XM.com Broker Review: What’s the Deal With the Huge Leverage?
XM is an online broker for trading on forex with a strict no re-quotes and no rejections policy.
As an internationally regulated and licensed broker, XM has more than 3.5 million clients in over 200 countries with access to trading more than 1,000 instruments.
Traders with XM can choose between the popular MetaTrader 4 or MetaTrader 5 platforms or access the XM WebTrader through their browser.
Since its founding in 2009, the broker has picked up over 30+ industry awards. This review gives readers in an in-depth overview of XM and discusses the broker’s advantages and disadvantages.
Key XM Facts & Features What Can You Trade With XM? Where Does XM.com Operate? XM Account Types Account Requirements Deposits and Withdrawals XM Spreads and Fees XM Trading Platform Overview How Is XM Regulated? FAQs.
Key XM Facts & Features.
Pros and Cons of Choosing XM.
XM appeals to traders across the world who can rely on support in their language. The broker’s track record of over 2.4 billion trades executed with no re-quotes or rejections is further motivation for traders to consider this regulated broker.
XM’s forex fees are average and you can also expect to pay an inactivity fee if your account is dormant for more than 90 days.
What Can You Trade With XM?
XM offers clients access to trading forex and CFDs on stocks, energy commodities, soft commodities, precious metals, and indices. More than 1,000 instruments are available to trade.
Note: XM does not currently offer CFDs on cryptocurrencies.
Forex Pairs.
XM offers trading in more than 55 currency pairs including majors, minors, and many exotics.
List of currency pairs available to trade with XM.
Currency Pair AUD/CAD AUD/CHF AUD/JPY AUD/NZD AUD/USD CAD/CHF CAD/JPY CHF/JPY CHF/SGD EUR/AUD EUR/CAD EUR/CHF EUR/DKK EUR/GBP EUR/HKD EUR/HUF EUR/JPY EUR/NOK EUR/NZD EUR/PLN EUR/RUB EUR/SEK EUR/SGD EUR/TRY EUR/USD EUR/ZAR GBP/AUD GBP/CAD GBP/CHF GBP/DKK GBP/JPY GBP/NOK GBP/NZD GBP/SEK GBP/SGD GBP/USD NZD/CAD NZD/CHF NZD/JPY NZD/SGD NZD/USD SGD/JPY USD/CAD USD/CHF USD/CNH USD/DKK USD/HKD USD/HUF USD/JPY USD/MXN USD/NOK USD/PLN USD/RUB USD/SEK USD/SGD USD/TRY USD/ZAR.
Stock CFDs.
CFDs on over 100 US, UK, and Germany stocks are available to trade on the XM platform.
See some of XM’s international stock CFDs.
Country Stocks US Aflac, Alcoa, Alibaba, IBM, Tesla UK Aviva, BTGroup, HSBC, Unilever, Vodafone France AirFrance, Peugeot, Danone, Ubisoft, Veiola Germany Adidas, AllianzAG, Daimler, Deutsche Bank, Lufthansa Netherlands Philips, TomTom, Fugro, BAM, SBM Spain Santander, IAG, Sacyr, Mapfre, Repsol Switzerland Nestle, UBS, Swisscom, Oerlikon, Temenos Belgium Ontex, Proximus, Solvay, UCB, Dieteren Italy UniCredit, Moncler, FinecoBank, Ferrari, DeLonghi Greece Jumbo, Piraeus Bank, MotorOil, OPAP, PPC Portugal Semapa, Sonae, Galp Energia, Mota-Engil, NOS Sweden Ericsson, Volvo, H&M, Betsson, Husqvarna Finland Nokia, Fortum, Orion, Neles, Kemira Norway Orkla, Telenor, Salmar, Mowi, Norwegian Air Austria OMV, Verbund, Raiffeisen Bank, UNIQA, Andritz Russia Lukoil, Gazprom Brazil Petroleo BRA, BRF, Ambev, Gerdau, Vale Canada Aphria, Brookfield, Cronos, Shopify, Telus.
Access to shares CFDs depends on the client’s country of residence . Always check the broker website for the latest information.
Commodity CFDs.
XM clients can trade popular soft commodity, energy, and metals futures CFDs.
List of XM commodities CFDs.
Commodity Category Brent Crude Oil Energy London Gas Oil Energy Natural Gas Energy WTI Oil Energy WTI Oil Mini Energy Gold Metals High-Grade Copper Metals Silver Metals Cocoa Soft Commodities Coffee Soft Commodities Corn Soft Commodities Cotton Soft Commodities Soybean Soft Commodities Sugar Soft Commodities Wheat Soft Commodities.
Equity Indices.
The indices CFDs offered for trading on the XM platform include cash and futures equity indices.
XM equity indices.
Symbol Category AUS200Cash Cash Index EU50Cash Cash Index FRA40Cash Cash Index GER30Cash Cash Index HK50Cash Cash Index IT40Cash Cash Index JP225Cash Cash Index NETH25Cash Cash Index SPAIN35Cash Cash Index SWI20Cash Cash Index UK100Cash Cash Index US100Cash Cash Index US30Cash Cash Index US500Cash Cash Index EU50 Futures Index FRA40 Futures Index GER30 Futures Index JP225 Futures Index SWI20 Futures Index UK100 Futures Index US100 Futures Index US30 Futures Index US500 Futures Index USDX Futures Index.
XM Alternatives – Not sure if XM is quite right for your trading? Some alternatives you might be interested include Plus500, eToro, and Forex.com You can also check out our full guide to online brokers including lists of brokers available in .
Where Does XM.com Operate?
XM offers trading services to residents or citizens of more than 200 countries. The broker’s head office is in Limassol, Cyprus, while they also have offices in Athens and Sydney.
To confirm whether is on the list, you can go to the XM registration page for the most up-to-date information. This page will also tell you whether you’re eligible to open an account with XM or XM Global.
IMPORTANT: CFDs are not available in the USA due to local regulation, and regulated brokers do not accept US citizens or US residents as clients.
See the countries XM operates in.
Afghanistan Albania Algeria Andorra Angola Anguilla Antarctica Antigua and Barbuda Argentina Armenia Aruba Australia Austria Azerbaijan Bahamas Bahrain Bangladesh Barbados Benin Belarus Belgium Bermuda Bhutan Bolivia Bosnia and Herzegovina Botswana Brazil British Indian Ocean British Virgin Islands Brunei Bulgaria Burkina Faso Burundi Cabo Verde Cambodia Cameroon Cayman Islands Central African Republic Chad Chile Christmas Island Coco (Keeling) Islands Colombia Comoros Congo (Democratic Republic Of) Congo (Republic Of) Cook Islands Costa Rica Croatia Curacao Cyprus Czech Republic Denmark Djibouti Dominica Dominican Republic East Timor Ecuador Egypt El Salvador Eritrea Ethiopia Estonia Falkland Islands Faroe Islands Fiji Finland France French Guiana French Polynesia Gabon Gambia Georgia Germany Ghana Gibraltar Greece Greenland Grenada Guadelope Guatemala Guinea Guinea-Bissau Guyana Haiti Honduras Hong Kong SAR Hungary Iceland India Indonesia Iraq Ireland Italy Ivory Coast Jamaica Jordan Kazakhstan Kenya Kiribati Korea, South Kuwait Kyrgyzstan Laos Latvia Lebanon Lesotho Libya Liechtenstein Lithuania Luxembourg Macau China Madagascar Malawi Malaysia Maldives Mali Malta Marshall Islands Martinique Mauritania Mauritius Mayotte Mexico Micronesia Moldova Monaco Mongolia Montenegro Montserrat Morocco Mozambique Namibia Nauru Nepal Netherlands New Caledonia Nicaragua Niger Nigeria Niue Norfolk Island Norway Oman Pakistan Palestine, State of Panama Papua New Guinea Paraguay Peru Philippines Pitcairn Islands Poland Portugal Qatar Republic of North Macedonia Reunion Romania Russia Rwanda Saint Helena Saint Kitts and Nevis Saint Lucia Saint Pierre and Miquelon Samoa San Marino Sao Tome and Principe Saudi Arabia Senegal Serbia Seychelles Sierra Leone Singapore Slovakia Slovenia Solomon Islands Somalia South Africa Spain Sri Lanka St Vincent and the Grenadines Sth Georgia & Sth Sandwich Isl Suriname Svalbard and Jan Mayen Swaziland Sweden Switzerland Taiwan Area Tajikistan Tanzania Thailand Togo Tokelau Tonga Trinidad and Tobago Tunisia Turkey Turkmenistan Turks and Caicos Islands Tuvalo Uganda Ukraine United Arab Emirates United Kingdom Uruguay Uzbekistan Vanuato Vatican City Venezuela Vietnam Wallis and Futuna Western Sahara Yemen Zambia Zimbabwe.
XM does not provide trading services to residents of certain countries, including:
United States of Ameria Canada Israel Islamic Republic of Iran.
Website & Support Languages.
The XM website is available in 22 different languages, with customer support provided in more than 25 languages.
Languages XM provides support in.
Arabic Bahasa Indonesia Bahasa Malay Bengali Bulgarian Cebuano Czech English French German Greek Hindi Italian Nepali Polish Portuguese Romanian Russian Serbian Simplified Chinese Slovakian Spanish Tagalog Thai Traditional Chinese Urdu Vietnamese.
XM offers 24-hour support, 5 days a week through email, live chat, phone, and fax. They also have a dedicated FAQ page to help clients search for answers to their questions.
XM Account Types.
Traders can choose from three XM account types: a Standard account, a Micro account, or an XM Zero account. You can also open a demo account to practice strategies and trading.
All XM account types offer negative balance protection for EU residents. That means losses cannot exceed deposits as required by ESMA.
This table summarizes XM’s three account types:
Micro Standard XM Zero Base currency options 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 Commission No No Yes Spread on all majors As low as 1 Pip As low as 1 Pip As low as 0 Pips Minimum deposit 5$ 5$ 100$ Islamic account Optional Optional Optional.
Note: Availability of account types depends on the client’s country of residence .
What Instruments Do Accounts Have Access To?
Traders can choose forex or multi-asset options when opening their accounts. A multi-asset account allows trading forex as well as CFDs on the MT5 trading platform.
Once traders have opened an account, they have access to the XM Member section of the broker site and their trading platform of choice.
From here traders can manage their account, including depositing and withdrawing funds, claiming promotions, checking positions and leverage, and accessing the trading tools offered through XM.
XM Demo Account With MT4.
XM’s free demo account is popular among traders to practice ideas or even experienced traders to test strategies. Demo accounts have no expiry date , but they are closed when not used for 90 days.
Clients may apply for a new demo account at any time. Up to five demo accounts are allowed per trader.
Demo accounts have all the features and functions of a real account, including the speed of execution. Traders have access to $100,000 in virtual trading funds with real-time data and analytic tools.
Also, traders with demo accounts can make use of XM’s 24/5 support and all the broker’s educational materials.
Account Requirements.
Opening an XM account takes less than five minutes.
First, you fill in some basic information including your name, address, and some information about your financial background and trading experience. XM then sends you an email with your log-in details.
Before you can trade with XM for the first time, you must provide identity and residential address verification.
Documents accepted include a color copy of a valid passport or other official identification documents (e.g. national ID card, driver’s license, or government ID).
What Acount Information Does XM Request?
The identification document must contain the following:
Full name Issue or expiry date Place and date of birth or tax identification number Signature.
To pass the residential address verification, you will need to provide a recent utility bill no older than 3 months. Acceptable bills include the following:
Electricity bill Water or gas bill Phone bill Television services bill Internet bill.
Traders then need to fund their accounts with a deposit, discussed below in the deposits and withdrawals section of this review.
Deposits and Withdrawals.
Traders with Micro or Standard accounts can open and fund an account with a minimum of $5, while XM Zero accounts require a minimum deposit of $100.
How To Deposit With XM.
XM offers several funding options for deposits and withdrawals. These include:
Major credit cards Multiple electronic payment methods Bank wire transfer Local bank transfer.
Exact details about each payment method are visible when you log in to the ‘Members Area‘. Once you selected a payment method of choice, there are clear instructions to follow to complete the process.
Funds are generally available instantly except for Union Pay, which takes 24-hours.
Wire transfer deposits and withdrawals over $200 are included in XM’s zero fees policy. Funds are generally available in two-to-five business days.
How To Withdraw Funds From XM.
XM requires a $5 minimum withdrawal for Micro and Standard accounts. XM Zero accounts have a withdrawal minimum of $100 .
All withdrawals above $200 processed by wire transfer are included in XM’s zero fees policy.
When making a withdrawal, XM transfers your funds back to the original funding method you used to fund your account. If this is not possible, they will transfer the funds to your identified bank account. This account must be in the same name as the account maintained with XM.
How Long Do Withdrawals Take?
All withdrawal requests are instantly reflected in clients’ trading accounts as pending withdrawals. XM processes requests within 24 working hours , but it may take up to five business days for funds to arrive depending on the final destination.
Withdrawal requests are processed in the currency in which the deposit was originally made.
XM may require copies of your credit card before approving a withdrawal request. Traders should consult the Funds Withdrawal section of the broker website for more details on this topic.
Leverage and Margins.
CFD traders on the XM platform have access to varying amounts of leverage, from 2:1 up to 30:1 , depending on the financial instrument traded and in their country of residence.
Margins vary by product type. Calculations are as follows:
Product Margin Formula CFDs Lots * Contract Size * Opening Price * Margin Percentage Forex Number of Lots * Contract size / Leverage Gold & Silver Lots * Contract Size * Market Price / Leverage.
Traders should keep track of their available margin. Accounts that exceed the allowable margin face the risk of having positions closed out by XM.
Margin level is calculated as: Equity / Margin * 100%
XM Spreads and Fees.
Traders with Micro and Standard accounts pay the XM variable spread on CFD trades instead of a commission.
The broker offers variable spreads only, which means spreads can widen above the minimum XM spread as market conditions become more volatile.
Micro and Standard account spreads on all majors start as low as 1 pip , while XM Zero account holders can expect spreads as low as 0 pip . Always consult the broker website for up-to-date spreads.
Other Relevant Fees.
Overnight fee – Traders who hold positions open overnight are generally charged (or credited with) rollover interest. In the case of forex, the amount credited or charged is calculated based on the position taken as well as the rate differentials between the two currencies traded. In the case of stocks and stock indices, the amount credited or charged is calculated based on whether a short or a long position has been taken. Inactivity fee – Accounts that are dormant for 90 or more days incur a monthly inactivity fee of $5.
XM does not charge deposit or withdrawal fees or commissions on Micro and Standard accounts.
XM Trading Platform Overview.
XM offers clients several mobile and desktop versions of both the MetaTrader 4 (MT4) and MetaTrader 5 (MT5) trading platforms.
Alternatively, traders can opt to access the XM WebTrader through their browser.
You can trade all the instruments available at XM on the MT4 platform except individual stocks, which can only be traded on MT5.
Mobile Trading With XM.
Both MT4 and MT5 are available for Android and iOS mobile devices.
Links and download instructions for the XM MT4 and MT5 mobile apps are easy to find under ‘Platforms’ in the main menu of the broker website.
This screenshot shows all the platforms available with XM.
With MT4 and MT5 mobile trading, traders can follow the global markets from anywhere and instantly place and execute orders.
There’s no difference between trading assets, tools, or trading speeds for smartphones or tablets and those for desktop PCs.
Desktop Trading With XM.
You can use the MT4 or MT5 desktop apps with your XM account or access WebTrader via your web browser instead.
The download is quick, provided you have a decent internet connection. Once traders agree to some standard disclosures they can click the MT4 or MT5 icon on their desktop and be on the platform in seconds.
How Is XM Regulated?
XM is owned and operated by Trading Point Holdings, which is a licensed and multi-regulated financial institution.
Trading Point Holdings is the holding company of Trading Point of Financial Instruments Limited, XM Global Limited, Trading Point of Financial Instruments Pty Ltd, and Trading Point MENA Limited. They are authorized and regulated as follows:
Trading Point of Financial Instruments Limited is authorized and regulated by the Cyprus Securities and Exchange Commission ( CySEC ), Licence number: 120/10. XM Global Limited is authorized and regulated by the International Financial Services Commission ( IFSC ) (000261/106). Trading Point of Financial Instruments Pty Ltd is authorized and regulated by the Australian Securities and Investment Commission ( ASIC ), AFSL 443670. Trading Point MENA Limited is authorized and regulated by the Dubai Financial Services Authority ( DFSA ) (Reference No. F003484).
Additional Oversight.
In addition to the regulators above, XM is under oversight by the following agencies:
See additional oversight agencies for XM.
Agency Abbreviation Locale French Prudential Supervision and Resolution Authority ACPR France Authority for the Financial Markets AFM Netherlands Federal Financial Supervisory Authority BaFin Germany National Securities Market Commission CNMV Spain Italian Companies and Exchange Commission CONSOB Italy Financial Supervisory Authority FI Sweden Finnish Financial Supervisory Authority FIN-FSA Finland Financial Supervision Commission UKNF Poland Hungarian National Bank MNB Hungary.
All these agencies have strict compliance guidelines. One such requirement by CySEC is that the broker must regularly submit financial statements to ensure the firm has adequate capital to operate.
The regulators also require XM to segregate client money in separate bank accounts at top-tier financial institutions.
Client funds are also protected through multiple compensation schemes , such as CySEC’s Investor Compensation Scheme. These programs compensate account holders in the event of a brokerage firm’s financial collapse or its inability to make customers whole on their account balances.
FAQs.
Is XM legit?
As a multi-regulated online broker, XM must adhere to strict compliance guidelines. At present, XM is overseen by 13 different regulatory bodies based in over 10 countries. The company also boasts a track record of over 2.4 billion trades executed with no re-quotes or rejections. That said, traders are encouraged to do their own research and decide whether XM is the right broker for their needs.
What is the minimum deposit for XM?
The minimum deposit for Micro or Standard accounts is $5. The minimum for XM Zero accounts is $100. Traders can deposit funds into their XM accounts through methods like Visa, Visa Electron, Mastercard, Maestro Diners Club International, UnionPay, XM Card, Skrill, Neteller, Web Money, and bank wire transfers.
How long do XM withdrawals take?
XM withdrawal requests are processed within 24 hours. Clients receive their money on the same day for payments made via e-wallet. Payments by bank wire, credit card, or debit card can take between two-to-five business days. Withdrawals can only be processed via the method used to deposit the funds.
Does XM offer bonuses?
ESMA regulations prohibit CFD brokers from offering bonuses to retail investors in Europe to encourage CFD trading (or a greater volume of trading) , including signup bonuses or fee rebates.
However, XM does provide a loyalty program and a rewards system for clients outside of the European Union. For example, clients who maintain an account balance (equity credit) of $5,000 or the currency equivalent get free access to XM’s Virtual Private Server (VPS).
Does XM provide educational resources?
The XM research and education section offers a very detailed library of educational materials for traders. These include market reviews, stock market news, forex news, investment-themed articles, technical analysis, videos, and a learning center where webinars, seminars, and video tutorials are presented.
Credits: Original XM review written by Lawrence Pines. Major updates and additions by Linda de Beer with contributions from the Commodity.com editorial team.
Written by.
Linda started her writing career more than 25 years ago as a newspaper journalist in South Africa, where she obtained an MPhil degree in journalism from the University of Stellenbosch. She's been freelancing from her new home in Austria for the past ten years.