XM Review 2021 – Read Before You Invest

Web addresshttps://www.xm.com/
Founded in2009
Head officeBelize
Customer service+501 223-6696
Type of supportEmail, Phone, Instant Messaging
LanguagesFR, EN, DE, IT, ES, CN, PR, BG, TK, AR
Minimum deposit€5
Maximum Leverage1:30
Demo accountYes
Deposit methods  Bank transfer, Debit card, Skrill, Neteller, MuchBetter Wallet, Trustly
Mobile appYes
Tablet appYes
General rating4.4/5


XM is a Forex and CFD broker that offers trading on a wide range of financial instruments. The XM Group, which consists of several branches, was founded in 2009 and now has more than 2.5 million customers in 197 countries worldwide.

In order to make its site and services available to as many people as possible, XM has made great efforts to achieve this goal. For example, the site is translated into about thirty languages. Customer support is accessible, support for customers in difficulty on the platform is professional.

The broker offers nearly 60 currency pairs for trading, as well as 1,000 CFDs on stocks, commodities, ETFs and cryptocurrencies. You will have no trouble finding the assets you’re interested in. Furthermore, Metatrader 4 and Metatrader 5 are XM’s standard trading platforms.

If you are looking for a broker regulated by several regulators and offering Metatrader, XM will suit you perfectly.

Account opening

XM’s account type offering is very rich and allows customers to have some flexibility. The broker offers several types of accounts.

It’s easy to open a trading account with XM and it’s pretty fast. After you’ve created your account, you need to go through the KYC process to verify your identity. To do this, you can submit a photo of your national identity card, passport or driver’s license via the platform. This will allow the broker to verify your identity. For proof of residence, a utility invoice, a bank statement bearing your address or a certificate of residence will be required.


XM offers 4 types of accounts: Micro, Standard, XM Ultra Low and Shares. Trading fees and conditions differ from account to account. But all accounts provide access to the Metatrader 4 platform, and therefore offer the ability to automate your trading strategies.

In addition, XM gives you the ability to choose your base currency. Depending on the account type, you can choose from the following currencies: 

  • EUR
  • USD 
  • AUD 
  • NLP 
  • HUF 
  • ZAR 
  • SGD 
  • NZD

The Micro account

With the Micro account, XM offers protection against negative balance. The minimum deposit is set at €5 for an account in the same basic currency. The minimum volume to open a position on Metatrader 4 is 0.01 lot. However, this volume rises to 0.1 lot for Metatrader 5. 

Furthermore, the maximum volume per position is set at 100 lots and the trader will not be able to open more than 200 orders (market and deferred). A lot in the Micro account is equivalent to $1,000.

Traders residing outside Europe can benefit from a first deposit bonus with the Micro account.

The Standard account

The Standard account has virtually the same features as the Micro account, with the difference that 1 lot is equivalent to $100,000 and the maximum size of a position is limited to 50 lots.

The XM Ultra Low account

Standard and Micro accounts can be XM Ultra Low at the same time. This account does not offer negative balance protection. The broker does not charge a commission, all fees are included in the spread. The XM Ultra Low account does not offer a first deposit bonus.

The minimum deposit to activate this account is €50. It allows you to place up to 200 orders at the same time on Metatrader.

The Shares account

This type of account is special because the minimum deposit is $10,000. This is actually an Islamic account that does not offer any bonuses. Hedging (being a seller and buyer at the same time on an asset) is not possible. The minimum tradable volume is set at 1 lot. You can place up to 50 orders on Metatrader.

The Islamic account

It is not a type of account in its own right, but each of the aforementioned accounts may be an Islamic account at the same time, at the customer’s request. Islamic accounts do not have a swap fee for positions held on more than one session. In addition, there is no leverage on the accounts.

To benefit from this option, you must open an account following the normal procedure. And then contact XM’s support to make the change. It is important to note that XM reserves the right not to assign you the Islamic account.

The broker stands out for its Islamic account offer, as it does not impose higher spreads to offset swap fees, a practice of most other brokers. The spreads therefore remain the same, despite the fact that this account does not charge the swap fees.

Deposits and withdrawals

XM has made an effort to diversify the deposit methods offered to its customers. Available: 

  • Card 
  • Bank transfer 
  • Skrill
  • Netelle
  • MuchBetter Wallet 
  • Trustly

XM offers you several options to credit your trading account. The broker is not limited to traditional deposit methods.

There is no deposit fee at XM. Withdrawals are also free, unless the amount to be deposited or withdrawn is less than €200. The broker covers the transaction costs of your account. Which is pretty exceptional.

Commissions and spreads

The trading fees on XM are quite competitive. The broker does not charge commissions, except for the Shares account type.

Trading fees vary depending on the type of account you have chosen. For Micro and Standard accounts, the spread can be as low as 1 pip on the most traded assets such as EUR/USD. This may sound quite high, but there is no commission for this type of account.

Spreads are variable and tend to expand in times of high volatility. It is more advantageous during active listing periods. One of the advantages of trading with XM is that its platform does not restrict trading at the time of important economic announcements. So you can enter or exit your positions at any time.

For the XM Ultra Low account, the spread is tighter because it can be as low as 0.6 pip and there are no commissions.

XM charges a commission on the Shares account. It depends on the asset you are trading.

For more details on XM’s fees and commission, please visit XM’s account comparison.

Leverage up to 1:888

XM offers one of the most important leverage ratios in the industry. Traders will be able to benefit from leverage of up to 1:888 on major currency pairs. The lever can boost your winnings, but also your losses. It is therefore a tool to be used with caution and moderation.

For individual traders residing in Europe, leverage will be limited to 1:30, in accordance with the rules established by ESMA in 2018 on this subject.

Trading platforms

The broker specializes in Metatrader trading platforms. The Metatrader versions offered by XM are very fast when it comes to execution.

XM limits its offerings to Metatrader 4 and Metatrader 5. These platforms are available on PCs, webtrader versions and mobile devices. Through these different versions, the broker diversifies well the methods by which you can access your XM trading accounts.

Execution of orders on Metatrader is often considered slow. But XM has made efforts to improve its own version of MT4. The broker states on its website that 100% of the orders placed by Metatrader were executed on time without rejection. In addition, 99.35% of them are executed in less than a second on the platform.

Metatrader 4

XM Broker Metatrader 4

This platform gives you a lot of features. You can access XM’s 1,000’s of instruments by MT4. It is a complete trading and technical analysis platform. With its built-in graphics and technical indicators, as well as drawing tools, you have everything you need to analyze any assets listed on XM.

Another advantage of this platform is the use of EA or trading bots. MT4 allows you to easily automate your trading strategies, thanks to its easy-to-understand programming language. The MetaQuotes bookstore (MT4 developer) is also full of free and paid trading bots.

With your Metatrader password alone, you can access the various MT4 platforms (mobile, webtrader and PC).

Metatrader 5

MT5 is more oriented for trading CFD equities. XM offers more than a 1,000 on this platform. Trading conditions are the same, if not better, compared to MT4. But you’ll always find the same graphics analytics features, with more tools. MT5 is also compatible with trading bots. As with MT4, MT5 is available on mobile, web and PC.

MT4 Multiterminal

MT4 Multiterminal is a version of Metatrader that allows you to manage multiple accounts at the same time. For example, if you have opened 3 trading accounts on XM, you will be able to connect to all 3 platforms simultaneously on MT4 Multiterminal and manage your positions.

Markets and financial products

XM offers more than a 1,000 tradable instruments across 6 asset classes: 

  • Currency pairs
  • Commodities
  • Indices
  • Equities
  • Cryptocurrencies.

There are 58 currency pairs. Among these, you will find the major pairs, minor and exotic.

A wide selection of CFDs on stocks listed on the most coveted stock markets: 

  • NYSE, 
  • Borsa Italiana etc.

You can also negotiate the clues; 30 indices are listed on the platform in the form of CFDs.

Commodity traders will find metals (gold, silver), energy (oil, gas) and agricultural products.


XM provides its customers with effective technical analysis tools. However, the  basic  analysis tools are somewhat limited.

XM Broker Research

XM customers will benefit from premium indicators created by Avramis Despotis, CEO of Tradepedia. These leading indicators are integrated with MT4 and MT5 and provide better signals than the default indicators on MT4.

In addition, an economic calendar is available on the platform, so you can follow the market news. The search section of the site contains a news feed that is updated very regularly. The news comes from relevant sources such as Reuters. 

The trade ideas section also gives you technical trading signals in partnership with Autochartist.

Customer support

XM’s customer support is impeccable, our various service tests have shown that the broker pays special care of its clients.

XM gives a good trading experience, through the different trading platforms it offers. The broker is committed to providing quality assistance to its clients. Through our various tests, we have found that the broker focuses on customer satisfaction.

Furthermore, they try to maintain a good reputation with their clients, because the broker is aware that reputation is strongly linked to credibility. Customer support is very responsive and available, you can contact them from the contact page by chat or email. English-speaking (Switch to The Language of the Translation) agents are available 24 hours a day, 5 days a week.

However, if you check the FAQ, we’re sure you won’t have to contact them, as it’s very detailed. All questions related to Metatrader, accounts and fees are answered.


XM’s training is complete, with dozens of tutorials, as well as regular webinars.

XM offers a very rich training for beginners and intermediate traders. The training videos can be accessed directly from XM’s website. This section is unfortunately in English. But we liked the fact that the broker organizes webinars in different languages almost every 2 to 3 days. You can follow them for free.

There are also 43 video tutorials on Metatrader. You will learn how to install a technical indicator, activate an EA, place an order, etc.


A broker regulated by major regulators and who takes effective measures to protect accounts receivable from negative balances.

XM is actually the trading name used by Trading Point of Financial Instruments, a financial institution based in Cyprus.

The various branches of this company are all regulated in the different jurisdictions where they are registered. In Europe, the broker has been regulated since 2010 by the CySec, which allows it to offer its services throughout the European Union.

During its expansion, the broker benefited from other equally important licenses. Notably in 2015, with ASIC in Australia. In the same year, it obtained the regulation of the FCA in the United Kingdom.

The broker’s international branch is regulated by the IFSC, the financial markets watchdog in Belize.

Note that the broker does not accept customers from all countries. U.S. residents are not allowed to create an account. Services are also restricted in some countries such as North Korea or Iran.

Account protection

The funds in accounts receivable at XM are separated from those of the broker, in accordance with the rules established by the various regulators. Your funds will therefore be held by XM’s partner banks. This measure protects you, to the extent that, if the broker goes bankrupt, your funds will still be available and fully returned to the tune of €20,000.

Negative balance protection

As with most brokers, retail trader accounts have features to guarantee stop losses. In this way, the broker ensures that your losses will not exceed the margin you have incurred on a given position.

XM has a margin appeal policy designed to protect your balance. If your funds fall 50% from the margin required to keep your positions already open, the platform notifies you with a margin call. This will mean that you will either have to close your positions, decrease your exposure or make a new deposit.

If you still hold the losing positions despite the margin call, they will still be closed when your balance drops to 20%.

The XM Foundation

The XM Foundation was launched with the aim of promoting equal opportunities through humanitarian aid. The foundation’s mission is to help disadvantaged people achieve their goals and dreams.

The foundation donates to charities in order to develop their business. On the broker’s website, you can find information on the news about this XM foundation. The broker thus distinguishes itself from the competition by its humanitarian actions.


XM is a very competitive broker who keeps improving its offerings. The broker has a good customer base and has a good reputation. XM’s website is very professional and user-friendly. This broker is suitable for all types of traders.

Its quality service, combined with impeccable customer support, makes XM one of the most competitive brokers in the industry.


Is XM regulated?

XM is regulated by CySec and ASIC. The broker is also authorised by the AMF in France.

What is the minimum deposit at XM?

It only takes €5 to negotiate on XM. However, a certain margin is required to open a position on a given asset.

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