Founded in Cyprus in 2009, XM is one of the largest brokers, allowing clients to trade a wide range of assets. As an international company, they have clients all over the globe and are highly regulated by Australia’s ASIC, CySEC of Cyprus, and Belizean authority IFSC. They offer the full collection of MetaTrader platforms and low trading CFD and withdrawal fees.
|Nationalities||No USA Clients|
|Is a corporate Account Possible?||NO|
|Sign Up process||Fast|
|Funding options||multiple credit cards, bank transfer, standard account, Skrill, Neteller|
|Forex: Spot Trading||YES|
Regulation and Trust
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). They are also operated by XM Global Limited, protecting consumers and ensuring the safety of their funds. All customers benefit from Negative Balance Protection meaning that you will never lose more than your account balance.
Commissions & Fees
XM offers variable spreads based on the type of account. A micro account and standard account have a spread on majors as low as 1 Pip. An XM Ultra-Low Account has a spread on majors as low as 0.6 pips. All account types have negative balance protection. They do not charge any deposit/withdrawal fees or commissions and offer a low minimum deposit. However, they do charge an inactivity fee. If your account has gone dormant after 90 days of no trading/withdrawal/deposit etc. a $5 fee is charged.
XM has over 3.5 million clients from over 196 countries. The team consists of staff that speaks over 30 languages and management have traveled far and wide to understand their client’s and partners’ needs. They have a social media presence on Facebook, Twitter, YouTube, Instagram and Linkedin.
Opening an XM account is seamless and provided the documents are filled out correctly, it will only take 5 minutes to open a trading account. The website itself has a clear layout and has more than 20 language options. The trading platform is available on almost any device including MAC, PC or most mobile devices. Platforms for Android and Apple also allow you to seamlessly trade from your smartphone or tablet. Trading is quick with 99.35% of trading orders executed within less than one second.
Functionality and Tools
XM offers a demo account that you can use to test your trading strategy for an unlimited period of time. However, please note that while all the features and functions are the same as a real account, simulation in the demo account cannot replicate real market conditions. XM offers market research in the form of daily market recaps, top news, trade ideas, and an economic calendar. If you would like to learn more about trading, XM offers an extensive learning center with videos, webinars, tutorials, and seminars to help you understand the fundamentals of trading. If you are part of the VIP education package you will receive automated indicators to help you through the investment decision making process. You can also make use of their online calculators to make accurate assessments of the profit and loss for each trade.
XM offers both MT4 and MT5 platforms. Currently, they do not offer cTrader. There are three types of accounts to choose from including a micro account, standard account, and XM Ultra-Low Account as well as a demo account. The online trading platform is customizable for charts and workspace. XM offers an app for iOS and Android that are both available to download from the Apple App Store and Google Play Store. XM gives clients the option to trade forex and CFDs on stock indices, commodities, stocks, metals, and energies all from the same account making trading efficient.
XM offers 24 hour 5 days a week customer service. They have an extensive list of FAQS as well as the option to contact a Personal Account Manager through the live chat. They will answer any questions you may have and even provide you with the option to be guided through a presentation on MT4 should you need it. Alternatively, you can watch one of their many video tutorials.
XM is a highly regulated broker option with a strong presence in their field. They offer a low minimum deposit of only $5 and have all the necessary educational tools should you need them. Offering a demo account, no commission or hidden fees and negative balance protection makes them a viable trading option.
69.1% of retail investor accounts lose money when trading CFDs with XM