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XM Review

Minimum Deposit: $5 VISIT BROKER

Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.

Investing Brokers

August 12, 2022

XM is an online trading broker that belongs to Trading Point Global Ltd. The broker was founded in 2009 and currently provides its services to clients from 196 countries. The broker is regulated in various jurisdictions by the ASIC, CySEC, DFSA, and IFSC.

XM Group offers a good variety of asset classes to trade CFDs on forex, stocks, commodities, indices, precious metals and energies. The broker provides you with the versatile and user-friendly MetaTrader trading platforms to trade on all of your devices.

XM charges very competitive fees in terms of tight spreads and low commissions compared to its competitors. They also offer an abundance of excellent educational resources and trading tools. On top of that, you can get access to a free demo account to practice trading online risk free. Overall, I think XM is an excellent option for beginners and experienced traders alike.

XM Global Limited has many years of experience in the financial industry, providing traders with a great range of trading products and services at very low prices. The broker has a super-fast account opening process that is can be completed online in minutes. They do not charge extra fees on transactions and have very low trading fees. They require a small $5 minimum deposit for opening an account and also provide free demo accounts. However, the broker doesn’t disclose its financial statements and is currently not a traded company on any exchange. They also charge inactivity fees and cannot accept clients from some countries, including the USA.

XM Global offers a generous selection of over 1,000+ CFD instruments for you to trade. Whatever your interests, there are plenty of options to choose from, including forex currency pairs and CFDs on precious metals, energies and equity indices with some of the most competitive spreads you will find. You can get your trades executed at the best available prices with no rejection of orders or re-quotes. The broker however does not currently provide cryptocurrency trading. If you are looking to trade cryptos, please feel free to take a look at our best crypto brokers for some alternative options.

Traders can only trade real shares with a dedicated shares account with a high minimum deposit requirement and no leverage provided. But the broker pays dividends to its stock traders. XM provides shares trading only on its MT5 trading platform. Moreover, traders cannot trade bonds, options or ETFs with this broker. If those are asset classes that you are looking for, then you might want to consider AvaTrade instead.

XM Instruments Summary

XM Instruments Summary with Trading Platforms

Commission Fees

XM Global offers trading with tight spreads starting from just 0.0 pips whilst the commissions charged by the broker are very competitive when compared to the other brokers. You can pay around $7 per standard lot in and out on the zero account, which is more or less the industry average. I find the zero spreads are great for scalping strategies but you could save a little on commission fees with RoboForex. They also have zero pip spreads but commission goes as low as $4 per round turn.

Spread Fees

XM has very tight spreads on all accounts, starting from 0.0 pips on the zero account and 0.6 on standard accounts, which can vary in market peak hours. You do not pay an additional commission on the standard account is it is already accounted for within the spread. As mentioned above, there is a competitive $7 commission fee in the XM zero account. Below is a table of minimum spreads across different asset classes in different accounts.

Deposit and Withdrawal Fees

XM Global has a huge advantage over its competitors in this regard. The broker does not charge any deposit or withdrawal fees except the deposits made via bank transfers of less than $200. The broker does not allow cryptocurrencies to be used as a payment option, but Axi do if that is something you are looking for in a broker.

Inactivity Fees

After 90 calendar days, trading accounts are considered dormant without trading, withdrawal, deposit, internal transfer, or further trading account registration activities. Inactive accounts will have any remaining bonuses, promotional credits, and XMPs immediately deleted. A monthly inactivity fee of $5 is charged from inactive accounts or the total value of the free balance in these accounts if the free balance is less than $5. If the trading account’s free balance is zero, there is no inactivity fee. If you want to avoid any potential inactivity fees, then you could consider IC Markets as an alternative option as they do not charge any.

XM Global has not yet developed its own trading platform. Instead, it offers the complete MetaQuotes Suite for its clients. The broker provides you with the fully customisable MetaTrader 4 and MetaTrader 5 platforms across all of your devices. Each platform carries its own features and benefits according to the device, but the main trading theme and tools remain the same. The MetaTrader platforms have a very similar look and feel, with the MT5 platform containing more features. There is no fee charged for downloading or using any of the trading platforms. XM facilitates its traders with various trading tools and education to help them become better traders. The broker also offers a free VPS service for those of you who want to run your trading platforms remotely.

MetaTrader 4

MT4 is one of the most popular CFD trading platforms that is used by millions of traders all over the globe. It has a quick learning curve which makes it a good option for beginners whilst it has plenty of possibilities to meet the demands of professional traders. You will get access to an abundance of trading tools for studying the charts and managing your positions. I have used MT4 for many years and never felt the need to switch over as it can do everything that I need it to and much more. You can also fin thousands of add-ons in the MQL marketplace which is accessible from directly within the platform. There is also a programming interface where you can build your own trading tools or hire a freelancer to do it for you. You can get access to the following features with the MT4 platform:

MetaTrader 4 Multiterminal

The XM MT4 Multiterminal is the best option for traders who wish to manage multiple MT4 accounts with simplicity from a single terminal using a single Master Login and Password. I think this can be a great solution for money managers who are looking for a convenient way to manage accounts. Some of the key features of the MT4 multiterminal include:

MetaTrader 5

The XM MT5 platform contains most of the same capabilities as the XM MT4 platform, but further improves on them with more tools, features and functionality. You will find more chart types, additional timeframes, a better selection of tools and support for more order types. I think MT4 will do the job for most forex traders, but if you are looking to branch out into other asset classes then you may edge more towards the multi-asset MT5 platform instead. Either way, I feel that both platforms are excellent choices for new and experienced traders alike. Here are some of the considerable features of the MetaTrader 5 platform:

XM Web Platform

XM offers the MT4 and MT5 platforms as its web trading platforms. You may utilise the full functionality of XM WebTrader for fast online trading on both demo and live accounts without having to download anything. Opening and closing trades, setting stops and entry limits, putting direct orders, setting and modifying limit and stop loss, and charting are all possible with just one click. All the indicators and objects can be used on these web platforms to assist with your technical analysis. The main advantage of these web trading platforms is that you can access them from any device and web browser. However, the web platforms have some limitations, including they cannot run automated strategies. You will need the desktop version of the platform for that.

XM Mobile Platform

XM Global offers the modern and sleek MT4 and MT5 mobile trading apps. These powerful apps come with everything you need to analyse the markets, place and manage traders. In a matter of seconds, trades may be opened, monitored, and evaluated. You can do in-depth market research and technical analysis using a great selection of trading indicators. The mobile apps are free to download and compatible with iOS or Android devices. I think they are a great option for those of you who want to access your account and keep up to date with the latest market news whilst on the move. These are some key features of mobile trading platforms:

XM Platforms Summary

XM has a very generous range of educational resources and research tools, which can be found on its website’s “Research & Education” page. You can get free access to various helpful trading tools, including forex calculators, customised indicators for MetaTrader, an economic calendar, trade ideas, and much more. You can sign up for free webinars and seminars, listen to market analysis podcasts, read curated articles, and watch XM TV to further improve your trading education.

Learning Centre

The XM learning centre has a great range of trading guides and tutorial videos. You can learn about the provided trading platforms through tutorials and benefit from informative videos and seminars. After you have brushed up on your knowledge of the markets, you can always put what you have learned into practice with a free demo account. You will find the following trading educational materials on the XM learning centre:

News & Market Analysis

XM Global keeps you up to date with the latest market news and analysis which can help to provide you with some of the information that you need in order to make informed trading decisions. Trade ideas are posted which can inspire possible trade ideas that you may have otherwise overlooked. You can access technical summaries of your favourite instruments with a few clicks and stay informed of economic events with an economic calendar. XM TV keeps financial market news under its radar, so you never need to miss any important news event. You can even listen to podcasts where professional traders are being interviewed and learn from their experiences. Overall, XM have an excellent offering when it comes to market analysis and education.

Trading Community

XM also has an educational blog that keeps you updated with the global financial markets.

XM Research and Education Summary

Trading accounts are available in an impressive 11 different currencies and may be funded in a variety of ways. XM accepts deposits from the most popular credit/debit cards, bank wire transfers, and some e-wallets. XM does not charge any deposit fees, and the funds are available nearly immediately once they are deposited. For the Micro, Standard, Ultra Low, and Zero accounts, the minimum deposit is a mere $5 or the equivalent in another currency. A minimum deposit of 10,000 USD or equivalent is required to open an XM Shares account which is quite pricey. Withdrawal costs are also waived at XM (withdrawal processing times vary from instant to 1 business day). XM covers all deposit and withdrawal transfer costs for payments. XM’s zero-fee policy also applies to any deposits and withdrawals above $200 that are processed by wire transfer. The broker does not offer cryptocurrencies to trade, neither it allows cryptocurrencies as a mode of payment. For crypto payment, you may wish to consider FXPRIMUS as an alternative option.

XM Funding Summary

XM Global is regulated by the Cyprus Securities and Exchange Commission (CySEC), the Australian Securities, Financial Conduct Authority (FCA) in UK and Investments Commission (ASIC), International Financial Services Commission (IFSC). Trading Point MENA Limited is regulated by Dubai Financial Services Authority (DFSA). The broker provides negative balance protection to its clients from EU and Non-EU.

XM Regulation Summary

XM Safety

When it comes to client money safety, XM adheres to the strictest requirements. As a result, the broker client’s funds are stored in segregated accounts at top-tier international institutions like Barclays Bank.

It also follows the client money handling standards and has rigorous policies and processes for maintenance and administration. The broker keeps client funds separate from business funds and does not utilise them for any of its operating expenditures or objectives. However, the broker is not traded on any stock exchange, neither does it have a banking licence. The broker keeps its financial information private as well. But more than a decade of experience make it one of the top online brokers and trustworthy enough to consider opening an account with.

Except for the rare question about the trading terms, most traders will rarely contact their broker’s customer service department. Even so, it’s nice to know that if you do need assistance, you’ll get it quickly and efficiently. In part, customer service at XM is well-regarded because it is available in a broad range of languages, with specialised native speakers assisting clients in their native tongue. The XM customer service desk is open 24 hours a day, Monday through Friday, at the same time as the markets are open. English, Greek, Japanese, Chinese, Bahasa Malay, Bahasa Indonesia, Hungarian, Russian, French, Spanish, Italian, German, Polish, Hindi, Arabic, Korean, Portuguese, Czech, Slovakian, Bulgarian, Romanian, and Dutch are among the languages spoken by representatives. Traders can reach out to representatives in several departments throughout the globe by email or phone. There is also a live chat option. I think they could improve by offering support on weekend like competitors such as FP Markets do.

XM is recommended because of its great range of trading instruments, fast execution speeds, low spreads and very competitive commission fees. You can trade via versatile platforms with access to plenty of trading tools, up to date market analysis and a vast selection of educational content. They have flexible funding methods with efficient processing times, as well as a policy of no fees on deposits and withdrawals. Free demo accounts allow you to practice your trading strategies and get a feel for the broker whilst micro accounts allow new traders to get going in the market with a minimum initial investment. Overall, I think XM Group are one of the best CFD brokers for anyone looking who is looking for low cost trading in a regulated environment.

XM Review

Minimum Deposit: $5

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