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 trading.com website authorized by the top-tier FCA in the UK.
|🗺️ Regulated in||UK, Cyprus, Australia, Dubai, Belize|
|🛡️ Is XM safe to trade||Yes|
|💵 EUR/USD spread||1.6 pips|
|🏦 Deposit||Bank Wire, Cards, Skrill, Neteller|
|💰 Minimum deposit||US$5|
|🏦 Withdrawal||Bank Wire, Cards, Skrill, Neteller|
|💻 Trading platform||MT4, MT5|
|💳 Trading markets||Forex, CFDs on Futures, Indices, Shares, Metals, Energies|
|📈 Number of product||1,000+|
|📉 Live chat response||Instant 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 trading.com 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
|Entity||Registered in||Regulator||License no.||Status|
|Trading Point of Financial Instruments UK Limited||UK||Financial Conduct Authority (FCA)||705428||Currently Regulated|
|XM Asia Pacific Pty Ltd||Australia||Australian Securities and Investments Commission (ASIC)||ABN 11 100 058 213, AFSL No. 238054||Currently Regulated|
|Trading Point of Financial Instruments Ltd||Cyprus||Cyprus Securities & Exchange Commission (CySEC)||120/10||Currently Regulated|
|Trading Point MENA Limited||Dubai||Financial Markets Authority (FMA)||No. F003484||Currently Regulated|
|XM Global Limited||Belize||International Financial Services Commission (IFSC)||IFSC/60/354/TS/19||Registered|
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
|Entity||Compensation Amount||Negative Balance Protection|
|Trading Point of Financial Instruments UK Limited||£85,000||Yes|
|XM Asia Pacific Pty Ltd||No compensation||Yes|
|Trading Point of Financial Instruments Ltd||€20,000||Yes|
|Trading Point MENA Limited||No compensation||Yes|
|XM Global Limited||No compensation||Yes|
The matter of entity applies differences between regulatory requirements and compensations schemes.
We recommend registering account with the UK trading.com 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.
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.
|Minimum Deposit||5 USD/EUR/GBP||5 USD/EUR/GBP||100 USD/EUR/GBP|
|Spreads From||1 pip||1 pips||0 pips|
|Commissions||Zero Commissions||Zero Commissions||$3.5 per $100,000|
Fees and commissions
We ranked XM fee levels average for all instruments based on Live Account Spreads and compared to 150 brokers in our database.
The spread we collected for popular instruments from 6 markets and over 150 brokers
|Forex||EUR/USD||0.1-0.9||1-1.5||1.6 or higher|
|Indices||US 500||0.1-0.4||0.5-1.4||1.5 or higher|
|Commodities||Gold||0.1-0.4||0.5-2||2.1 or higher|
|Stocks||Tesla||0.1-0.5||0.6-1||1.1 or higher|
|ETFs||US Russell 2000||0.1-0.4||0.5-1.4||1.5 or higher|
|Cryptocurrencies||Bitcoin||0.1-0.5%||0.6-0.9%||1% or higher|
XM fees are built into a variable spread for CFDs trading on Micro and Standard accounts. Zero accounts has good conditions with commission of 3.5$ 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.
|Markets||Instruments||Standard account||Micro Account||Other brokers’ avg spread|
|ETFs||US Russell 2000||–||–||0.5-1.4|
XM has low non-trading fees. There is no fee for deposit, or withdrawals.
The trading conditions at XM are very good. All trading strategies are supported including scalping and hedging.
|Change Leverage Allowed||Yes|
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 Method||Funding Time||Fee|
|Bank Wire Transfer||Within 1 Working Day||0$|
|Credit / Debit Card||Usually within 10 min||0$|
|Skrill, Neteller||Usually within 10 min||0$|
The minimum deposit requirement for XM Micro and Standard accounts are only 5$ 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 Method||Withdrawal Time||Fee|
|Bank Wire Transfer||24h||Free|
|Credit / Debit Card||24h||Free|
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 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.
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 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 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 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
XM live chat is quick speed as we connected within a minutes, Chat is also available on the platform
|Question Asked||We asked about trading bonus.|
|Time of Reply||We connected to customer support Live Chat within minutes|
|Quality of Reply||The 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
I am a well-rounded financial services professional experienced in fundamental and technical analysis, global macroeconomic research, foreign exchange and commodity markets.
I am passionate about observing foreign exchange movements, sharing educational insights into the financial markets, and adding value wherever I can.