Summary

Recommended for forex and CFD traders who prefer MetaTrader platforms and seek low trading fees

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75.55% of retail CFD accounts lose money

XM is an online broker whose parent company is Trading Point Holding, a global CFD and FX broker founded in 2009. Trading Point Holding has two brands, XM and Trading.com.

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 International Financial Services Commission of Belize (IFSC).

Trading.com is available only for most EEA residents and is regulated by the UK's Financial Conduct Authority (FCA).

In this review, we will focus on the XM brand.

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75.55% 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.

Overall Rating
4.3
Fees
3.8
Account opening
5.0
Deposit and withdrawal
5.0
Trading platform
3.2
Markets and products
2.5
Research
4.5
Customer service
4.0
Education
4.5

XM pros and cons

XM has low 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 fees are average, and there is no investor protection for clients onboarded outside the EU.

Pros Cons
Low CFD and withdrawal fees Limited product portfolio
Easy and fast account opening Average forex fees
Great educational tools No investor protection for non-EU clients
XM main features and highlights
🗺️ 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 credit/debit 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 (IFSC)
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75.55% of retail CFD accounts lose money

Author of this review

Gergely Korpos

Author of this review

Gergely is the co-founder and CPO of Brokerchooser. His aim is to make personal investing crystal clear for everybody. Gergely has 10 years of experience in the financial markets. He concluded thousands of trades as a commodity trader and equity portfolio manager.

Gergely Korpos

Co-founder, CPO

Gergely is the co-founder and CPO of Brokerchooser. His aim is to make personal investing crystal clear for everybody. Gergely has 10 years of experience in the financial markets. He concluded thousands of trades as a commodity trader and equity portfolio manager.

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

XM review
Fees

3.8
XM has low trading fees for CFDs and charges no withdrawal fee. On the other hand, forex fees are only average, and there is a fee for inactivity.
Pros Cons
No withdrawal fee Inactivity fee
Low CFD fees Average FX fees
XM fees snapshot
Assets Fee level Fee terms
S&P 500 CFD Low The fees are built into the spread, 0.7 is the average spread cost during peak trading hours.
Europe 50 CFD Low The fees are built into the spread, 2.6 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 fee after one year of inactivity, followed by $5 per month fee if the account remains inactive.

How we ranked fees

We ranked XM's fee levels as low, average or high based on how they compare to those of all reviewed brokers.

First, let's go over some basic terms related to broker fees. What you need to keep an eye on are trading fees and non-trading fees.

In the sections below, you will find the most relevant fees of XM for each asset class. For example, in the case of forex and stock index trading, spreads, commissions and financing rates are the most important fees.

We also compared XM's fees with those of two similar brokers we selected, XTB and eToro. This selection is based on objective factors such as products offered, client profile, fee structure, etc. See a more detailed rundown of XM alternatives.

To have a clear overview of XM, let's start with the trading fees.

XM trading fees

XM trading fees are low. XM has many account types, which all differ in pricing. The Standard, Micro, and Ultra Low accounts charge higher spreads but there is no commission. The XM Zero account charges lower spreads, but there is a commission. The following calculations were made using the Standard account.

We know it's hard to compare trading fees for CFD brokers. So how did we approach the problem of making their fees clear and comparable? We compared brokers by calculating all the fees of a typical trade for selected products.

We chose popular instruments within each asset class:

  • Stock index CFDs: SPX and EUSTX50
  • Stock CFDs: Apple and Vodafone
  • Forex: EURUSD, GBPUSD, AUDUSD, EURCHF and EURGBP

A typical trade means buying a leveraged position, holding it for one week and then selling. For volume, we chose a $2,000 position for stock index and stock CFDs, and $20,000 for forex transactions. The leverage we used was:

  • 20:1 for stock index CFDs
  • 5:1 for stock CFDs
  • 30:1 for forex

These catch-all benchmark fees include spreads, commissions and financing costs for all brokers. Let's see the verdict for XM fees.

CFD fees

XM has generally low CFD trading fees. Compared to its competitors, the fees are about the same or lower.

XM CFD fees for a $2,000 long position held for one week
  XM XTB eToro
S&P 500 index CFD fee $2.4 $1.9 $2.4
Europe 50 index CFD fee $2.4 $1.9 $2.7
Apple CFD fee $4.9 $17.9 $7.2
Vodafone CFD fee $1.4 $19.3 -

Forex fees

XM's forex fees are average compared to its competitors.

XM forex benchmark fees of a $20,000 30:1 long position held for one week
  XM XTB eToro
EURUSD benchmark fee $17.1 $14.8 $16.4
GBPUSD benchmark fee $14.0 $10.8 $12.7
AUDUSD benchmark fee $13.9 $9.4 $12.1
EURCHF benchmark fee $9.1 $6.4 $11.8
EURGBP benchmark fee $12.0 $9.7 $13.7

Real stock fees

Clients onboarded under IFSC can also trade real stocks using the Shares Account.

The real stock fees are lower than XTB's, but lag behind eToro's commission-free real stock offers.

Stock and ETF commission of a $2,000 trade
  XM XTB eToro
US stock $1.0 $10.0 $0.0
UK stock $9.0 $11.0 $0.0
German stock $5.0 $11.0 $0.0

The commissions are volume-tiered with a minimum fee.

XM stock commission
Stock market Commission Minimum commission
USA $0.04 per share $1
UK 0.10% $9
Germany 0.10% $5

Non-trading fees

XM has average non-trading fees. 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 fee after 1 year of inactivity, and this is followed by a $5 monthly fee if the account remains inactive.

XM non-trading fees
  XM XTB eToro
Account fee No No No
Inactivity fee Yes Yes Yes
Deposit fee $0 $0 $0
Withdrawal fee $0 $0 $5

XM review
Account opening

5.0
XM account opening is hassle-free and straightforward. You may be able to trade on your account already on the same day.
Pros Cons
Fast None
Fully digital
Low minimum deposit

Can you open an account?

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75.55% of retail CFD accounts lose money

XM accepts customers from all over the world. There are a few exceptions though; among others, you can't open an account from the USA, Canada, China, Japan, New Zealand or Israel.

What is the minimum deposit at XM?

The required XM minimum deposit is $5 for the Standard and Micro accounts, which is very low. The minimum deposit is $100 for XM Zero accounts and $50 for XM Ultra Low accounts.

Account types

XM offers many account types, which differ in pricing, base currencies, minimum deposit and contract size.

XM account types
  Micro Standard XM Zero XM Ultra Low Shares Account
Client country EEA
Australia
Other countries
EEA
Australia
Other countries
EAA Australia
Other countries 
Non-EEA and non-Australian clients
Pricing No commission, but higher spread No commission, but higher spread There is a commission, but the spread is very low No commission and the spread is low  Market spread and commission
Base currencies USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, RUB, SGD, ZAR USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, RUB, SGD, ZAR EUR, USD, JPY EUR, USD, GBP, AUD, ZAR, SGD
 
USD
Minimum deposit $5 $5 $100 $50 $10,000
Contract size 1 Lot = 1,000 1 Lot = 100,000 1 Lot = 100,000 Standard Ultra: 1 Lot = 100,000

Micro Ultra: 1 Lot = 1,000
1 share

Islamic or swap-free accounts are also available. With Islamic accounts, a flat commission is charged if you hold your leveraged position overnight instead of the percentage-based financing rates.

XM doesn't offer corporate accounts. If you sign up for a non-European entity, you will not be eligible for European client protection measures.

How to open your account

XM account opening is fully digital, fast and straightforward. You can fill out the online application form in 20 minutes. Our account was verified on the same day.

You can select many languages other than English:

XM account open languages
Arabic Bengali Chinese Czech Dutch
Filipino French German Greek Hungarian
Indonesian Italian Korean Malay Polish
Portuguese Russian Spanish Swedish Thai
Vietnamese        

To open an account at XM, you have to go through these steps:

  1. Fill in your name, country of residence, email address and telephone number.
  2. Select the trading platform (MT4 or MT5) and account type.
  3. Add your personal information, such as your date of birth and address.
  4. Select the base currency and the size of the leverage.
  5. Provide your financial information and answer questions about your financial knowledge.
  6. Verify your identity and residency. You can upload a copy of your national ID, passport or driver's license to verify your identity, while utility bills and bank statements are accepted as proof of residency.
XM review - Account opening

XM review
Deposit and withdrawal

5.0
XM's deposit and withdrawal processes are fast and inexpensive, and offer you several options.
Pros Cons
Credit/Debit card available None
Several account base currencies
Free wire withdrawal above $200

Account base currencies

At XM, you can choose from a great selection of account base currencies. The available base currencies are: EUR, USD, GBP, CHF, JPY, AUD, RUB, PLN, HUF, ZAR and SGD. The available account currencies depend on which account type you open.

This account base currency selection is more competitive than that of similar brokers.

Base currencies at XM vs similar brokers
  XM XTB eToro
Number of base currencies 11 4 1

Why does this matter? For two reasons. If you fund your trading account in the same currency as your bank account or you trade assets in the same currency as your trading account base currency, you don't have to pay a conversion fee.

A convenient way to save on currency conversion fees is by opening a multi-currency bank account at a digital bankThese usually offer bank accounts in several currencies with great currency exchange rates, as well as free or cheap international bank transfers. Opening an account only takes a few minutes on your phone.

Compare digital banks

Deposit fees and options

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

XM deposit options
  XM XTB eToro
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.

XM review - Deposit and withdrawal - Deposit

XM withdrawal fees and options

XM charges no withdrawal fees. The only exception is bank (wire) transfers below $200, which incur a $15 fee.

XM withdrawal fees and options
  XM XTB eToro
Bank Transfer Yes Yes Yes
Credit/Debit card Yes No Yes
Electronic wallets Yes No Yes
Withdrawal fee $0 $0 $5

For credit/debit cards and electronic wallets, the withdrawal amount cannot exceed the amount you deposited using the same instrument. This means that you can only withdraw your trading profits via bank transfer.

How long does it take to withdraw money from XM? We tested debit card withdrawal and it took 2 business days.

You can only withdraw money to accounts that are in your name.

How do you withdraw money from XM?

  • Log in to your account
  • Go to 'Withdraw Funds'
  • Select the withdrawal method
  • Enter the withdrawal amount

Compare to other brokers

XM review
Web trading platform

2.8
XM's web trading platform is provided by MetaTrader. It is highly customizable and has a clear fee report. On the other hand, the platform lacks price alerts and the design is outdated.
Pros Cons
Clear fee report No two-step (safer) login
Good customizability (for charts, workspace) No price alerts
Order confirmation Poor design
XM platforms to choose from
Trading platform Score Available
Web 2.8 stars Yes
Mobile 3.8 stars Yes
Desktop 3.3 stars Yes

XM does not have its own 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.

We tested the MetaTrader 4 platform as it is more widely used.

MetaTrader 4 is available in an exceptionally large number of languages.

XM web trading platform languages
Arabic Bulgarian Chinese Croatian Czech Danish
Dutch English Estonian Finnish French German
Greek Hebrew Hindi Hungarian Indonesian Italian
Japanese Korean Latvian Lithuanian Malay Mongolian
Persian Polish Portuguese Romanian Russian Serbian
Slovak Slovenian Spanish Swedish Tajik Thai
Traditional Chinese Turkish Ukrainian Uzbek Vietnamese  

Look and feel

The XM web trading platform has great customizability. It is easy to change the size and the position of the tabs.

However, the platform feels outdated and some features are hard to find. For example, it took us a while to figure out how to add an asset to the watchlist.

XM review - Web trading platform

Login and security

XM requires two-step authentication for the account login on the website where you can deposit and withdraw. The trading platform itself, however, doesn't have two-step authentication.

Search functions

The search functions are OK. You can find assets grouped into various categories. However, we missed the usual search function where you can type in the name of an asset manually.

XM review - Web trading platform - Search

Placing orders

You can use all the basic order types. However, you won't find more sophisticated order types such as 'one-cancels-the-other'. The following order types are available:

  • Market
  • Limit
  • Stop

To get a better understanding of these terms, read this overview of order types.

There are also order time limits you can use:

  • Good 'til canceled (GTC)
  • Good 'til time (GTT)
XM review - Web trading platform - Order panel

Alerts and notifications

You cannot set alerts and notifications on the XM web trading platform. This feature is available only on the desktop trading platform.

Portfolio and fee reports

XM has clear portfolio and fee reports. You can easily see your profit-loss balance and the commissions you paid. These reports can be found under the 'History' tab. We couldn't find a way to download them.

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75.55% of retail CFD accounts lose money

XM review
Mobile trading platform

3.8
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.
Pros Cons
User-friendly No two-step (safer) login
Good search function No Touch/Face ID login
Price alerts

XM offers MetaTrader 4 and MetaTrader 5 mobile trading platforms. Similarly to the web trading platform, we tested the MetaTrader 4 platform on Android.

Once you have downloaded the MT4 mobile trading platform, you should access the relevant XM server, e.g. XMUK-Real UK. 

Just like on the web trading platform, you can choose from many languages on the mobile trading platform as well. Changing the language is a bit tricky on Android devices, as you can do it only if you switch the default language of your mobile.

XM mobile trading platform languages
Arabic Chinese (Simplified) Chinese (Traditional) Czech English
French German Greek Hindi Indonesian
Italian Japanese Korean Polish Portuguese
Portuguese (Brazil) Russian Spanish Thai Turkish
Ukrainian Vietnamese      

Look and feel

XM has a great mobile trading platform, we really liked its design and user-friendliness. It is easy to find all the features it provides.

XM review - Mobile trading platform

Login and security

XM requires only one-step login for the platform, but provides two-step account login to access deposit and withdrawal functions. A two-step login procedure for the trading platform would be safer.

You can't use fingerprint or Face ID authentication. Offering this feature would be more convenient.

Search functions

The search functions are good. You can search by typing the name of the product or by navigating the category folders.

XM review - Mobile trading platform - Search

Placing orders

You can use the same order types and order time limits as on the web trading platform

XM review - Mobile trading platform - Order panel

Alerts and notifications

You can set alerts and notifications for your mobile, although only through the desktop trading platform. It would be much easier if you could set these notifications on the mobile trading platform as well.

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75.55% of retail CFD accounts lose money

XM review
Desktop trading platform

3.3
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.
Pros Cons
Clear fee report No two-step (safer) login
Good customizability (for charts, workspace) Outdated design
Price alerts Search function could be better

For desktop trading too, you can use the MetaTrader 4 and 5 platforms; we tested MetaTrader 4.

It has the same design, is available in the same languages, offers the same order types, has the same search functions, and offers the same portfolio and fee reports as the web trading platform.

The desktop trading platform doesn't have two-step authentication; however, XM provides a two-step account login procedure on the website where you can deposit and withdraw funds.

The major difference is that you can set alerts and notifications on the desktop trading platform in the form of mobile push and email notifications. To set these, you have to add your email address and mobile MetaQuotes ID (you can find it in the MT4 app's settings). You can add them if you go to 'Tools' and then 'Options'.

XM review - Desktop trading platform

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75.55% of retail CFD accounts lose money

XM review
Markets and products

2.5
XM provides CFDs and forex for all clients, while real stocks are available only for clients opening their accounts under the IFSC-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. 75.55% 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 product selection
  XM XTB eToro
Currency pairs (#) 57 49 47
Stock index CFDs (#) 28 42 13
Stock CFDs (#) 1,240 1,800 2,000
Commodity CFDs (#) 15 22 14
Cryptos (#) - 25 16

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 IFSC-regulated entity. You can trade stocks only using the Shares Account. The real stock selection lags behind that of similar competitors.

XM stock and ETF selection
  XM XTB eToro
Stock markets (#) 3 17 17

Social trading

XM offers a social trading service. The Mirror Trader platform allows investors to mirror professional traders on their own trading accounts and execute trades manually, semi-automatically or automatically. 

XM review
Research

4.5
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

XM review - Research - Recommendations

Fundamental data

XM does not offer fundamental data on assets.

Charting

XM has OK 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.

XM review - Research - Charting

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 - Research - Economic Calendar

Compare research pros and cons

XM review
Customer service

4.0
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
  • email

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 - Customer Service

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75.55% of retail CFD accounts lose money

XM review
Education

4.5
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 - Education

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75.55% of retail CFD accounts lose money

XM review
Safety

XM is regulated by three financial authorities globally, 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

Is XM regulated?

Yes, XM is regulated by the Cyprus Securities and Exchange Commission (CySEC), the Australian Securities and Investments Commission (ASIC), and the International Financial Services Commission of Belize (IFSC). Trading.com, the other brokerage service of XM's parent company, is regulated by the top-tier UK Financial Conduct Authority (FCA).

There is a separate XM legal entity called Trading Point MENA Limited, which is regulated by the Dubai Financial Services Authority (DFSA), for clients from the Middle East and North Africa, but these clients are onboarded through the Belize entity, XM Global Limited.

Is XM safe?

To be certain if a brokerage is safe, we highly advise that you check two facts:

  • how you are protected if something goes wrong
  • what the background of the broker is

How you are protected

XM operates several subsidiaries, and which one of these will serve you depends on your residency. This is important for you 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.
Rest of the world, but EEA customers can also open an account No protection International Financial Services Commission of Belize (IFSC) XM Global Limited

*Clients from these countries – except Belgium, Cyprus, Greece and Switzerland – can also open an account at Trading.com, which is regulated by the UK's Financial Conduct Authority (FCA). The investor protection amount provided at this entity is £85,000.
 

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

Background

The private company behind the XM brand is Trading Point Holdings. It 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.

On the other hand, the company doesn't disclose financial information and isn't listed on any exchanges. These would increase transparency.

Find your safe broker

XM review
Bottom line

XM is regulated by several authorities globally, including the top-tier ASIC.

On the plus side, we liked the low 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 FX and CFDs. Its forex fees are average, and non-EU customers are not covered by any investor protection.

We recommend XM for those who are interested in CFD and forex trading and prefer MetaTrader trading platforms. Feel free to test it via the demo account.

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75.55% of retail CFD accounts lose money

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