XM Broker Review - Trade over 1,000 available assets now

Top Choice
Best for starters
Best for starters
Written by:
Written on:
25 June 2022
Last edit:
4 December 2023
Our rating:


User rating:


Top Choice

XM Broker Review - Trade over 1,000 available assets now

Best for starters
Best for starters
Written by:
Written on:
25 June 2022
Last edit:
4 December 2023
Our rating


User rating


CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73.03% 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.
See how XM compares to it's closest alternatives.

Main summary

Founded in 2009, XM has grown to become one of the leading online Forex brokers in the world. With over 5 million clients from as many as 190 countries, XM Is one of the most established brokers currently online. 

XM offers traders a wide range of trading assets from Forex to CFDs on stocks, indices, commodities, and the like. Over the past decade, this broker has gotten licenses from leading regulatory agencies worldwide, including the FCA of the UK, CySEC of Cyprus, ASIC of Australia, and so on. 

XM is known for charging very low fees and the spreads on major pairs start from as low as 0.6 pips. In today’s XM review, we are going to discuss all the important aspects that make this broker one of the leading companies in the Forex industry. So without further ado, let’s see what XM really has to offer.

Here Are the 10 Pros and Cons

  • Licensed in five jurisdictions
  • Offers over 1,200 assets
  • High-quality and extensive research and educational material, including videos, podcasts, detailed guides, and articles
  • Full MetaTrader suite available, including MT4 & MT5 with numerous indicators & tools
  • Opening an account takes less than a day
  • Does not charge withdrawal fees and spreads are very low, starting at 0.6 pips
  • The minimum deposit to open an account is just $5


  • Charges inactivity fee
  • Limited product portfolio when compared to industry leaders
  • Platforms do not offer safer, two-step login

XM Fact sheet

Main features
Regulations Cyprus, Australia, UAE, UK, Belize
Fees on deposits $0
Fees on withdrawal $0
Inactivity fees $15. $5 per month after 90 days of inactivity
Minimum deposit $5. Minimum initial deposit for Shares Account is 10,000 USD
Minimum account activation $5. Once an account is archived, it cannot be reactivated
Number of available assets 1200+
Leverage up to 1:1000. There's no leverage available for Shares account
Available trading markets CFDs on Stocks, Commodities, Cryptocurrencies, Forex, Indices, Stocks
Account currencies USD, EUR, GBP, JPY, CHF,‎ AUD, HUF, PLN, RUB, SGD, ZAR
Demo account Yes
Live account types Micro, Standard, XM Ultra Low, Shares Account
Islamic account Yes
Negative balance protection Yes
Part of compensation fund Yes
Keeps funds on segregated bank account Yes
Forex 57
Shares 100
Cryptocurrencies 31
Indices 14
Commodities 8
Total 1200+
Fees & spread
Forex From 0.6. For Micro and Standard accounts, spreads start from 1 pip
Shares From 0. As per the underlying exchange
Cryptocurrencies From 0.0017. Spreads on BTC/USD start from 39
Indices From 0.00010
Commodities From 0.3
Platforms MetaTrader 4, MetaTrader 5
Mobile trading support Yes
Mac device support Yes
Commodities Yes
Payment systems
Payment methods Bank Transfer, Credit/Debit Card, Neteller, Skrill, UnionPay, WebMoney, XM Card, M-Pesa
Minimum deposit Bank Transfer, Credit/Debit Card, Neteller, Skrill, UnionPay, WebMoney, XM Card, M-Pesa
Minimum withdrawal Bank Transfer, Credit/Debit Card, Neteller, Skrill, UnionPay, WebMoney, XM Card, M-Pesa
Withdrawal processing time Instant
Time to open an account -
Show all

The Safety & Security of XM

When choosing a broker to trade with, one of the important factors to keep in mind is the safety and security of the broker. There are several things that can define the safety and security of the broker you choose to use. 

One of the main things to focus on is the regulatory guidelines that a certain broker follows. While working on the XM broker review, we found that they are regulated in five different jurisdictions. Here is the list of licenses held by XM: 

  • Cyprus Securities and Exchange Commission;
  • Australian Securities & Investments Commission;
  • Dubai Financial Services Authority;
  • Financial Conduct Authority, UK;
  • International Financial Services Commission, Belize.

These licenses allow XM to offer services to traders in different parts of the world. Thanks to the CySEC license, this broker has access to the whole European market, while the license from Belize allows it to offer services to numerous jurisdictions around the world.

Policies that XM follows

To guarantee the safety and security of its clients, XM has adopted numerous regulatory guidelines over the past few years. These regulations are aimed at ensuring that every single client of the broker has the opportunity to ensure the safety and security of their funds, while also enjoying high-quality trading services.

One of the policies that XM follows is negative balance protection, which is specifically important for those who use leverage when trading. Leverage is quite a useful thing for Forex traders, as it can amplify the profits made during trading. 

However, in addition to increasing the prospective profits made during Forex trading, high leverage can also increase the possible losses. To ensure traders are not able to lose more money than they have in their accounts, negative balance protection is adopted. This means that the broker will automatically close all of your positions in order to avoid your balance going into a negative.

Apart from this, XM also keeps the funds of its clients in separate bank accounts. This means that no matter what goes wrong, traders will be able to access their funds. Even if the broker goes bankrupt, you won’t have to worry about the balance you had with the broker disappearing overnight.

By following these policies, the broker ensures that their client's funds are kept safe at all times.

Available Assets on XM - What Can You Trade?

There are over 1,200 assets available for traders to choose from on XM. While this might not sound like much, especially compared to other leading brokerages in the market, it should still be enough to give traders the opportunity to easily find the kind of trades they might be looking for.

Traders can have access to all of these available assets with any account. However, keep in mind that shares can only be traded with the special Shares account. As for CFD shares, they can be traded with other accounts as well.


XM offers clients access to all types of Forex currency pairs, including major, minor, and exotic currency pairs. There is a total of over 55 currency pairs available for trading on XM. The XM leverage for FX trading is up to 1:1000, however, keep in mind that there might be some restrictions on the maximum leverage based on your location. 

XM available assets.png

For example, for traders from the EU, the maximum leverage is 1:30 due to the local regulations in this region. Similar laws are in place in Australia and several other jurisdictions around the world. 

Traders from many other parts of the world, including some Asian and African countries, have access to leverage of up to 1:1000. It should be noted that using such high leverage is not the safest thing to do, as it is associated with numerous risks for traders.

The spreads on major pairs are very competitive and low, usually, they start around 0.6, depending on the account used by the trader.


When it comes to trading markets, investing in stocks is the way to go for many people. Thus, it is quite important for brokers to ensure they offer these assets to their clients. There are two ways for individuals to trade shares on XM.

The first option is very common for brokers in the market today, namely, trading stocks as CFDs. This method includes traders making certain predictions about the possible direction prices could take and then opening contracts according to their predictions. 

While this is a very common way of trading stocks today, not everyone is really into this strategy. For those who prefer not trading CFDs, XM offers a special “Share Account”, which allows traders to buy and sell shares of leading companies directly. 


On XM, traders can have access to numerous indices. The total number of indices available on XM is 14. This includes the largest and best-known indices around the world, representing industries of countries like the US.

Indices offered by XM give you the opportunity to have cost-effective and direct access to global markets. 

Among the indices available on XM are AUS200Cash, SWI20Cash, US500Cash, and many others. Indices such as S&P 500 and Nikkei 225 can also be traded.


There are 8 different commodities available on XM. This includes soft and hard commodities such as cocoa, coffee, copper, and many others. Trading commodities can be done using CFDs. 

This means that rather than buying the commodities directly, the clients of XM simply speculate on the possible price movements of these assets. Commodities can play a huge role when it comes to portfolio diversification.


Digital currencies are some of the most popular assets today. On XM, they can be traded as CFDs. There are five crypto assets available for clients of XM. For these XM allows traders to use leverage of up to 1:250, which is quite high. 

The crypto market can be accessed 24 hours a day, 7 days a week. Among the crypto assets that can be traded on XM are BTC, BCH, ETH, LTC, and XRP. Digital assets can be great for investors to diversify their portfolios.

XM Account Types

To match the interests of different traders, XM has worked very hard to offer a diverse array of account types. Thus, the broker is able to offer traders services that work perfectly for their trading needs. 

Below, we will talk a bit more about the account types offered by XM and discuss them one by one. 

Demo account of XM

Every client of XM is entitled to have a demo account. This type of account is very popular in the Forex trading market and is widely used by both beginner and experienced traders. 

Beginner traders can use a demo account as a way to learn more about the Forex trading market. Experienced traders can find a demo account useful for testing out new trading styles and finding out what works best for them.

When creating a demo account, the broker will provide you with a certain amount of virtual cash, which can be used for trading. You can use this virtual cash for as long as you want to and if you run out of virtual money, you can always contact the customer support of XM and ask them to provide more.

Micro account of XM

Once you are comfortable with the knowledge that you have received through the demo account, you can start moving on to trading with your actual money. XM offers a special account for beginners to practice more and gain higher experience and expertise in the market. 

XM account types.png

The Micro account of XM can be a great choice for beginners to learn to trade in actual market conditions without having to risk too much. The contract size for this account is 1,000 units of the asset. Compared to the standard lot size it is quite low, as the standard lot equals 100,000 units of an asset. 

The leverage for positions between $5 and $20,000 is 1:1000, for positions over $20,000 and below $100,000 is 1:200, and for positions over $100,000, it is 1:100.

The Micro account can be especially useful for those who have just finished training with the demo account. While an XM demo account can be a great choice for traders to learn more about the market, it can’t be used to learn how to control your emotions when trading. By slowly transitioning to using real money, you will be able to learn more about how to control your emotions.

Standard account of XM

The Standard account offered by XM can be a perfect match for traders of all different interests. To put it simply, this account was created with different types of traders in mind. Whether you are looking for ways to start trading with huge amounts of money, or you want to find a way to limit your losses, the standard account can be a great fit.

In general, the standard account was created with intermediate-level traders in mind. Those using this account will deal with standard lots, which equal 100,000 units of the assets being traded. The leverage is the same as it was for the micro account and can go up to 1:888, depending on the size of your positions. 

However, traders should also keep in mind that if they are from Europe, the available leverage will be limited to 1:30. The same regulation also applies to traders from Australia and several other parts of the world due to local regulatory standards. The minimum amount of money that you have to deposit to open the live account is $5. This is the case for the Micro account as well. 

The Standard account is pretty much a great choice for traders of all interests. It offers you access to almost everything that other account types do, except the fact that you can’t trade real stocks with this account, rather, you will have access to CFDs. 

Ultra-low account of XM

This XM account type is a great option for traders who wish to limit the costs of Forex trading. Unlike other accounts, where the base currency options are 9, for the holders of XMs Ultra-low accounts, there are only six base currency options. 

They are, USD, EUR, GBP, AUD, ZAR, and SGD. As for the contract sizes, there are two options available for traders. First, it is the standard ultra, for which, 1 lot equals 100,000 units of the asset traded. 

As for the micro ultra, the lot equals 1,000 units of the asset traded. The leverage is pretty much the same, depending on the location as well as the amount traded. Spreads are very low with this account, which makes it truly special. 

For the major pairs, the spread can get as low as 0.6 pips. This account is basically a combination of the Standard and Micro accounts, offering traders the best of both worlds.

Shares account of XM

If you are a trader looking for the opportunity to directly invest in stocks, there is a great offer waiting for you at XM. For stock investors, XM has created a special account type called a Shares account. 

This account offers you the opportunity to directly invest in some of the leading stocks around the world. However, there are some conditions that should be kept in mind by traders. First, there is only one base currency option for this type of account - USD. The contract size is 1 share, and there is no leverage available for share account holders. 

The spreads are greatly variable and depend on the underlying exchange. In addition to this, in order to create this account, you will be required to deposit at least $10,000. This is unlike any other account type offered by the broker, where the minimum deposit to open the account is just $5.

Islamic account of XM

When working on the XM rating, we kept in mind that this broker also offers clients an Islamic account option. This account type is designed and created specifically for those who follow the beliefs of Islam. Every type of account is available in the Islamic version. 

This account is a perfect fit for those who follow strict sharia law and they pay a fixed fee instead of swaps. This type of fee is not an interest payment and fully depends on the direction of your order. Because of the way it works, it is also sometimes referred to as a swap-free account. 

Getting started on XM - Main steps

Taking your first steps at XM is a very easy and user-friendly experience. This process should not take you longer than a day as the broker has adopted modern technology to ensure the verification of their clients is timely and comfortable.

Let’s go through each step that you will have to take when getting started on XM. 

Step 1: Choose & create your account

The first step that you will have to take is to sit back and think about which account you want to create. For this, you will first have to understand what your interests are in the Forex trading market and choose the account that fits these interests best.

Once you know which account you want to create, simply click "Open An Account" on the right side of the broker's website. As you see below, you will be required to provide detailed information about yourself, which includes your first name, last name, phone number, location, email, etc. 

XM account creation.png

Once you are done with the first step of registration, you will have to provide a bit more detailed information about yourself. The second step requires you to provide information such as your address and date of birth, as well as details relating to your account, such as the base currency, leverage, and so on. 

You will also provide the purpose of creating the account, and the experience that you have in trading. After this, you will create an account password and confirm the registration.

The second step also includes a little test to check your knowledge and experience in the market. The answers to the questions provided can impact whether you will be able to create an account or not.

Step 2: Verify your account

Once you are done with the registration process, you will be required to verify your identity, your phone number, the email address you provided, and your location. This process will look something like this:

XM verify account.png

The broker has adopted modern technology to ensure that the clients are able to start trading in a short time after registration. It should not take more than a day to verify your account and get started with your trading activities.

Step 3: Choose and download the trading platform

During the registration process, one of the questions is which trading platform you want to use. But, in case you have changed your mind, you can contact the representatives of the broker and use a different one. 

XM provides both web-based and downloadable trading platforms to their clients. Once you download the platform, you can simply log in using your account credentials.

Step 4: Deposit funds

Once your XM login is done, you can deposit your funds. Keep in mind that the minimum deposit that you can make is $5. There are numerous options for depositing funds available and it is completely free to make these transactions, there are no hidden fees charged by the broker. 

If you are using the shares account, keep in mind that you will be required to deposit at least $10,000 as your first deposit. 

Step 5: Start analysis & trading

Once you have downloaded the trading platform and you have deposited funds, it is time for you to start the market analysis. XM offers some of the best trading platforms available in the market, all of which allow you to do a very extensive and detailed market analysis. This is an important factor in making it in the Forex trading market. 

Once you are done with the market analysis, you can continue by opening and closing positions according to your views of the possible market direction. 

Fees & Commissions

The fees and commissions charged by the broker are quite competitive when compared to other Forex brokers. While the Forex spreads might be a bit higher when compared to other brokerages, everything is still very much in line with general market standards. 

The fees that you might have to pay mostly depend on the account type you are using, as well as the asset you are trading. All in all, the fees are very regular and not too high. 

Inactivity fee

It is a very common practice for Forex brokers to charge an inactivity fee. This type of fee on XM is charged when your account remains inactive for a certain amount of time. This means that if there has not been any trading activity recorded on your account for over a year, you will be liable to pay this fee. 

The inactivity fee is just $15, and for every month that your account remains inactive after that, you will be charged an additional $5 per month. So, if you decide that you do not want to trade anymore, for whatever reason, ensure that you contact customer support and ask them to deactivate your account.

Comparing XM fees with other brokers

As we have already mentioned, there are some fees charged by XM. But, how do you know whether these fees are standard for the market or too much? To help you better understand the fees associated with XM, we have decided to compare it with some of the biggest players in the market. Let’s see what XM fees look like compared to other brokers.

XM fees compared to Interactive Brokers fees

Type of FeeXMInteractive Brokers
EUR/USD SpreadFrom 0.6From 0.6
Fees on DepositsNo1%
Inactivity feeYes, $15 after 12 months, +$5/mNo*

*Inactivity fee was eliminated by IB in 2021, it used to be $20/m

XM fees compared to eToro fees

Type of FeeXMeToro
EUR/USD SpreadFrom 0.6From 1
Fees on DepositsNo$5 on withdrawals
Inactivity feeYes, $15 after 12 months, +$5/mYes, $10/m

XM fees compared to IG fees

Type of FeeXMIG
EUR/USD SpreadFrom 0.6From 0.8
Fees on DepositsNoNo
Inactivity feeYes, $15 after 12 months, +$5/mYes, $10/m

Trading Platforms of XM Reviewed

When we worked on this XM review, we focused on many different factors. One of the biggest concerns that many traders have when deciding on which broker to use is the available trading platforms. 

The list of XM trading platforms is very diverse. Here, you can find the most popular trading platforms such as MetaTrader 4 and MetaTrader 5, or go with the custom-made trading platform of XM. 

The broker also offers a web-based trading platform, which can be quite comfortable for many traders. Especially those who do not want to download additional applications to their computers. 

Mobile Experience

There is also a mobile application available for the trading platforms offered by the broker. This makes it very user-friendly and ensures that no matter where you go, you will always be able to keep in touch with the Forex trading market. 

Education & Research Tools

There is a wide array of educational material available on XM. The broker offers everything from simple Forex guides to different types of educational courses and videos that provide beginners with very detailed information about the market. 

There are numerous research tools available for traders, to ensure that they are able to understand price movements in greater detail. The broker also offers daily analysis and news articles, to keep you in touch with the most important events happening in the market. 

Customer Support of XM

One of the biggest advantages of XM is that it has a highly skilled and professional team of customer support agents. These specialists are always able to provide traders with accurate and timely information about the questions they might face. 

There are several options to contact the customer support team of XM. First, you can do so through the live chat available on the website of the broker. The second option is to send the customer support team an email, and the third option is directly calling the customer support hotline.


After some thorough and detailed analyses of everything that XM has to offer, we are very glad to say that this broker can easily be trusted by traders around the world. XM has done its absolute best to ensure that every single customer finds something they might be looking for in this broker. 

Established in 2009, XM has managed to become one of the leading Forex brokers in the world in just a decade. The broker offers traders safe, secure, and diverse trading opportunities that can fit the interests of traders with different levels of expertise and knowledge of the market.



Average based on 9 user reviews
Safety 9.11
Assets 8.22
Accounts 8.44
Fees 7.33
Desktop platforms 8.00
Mobile platforms 7.33
Education 7.78
Support 8.89
Have experience with XM? Log in to leave a review
bailey.johnson reviewed 442 days ago
Live 1-3 months experience, under $1,000 account size


Good: Nice broker. Nothing negative to say
First I heard about the broker from my friend who is also a beginner FX trader. The more I learn, the more I was convinced that the broker is great and opened a live trading acc. So far, I like everything. Lots of instruments and reasonable fees. Recommended!
Nothing to dislike so far.
conrad.cash reviewed 442 days ago
Live Less than a month experience, $1,000 - $5,000 account size


Great: Would recommend to experienced FX traders
I like the desktop version a lot. Not much of a mobile trader myself. Features are good and fees aren't something extraordinary either
I had some trouble getting a timely response from customer support. Had to wait for 20 minutes to finally get through.
aubrey.hart reviewed 442 days ago
Live Less than a month experience, under $1,000 account size


Good: Really good broker for those who just started trading
I just started trading and have tested out few brokers. XM seems to be best as it is really easy to use and have really good educational materials. Can not give a very deep dive, since I am still learning more about this broker.
What I can say is that XM has somewhat high fees compared to other brokers. But looking at other aspects of this platform paying more in fees for the services I receive defiantly worth it.
stan.pascall reviewed 442 days ago
Live 6+ months experience, $1,000 - $5,000 account size


Great: Top class broker
Top class broker and reliable partner. XM is safe and all terms for trading are just superb. If you want to start trading I recommend XM 100%. Was able to withdraw money without any issues and it says a lot about broker.
Spreads are arpund 1 pips and sometimes widen during news events.
turner.clay reviewed 442 days ago
Live Less than a month experience, under $1,000 account size


Good: Great broker but i wish they had ctrader
I'm new with XM. But I like the broker very much. There are all the things that I'm looking for to trade and nice customer service.
Personally, I can stand metatraders. I know everyone uses them and blablabla.. But they are too complicated for me. My friend uses ctrader with other broker and for me, it's much simpler. This is why i'm using tradingview for charts and just place orders from XM platforms.
jenson.harris reviewed 442 days ago
Live 6+ months experience, $5,000+ account size


Great: Reliable FX broker with fairly fast withdrawals
Account opening doesn't take as much time and withdrawals are also fairly quick. I've been using the platform for well over a year now and it does its job very well. Plenty of educational content to boot. The trading platform is intuitive and easy to navigate as well. Solid experience overall.
There is not much variety in what you can trade. It may be great for FX traders, but other than that, nothing too exciting. Adding crypto to the mix of tradable assets would be great in the future.
guinevere.curry reviewed 442 days ago
Live 6+ months experience, $1,000 - $5,000 account size


Great: Most trustworthy and legit broker. Fast withdrawal processings
Very solid broker. Probably the most robust Forex broker out there. I was traded with them for months and experience was very solid. If you want to trade with a safe broker, XM is the one to go. I chose XM after reading several reviews online, and I was trying to find a broker who would give me ability to withdraw money under a day. XM lets you withdraw money quickly. If you are searching for legit broker to start trading Forex I strongly recommend XM from my experience of trading 8 mnths with them.
Spreads are average and mostly about 1 pip, making it hard to implement my scalping strategies with XM.
zeph.simon reviewed 442 days ago
Live Less than a month experience, under $1,000 account size


Great: It is the most comfortable broker to trade with
I'm new to trading with any financial assets, and among multiple brokers, I have tested out, I felt most comfortable with XM. Does not matter If I trade using my laptop or iPhone the experience Is amazing, it is very easy and comfortable to use.
The only thing I did not like about XM is how high their fees are. I don't have experience with many other brokers so can't tell for certain, but sometimes I was charged fees ± $ 5 0
joe.schultz reviewed 442 days ago
Live 6+ months experience, $5,000+ account size


Great: Great for XM, but more cryptos would be nice
XM is a great choice for Forex and CFD trading. They also provide some ok webinars and amazing support in local languages as well as English.
While most of the brokers in 2023 offer a great selection of crypto assets, XM seems to be lagging behind. While it is possible to trade BTC and a few other cryptos, XM's crypto asset availability is rather limitted.

FAQs on XM

Is XM a good broker?

Yes, XM is a truly great Forex broker with years of experience in the financial markets. With its long experience, XM has managed to become one of the leaders in the market. Being regulated by highly-reputable agencies, XM is known for being a highly secure and safe broker.

What is the minimum deposit to start with XM?

The minimum deposit to create an account on XM is $5. But, if you want to create a shares account with XM, you will be required to deposit at least $10,000.

Is XM legal?

Yes, XM is absolutely legal. The broker is licensed by five regulatory agencies around the world. This includes tier-1 regulatory bodies such as the FCA of the UK and ASIC of Australia. It is also licensed in Cyprus, which allows it to offer services throughout Europe, and Belize’s FSCA, which is an international regulatory body.