XM Trading Broker Review 2024

XM is a globally recognized and trusted online trading broker, established in 2009. With over 5 million clients from 190 countries, XM has built a reputation for offering a diverse range of trading instruments, exceptional customer service, and competitive trading conditions. Whether you’re a beginner looking for a user-friendly platform or an experienced trader seeking advanced tools, XM caters to all. As part of our extensive review process, we thoroughly tested XM’s services, platforms, and offerings to provide you with an in-depth and unbiased analysis. This XM broker review reflects our firsthand experience with the broker, ensuring that you get accurate and reliable information to make informed trading decisions.

Why to choose XM?

XM is a top choice for traders due to its low minimum deposit of just $5, making it accessible to beginners. The broker is highly regulated, ensuring a secure trading environment with transparent fee structures and competitive spreads. With over 1,000 trading instruments across various asset classes, XM offers ample opportunities for portfolio diversification. Additionally, the broker’s robust customer support and comprehensive educational resources provide valuable assistance, making XM suitable for traders of all experience levels.

XM offers a comprehensive selection of over 1,000 trading instruments, enabling traders to access a wide range of financial markets from a single account. Below is a detailed overview of the available trading instruments:

• Forex:
  Trade over 55 currency pairs, including major pairs (like EUR/USD, GBP/USD), minor pairs, and exotic pairs. XM provides competitive spreads, with leverage up to 1:1000 (depending on jurisdiction), making it a popular choice for forex traders of all experience levels.

• Commodities:
  Diversify your trading with access to both soft and hard commodities. XM offers trading on precious metals such as gold and silver, and energy products like crude oil and natural gas. This category allows traders to hedge against market volatility and inflation.

• Indices:
  XM allows trading on major global indices, including the S&P 500, NASDAQ, FTSE 100, DAX 30, and Nikkei 225. These indices represent a broad spectrum of economic sectors, giving traders opportunities to speculate on overall market movements rather than individual stocks.

• Stocks:
  Invest in over 1,200 individual stocks from leading companies across the US, Europe, and Asia. XM’s stock CFDs cover a wide range of sectors, from technology and healthcare to financials and consumer goods, enabling traders to focus on specific industries or diversified portfolios.

• Cryptocurrencies:
  Although the cryptocurrency offering is limited, XM provides access to popular digital assets like Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP). These crypto CFDs allow traders to speculate on the price movements of cryptocurrencies without owning the underlying assets.

This extensive range of trading instruments allows XM clients to diversify their investments, manage risk effectively, and capitalize on a broad array of market opportunities.

XM is known for its transparent and competitive fee structure, which is designed to cater to traders of all levels. Below is a breakdown of the different types of fees associated with trading at XM:

Deposit Fee at XM

XM does not charge any deposit fees. This is a significant advantage for traders as they can fund their accounts without incurring additional costs. Deposits are instant for most payment methods, ensuring a seamless trading experience.

Withdraw Fees at XM

XM also offers fee-free withdrawals, regardless of the withdrawal amount or method. This policy applies to all withdrawal options, including bank transfers, credit/debit cards, and e-wallets. Withdrawals are typically processed within 24 hours, although bank transfers may take a few extra days.

Account Fee

XM does not charge any account maintenance fees. Traders can keep their accounts open without worrying about any ongoing costs, which is beneficial for those who may not trade regularly but want to keep their accounts active.

Inactivity Fee

An inactivity fee is charged if there has been no trading activity for 90 days. The fee is $5 per month, which is relatively low compared to other brokers. However, this is something to keep in mind if you plan on taking a break from trading.

Spreads and Commissions

XM offers competitive spreads starting from as low as 0.6 pips on major currency pairs with no hidden markups. The broker provides both commission-free accounts and accounts with low commissions (such as the XM Zero account, which has spreads starting at 0.0 pips and a small commission per trade). The spread structure varies depending on the account type, but overall, XM is known for offering tight spreads and low trading costs.

XM is a highly regulated broker, ensuring a secure trading environment for its clients. The broker operates under the stringent oversight of several top-tier financial authorities, which enhances its credibility and trustworthiness.

Regulator Licences of XM

• CySEC – Cyprus Securities and Exchange Commission – Cyprus:
  XM operates under Trading Point of Financial Instruments Ltd, regulated by CySEC (license number 120/10).
• ASIC – Australian Securities and Investments Commission – Australia:
  XM is regulated in Australia under Trading Point of Financial Instruments Pty Ltd (AFSL number 443670).
• FSC – Financial Services Commission – Belize:
  XM Global Limited is regulated by the FSC under license number 000261/106.

Investors Protection

XM provides robust investor protection measures in line with the requirements of its regulators. For example, client funds are held in segregated accounts, separate from the company’s operating funds, ensuring they are protected even if the company faces financial difficulties. Additionally, clients under the CySEC regulation are covered by the Investor Compensation Fund (ICF), which offers compensation up to €20,000 in case the broker fails to meet its obligations.

About XM

XM was founded in 2009 and has since grown into one of the most reputable and well-established brokers globally, serving over 5 million clients from 190 countries. The broker has consistently expanded its product offerings, services, and market presence, earning multiple awards for its platforms, customer service, and trading conditions. XM’s commitment to regulation, transparency, and client protection has contributed to its solid reputation in the industry.

This strong regulatory framework, combined with a proven track record, makes XM a reliable and secure choice for traders worldwide.

XM offers a range of trading platforms that cater to the needs of different types of traders. Whether you are a beginner or an experienced trader, XM provides reliable and user-friendly platforms to execute your trades efficiently.

Mobile Trading Platform

XM’s mobile trading platform is available on both iOS and Android devices, providing a seamless trading experience on the go. The mobile platform is based on MetaTrader 4 (MT4) and MetaTrader 5 (MT5), offering full functionality including one-click trading, technical analysis tools, charting capabilities, and real-time quotes. The app is designed with a user-friendly interface that allows traders to monitor the markets, open and close trades, and manage their accounts from anywhere.

Web Trading Platform

The XM WebTrader is accessible directly from your browser, without the need to download or install any software. The web platform is based on MetaTrader 4 and MetaTrader 5, offering the same features as the desktop version, including advanced charting, multiple order types, and customizable indicators. It supports real-time trading and allows traders to manage their accounts, view detailed trading history, and execute trades quickly.

Desktop Trading Platform

XM offers the MetaTrader 4 and MetaTrader 5 desktop platforms, which are widely regarded as the industry standard for trading. These platforms provide advanced charting tools, automated trading through Expert Advisors (EAs), and support for multiple timeframes and order types. The desktop platforms are highly customizable, making them ideal for experienced traders who require a high level of control and functionality.

XM offers a straightforward and flexible deposit and withdrawal process, catering to the needs of traders worldwide. The broker supports multiple payment methods, various account currencies, and fee-free transactions, making it easy for clients to manage their funds.

Deposit Methods

XM supports a wide range of deposit methods, including:

• Credit/Debit Cards: Visa, MasterCard, Maestro

• Bank Wire Transfer

• E-Wallets: Skrill, Neteller, PayPal (depending on region)

• Local Payment Methods: Depending on your region, XM supports various local payment methods, ensuring accessibility for clients globally.

Deposits are processed instantly for most methods, allowing traders to fund their accounts and start trading without delay.

Withdrawal Methods

Withdrawals at XM are processed using the same methods as deposits, ensuring a secure and convenient process. All withdrawal requests are typically processed within 24 hours, though bank transfers may take a few additional days to reflect in your account.

Account Currencies

XM offers a wide variety of account currencies to accommodate traders from different regions. The available account currencies include: USD, EUR, GBP, AUD, JPY, CHF, HUF, PLN, RUB, ZAR, SGD, and many more.

This broad range of account currencies helps minimize currency conversion fees and offers flexibility to traders worldwide.

No Deposit or Withdrawal Fees

One of the standout features of XM is its commitment to fee-free deposits and withdrawals. Regardless of the method or amount, XM does not charge any fees, ensuring that traders keep more of their profits. However, it’s essential to note that your payment provider may impose its own charges, which are beyond XM’s control.

This flexible and fee-free deposit and withdrawal system, combined with a variety of account currencies, makes XM an excellent choice for traders seeking convenience and cost efficiency in managing their funds.

XM places a strong emphasis on educating its clients and providing them with the tools they need to make informed trading decisions. The broker offers a comprehensive range of research and educational resources that cater to both beginner and advanced traders.

Educational Resources

XM’s educational offerings are extensive and designed to enhance the trading knowledge of its clients. These include:

• Live Webinars: XM offers daily live webinars in multiple languages, covering a wide range of topics from basic trading concepts to advanced strategies. These webinars are hosted by industry experts and are free for all XM clients.

• Video Tutorials: The broker provides an extensive library of video tutorials that cover everything from platform navigation to technical analysis. These tutorials are easy to follow and are designed to help traders at all levels.

• Forex Seminars: XM regularly hosts seminars around the world, offering in-person training on various trading topics. These seminars are a great opportunity for traders to learn directly from experts and network with other traders.

• Educational Articles: A variety of articles and e-books are available on the XM website, covering essential trading concepts, strategies, and market analysis techniques.

Research Tools

XM offers a range of research tools to help traders stay informed and make data-driven decisions:

• Daily Market Analysis: XM provides daily technical and fundamental analysis on major currency pairs, commodities, indices, and stocks. These analyses offer insights into market trends and potential trading opportunities.

• Economic Calendar: The economic calendar on the XM website tracks key economic events and data releases that can impact the markets. Traders can use this tool to plan their trades around important market-moving events.

• Trading Signals: XM offers free trading signals on a range of instruments, delivered directly to the client’s inbox or via the platform. These signals provide actionable insights and trade ideas based on technical analysis.

Overall, XM’s commitment to education and research makes it a great choice for traders who want to continuously improve their skills and stay updated with market developments.

XM excels in customer support, providing responsive and multilingual assistance to its clients. The broker offers 24/5 support, ensuring that help is available during all trading hours. Clients can reach XM through various channels, including live chat, email, and telephone. The live chat feature is particularly impressive, with response times typically under a minute, making it the go-to option for quick inquiries. Email support is also efficient, with responses usually within 24 hours, while telephone support is available for those who prefer direct communication.

XM’s customer service is available in over 30 languages, reflecting its global client base. The support team is knowledgeable and capable of assisting with a wide range of queries, from technical issues with the trading platform to questions about account management and trading conditions. Additionally, XM’s website features a comprehensive FAQ section, which addresses common questions and provides immediate answers without the need to contact support.

This high level of customer service, combined with the availability of multiple contact methods and quick response times, ensures that XM traders can get the help they need promptly and efficiently, no matter where they are in the world.

Account Types

XM offers a variety of account types tailored to meet the needs of different traders, ranging from beginners to experienced professionals. Each account type is designed to offer specific benefits and trading conditions, allowing traders to choose the one that best suits their trading style and financial goals.

Micro Account: This account type is ideal for beginners or those who want to trade smaller volumes. It allows trading with micro-lots (1 micro lot = 1,000 units of the base currency), providing a low-risk entry into the market. The minimum deposit is just $5, and leverage can go up to 1:1000, depending on the region.

Standard Account: The Standard Account is suitable for more experienced traders who prefer to trade in standard lot sizes (1 standard lot = 100,000 units of the base currency). Like the Micro Account, it requires a minimum deposit of $5 and offers the same leverage options, with spreads starting from 0.6 pips.

XM Ultra Low Account: This account type is designed for traders who prioritize lower trading costs. It offers ultra-low spreads starting from 0.6 pips without any additional commission. The XM Ultra Low Account is available in both Micro and Standard contract sizes, with a minimum deposit requirement of $50.

XM Zero Account: The XM Zero Account is tailored for traders who prefer tighter spreads, starting from 0.0 pips. This account type charges a commission of $3.5 per $100,000 traded. The minimum deposit for the XM Zero Account is $100, and it supports trading in 55 currency pairs, as well as gold and silver.

Shares Account: The Shares Account is specifically designed for traders who want to invest in stocks. This account requires a minimum deposit of $10,000 and is available only in USD. It offers trading in over 100 shares with competitive commission rates but does not offer leverage.

Islamic Account

XM offers an Islamic Account, also known as a swap-free account, for traders who follow Sharia law. This account type is available across all XM account options and is designed to comply with Islamic principles by eliminating swap or rollover interest on overnight positions. The Islamic Account provides the same features as standard accounts, including competitive spreads and access to all trading instruments, without any additional costs. Traders can select the swap-free option during registration or request to convert an existing account through customer support, making it easy to trade while adhering to religious beliefs.

Demo Account at XM

XM also provides a Demo Account that mirrors the conditions of a live trading account, making it an excellent tool for beginners to practice and for experienced traders to test strategies. The demo account comes with $100,000 in virtual funds and offers access to all the trading platforms and instruments available in the live environment. There is no time limit on the demo account, allowing traders to use it as long as they need to feel confident before transitioning to live trading.

Each account type at XM is structured to cater to specific trading needs, ensuring that every trader, regardless of their experience level or trading strategy, can find an account that aligns with their goals.

Opening an account with XM is a straightforward and quick process that can be completed online in just a few minutes. The broker has streamlined the process to ensure that both new and experienced traders can get started with minimal hassle.

Steps to Open an XM Account:

1. Registration: Visit the XM website and click on the “Open an Account” button. You will be prompted to fill out a simple registration form that requires basic personal information, such as your name, email, and phone number. You will also need to select your preferred account type and currency.
2. Verification: After completing the registration form, you will need to verify your identity and address by uploading copies of your government-issued ID (such as a passport or driver’s license) and a recent utility bill or bank statement. This step is in compliance with international regulatory standards.
3. Funding Your Account: Once your account is verified, you can proceed to fund it using one of the supported deposit methods. XM offers a low minimum deposit of $5 for Micro and Standard accounts, making it accessible for all traders.
4. Start Trading: After your account is funded, you can log in to the trading platform of your choice (MetaTrader 4 or 5) and begin trading immediately.

XM’s account opening process is user-friendly, and verification is typically completed within 24 hours, allowing traders to get started quickly. Additionally, XM provides excellent customer support throughout the process should you need any assistance.

After thoroughly testing XM across various aspects, we can confidently say that it is a solid choice for traders of all levels. XM stands out for its robust regulatory oversight, extensive range of trading instruments, and user-friendly platforms. The broker’s commitment to transparency, with no hidden fees and competitive spreads, further enhances its appeal.

XM’s educational resources and research tools are impressive, providing valuable support to both novice and experienced traders. The availability of multiple account types, including an Islamic account, ensures that traders can find an account that suits their needs. Additionally, the seamless account opening process, coupled with fee-free deposits and withdrawals, makes XM a convenient and cost-effective option.

However, there are a few limitations, such as the limited cryptocurrency offerings and the presence of an inactivity fee. Despite these minor drawbacks, XM’s strengths far outweigh its weaknesses, making it a reliable and well-rounded broker for traders looking for a secure and versatile trading environment.

In conclusion, XM delivers a comprehensive and client-focused trading experience, backed by strong regulation and a commitment to customer satisfaction. Whether you’re a beginner or an experienced trader, XM provides the tools, support, and conditions needed to succeed in the financial markets.

Best 4 XM Alternatives

XTB

Broker Rating: 4.5/5

76-83% of retail investor accounts lose money with this provider.

Read review Visit Broker

Global Prime

Broker Rating: 4.3/5

Trading carries a high risk. You can loose all your funds.

Read review Visit Broker

CM Trading

Broker Rating: 4.2/5

Trading carries high risks. You can loose all your funds.

Read review Visit Broker

Fusion Markets

Broker Rating: 4.1/5

Trading carries a high risk. Losses can exeed initial funds.

Read review Visit Broker

FAQ

MarketBulls Testing Methodology

At MarketBulls, our commitment to delivering accurate, reliable, and comprehensive reviews is at the core of everything we do. Our testing methodology is designed to provide traders with insights that are grounded in real-world experience, thorough analysis, and a deep understanding of the financial markets.

1. Expertise and Experience:

Our reviews are conducted by seasoned trading professionals who bring years of market experience to the table. Each review is meticulously fact-checked and validated by our in-house experts to ensure it meets the highest standards of accuracy and relevance.

2. Self-Testing and Hands-On Evaluation:

We don’t just rely on theoretical data or external sources. Every broker review undergoes a rigorous self-testing process, where our analysts actively trade on the platforms under review. This hands-on approach allows us to assess the broker’s performance across key areas such as execution quality, platform usability, fee structures, and customer support. By engaging with the platforms ourselves, we provide insights that are both practical and trustworthy.

3. Transparent and Unbiased:

Integrity is central to our methodology. MarketBulls operates with complete transparency, ensuring that all reviews are unbiased and free from external influence. We disclose any potential conflicts of interest and maintain objectivity throughout our review process. Our goal is to empower traders with information that helps them make informed decisions tailored to their specific trading needs.

To support the ongoing work of our platform, MarketBulls may earn commissions from affiliate links. However, this does not impact our review process or the information we provide. Our reviews are based solely on the quality, features, and performance of the brokers, ensuring that our readers receive honest and reliable assessments.

4. Comprehensive Analysis:

Our reviews cover a broad spectrum of factors, including regulatory compliance, asset diversity, trading conditions, and user experience. By considering the needs of both novice and professional traders, we deliver well-rounded evaluations that highlight both the strengths and areas for improvement for each broker.

5. Continuous Updates:

The financial markets are dynamic, and so are our reviews. We continuously monitor changes in broker offerings, regulations, and market conditions to ensure our content remains up-to-date. This commitment to ongoing accuracy allows us to provide our readers with the most current and relevant information available.

Risk Disclaimer

Trading financial instruments, including but not limited to forex, CFDs, stocks, and cryptocurrencies, carries a high level of risk and may not be suitable for all investors. The leveraged nature of these products can work both to your advantage and disadvantage. As a result, you may lose more than your initial investment.

Before deciding to trade, it is essential to understand the risks involved fully. Ensure you are aware of your risk tolerance and seek independent financial advice if necessary. Past performance is not indicative of future results, and no trading strategy can guarantee returns.

MarketBulls makes every effort to provide accurate and reliable information. However, we do not guarantee the completeness, timeliness, or accuracy of the information provided. MarketBulls is not responsible for any losses incurred as a result of trading decisions based on the information presented on this site.

Please note that trading leveraged products carries a significant risk of losing all your invested capital. It is crucial to only trade with money you can afford to lose. MarketBulls does not offer financial advice, and all content is for informational purposes only.