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78.04% of retail investor accounts lose money when trading CFDs

Want to see if XM is a legit broker? Safe to trade? It spread is high or low? How long to deposit or withdraw money?

We provide answers to all the questions in this XM Review.

We checked all XM licenses and regulations to see if XM scam or safe. We compared XM fees like spread & commission from its live account to over 150 brokers, required time for deposit & withdrawal and many more findings all in this review.

What is XM

XM is a CFD and Forex broker established in 2009.

The company operates as XM Group and covers numerous worldwide countries through various entities under the licenses of CySEC in Cyprus, ASIC Australia, DFSA in UAR, Belize IFSC and a separate website authorized by the top-tier FCA in the UK.

XM highlights

🗺️ Regulated inUK, Cyprus, Australia, Dubai, Belize
🛡️ Is XM safe to tradeYes
💵 EUR/USD spread1.6 pips
🏦 DepositBank Wire, Cards, Skrill, Neteller
💰 Minimum depositUS$5
🏦 WithdrawalBank Wire, Cards, Skrill, Neteller
💻 Trading platformMT4, MT5
💳 Trading marketsForex, CFDs on Futures, Indices, Shares, Metals, Energies
📈 Number of product1,000+
📉 Live chat responseInstant and relevant answers


License and regulation are crucial to traders’ fund security. We check two facts, the broker’s background and license, and how trader is protected if something goes wrong.

Is XM legit

XM is licensed by 5 regulators, it is headquartered in Cyprus under CySEC, Australian subsidiary is under the Australian Securities and Investment Commission (ASIC), UAE branch under Dubai’s Financial Services Authority (DFSA).

The name and brand is a part of XM Group and is based in the UK under the top-tier FCA regulations.

XM licenses and status

EntityRegistered inRegulatorLicense no.Status
Trading Point of Financial Instruments UK LimitedUKFinancial Conduct Authority (FCA) 705428Currently Regulated
XM Asia Pacific Pty Ltd AustraliaAustralian Securities and Investments Commission (ASIC)ABN 11 100 058 213AFSL No. 238054Currently Regulated
Trading Point of Financial Instruments LtdCyprusCyprus Securities & Exchange Commission (CySEC)120/10Currently Regulated
Trading Point MENA LimitedDubaiFinancial Markets Authority (FMA) No. F003484Currently Regulated
XM Global LimitedBelizeInternational Financial Services Commission (IFSC) IFSC/60/354/TS/19Registered
XM Review – CySEC License
XM Review – CySEC License

Is XM safe

Yes, XM is considered safe because its group is regulated by various regulators including the top-tier.

XM operates 5 entities and is fully authorized in each jurisdiction. ASIC and CySEC has strong obligatory rules to safety measures, the international proposal though is via offshore Belize entity.

XM compensation scheme

EntityCompensation AmountNegative Balance Protection
Trading Point of Financial Instruments UK Limited£85,000Yes
XM Asia Pacific Pty Ltd No compensationYes
Trading Point of Financial Instruments Ltd€20,000Yes
Trading Point MENA LimitedNo compensationYes
XM Global LimitedNo compensationYes

The matter of entity applies differences between regulatory requirements and compensations schemes.

We recommend registering account with the UK or XM Cyprus or Australia as we consider regulations the best

XM provides negative balance protection for the traders, so the balance converts to 0 in case your trades go negative.

Markets and Products

XM offers advanced range of tools with over 1000 instruments and 6 asset classes. Markets includingForex, CFDs on Stocks, Indices, Commodities, Oil and Metals. However, trading instruments are different in each entity and Cryptocurrencies or ETFs are not available.


Over 55 Currency pairs also including exotic ones are available for trading at XM.  


Account types

XM has several account types that are different in each jurisdiction.


Trading accounts for CFDs trading are three Micro, Standard and Zero Account for Cyrus entity, plus there is a separate Shares account.


Login XM gives access to your online account area where all setting and management is available.

MicroStandardXM Zero
Minimum Balance 
Spreads From1 pip1 pips0 pips 
CommissionsZero CommissionsZero Commissions$3.5 per $100,000 

Fees and commissions

We ranked XM fee levels average for all instruments based on Live Account Spreads and compared to 150 brokers in our database.

The spread we collected for popular instruments from 6 markets and over 150 brokers

ForexEUR/USD0.1-0.91-1.51.6 or higher
IndicesUS 5000.1-0.40.5-1.41.5 or higher
CommoditiesGold0.1-0.40.5-22.1 or higher
StocksTesla0.1-0.50.6-11.1 or higher
ETFsUS Russell 20000.1-0.40.5-1.41.5 or higher
CryptocurrenciesBitcoin0.1-0.5%0.6-0.9%1% or higher


XM fees are built into a variable spread for CFDs trading on Micro and Standard accounts.  Zero accounts has good conditions with commission of 3.5$ per 100k traded.

On our test trades via Micro and Standard account we found the average spreads for Forex and other assets compared to industry benchmarks.

MarketsInstrumentsStandard accountMicro AccountOther brokers’ avg spread
IndicesUS 5000.7 0.5-1.4
StocksTesla4.57 0.6-1
ETFsUS Russell 20000.5-1.4

Other Fees

XM has low non-trading fees. There is no fee for deposit, or withdrawals.

Trading Conditions

The trading conditions at XM are very good. All trading strategies are supported including scalping and hedging.

Trading ConditionsYes/No
Hedging AllowedYes
Scalping AllowedYes
Change Leverage AllowedYes

For hedging, there is no time limitation.

Scalpers are welcomed, XM offers free VPS for accounts over 5k$ and supporting Expert Advisors (EAs) with no restrictions.

Trading with leverage is included, the change of leverage and its maximum levels depending on the entity regulations up to 1:500.  


XM charges no deposit fees. You can use bank transfer, credit cards, various e-payments. The range is also different for each jurisdiction.

A bank transfer can take several business days, and payments with credit/debit cards and e-wallets are instant.

Deposit MethodFunding TimeFee
Bank Wire TransferWithin 1 Working Day 0$
Credit / Debit CardUsually within 10 min0$
Skrill, NetellerUsually within 10 min0$

Minimum Deposit

The minimum deposit requirement for XM Micro and Standard accounts are only 5$ and is 100$ for Zero Account.    


Similar to deposits XM covers fees for withdrawals.

Withdrawals are requested and handled in the XM Members Area and processed within 24h, plus additional days for money to appear on your account.

Withdrawal MethodWithdrawal TimeFee
Bank Wire Transfer24hFree
Credit / Debit Card24hFree
Skrill, Neteller24hFree
XM Review – Deposit and withdrawal – Withdrawal
XM Review – Deposit and withdrawal – Withdrawal


XM does not offer no-deposit or deposit bonuses due to regulations in Australia, UK or Cyprus. There is option to get free VPS and 0% Fees for deposits or withdrawals. Deposit bonuses or other may be offered only through XM international entity.

XM Review – Bonus
XM Review – Bonus

Trading Platform

XM offers popular platforms MetaTrader4 and MetaTrader5, there is no proprietary XM platform.


XM MetaTrader4 is packed with additional tools and supporting multiple languages, it is available across all devices on Windows, Mac, and Mobile Apps for Android and IOs.

XM Review – Mobile platform
XM Review – Mobile platform

Research and Tools

XM has good research tools.

There is great quality Market Overview, XM Research, Trade Ideas, Technical Summaries, XM TV in addition to standard Economic Calendar and Tools.

XM research tools are available in different places:

  • Trading platforms
  • Research section on the website
  • XM Analysis and XM TV
XM Review – Research
XM Review – Research


XM education content is wide and good for beginners. You can learn through trading videos, Webinars in different languages, Seminars, detailed articles, trading tools and daily outlooks.

Demo Account

Demo account is offered on free basis and available for both MT4 and MT5 platforms.

XM education is great quality and you can learn:

  • Demo account
  • Trading videos and articles
  • Webinars, Seminars
  • ‘Learning Center’ on Website and XM Live
XM Review – Education – XM Live
XM Review – Education – XM Live

Customer Service

XM customer service is helpful, FAQ section has many common answers and Live agents supporting great number of languages, we also got fast answer via the Live Chat.

From the downside Customer Support availably 24/5 and available by:

  • Live chat
  • Telephone
  • Email
XM Review – Customer Service
XM Review – Customer Service

XM live chat is quick speed as we connected within a minutes, Chat is also available on the platform

Question AskedWe asked about trading bonus.
Time of ReplyWe connected to customer support Live Chat within minutes
Quality of ReplyThe answer was informative, refereeing to relevant entity proposal, as Cyprus has no deposit bonuses


XM is a safe broker to trade.

XM group is well-rounded and regulated by various authorities including top-tier FCA, also has good reputation.

XM offers flexibility on instruments and has different account suitable for all including beginners, professionals, Shares traders and Islamic Traders.

We recommend XM for traders who prefer MetaTrader platform and those who run EAs strategies.  

Author of this review

By Jimmy O'Brien

Author of this review

Over 15 years experience in forex, commodities and equities markets research. He loves analyzing and trading the markets as a strategist and trader. In late 2019, Jimmy turned to researching and analyzing forex brokers. Now he and his team focus researching and comparing broker’s pros and cons.

Over 15 years experience in forex, commodities and equities markets research. He loves analyzing and trading the markets as a strategist and trader. In late 2019, Jimmy turned to researching and analyzing forex brokers. Now he and his team focus researching and comparing broker’s pros and cons.

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