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4.4
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69.10% of retail CFD accounts lose money

Summary

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

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69.10% of retail CFD accounts lose money

Trading Point Holding, XM's parent company, is 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 was launched in 2019 and is available only for EEA residents, except those living in Belgium, Cyprus, Greece and Switzerland. Trading.com is regulated by the UK's Financial Conduct Authority (FCA).

In this review, we focus on the XM brand.

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69.10% 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. Risk warnings are shown on the website but they are unclear on percentages

Overall Rating
4.4
Fees
3.8
Account opening
5.0
Deposit and withdrawal
5.0
Trading platform
3.0
Markets and products
2.9
Research
3.8
Customer service
3.5
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 or a demo account.

On the other hand, XM has a limited product portfolio as it only offers CFDs, forex and cryptos for European clients. Its forex fees are average, and an inactivity fee kicks in after 90 days of no trading.

Pros Cons
Low CFD and withdrawal fees Only CFDs, forex, cryptos for Europeans
Easy and fast account opening Average forex fees
Great educational tools Inactivity fee
XM main features and highlights
🗺️ Country of regulation Cyprus, Australia, Belize
💰 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 card Available
👛 Depositing with electronic wallet Available
💱 Number of base currencies supported 11
🎮 Demo account provided Yes
🛍️ Products offered Stock, Forex, CFD, Crypto
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69.10% of retail CFD accounts lose money
Gergely Korpos

Gergely Korpos

Co-founder, CPO

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.

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 average, and there is a fee for inactivity.
Pros Cons
Low CFD fees Inactivity fee
No withdrawal fee Average FX fees
XM fees snapshot
Assets Fee level Fee terms
S&P 500 CFD Low The fees are built into spread, 0.7 is the average spread cost.
Europe 50 CFD Low The fees are built into spread, 2.6 is the average spread cost.
EURUSD Average With standard and micro accounts the fees are built into spread, 1.7 pips is the spread cost. With XM Zero accounts, there is $3.5 commission per $100 000 traded and average spread is 0.1 pips.
Inactivity fee Low Inactivity fee of $5 / month after 90 days. if balance reaches $0 account is archived.

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.

To get things rolling, let's go over some lingo 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 three account types, which all differ in pricing. The Standard and Micro 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, they 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 CFD benchmark fee $2.4 $2.0 $2.4
Europe 50 CFD benchmark fee $2.4 $2.2 $2.7
Apple CFD benchmark fee $3.4 $17.9 $6.3
Vodafone CFD benchmark fee $5.6 $20.9 -

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 $15.0 $19.6
GBPUSD benchmark fee $13.8 $11.1 $16.2
AUDUSD benchmark fee $13.9 $10.0 $12.4
EURCHF benchmark fee $9.1 $6.6 $11.8
EURGBP benchmark fee $12.2 $9.9 $19.9

Real stock fees

Non-European clients can also trade real stocks using the Share account. Commission fees depend on which stock market you trade on.

XM stock commission
Stock market Minimum commission per transaction (USD) Commission per transaction (%)
USA 1.0 0.04
UK 9.0 0.1
Germany 5.0 0.1
France 5.0 0.1

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 an inactivity fee of $5 per month after 90 days of inactivity. This is charged every month until your balance drops to $0, at which point your account is archived.

XM non-trading fees
  XM XTB eToro
Account fee No No No
Inactivity fee Yes No Yes
Deposit fee $0 $0 $0
Withdrawal fee $0 $0 $25

XM review
Account opening

5.0
XM account opening is hassle-free and straightforward. Your account is ready for trading on the same day.
Pros Cons
Fast None
Fully digital
Low minimum deposit

Can you open an account?

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69.10% 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.

If you open an XM Zero account, however, the minimum deposit is $100.

Account types

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

XM account types
  Micro Account Standard Account Zero Account XM Ultra Low Account 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  No 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

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: Arabic, Bengali, Chinese, Czech, Dutch, Filipino, French, German, Greek, Hungarian, Indonesian, Italian, Korean, Malay, Polish, Portuguese, Russian, Spanish, Swedish, Thai, and 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 level of 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 functions are fast and inexpensive, and offer you several options.
Pros Cons
Credit/Debit card available None
Free withdrawal
No deposit fee
Free wire withdrawal above $200

Account base currencies

At XM, you can choose from 11 account base currencies. The available base currencies are: EUR, USD, GBP, CHF, JPY, AUD, RUB, PLN, HUF, ZAR, SGD

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 bank. Revolut or Transferwise both 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. In addition to bank transfer and credit/debit cards, you can use many types of electronic wallets:

  • Neteller
  • Skrill
  • Skrill 1-Tap
  • MuchBetter Wallet
  • Trustly
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. In the only exception, bank (wire) transfers below $200 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 $25

For credit/debit cards and electronic wallets, the withdrawal amount can't exceed the amount you deposited using the same instrument. Therefore, your trading profits can be withdrawn only via bank transfer.

How long does it take to withdraw money from XM? We tested credit 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 account management
  • Go to Withdrawal Funds
  • Select the withdrawal method
  • Add 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 price alerts
Good customizability (for charts, workspace) Outdated design
XM platforms to choose from
Trading platform Score Available
Web 2.8 / 5 stars Yes
Mobile 3.8 / 5 stars Yes
Desktop 3.3 / 5 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; they are available 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. You can easily 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 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

If you are not familiar with order types, read this overview.

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 can't 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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69.10% 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 Touch/Face ID login
Good search function No order confirmation
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 mobile.

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 Greem 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. You will easily find all the features.

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 you can do it only on 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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69.10% 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 Outdated design
Good customizability (for charts, workspace) Search function could be improved
Price alerts

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 email or mobile notifications, 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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69.10% of retail CFD accounts lose money

XM review
Markets and products

2.9
At XM, you can trade CFDs, forex and cryptos; non-European clients can also trade some real stocks. There are no ETFs, mutual funds, bonds, options or futures.

XM is a CFD and forex broker with a high amount of currency pairs offered. On the flip side, the amount of CFDs they offer 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. 69.10% 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. Risk warnings are shown on the website but they are unclear on percentages

XM product selection
  XM XTB eToro
Currency pairs (#) 57 49 47
Stock index CFDs (#) 18 42 13
Stock CFDs (#) 1,200 1,700 1,900
Commodity CFDs (#) 15 18 6
Cryptos (#) 5 25 17

You can change leverage levels, which is great. At Australian and International entitiy, the maximum leverage can be 500:1 and 888:1 respectively. In the EU, the maximum leverage is as per the ESMA-regulation.

Changing the leverage is a very useful feature when you want to lower the risk of your trade. For example, instead of trading with 5:1 leverage, you can opt to only trade with 2:1 leverage in the case of stock CFDs. Be careful with forex and CFD trading, as the preset leverage levels may be high.

Real stocks

XM offers real stocks for non-European clients. You can trade stocks using the "Share" account only. The real stock selection lags behind that of XTB.

XM stock and ETF selection
  XM XTB eToro
Stock markets (#) 4 17 16

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

3.8
XM offers a wide range of technical analysis and a great economic calendar. On the downside, it provides no fundamental data.
Pros Cons
Trading ideas No fundamental data available
Quality news flow
User-friendly

XM's research tools have two sources:

  • The "Research and education" section on the website
  • MetaTrader trading platforms

The "Research and 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.

Trading ideas

XM review - Research - Recommendations

Fundamental data

XM does not offer fundamental data.

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 and 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

3.5
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 phone support
Live chat
Fast response time

You can contact XM via

  • live chat
  • telephone
  • email

Answers are quick, and their relevancy is 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.

Email support works great. We received answers within a day and they were all relevant.

We tested live chat and it appeared to be available 24/7, though the website gives conflicting information about this. Phone support is not available on weekends.

XM review - Customer Service

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69.10% 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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69.10% 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 it 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, it 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).

Is XM safe?

To be certain, 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; 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 from entity to 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.
All other countries 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, CFDs and cryptos, with stock trading only available for non-European users. Its forex fees are average, and a monthly $5 fee is charged after three months of inactivity. 

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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69.10% of retail CFD accounts lose money

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