XM (xm.com) Overall rating

	Rating	Weight
User Rating	4.3 (190 reviews)	3
Popularity	4.8	3
Regulation	5.0	2
Pricing rating	4.8	1
Features	Not rated	1
Customer Support	Not rated	1

We tested XM using real-money live accounts. Our reviews are unique in that they do not have any bias for or against any broker and are driven purely on the underlying data we compile from live account testing, regulatory data, and opinions from customers. We list all brokers and do not charge a fee for it. We offer additional visibility for a fee, but our review content cannot be influenced. Read our About Us page to read our editorial guidelines and how we make money.

Trustworthiness & Regulation

XM is a well-established broker, founded in 2009, and regulated by multiple authorities including CySEC in Cyprus, ASIC in Australia, FSC in Belize, and DFSA in UAE. With 183 total user reviews and 172 verified real trading account reviews, XM boasts a high user rating of 4.4 out of 5 and ranks 22 out of 1102 forex brokers based on user ratings.

Our experts also rank XM highly at 4 out of 1102 brokers. XM is a popular choice among traders, with a significant organic monthly web traffic of over 9.6 million visits, ranking 4th in organic traffic among brokers.

While XM has shown strong regulatory compliance and popularity, it's crucial to remember that even highly regulated and successful financial firms can face challenges. Investors should always stay informed and cautious.

Company	Licenses & Regulations	Segregated Client Money	Deposit Compensation Scheme	Negative Balance Protection	Rebates	Max. Leverage Retail Clients
Trading Point of Financial Instruments Pty Ltd	Australia - AU ASIC					30 : 1
Trading Point of Financial Instruments Limited	Cyprus - CY CYSEC		up to €20,000			30 : 1
XM Global Limited	Belize - BZ FSC					1000 : 1
Trading Point MENA Limited	United Arab Emirates - AE DFSA					30 : 1

Deposit Insurance

XM offers robust investor protection and also a deposit insurance and compensation scheme under some of its regulatory frameworks. For clients under CySEC regulation, there is a deposit compensation scheme that compensates investors if an authorized financial firm fails.

Additionally, XM ensures segregated client money, meaning that client funds are kept separate from the company's operational funds, providing an extra layer of security. The negative balance protection feature across all regulated entities further safeguards clients from losing more than their initial investment.

Spreads and Costs

XM offers competitive average spreads and costs compared to industry-leading brokers. When comparing averages across asset classes, XM’s forex spreads are in line with the market, while its crypto spreads are relatively higher.

Combined Spread/Commission Costs by Asset Class Compared to Market Leading Brokers

Crypto averages comprise (BTCUSD, ETHUSD), forex averages comprise (EURUSD, USDJPY, GBPJPY, EURGBP, AUDNZD, CADCHF), indices averages comprise (US30, AUS200), and commodities average comprises (XAUUSD, XAGUSD) and that data is sampled every 10 seconds for 24 hours to calculate the average. Forex is stated in pips, and the others are stated in base currency. All spreads including both spread and commission calculated in.

Our data comes from our sophisticated spread analyzer tool, which collects live account information and syncs with our performance analytics system. To compare all brokers and instruments with the latest live data, visit our spread analyzer tool. A spread is the difference between the bid (sell) and ask (buy) price of an asset and can vary widely between brokers and account types.

Some brokers charge higher spreads but no commission, while others charge both, making it crucial to assess the total cost, which includes both spread and commission. Our values reflect this all-in cost. Note that some brokers may set low costs on popular pairs like EURUSD but higher rates on other instruments.

Many brokers also advertise "as low as" spreads that may not reflect the true average or include commissions. Comparing true all-in cost averages across various instruments and asset classes is vital for accurate assessment.

Combined Spread/Commission Costs Per Instrument Compared to Market Leading Brokers

Swap Rates/Financing Fees

Swap rates are the costs or earnings you incur for holding a position overnight. Positive swap rates mean the broker pays you, while negative swap rates mean you pay the broker.

XM's average swap rates are relatively high compared to the industry-leading brokers, which could lead to higher costs for traders holding positions overnight.

Does XM Offer Islamic/Swap-free Accounts?

Islamic or swap-free accounts are designed for traders who cannot receive or pay interest due to their religious beliefs. XM offers Islamic accounts, which are swap-free and comply with Sharia law.

These accounts are available to all traders upon request and do not incur any swap or rollover interest on overnight positions. However, XM reserves the right to revoke the swap-free status if any form of abuse is detected.

Other Fees

Aside from spreads, commissions, and swap rates, XM charges other fees which include:

Comparison to other Brokers

When comparing XM to other industry-leading brokers like FBS and FxPro, XM stands out due to its high user ratings and extensive regulatory compliance. XM's average forex spreads are competitive, though its crypto spreads are higher.

XM's swap rates are generally higher, impacting the cost for traders holding positions overnight. However, the broker compensates with a strong reputation, high organic web traffic, and a wide range of tradable instruments.

Overall, XM remains a popular choice among traders seeking a reliable and well-regulated broker.

Trading Platforms - Mobile, Desktop, Automated

XM offers MetaTrader 4 and MetaTrader 5 across desktop, mobile, and web platforms. Both platforms support automated trading through expert advisors (EAs) with MQL4 and MQL5 programming languages.

MetaTrader 4 is favored for its ease of use and vast library of existing EAs, while MetaTrader 5 provides advanced features and improved scripting capabilities.

Both platforms offer robust charting tools, a wide range of technical indicators, and high customizability for a comprehensive trading experience.

What Can you Trade?

XM offers a diverse range of tradable instruments across multiple asset classes. These include forex, crypto, stocks, stock indices, commodities, and futures CFDs. XM focuses on CFDs (contracts for difference), which allow traders to speculate on the price movements of these instruments without owning the underlying asset.

Trading CFDs can offer leverage, which magnifies both potential profits and losses. For a detailed list of all available instruments, visit XM's Markets web page.

Available Leverage

XM offers varying leverage levels depending on the instrument and regulatory entity. For example, under CySEC and ASIC regulations, the maximum leverage for retail clients is 30:1.

However, under FSC in Belize, leverage can go up to 1000:1. Leverage allows traders to control larger positions with a smaller amount of capital, but it also increases the risk of significant losses.

Prohibited Countries

XM cannot open client accounts in certain countries due to regulatory restrictions. These countries typically include the United States, Canada, Israel, Iran, and other jurisdictions where local laws or regulations prohibit foreign brokers from operating.

For a complete list of restricted countries, it is recommended to check XM's official website.

XM (xm.com) Account types

	Micro	Standard	XM Zero	Ultra Low
Commission	-		$3.5 Per Lot Per 100K USD Traded	-
Maximum leverage	1000:1		30:1	1000:1
Mobile Platform	MT4 Mobile, MT5 Mobile
Trading platform	MT4, MT5, WebTrader
Spread Type	Variable Spread
Minimum Deposit	5
Minimum Trade Size	0.01
Trailing Stops
Scalping Allowed
Hedging Allowed
Islamic Accounts

	Micro
Maximum leverage	1000:1
Typical Spread	1.8-2.1
Trading platform	MT4MT5WebTrader
Mobile platform	MT4 MobileMT5 Mobile
Spread type	Variable Spread
Minimum deposit	5
Minimum Trade Size	0.01
Trailing Stops
Scalping Allowed
Hedging Allowed
Islamic Accounts

	Standard
Maximum leverage	1000:1
Typical Spread	1.8-2.1
Trading platform	MT4MT5WebTrader
Mobile platform	MT4 MobileMT5 Mobile
Spread type	Variable Spread
Minimum deposit	5
Minimum Trade Size	0.01
Trailing Stops
Scalping Allowed
Hedging Allowed
Islamic Accounts

	XM Zero
Commission	$3.5 Per Lot Per 100K USD Traded
Maximum leverage	30:1
Typical Spread	0-0.1
Trading platform	MT4MT5WebTrader
Mobile platform	MT4 MobileMT5 Mobile
Spread type	Variable Spread
Minimum deposit	5
Minimum Trade Size	0.01
Trailing Stops
Scalping Allowed
Hedging Allowed
Islamic Accounts

	Ultra Low
Maximum leverage	1000:1
Typical Spread	0.06
Trading platform	MT4MT5WebTrader
Mobile platform	MT4 MobileMT5 Mobile
Spread type	Variable Spread
Minimum deposit	5
Minimum Trade Size	0.01
Trailing Stops
Scalping Allowed
Hedging Allowed
Islamic Accounts

XM (xm.com) Web traffic

Our web traffic data is sourced from SimilarWeb and sums the traffic data of all websites associated with a broker. Organic visits are visits the broker didn't pay for, based on the available data. This data updates once monthly and can be based on data purchased from internet service providers, traffic metrics sourced by a third party such as Google Analytics that the company chooses to share with SimilarWeb, etc.

XM (xm.com) Profile

24 hour support

Segregated Accounts

Islamic Accounts

Accepts Canadian clients

Accepts Japanese Clients

Non expiring demo

Trading API

Cent accounts

Negative balance protection

Social trading

Regulatory deposit insurance

Trailing stops

Bonuses

Interest on margin

Fixed spread

Variable spread