XM Review 2023

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XM is #9 in our rankings of CFD brokers.

XM Facts & Figures

XM is a globally recognized forex and CFD broker with 10+ million clients in 190+ countries. Since 2009, this trusted broker has been known for its low fees on 1000+ instruments. XM is regulated by multiple financial bodies, including the ASIC and CySEC.

  • Transparent and low fees with spreads from 0.0 pips that will protect trading profit margins
  • Beginner-friendly educational materials including podcasts and expert-led webinars in 16 languages
  • Premium research including market sentiment, fundamental insights and strategy builders
  • Accessible trading accounts with a $5 minimum deposit and fast account opening
  • Powerful MT4 and MT5 charting platforms available via desktop and mobile apps
  • Reliable 24/7 customer support with fast response times during testing
  • Hugely respected broker authorized by tier-one regulators
  • 1000+ instruments including 50+ forex pairs
  • No re-quotes and no rejections policy
  • Weak regulatory oversight through the global entity
  • Traders from the US not accepted
  • $5 inactivity fee after 3 months
  • VPS costs $28 per month
  • PayPal not supported
  • The Best Crypto CFDs 2022 - Financial Expo Egypt
  • Best FX Service Provider 2022 - City of London Wealth Management Awards
  • Best MT4/MT5 Broker 2021 - DayTrading.com
  • Best FX Educational Broker in the MENA region 2021 - Dubai Expo Awards
  • Best Trading Experience 2021 - Ultimate Fintech
  • Best FX Service Provider 2021 - City of London Wealth Management Awards
  • Best Broker in Customer Service 2020 - FX168
  • Global Forex Broker of the Year 2020 - Global Forex Awards
Instruments Forex, Stock CFDs, Turbo Stocks, Indices, Commodities, Precious Metals, Energies, Shares, Crypto, Futures
Demo Account Yes
Min. Deposit $5
Min. Trade 0.01 Lots
MetaTrader 4 Yes
MetaTrader 5 Yes
cTrader No
DMA Account No
ECN Account No
Social Trading Yes
Copy Trading Yes
Auto Trading Expert Advisors (EAs) on MetaTrader
Signals Service Yes
Mobile Apps iOS, Android & Windows
Islamic Account Yes
  • Cocoa
  • Coffee
  • Corn
  • Cotton
  • Copper
  • Soybeans
  • Sugar
  • Wheat
  • Gold
  • Silver
  • Oil
  • Natural Gas
CFDs Speculate on rising and falling prices with leveraged CFDs spanning popular markets, including currencies, equities and commodities. Traders get very low fees and high-quality market insights to support CFD trading.
Leverage 1:30
FTSE Spread 1.5 pts
GBPUSD Spread 1.9
Oil Spread 0.03
Stocks Spread 0.002
Forex XM offers ultra low spreads across a wide range of forex assets with no re-quotes or hidden charges. Forex can be traded 24/5 on desktop, web and mobile. Over 50 currency pairs are available including all majors.
Forex App

XM offer a mobile app for both Android and iOS that has been specifically tailored to each platform, maximizing the functionality of both. The app delivers the MetaTrader 4 and MetaTrader 5 platforms in your hand, with full forex trading and charting capabilities. Try it out today.

GBPUSD Spread 1.9
EURUSD Spread 1.6
GBPEUR Spread 1.8
Assets 55+
Currency Indices
  • USD
Stocks Trade hundreds of shares in major markets, including the US, UK, Europe and Asia. Commissions are as low as $1 per transaction while fractional shares reduce the entry barrier for beginners.
Risk Warning – Your Capital is at risk

XM is a multi-asset forex broker that markets itself as ‘Big, Fair and Human’. As one of the largest brokers in the UK market, it is a great choice for any forex trader. In this XM.com broker review, we’ll give you all the info you need, including which forex pairs and other assets are on offer. Plus, we’ll dive into the deposit and withdrawal methods, spreads and commission, and details about the account types on offer.

About XM

XM.com is one of the biggest retail brokers in forex, with around 3.5 million clients on its books. Its registered address is in Limassol, Cyprus but it is a global firm with offices in multiple locations, including the UK.

XM was founded in 2009 and since its conception has won multiple awards. Most recently, it was awarded Global Forex Broker of the Year in the Global Forex Awards 2020. The company can be recognised by its famous red and black bull logo.

XM.com is a dealing desk broker, otherwise known as a market maker. This means retail traders can take advantage of their low minimum deposits and order sizes with zero commissions. Since 2010 XM has also had a strict no requotes policy. 100% of its trades are executed, with 99.35% of these settling within just one second.

MT4 & MT5

XM.com offers the choice between two of the top forex trading platforms: MetaTrader 4 (MT4) and MetaTrader 5 (MT5). The trading software is accessible via download directly from the XM website or through the webtrader on your internet browser.

As the most popular online forex trading platform on the market, MT4 provides you with all the functionality you need to start trading. Your active XM.com orders will be visible on interactive charts with 9 timeframes, 23 analytical objects and 30 built-in indicators. One-click trading, VPS and EA (expert advisor) functionality is also available. User reviews praise MetaTrader 4 for its ease of use and processing speeds.

XM MetaTrader 4 WebTrader

MT4 platform

XM also provides MetaTrader 5 for those who prefer to trade CFDs on asset classes beyond forex, e.g shares and commodities. All the same functionality as MT4 is available on this more advanced platform. Users also benefit from up to 100 charts, 21 timeframes, more than 80 technical indicators plus over 2,500 ready-made algorithmic applications.

XM MetaTrader 5

MT5 platform

When you sign up for an account with XM.com, they’ll provide you with a user ID, password and MT4 or MT5 server name which you can use to login to the platform.


XM.com offers trading across six asset classes:

  • Forex – 55+ currency pairs including a mixture of majors, crosses and exotics. Notable pairs include EUR/CHF, GBP/USD and USD/CAD
  • Stocks – CFDs on over 1,300 global stocks including Disney, Facebook and eBay. Trade stocks from 18 jurisdictions including the UK, USA, Canada, and Sweden
  • Commodities – Trade futures on 8 commodities including high-grade copper, corn and coffee
  • Indices – Cash CFDs on 14 indices, plus 10 futures CFDs, including FTSE (UK100), NASDAQ (US100) and DAX (GER30)
  • Metals – CFDs on gold and silver
  • Energies – Futures CFDs on 5 oils and natural gas

Cryptocurrency trading (e.g Bitcoin) is not available for UK traders. XM also does not offer binary options.

Trading Fees

XM offers tight spreads as low as 1 pip on all major currency pairs. This applies to all account types, regardless of the deposit amount. Currency prices update three times per second, ensuring the prices offered on XM.com always reflect the global forex market levels. Spreads are always variable, moving with the market. XM also offers fractional pip pricing, meaning traders can benefit from the most accurate quoting possible.

There are no hidden fees at XM. However, overnight positions may be subject to rollover interest. This is only applicable to cash instruments, it does not impact futures. The amount charged depends on the position taken (e.g long or short).

Leverage Review

XM.com leverage rates vary depending on the instrument. Since XM is a regulated broker, leverage is available up to 1:30. It also offers negative balance protection. This is in line with most FCA-regulated providers operating in the UK.

Note, XM will notify traders of a margin call if there’s not enough money in their account to maintain open positions.

Mobile Trading

The MetaTrader 4 and 5 mobile apps are available for download from the XM.com website or your app store. They’re supported by both iOS and Android (APK). The mobile apps offer sufficient functionality for trading, including instant deposits, built-in support and interactive charting. However, most traders prefer to use a mixture of web-based and downloadable mobile applications.

XM MT4 mobile

Mobile app

Deposits & Withdrawals

XM.com allows a number of deposit and withdrawal methods, including debit/credit card (Visa and Mastercard), electronic payment methods (Skrill and Neteller), plus bank wire transfer. PayPal is not accepted.

The minimum deposit and withdrawal amount is 5 USD (or equivalent). Bank wire transfer takes 3 working days. If you have any issues with withdrawals, you can contact customer support who’ll review your case.

XM does not charge deposit or withdrawal fees. It also covers all transaction costs. The amount you withdraw will be the amount you receive into your e-wallet or bank account. XM.com does not accept Bitcoin as a deposit method in the UK.

More information about deposits and withdrawals is available from the XM client area.

Demo Account

XM offers demo accounts on the MT4 and MT5 trading platforms. To login to a demo account, open the platform the same way as you would a live account. This can be accessed through the member area. Select ‘XM.com Demo’ from the dropdown list and enter your login details. You’ll need to register for an account beforehand. Demo accounts have no expiry date and can be opened at any time.

XM demo trading

Opening a demo account

Regulation Review

XM.com is regulated by the Financial Conduct Authority (FCA) in the UK. It is also governed by the MiFID (Markets in Financial Instruments Directive) issued by ESMA. The FCA is one of the most stringent regulators in the world and affords traders a number of protections.

Negative balance protection is offered and there are risk warnings across the website while customer funds are held in a separate account to business funds. FCA regulations also mean that trading contests and sign-up promotions / no deposit bonuses are not provided to British traders.

Additional Features

XM.com offers a wealth of additional resources on the online research and education centre. Its news channel shows a constant stream of Reuters articles to keep you in the loop with the latest financial market activity, aiding fundamental analysis. For technical analysis, it has a number of blog articles to help with trade ideas.

The XM.com all-in-one calculator lets you assess a range of metrics including pip value, swaps and required margin. You’ll need to input a few details such as the currency pair, volume in lots and position, then the calculator will do the rest.

XM.com also provides the following:

  • Free forex signals for live account holders
  • Seminars / webinars and podcasts
  • Economic calendar
  • Platform tutorials
  • XM TV videos
XM trading features


The Christmas and other holidays trading hours schedule is provided in their news section.

XM Accounts

XM.com offers three distinct account types: Micro, Standard or XM Zero.

On the XM Micro account, the standard lot size is the equivalent of 1000 units of the base currency. This differs from the Standard and Zero accounts where 1 lot is 100,000 units, as per most forex trading accounts. The minimum deposit is $5 or equivalent, except for with the Zero account where $100 is the minimum.

The Micro and Standard accounts can be opened in the following base currencies: USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, RUB, SGD and ZAR.

The XM Zero account is only available for USD, EUR or JPY. Currency will automatically be converted into the base currency chosen using the XM prevailing interbank price. Islamic accounts are available on any tier.

To sign up for an account with XM.com, you’ll need to go through their account validation process. This involves providing a form of ID, such as a passport or driving licence, and a proof of address, such as a utility bill.

XM Pros

There are a number of advantages to opening an account with XM:

  • No requotes
  • No maximum withdrawal
  • Full education and research centre
  • Zero fees on deposits and withdrawals
  • Option to open an XM Zero account with spreads as low as 0 pips
  • Autotrading is available by adding an expert advisor to your trading platform
  • Negative balance protection on all UK accounts. You’ll never lose more than your deposit
  • Free VPS service for those with 5000 USD (or equivalent) minimum equity and 5 round turn lots traded per month. For clients who don’t meet these criteria, VPS costs 28 USD (or equivalent) per month

XM Cons

There aren’t many disadvantages to using XM.com vs another broker such as FXPro or FXTM. However traders might be disappointed that XM does not provide a PAMM account or copy trade functionality. There are also no free bonuses or welcome promotions for UK traders. Furthermore, retail crypto trading is not offered, though this is in line with UK regulations.

Trading Hours

XM.com trading hours depend on the asset class being traded. Since forex is a 24-hour market, you’ll be able to trade 24/5 Monday-Friday depending on the timezone for that market. For example, Swedish Krona opens at 22:30 GMT on Sundays while Chinese Yuan opens at 00:00 GMT on Mondays. Other assets such as oil or gold are mostly 24/5 Monday-Friday but this varies depending on whether you’re trading futures, options or spot.

Customer Support

XM.com customer service is open from 05:00 to 19:00 GMT every day via telephone or email. Contact details are available through the support section of the broker’s website. Alternatively, you can use the XM.com live chat function. They’ll be able to help you with any number of queries about your account and technical difficulties, such as if the website is down.


Retail forex traders are right to be aware of safety and security when trading. Rest assured, XM.com is not one of many online broker scams. It is a legitimate business that is regulated by reputable authorities. Their registration with the FCA can be verified by visiting their online register. This gives UK customers sufficient reassurance that XM operates within the law.

The XM website is also HTTPS secure, preventing hackers from accessing your payment details. It requires a password to enter the member area and your identity will need to be verified in line with ‘Know Your Customer’ (KYC) checks, a legal requirement to prevent money laundering. Investor passwords are available for those who may need to view account activity but will not trade.

Should You Trade With XM?

XM is a great choice for traders who are looking for an experienced broker. The no requotes policy makes XM a reliable choice, plus the provision of MT4 and MT5 trading software gives traders sufficient platform options. However, those looking to trade cryptocurrencies such as Bitcoin will be disappointed. Having said that, XM.com is a recommended broker for forex traders.


Is XM.com A Good Broker?

XM.com is a great choice for forex traders. It is regulated by the Financial Conduct Authority in the UK giving clients reassurance that it is genuine. XM also guarantees no requotes on trades and provides a wealth of resources in its education centre. Plus, both MT4 and MT5 trading platforms are offered.

Does XM Charge Fees?

XM does not charge a commission on trades with their Micro or Standard accounts. It does not charge deposit and withdrawal fees either and all transaction costs are covered by the broker. There is a monthly fee of 5 USD (or equivalent) for dormant accounts (those with no activity, including a login, for more than 90 days). There is a charge for overnight positions held on spot assets.

Is XM.com A Market Maker?

XM.com is a market maker (AKA dealing desk broker), though this is not confirmed explicitly. Market makers generally have low minimum deposits, small order sizes and do not charge commission. This is in line with what XM offers clients. However, one of the biggest downsides of a market maker is that requotes can be a problem. XM guarantees no requotes, making it a good option for traders.

Does XM Allow Cryptocurrency Trading?

XM offers 6 asset classes, including forex, commodities and indices. Cryptocurrency trading is not facilitated for UK traders, as per FCA regulations.

Does XM Offer Negative Balance Protection?

Yes, XM provides negative balance protection for traders. You will not owe more than your deposit amount.

Which Trading Platforms Does XM Offer?

XM.com offers the MetaTrader 4 and MetaTrader 5 trading platforms. Both are favoured options among beginners and experienced traders. MT4 and MT5 are also available as mobile platforms free-of-charge.

Compare XM with Other Brokers

These brokers are the most similar to XM:

  1. Avatrade - AvaTrade is a leading forex and CFD broker, established in 2006 and regulated across 9 jurisdictions. Over 400,000 users have signed up with the broker which processes over 2 million trades each month. The firm offers multiple trading platforms, including MT4, MT5, and a proprietary WebTrader. 1250+ financial instruments are available for trading, alongside a comprehensive education center and multilingual customer support.
  2. Pepperstone - Pepperstone is a leading online broker with over 400,000 clients in more than 175 countries. The top-rated brokerage offers excellent market access, industry-leading platforms in MT4, MT5, TradingView and cTrader, plus low fees with no hidden charges. Pepperstone is also heavily regulated with a high trust score, holding licenses with reputable bodies, including the FCA, ASIC, DFSA, and CySEC.
  3. Vantage FX - Founded in 2009, Vantage offers trading on 1000+ short-term CFD products to over 900,000 clients. You can trade Forex CFDs from 0.0 pips on the RAW account through TradingView, MT4 or MT5. Vantage is ASIC-regulated and client funds are segregated. Copy traders will also appreciate the range of social trading tools.

XM Feature Comparison

XM Compared With Similar Brokers
XM Avatrade Pepperstone Vantage FX
Rating 4.4 4.9 4.8 4.7
Markets Forex, Stocks, Commodities Forex, Stocks, Commodities Forex, Stocks, Commodities, Crypto Forex, Stocks, Commodities
Minimum Deposit $5 $100 $0 $50
Minimum Trade 0.01 Lots 0.01 Lots 0.01 Lots 0.01 Lots
Demo Account Yes Yes Yes Yes
Bonus - - - -
Education Yes Yes Yes Yes
Platforms MT4, MT5 MT4, MT5 MT4, MT5, cTrader MT4, MT5
Leverage 1:30 1:30 (Retail) 1:400 (Pro) 1:30 (Retail), 1:500 (Pro) 1:500
Review XM
Vantage FX

Trading Instruments Comparison

Comparison of XM Trading Instruments
XM Avatrade Pepperstone Vantage FX
CFD Yes Yes Yes Yes
Forex Yes Yes Yes Yes
Stocks Yes Yes Yes Yes
Crypto No No Yes No
Commodities Yes Yes Yes Yes
Oil Yes Yes Yes Yes
Gold Yes Yes Yes Yes
Copper Yes Yes Yes Yes
Silver Yes Yes Yes Yes
Corn Yes Yes Yes No
Futures Yes No No No
Options No Yes No No
ETFs No Yes Yes Yes
Bonds No Yes No Yes
Warrants No No No No
Spreadbetting No Yes Yes Yes
Volatility Index No Yes Yes Yes

XM vs Other Brokers

Compare XM with any other broker by selecting the other broker below.


Popular XM comparisons:

XM is a globally recognized forex and CFD broker with 10+ million clients in 190+ countries. Since 2009, this trusted broker has been known for its low fees on 1000+ instruments. XM is regulated by multiple financial bodies, including the ASIC and CySEC.