XM Review 2024

Is XM regulated?

Yes, XM is regulated by the Cyprus Securities and Exchange Commission (CySEC), the Australian Securities and Investments Commission (ASIC), and the Financial Services Commission of Belize (FSC).
There is another XM legal entity called Trading Point MENA Limited, which is regulated by the Dubai Financial Services Authority (DFSA).

Is XM safe?

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

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

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 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.

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Account base currencies

At XM, you can choose from the following 10 base currencies:

This selection is average compared to competing brokers.

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 won'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 bank. These 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.

Deposit fees and options

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.

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.

There are a lot of deposit options at XM, including electronic wallets such as Skrill, Neteller for withdrawal, Sticpay for Deposit (under FSC).

XM withdrawal fees and options

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

You can only withdraw money to accounts in your name.

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

For credit/debit cards and electronic wallets (Skrill, Neteller), 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 do you withdraw money from XM?

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

Can you open an account?

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75.33% 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.

This is for the Micro and Standard account types. For the XM Zero account the minimum deposit is $100

Account types

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

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:

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 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.
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.

The mobile trading platform is available in several languages.

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.

Login and security

XM provides only a one-step login for its mobile platform. A two-step authentication would be more secure and adding this feature should be high on any company's list of security changes.

There is however a two-step account login to access deposit and withdrawal functions.

You can't log in using biometric authentication. Providing 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.

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'.

You can use the following order types on the mobile trading platform:

• 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)

Alerts and notifications

You cannot set alerts and notifications on the XM mobile platform.

You can however set notifications that appear on your mobile 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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75.33% of retail CFD accounts lose money

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'.

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75.33% of retail CFD accounts lose money

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. 75.33% 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.

Cryptos are available for customers onboarded under XM Global Limited entity.

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.It is a big addition compared to its competitors.

Social Trading

XM also enhances its social trading experience with integrated trading competitions and a Copy Trading feature.

Copy Trading at XM is a feature that facilitates interaction and strategy sharing between traders. In this system, participants can assume two roles: as an Investor, they have the opportunity to follow the strategies of experienced traders, selecting how much to invest in each. This is particularly beneficial for beginners, allowing them to engage in the market while honing their trading skills.

Alternatively, as a Strategy Manager, experienced traders can design their own strategies and share them with the community, earning a profit share from the success of their strategies when copied by others.

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:

• XM fees
• XM safety
• XM deposit guide
• XM withdrawal guide
• XM accounts
• Stock trading and trading platforms at XM
• XM competitors