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XM Review 2024

Written by
Adam N.
Fact checked by
Updated
1d ago
Regulated and trusted. Tested via live trading.
6,560 people chose this broker
Not available in United States; see best alternatives

Why choose XM

XM is a global forex and CFD broker regulated by Australia's ASIC, CySEC of Cyprus, and the Belize authority IFSC.

XM has low stock CFD and withdrawal fees. Account opening is user-friendly and fast. You can use many educational tools, such as webinars and a demo account.

On the other hand, XM has a limited product portfolio as it offers mainly CFDs and forex trading and its forex and stock index CFD fees are average.

BrokerChooser gave XM a 4.3/5 rating based on analyzing 600+ criteria and testing via opening a live account.

  • Low stock CFD and withdrawal fees
  • Easy and fast account opening
  • Great educational tools
Overall score
4.3/5
Minimum deposit
$5
FX fee
Low
Index CFD fee
Low
Withdrawal fee
$0
Account opening
1 day
Visit XM

71.61% of retail CFD accounts lose money

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EURUSD spread
Usual spread in pips

Fees

Score: 4.1/5
XM has low trading fees for CFDs and charges no withdrawal fee. On the other hand, forex and stock index fees are only average, and there is a fee for inactivity.
  • No withdrawal fee
  • Low stock CFD fees

We compared XM's fees with two similar brokers we selected, FxPro and Admirals (Admiral Markets). These competitors were selected based on objective factors like products offered, client profile, fee structure, etc. See a more detailed comparison of XM alternatives.

Low FX fees

XM charges a forex commmission: $3.50 commission per lot per trade on XM Zero accounts. Spread costs come on top of this, e.g. the EUR/USD spread is 0.1.

Broker
EURUSD spread
FX commission per lot
XM
0.1
$3.50 commission per lot per trade on XM Zero accounts
FxPro
1.4
No commission is charged
Admirals (Admiral Markets)
0.1
$3.00 commission per lot per trade
XM forex spreads and commissions

Low index CFD fees

All index CFD fees are built into the spread. The spread for S&P 500 index CFDs is 0.6.

Broker
S&P 500 CFD spread
XM
0.6
FxPro
1.0
Admirals (Admiral Markets)
0.4
XM index CFD spreads and commissions

Low stock CFD fees

All stock CFD fees are built into the spread. The spread for Apple stock CFDs is 0.4.

Broker
Apple CFD
XM
$1.9
FxPro
$2.1
Admirals (Admiral Markets)
$1.1
XM stock CFD spreads and commissions

Low inactivity fee, no withdrawal fee

There is no account fee and XM charges no withdrawal fee in most cases, though bank withdrawals below $200 carry a $15 fee.
There is a $15 one-off maintenance fee after 1 year of inactivity, and this is followed by a $5 monthly fee if the account remains inactive.

Broker
Inactivity fee
Withdrawal fee
XM
$0
FxPro
$0
Admirals (Admiral Markets)
$0
XM inactivity, withdrawal and other fees

Other commissions and fees

:Low real stock commission: Trading US stocks at XM comes with the following commissions - $1.0.

Broker
US stock
UK stock
XM
$1.0
$9.0
FxPro
-
-
Admirals (Admiral Markets)
$0.0
$0.0
Misc. fees compared with other brokers

Safety

XM is a legit brokerage. It is regulated by three financial authorities globally through its parent company, including the top-tier ASIC. It is a well-established brand but is not listed on any exchange and does not disclose financial information.
  • Negative balance protection
  • Regulated by the top-tier ASIC
Read more

Deposit and withdrawal

Score: 5/5
XM's deposit and withdrawal processes are fast and inexpensive, and offer you several options.
  • Credit/Debit card available
  • Several account base currencies
  • Free wire withdrawal above $200
Read more

Account opening

Score: 5/5
XM's account opening process is hassle-free and straightforward. You may be able to start using your account already on the same day.
  • Fast
  • Fully digital
  • Low minimum deposit
Read more

Mobile app

Score: 3.3/5
XM has an okay mobile trading platform, offered by MetaTrader 4. It is a well-designed and user-friendly platform with a good search function. However, Touch/Face ID login is not supported.
  • User-friendly
  • Good search function
  • Price alerts
Read more

Desktop platform

Score: 3.4/5
In design and functionality, XM's MetaTrader 4 desktop platform is almost the same as the web trading platform. One major difference is that you can set price alerts on the desktop trading platform.
  • Clear fee report
  • Good customizability (for charts, workspace)
  • Price alerts
Read more

Product selection

Score: 2.3/5
CFDs and forex are available for all clients, but real stocks only for clients under the FSC-regulated entity. Popular asset classes like ETFs, bonds or options are not available.
Read more
“I recommend XM for forex and CFD traders who prefer MetaTrader platforms and seek great account opening.”

FAQ

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Everything you find on BrokerChooser is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology.

author image
Adam Nasli
Author of this review
I bring extensive financial expertise as one of BrokerChooser's earliest team members. Personally, I tested nearly all 100+ brokers on our site, opening real-money accounts, executing trades, assessing customer services, and providing firsthand assessment. My professional background includes roles in the banking sector and a degree from Central European University, where I teach finance. My passions lies in in-depth research of the financial industry, building trading algorithms, and managing long-term investments.
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