is offered as cash and futures CFDs.
What is the minimum deposit to start trading on XM?
Is XM safe and secure?
Yes, 100 %