XM review summary
Recommended for forex and CFD traders who prefer MetaTrader platforms and seek great account opening
XM is an online broker whose parent company is Trading Point Holding, a global CFD and FX broker founded in 2009.
XM is available globally and is regulated by three financial authorities: the Cyprus Securities and Exchange Commission (CySEC), the Australian Securities and Investments Commission (ASIC) and the Financial Services Commission of Belize (FSC).
Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75.59% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
XM review
XM overview
Recommended for forex and CFD traders who prefer MetaTrader platforms and seek great account opening experience.
XM is regulated by several authorities globally, including the top-tier Australian Securities and Investments Commission (ASIC).
On the plus side, we liked the low stock CFD and withdrawal fees. The account opening process is seamless and hassle-free. There is a wide range of educational tools of great quality.
XM has some drawbacks though. Its product range is limited to forex and CFDs. Its forex and stock index CFD fees are average, and non-EU customers are not covered by any investor protection.
XM is available globally and is regulated by three financial authorities: the Cyprus Securities and Exchange Commission (CySEC), the Australian Securities and Investments Commission (ASIC), and the Financial Services Commission of Belize (FSC).
Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75.59% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
XM review
XM table of contents
XM review
XM pros and cons
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. Its forex and stock index CFD fees are average, and there is no investor protection for clients onboarded outside the EU.
Pros | Cons |
---|---|
• Low stock CFD and withdrawal fees | • Limited product portfolio |
• Easy and fast account opening | • Average forex and stock index CFD fees |
• Great educational tools | • No investor protection for non-EU clients |
🗺️ Country of regulation | Cyprus, Australia, Belize, United Arab Emirates |
💰 Trading fees class | Low |
💰 Inactivity fee charged | Yes |
💰 Withdrawal fee amount | $0 |
💰 Minimum deposit | $5 |
🕗 Time to open an account | 1 day |
💳 Deposit with bank card | Available |
👛 Depositing with electronic wallet | Available |
💱 Number of base currencies supported | 11 |
🎮 Demo account provided | Yes |
🛍️ Products offered | Forex, CFD, Real stocks for clients under Belize (FSC) |
XM review
Fees
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 an inactivity fee.
Pros | Cons |
---|---|
• Low trading fees | • Withdrawal fee for bank (wire) transfers |
• Low stock and ETF fees / Free stock trading | • Inactivity fee |
For fee calculations and further details, check out our XM Fees page.
Compare XM with:
XM review
Account opening
XM account opening is hassle-free and straightforward. You may be able to start using your account on the same day you opened it.
Pros | Cons |
---|---|
• Fast | • None |
• Fully digital | |
• Low minimum deposit |
Can you open an account?
For account types, minimum deposit, base currencies, contract size, account opening, pricing you can dig into our XM account page.
Our best alternatives to XM are:
The highest ranking competitors are:
XM review
Deposit and withdrawal
XM's deposit and withdrawal processes are fast and inexpensive and offer you several options. At XM, you can choose from 11 base currencies and XM charges no deposit fees.
For more detailed info on the deposit and withdrawal check out our analysis articles in XM Deposit and XM Withdrawal.
XM review
Trading platforms
XM does not have its own web trading platform. Instead, it uses third-party platforms: MetaTrader 4 and MetaTrader 5. These platforms are very similar to each other in functionality and design. One major difference is that you can't trade stock CFDs on MetaTrader 4, only on MetaTrader 5.
XM has a great 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.
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.
Trading platform | Scores | User-friendliness |
---|---|---|
Web | 2.8 stars | Mid-range |
Mobile | 3.8 stars | Great |
Desktop | 3.4 stars | Mid-range |
We have tested the platforms and summarized the results in XM Trading, check it out for everything you need to know.
XM review
Markets and products
CFDs and forex are available for all clients, but real stocks only for clients under the FSC-regulated entity. Popular asset classes, like real ETFs, bonds or options are missing.
XM is a CFD and forex broker with a great number of currency pairs available for trading. However, the CFD selection is lower compared to some XM alternatives.
Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75.59% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
XM | FxPro | FXTM | |
---|---|---|---|
Currency pairs (#) | 57 | 70 | 62 |
Stock index CFDs (#) | 28 | 29 | 11 |
Stock CFDs (#) | 1,240 | 1,700 | 172 |
Commodity CFDs (#) | 15 | 25 | 3 |
Cryptos (#) | - | 30 | 4 |
You can't change the leverage levels of the products, which is a drawback. Changing the leverage manually is a very useful feature when you want to lower the risk of your trade. Be careful with forex and CFD trading, as the preset leverage levels may be high.
Real stocks and ETFs
XM provides real stocks for clients onboarded under XM's FSC-regulated entity. You can trade stocks only using the Shares Account. It is a big addition compared to its competitors.
More info about trading stocks with XM in XM Trading, or dig deeper into the costs in XM Trading Fees.
XM review
Research
XM offers a wide range of technical tools and a great economic calendar. On the downside, it provides no fundamental data on assets.
Pros | Cons |
---|---|
• Trading ideas | • No fundamental data available |
• Quality news flow | |
• User-friendly |
XM's research tools have two sources:
- The 'Research & Education' section on the website
- MetaTrader trading platforms
The 'Research & Education' section is somewhat limited if you choose a language other than English. For example, there are no technical analyses or market overviews on non-English websites. If you go with English, you can access extra features like:
- Markets Overview: a summary page of all the latest news on the markets
- XM Research: a page that consists of analyses, reviews, and comments on market movements
- Technical Summaries: a short collection of instrument movements by the minute, hour, or day
- Podcasts
These are all great additions to XM's research side, not many brokers have such a variety of tools ready.
Trading ideas

Fundamental data
XM does not offer fundamental data on assets.
Charting
XM has Mid-range charting tools. You can use 31 technical indicators. These charting tools can be found on the MetaTrader trading platforms.
On the negative side, the design is outdated and some features are hard to use. For example, it was hard to figure out how to remove an indicator from the chart.

News feed
A news feed is available on the 'Markets' and 'News' pages under the 'Research & Education' tab. We liked that news items are categorized based on product types. You can also find Video news.
XM offers a great economic calendar. We liked that the calendar has a filter function where you can filter for countries, data type, and importance.

XM review
Customer service
XM's customer service is fast and is available in many languages, via email, phone, and live chat. The relevancy of answers is OK. Phone support is not available on weekends, though.
Pros | Cons |
---|---|
• Phone support | • No 24/7 support |
• Live chat | |
• Fast response time |
You can contact XM via:
- live chat
- phone
Answers are quick, and their relevancy is mostly OK.
Live chat is quick to respond to the first message but gets a bit slower with subsequent questions. We found that sometimes we had to ask the same question multiple times to get a straight answer.
XM phone support was fast, but we didn't always receive relevant answers. For example, we didn't get a clear answer to our query on how swaps are calculated. On other days, the answers were on point - it's hit-or-miss.
Email support works great. We received answers within a day and they were all relevant.

XM review
Education
XM does a great job in education. You can toy around with a demo account, watch trading platform tutorials, and learn from educational videos and high-quality webinars.
Pros | Cons |
---|---|
• Demo account | • None |
• Trading platform tutorial | |
• Educational videos |
At XM you can learn in the following ways:
- Demo account
- Platform tutorial videos
- General educational videos
- Webinars
Most of the education section on XM is based on video content. You can dive deep into topics ranging from an introduction to financial markets through money management and trading strategies to technical analysis. Each chapter has several lessons, all available for XM users only.
Beyond these prerecorded materials, they offer live training both online and offline for various experience levels.

XM review
Safety
XM 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.
Pros | Cons |
---|---|
• Negative balance protection | • Does not hold a banking license |
• Regulated by the top-tier ASIC | • Not listed on stock exchange |
• Financial information is not publicly available |
We collected the facts to consider for yourself if XM is safe including negative balance protection, legal entities, and regulators are collected in XM safety. This is a must-read, as CFD brokers do often carry a higher risk than large traditional brokerages!
XM review
FAQ
We recommend XM for forex and CFD traders who prefer MetaTrader platforms and seek a great account opening experience.
Below you can find links to all aspects of XM in this comprehensive collection.
Is this broker good for beginners?
We checked it in Is XM good for beginners.
Who are XM's competitors and alternatives?
We have created an overview of XM alternatives here including a comparison with FxPro, FXTM, FP Markets, Markets.com.
->About XM the company outlines what you have to know about XM's past, present and... well... the company.
Further reading: