XM Review

Read our in-depth forex broker review on XM ✅ Find out how this brokers broker compares to others.
Overall Rating


Top 5 Forex Brokers

 XM Review

📅 Year founded


📈 Multiple top-tier regulation


📍 Headquarters

Cape Town, South Africa

🌍 Country of regulation

Australia / Cyprus / Belize / South Africa

✅ Regulators


📈 Execution Type

Market Execution

💰 Minimum Deposit


🛡️ Negative Balance Protection


📉 Trading Platforms

MetaTrader4 / MetaTrader5 / WebTrader / XM App

 ☪  Islamic account


📉 Trading Instruments

Forex / CFDs on Cryptocurrencies / Stock CFDs / Turbo Stocks / Commodities / Equity Indices / Metals / Energies

📱 Mobile trading

iOS / Android / Windows

💳 Payment Types Accepted

Credit and Debit Cards / All eWallets / Bank Transfers

🎮 Demo Account


 ⓒ Copy Trading


🎁 Bonus Offer

$30 Trading bonus / 50% deposit bonus (up to $500) / Refer a Friend / Loyalty Program / XM Competitions / Free VPS Service

💰 Account Currencies

All currencies automatically converted to the base currency of your trading account

📈 Minimum Trade

0.01 Lots

📈 Account Types


📈 Margin Trading


📈 Trading fees

Spread only

📈 Inactivity fee

After 90 consecutive days

💰 Withdrawal fee


☎ Customer Support

24/7 Assistance via email

💰 Max. Leverage

1 000:1

✔️ Hedging Allowed


✔️ Scalping Allowed


💰 Commission


💰 Spreads

From 0.6 pips

💰 Leverage


💰 Currency Pairs (Total Forex pairs)

50 +

🔢 Number of clients

10 000 000 +

🥇 Instruments Offered

1 000 +

📙 Education

Videos / Articles / Offline Trading Courses / eBook / Podcasts / Webinars / Seminars / Live Education

Click here ✅ Open a Trading Account




Found in 2009, XM is a respectable forex and CFD brokerage firm with its headquarters located in Cape Town, South Africa. The online broker is regulated by ASIC, CySEC, FSC, FSCA and DFSA.

At XM, clients can trade a range of trading instruments, such as forex, CFDs on stocks, commodities CFDs, CFDs on indices, CFDs on metals, CFDs on energies and shares. XM is regarded as one of the best brokers in forex.

The broker also offers a variety of trading platforms to its traders, including MetaTrader4 (MT4), MetaTrader5 (MT5) and XM WebTrader.




Since 2009, XM has experienced considerable growth with more than 10 000 000 clients from over 190 countries. The reason for XM’s success is its determination to deliver the best client services in the industry. At XM, in excess of 2 400 000 000 trades have been performed with no requotes or rejections.

XM is a regulated company that has received many industry awards, including:

  • Best Forex Broker in Europe – World Finance Awards 2020.
  • Best Forex Broker in Australasia – World Finance Awards 2020.
  • Gold Accreditation – Investors in People.
  • Best Forex Service Provider – COLWMA 2020.


Brokers like XM are known for their comprehensive knowledge and extensive experience in the global markets. Their objective is to retain pace with the demands of the global market and to provide quality services to their clients.

XM has developed into a well-known and deep-rooted global investment company that has turned into an industry frontrunner. They presently have over 900 experts with extensive experience in the financial industry.

All of XM’s clients are treated with the same unbiased and moral trading environments irrespective of their capital value or investment size.

In general, all of XM’s procedures in terms of account opening, depositing, withdrawing, managing and trading are easy and user-friendly.





  • CFD and withdrawal fees are low.
  • Swift broker account opening process.
  • Excellent educational tools are available.
  • Used by more than 10 000 000 clients worldwide.
  • Well-regulated broker.
  • Low minimum deposit.
  • Scalping allowed.
  • Negative Balance Protection available.
  • Hedging allowed.
  • Great research and education services.
  • Low spreads from 0.0 pips.
  • MT4, MT5 and Webtrader trading platforms available.



  • European clients only have access to CFDs, forex and cryptocurrencies.
  • No ECN broker account.
  • An inactivity brokerage fee is applicable.
  • Not FCA regulated.




XM provides its traders with over 1 000 trading instruments across several asset categories. These categories include forex, CFD’s on stocks, commodities CFD’s, CFD’s on indices, CFD’s on metals, CFD’s on energies and shares.

In addition to XM’s great trading features, traders can appreciate a range of trading products that will exceed their expectations. XM has the following trading instruments to offer its clients:



When trading forex with a broker such as XM, clients will get access to the direct pricing of the forex market. Traders are able to choose at which time and price they want to perform a buy or sell transaction.

Traders can trade over 50 currency pairs at XM including majors, minors and exotics. Here are some advantages of trading forex with XM:

  • They are open 24/5.
  • Leverage up to 1 000:1.
  • There are over 50 currency pairs including majors, minors and exotics to trade with.
  • No commissions and tight spreads.
  • Most liquid market to trade.
  • No hidden costs.


CFD’s on Stocks

XM offers an extensive range of individual stocks with nearly 1 200 stock CFDs for their clients to trade, which come from 17 countries. These countries consist of but are not limited to the following: Australia, Spain, Germany, the USA, UK, Switzerland and France.

XM is a highly recommended choice for traders that are attracted by trading individual major market stocks. The following indicates specific benefits of trading CFD’s on stocks with XM:

  • Direct access to global markets.
  • Speculation on market uptrends / downtrends.
  • No extra costs apply.
  • Appropriate for short and long-term strategies.


Commodities CFD’s

In conjunction with the universal currency exchange markets, commodity markets also provide a range of numerous investment opportunities for retail traders. Commodity trading is also highly recommended for beginner traders.  XM has 8 commodity CFDs on offer for its clients, which include the following:

  • COCOA – US Cocoa.
  • COFFE – US Coffee.
  • CORN – US Corn.
  • COTTO – US Cotton.
  • HGCOP – High-Grade Copper.
  • SBEAN – US Soybeans.
  • SUGAR – US Sugar.
  • WHEAT – US Wheat.


The following indicates specific benefits of trading commodities CFD’s with XM:

  • Contract-based trading without taking ownership of the underlying asset.
  • Direct exposure to global markets.
  • Perfect for beginner traders because of the low deposits required.
  • No stock exchange charges.


CFD’s on Indices

Stock indices (also called Equity indices) are basically indexes that show the entire price of a basket of underlying stocks. XM has 30 equity indices on offer to trade (12 futures indices CFDs and 18 cash indices CFDs). The following indicates specific benefits of trading CFD’s on Indices with XM:

  • Direct access to global equity markets.
  • Direct access to world markets.
  • Not any extra charges.
  • Appropriate for short and long-term strategies.
  • Speculation on market uptrends / downtrends.


CFD’s on Metals

With XM, clients / traders have the opportunity to trade gold and silver precious metal CFDs, or PALL (Palladium) and PLAT (Platinum). The following indicates specific benefits of trading CFD’s on metals with XM:

  • High liquid market to trade.
  • Leverage up to 1 000:1.
  • No extra charges.
  • Trade silver and gold without commissions.


CFD’s on Energies

XM offers the following 5 trading energies to trade with:

  • BRENT – Brent Crude Oil.
  • GSOIL – London Gas Oil.
  • NGAS – Natural Gas.
  • OIL – WTI Oil.
  • OILMn – WTI Oil – Mini.


The following indicates specific benefits of trading CFD’s on energies with XM:

  • Great price fluctuations due to high volatility.
  • A trader can trade oil which is globally the most traded commodity.
  • Minimum of $5 USD trading margin.
  • On oil CFD’s – No overnight financing.
  • No extra charges.



Shares of large international companies can be traded at XM such as Marks and Spencer, Facebook and GM amongst others.




XM has two trading platforms that can be accessed from either the demo or real broker account. These platforms consist of the MT4 and MT5 trading platforms as well as the XM WebTrader. Traders can decide which platform they want to use, based on their trading needs and preferences.

The well-known MT4 platform is mainly a forex trading platform that supports stop, market, limit and trailing orders. MT5 is a multi-asset platform that also provides access to various trading instruments.

MT4 and MT5 are both mobile-friendly platforms that can be used on Android and Apple devices in order to allow traders to trade from their tablets or mobile devices.

Both MetaTrader platforms can be used on Windows, Mac, web-based and mobile devices. XM provides forex trading on all these platforms and traders can choose the best trading platform to fulfil their needs.

At XM, traders can trade all the instruments that are presented on the MT4 platform, such as forex, stock indices, energies and precious metals. You can only use the MT5 platform if you want to trade Individual stocks. XM is a great broker for MT4.




A forex account at XM is mainly used for trading currencies and works in the same way as a bank account. You can use any of XM’s accounts for trading forex. A forex trading account at XM includes access to the Members Area and to the matching platform(s).

When you open an account with XM, you will undergo a certain process whereby XM will validate that your personal information is right and to ensure that your funds and account details are protected.

XM offers its clients with an extensive choice of broker account types, all with their respective benefits and features. The various account types deliver different leverage amounts and the option of a commission or no-commission account.

Whether you are an experienced trader or someone that is just starting out, XM has 4 different account types that you can choose from. If you are a client at XM, you may have one Shares Account and a maximum of eight active trading accounts.


XM offers the following four main types of trading accounts:


Micro Account

The Micro Account consists of the following specifications:

  • The Micro Account can work with the MT4 or MT5 platforms.
  • Leverage from 1:1.
  • Hedging is allowed.
  • Spreads from 1 pip.
  • No hidden commissions.
  • Swap-free optional.
  • XM minimum deposit of $5 USD.
  • Protection against negative balance.


Standard Account

The Standard Account consists of the following specifications:

  • The Standard Account can work with the MT4 or MT5 platforms.
  • Leverage from 1:1.
  • Hedging is allowed.
  • Spreads from 1 pip.
  • No hidden commissions.
  • Swap-free optional.
  • XM minimum deposit of $5 USD.
  • Protection against negative balance.


Ultra-Low Account

The Ultra-Low Account consists of the following specifications:

  • The Ultra-Low Account can work with MT4 or MT5.
  • Leverage from 1:1.
  • Hedging is allowed.
  • Spreads from 0.6 pips.
  • No hidden commissions.
  • Swap-free.
  • XM minimum deposit of $5 USD.
  • Protection against negative balance.


Shares Account

The Shares Account consists of the following specifications:

  • The Shares Account can work with the MT5 platform.
  • Account currencies are available in USD.
  • No leverage.
  • Hedging is not allowed.
  • Spreads depends on the underlying exchange.
  • There are commissions.
  • Swap-free option
  • XM minimum deposit of $10 000 USD.
  • Protection against negative balance.




XM’s account opening process is easy, fully digital and quick. An application for account opening can be completed within 20 minutes and you can expect verification on the same day.

New clients will have a choice between numerous different languages when opening a trading account with XM. These include English, Chinese, French, German, Italian, Korean, Portuguese, Russian, Arabic, Filipino, Hungarian, Malay, Polish, Swedish, Bengali, Czech, Dutch, Greek, Indonesian, Spanish, Thai and Vietnamese.

The account opening process can be done within a few minutes. Follow these steps in order to open a trading account with XM:

  1. Select “Open a Real Account”.
  2. Fill in the application form with your details (name, country of residence, etc.).
  3. Obtain your XM login details from an email that was sent to you by the XM broker.
  4. Login to the broker’s secure Member Area.
  5. In the Members Area under the “Deposits”-tab, you can deposit funds into your trading account.
  6. You can also open an additional trading account in the Members Area if you already own a Real Account with XM.
  7. Finally, you can download your preferred trading platform.




A demo account at XM is ideal for traders that are new to forex in order to test their trading skills. XM’s demo account allows traders to use virtual trading funds which do not involve any risk of losing actual money. After using XM’s demo account, you can open a genuine trading account in order to trade real money.

XM clients may use the demo account for as long as they want to, since this does not have an expiry date. However, if a demo account has not been used for more than 90 days, the account will be closed. A new demo account can be opened whenever you like, but XM will only allow you to open a total of 5 demo accounts.

XM offers a great demo account compared to others in the industry. Customers can open a demo account with simplicity and will receive $100 000 USD to use as virtual trading funds. Their demo account is very unique due to the fact that traders can trade under identical conditions as the actual trading accounts.

XM traders should remember that virtual trading cannot replicate actual trading market conditions, even though the demo account has the same features of a real account.




The commissions and fees of XM are subject to the type of account being opened. Traders can choose from 4 account options including the Shares Account with a commission, as well as the Micro, Standard and Ultra-Low accounts with no commissions.

XM is definitely a frontrunner in the industry as far as fees and trading costs are concerned. XM provides reasonable spreads on forex trading, minimal non-trading fees and minimal fees for CFDs trading. They also do not ask for any withdrawal or deposit fees.

Traders can make use of XM’s brokerage fee calculator on their website to gain a better understanding of their fees and the trading costs involved.

The brokerage firm charges a monthly inactivity fee of $5 USD for accounts that have not been used for more than 90 days. Additional fees are charged on deposits and withdrawals for wire transfers that are less than $200 USD.

To conclude, the broker’s fees are reasonable for deposits under $1 000 USD on all account types. However, the broker’s ECN-style XM Zero account is reasonable for any deposit.




Traders at XM can trade by means of the same margin requirements and leverage from 1:1 to 1 000:1 subject to the account type. Leverage, for example, is where a trader has an account balance of $100 USD at a leverage of 100:1, which means that a trader has capital of $10 000 USD to trade with.

XM clients can either increase or decrease the leverage on their XM accounts under the “My Account” option, whereby the leverage will immediately be changed.

XM offers a great leverage range that may assist clients in deciding on their desired risk level. It is however suggested not to trade near a leverage of 1 000:1 because of the great risk it involves.




XM provides various payment methods for deposits or withdrawals including many credit cards, local bank transfers, bank wire transfers as well as other options. The minimum deposit amount for each of XM’s accounts is as follows:

  • The Micro Account has a minimum deposit amount of $5 USD.
  • The Standard Account has a minimum deposit amount of $5 USD.
  • The Ultra-Low Account has a minimum deposit amount of $50 USD.
  • The Shares Account has a minimum deposit amount of $10 000 USD.


Traders can access the Deposits / Withdrawal page under the “Member Area” section of XM in order to choose a preferred deposit or withdrawal option.




XM’s customer service is available from Monday to Sunday, 24 hours per day, which is above and beyond the global forex trading hours. You can contact XM with ease by going onto their website and using their live chat option under their contact section. Their customer service is very responsive and is offered in numerous languages, via phone, email and live chat.

Customer service at XM is available in over 20 languages, including English, Chinese, Italian, French, Japanese, Russian, Spanish, German, Portuguese, etc. There are various language options available for traders to feel welcome at XM by having the choice of communicating in their own language.

If any requests or inquiries are submitted to XM over a weekend, it will be addressed via email. XM’s customer service has gained a good reputation over the years and their representatives also have great technical knowledge.




Is XM regulated?

XM Global Ltd is there to make sure that the funds of XM’s clients are protected. Amongst others, XM is regulated by CySEC, ASIC and IFSC, which are abbreviations for the following entities:

  • CySEC – Cyprus Securities & Exchange Commission.
  • ASIC – Australian Securities & Investments Commission.
  • IFSC – International Financial Services Commission.


XM is a well-known company with clients from all over the world in many countries. There is no reason to believe that XM is a scam or that their clients’ funds are not protected.




When trading with XM, you instantly receive loyalty points that may be used for credit bonus rewards. This is an automated system provided by XM that requires no registration to join.

Traders will receive XM points that they can redeem for credit bonus rewards. Your XM points can be viewed and monitored in the “Members area”.

New XM clients will start at the first level, also known as the Executive level. Clients will automatically be promoted to higher levels based on their trading performance over time.




Daily briefings are provided on the major market events which form the global markets each day. A well-diversified team with more than 20 multilingual market experts offer traders with extensive knowledge.

The following research-related tabs can be found on XM’s website:

  • XM Markets.
  • News.
  • Technical Summaries.
  • Technical Analysis.
  • Videos.
  • Trade Ideas.
  • Economic Calendar forex.


A quality news flow can also be expected, and the broker provides a variety of technical analysis and a good economic calendar. Unfortunately, the XM broker does not offer fundamental data.



  • Average charting tools.
  • Use up to 31 technical indicators.
  • Charting tools are located on the MT trading platforms.
  • Design is outdated.
  • Certain features are not user-friendly, like how to remove a certain indicator from the chart.


News feed

  • A news feed can be found under the ‘Research and Education’ tab on the website.
  • The news items are very well categorised.
  • Video news is also available.


Economic Calendar Forex

  • The economic calendar is very good.
  • The calendar has a filter function that can show different types of data.


Trading signals

  • Manual trading signals are offered to live XM account holders.
  • Clients can access signals from 10 trading instruments, two times a day.


Video news analysis

  • The broker offers great daily forex news videos.




The broker offers an excellent educational service. At XM you can learn through a demo account, trading platform tutorial videos, educational videos and high-quality webinars.

The following educational-related tabs can be found on XM’s website:

  • XM Live.
  • Live Education.
  • Educational Videos.
  • Forex Webinars.
  • Platform Tutorials.
  • Forex Seminars.


The larger part of XM’s educational section consists of video content with in-depth topics provided by the broker. In addition to the mentioned educational resources, live training (online and offline) is offered for all types of traders.




XM $30 bonus promotion

The broker’s “$30 USD” trading bonus promotion is one of their most attractive benefits on offer. With this promotion, you will receive $30 credit on your trading account when opening a “Real Account”.

It must be noted that the $30 USD trading bonus is not withdrawable, but it can be used to try out XM’s products without the need to deposit any funds.

  • No deposit is applicable.
  • The XM bonus is paid automatically to your XM account.
  • Profits can be withdrawn.
  • New clients can benefit from the XM bonus.
  • The XM account bonus cannot be withdrawn.


50% deposit bonus (up to $500 USD) + 20% deposit bonus (up to $4 500 USD)

The broker provides a two-tier bonus on your deposit amount, providing you with the opportunity to trade with extra capital.

  • The XM account bonus is paid instantly on top of your initial deposit.
  • You can benefit from this XM bonus by depositing a minimum of $5 USD.
  • The XM account bonus is applicable on either of the broker’s MetaTrader accounts.
  • The XM account bonus cannot be withdrawn.


XM Brokers Loyalty Program

With the loyalty program, you can earn XM points while trading. These points can then be converted for crediting your account as XM bonus rewards. Traders do not have to apply for the loyalty program in order to earn XM points. Clients will start earning XM pints once they start trading.


Free VPS Services

A free VPS (virtual private server) service is offered by the brokerage firm.

  • Eliminate downtime.
  • Perfect for EAs.
  • Increase trading speed.
  • Accessible from anywhere.
  • 24/7 available (online).
  • Optical Fibre Connectivity.
  • Advanced Hardware.


Refer a Friend Program

XM offers a bonus for every friend you refer to the broker.

  • Earn up to $35 USD for every friend referred to XM.
  • Earn more as you refer more friends.
  • These commissions are withdrawable.

Zero Fees on Deposits & Withdrawals

No fees and commissions are charged on deposits and withdrawals.

  • Immediate account funding.
  • No hidden fees or commissions.




Is XM legit?

XM Brokers operates under XM Global Limited, which makes sure that clients’ funds are protected and that the relevant laws and regulations are complied with. As a result, XM undertakes the following safety measures:

  • Clients’ funds are segregated.
  • Client’s bank accounts are maintained with top banking institutions.
  • Supervision by regulators


XM is considered as a safe broker that can be trusted by traders. The broker is authorised by a tier 1 regulator, namely ASIC (Australian Securities & Investment Commission). XM is also authorised by a tier 2 regulator and a tier 3 regulator.

The company has won several global awards over the years, such as the Top Forex Broker in Europe for 2017 and 2018. It is clear that XM is a safe and reliable brokerage firm & trading partner.




Is XM a good broker?

All account types are basically the same with little dissimilarities between them, such as the Micro, Standard and Zero accounts. Clients need a more distinct offering in their accounts.

According to our research conducted, deposits through PayPal are not supported at his time. Many clients can be limited by the absence of a PayPal option.

As a result of licensing laws, people from many countries are not allowed to open a trading account with XM. These include countries like Canada and the United States.



XM is an all-inclusive broker service that offers trading options for all traders, whether you are a beginner or a world-class trader. The trading platform is also very user-friendly and easy to navigate.

The process of opening an account with XM is simple and straight forward and there are also many great educational trading tools to choose from. Their educational section is really good and includes tools, videos and live webinars.

With XM, traders or clients can choose from 4 different trading account types with the option to modify or customise any account to meet their specific needs. They also have a demo account available as a risk-free trading option.

XM is a globally recognised and well-regulated company with excellent offers. Traders are protected when using this broker for trading purposes.

XM is a highly suggested broker by Brokersuggest.com and can be trusted by potential new clients.


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