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XM is a global forex and CFD broker regulated by several top-notch authorities worldwide. BrokerChooser gave XM a 4.4/5 rating after analyzing 500+ datapoints and testing the broker’s services with a live account.

XM is recommended for forex and CFD traders who prefer the MetaTrader platforms and investors looking for low stock CFD and withdrawal fees. If you want to invest in funds, bonds, options and futures, we do not recommend XM as these products are not available.

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74.89% of retail CFD accounts lose money

XM main features and highlights
🗺️ Country of regulation Cyprus, Australia, Belize, United Arab Emirates
💰 XM EURUSD spread 1.7
💰 XM inactivity fee charged Yes
💰 XM withdrawal fee charged $0
💰 XM minimum deposit $5
🕖 Time to activate account 1 day
💳 Deposit methods Bank transfer, Credit/debit cards, Skrill, Neteller for withdrawal, Sticpay for Deposit (under IFSC)
💱 Number of base currencies supported 10
🎮 Demo account provided Yes
🛍️ Products offered Forex, CFD, Real stocks for clients under Belize (IFSC)

XM review
Is it safe to trade on XM?

XM is a safe broker as its activities are regulated by several authorities worldwide. The broker is overseen by Australia's ASIC, CySEC of Cyprus, and the IFSC in Belize.

The private company behind the XM brand is Trading Point Holdings, which was established in 2009. The longer the track record of a broker, the more proof we have that it has successfully weathered previous financial crises.

XM doesn't provide investor protection for clients outside the EU.

How does XM protect my investments?

XM operates several subsidiaries, and which one of these will serve you depends on your residency. This is important because the investor protection amount and the regulator differ depending on the entity.

XM legal entities
Country of clients  Protection amount Regulator Legal entity
EEA countries €20,000 Cyprus Securities and Exchange Commission (CySEC) Trading Point of Financial Instruments Ltd.
Australia No protection Australian Securities and Investments Commission (ASIC) Trading Point of Financial Instruments Pty Ltd.
Middle-East No protection Dubai Financial Services Authority (DFSA) Trading Point MENA Limited
Rest of the world No protection Financial Services Commission of Belize (IFSC) XM Global Limited

XM provides negative balance protection for both EU and non-EU customers.

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74.89% of retail CFD accounts lose money

XM review
Can I open an XM account from my country?

XM review
Is it difficult to open an account at XM?

At XM, the account opening is hassle-free and straightforward. You may be able to start using your account on the same day. XM accepts customers from all over the world with a few exceptions, including the USA, Canada, China, Japan, New Zealand and Israel.

To see why it’s safe opening an account at XM, read this regularly updated XM account opening guide.

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74.89% of retail CFD accounts lose money

XM review
Is it cheap or expensive to use XM?

XM has a mixed fee profile. Trading fees for CFDs are low and there is no withdrawal fee. On the other hand, forex and stock index fees are average and the broker charges an inactivity fee.

XM fees snapshot
Assets Fee level Fee terms
S&P 500 CFD Low The fees are built into the spread, 0.4 points is the average spread cost during peak trading hours.
Europe 50 CFD Average The fees are built into the spread, 2.5 points is the average spread cost during peak trading hours.
EURUSD Average With Standard, Micro, and Ultra-Low accounts the fees are built into the spread. 1.7 pips is the Standard account's average spread cost during peak trading hours. With XM Zero accounts, there is a $3.5 commission per lot per trade and a small spread cost.
Inactivity fee Low $15 one-off maintenance fee after one year of inactivity, followed by $5 per month fee if the account remains inactive

For a detailed breakdown of the different fees you will need to pay as an XM client, read this guide.

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74.89% of retail CFD accounts lose money

XM review
Does XM charge a withdrawal fee?

All withdrawals are free of charge above $200 at XM. You can withdraw your money by using bank transfers, credit/debit cards and electronic wallets.

XM withdrawal options
XM FxPro Admirals (Admiral Markets)
Bank transfer Yes Yes Yes
Credit/debit card Yes Yes Yes
Electronic wallets Yes Yes Yes

We tested the debit card withdrawal and it took 2 business days. You can only withdraw money to accounts in your name.

Read our withdrawal guide to find out how to access your funds at XM.

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74.89% of retail CFD accounts lose money

XM review
How do I start using XM?

XM's account opening process consists of three steps:

1. Online application

The account opening process is fast and fully digital. Online registration takes only 10-15 minutes.

To verify your identity and residency, you have to upload the following documents:

  • Proof of identity: national ID card or passport
  • Proof of residency: tax or bank statement

2. Account approval

It takes about 1 business day for XM to approve new accounts.

3. Funding

After approval, you have to fund your account to start trading. Funding can take 1 to 5 business days depending on the deposit method.

Once you have money in your account, you can start using their mobile app, web platform or desktop platform all of which are high quality and make great sense.

If you are not ready yet to open a live account, you can start by experimenting with their demo account.

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74.89% of retail CFD accounts lose money

XM review
How do I deposit money at XM?

XM charges no deposit fees. You can use bank transfers and credit/debit cards for depositing funds. Clients onboarded under IFSC can also deposit using the SticPay electronic wallet.

XM deposit methods vs. similar brokers
XM FxPro Admirals (Admiral Markets)
Bank transfer Yes Yes Yes
Credit/debit card Yes Yes Yes
Electronic wallets Yes Yes Yes

A bank transfer can take several business days, while payment with a credit/debit card is instant.

You can only deposit money from accounts that are in your name.

Find out more on how to deposit money into your XM trading account in our XM deposit guide.

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74.89% of retail CFD accounts lose money

XM review
Is XM good for FX trading?

XM is highly recommended for forex trading as it offers a great variety of currency pairs, low spreads and direct access to the interbank FX market.

XM is a market maker which means you trade directly with the broker.

If you want to dig deep into XM's fees, you can check them in this article.

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74.89% of retail CFD accounts lose money

XM review
Is XM good for equity trading?

XM is not a good broker for equity trading. Most XM clients (except the ones belonging to the Belize-based entity), can only trade stock CFDs, real stocks and real ETFs are not available to them.

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74.89% of retail CFD accounts lose money

XM review
Who owns XM broker?

The owner of XM is Constantinos Cleanthous.

XM review
How can I reach XM customer support?

You can contact XM via

  • live chat
  • phone
  • email

The answers are quick, and their relevance is mostly OK.

Live chat is quick to respond to the first message but it gets a bit slower with subsequent questions. The phone support was fast, but we didn't always receive relevant answers – it's hit-or-miss. Email support works great. We received answers within a day and they were all relevant.

XM review - Customer Service

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74.89% of retail CFD accounts lose money

Author of this review

Ádám Nasli

Author of this review

Ádám worked in banking and investment, and holds a professional degree in this field. He is a motivated finance expert, having joined BrokerChooser in 2018. He's also eager to help people find the best investment provider for them, and to make the investment sector as transparent as possible. In his spare time, he loves learning new things, especially data science, algo trading, programming and trading.

Ádám Nasli

Analyst Head

Ádám worked in banking and investment, and holds a professional degree in this field. He is a motivated finance expert, having joined BrokerChooser in 2018. He's also eager to help people find the best investment provider for them, and to make the investment sector as transparent as possible. In his spare time, he loves learning new things, especially data science, algo trading, programming and trading.

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

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74.89% of retail CFD accounts lose money

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