XM Review

May 15, 2020 07:20 AM ET
XM Review

Review Summary

Founded in 2009, XM offers several types of instruments on its user-friendly and efficient MetaTrader trading platforms. Users of XM are provided with direct market access, flexible account types, easy options for deposits and withdrawals, and a demo account for beginners. 

XM Group






Cyprus, Australia, Belize






Forex, CFDs, Commodities, Indices, Cryptocurrency, Shares, Stocks, Metals, Energies


MetaTrader 4, MetaTrader 5, WebTrader, Mobile Trading




Credit/Debit card, Wire transfer, Neteller, Skrill, WebMoney, UnionPay

Base Currencies


Inactivity fee


Withdrawal fee amount


Max. Leverage

Up to 1:880

Min. Spread

0.6 Pips

Currency Pairs


Demo account


Social/Copy trading



XM Pros and Cons



  • Fast and easy account opening
  • Average Forex less
  • Low withdrawal and CFD fees
  • Only Forex, CFDs, and Cryptos for Europeans
  • Powerful educational tools
  • Inactivity fee
  • Negative balance protection

Hedging and scalping allowed



In-depth XM Review

Founded in 2009, XM Group is one of the largest globally established trading brokers that have more than 3,500,000 clients across 196 countries. The broker is based in Cyprus, Australia and Belize and it has more than 450 employees with combined experience in the financial industry. The strict regulation of XM group and its multilingual 24/5 customer service supporting over 30 languages have made it very popular among traders from around the world. 

XM Group provides traders with 16 trading platforms and more than 25 secure payment methods. The best part is that regardless of the investment size or trading experience of the clients, all traders receive the same trading conditions with this fair and reputable broker. 

Regulation: XM Group is authorised, regulated and licensed by the International Financial Services Commission of Belize (IFSC), Cyprus Securities and Exchange Commission (CySEC), and the Australian Securities and Investment Commission (ASIC). The broker is also regulated by the Financial Conduct Authority (FCA). By abiding by the strict regulatory standards set by these authoritative bodies, the safety of client funds is ensured. The broker is also in partnership with regulated entities for the deposit and withdrawal process with extra client protection. Not only client accounts are provided with negative balance protection but the client funds are also kept segregated from the company funds in tier 1 banks. 

So, under no circumstance, they can be used by the liquidity providers or XM group itself. Moreover, XM is a member of the Investor Compensation Fund. So, the broker sticks to the investor protection principles determined by the Markets in Financial Instruments Directive (MiFID). It also has the best execution policy to provide traders with the most favourable trading conditions, such as plenty of liquidity and lowest spreads. Apart from these, the no-requotes and no extra commission policy make XM group one of the best trading brokers. 

Key features:

  1. Regulated by several financial authorities

  2. Low amount fees structure

  3. Fast and seamless account opening

  4. 11 base currencies supported

  5. More than 1000 instruments available for trading

  6. Demo account

  7. Responsive and efficient customer support

  8. Plenty of research and educational sources

Account Types and Opening

XM offers trading accounts with exceptional trading conditions that can be accessed with a low minimum deposit. With the exception of a few countries, clients are accepted from all over the world. So, different account types are provided with different features to fulfil all requirements of the traders and investors. 

Account Types:


Micro Account

Standard Account

XM Ultra Low Account

Shares Account

Base Currency Options







Contract Size

1 Lot = 1,000

1 Lot = 100,000

Standard Ultra: 1 Lot = 100,000

Micro Ultra: 1 Lot = 1,000

1 share


1:1 to 1:888 ($5 – $20,000)

1:1 to 1:200 ($20,001 - $100,000)

1:1 to 1:100 ($100,001 +)

1:1 to 1:888 ($5 – $20,000)

1:1 to 1:200 ($20,001 - $100,000)

1:1 to 1:100 ($100,001 +)

1:1 to 1:888 ($50 – $20,000)

1:1 to 1:200 ($20,001 – $100,000)

1:1 to 1:100 ($100,001 +)

No Leverage

Negative Balance Protection





Spread on all majors

As Low as 1 Pip

As Low as 1 Pip

As Low as 0.6 Pips

As per the underlying exchange






Maximum open/pending orders per client

200 Positions

200 Positions 

200 Positions

50 Points

Minimum trade volume

0.01 Lots (MT4)

0.1 Lots (MT5)

0.01 Lots

Standard Ultra: 0.01 Lots

Micro Ultra: 0.1 Lots

1 Lot

Lot restriction per ticket

100 Lots

50 Lots

Standard Ultra: 50 Lots

Micro Ultra: 100 Lots

Depending on each share

Hedging Allowed





Islamic Account





Minimum Deposit






Account Opening

Opening an account on XM is easy, fast, straightforward, and fully digital. It only takes about 20 minutes to fill the online application form. The account is opened and verified within the same day.

To open an account, you may follow these steps:

  1. Fill in personal details like your name, residence or country, contact info like telephone number and email address. 

  2. Select your account type and trading platform (MeteTrader 4 or MetaTrader 5)

  3. Provide more personal information like date of birth and address.

  4. Choose the level of leverage and base currency.

  5. Fill in your financial information and answer questions to show your financial knowledge.

  6. Verify your identity, as well as residency. For identity verification, a copy of the national ID, driver’s license or passport can be uploaded. You will need to provide bank statements or utility bills to verify residency. 

Account base currencies

Traders can choose from eleven account base currencies. They are USD, EUR, GBP, AUD, JPY, RUB, ZAR, HUF, PLN, SGD, and CHF. You can see that the account base currency section on XM is more competitive than other similar brokers, and it matters for two reasons. You can use the same currency to fund your bank account and trading account, as well as to trade assets. So, you have to pay no conversion fee. Another great way to save the conversion fee is opening a multi-currency bank account at a digital bank. This way, you are provided with great currency exchange rates and free and cheap international bank transfers. 

Deposit and Withdrawal

The deposit and withdrawal functions of XM are fast and inexpensive. The traders are provided with various options to deposit. You can use credit/debit cards or go for bank transfer. Apart from it, there are several electronic wallets:

  • Neteller

  • Skrill

  • MuchBetter Wallet

  • Skrill 1-Tap

  • Trustly 

If you opt for a credit/debit card, then the payment is instant. However, a bank transfer can take several business days.

You can use the same methods to withdraw an amount from your account. Keep in mind that you cannot withdraw more than the amount deposited using the same instrument by using credit/debit cards and electronic wallets. So, the only way to withdraw trading profits is through bank transfer. Withdrawal may also take a few business days. 

How to withdraw money from XM?

To withdraw money from XM, follow these steps:

  • Log in to account management.

  • Select Withdrawal Funds.

  • Choose the withdrawal method.

  • Add the amount you want to withdraw.

Commissions and Fees

XM Group offers a very transparent fee structure so users find everything easy. You can trade more than 1000 instruments on 16 trading platforms of XM, categorised into 6 asset classes. According to the asset class, different fees structures are provided. XM charges trading fees and non-trading fees. Trading fees include commissions, spreads, conversion fees and financing rates. Non-trading fees include charges that are not related to trading directly, such as inactivity fees and withdrawal fees. The minimum deposit for trading with an account is $5. 

Trading fees

CFD fees: CFD trading fees are low generally on XM. Compared to the competitor brokers, they are on the same level or lower. For instance, the fees for a $2000 long position held for a week are:

  1. S&P 500 index CFD fee: $2.4

  2. Europe 50 index CFD fee: $2.4

  3. Apple CFD fee: $3.4

  4. Vodafone CFD fee: $5.6

Forex fees: Compared to competitor brokers, Forex fees on XM are average. If a long position of $20,000 is held at 30:1 leverage for a week, then the XM Forex benchmark fees are:

  1. EURCHF benchmark fee: $9.1

  2. EURGBP benchmark fee: $12.2

  3. GBPUSD benchmark fee: $13.8

  4. AUDUSD benchmark fee: $13.9

  5. EURUSD benchmark fee: $17.1

Real stock fees: By using the share account on XM, Non-European clients can trade real stocks. Commission fees depend on the stock market the trader trades on.

XM Stock Commission

Stock Market

Minimum Commission Per Transaction (USD)

Commission Per Transaction (%)














Non-trading fees

Inactivity fee: XM Group charges a low inactivity fee of $5. It is applicable per month after an account is inactive for 90 days. If the account balance reaches $0, then the account is archived.

Withdrawal fee: XM does not have account fee or deposit fee. The broker does not charge withdrawal fees in most cases as well. However, in the cases of bank withdrawals, if it is below $200, then it carries a $15 fee. 

Trading Instruments and Markets

XM Group provides account holders with the opportunity of trading CFDs, Forex and Cryptocurrency. Non-European clients can also trade a few real stocks. However, there is no option for mutual funds, ETFs, options, bonds or futures. It is primarily a CFD and Forex broker that offers a high amount of currency pairs. 

Forex trading: On XM, you can trade over 55 currency pairs including majors, crosses and exotics. The market is open 24 hours a day and 5 days a week for trading. The highest leverage can be up to 888:1, with no re-quotes and tight spreads. XM lets you trade the most liquid market in the world with no hidden charges. 

Stock CFDs trading: XM Group provides its clients with direct and cost-effective access to the global equity markets and global economies instantly. It also offers speculation on market uptrend and downtrend. Based on the market moves, you can decide whether to go for short trades or long trades as trading conditions on the broker suit both short-term and long-term trading strategies. No extra fee is applied

Commodities trading: Trading commodities on XM has many advantages. Firstly, to trade, you do not need to actually own the financial instrument basing the contract. Moreover, the broker offers instant exposure to global economics. Just like Stock CFDs, you also get speculation on future uptrend and downtrend market price movements when it comes to commodity trading. Due to low deposits, it is ideal for novice traders. You can also go short and earn profit from falling prices with no stock exchange fees.

Precious Metals trading: On XM, you can trade precious metals like gold and silver online with no-requotes. It is a great investment alternative for Forex. You can go for long-term or short-term trading with the same account in the highly liquid markets. The leverage can be up to 888:1. No extra fee is charged. 

Energies trading: You can also trade oil and energies with XM. The advantages of energies trading include greater price movement due to high volatility, no overnight financing on oil CFDs, marginally low trade as 5 USD, and no applicable extra fees. Trading oil is a great trading option as it is the most actively traded commodity across the world. You can go either long or short according to market moves. 

Trading Platforms and Tools

XM Group provides the clients with the option of choosing from 16 variations from the popular MetaTrader 4 and MetaTrader 5 trading platforms for desktop and mobile devices. You can either download the software on your device or opt for web trading directly from a browser without downloading or installing it. 

XM MetaTrader 4

XM MetaTrader 4

MetaTrader 4 is the most preferred platform for all kinds of trades among the traders from around the world. It is popular for its user-friendly interface and several trading tools for detailed chart analysis, as well as trading efficiency. XM account holders can use MetaTrader 4 for trading with no re-quotes, flexible leverage, and no rejection of orders. This trading platform is perfect for any trader, whatever his trading style or experience level is.

The major features of MetaTrader 4 include:

  1. More than 1000 instruments including Forex, Futures and CFDs

  2. Low spreads as 0 pips

  3. One-click trading

  4. Three chart types

  5. Optional micro lot accounts

  6. VPS functionality

  7. One single login access to eight platforms

  8. Full expert advisor functionality

  9. Technical analysis tools with charting tools and 50 indicators

  10. Alert notifications via pop-ups, email and SMS

  11. Hedging allowed

  12. Availability on desktop, web and mobile devices

XM MetaTrader 5

Just like MetaTrader 4, MetaTrader 5 is another powerful trading platform. It offers the same useful features of MetaTrader 4 and also offers a lot more. MetaTrader 5 has an additional of 1000 CFDs on shares which makes it the perfect multi-asset platform. Traders can trade Forex and CFDs on equity indices, stocks, oil and gold from one platform with the benefits of flexible leverage, no re-quotes and no rejections.

The main features of MetaTrader 5 are:

  1. Over 1000 instruments including Forex, Stock CFDs, Stock Indices CFDs, CFDs on Energies, and CFDs on Precious Metals. 

  2. Low spreads as 0 pips

  3. One-click trading

  4. More than 80 objects for technical analysis

  5. Hedging allowed

  6. One single login to seven platforms

  7. Complete EA functionality

  8. All order types supported

  9. Market depth of the latest price quotes

  10. Free availability on web, desktop and mobile devices

Trading Tools

XM Group offers powerful trading tools for clients to use on the MetaTrader 4 and MetaTrader 5 trading platforms. Not only the tools are fully automated but they can also perform technical analysis on several charts and instruments. This way, it is easy to identify and grab potential trading opportunities as you can detect the trading signals quickly and easily. The best part is that with trading tools, traders do not need to stare at the charts all day and night constantly. The trading tools on XM are:

Ribbon Indicator: Ribbon indicator follows the prevailing trend and identifies areas of consolidation. Apart from this, it can predict impending reversals. So, the trader will know the best time for trading with its help.

Bollinger Bands Indicator: With Bollinger Bands Indicator, you can learn to trade while handling market volatility. This trading tool identifies entry points in ranging markets and recognises even extreme price levels. So, it can let you know when price movements occur.

Analyser Indicator: Generally, it takes hours to analyse, but Analyser Indicator takes care of it in seconds. It also maps the market direction in real-time and identifies the best instruments for trading in quickly. 

Ichimoku Indicator: Ichimoku Indicator can identify support and resistance levels and also recognises strong market trends. With this trading tool, you know when it is the best time for you to enter a trend, and you can also learn where prices may go next.

ADX and PSAR Indicator: This indicator can recognise a market in consolidation and identify the start of new trends. With ADX and PSAR Indicator, you learn the best time for placing a trade and know when trends reach extreme conditions. 

River Indicator: River Indicator is the all-in-one trend indicator. It knows which markets are trending and how the market is moving. So, this indicator can also help you identify strength and direction. 

You can contact your personal account manager at XM group if you want to access the proprietary indicators and automate your analysis with them. 

Users Experience

Web trading: It is not always necessary to download MetaTrader 4 or MetaTrader 5 on your desktop or Mac because XM also supports web trading. With MetaTrader 4 WebTrader and MetaTrader 5 WebTrader, you can access the trading platforms from your browser directly. There is no need to download and install the software for trading. 

Mobile trading: Apart from desktop, you can trade with XM from your mobile devices as well. It helps you trade easier by accessing your account from your phone by using the same login and password used in accessing the account on PC or Mac. Both MetaTrader 4 and MetaTrader 5 are available to download on smartphones, as well as tablets.

XM Mobile trading

Download link:

MetaTrader 4



MetaTrader 5 




There is a lot to research on the website of XM. It offers a vast range of markets, news, technical summaries, technical analysis, market preview, videos, trade ideas, and an economic calendar. You can access these from the “Research and Education” section on the website and MetaTrader trading platforms. 


Education section: XM offers a lot of educational resources for account holders who want to develop their knowledge, experience and trading skills. So, they offer live education, educational videos, Forex webinars, platform tutorials, and Forex seminars. They cover a wide range of topics regarding the usage of different trading platforms and identifying trading opportunities. 

Demo trading: XM Group provides account holders with the benefit of starting their trading journey with a demo account. If you are a beginner in trading, then you must open a demo account first and be familiar with the market before going live. XM also offers $100,000 of virtual balance with the demo account so the users can test out new trading strategies on the trading platforms.

Opening a demo account on XM is easy. Follow these steps:

  • Visit the homepage of the XM site and click on “Open a Demo Account”.

  • Then fill in the form with personal details and trading account details.

  • Set an account password and click on “Open a Demo Account”. 

Customer service

Customer service on XM is fast and it is available in several languages, through phone, email, and live chat. The service is quick to respond and helps users to get straight and relevant answers. The online support, as well the phone support works 24 hours a day and 5 days a week. Apart from this, a FAQ section is also provided to help the users with clear guidance. 

Safety and security

XM is regulated and licensed by three financial authorities global which includes the top-tier ASIC. It proves to be a well-established brand complying with the strict regulations of the authoritative bodies. Moreover, the broker offers negative balance protection. So, if you are looking for a safe and secure broker for trading, then XM is a great option. 

Final Thoughts

Considering several facts like regulations by several authorities, low CFD and withdrawal fees, seamless and hassle-free account opening process, and a wide range of great quality educational tools, XM is one of the most reliable brokers worldwide. It is ideal for trading Forex, CFDs and cryptocurrencies. Make sure to use the demo account if you are a new trader to understand the platform better.


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