XM Forex Broker review

    • Low minimum deposit
    • Excellent for beginners
    • Suitable for all types of traders
    • Ultra-low spreads      
    • Zero Commission

4.5/5 ratings

  • Spreads
  • 0.1
  • No of Users
  • 5,000,000+
  • Min. Deposit
  • 5
  • Regulation
  • FCA
  • Max Leverage
  • 30:1

Risk Warning: 69.45% of retail investor accounts lose money when trading CFDs with this provider. 

Introduction to XM Forex Markets

XM is a broker that is based in Cyprus. The main headquarters of the company are located in Limassol but they also have offices in other countries such as the United Kingdom, Hungary, and Greece. The company was established in 2009 and it is regulated by CySEC.

They are also licensed by a number of other regulatory bodies including the FCA and ASIC. XM has over five million clients from more than 196 countries. The company offers a variety of different account types and spreads starting from as low as 0 pips. The company also offers multiple trading platforms, including MetaTrader 4, MetaTrader 5, and Webtrader.

XM dоеѕ not аllоw US trаdеrѕ. Hоwеvеr, they are more than hарру tо hоuѕе traders frоm other countries in the wоrld, with a рrеdilесtiоn for Iѕlаmiс оnеѕ. In this wау, thеу hаvе bесоmе оnе of thе mоѕt famous ‘Hаlаl’ brоkеrѕ оn the international market. Thе ассоuntѕ they рrоvidе fоr the Islam wоrld are called ‘ѕwар-frее’. The tеrm itѕеlf refers tо thе fact thаt thеу do nоt аllоw any ѕwаррing оr оvеrnight rоllоvеr intеrеѕt оn роѕitiоnѕ (see Islamic accounts). The rеаѕоn is thаt these рrасtiсеѕ аrе аgаinѕt the Islamic rеligiоn, which XM ѕtrivеѕ to rеѕресt. Therefore, if this seems appealing tо уоu аnd you dо wаnt a ѕwар-frее account аѕ well, all you nееd tо dо iѕ ореn a ѕimрlе trading ассоunt аnd thеn diѕсuѕѕ уоur options with ѕоmеоnе frоm XM’ѕ ѕuрроrt team. 

Risk Warning: 69.45% of retail investor accounts lose money when trading CFDs with this provider. 

You should consider whether you can afford to take the high risk as your capital is at risk.

Spreads & Fees

When you trade forex, you are essentially buying one currency and selling another. The difference between the two prices is known as the spread. For example, if you buy EUR/USD at 1.1050 and sell it at 1.1060, the spread would be 0.0010, or 10 pips. Spreads can be either fixed or variable. A ‘Spread’ or otherwise known ‘Bid/Ask Spread’ is the measured difference between the buy and sell price quoted for any trading instrument: whether it be a Forex currency pair or metals. It can be interpreted as the cost of trading charged by the broker to traders.

XM along with the majority of brokers charge a spread to their clients and that is the reason why the majority of traders choose a broker with low spreads. Spread is reported in PIPs or known as basis points. Spreads can be calculated by spread value in pips × traded lot size.

The graphical illustration shows the comparison of how XM’s spreads stacks against the combined average spreads of all other established brokers featured on ekzaga.


XM, unlike other brokers only offers flоаting spreads, аlѕо known as vаriаblе ѕрrеаdѕ. They vouch on providing only this type because fixed spreads are normally higher and that they can stay competitive enough and give assurance to their clients that their spreads always remain low. This is why they have over 1 million traders using their platform.

As you can see XM broker forex spreads are fairly competitive versus its direct competitors especially when it comes to trading equity indices, commodities, and stocks. They have a substantial offering of more than 700 different assets and instruments to their users. However, one of their unique advantage points is that they offer Fraction PIP pricing which quoting buy/sell price to the 5 decimal point thus giving best prices from its various liquidity providers. If you're thinking about scalping and placing multiple trades per day (Intense Intraday Trading) then XM is a broker for you. They offer various account types and the XM ZERO Account offers very low spreads starting from 0 pips.

Bаѕеd on thе specific account type you choose, уоu will еithеr bе рriсеd аt a fixеd оr vаriаblе ѕрrеаd. (see XM’s Spreads & Fees).


XM Leverage Offerings


On 1st August 2018, the Financial Conduct Authority, guided by ESMA’s (European Securities and Markets Authority) product intervention measures, introduced a raft of changes to the CFD and spread-betting industry. These changes were implemented by European regulators and have placed leverage changes for European Investors/Traders. We have down a comparison on leverage for offered by XM vs two other highly trusted brokers that are regulated by the FCA. Please note the different leverage offerings to European (EU) and International Investors/Traders. 


For European Investors (EU)

CFD Trading Instruments XM Pepperstone City Index
Major Forex Pairs e.g. EURUSD 30:1 30:1 30:1*
Minor FX Pairs e.g. AUDJPY 20:1 30:1* 20:1*
Major Indices & Gold e.g. US30 or UK100 20:1* 20:1 20:1*
Commodities e.g. Oil, Wheat 10:1 10:1 10:1
Precious Metals e.g. Platinum, Silver 10:1 10:1 10:1
Equity/Stocks CFDs e.g. Facebook, HSBC 5:1 10:1* 5:1
Cryptocurrencies e.g. Bitcoin, Ethereum 2:1 2:1 2:1

* This is the average leverage for majority Instruments in those particular brackets (e.g. if you are looking at Minor Currency pairs the Leverage for CAD/JPY could be 33:1 whereas EUR/AUD 20:1) therefore, it may vary

The leverage offered by the three brokers are very similar however there are some differences to some minor currency pairs compared to others. XM trading does not offer Shares CFD trading to its clients whereas Pepperstone & CityIndex do offer. 


For International Investors

CFD Trading Instruments XM Pepperstone City Index
Major Forex Pairs e.g. EURUSD 500:1* 500:1 500:1
Minor FX Pairs e.g. AUDJPY 500:1* 500:1* 200:1*
Major Indices & Gold e.g. US30 or UK100 100:1 500:1* 500:1
Commodities e.g. Oil, Wheat 50:1 50:1 200:1
Precious Metals e.g. Platinum, Silver 50:1 500:1 200:1
Equity/Stocks CFDs e.g. Facebook, HSBC 10:1 10:1 20:1
Cryptocurrencies e.g. Bitcoin, Ethereum 5:1 5:1 4:1

* This is the average leverage for majority Instruments in those particular brackets (e.g. if you are looking at Minor Currency pairs the Leverage for CAD/JPY could be 200:1 whereas EUR/AUD is 500:1) therefore, it may vary


If you’re a resident of the EU it may look as if you are short changes by the considerable leverage changes. ESMA’s reason to implement change so retail traders can take more of a cautious approach to risk management and not to mismanage leverage. Although High Leverage can increase magnify your profits it utilised correctly it can lead to large losses that can indent one’s capital. XM Broker, Pepperstone & City Index brokers have other international jurisdictional licences with ASIC & FSB (Financial Stability Board) that enables to offer higher leverage to traders residing in Asia, the Middle East, Africa & Australia hence they can trade with higher trading margins. 

From the table above, City Index offers the highest leverage of 500:1 for International Investors especially if you’re looking to trade Forex Major (Eurusd, Usdjpy etc.) & Equity Indices (US30, UK100 etc.). Pepperstone was traditionally an Australian based forex broker that now has offices in London, Dallas (US) and Bangkok. Their international leverage cap is much higher than the competition offering 500:1 on the majority of Equity Indices, Forex Minor Pairs (AudCad, GbpAud) and Precious Metals (e.g. Silver).

Risk Warning: 69.45% of retail investor accounts lose money when trading CFDs with this provider. 

You should consider whether you can afford to take the high risk as your capital is at risk.

Spread vs Trader

  • Scalping
  • Intraday Trading- <10 Trades
  • Intraday Trading- 10+ Trades
  • Swing Trading
  • Long Term Trading



Overall Trust Score A+A+A-
Years Established 13+ 20+ 14+
Regulatory Authority FCAFCACysec,FCA
Why Choose?
  • 5,000,000 satisfied clients
  • Low minimum deposit
  • Suitable for all types of traders
  • Most exponential grown CFD broker

  • Over 525,000 customers trust XTB

  • 5-star Rating on Trust Pilot

  • Segregated accounts
  • Powerful and user-friendly trading app
  • Superior customer service

Trading Platforms

 XM boasts a massive 16 trading platforms. Thiѕ iѕ bесаuѕе thеу оffеr trаdеrѕ the choice bеtwееn uѕing thеir MT4 аnd MT5 рlаtfоrmѕ across a multitudе оf ореrаting systems аnd dеviсеѕ. Thе MT5 platform оffеrѕ еvеrуthing thаt thе MT4 does but аlѕо оffеrѕ уоu CFD trаding whiсh iѕ unavailable with MT4. You can сhооѕе tо use еithеr ѕоftwаrе across Wеb, Windоwѕ, Mac, Andrоid оr iOS.


Mobile Trading- Android & Apple Support 


With ѕо mаnу орtiоnѕ fоr living life оnlinе, thеrе is no lоngеr a rеԛuirеmеnt tо bе in оnе place glued to an lарtор or dеѕktор. With variety оf роrtаblе dеviсеѕ, that саn dо so muсh, there is much mоrе opportunity tо live lifе on the mоvе. This extends to mоbilе Fоrеx trading. Yоu will ѕtrugglе tо find a bеttеr mobile trading еxреriеnсе than уоu will gеt оn thе XM trading рlаtfоrm оr should we say рlаtfоrmѕ. Yоu can uѕе MT4 or MT5 fоr iPhоnе оr for iPаd. Thеn thеrе аrе thе Andrоid versions and thе Mac vеrѕiоnѕ. Thе mobile trading орроrtunitу iѕ ѕо gооd that all уоu need is thе right device аnd аn intеrnеt соnnесtiоn.


     XM Mobile Homepage           XM Mobile Demo Account           XM Broker Mobile- Real Account Registration   


How do I open an XM demo account?

XM demo account allows users to trade with a max virtual currency of $100,000 to test strategies, apply risk management and get used to the trading platforms they offer. To open the demo account, you just have to go XM trading’s official website and go to the button named “OPEN AN ACCOUNT”. You will find a new web page which asks you to fill in some personal details. You will be then asked two specific questions; one being if you would like to trade with MT4 or MT5. If you are undecided on where to go, please reads our article on comparing MT4 & MT5. Question two would be to select account type; Standard Account (1 Lot=100,000), Micro (1 Lot= 1,000) or XM Zero Account (1 Lot = 100,000).  Please note XM does not offer a Mini account where 1 Lot is 10,000 units of currency.


How long can I use the demo account for?

There is NO minimum day usage for XM demo accounts. However, if demo account is inactive (i.e. not placed any trades) for more than 90 days then it will be closed. 


Does XM offer their cTrader or Webtrader? 

XM does not offer its unique cTrader or Webtrader platform unlike Pepperstone’s cTrader or XTB’s xStation5. However, it offers world-renowned MT4 & MT5 web trader that is supported via PC/MAC, smartphone and tablet. This allows you to trade via the web without downloading an internal application software to your device.


What’s the difference between the XM Zero Spread Account and Standard Account?

The main difference is the cost of trading. XM Zero Account offers ‘fractional pip pricing’ (very low spreads) ideal for those scalping/day-trading the markets but charge commission of $3.5 for every 100,000 units of traded currency (1 Lot traded). As XM, only offers variable spreads traders incur spread costs and no commission on a Standard Trading Account. Swing and positional traders are suited to a standard account. Read our article on types of trading styles.


XM Zero Account Highlights


Can I change 'Leverage' on XM MetaTrader 4 platform?

Yes. All you have to do is to log in to your account, click on “change leverage”, select the preferred leverage and click on “request”. The leverage will be changed shortly. 

How do I transfer funds into my XM Trading account?

To transfer funds, you need to make an account. Creating an account is easy. You just have to click on “CREATE A TRADING ACCOUNT” to sign up by filling your details and then add the amount based on the type of account you chose. Once you have done this, you are an XM member. Now all you have to do is, click on the “member login” button and fill in your user ID and password. 

You are now successfully logged in. You will now be able to see your account summary and positions table. To deposit funds, you need to click on the “Deposit” button which appears to be at the top of the account summary in the form of the title bar. Click on that and you will now be able to find various methods in which you can deposit. Various methods are major Debit/Credit Cards ((including VISA, VISA Electron, Maestro, Mastercard and China UnionPay), Skrill, Money Brokers, Neteller, web money, Bank Wire Transfer, Money Gram, Western Union and many more. 

Out of all the above-mentioned options, choose the option you prefer and click on it. You will be redirected to a page concerning the chosen method. Enter the amount you want to fund and note that funds will be converted into your chosen base currency and then click on the “Deposit” button. 

Does XM Broker charge for depositing or funding an account?

Yes, only for an international bank wire transfer for a deposit /withdrawals of less than $200 (equivalent denomination). If you are in the UK or EU it is easier to fund the account via your debit/credit card, Skrill, Neteller payments or even Money bookers.

What instruments does XM Broker offer? 

XM broker offers the opportunity to trade in seven different asset classes; Stock CFDs (e.g. Alibaba, , Apple, AT&T, DeutschBank, Facebook, Twitter etc.), Equity Indices (e.g. Japan 225, Australia 200, Italy 40, US30 Dow Jones, S&P 500, UK 100 etc.), Forex Major & Minor Currency Pairs (e.g. Eurusd, Gbpusd, Usdjpy, Eurjpy, Euraud, Gbpaud etc.), Commodities CFDs ( e.g. Coffee, Soya, Wheat etc.), Energies (e.g. Brent Crude Oil, WTI Oil etc.), Precious Metals & Cryptocurrency.

  • Stocks- Over 1000+ stocks to trade from 
  • Forex- Trade with more than 55+ Major, Minor & Cross Currency pairs 
  • Commodities- Trade from 8 types of commodities (Cocoa, Coffee, Corn, Cotton, High-Grade Copper, Soybeans, Sugar & Wheat)
  • Equity Indices- 15+ Indices offered 
  • Energies- XM offers you trade WTI Oil, Brent Crude Oil & Natural Gas
  • Metals- Trade Gold, Silver, Palladium & Platinum 
  • Cryptocurrencies- Trade Cryptocurrency CFD’s with the likes of Bitcoin (Btcusd), Ethereum (Ethusd) & Litecoin (Ltcusd)

Platforms Offered

  • WebTrader
  • MetaTrader 4
  • MetaTrader 5
  • Android App & Tablets
  • cTrader
  • Apple App & Tablets

Accounts Types

  Micro Account Standard Account Ultra Low Account
Min. Deposit $5 $5 $5
Trading Instruments ✓FX ✓Metals ✓Indices ✓FX ✓Metals ✓Indices ✓FX ✓Metal ✓Indices
Commission Zero Zero Zero
Platform MT4/MT5/Webtrader MT4/MT5/Webtrader MT4/MT5/Webtrader
Base Currency USD, EUR, GBP, JPY, CHF,


XM offers different types of forex accounts to its clients including Micro and Standard Accounts. Micro Accounts allow the clients to trade micro lots which are 1,000 units of the base currency. Micro accounts are designed for beginners who want to get started in forex trading. Micro accounts give you the ability to learn how to trade forex without risking a lot of money. XM offers free demo trading accounts so that you can practice forex trading before opening a live account. Once you feel confident enough to trade forex, you can open a live account.  On the other hand, Standard accounts are for those who want to trade larger amounts and trade standard lots, which are 100,000 units of the base currency.

XM also offers an Islamic account to its Muslim clients which is a Swap-Free account where there is no interest charged on overnight positions. XM also offer an ultra-low account, which offers extremely tight and competitive spreads.

Account Types Offered

Demo Micro Standard VIP Islamic Zero Spread Managed

Deposit & Withdrawal

Deposit Methods


  Base Currency Fees/Commission Processing Time
Credit Cards
Visa USD, EUR, GBP, JPY, CHF, ‎AUD, HUF, PLN, RUB, SGD, ZAR zero Instant
Mastercard USD, EUR, GBP, JPY, CHF, ‎AUD, HUF, PLN, RUB, SGD, ZAR zero Instant
Skrill USD, EUR, GBP zero Instant
Neteller USD, EUR, GBP zero Instant
Bankwire USD, EUR, GBP zero 1-3 working days


Withdrawal Methods


  Base Currency Fees/Commission Processing Time
Credit Cards
Visa USD, EUR, GBP, JPY, CHF, ‎AUD, HUF, PLN, RUB, SGD, ZAR zero Within 24 Hours
Mastercard USD, EUR, GBP, JPY, CHF, ‎AUD, HUF, PLN, RUB, SGD, ZAR zero Within 24 Hours
Skrill USD, EUR, GBP zero Within 24 Hours
Neteller USD, EUR, GBP zero Within 24 Hours
Bankwire USD $5 Within 2 Business Days


XM offers clients a variety of ways to fund their trading accounts. The most popular e-wallets such as Neteller, Skrill, and PayPal are accepted, as well as bank transfers. Funding your account is quick and easy, and most importantly, your deposit is safe with us. All client funds are segregated and held in Tier 1 banks, and we are a member of the Financial Conduct Authority Compensation Scheme. Withdrawals are just as easy and can be done via e-wallet or bank transfer.

XM aims to process all withdrawal requests within 24 hours, and there are no fees involved. So whether you're looking to fund your account or withdraw your profits, XM makes it easy. All client funds are segregated and held in trustworthy banks. With so many safety measures in place, you can rest assured that your funds are in good hands with XM.






Deposit Methods

  • Visa Debit
  • Visa Credit
  • MasterCard
  • Skrill
  • Neteller
  • Bank Transfer
  • Maestro
  • Diners Club
  • Switch
  • Western Union

Unique Features

Fantastic Execution policy- XM broker vouches on having 100% execution rate with no rejection and re-quotes on orders that have been established in 2010. Re-quotes are a nuisance factor to deal with for any trader especially when you want to take advantage of volatility. Also, the vouch on executing 99.35% of all their trades in less than one second. XM Zero Account has this feature.


XM broker- No Re-Quotes Policy


VPS Service- Not all brokers offer a VPS (Virtual Private Server). The advantages are very clear for VPS service giving you the ability to trade in the event of poor internet connection speed, computer failure or power cuts. You will be still connected and can monitor your trades. XM VPS is a free service for those who maintain a minimum trading account of USD 5,000.

Fractional Pip Pricing- Instead of 4-digit quoting prices, clients can benefit from even the smallest price movements by adding a 5th digit (fraction). Thus, giving the best possible quote for any spreads the market is offering and giving transparency to all their traders. 


What does XM no-requotes mean? 

Requote means that the broker with whom you are dealing with sometimes will not be able to execute/fill your order at the price you requested because they can’t negotiate that price with the liquidity providers. Majority of brokers that have a dealing desk (DD) and therefore at times of volatility can’t offer the best prices to their users. ECN brokers offer no-requotes they have direct access to liquidity providers.   

Although XM broker is classed as a retail broker it does have ECN broker qualities and offers no-requotes and no rejections on orders. 

Customer Support

XM offers customer service in a variety of languages including English, Spanish, French, German, Italian, Portuguese, Russian and Chinese. XM also offers support through a number of methods including telephone, email and live chat. The customer service team is available 24 hours a day, 5 days a week. XM strives to respond to all queries within 24 hours. In the event that a complaint is received, XM will work with the customer to resolve the issue as quickly as possible. XM takes pride in offering outstanding customer service and is always looking for ways to improve the customer experience. XM customer support is amongst the best across all forex brokers.


Overall XM is a broker we can recommend without any hesitation. Everything that is important and required when choosing a reliable XM has that covered. Your funds are safe and secure as they are well regulated by top regulatory bodies such as ASIC and FCA, as well as offer a negative protection balance ensuring that as a trader that you can’t lose more than you invest into a trading account. They have a range of accounts to suit the needs of traders trading a variety of strategies. Whether you are a beginner trader or an experienced trader, XM has something to match your needs, but beginner traders, are excellent due to the daily live webinars as well as the educational content they offer online. In short choosing, XM would be a mistake.