XM – Think Forex Brokers

XM

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Written By thinkforexbrokers
Updated: August 20, 2025

If you’re a retail trader exploring brokers that specialize in stocks and forex, XM is definitely a platform worth looking into. It offers key features such as negative balance protection, solid educational resources, insightful market research, and quick-response customer support, making it an appealing option—especially for those who are just starting out.

In this review, we’ll walk you through the most important aspects to help you decide whether XM is the right broker for your needs. The platform has also made its way to Trustpilot, where it currently holds an average rating of 3.8 out of 5. Out of over 2,100 user reviews, 44% gave XM a full 5-star rating, while 34% rated it with just one star, showing a mix of experiences among its users.

XM Overall Summary Table
Year Founded	2009
Minimum Deposit	$5
Tradable Instruments	Forex, Stock Derivatives, Turbo Stocks, Cryptocurrencies, Commodities, Equity Indices, Thematic Indices, Precious Metals, Energies, Shares
Open an Account	How to Open an Account at XM Group
Trading Costs	Spreads, Fees, and Commissions at XM

Trustpilot Rating

3.8★

3.9★

XM Group Industry Avg

Trustpilot Rating

2,115

4,623

XM Group Industry Avg

Trustpilot Rating

4.7★

3.9★

XM Group Industry Avg

Trustpilot Rating

XM Group Industry Avg

Trustpilot Rating

3.8★

3.9★

XM Group Industry Avg

Trustpilot Rating

2,115

4,623

XM Group Industry Avg

Trustpilot Rating

4.7★

3.9★

XM Group Industry Avg

Trustpilot Rating

XM Group Industry Avg

Several account types available across the broker's entities: Demo, Micro, Standard, Zero, Ultra Low, Shares Account, Islamic Account
Platforms: MT4, MT5, and the XM App
Negative balance protection for all clients
Leverage up to 1:1000 (clients under FSC, FSCA, DFSA)
Research/Education content with trading ideas
Trading Central
Top-rated mobile app
Excellent customer support
Multi-regulated broker

XM operates as a global group of entities, all functioning under the parent company Trading Point of Financial Instruments Limited. Since its launch in 2009, XM has grown rapidly, and in just over 15 years, it has built a client base of more than 15 million traders across 190 countries. The broker proudly reports having executed over 10.3 billion trades—with zero re-quotes or rejections, which is a notable achievement in the industry.

XM also maintains physical offices in several countries, including:

	Limassol, Cyprus
	Athens, Greece
	Sydney, Australia
	Belize City, Belize
	Cape Town, South Africa

When traders open an account with XM, they’re signing up with a broker that has earned a strong reputation in the industry. Over the years, XM has picked up numerous awards recognizing its performance in areas like forex trading services, trading platforms, and overall excellence. The company also maintains an active presence across major social media platforms, including Facebook, Instagram, X (formerly Twitter), YouTube, LinkedIn, and TikTok.

Although XM caters to a global client base of more than 15 million users in over 190 countries, its services are not available in certain regions. These include the United States, Canada, Israel, and the Islamic Republic of Iran.

Catering to Traders Worldwide

One of the impressive features of AvaTrade is its truly global reach, which is something that will appeal to traders all around the world. Their website is configured for over 25 separate countries and regions and supports at least 20 different languages.

Multiple Industry Awards

AvaTrade has won multiple industry accolades from reputable outlets, such as The European, International Business Magazine, FXEmpire, and Daytrading.com.

Catering to Traders Worldwide

XM, established in 2009, is a globally regulated broker designed to give traders an ideal environment to grow their skills and strategies. Setting up an account takes just a few minutes, and users can choose from a range of account types depending on which branch of the company they’re registering with. Traders have access to the widely respected third-party platforms MT4 and MT5, as well as XM’s own award-winning trading app, developed in-house to offer a streamlined experience. To support its diverse international client base, XM provides customer service in more than 30 languages.

Multiple Industry Awards

XM has won numerous awards over the years. Some of the more recent ones include:

Best Customer Service 2025 – CFI.co
Best Trading Execution 2025 – CFI.co
Best Customer Experience Broker, Global 2024 – Finance Magnates
Worldwide Leading Broker 2025 – Money Expo Abu Dhabi
Best Forex Trading Platform – COLWMA 2025
Best Overall Forex Trading App, Global 2024 – Global Brands Magazine

Aspect	What we like
Regulation	Multi-regulated broker: Mauritius (FSC), Seychelles (FSAS), Belize (IFSC), Cyprus (CySec), Australia (ASIC), South Africa (FSCA), Middle East (DFSA)
Trading	Strong selection of Stock CFDs
Pricing/Costs	Zero spread accounts available to reduce costs
Platforms	MT4, MT5, XM App
Bonuses	Deposit bonuses available for XM Global traders
Protection	Negative balance protection
Education & Research	Excellent selection of videos and articles, XM TV and trading ideas
Customer Support	Personal Account Managers, Live Chat feature

Regulation

Traditionally, a broker’s credibility is often measured by the number and quality of regulatory licenses it holds the more, the better. XM has steadily broadened its regulatory footprint over the years. It began with a license in Cyprus, which brings the broker under the European Union’s ESMA framework. From there, XM expanded into Australia, a well-respected, top-tier regulatory environment, and later secured licensing in Belize as well.

Below is an overview of the regulatory bodies overseeing XM’s operations:

Flag	Region	Entity	Authority	License Number
	EU	XM (Trading Point of Financial Instruments Ltd)	Cyprus Securities and Exchange Commission (CySEC)	120/10
	Australia	XM (Trading Point of Financial Instruments Pty Ltd)	Australian Securities and Investments Commission (ASIC)	443670
	Belize	XM Global Limited	Financial Services Commission (FSC)	000261/27
	Mauritius	XM International MU Limited	Financial Services Commission (FSC) of Mauritius	GB23202700
	Seychelles	XM (SC) Limited	the Seychelles Financial Services Authority (FSA)	SD190
	UAE	Trading Point MENA Limited	Dubai Financial Services Authority (DFSA)	F003484
	South Africa	XM ZA (Pty) Ltd	Financial Sector Conduct Authority (FSCA)	49976

Overall, XM’s regulatory coverage can be seen as solid, though not exceptionally strict. While CySEC offers a reasonable level of oversight, there are EU regulators with tighter controls. Belize, on the other hand, is generally viewed as a lower-tier jurisdiction with relatively relaxed standards. That said, the inclusion of ASIC regulation known for its rigorous requirements — does help balance things out and adds credibility.

It’s also worth noting that there are some key regulatory absences, which could affect certain clients:

Furthermore, there are other notable countries, such as Canada, Japan, and China, where traders are restricted from trading with XM.

XM accepts clients from many parts of the world, but there are some notable exceptions. Traders based in countries like the United States, Canada, China, and Japan are not eligible to open an account.

The sign-up process itself is fairly quick typically taking less than 15 minutes while account verification usually takes up to 24 hours. The procedure is pretty standard compared to most brokers.

Here’s a summary of the steps we followed to get started:

Proof of residency – such as a utility bill or bank account statement.

The type of account available to traders depends on which XM entity they sign up with, but overall, the broker offers a range of account options tailored to different trading styles and preferences.

Demo Account – Best for practice trading with virtual funds; Supported by all entities.
Standard Account – The primary account that most retail traders will use.
Micro Account – This is an account for newbie traders who want to learn the ropes of leverage.
Ultra Low – Ideal for high-volume trading; Tight spreads and competitive swap rates reduce traders’ aoverall costs.
XM Zero Account – An account, designed for traders who prefer to trade on zero (or very low spreads) with a fixed commission on every trade.
Shares Account – Best for traders who prefer to invest in real stocks.
Islamic Account – Swap-free account, designed to comply with Shariah law, which bans the payment or receipt of interest; No rollover fees are charged.

XM’s demo account is a great way for traders to sharpen their skills in a risk-free setting that closely mirrors real market conditions. It runs on well-known platforms like MT4 and MT5, giving users a realistic trading experience. While it’s ideal for beginners to practice, more experienced traders can also use it to test out new strategies without putting any real money on the line.

The Standard account at XM gives traders access to the full range of available instruments without any commission fees. Users can choose from up to 11 base currencies, and the minimum deposit required is just $5. Like most standard accounts, 1 Lot represents a contract size of 100,000 units so trading 1 Lot of EUR/USD would move roughly $10 per pip. The amount of leverage available depends on which XM entity you register with, as it’s tied to the specific regulatory framework in that region.

Accounts under CySEC and ASIC jurisdiction have limits to protect retail clients, and therefore the maximum leverage is capped at 1:30 on Forex, 1:10 on commodities, and 1:5 on stocks.
Accounts, registered under Belize regulation offer lower levels of retail client protection, with the leverage you can use as high as 1:1000 on some instruments such as Forex. Indices feature lower leverage at 1:100 times or 1:200, whilst commodities offer leverage of 1:50.

The Ultra Low Account offered by XM is designed with high-volume traders in mind, especially those who focus on keeping trading costs low. It’s available through several of XM’s entities and requires just a $5 minimum deposit to get started. Traders using this account can access the full range of instruments the broker offers, including forex, metals, indices, cryptocurrencies, stocks, and commodities.

The Ultra Low Account is available through the XM entities, regulated by CySEC (Cyprus), ASIC (Australia), and FSC (Belize).
Other important features of this account type include maximum allowable leverage of 1:1000 (depending on the entity), stop-out level at 20%, swap-free and micro account options, no commissions, and spreads starting from as low as 0.8 pips on EURUSD.

For those just starting out and still getting comfortable with the platform, the Micro Account can be a smart choice. It’s especially useful for traders who want to minimize risk while they learn, helping avoid costly mistakes like using the wrong trade size. As traders become more confident and experienced, they can easily move up to the Standard account, which allows for larger contract sizes.

The Micro account provides traders with the same features as the Standard account, however, the equivalent contract size of trading 1 Lot is 100 times lower. The contract size of 1 Lot equals 1,000 units. In other words, when opening a trade with the Micro account, a 1 Lot position on EUR/USD gives you exposure to $0.1 per pip (or 10 cents per pip) movement.
Other important features of XM’s Micro Accounts include minimum deposit requirement of $5, variable spreads, and no commissions. Additionally, traders benefit from negative balance protection, the opportunity to hedge their positions, and the option to convert to an Islamic swap-free account.

The Zero Account is the last of XM’s main account types and is aimed at traders who want to keep their trading costs as low as possible. With this account, spreads can drop as low as 0 pips on major currency pairs like EUR/USD and USD/JPY. In exchange for these ultra-tight spreads, traders pay a commission of $3.50 per lot, per side — or $7 for a full round trip. This commission is added on top of the raw spread, which starts from 0.0 pips for select pairs. (You can refer to the Trading Costs section for a detailed comparison between spread-based and commission-based models.)

On top of the low spreads and competitive commissions, Zero Account users also get access to:

Here are the other accounts are available at XM, however, these do come with restrictions:

Traders who sign up under the XM Global Limited entity regulated by the Belize Financial Services Commission (FSC) have the option to go beyond CFD trading and invest directly in real company shares. With a minimum deposit of $10,000, clients can open an account to buy and hold actual stocks. The offering includes a selection of 100 companies from markets in the US, UK, and Germany. Each trade comes with a commission, which depends on both the size of the trade and the asset being traded.

A growing number of brokers now offer trading accounts that align with Sharia law, and XM is no exception. These Islamic accounts are tailored for Muslim traders who want to trade without paying or receiving overnight interest, staying in line with their religious beliefs. XM also highlights a key difference in its offering unlike some brokers that widen spreads as a hidden cost on swap-free accounts (often referred to as “swap-free in disguise”), XM claims to keep spreads unchanged on its Islamic accounts.

Professional or premium accounts are available with some brokers, offering experienced traders who meet specific criteria access to tighter spreads, faster execution, higher leverage limits, and the ability to trade cryptocurrencies on margin within the European market.
XM operates using a dealing desk model for trade execution, which means it does not offer Direct Market Access accounts like STP (Straight Through Processing) or ECN (Electronic Communications Network) accounts that some other brokers provide.
Some brokers provide guaranteed stop-loss orders, which protect traders from losses caused by sudden market gaps. However, XM does not offer this feature.

When choosing a broker, the fees you pay while trading can play a big role in your decision. Naturally, the lower your costs, the better. Trading expenses usually fall into two main categories:

Let’s break these down and then see how XM measure up.

Costs/fees	What is this?	With XM
Spreads	The cost baked into the price of what you trade. A wider bid/offer spread means higher costs	Ultra Low Account spreads start from 0.8 pips average on EUR/USD. Spreads are variable
Commission	A flat fee paid per position	Zero on Standard accounts , $3.5 commission per side per lot for Zero Accounts.
Financing Charges	Financing charges, or swap rates, are either received or paid based on the position (long or short).	tom-next formula (standard) + XM markup (not all brokers charge this)
Deposit Fees	Fees charged by the broker to fund your account	None (see more in Deposit Methods below)
Withdrawal Fees	Fees charged by the broker to withdraw money from your account	None (see Withdrawal Methods below)
Inactivity Fees	Fees charged on dormant trading accounts	$5 per month after 90 days

With its Standard and Micro accounts, XM makes its profit primarily through the spread, rather than charging commissions. On the other hand, the Zero account offers very low or zero spreads but applies a commission fee on each trade.

XM typically provides competitive minimum spreads, especially on popular pairs like EUR/USD and GBP/USD, though brokers like IG Markets and AvaTrade sometimes offer better rates on certain instruments.

Below is a comparison table showing how XM stacks up against some of its competitors on the most commonly traded forex pairs.

Instrument	XM Min. Spreads for Commission-Free Accounts	AvaTrade Fixed (Retail)	IG Markets min average		OANDA min average
EUR/USD	0.8 pips	0.8 pips	0.6 pips	0.86 pips	1.0 pip	2.4 pips
GBP/USD	0.8 pips	1.2 pips	0.9 pips	1.84 pips	1.3 pips	3.6 pips
USD/JPY	0.8 pips	1.3 pips	0.7 pips	0.97 pips	1.1 pips	2.4 pips
USD/CHF	1.1 pips	1.3 pips	1.5 pips	1.95 pips	1.3 pips	3.3 pips
AUD/USD	1.3 pips	0.9 pips	0.6 pips	1.07 pips	1.0 pips	3.1 pips
USD/CAD	1.5 pips	1.8 pips	1.3 pips	2.14 pips	1.5 pips	2.9 pips
NZD/USD	2.0 pips	1.4 pips	1.8 pips	2.52 pips	1.1 pips	2.9 pips

Instrument	Ultra Low Standard Accounts	Ultra Low Micro Accounts	Zero Accounts
EUR/USD	0.8 pips	0.8 pips	0.2 pips + $3.50 Commission*
GBP/USD	0.8 pips	0.8 pips	0.9 pips + $3.50 Commission
USD/JPY	0.8 pips	0.8 pips	0.2 pips + $3.50 Commission
USD/CHF	1.1 pips	1.1 pips	1.2 pips + $3.50 Commission
AUD/USD	1.3 pips	1.3 pips	0.8 pips + $3.50 Commission
USD/CAD	1.5 pips	1.5 pips	1.3 pips + $3.50 Commission
NZD/USD	2.0 pips	2.0 pips	1.3 pips + $3.50 Commission

XM’s Standard account doesn’t charge any commission, as all trading costs are built into the spread. In contrast, the Zero Account charges a commission of $3.50 per lot (100,000 units) per side — meaning you pay $3.50 when opening the trade and another $3.50 when closing it, for a total of $7 per round trip.

To put that into perspective, let’s compare the cost of trading 1 lot of EUR/USD using the Standard account versus the Zero account. We’ll assume the position is opened and closed immediately, with no change in the spread:

XM account	Best spread	Commission	Cost of opening and closing the position
XM account	Best spread	Commission	Total	Calculation
Standard	0.8 pips	$0	$8	0.8 pips spread x $10 per pip
Zero	0 pips	$3.5 per lot traded	$7	$3.5 to open + $3.5 to close

As we can see the trading costs of trading via the Zero spread account are lower. These savings can be much great when you trade other instruments with wider spreads on the Standard account.

When you keep a position open overnight, you’ll be subject to financing charges, commonly known as swaps or rollover fees. These can either be a cost or a gain, depending on the instrument you’re trading and the day of the week. The charges are based on what’s called the “tom-next rate” — essentially the interest rate difference between the two currencies in the pair.

On top of this, XM applies its own markup. While some brokers don’t add extra charges to rollover fees, XM does. For long positions, a 0.5% markup is added, while for short positions, 1.5% is subtracted. The formula XM uses to calculate the overnight financing is:

Trade size × (+/- tom-next rate – XM overnight markup) = Daily overnight interest charged or paid

XM has zero deposit fees – this is fairly standard amongst competitors – for more details see Deposit Methods

XM doesn’t charge withdrawal fees for most methods, which is a big plus. The only exception is for wire transfers under $200 in that case, a $15 fee applies. Even so, this is relatively minor, and overall, XM performs well when it comes to withdrawal costs. Many other CFD brokers charge fees for multiple withdrawals within the same month, and some even apply fees as high as $25 for bank wire transfers. (For more details, check the Withdrawal Methods section.)

Inactivity fees are a type of non-trading cost that some brokers charge when your account remains unused for a period of time. Since brokers prefer active traders, they may introduce these fees once an account goes dormant. When evaluating inactivity fees, two things matter: how long your account can stay inactive before fees begin, and how much the fee actually is.

In XM’s case, inactivity fees begin after just 90 days (or 3 months) of no trading activity. We see this as a short grace period — anything under six months is on the strict side, while 12 months is average and 18 months or more is quite generous.

Once the 90-day threshold is reached, XM charges $5 per month, and any bonuses or promotional credits are also removed. While the grace period is short, the $5 monthly fee is relatively low compared to what other brokers charge.

Let’s take a look at how XM’s inactivity charges compare to other brokers over a 12-month dormant period:

Broker	Fee	How often	Charged after	Total cost
Broker	Fee	How often	Charged after	12 months	18 months
XM	$5	per month	90 days	$45	$75
Forex.com	$12	per month	12 months	$12	$72
OANDA	$10	per month	12 months	$10	$60
AvaTrade	50	per quarter	3 months	$300*	400*

*AvaTrade also charges a $100 administration charge on dormant accounts after 12 months

Compared to rival brokers, XM charges inactivity fees very quickly, however not as expensive as other brokers.

All things considered, XM performs reasonably well on fees, though it doesn’t stand out as the most cost-effective option out there. While its spreads aren’t the tightest in the market, traders can lower their overall costs by using the Zero Account, which offers tighter spreads in exchange for a commission.

The XM markup on overnight financing isn’t unusual — many brokers apply something similar — but it’s worth noting that some brokers stick to the base tom-next rate without adding extra charges. On the positive side, we appreciate the fact that deposits and withdrawals are generally free, with the only exception being wire transfers under $200. Inactivity fees are modest at $5 per month, but they do kick in relatively quickly after just 90 days of no trading.

Spreads for some instruments are wider than competitors but can be reduced with the zero spread account
Financing charges have an extra “XM markup”
ero deposit and mostly zero withdrawal fees are a positive
Inactivity fees are low but charged after only a short time

XM offers access to the widely used MetaTrader platforms, including both MetaTrader 4 (MT4) and MetaTrader 5 (MT5), which are available on desktop, web, and mobile devices. In addition to these industry-standard platforms, XM also provides its own proprietary app — the XM App — which can be downloaded from the App Store or Google Play.

Here’s a breakdown of the platforms available:

Beginner traders who’ve spent even a little time comparing brokers will have noticed that the MetaTrader 4 (MT4) platform is almost everywhere. While some larger brokers promote their own proprietary platforms, others include additional third-party options for more variety.

Even so, MT4 remains the go-to platform in the industry and is especially popular among retail traders — particularly those just starting out. However, for stock CFD trading, many brokers now encourage clients to move to MetaTrader 5 (MT5), since stocks aren’t supported on MT4.

MetaTrader 4 (MT4) is well-regarded for its charting tools and built-in technical analysis indicators. It also syncs smoothly across devices — whether you’re using desktop, tablet, or mobile. MT4 fully supports Expert Advisors (EAs) for automated trading strategies.

MetaTrader 5 (MT5) builds on MT4 by offering support for a wider range of asset classes, including stock CFDs. Key improvements include:

Here’s what stands out in a good way:

XM provides access to both MT4 and MT5 on mobile, with versions available for both iOS and Android devices.

The mobile versions of MT4 and MT5 are well-optimized and closely mirror the desktop experience, making it easy to switch between devices without losing functionality. MT4’s three chart types and 30 built-in technical indicators carry over smoothly to mobile, and traders can also receive push notifications for important trading alerts.

	Android	iOS
Minimum System Requirements	Android 7.0 and up	iOS 15.0 or later
User Rating	4.3/5	5/5
User Reviews	82.7K reviews	8 ratings
Supported Languages	English, Arabic, Bengali, Czech, Dutch, Filipino, French, German, Greek, Hindi, Hungarian, Indonesian, Italian, Japanese, Korean, Malay, Polish, Portuguese, Russian, Simplified Chinese, Singhalese, Spanish, Swedish, Thai, Traditional Chinese, Turkish, Urdu, Uzbek, Vietnamese	English, Arabic, Bengali, Czech, Dutch, Filipino, French, German, Greek, Hindi, Hungarian, Indonesian, Italian, Japanese, Korean, Malay, Polish, Portuguese, Russian, Simplified Chinese, Singhalese, Spanish, Swedish, Thai, Traditional Chinese, Turkish, Urdu, Uzbek, Vietnamese
Forex Pairs	50+	50+
Other Tradable Assets	CFDs on Stocks, Commodities, Equity Indices, Thematic Indices, Precious Metals, Energies, Shares	CFDs on Stocks, Commodities, Equity Indices, Thematic Indices, Precious Metals, Energies, Shares
Features	Instant order execution and no re-quotes, Account customization features, In-app deposits and withdrawals, Real-time charts, Over 90 trading indicators, Access to the latest news, analysis, and market research materials	Instant order execution and no re-quotes, Account customization features, In-app deposits and withdrawals, Real-time charts, Over 90 trading indicators, Access to the latest news, analysis, and market research materials
Biometric Authentication	Yes	Yes
2-Factor Authentication	Yes	Yes

XM provides traders with easy access to almost 1,400 instruments spanning multiple asset classes, including Forex, Stock CFDs, Commodities, Equity Indices, Precious Metals, Energies, and Thematic Indices. Cryptocurrencies and Turbo Stocks are also available, but only in certain jurisdictions.

That said, when looking at the range of markets offered, we did notice that ETFs, options, and bonds are notably absent from XM’s lineup.

Asset Class		Number of Traded Instruments available
	XM		OANDA	AvaTrade
	Number	Selection	Number	Number
Forex	57	Good	70	55
Indices	14	Good	14	33
Commodities	15	Average	31	27
Stock CFDs	1291	Excellent	1,600+	625
ETFs	0	n/a	350+	59
Options	0	n/a	0	44
Cryptocurrency	20+	Very good	2	17
Bonds	0	n/a	2	2
(Shares – XM Global only)	(100)
Overall	1397 (1497)	Good

XM offers 57 forex pairs to trade, covering a mix of major, minor, and exotic currencies — which puts it in line with the average range offered by most brokers, typically between 50 and 60 pairs. That said, some forex-focused brokers like Forex.com and OANDA go further, offering closer to 80 pairs for traders looking for more variety.

XM offers 14 indices for trading, including major names like the Dow Jones, NASDAQ, and S&P 500. In addition to these, the broker also provides access to thematic indices, giving traders the opportunity to gain exposure to specific sectors such as electric vehicles, artificial intelligence, and blockchain technology.

XM stands out when it comes to stock CFDs, offering nearly 1,300 individual shares from 18 countries worldwide. In addition to US and Canadian stocks, the selection includes equities from 14 European countries, as well as Brazil and Russia.

It’s a strong lineup that goes beyond what most brokers typically offer in terms of stock CFD variety.

Currently, XM offers access to nearly 15 commodity markets. This includes a mix of asset types such as precious metals like gold and silver, agricultural products, industrial metals, and energy instruments like oil and natural gas. While this range gives traders some room to diversify, it’s relatively limited compared to other brokers, many of whom provide between 20 and 30 different commodities to trade.

Traders registered under the XM Global entity, which is regulated in Belize, have the option to open a Shares Account. This allows them to trade actual company shares—not just CFDs. The selection includes 100 major companies from the US, UK, and Germany.

At XM, the selection of traded instruments ends there. This means there are:

XM operates as a market maker, using a dealing desk model — meaning trades are processed internally rather than being passed directly to the market. While this setup isn’t for everyone, it does come with certain advantages, many of which XM highlights clearly on its website:

It’s important for traders to understand the other side of working with a dealing desk broker, as it raises questions around transparency and trust.

XM doesn’t appear to offer STP (Straight Through Processing) or ECN (Electronic Communications Network) accounts, which means there’s no Direct Market Access. Instead, XM seems to rely entirely on dealing desk execution, where the broker can control the pricing that traders receive.

Dealing desk brokers manage client trade risk in one of two ways: they can either internalize the trades (essentially taking the opposite side), or pass the risk on to external liquidity providers. In XM’s case, it’s not possible to know how much risk is held in-house or whether or how often the broker might take positions against its clients.

Ultimately, it comes down to how comfortable each individual trader is with trading through a dealing desk model.

To open a standard account with XM there are variable minimum deposits, depending upon which account you open:

	Micro Account	Standard Account	XM Zero Account	Shares Account
Jurisdiction	All	All	All	Only XM Global
Min Deposit	$5	$5	$100	$10,000
Base Currency	USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, RUB, SGD, ZAR	USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, RUB, SGD, ZAR	USD, EUR, JPY	USD

You can start trading with as little as $5 (or the equivalent in your local currency) if you open a Standard or Micro account. For those interested in the Shares account, which is only offered through XM Global, the minimum deposit is significantly higher at $10,000.

When it comes to base currencies, XM gives you a solid range of options—there are 11 different currencies to choose from, which is more than what most brokers typically provide.

You can fund your account using any currency, and XM will automatically convert it to your account’s base currency using their current inter-bank rates. If you’re using a credit or debit card, or an e-payment method, your deposit will show up in your account instantly. However, bank wire transfers usually take a few days to process.

In terms of payment options, XM supports a wide range of deposit methods to suit different preferences:

Traders registered under XM Global (outside of Europe) have access to various bonus offers. The demo account, which comes with no expiry date, also serves as a useful tool to ease traders into transitioning to a live account.

These promotional offers come with their own terms and conditions, and clients always have the option to opt out of the bonus program at any time. Depending on the amount deposited, XM typically provides a 50% bonus along with an additional percentage based on the deposit size.

One thing we appreciate about XM is that they don’t apply any withdrawal fees or commissions, no matter which payment method you use. The only exception is for wire transfers under $200, which come with a $15 fee. Even then, that’s still lower than what many other brokers charge some ask for as much as $25 for any wire withdrawal.

While some brokers limit the number of free withdrawals per month or apply extra charges, XM allows multiple withdrawals without any added costs, which is a nice way to keep your expenses down.

Withdrawals are typically processed within 24 hours, which is quick and in line with industry standards.

Method	Clearing time (once processed)	Cost
Debit/Credit Card	2-5 business days	Free
Wire Transfer	In the EU – 3 working days; Elsewhere – up to 5 business days	Free above $200
e-Wallet	Same day	Free

To comply with anti-money laundering rules, XM requires that withdrawals be made using the same method you used to fund your account. If you’ve used multiple deposit methods, a withdrawal priority system applies. For example, if you deposited using a credit or debit card, you can only withdraw up to the amount you originally deposited back onto that card. Any profits or additional funds beyond that amount will need to be withdrawn through a bank transfer or e-wallet.

XM stands out when it comes to customer support. Their team offers assistance in over 25 languages and is accessible through all the standard communication channels. We were especially pleased with the ease of reaching real human support, which is a big plus—especially for beginners. Overall, XM does a solid job in this area, and it’s hard to find much room for improvement.

Support Contact	Available	Response
Personal Support Managers	6am to 8pm local	For clients only
FAQs	24/7	On the website
XM Live Chat	24/5	Within minutes
Telephone contact	24/5	Within minutes
Email contact	24/5	Within a few hours

Personal Account Managers: It’s reassuring for traders—especially those just starting out—to know their broker is accessible and ready to help when issues arise. That’s why we value XM’s Personal Account Manager service, which is offered to every client. These account managers provide guidance on using the trading platform, answer questions related to trading, and offer a sense of personal support. They’re based in XM’s offices in Cyprus and Australia, so they’re available during regular business hours in those regions.

XM has clearly invested heavily in its Research and Education offerings. The website is filled with valuable content designed to support traders at every stage of their journey, making it a strong resource for learning and staying informed.

The website features a wide range of video and written market analysis. While some of this content is reserved for clients, a good portion is freely accessible to all visitors. Here’s a look at what’s available:

Market Commentary – what’s moving markets
Technical Analysis – major markets analysed
Special Reports – giving bigger picture macro views
News – fed through via Reuters
Trade Ideas – ideas generated from Autochartist and Analyser third party content
Economic Calendar – scheduled events to watch

Live analysis is another key part of XM’s research section. XM TV adds real value with regularly updated video content, and the addition of podcasts offers another convenient way to stay informed on market developments.

The Learning Centre is another standout feature on XM’s website, offering traders a solid space to build their skills. We were impressed by the range of educational videos and platform tutorials available. The XM Live video feed is an especially unique offering—something you won’t often find with other brokers.

There’s also a wide selection of:

At BestBrokers.com, we believe that protecting client funds is one of the most important factors when choosing a broker. In our view, XM takes this responsibility seriously and offers a secure environment for your money. Here’s what supports that confidence:

Let’s take a closer look at these points.

With over 15 years of consistent growth and stability, XM has built a solid reputation. While it’s not a publicly traded company nor backed by a bank, its track record inspires confidence.

XM is regulated by ASIC, which is considered a top-tier regulator. This means the broker is held to high standards of responsibility, ethics, and professionalism in serving its clients.

For European traders under CySEC regulation, there’s the added security of the Investor Compensation Fund (ICF), which protects clients up to €20,000 if a firm licensed by CySEC were to fail. While this is reassuring, protection would be even stronger if XM held Financial Conduct Authority (FCA) regulation, which covers clients up to £85,000.

One particularly strong feature is XM’s negative balance protection, which it extends to all clients worldwide—not just those in the EU where it’s legally required. This ensures traders can never lose more than their account balance, offering extra peace of mind, especially for beginners.

At BestBrokers.com we believe XM is an excellent broker for beginner and novice traders. Here are the benefits for beginners:

However, whilst XM is excellent for beginners, when it comes to more experienced traders, XM may not score quite so highly:

No professional/premium account available giving EU traders access to higher leverage
No futures or options available.
The spreads for some instruments are wider than those of competitors (although trading costs can be reduced with the zero spread account)
Platforms are limited to MT4/MT5.

XM

Key Pros and Cons

Company Information

Catering to Traders Worldwide

Multiple Industry Awards

Catering to Traders Worldwide

Multiple Industry Awards

Why Trade with XM?

Regulation

Regulation

3.5/5

KYC Procedure for Account Creation and Depositing

Account Opening

3.5/5

Account Types

Demo account

Standard account

Ultra Low Account

Micro Account

XM Zero Account

Other accounts available

Shares account

Islamic trading

Account types missing with XM

Account Types

4/5

Trading Fees and Other Costs

Spreads

Spread Comparison Across FX Brokers

Spreads for Different Account Types at XM

Commissions

Spreads & Commissions

3.5/5

Financing Charges

Deposit fees

Withdrawal fees

Inactivity fees

Inactivity Fees

3/5

Overall on Fees

Trading Fees and Other Costs

3.5/5

Desktop Trading Platforms

MT4 & MT5

Desktop Platforms

4/5

Mobile Trading Platforms

MT4 & MT5 trading apps

XM Mobile Trading Platform

Mobile Trading

3/5

Trading Instruments

Forex

Indices

Stocks

Commodities

Restricted assets – Shares

What you can’t trade?

Traded Instruments

2.5/5

Trade Execution

Trade Execution

3.5/5

Deposits

Deposit Methods

Deposit Bonuses

Deposits Methods

4.5/5

Withdrawal Methods

Withdrawal Methods

4.5/5

Customer Support Contacts

Support Contact

4/5

Research and Educational Materials

Research

Education

Research & Education

5/5

Security and Money Guarantees