Review

XM.com Broker Review: What’s the Deal With the Huge Leverage?

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XM.com Review Header

Risk Warning: Your Capital is at Risk.

XM is an online broker for trading on forex with a strict no re-quotes and no rejections policy.

As an internationally regulated and licensed broker, XM has more than 3.5 million clients in over 200 countries with access to trading more than 1,000 instruments.

Traders with XM can choose between the popular MetaTrader 4 or MetaTrader 5 platforms or access the XM WebTrader through their browser. 

Since its founding in 2009, the broker has picked up over 30+ industry awards. This review gives readers in an in-depth overview of XM and discusses the broker’s advantages and disadvantages.

Start Trading Now at  XM.com

Key XM Facts & Features

 XM.com Logo
www.xm.com
Our Overall Rating
Broker Trust Rating80/100
Trading ProductsCFDs, forex

MarketsCFDs on commodities,
energies,
forex,
indices,
metals,
and stocks
Countries Served196+ (full list below)
Minimum DepositMicro or Standard Account: $5, XM Zero Account: $100. (*account availability depends on the client's country of residence)
Spreads & FeesVariable spread on each trade;
overnight fees;
account dormant for 90 days or more: $5
RegulatorsFCA, IFSC, ASIC, CySEC, and more. (See the full list.)
Customer SupportEmail, phone, call back and live chat
Demo AccountYes, up to 5 per trader, no expiry.

Pros and Cons of Choosing XM

XM appeals to traders across the world who can rely on support in their language. The broker’s track record of over 2.4 billion trades executed with no re-quotes or rejections is further motivation for traders to consider this regulated broker.

XM’s forex fees are average and you can also expect to pay an inactivity fee if your account is dormant for more than 90 days.

What's good about XM?What could XM do better?
Tick IconTrustworthy broker (we scored XM 80/100 in our broker trust rating)No cryptocurrency CFDs available to trade
Tick Icon1,000+ trading instrumentsOnly offers variable spreads which can prove unpredictable
Tick IconWebinars available 7 days a week in 19 languagesWithdrawals can take up to 5 business days to arrive in certain accounts
Tick IconSupport in nearly 30 languages

Start Trading Now at  XM.com

What Can You Trade With XM?

XM offers clients access to trading forex and CFDs on stocks, energy commodities, soft commodities, precious metals, and indices. More than 1,000 instruments are available to trade.

Note: XM does not currently offer CFDs on cryptocurrencies.

Forex Pairs

XM offers trading in more than 55 currency pairs including majors, minors, and many exotics.

List of currency pairs available to trade with XM

Currency Pair
AUD/CAD
AUD/CHF
AUD/JPY
AUD/NZD
AUD/USD
CAD/CHF
CAD/JPY
CHF/JPY
CHF/SGD
EUR/AUD
EUR/CAD
EUR/CHF
EUR/DKK
EUR/GBP
EUR/HKD
EUR/HUF
EUR/JPY
EUR/NOK
EUR/NZD
EUR/PLN
EUR/RUB
EUR/SEK
EUR/SGD
EUR/TRY
EUR/USD
EUR/ZAR
GBP/AUD
GBP/CAD
GBP/CHF
GBP/DKK
GBP/JPY
GBP/NOK
GBP/NZD
GBP/SEK
GBP/SGD
GBP/USD
NZD/CAD
NZD/CHF
NZD/JPY
NZD/SGD
NZD/USD
SGD/JPY
USD/CAD
USD/CHF
USD/CNH
USD/DKK
USD/HKD
USD/HUF
USD/JPY
USD/MXN
USD/NOK
USD/PLN
USD/RUB
USD/SEK
USD/SGD
USD/TRY
USD/ZAR

Stock CFDs

CFDs on over 100 US, UK, and Germany stocks are available to trade on the XM platform.

See some of XM’s international stock CFDs

CountryStocks
USAflac, Alcoa, Alibaba, IBM, Tesla
UKAviva, BTGroup, HSBC, Unilever, Vodafone
FranceAirFrance, Peugeot, Danone, Ubisoft, Veiola
GermanyAdidas, AllianzAG, Daimler, Deutsche Bank, Lufthansa
NetherlandsPhilips, TomTom, Fugro, BAM, SBM
SpainSantander, IAG, Sacyr, Mapfre, Repsol
SwitzerlandNestle, UBS, Swisscom, Oerlikon, Temenos
BelgiumOntex, Proximus, Solvay, UCB, Dieteren
ItalyUniCredit, Moncler, FinecoBank, Ferrari, DeLonghi
GreeceJumbo, Piraeus Bank, MotorOil, OPAP, PPC
PortugalSemapa, Sonae, Galp Energia, Mota-Engil, NOS
SwedenEricsson, Volvo, H&M, Betsson, Husqvarna
FinlandNokia, Fortum, Orion, Neles, Kemira
NorwayOrkla, Telenor, Salmar, Mowi, Norwegian Air
AustriaOMV, Verbund, Raiffeisen Bank, UNIQA, Andritz
RussiaLukoil, Gazprom
BrazilPetroleo BRA, BRF, Ambev, Gerdau, Vale
CanadaAphria, Brookfield, Cronos, Shopify, Telus

Access to shares CFDs depends on the client’s country of residence. Always check the broker website for the latest information.

Commodity CFDs

XM clients can trade popular soft commodity, energy, and metals futures CFDs.

List of XM commodities CFDs

Commodity Category
Brent Crude Oil Energy
London Gas Oil Energy
Natural Gas Energy
WTI Oil Energy
WTI Oil Mini Energy
Gold Metals
High-Grade Copper Metals
Silver Metals
Cocoa Soft Commodities
Coffee Soft Commodities
Corn Soft Commodities
Cotton Soft Commodities
Soybean Soft Commodities
Sugar Soft Commodities
Wheat Soft Commodities

Equity Indices

The indices CFDs offered for trading on the XM platform include cash and futures equity indices.

XM equity indices

Symbol Category
AUS200Cash Cash Index
EU50Cash Cash Index
FRA40Cash Cash Index
GER30Cash Cash Index
HK50Cash Cash Index
IT40Cash Cash Index
JP225Cash Cash Index
NETH25Cash Cash Index
SPAIN35Cash Cash Index
SWI20Cash Cash Index
UK100Cash Cash Index
US100Cash Cash Index
US30Cash Cash Index
US500Cash Cash Index
EU50 Futures Index
FRA40 Futures Index
GER30 Futures Index
JP225 Futures Index
SWI20 Futures Index
UK100 Futures Index
US100 Futures Index
US30 Futures Index
US500 Futures Index
USDX Futures Index

Start Trading Now at  XM.com

Where Does XM.com Operate?

XM offers trading services to residents or citizens of more than 200 countries. The broker’s head office is in Limassol, Cyprus, while they also have offices in Athens and Sydney.

To confirm whether is on the list, you can go to the XM registration page for the most up-to-date information. This page will also tell you whether you’re eligible to open an account with XM or XM Global.

IMPORTANT: CFDs are not available in the USA due to local regulation, and regulated brokers do not accept US citizens or US residents as clients.

See the countries XM operates in

Afghanistan
Albania
Algeria
Andorra
Angola
Anguilla
Antarctica
Antigua and Barbuda
Argentina
Armenia
Aruba
Australia
Austria
Azerbaijan
Bahamas
Bahrain
Bangladesh
Barbados
Benin
Belarus
Belgium
Bermuda
Bhutan
Bolivia
Bosnia and Herzegovina
Botswana
Brazil
British Indian Ocean
British Virgin Islands
Brunei
Bulgaria
Burkina Faso
Burundi
Cabo Verde
Cambodia
Cameroon
Cayman Islands
Central African Republic
Chad
Chile
Christmas Island
Coco (Keeling) Islands
Colombia
Comoros
Congo (Democratic Republic Of)
Congo (Republic Of)
Cook Islands
Costa Rica
Croatia
Curacao
Cyprus
Czech Republic
Denmark
Djibouti
Dominica
Dominican Republic
East Timor
Ecuador
Egypt
El Salvador
Eritrea
Ethiopia
Estonia
Falkland Islands
Faroe Islands
Fiji
Finland
France
French Guiana
French Polynesia
Gabon
Gambia
Georgia
Germany
Ghana
Gibraltar
Greece
Greenland
Grenada
Guadelope
Guatemala
Guinea
Guinea-Bissau
Guyana
Haiti
Honduras
Hong Kong SAR
Hungary
Iceland
India
Indonesia
Iraq
Ireland
Italy
Ivory Coast
Jamaica
Jordan
Kazakhstan
Kenya
Kiribati
Korea, South
Kuwait
Kyrgyzstan
Laos
Latvia
Lebanon
Lesotho
Libya
Liechtenstein
Lithuania
Luxembourg
Macau China
Madagascar
Malawi
Malaysia
Maldives
Mali
Malta
Marshall Islands
Martinique
Mauritania
Mauritius
Mayotte
Mexico
Micronesia
Moldova
Monaco
Mongolia
Montenegro
Montserrat
Morocco
Mozambique
Namibia
Nauru
Nepal
Netherlands
New Caledonia
Nicaragua
Niger
Nigeria
Niue
Norfolk Island
Norway
Oman
Pakistan
Palestine, State of
Panama
Papua New Guinea
Paraguay
Peru
Philippines
Pitcairn Islands
Poland
Portugal
Qatar
Republic of North Macedonia
Reunion
Romania
Russia
Rwanda
Saint Helena
Saint Kitts and Nevis
Saint Lucia
Saint Pierre and Miquelon
Samoa
San Marino
Sao Tome and Principe
Saudi Arabia
Senegal
Serbia
Seychelles
Sierra Leone
Singapore
Slovakia
Slovenia
Solomon Islands
Somalia
South Africa
Spain
Sri Lanka
St Vincent and the Grenadines
Sth Georgia & Sth Sandwich Isl
Suriname
Svalbard and Jan Mayen
Swaziland
Sweden
Switzerland
Taiwan Area
Tajikistan
Tanzania
Thailand
Togo
Tokelau
Tonga
Trinidad and Tobago
Tunisia
Turkey
Turkmenistan
Turks and Caicos Islands
Tuvalo
Uganda
Ukraine
United Arab Emirates
United Kingdom
Uruguay
Uzbekistan
Vanuato
Vatican City
Venezuela
Vietnam
Wallis and Futuna
Western Sahara
Yemen
Zambia
Zimbabwe

XM does not provide trading services to residents of certain countries, including:

  • United States of Ameria
  • Canada
  • Israel
  • Islamic Republic of Iran

Website & Support Languages

The XM website is available in 22 different languages, with customer support provided in more than 25 languages.

Languages XM provides support in

  • Arabic
  • Bahasa Indonesia
  • Bahasa Malay
  • Bengali
  • Bulgarian
  • Cebuano
  • Czech
  • English
  • French
  • German
  • Greek
  • Hindi
  • Italian
  • Nepali
  • Polish
  • Portuguese
  • Romanian
  • Russian
  • Serbian
  • Simplified Chinese
  • Slovakian
  • Spanish
  • Tagalog
  • Thai
  • Traditional Chinese
  • Urdu
  • Vietnamese

XM offers 24-hour support, 5 days a week through email, live chat, phone, and fax. They also have a dedicated FAQ page to help clients search for answers to their questions.

XM Account Types

Traders can choose from three XM account types: a Standard account, a Micro account, or an XM Zero account. You can also open a demo account to practice strategies and trading.

All XM account types offer negative balance protection for EU residents. That means losses cannot exceed deposits as required by ESMA.

This table summarizes XM’s three account types:

MicroStandardXM Zero
Base currency optionsUSD, EUR, GBP, JPY, CHF,‎
AUD, HUF, PLN, RUB, SGD, ZAR
USD, EUR, GBP, JPY, CHF,‎
AUD, HUF, PLN, RUB, SGD, ZAR
USD, EUR, JPY
CommissionNoNoYes
Spread on all majorsAs low as 1 PipAs low as 1 PipAs low as 0 Pips
Minimum deposit5$5$100$
Islamic accountOptionalOptionalOptional

Note: Availability of account types depends on the client’s country of residence.

What Instruments Do Accounts Have Access To?

Traders can choose forex or multi-asset options when opening their accounts. A multi-asset account allows trading forex as well as CFDs on the MT5 trading platform.

Once traders have opened an account, they have access to the XM Member section of the broker site and their trading platform of choice.

From here traders can manage their account, including depositing and withdrawing funds, claiming promotions, checking positions and leverage, and accessing the trading tools offered through XM.

XM Demo Account With MT4

XM’s free demo account is popular among traders to practice ideas or even experienced traders to test strategies. Demo accounts have no expiry date, but they are closed when not used for 90 days.

Clients may apply for a new demo account at any time. Up to five demo accounts are allowed per trader.

Demo accounts have all the features and functions of a real account, including the speed of execution. Traders have access to $100,000 in virtual trading funds with real-time data and analytic tools.

Also, traders with demo accounts can make use of XM’s 24/5 support and all the broker’s educational materials.

Opening an XM demo account.

Account Requirements

Opening an XM account takes less than five minutes.

First, you fill in some basic information including your name, address, and some information about your financial background and trading experience. XM then sends you an email with your log-in details.

Before you can trade with XM for the first time, you must provide identity and residential address verification.

Documents accepted include a color copy of a valid passport or other official identification documents (e.g. national ID card, driver’s license, or government ID).

What Acount Information Does XM Request?

The identification document must contain the following:

  1. Full name
  2. Issue or expiry date
  3. Place and date of birth or tax identification number
  4. Signature

To pass the residential address verification, you will need to provide a recent utility bill no older than 3 months. Acceptable bills include the following:

  1. Electricity bill
  2. Water or gas bill
  3. Phone bill
  4. Television services bill
  5. Internet bill

Traders then need to fund their accounts with a deposit, discussed below in the deposits and withdrawals section of this review.

Start Trading Now at  XM.com

Deposits and Withdrawals

Traders with Micro or Standard accounts can open and fund an account with a minimum of $5, while XM Zero accounts require a minimum deposit of $100.

How To Deposit With XM

XM offers several funding options for deposits and withdrawals. These include:

  • Major credit cards
  • Multiple electronic payment methods
  • Bank wire transfer
  • Local bank transfer

Exact details about each payment method are visible when you log in to the ‘Members Area‘. Once you selected a payment method of choice, there are clear instructions to follow to complete the process.

Funds are generally available instantly except for Union Pay, which takes 24-hours.

Wire transfer deposits and withdrawals over $200 are included in XM’s zero fees policy. Funds are generally available in two-to-five business days.

How To Withdraw Funds From XM

XM requires a $5 minimum withdrawal for Micro and Standard accounts. XM Zero accounts have a withdrawal minimum of $100.

All withdrawals above $200 processed by wire transfer are included in XM’s zero fees policy.

When making a withdrawal, XM transfers your funds back to the original funding method you used to fund your account. If this is not possible, they will transfer the funds to your identified bank account. This account must be in the same name as the account maintained with XM.

How Long Do Withdrawals Take?

All withdrawal requests are instantly reflected in clients’ trading accounts as pending withdrawals. XM processes requests within 24 working hours, but it may take up to five business days for funds to arrive depending on the final destination.

Withdrawal requests are processed in the currency in which the deposit was originally made.

XM may require copies of your credit card before approving a withdrawal request. Traders should consult the Funds Withdrawal section of the broker website for more details on this topic.

Leverage and Margins

CFD traders on the XM platform have access to varying amounts of leverage, from 2:1 up to 30:1, depending on the financial instrument traded and in their country of residence.

Margins vary by product type. Calculations are as follows:

ProductMargin Formula
CFDsLots * Contract Size * Opening Price * Margin Percentage
ForexNumber of Lots * Contract size / Leverage
Gold & SilverLots * Contract Size * Market Price / Leverage

Traders should keep track of their available margin. Accounts that exceed the allowable margin face the risk of having positions closed out by XM.

Margin level is calculated as: Equity / Margin * 100%

XM Spreads and Fees

Traders with Micro and Standard accounts pay the XM variable spread on CFD trades instead of a commission.

The broker offers variable spreads only, which means spreads can widen above the minimum XM spread as market conditions become more volatile.

Micro and Standard account spreads on all majors start as low as 1 pip, while XM Zero account holders can expect spreads as low as 0 pip. Always consult the broker website for up-to-date spreads.

Other Relevant Fees

  • Overnight fee – Traders who hold positions open overnight are generally charged (or credited with) rollover interest. In the case of forex, the amount credited or charged is calculated based on the position taken as well as the rate differentials between the two currencies traded. In the case of stocks and stock indices, the amount credited or charged is calculated based on whether a short or a long position has been taken.
  • Inactivity fee – Accounts that are dormant for 90 or more days incur a monthly inactivity fee of $5.

XM does not charge deposit or withdrawal fees or commissions on Micro and Standard accounts.

Start Trading Now at  XM.com

XM Trading Platform Overview

XM offers clients several mobile and desktop versions of both the MetaTrader 4 (MT4) and MetaTrader 5 (MT5) trading platforms.

Alternatively, traders can opt to access the XM WebTrader through their browser.

Different XM trading platforms.

You can trade all the instruments available at XM on the MT4 platform except individual stocks, which can only be traded on MT5.

Mobile Trading With XM

Both MT4 and MT5 are available for Android and iOS mobile devices.

Links and download instructions for the XM MT4 and MT5 mobile apps are easy to find under ‘Platforms’ in the main menu of the broker website.

XM trading platform overview page.
This screenshot shows all the platforms available with XM.

With MT4 and MT5 mobile trading, traders can follow the global markets from anywhere and instantly place and execute orders.

There’s no difference between trading assets, tools, or trading speeds for smartphones or tablets and those for desktop PCs.

Desktop Trading With XM

You can use the MT4 or MT5 desktop apps with your XM account or access WebTrader via your web browser instead.

The download is quick, provided you have a decent internet connection. Once traders agree to some standard disclosures they can click the MT4 or MT5 icon on their desktop and be on the platform in seconds.

MT4 trading platform screen example.
This screenshot is only an illustration. Current market prices can be found on the broker website.

MT4 and MT5 At a Glance

XM MT4 FeaturesXM MT5 Features
Access to 1000+ instruments, including forex, futures, and most CFDs Access to 1000+ instruments, including forex and CFDs (also individual stock CFDs)
Single login to 8 platformsSingle login to 7 platforms
1-click trading1-click trading
Technical analysis with over 50 indicators and toolsTechnical analysis with 80 indicators and tools
3 chart typesCan display 100 charts at the same time
Hedging allowedHedging allowed
Full Expert Advisor functionalityFull Expert Advisor functionality
Historic data import/exportsAdvanced built-in MQL5 development environment
Built-in help guidesMulti-currency tester and alerts
Guarantees full data back-up and securitySupports all order types

How Is XM Regulated?

XM is owned and operated by Trading Point Holdings, which is a licensed and multi-regulated financial institution.

Trading Point Holdings is the holding company of Trading Point of Financial Instruments Limited, XM Global Limited, Trading Point of Financial Instruments Pty Ltd, and Trading Point MENA Limited. They are authorized and regulated as follows:

Additional Oversight

In addition to the regulators above, XM is under oversight by the following agencies:

See additional oversight agencies for XM.

Agency Abbreviation Locale
French Prudential Supervision and Resolution Authority ACPR France
Authority for the Financial Markets AFM Netherlands
Federal Financial Supervisory Authority BaFin Germany
National Securities Market Commission CNMV Spain
Italian Companies and Exchange Commission CONSOB Italy
Financial Supervisory Authority FI Sweden
Finnish Financial Supervisory Authority FIN-FSA Finland
Financial Supervision Commission UKNF Poland
Hungarian National Bank MNB Hungary

All these agencies have strict compliance guidelines. One such requirement by CySEC is that the broker must regularly submit financial statements to ensure the firm has adequate capital to operate.

The regulators also require XM to segregate client money in separate bank accounts at top-tier financial institutions.

Client funds are also protected through multiple compensation schemes, such as CySEC’s Investor Compensation Scheme. These programs compensate account holders in the event of a brokerage firm’s financial collapse or its inability to make customers whole on their account balances.

Start Trading Now at  XM.com

FAQs

Is XM legit?

As a multi-regulated online broker, XM must adhere to strict compliance guidelines. At present, XM is overseen by 13 different regulatory bodies based in over 10 countries. The company also boasts a track record of over 2.4 billion trades executed with no re-quotes or rejections. That said, traders are encouraged to do their own research and decide whether XM is the right broker for their needs.

What is the minimum deposit for XM?

The minimum deposit for Micro or Standard accounts is $5. The minimum for XM Zero accounts is $100. Traders can deposit funds into their XM accounts through methods like Visa, Visa Electron, Mastercard, Maestro Diners Club International, UnionPay, XM Card, Skrill, Neteller, Web Money, and bank wire transfers.

How long do XM withdrawals take?

XM withdrawal requests are processed within 24 hours. Clients receive their money on the same day for payments made via e-wallet. Payments by bank wire, credit card, or debit card can take between two-to-five business days. Withdrawals can only be processed via the method used to deposit the funds.

Does XM offer bonuses?

ESMA regulations prohibit CFD brokers from offering bonuses to retail investors in Europe to encourage CFD trading (or a greater volume of trading), including signup bonuses or fee rebates.

However, XM does provide a loyalty program and a rewards system for clients outside of the European Union. For example, clients who maintain an account balance (equity credit) of $5,000 or the currency equivalent get free access to XM’s Virtual Private Server (VPS).

Does XM provide educational resources?

The XM research and education section offers a very detailed library of educational materials for traders. These include market reviews, stock market news, forex news, investment-themed articles, technical analysis, videos, and a learning center where webinars, seminars, and video tutorials are presented.


Credits: Original XM review written by Lawrence Pines. Major updates and additions in Feb 2021 by Linda de Beer with contributions from the Commodity.com editorial team.

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