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XM review
Global forex and CFD broker founded in 2009, regulated by CySEC, ASIC, the DFSA and the FSCA, with a $5 minimum deposit and micro accounts.
9.2/10#4 in our ranking
Analysis of public sources- CySEC
- ASIC
- DFSA
- FSCA
- Since 2009
Our verdict on XM
In short
XM is one of the largest retail brokers in the world, with millions of clients and licences from CySEC, ASIC, the DFSA and the FSCA. Its $5 minimum deposit, micro accounts and multilingual support make it particularly accessible to beginners and to traders in emerging markets.
Who is it for?
Ideal for beginners who want to start with a small amount, traders who need support in their own language, and MetaTrader users who do not need TradingView.
Who it suits less
Less suited to traders who want TradingView or cTrader, and to scalpers, who will find the Standard account spreads wider than raw pricing accounts.
XM overview
XM was founded in 2009 by Trading Point Holdings and is headquartered in Limassol, Cyprus. The group is regulated by CySEC for European clients, and operates entities licensed by ASIC in Australia, the DFSA in Dubai and the FSCA in South Africa. International clients are generally served by XM Global, an entity regulated offshore.
XM is built around accessibility. The minimum deposit is $5, Micro accounts allow positions of 1,000 units, and support is available in more than 30 languages. The Standard account has no commission, while the Ultra Low and Zero accounts offer tighter pricing, depending on the entity.
In our comparison, XM ranks fourth with a rating of 9.2 out of 10. Its customer service and accessibility earn top marks, while its platform choice, limited to MetaTrader and its own app, holds it back.
Pros and cons
Pros
- $5 minimum deposit, among the lowest in the industry
- Micro accounts for very small positions
- Customer support in more than 30 languages
- Regulated by CySEC, ASIC, the DFSA and the FSCA
- Extensive free education, webinars and market research
Cons
- No TradingView or cTrader
- Standard account spreads wider than raw pricing competitors
- Very high leverage at the international entity increases risk
- Inactivity fee after 90 days without trading
Fees and commissions
XM's Standard and Micro accounts have no commission, with an average spread around 1.6 pips on EUR/USD. The Ultra Low account reduces spreads, and the Zero account (where available) offers spreads from 0.0 pip with a commission. Deposits and most withdrawals are free. After 90 days of inactivity, XM charges a one-time maintenance fee and a monthly fee afterwards.
| Fee type | Details |
|---|---|
| Spread EUR/USD | Around 1.6 pips (Standard), lower on the Ultra Low account |
| Spread GBP/USD | Around 2.0 pips (Standard) |
| Commission | None on Standard, Micro and Ultra Low accounts |
| Overnight financing (swap) | Charged on positions held overnight; swap-free accounts available |
| Deposit fees | Free; XM covers most transfer fees |
| Withdrawal fees | Free for most methods |
| Inactivity fee | One-time maintenance fee after 90 days, then a monthly fee |
Trading platforms
XM focuses on MetaTrader 4 and MetaTrader 5, available on desktop, web and mobile, and on the XM App, which combines account management and trading. Traders who rely on TradingView or cTrader will need to look elsewhere, but MetaTrader users will find a complete setup, with free VPS hosting for eligible accounts.
XM App
XM's mobile app for trading and account management.
- Deposits and withdrawals
- Integrated charts
- Market news
- Biometric login
Available instruments
- 55Forex pairs
- 1,200Stocks
- 15Commodities
- 30Indices
- 30Cryptocurrencies
Approximate figures published by the broker. The exact list may vary by account type and by the entity that holds your account.
Deposits and withdrawals
- Minimum deposit
- $5
- Payment methods
- Processing times
- Instant deposits by card and e-wallet. Withdrawals processed within 24 hours on business days.
- Fees
- No deposit or withdrawal fees for most methods.
Customer service
- Languages
- Opening hours
- 24 hours a day, 5 days a week
- Contact channels
Safety and regulation
XM's European entity is regulated by CySEC, which requires segregated funds, negative balance protection and membership of the Investor Compensation Fund (up to EUR 20,000). Its entities in Australia, Dubai and South Africa follow local rules. Many international clients are onboarded by XM Global, regulated offshore, which allows leverage up to 1000:1 but provides fewer statutory protections. Check which entity opens your account before depositing.
- Main regulators
- CySEC (EU), ASIC (Australia)
- Other group licences
- Investor protection
- ICF up to EUR 20,000 for EU clients; varies by entity
- Segregated client funds
- Yes
- Parent company
- Trading Point Holdings Ltd (private), Cyprus
- Year founded
- 2009
Frequently asked questions
The minimum deposit at XM is $5 for the Standard and Micro accounts. Some account types, such as the Zero account, may require more.
Yes. XM is regulated by CySEC in the EU, ASIC in Australia, the DFSA in Dubai and the FSCA in South Africa. International clients may be served by an offshore entity with fewer protections.
No. At the time of our review, XM offers MetaTrader 4, MetaTrader 5 and its own XM App, but no direct TradingView trading.
XM alternatives
Brokers in the same category (Forex) with similar ratings, ranked by rating.
Ready to open an account with XM?
Overall rating: 9.2/10
Trading CFDs involves a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Brokers.Forex has no affiliate partnership with XM: this link earns no commission.