XM Review 2024: Fees, Platforms, Apps, Safety, Pros & Cons

XM Global is a trusted, regulated, and multi-asset CFD Broker based in Limassol, Cyprus. This comprehensive review will explore how the broker performs in all the key aspects, namely fees and commissions, safety measures, spreads, leverages, verification procedure, regulation and licensing, account types, trading apps, and available platforms.

Regulated By

CYSEC, FSC & ASIC

Used By

10,000,000+ Clients

Established in

2009

Visit Broker

74% of retail investors' accounts lose money.

Spreads From

EURUSD 1.0 pips

What Can You Trade on XM?

  • Stocks
  • ETFs
  • Forex
  • Commodities
  • Indices
  • Crypto

XM Platforms

DesktopMobileMT4MT5

XM Funding Methods

SkrillVisaWire TransferMaster CardNetellerPerfect Money

XM Review 2024: Fees, Platforms, Apps, Safety, Pros & Cons

XM Global is a trusted, regulated, and multi-asset CFD Broker based in Limassol, Cyprus. This comprehensive review will explore how the broker performs in all the key aspects, namely fees and commissions, safety measures, spreads, leverages, verification procedure, regulation and licensing, account types, trading apps, and available platforms.

  • author Eric Gift
  • Last updated 06/12/2023

74% of retail investors' accounts lose money.

Regulated By

CYSEC, FSC & ASIC

Used By

10,000,000+ Clients

Established in

2009

Spreads From

EURUSD 89 Points

Platforms

DesktopMobileMT4MT5

What Can You Trade?

  • Stocks
  • ETFs
  • Forex
  • Commodities
  • Indices
  • Crypto

Funding Methods

SkrillVisaWire TransferMaster CardNetellerPerfect Money
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Online Trading With Commission from $0

Assets: Stocks, Indices, Forex, Commodities, Cryptocurrencies & ETFs
CFD: YES
Min Deposit: $10
Visit eToro

78% of retail investors' accounts lose money.

Summary

The XM Global trading platform was founded in 2009 and is based in Limassol, Cyprus, though its global branch is in Belize City, Belize. The broker is regulated by CySEC, ASIC, and the Belize FSC. Its tradable assets include 52+ forex pairs, 30+ cryptocurrencies, 1,200+ stocks, 12+ commodities, 95+ real shares, and 12+ equity indices. 

XM Main Features

Minimum Deposit$5
RegulationCYSEC, FSC & ASIC
Commission$7/lot
Number of Markets1,295+
CFD TradingNo

The services are accessible on desktop (Windows, Mac, and Linux) and mobile devices (Android and iOS), though it only has a proprietary platform for mobile devices. Additionally, the broker offers many account types, and the trading fees are few and affordable. 

This XM review will take a deep dive into its available assets, trading platforms, account types, customer service, education and many more. Here is a brief look at its general pros and cons.

Pros

  • More than a Decade Market Experience 
  • Multi-Regulated
  • Low Trading Cost 
  • Zero Swap 
  • Wide Variety of Trading Instruments 
  • User Friendly Trading Platform 
  • Available in Multiple Locations around the World 
  • High Leverage 
  • Good Educational Materials 
  • Offers Bonuses and Promotions 
  • Great Spreads 

Cons

  • Lack of Proprietary Trading Platform on Desktop

Available Assets at XM

XM Group offers a wide selection of tradable instruments in its considerable portfolio. In total, there are 1,300+ tradable assets from a range of different markets traders can explore, and they include real shares, stock CFDs, equity indices, cryptocurrencies, forex pairs, commodities, etc. All of these come at great spreads and leverages of up to 1:1000. In this part of our review,  we will now look at each of these assets.

Stocks

With over 1200+ assets available, stocks constitute the platform’s most robust class of tradable assets. These stocks come from all the major sectors like energy, tech, telecommunications, and even clothing. Traders on this platform get access to trade in stocks from major national and multinational interests such as Adidas, Telekom Austria Group, and Galapagos NV. Additionally, the platform allows clients to trade in an array of 95+ real shares from markets in Germany, the US, and the UK.

Equity Indices

Traders on the XM trading platform are able to speculate on the uptrends and downtrends of a range of 12+ equity index CFDs from major markets all around the globe. The spreads for these CFDs can be as low as from 0.3 pips with leverage up to 1:500. Swap margins are also pretty great. However, limitations based on jurisdiction may apply to some of these variables. For instance, the leverage is limited to what the law allows within a given jurisdiction, which may be much lower than 1:500. 

Forex

The forex markets can also be accessed on the broker, as it offers 24/5 trading on 52+ tradable forex pairs from global markets. These include major, minor, and exotic currency pairs, from which traders can choose, depending on their needs in terms of trading volume, relative risk, etc. The spreads for all these forex pairs are competitive and the leverage is up to 1:1000. Forex trading on the platform also comes free of hidden charges, and ultra-low accounts benefit from a zero-swap policy.

Commodities

Traders on the XM platform can deal in an array of commodities ranging from crucial industrial raw materials like cocoa to energy resources like coal and oil. The latter are grouped under ‘Energies’ on the platform, and there are also precious metals, such as gold and silver. Of course, since these are CFDs, the trader does not actually trade in the commodities themselves, only in their underlying price movements. However, there is the benefit of no stock exchange fees and the fact that the platform has been designed to be ideal for new traders. 

Altogether, the platform has a portfolio of 12+ commodities.

Cryptocurrencies

XM Global also has something for crypto traders, with its portfolio of crypto assets. Clients wishing to trade the CFD of this volatile and risky asset class have access to a portfolio of 30+ crypto CFDs, including Bitcoin, Ethereum, XRP, Solana, and Shiba Inu. All of these are tradable at great spreads and leverage up to 1:250. The trading is on a 24/7 basis, and zero swap benefits also apply.

Stocks Trading at XM

For starters, XM is a CFD broker. This means that traders deal with the underlying price fluctuations of the stocks in question but don’t actually own or control the stocks themselves. However, the platform also offers a portfolio of 95+ real stocks that clients can invest in, and these shares are from the UK, USA and Germany.

In any case, the types of stocks available are from corporate interests in a wide variety of industries, including energy, transportation, technology, banking, and telecommunication. These are largely from EU countries like France, Spain, Germany, Italy, and Switzerland, though a good chunk also comes from non-EU nations like the UK, the US, and Canada. As you will later find out in this section of our review, the fee structure for these shares is very competitive for clients, and the leverage is quite favourable.

Available Stock Exchanges at XM

XM currently has 1,200+ stock CFDs and 95+ real stocks in its portfolio. These include stocks from some of the biggest corporations in the international stock markets. Here are the stock exchanges XM traders are able to access through the stock CFD platform.

CountriesMajor Stock Exchanges
BelgiumBrussels Stock Exchange
FranceParis Stock Exchange
GermanyFrankfurt Stock Exchange
NetherlandsAmsterdam Stock Exchange
EuroNext Amsterdam
SpainBarcelona Stock Exchange
Bilbao Stock Exchange
Madrid Stock Exchange
SwitzerlandSIX Swiss Exchange
UK London Stock Exchange
USANew York Stock Exchange (NYSE) 
National Association of Securities Dealers Automated Quotations (NASDAQ)
SwedenNASDAQ Stockholm
AustriaVienna Stock Exchange
GreeceAthens Stock Exchange
NorwayOslo Stock Exchange
FinlandNASDAQ Helsinki
PortugalEuroNext Lisbon
BrazilB3 (Brazil) Stock Exchange
CanadaCanadian National Stock Exchange
TSX Alpha
Montreal Stock Exchange
ItalyMilan Stock Exchange

Stock Trading Fees & Commission at XM

XM is remarkably client-friendly regarding fees. Due to its zero-fee policy for most accounts, stock trades do not come with any charges or commissions. The only costs to a client trading stock CFDs on the accounts are the individual spreads of the assets. We will discuss the zero-fee policy in greater depth in the Fees and Commissions section of this review. However, there may be commission charges for traders using the XM Zero account type. 

Furthermore, real shares do not come under the zero-fee policy, and they are subject to charges that depend on the countries they come from. German and UK shares are charged 0.10%, with minimum commissions of $5 and $9 per transaction, respectively, while the US shares accrue $0.04 commissions per transaction, with a minimum of $1 per transaction. 

Stock Trading Leverage at XM

The XM leverage for stock CFDs that a trader can use depends on a couple of factors. First, there is the account type the trader is operating. The leverage varies in extremes from no leverage at all for share accounts to up to 1:10 for all the other account types. The other factor, perhaps the most consequential, is jurisdictional limitations. A client trading on this broker in Cyprus, for instance, is subject to limitations by CySEC, and can thus only access up to 1:5 leverage. Traders in the jurisdiction of the FSC of Belize, on the other hand, will be able to trade with much greater leverage, thanks to loose restrictions on trading leverage. 

XM Regulations

XM has its main headquarters in Limassol, Cyprus, though its global branch is located in Belize City, Belize. Aside from this office, the platform also has offices in other regions. And in all the regions, the platform is well-regulated. Here are the various offices of XM Global and the relevant regulators whose jurisdictions they fall under.

XM Global (Cyprus) Ltd: The Cyprus office of XM Global is located at Richard I & Berengaria Of Navarre, Limassol 3042. The regulatory body covering this entity is the Cyprus Securities and Exchange Commission (CYSEC).

  • Reg Number: HE352085

XM Global (Belize) Ltd: The Global headquarters of XM is in Belize, and it is located at Suite 404, The Matalon, Coney Drive, Belize City. The office is under the local jurisdiction and regulation of the Belize Financial Services Commission (FSC). 

  • Licence Number: 000261/309

XM Global (Australia) Ltd: The Australian branch of XM can be found at Level 13, 333, George Street, Sydney, NSW 2000. The branch is regulated and licensed by the Australian Securities and Investment Commission (ASIC).

  • Reg Number: 443670

XM Fees and Commissions

XM fees are one of the best things about the platform as there are almost none. The platform follows a zero-fee policy, especially for ultra-low accounts. However, for accounts like XM Zero, some fees might apply. In this section of our XM review, we will examine the two types of fees that clients may pay: Trading and non-trading fees. We will also discuss the conditions under which each type applies.

Trading Fees

When a client performs any trading activities on their account, they may be charged trading fees of different types. These fees can be anything from spreads and rollover costs to commission fees.

Spread

The difference between an asset’s ask and bid prices is known as the spread, and it is typically stated as a decimal number. Spreads can range from very low (as low as 0.0 pips, in the best situations), depending on factors like liquidity, to very high.

XM spreads are quite competitive, starting from 1 pips for the Micro and Standard accounts, except for the ultra-low and shares accounts. For the ultra-low account, the spreads begin from 0.6 pips, while the spreads on the share account depend on the underlying exchange. 

Commissions

Every time a client using an XM Zero account initiates or closes a trade, the platform charges a commission fee. The commission charge is automatically determined based on the volume of transactions. For every transaction of $100,000, the commission fee is $7. The broker also charges commissions on its share account, with each share having a minimum commission percentage of 0.1% at $5 per transaction.

Swaps/Rollover Costs

When clients keep a position open overnight, XM charges them rollover fees. The broker  handles rollover interest (also known as swap fees) at competitive rates. While positions opened at 22:01 are not subject to rollover until the next day, positions opened at 21:59 will roll over at 22:00 GMT.

When a trade is left open overnight, XM debits or credits clients’ accounts at reasonable rollover rates (i.e. 22:00 GMT). Banks continue to compute interest on any position held over the weekend even though there is no rollover on Saturdays and Sundays because the markets are closed. On Wednesdays, XM uses a 3-day rollover approach to even out this time difference.

For positions on stocks and stock indices, the rollover rates are a function of the underlying interbank rate for the relevant stock index, give or take the respective markups on XM for long and short positions. For instance, in the case of an Australian stock, the rollover rates would derive from the interest rates that accrue for short-term loans between Australian banks, plus or minus the relevant long and short-position XM Markups.

Non-Trading Fees

The XM Broker also charges fees for non-trading activities performed on the client accounts. However, the only such fee charged is the dormant fee.

Dormant Fee

A trader’s account will be considered “dormant” or “archived” in accordance with XM’s “dormant and archiving policy.” If there has been no trading activity (i.e., trading, withdrawals, or deposits) in an account for a predetermined period of at least 90 calendar days, then the dormancy fee applies. 

If the free balance in the account is less than $5, the whole amount of the free balance will be charged as a monthly inactive cost for dormant accounts. If the account has no free balance, there won’t be any fees. As a result, accounts with a balance of $0 will be archived after 90 calendar days.

Account Types at XM

XM is quite flexible in terms of account variety, and that enables clients to trade from a variety of standpoints and access whatever benefits best suit their style of trading. There are five XM Accounts altogether, and these are what we are going to explore in this part of our review. 

Demo Account

The XM Demo account is a free-to-use account type intended to help traders learn and hone their trading skills with zero risk. It comes with $100,000 in virtual funds and a replica of the live market to simulate real trading. 

Micro Account

The micro account is the least advanced account type on the broker, and it’s best suited for small-scale traders, especially those just out of the demo account. It comes with spreads beginning from 1 pip, a lot size equal to 1000, and a per-ticket lot restriction of 100. The minimum deposit for this account type is $5 with a leverage up to 1:1000. Available base currencies are USD, EUR, GBP, JPY, AUD, HUF, PLN, SGD, CHF, and ZAR. Additionally, the micro account allows up to 300 positions per client.

Standard Account

The Standard account is for traders with some little experience in trading or those who don’t intend to do any advanced trading. Like the micro account, it comes with spreads from 1 pip and a minimum account balance of $5. Additionally, both the Micro and Standard accounts share the same leverage of up to 1:1000, in addition to the same available base currencies and maximum positions per client. 

However, the contract size is 100,000, the per-ticket restriction is 50 lots, and the minimum trade volume is 0.01 lots. 

Ultra-Low Account

The ultra-low account is an advanced account type that comes with some benefits traders can take advantage of. For starters, the spreads begin from as low as 0.6 pips. The contract size varies from 100,000 per lot for the standard ultra type to 1,000 per lot for the micro ultra. It also comes with zero swaps, and the available base currencies are EUR, USD, GBP, AUD, ZAR, and SGD. However, it shares the $5 minimum account balance, leverage, and maximum positions with the micro and standard account types.

Shares Account

The shares account is exclusively for shares, and it comes with a couple of perks. To begin with, the account type is ideal for Islamic clients, with its zero swap. Its lot size is also one share, and the spreads vary depending on the underlying exchange. However, traders operating this account type don’t enjoy any leverage, and the maximum number of positions a client can maintain is 50. Furthermore, the only base currency allowed is the USD, and there is a minimum deposit requirement of $10,000. All the other accounts have no such requirement.

Zero Account

The Zero account is a special type not really accessible to most traders, especially in African regions. It is the only account type for which a commission fee is charged, as we have seen before now. However, it also features adjustable leverage up to 1:500 and spreads as low as zero on 56 currency pairs, as well as gold and silver.

XM Trading Platforms

XM traders can perform their trades on mobile or desktop platforms, as the XM broker operates on both. And so, this section will review each of these trading platforms. 

XM Desktop Trading Platform

Desktop trading on the XM is only possible on MT4 or MT5, which is available for Mac, Windows, and multiterminal platforms. However, we will be considering the MT5 platform, which is available on webtrader and trading apps. 

Platform Overview

The MT5 Webtrader is a third-party platform on which the XM broker operates, allowing clients to access the trading space through their web browsers. It is designed to be easy to navigate, and it comes with a suite of features that enable traders to trade effectively and use various trading strategies to maximum effect. It comes with advanced charting options, analysis tools, and other features we will discuss here. 

Charting Feature

The platform has a drop-down menu where the user can customise and modify their charts and indicators, and apply any of the available charting options they need.

Toolbox

From the toolbox window of the MT5 webtrader, traders can view their trading history, open trades, journal, and other information on ongoing activities on the account. 

Market Watch

The market watch section of the MT5 webtrader platform allows traders to monitor the price movements of some selected assets. It can be expanded to show more assets,  and there is also a function to enable the trader to hide the section.

How to Open an Account and Trade on the XM Desktop Trading Platform?

The registration process on the platform takes a while to complete, especially since XM has to verify your identity. However, it takes only a few minutes to sign up and open an account. To do that, these are the steps you must follow.

  1. Access the broker’s homepage and click on the ‘open an account’ button at the top right side of the page.
  2. On the account registration page, you will find fields you must fill with the requested information, including your name, country of residence, phone contact, and preferred language. You can also set your account type here, then click ‘Proceed to step 2’.
  3. On the next page, provide information regarding your area of residence, trading account details, investor information, and trading experience (if any). You will also set your account password here and specify if you would like to enjoy the customer account bonus. Once you’ve done all that, tick the confirmation box and click on ‘Open real account’ to complete the process.
  4. Next comes the Account opening confirmation. First, an email will be sent to you to confirm your account.
  5. Click on the link in the email and confirm your registration.
  6. You will be redirected to the ‘Member area’ login page, where you will provide your login details to gain access.
  7. Using the MetaTrader account number given to you through another email you will receive, login to the member area, and you can now access your account.
  8. You can now provide additional ID information to verify your identity and activate your account.
  9. Once your account is verified, you can use your details to log in to the MT5 Webtrader platform. The email that contains your MetaTrader account number will also contain the designated server you will input here.
  10. You can now access your account on MT5, fund it, and start trading. 

XM Mobile Apps

The XM trading platform is also accessible on mobile devices like iOS and Android. The platform operates a proprietary mobile platform called the XM Trading Point, which is downloadable on Google Play Store and the Apple App store. Here are the main features of the mobile app.

Market Watch

In the market watch panel, traders can set up a watchlist of assets they are interested in, so that they can monitor their price movements more closely. This panel also gives access to the market insights section, where traders can take an even closer look at the outlook of any given asset.

Instruments

This section enables traders to browse a comprehensive and well-segmented list of all the available trading instruments and add any that they want to their watchlist.

Orders

The orders tab allows the trader to view all his pending orders and open positions.

Discover

From this section, traders can explore the market space and get an overview of general market conditions, sectors, and industries. They can also find assets not already on their watchlist.

Pull Out Hud

This is a menu that can be accessed by tapping on the menu button at the top left of the home page. From here, traders can access the promotions, help desk, research, and referral sections. They can also access the withdrawal and deposit pages too.

How to Open an Account and Trade CFDs on XM Mobile App

The first step to trading on the mobile platform is to open an account with XM. This can be done by accessing the XM URL and tapping on the option for opening new accounts. The steps are the same for opening an account on the desktop platform. In fact, you can complete the process on your desktop and log in on your mobile device through these steps.

  1. Download the XM Trading Point app from your app store.
  2. Launch the app, and you will see a login page. From here, you can either create a new account if you don’t already have one (see the desktop section for the steps) or log in using your given account details.
  3. Once you have input your details and tapped on ‘login,’ you can now access your mobile platform.
  4. After logging in, tap on ‘Deposit’ at the top right corner of the home screen and supply the necessary bank details and the amount of funds you would like to deposit into your new account.
  5. Select an instrument from your watchlist or from a search results list in the discover section to open the trading options.
  6. Tap on the green plus sign on the lower right side of your screen and select the ‘New market order option.’
  7. On the next page, set your desired parameters, including enabling stop loss or take profit if you wish. Then, tap on ‘confirm order.’

XM Payment Methods

There are a number of ways to make deposits and withdrawals at XM, and we will be reviewing them here. The platform generally has the same methods available for both withdrawals and deposits, namely credit cards, debit cards, bank wire transfers, online banking channels, and electronic wallets. However, the bank transfer options, especially international bank transfers, are only available for verified clients. We will be looking at each of these methods, their minimum deposits, and their processing times. 

Deposit

For deposits, the broker provides a wide array of payment options, including debit cards, credit cards, electronic wallets, wire transfers, local bank transfers, and other payment options. As far as charges are concerned, though, there are none. Due to its zero-fee policy, traders on the platform are not charged anything for deposit transactions. It is also worth noting that the minimum deposit for the platform is $5.

Deposit MethodSpeed
Mastercard (credit card and debit card)Instant
Visa (credit card and debit card)Instant
Bank Transfers1-3 days
Online Banking1-5 working days
BitPayInstant
SkrillInstant
NetellerInstant
SticPayInstant
Perfect MoneyInstant

Withdrawals

Withdrawals on the XM platform can be executed through all the same channels as for deposits. And just like for deposits, the platform does not charge any fees on its end. However, charges from the individual service provider may apply, and the minimum amount to withdraw is $5.

Account Base Currency

All financial data pertaining to a given client on the XM are rendered in terms of a single stipulated currency known as the base currency. Each client can typically choose from a small list of available base currencies, except for share account holders. For share accounts, the only base currency allowed is USD. The other base currencies on the broker are USD, EUR, GBP, JPY, CHF,‎ AUD, HUF, PLN, SGD, and ZAR. 

For most other brokers we review, any conversions to other currencies apart from your base currency are subject to conversion costs. But again, XM’s zero-fee policy comes to bear, as there are no stated conversion costs.

XM Research and Education

Mastery of trading requires lots of learning and tutoring, and this fact is not lost on the XM. The broker has a very extensive suite of educational and research materials designed to inform and educate clients to maximum effect. 

The research and education platform has three sections: the research, learning centre, and tools sections. The research center features a range of research resources for  traders, including market reviews, technical summaries, economic calendars, and in-house XM Research. 

The educational section is more robust and comprehensive, featuring a Live Education program that is designed to provide real-time, interactive tutoring to traders. There is also a library of educational videos for visual learning, the recently created offline forex classes, forex webinars, organised seven days a week and handled by over 70 webinar instructors, and some platform tutorials. The webinars are rendered in 23 different languages, including French, Chinese, Arabic, and Filipino.

Finally, there are the research and education tools, namely the trading tools, MQL5, and some forex calculators, which make it easier for traders to compute important values mid-trade. Overall, the platform excels in research and education.

XM Customer Services

XM has a very great customer care service system, as it is dedicated to delivering prompt and effective assistance to clients at all times. For starters, the platform has a very fast-responding live chat support system that lacks a chatbot but will see you talking to a real agent within seconds of your chat request. The agents are also very friendly and cordial as they efficiently resolve client complaints and supply useful answers to queries. Then, there is its considerable array of social media channels for reaching out to clients. The broker operates on Facebook, Twitter, Youtube, Instagram, and TikTok

Additionally, clients in need of assistance can also contact XM through the relevant phone hotlines or email addresses. As the support team works around the clock and all week long, phone calls are responded to within seconds, while the waiting time for email responses may range from minutes to hours. 

XM Online Reviews

In this section, we will examine users’ opinions of XM on four websites: Reddit, Quora, Trustpilot, and ForexPeaceArmy.

What Reddit Users Say About XM

The few posts about the broker on Reddit give a fairly balanced picture. This user views them positively, commending their withdrawals. 

However, this other user comments suspiciously that XM is a market maker brokerage type, implying that they take the flip side on any trades the clients place. This, the user explains, leaves an opening for price manipulation and the capacity to pump and dump trades on retail clients. 

What Quora Users Say About XM

The comments from the quora community are mixed on the subject of XM and its performance as a broker. Two reviews, in particular, summarise the dynamic of opinions within the community. The user typifies those with complaints about XM’s performance. According to him, XM refuses to let you cash out your earnings when you are profitable. And to illustrate, he cites his experience of difficulty with withdrawing his profits. His final verdict is that the platform is a binary option scam.

On the flip side, other users see the platform in a more positive light. A user thinks of XM as one of the best brokers around, especially due to its multi-regulation and tight spreads. 

TrustPilot Users’ Review About XM

The average rating of XM from about 37 users in the Trustpilot space is pretty average at 2.8. A user expresses some of the reasons for his average rating, claiming the customer service has been the worst he has known in all his three years with the platform. He takes umbrage with the rudeness of two particular agents.

This other user says XM Global is a long-established scam, claiming there have been multiple reports of it. He advises traders to steer clear of XM.

However, there are still some positive reviews from some users. This client, for instance, thinks everything from costs and support to bonuses and withdrawals is great.

ForexPeaceArmy Users’ Reviews About XM

XM’s average rating in the ForexPeaceArmy space is slightly higher than what we found on TrustPilot, with a value of 3.0 from 673 users. More than half of the reviews are bad, and the most common complaint is being cheated out of profits, with many, such as this user, concluding the platform is a scam.

However, a significant portion of the users’ opinions about the broker are very positive. And quite opposite to the complaints of the other users, these positive feedbacks tend to commend the withdrawal speeds, reporting easy and fast withdrawals, in addition to great customer service.

Other Products and Services

Aside from the services we’ve talked about throughout this XM review, the broker also offers a couple of extra services worth mentioning. Although, none of them are beyond the context of the general CFD trading concept. It does not, however, offer API trading or copy trading. 

Multiterminal Trading

XM has multiterminal capabilities that can be used on the MT4 Multiterminal platform for desktops. This type of platform is suited for sizable trading conglomerates or individual traders who wish to enter the trading space from multiple points simultaneously.

Promotions

While not technically a product, XM’s deposit-based promotions are a great feature that traders can enjoy. For Instance, a $500 deposit is rewarded with a 50% bonus, while deposits of up to $4,500 receive a bonus of 20%. Additionally, the platform also runs a loyalty program that offers incentives like seasonal and exclusive bonuses. 

VPS Hosting

XM has a VPS hosting service that offers ultra-fast trade executions and easy accessibility. It delivers state-of-the-art fibre optics connectivity. This service is new, and according to the broker, it’s available to all new and existing clients during its promotional period.

Partnerships

XM offers a partnership/affiliate service for clients, enabling them to earn commissions and other special  benefits, such as real-time reports and detailed statistics to aid their trading. All of these benefits accrue for successful referrals to the platform.

Is XM Safe?

We will  now turn our attention to the issue of XM safety. To begin with, XM is solid on the regulation and licensing side. The broker is multi-regulated, being under the jurisdictions of the Belize FSC, ASIC, and CySEC, all trusted regulators. Then, there is the area of security for client funds, in which XM does quite well. XM Global Limited, which runs XM, assures the security of client funds and consumer protection in accordance with the relevant laws and regulations. Consequently, the actions that XM takes to achieve this aim include: The Company transfers client funds to a separate client bank account. In the likely event that the Company becomes insolvent, these funds cannot be used to pay creditors because they are off the balance sheet. Thus, they are secure from being affected by the platform’s financial troubles. Additionally, XM Global is a member of the Investor Compensation Fund, a compensation scheme for clients of Cyprus-based investment firms and platforms. Under this fund, clients of the investment firms are able to make demands for compensation in the event of any losses incurred due to a given investment firm’s activities, insofar as they can provide evidence of it.

However, the XM lags in multifactor security, even on its own proprietary mobile platform. This lack of multifactor security, especially biometrics, undermines the security of client accounts. 

Bottom Line

The XM Global trading platform offers great pricing, excellent spreads, leverages, and flexible accounting options. And as a global firm, it is widely available to traders all around the world. It also performs pretty well in some other respects, such as in regulation and licensing; being multi-regulated by top bodies in Europe, the Americas, and Australia.

The broker has a very quick signing-up process, though verification and activation of an account can take a bit longer. But once the activation process is completed, traders can now fund their account and freely trade any asset from markets all around the world, at competitive spreads and leverages.

The safety is commendable with regard to the handling of customer funds and the compensation scheme. And should a client need further education or tutoring to improve their trading, the broker’s library of educational materials and courses can be brought to bear. Finally, the customer support team can effectively and competently handle customer complaints and answer queries. All of these factors make XM a reasonably trustworthy and reliable broker.

Q & A

Given its safety features and multi-regulation, XM is a trustworthy broker.

To login, you must click the login button, and supply your login details on the next page.

Yes, it is a well-regulated broker with licensing from top-tier regulators.

Yes, XM is a legit broker.

The broker’s minimum deposit is $5.

XM has its Headquarters in Limassol, Cyprus.

The broker offers Micro, Standard, Ultra-low, Shares, and Zero Accounts.

No, it is not a Desk Dealing Broker.

The starting spread depends on the account type, with micro and standard accounts beginning from 1 pip and the ultra-low accounts beginning from 0.6 pips.

Yes, XM offers a Demo account.

The minimum withdrawal amount on the broker is $5.

Yes, you can invest in real shares through the Shares account. The broker offers 100 real shares. 

You can trade stocks [CFDs] by opening one of the CFD accounts.

The maximum leverage to trade stock CFDs depends on the jurisdiction. Clients from the UK, AU and Europe can use leverage up to 1:5 to trade stock CFDs. 

The reviews about the broker are a mix of positive and negative.

XM allows deposits through up to nine different channels.

Withdrawals may take anywhere between 1 to 2 business days, and maybe 3, depending on the method.

There are also cryptocurrencies, forex pairs, commodities, and equity indices.

There are a total of four trading platforms on the broker, which are available on both PC and mobile devices.

The leverages are 1:1000 for forex, 1:250 for crypto, and 1:500 for equity indices.