XM Review Summary
XM has been rated as our Best MetaTrader Forex Broker in 2023 based on the results of this XM review.
Broker XM offers a wide range of high quality forex trading platforms Metatrader 4 and Metatrader 5. During the testing process I found propriertary trading platform XM Webtrader very inuitive and easy to work with. We have tested XM App on our android and iOS mobile phones and all was smooth from installation to order execution.
EXPERT OPINION:
Edward Kendy, forex expert recommends XM to newbies and more advanced forex traders looking for an alternative broker. Thanks to its robust regulatory oversight it is safe and suitable forex broker for people with large deposits.
XM stands out for its above-average order processing speed, competitive forex spreads, and extensive selection of over 56 currency pairs. With quality support available in 26 languages, XM is an excellent choice for traders looking for a reliable and customer-friendly platform.
As a result of our in-depth XM broker review, BestOnlineForexBroker.com experts rated XM with Quality Score of 9.5 out of 10.
XM Pros & Cons
- Minimum deposit $5
- No deposit bonuses $50 (not for European clients)
- Max. Leverage up to 1:1000 (not for European clients)
- No requotes, No slippages policy
- 11 base account currencies
- 50+ currency pairs
- FX spreads starting from 0 Pips
- Fast trade execution
- Support in 30 languages
- Competitive bonuses
- Scalping is allowed
- MT4 / MT5 or Webtrader
- Focused mostly on forex
- Not available for USA traders
- No forex options
- No real stocks available (only CFDs)
77,74% of retail CFD accounts lose money when trading CFDs with this provider.
XM Overview
| 💰 Broker rating | 4,5 / 5 |
| 💰 BONUSES | No |
| 💳 Minimum deposit | 5 USD |
| 📉 Number of available currency pairs | 55+ |
| 💰 Spread EURUSD | from 0 Pip |
| 📉 Min. volume size | 1000 units (micro lot) - 0.01 |
| ☎ Headquarters | Australia, Cyprus (European Union) ,Belize |
| 💰 Mobile trading | Android and iOS |
| 💰 Account types | Zero, Micro, Standard, XM Ultra Low Account**Note: Availability depends on entity |
| 💰 Scalping | Yes allowed |
| 💰 Segregated Account | Yes - segregated top tier bank accounts |
| 💰 Hedging | Yes |
| 💰 Trading Contests | Yes |
| 💰 Average spreads | EUR/USD 0,1 Pips USD/JPY 0,1 Pips EUR/JPY 0,6 Pips GPB/USD 0,4 Pips |
| 💰 PAMM account | Not available yet |
| 💰 Copying profitable traders (Copy trading) | No |
| 💰 Islamic Account | Yes swap free account ! |
| 📚 Languages supported | Arabic, Bengali, Chinese Simplified, Chinese Traditional, Czech, Dutch, English, French, German, Greek, Hungarian, Indonesian, Italian, Japanese, Korean, Malay, Persian / Farsi, Polish, Portuguese, Russian, Spanish, Swedish, Tagalog, Thai, Turkish, Vietnamese |
| ☎ Regulation & Licenses | ASIC Australia, CySEC (Cyprus), FSC (Belize) |
Is XM Considered Safe?
XM broker is considered safe & trustworthy.
Broker is regulated by one Tier-1 regulator, two Tier 2 regulators and two Tier 3 regulators.
Tier 1 Jurisdictions:
- Trading Point of Financial Instruments Pty Ltd was established in 2015 and it is regulated by the Australian Securities and Investments Commission (ASIC 443670).
Tier 2 Jurisdictions:
- Trading Point of Financial Instruments Ltd was established in 2009 and it is regulated by the Cyprus Securities and Exchange Commission (CySEC 120/10)
- Trading Point MENA Limited – authorized by Dubai Financial Services Authority (DFSA)
Tier 3 Jurisdictions:
- XM Global Limited was established in 2017 and is regulated by the Financial Services Commission (000261/309).
- XM Global Limited – authorized by FSC (Belize)
XM Demo Account Test
I tried out the demo trading account at XM, and I’ve got to say, it was pretty darn good. Signing up was a breeze – no jumping through hoops, just straight to the point. Before I knew it, I was ready to roll.
Navigating the platform was easy. I’m no tech wizard, but everything was where you’d expect it to be, and I didn’t have to scratch my head too much. It was responsive, too. No annoying lags or freezes, just smooth sailing.
All in all, the XM demo account was a solid experience. It gave me a decent glimpse into what trading with them might be like. Not too shabby at all.
Click here to open a free demo account where you can practice trading indefinitely. You can deposit real money anytime you want. Take your time!
Trading Platforms
You can choose between Webtrader + MT4/MT5.
EXPERT TIP:
“I found webtrader to be pretty fast and stable. It is based on famous HTML Sirix platform. I recommend to open an account with Webtrader to all new forex traders. ”
Trading Instruments
XM is mostly focused on providing top notch forex trading experience!
Currently, you can trade with 53 forex currency pairs.
Regardless of what type of account you open, there are many CFDs on stocks available from the worlds biggest stock exchanges (DowJones, SP500, DAX, CAC40). You can also trade CFD on precious metals like gold and of course crude oil.
Regardless of what type of account you open, with XM you will have access to Metatrader 4, Metatrader 5 two of the world’s most popular charting platforms. In addition to almost infinite amount of technical indicators, MT4/MT5 allows fast and automated processing of different trading positions.
Although we had no time to test XM mobile trading platform, they offer mobile Apps that can be downloaded from Google Play and Apple iTunes. These Apps are designed to work without any limitations with Metatrader 4 and Metatrader 5. Professional traders can manage over 100 different accounts from one platform using the XM Multiterminal.
If you do not want to install any special software, you can use their XM WebTrader directly from your web browser. Actually this was the trading interface that we have used during our test! In addition to its ease of use, this software provides constantly updated economic news as well as an economic calendar and market analysis for even more flexible trading!
Trading Accounts
When it is a time to switch from a demo practice account to a real account, you have several options:
XM Group offers 4 types of account:
- MICRO
- STANDARD
- XM ZERO
- XM ULTRA LOW
MICRO account allows you to operate with micro lots, lower level of risk and it has minimum initial deposit of $5.
STANDARD account allows youto operate with standard lots and it has minimum initial deposit of $5.
XM ZERO account has a $3.5 commission per $100,000 standard Lot traded, it has minimum initial deposit of $50
XM ULTRA LOW account allows you to trade with either micro or standard lots, lower spreads starting from 0.6 pips and it has minimum initial deposit of $5.
Note: XM Ultra Low accounts and XM ZERO accounts are not applicable to all entities of the Group.
How to deposit into XM trading account
XM Group offers a wide range of payment options for deposit/withdrawals by multiple credit cards, multiple local electronic payment methods, bank wire transfer, local bank transfer and other payment methods.
XM Withdrawal Review
We had the opportunity to test the money withdrawal process from my XM trading account, and I must say, I was immensely impressed. The entire withdrawal process was smooth and straightforward, devoid of any complications. I submitted my withdrawal request, and in 24 hours (it was processed on the same day), and the funds were reflecting in my bank account on the next working day in the morning.
XM truly exemplifies efficiency, making the experience swift and hassle-free, instilling confidence in their financial handling. It’s evident that customer satisfaction is a priority, ensuring processes like these are executed with precision and speed.”
Expert Tip:
“If you want your withdrawal process to be as smooth as butter like mine was, make sure you’ve got your KYC (Know Your Customer) stuff sorted. That means making sure XM has all the need-to-know info about you on file. Trust me, it makes everything a whole lot easier and faster.”
Base account currencies
Base currency is the main currency of your account.
By selecting the right base currency, you can avoid currency risk in future.
Usually it is the currency that you are going to deposit. For example if you live in Singapore, than you will for sure deposit SGD and make it your base currency. If you are from South Africa we advise you to use ZAR as your base currency.
If you choose your country’s currency as a base currency, you can eliminate currency exchange fees that you would have to pay to your bank and also avoid any possible future currency risks.
- USD
- EURO
- GBP
- CHF
- JPY
- AUD
- HUF
- PLN
- SGD
- ZAR
Expert Tip:
“You can open an account with XM ine one currency and another trading account in a different currency.”
XM Bonuses
There is a time limited opportunity to claim competitive signup bonuses that will be credited right into your newly-opened XM trading account:
IMPORTANT NOTE:
XM bonuses are NOT available for traders who signed up through Trading Point of Financial Instruments Pty Ltd.
- $50 Non-deposit BONUS to try out a platform for everyone (no deposit required )
- + 50% up to $ 500 bonus (Example: You get 50% on top of all deposits up to $500)
- + 20% up to $ 4500 bonus (Example )
Share your own experience with XM Group
What is your experience with XM Group ? How do you review XM as a broker? Did you like it? Did they scam you? Please post your opinion and questions below in real user XM reviews!
| Risk Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77.74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. |
About Author
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Friendly and competent support. I’ve had some issues with setting up my account but the support has been of great help and resolved them quickly. Thanks.
I have started with Ultra Low Account, now trading with Standard Account. I use the Metatrader most of the time. Account opening was smooth. I live in Singapore and I like the fact that I could fund my account with Singapore dollars. I use SGD as a base currency, as there are not many retail brokers that allow this. My money is spread across multiple forex brokers to diversify the risk, but XM is one of my favorite.