XM Broker
The XM Group comprises four regulated online brokers, each with its distinct establishment date and regulatory authority. Trading Point of Financial Instruments Ltd, founded in 2009, falls under the regulation of the Cyprus Securities and Exchange Commission (CySEC 120/10). Trading Point of Financial Instruments Pty Ltd, established in 2015, is regulated by the Australian Securities and Investments Commission (ASIC 443670). XM Global Limited, founded in 2017, operates under the regulation of the Financial Services Commission in Belize (000261/397). Trading Point MENA Limited, established in 2019, is regulated by the Dubai Financial Services Authority (DFSA reference no. F003484). The XM Group provides a diverse array of over 1000 financial instruments available for trading on the MT4/MT5 platforms and the XM app. These include Forex Trading, CFDs on Crypto*, Stocks, Commodities, Equity Indices, Precious Metals and Energies, all backed by reliable and swift order execution catering to retail traders. Notably, the Group boasts an impressive statistic: over 99% of its trades are executed in less than 1 second, serving a global clientele exceeding 10 million individuals in more than 25 languages across 190 countries.
*It is important to note that CFDs on cryptocurrencies are not available to all entities within the XM Group.
Regulated By
- Cyprus Securities and Exchange Commission (CySEC)
- Australian Securities and Investments Commission (ASIC)
- Financial Services Commission (FSC)
- Dubai Financial Services Authority (DFSA)
Pros
- Wide variety of assets
- High leverage up to 1000:1 (this leverage is not available to all the entities of the Group)
- Live chat and other accessible support in over 25 languages
- No commissions
- Non-expiring demo account
- Lightning-fast execution
- MetaTrader and XM Mobile App platforms available
- Round-the clock 24/7 Customer service (24/5 for the EU-regulated entity)
- Customer service during weekend hours
- Education for beginners and live analysis
- Negative Balance Protection
- Limited product portfolio
- Average forex and stock index CFD fees
- ETF trading not supported
- Funding with PayPal unavailable
XM summary
Country of regulation | Cyprus, Australia, Belize, United Arab Emirates |
---|---|
Negative balance protection | Yes |
Apple CFD fee | $6.6 |
S&P 500 CFD spread | 0.5 |
Inactivity fee charged | Yes |
Withdrawal fee | $0 |
Minimum deposit | $5 |
Available base currencies | USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, RUB, SGD |
Conversion fee of deposits in non-base currency | Exchange rate received from liquidity providers plus a mark-up. We used the EURUSD trading fees for the calculation. |
Deposit with bank card | Available |
With electronic wallet | Available |
Time to open an account | 1 day |
Demo account provided | Yes |
Products offered | Forex, CFD, Real stocks for clients under Belize (FSC) |
FEES
XM offers free withdrawal costs in addition to reduced trading expenses for CFDs. However, there is a price for inactivity, and the fees for stock indexes and FX are merely ordinary.
Assets | Fee level | Fee terms |
---|---|---|
S&P 500 CFD | Low | The spread includes fees; during busy trading hours, the average spread cost is 0.45 points. |
Europe 50 CFD | Low | The spread includes fees; during peak trading hours, the average spread cost is 1.5 points. |
EURUSD | Low | The fees for Standard, Micro, and Ultra-Low accounts are incorporated into the spread. The Standard account typically incurs an average spread cost of 0.1 pips during peak trading hours. Conversely, XM Zero accounts involve a $3.5 commission per lot per trade alongside a modest spread cost. |
Inactivity fee | Low | After one year of inactivity, there is a one-time $15 maintenance fee, and if the account continues to remain inactive, a subsequent monthly fee of $5 will be applied. |
XM trading fees
XM trading fees are low.
XM offers a variety of account types with varying pricing structures. The Standard, Micro, and Ultra Low accounts have higher spreads without any commission, while the XM Zero account features lower spreads but includes a commission. The fee comparisons presented below are based on calculations made using the Standard account.
Our analysts have conducted a comprehensive evaluation by comparing XM‘s fees with those of FxPro and Admirals (Admiral Markets), both selected as similar brokers. This selection is grounded in objective criteria such as product offerings, client profiles, fee structures, and more. Additionally, we have compiled a detailed overview of alternatives to XM.
Real stock and ETF fees
CFD fees
Forex fees
XM forex fees are low.
FxPro | Admirals (Admiral Markets) | ||
---|---|---|---|
FX commission per lot | $3.50 commission per lot per trade on XM Zero accounts | No commission is charged | $3.00 commission per lot per trade |
EURUSD spread | 0.1 | 1.4 | 0.1 |
GBPUSD spread | 0.2 | 1.6 | 0.5 |
AUDUSD spread | 0.4 | 2.0 | 0.6 |
USDJPY spread | 0.1 | 1.5 | 0.4 |
USDCAD spread | 0.5 | 2.0 | 1.2 |
Non-trading fees
XM has low non-trading fees.
XM does not charge an account fee, and in the majority of cases, there is no withdrawal fee. Nevertheless, bank withdrawals under $200 are liable to a $15 fee. Following one year of account inactivity, a one-time maintenance fee of $15 is levied, and if the account remains inactive, a monthly fee of $5 is applied.
How we ranked fees
We classified XM’s costs as low, moderate, or high based on how they compared to every broker we looked at.
There are two basic types of broker fees:
- When engaging in trading activities, you might incur trading fees, encompassing spreads, commissions, financing rates, and conversion costs.
- Non-trading expenses are considered as withdrawal costs or inactivity costs that are not directly associated with trading.
Account opening
XM welcomes customers from various parts of the globe. However, there are a few exceptions, including restrictions on opening accounts from the USA, Canada, China, Japan, New Zealand, or Israel.
What is the minimum deposit at XM?
The required XM minimum deposit is $5.
This is for the Micro and Standard account types. For the XM Zero account the minimum deposit is $100
Account types
XM offers many account types, which differ in pricing, base currencies, minimum deposit and contract size.
Micro | Standard | XM Zero | Shares Account | |
---|---|---|---|---|
Client country | EEA Australia Other countries | EEA Australia Other countries | EAA | Non-EEA and non-Australian clients |
Pricing | No commission, but higher spread | No commission, but higher spread | There is a commission, but the spread is very low | Market spread and commission |
Base currencies | USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, SGD, ZAR | USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, SGD, ZAR | USD, EUR, JPY | USD |
Minimum deposit | $5 | $5 | $5 | $10,000 |
Contract size | 1 Lot = 1,000 | 1 Lot = 100,000 | 1 Lot = 100,000 | 1 share |
Islamic or swap-free accounts are offered as well. These accounts incur a flat commission when holding leveraged positions overnight, in contrast to percentage-based financing rates. Please note that XM does not provide corporate accounts. If you register under a non-European entity, you won’t qualify for European client protection measures.
How to open your account
XM account opening is fully digital, fast and straightforward. Completing the online application form takes just 20 minutes. Our account underwent verification on the very same day.
You can select many languages other than English:
Arabic | Bengali | Chinese | Czech | Dutch |
Filipino | French | German | Greek | Hungarian |
Indonesian | Italian | Korean | Malay | Polish |
Portuguese | Russian | Spanish | Swedish | Thai |
Vietnamese |
To open an account at XM, you have to go through these steps:
- Fill in your name, country of residence, email address and telephone number.
- Select the trading platform (MT4 or MT5) and account type.
- Add your personal information, such as your date of birth and address.
- Select the base currency and the size of the leverage.
- Provide your financial information and answer questions about your financial knowledge.
- Verify your identity and residency. You can upload a copy of your national ID, passport or driver’s license to verify your identity, while utility bills and bank statements are accepted as proof of residency.
Deposit and withdrawal
XM‘s provides swift and cost-effective deposit and withdrawal procedures, offering you a variety of options.
Account base currencies
At XM, you can choose from the following 10 base currencies:
USD | EUR | GBP | JPY |
CHF | AUD | HUF | PLN |
RUB | SGD |
This selection is average compared to competing brokers.
FxPro | Admirals (Admiral Markets) | ||
---|---|---|---|
Number of base currencies | 10 | 8 | 10 |
Why is this significant? There are two key reasons. First, if you fund your trading account in the same currency as your bank account or trade assets in the same currency as your trading account base currency, you can avoid incurring a conversion fee.
A practical approach to reducing currency conversion fees involves opening a multi-currency bank account with a digital bank. Typically, these banks provide accounts in various currencies, featuring favorable currency exchange rates, along with free or economical international bank transfers. The account setup process is quick and can be completed within minutes using your smartphone.
Deposit fees and options
XM charges no deposit fees.
Deposit funds using bank transfers and credit/debit cards. Additionally, clients onboarded under IFSC can utilize the SticPay electronic wallet for deposits.
FxPro | Admirals (Admiral Markets) | ||
---|---|---|---|
Bank transfer | Yes | Yes | Yes |
Credit/debit card | Yes | Yes | Yes |
Electronic wallets | Yes | Yes | Yes |
A bank transfer may require several business days, whereas credit/debit card payments are instant. It is essential to deposit money only from accounts in your name.
XM offers a variety of deposit options, including electronic wallets like Skrill and Neteller for withdrawals, and Sticpay for deposits (under FSC).
XM withdrawal fees and options
XM charges no withdrawal fees. The only exception is bank (wire) transfers below $200, which incur a $15 fee.
FxPro | Admirals (Admiral Markets) | ||
---|---|---|---|
Bank transfer | Yes | Yes | Yes |
Credit/debit card | Yes | Yes | Yes |
Electronic wallets | Yes | Yes | Yes |
Withdrawal fee | $0 | $0 | $0 |
You can only withdraw money to accounts in your name.
What is the duration for withdrawing money from XM? We conducted a test on debit card withdrawal, and it was processed within 2 business days.
For credit/debit cards and electronic wallets (Skrill, Neteller), the withdrawal amount is limited to the deposited amount using the same instrument. Consequently, trading profits can only be withdrawn via bank transfer.
How do you withdraw money from XM?
- Log in to your account
- Go to ‘Withdraw Funds’
- Select the withdrawal method
- Enter the withdrawal amount
Trading platforms
Web trading platform
XM‘s web trading platform is powered by MetaTrader, offering high levels of customization and a transparent fee report. However, the platform falls short in terms of lacking price alerts, and its design is outdated.
- Clear fee report
- Good customizability (for charts, workspace)
- Order confirmation
- No two-step (safer) login
- No price alerts
- Poor design
Trading platform | Score | Available |
---|---|---|
Web | 2.8stars | Yes |
Mobile | 3.8stars | Yes |
Desktop | 3.4stars | Yes |
XM does not possess its proprietary trading platform; rather, it utilizes third-party platforms, namely MetaTrader 4 and MetaTrader 5. These platforms exhibit similarities in functionality and design. A notable distinction is that stock CFDs can only be traded on MetaTrader 5, not on MetaTrader 4. Our testing focused on the more widely used MetaTrader 4 platform.
Login and security
XM provides only a one-step login.Implementing two-step authentication would enhance security, and prioritizing the addition of this feature should be a top consideration for any company looking to enhance its security measures.
Search functions
The search functions are OK.
The assets are categorized into different groups. Nevertheless, we failed to include the standard search feature that allows you to manually enter an asset’s name.
Placing orders
You can use the following order types:
- Market
- Limit
- Stop
Trailing Stop is available only in the MT4 desktop platform.
There are also order time limits you can use:
- Good ’til canceled (GTC)
- Good ’til time (GTT)
Alerts and notifications
You cannot set price alerts and notifications on the XM web trading platform.
This feature is available only on the desktop trading platform.
Portfolio and fee reports
XM has clear fee reports.
Your profit-loss balance and paid commissions are easily visible, accessible under the ‘History’ tab. However, we encountered difficulty in finding a method to download these reports.
Mobile trading platform
- User-friendly
- Good search function
- Price alerts
- No two-step (safer) login
- No Touch/Face ID login
XM provides mobile trading platforms in the form of MetaTrader 4 and MetaTrader 5. In line with our testing on the web trading platform, we examined the functionality of the MetaTrader 4 platform on mobile.
Android.
Upon downloading the MT4 mobile trading platform, it’s essential to connect to the appropriate XM server. Adjusting the language on Android devices can be somewhat challenging, as it requires switching the default language of your mobile.
The mobile trading platform is accessible in various languages.
Arabic | Chinese (Simplified) | Chinese (Traditional) | Czech | English |
French | German | Greek | Hindi | Indonesian |
Italian | Japanese | Korean | Polish | Portuguese |
Portuguese (Brazil) | Russian | Spanish | Thai | Turkish |
Ukrainian | Vietnamese |
Examine and sense
XM boasts an excellent mobile trading platform; we particularly appreciated its design and user-friendly interface. It is straightforward to locate all the features it offers.
Login and security
XM‘s mobile platform currently offers a one-step login. Implementing a two-step authentication process would enhance security, and incorporating this feature should be a priority on any company’s agenda for security improvements.
However, a two-step account login is required to access deposit and withdrawal functions.
Biometric authentication, such as logging in using biometrics, is not supported. Offering this feature would enhance convenience.
Search functions
The search functions are good.
You can search by typing the name of the product or by navigating the category folders.
Placing orders
You can use all the basic order types. However, you won’t find more sophisticated order types such as ‘one-cancels-the-other’.
You can use the following order types on the mobile trading platform:
- Market
- Limit
- Stop
To get a better understanding of these terms, read this overview of order types.
There are also order time limits you can use:
- Good ’til canceled (GTC)
- Good ’til time (GTT)
Alerts and notifications
Setting alerts and notifications on the XM mobile platform is not currently available.
However, you can configure notifications on your mobile device through the desktop trading platform. Streamlining this process to enable setting notifications directly on the mobile trading platform would enhance convenience.
Desktop trading platform
- Clear fee report
- Good customizability (for charts, workspace)
- Price alerts
- No two-step (safer) login
- Outdated design
- Search function could be better
For desktop trading, MetaTrader 4 and 5 platforms are available; our testing focused on MetaTrader 4.
It shares identical design, language options, order types, search functions, and features for portfolio and fee reports with the web trading platform. The desktop trading platform lacks two-step authentication; nevertheless, XM facilitates a two-step account login procedure on the website for depositing and withdrawing funds.
The primary distinction lies in the desktop trading platform’s capability to configure alerts and notifications, including mobile push and email notifications. To activate these features, you need to input your email address and mobile MetaQuotes ID, which is accessible in the MT4 app’s settings. You can add this information by navigating to ‘Tools’ and selecting ‘Options’.
Markets and products
FxPro | Admirals (Admiral Markets) | ||
---|---|---|---|
Currency pairs (#) | 55 | 70 | 50 |
Stock index CFDs (#) | 31 | 29 | 40 |
Stock CFDs (#) | 1,300 | 1,700 | 3,445 |
Commodity CFDs (#) | 18 | 25 | 28 |
Disclaimer:CFDs are intricate instruments and carry a substantial risk of losing money rapidly due to leverage. 75.33% of retail investor accounts incur losses when trading CFDs with this provider. It’s crucial to assess whether you comprehend the workings of CFDs and if you can financially withstand the high risk of losing your money.
You are unable to adjust the leverage levels of the products, posing a limitation. The ability to manually change leverage is a valuable feature, especially when seeking to mitigate trade risks. Exercise caution in forex and CFD trading, as the preset leverage levels may be elevated.
Real stocks and ETFs
XM offers real stocks exclusively to clients onboarded under XM‘s IFSC-regulated entity. Stock trading is available through the Shares Account, marking a significant addition compared to its competitors.
Research
- Trading ideas
- Quality news flow
- User-friendly
- No fundamental data available
Trading ideas
XM provides trading ideas.
These can be found under the ‘Trade Ideas’ page along with a list of different assets and how well they’ve performed recently.
Fundamental data
XM offers fundamental data.
Charting
XM‘s charting tools are satisfactory, offering the use of 31 technical indicators.
These tools are accessible on the MetaTrader trading platforms. However, the platform’s design is outdated, and certain features are challenging to navigate. For instance, it proved difficult to figure out how to remove an indicator from the chart.
News feed
A news feed is accessible on the ‘Markets’ and ‘News’ pages under the ‘Research & Education’ tab. The categorization of news items based on product types is appreciated, and video news is also available.
XM provides an excellent economic calendar. The calendar’s filter function allows you to refine results based on countries, data type, and importance, adding to its overall appeal.
Customer service
A news feed is available on the ‘Markets’ and ‘News’ pages within the ‘Research & Education’ tab. The categorization of news items based on product types is valued, and the inclusion of video news enhances the overall experience.
XM offers an outstanding economic calendar. The calendar’s filter function enables you to tailor results by countries, data type, and importance, contributing to its overall appeal.
- Phone support
- Live chat
- Fast response time
You can contact XM via:
- live chat
- phone
Answers are quick, and their relevancy is mostly OK.
Live chat promptly responds to the initial message but experiences a decrease in speed with subsequent questions. There were instances where repeating the same question was necessary to obtain a direct answer.
XM’s phone support is swift, but the relevance of the answers varied. For instance, clarity was lacking in response to our inquiry on swap calculations. Some days, the responses were accurate, while on others, it was inconsistent.
Email support functions effectively, delivering relevant responses within a day.
VISIT BROKER
75.33% of retail CFD accounts lose money
Education
- Demo account
- Trading platform tutorial
- Educational videos
At XM you can learn through the following ways:
- Demo account
- Platform tutorial videos
- General educational videos
- Webinars
Most of the education section on XM is based on video content. You can explore various topics, starting from an introduction to financial markets, progressing through money management and trading strategies, and culminating in technical analysis. Each chapter comprises numerous lessons, exclusively available for XM users.
In addition to these prerecorded materials, XM provides live training sessions, both online and offline, catering to different experience levels.
OPEN DEMO ACCOUNT
75.33% of retail CFD accounts lose money
Safety
- Negative balance protection
- Regulated by the top-tier ASIC
- Does not hold a banking license
- Not listed on stock exchange
- Financial information is not publicly available
Bottom line
XM is regulated by various authorities globally, including the top-tier ASIC.
On a positive note, we appreciate the low stock CFD and withdrawal fees. The account opening process is seamless and hassle-free, and the broker provides a diverse range of high-quality educational tools.
However, XM has some drawbacks. Its product range is confined to forex and CFDs, and its forex and stock index CFD fees are average. Additionally, non-EU customers lack coverage by any investor protection.
We recommend XM for those interested in CFD and forex trading, especially for those who prefer MetaTrader trading platforms. Feel free to explore its features through the demo account.