Supports MetaTrader 4, 5, and WebTrader trading platforms
1,000+ tradable assets, including cryptos
Sign-up with XM Sign-up with XM

XM review 2023

Investing options: 3.7

Platforms & usability: 4.1

Products, markets, & assets: 3.8

Safety & reliability: 3.6

Deposits & withdrawals: 3.7

Research & analysis tools: 4.1

Fees & costs: 3.8

Education & learning resources: 3.8

XM review Summary

Updated: Sep 15, 2023
17 min read
Founded in 2009, XM is a reputable trading platform for forex and CFDs that boasts over 3.5 million clients in more than 192 countries around the world.

Our opinion of XM

XM is a top rated trading platform for beginners and experienced traders wanting to trade a range of CFDs. Its main focus is on stocks and forex, but it also offers a good choice of commodity markets. Beginners can make use of the XM demo account, where you can learn in a risk free environment. 

Experienced traders can choose from 10 trading platforms on both desktop and mobile. There is also a choice of accounts, including a raw spread account with industry leading low spreads. This XM review investigates the broker in detail to help you decide if its the right choice for your trading. 

XM highlights

Features XM summary
No. of tradable assets 1,000+
Min. Deposit $5
ID verification required Yes
Free demo account Yes
Supported assets Stocks, Commodities, Currencies, Indices
Mobile trading app Yes
Web trading platform Yes
Regulatory bodies ASIC, CySEC, DIFC, IFSC
View more > Visit XM >

Pros & Cons


Supports MetaTrader 4, 5, and WebTrader trading platforms
1,000+ tradable assets, including cryptos
Easy & fast account opening process
Licensed & regulated broker


Investing options

What can I do with XM?

You can trade more than 1,000 different assets on XM, predominantly forex and CFDs. Most XM customers trade through either the downloadable MetaTrader 4 or 5 platforms, or its web-based WebTrader platform.

Spreads start as low as 0 pips, and there are no hidden fees when trading online. Traders can also take advantage of daily forex trading signals and market outlooks.

What accounts does XM offer?

XM offers two main account types, a zero account and standard account. The zero account, also known as a raw spread account has low spreads but charges commissions. The standard account has regular spreads, but no commissions. Here’s a look at what else is available on XM.com.

Account type XM accounts
Trading platform Yes
Crypto staking No
Crypto wallet No
Money management Yes
Spread betting broker No
View more > Visit XM >

Products, markets & assets

What products and assets can you trade on XM?

XM offers over 50 forex currency pairs, including majors, crosses, and exotics such as AUD/CAD and USD/CHF. On top of that there are CFDs, including some 1,300 stocks, commodities, indices, and precious metals.

The main asset classes that are not available on XM are cryptocurrencies and ETFs, which you can’t trade on the platform at the moment.

Product XM assets
Stocks 600+
Currencies 50+
Indices 33
Commodities 13
View more > Visit XM >

What leverage trading options are there?

For EU customers, leverage is available from 1:2 to 1:30, depending on the instrument. Using leverage means that you can make trades that are larger than the total amount of money in your account.

Outside of the EU, the maximum leverage differs by jurisdiction. For example, XM’s Australian entity allows up to 1:500 leverage, while international entities allow leverage as high as 1:888.

Product XM maximum leverage
Stocks 1:5
Currencies 1:30
Indices 1:2
Commodities 1:10
View more > Visit XM >

What are the spreads?

XM operates with variable spreads, just like the interbank forex market, to maintain spreads at the minimum possible point.

In addition, the broker also offers fractional pip pricing to get the best prices from its various liquidity providers. Therefore, clients can benefit from even the smallest price movements by adding a 5th digit (fraction). For some forex pairs spreads start around 0.003 pips.

Product XM spreads
Stocks 0.7 pips
Currencies 0.03pips
Indices 2 pips
Commodities 0.5 pips
View all tradable assets > Visit XM >

XM trade sizes and limits

There is no minimum lot size you can trade, but there is a maximum number of 100 standard lots you can trade online at variable prices. The maximum number of simultaneous open positions is 200.

Product XM minimum trade
Stocks 0.01 lots
Currencies 0.01 lots
Indices 0.01 lots
Commodities 0.01 lots
View more > Visit XM >


Which stocks are available on XM?

XM offers a range of stocks from various global exchanges including the United States and Europe. Below is the number of stocks it offers from different countries. 

Country No. of stocks on XM
United States 672
United Kingdom 148
Germany 73
France 80
Switzerland 30
Sweden 46
Spain 32
Italy 51
Netherlands 26
Finland 21
Belgium 21
Portugal 11
Greece 11
Canada 35
View more > Visit XM >

What are the fees for buying and selling stocks?

There are no commissions for buying and selling stocks when using XM. It is a CFD brokerage platform which means you won’t actually own any shares, instead, you can speculate on its value going up or down. You will however have to pay a spread, which is variable and dependent on the specific stock. 


What forex pairs can be traded on XM?

You can trade the majors, minors, and a selection of exotics when using XM. It’s choice of forex pairs is good when compared to similar brokerages. Here’s a look at a few of the key currency markets you can trade on XM. 

Currency pair Currency pair Currency pair
View more >

What are the minimum spreads for trading forex?

Spreads start as low as 0.00 pips if you use its zero account. However, on the standard account spreads go as low as 0.7 pips. 


What commodities can be traded on XM?

The commodities section on XM is separated into three categories: metals, energies, and commodities. Here’s a look at what markets are available. 

Commodity Commodity Commodity
Gold Silver Brent oil
Crude oil Cotton Wheat
Soybeans Copper Sugar
View more >

What are the minimum spreads for trading commodities?

The minimum spreads vary depending on the commodity you are trading. For those with the largest volume such as gold and oil, spreads start as low as 0.07 pips. 

Deposits & withdrawals

What are the minimum & maximum deposits?

There are no deposit fees. You can use bank transfer or credit/debit cards to deposit funds. European clients can also deposit funds in their XM account using the SticPay electronic wallet.

Payment method Minimum deposit (USD)* Maximum deposit (USD)
Debit/credit card $5 No Max
Bank transfer $5 No Max
SticPay $5 No Max
View more > Visit XM >

What are the minimum and maximum withdrawals?

XM doesn’t charge any fees for withdrawals. The only exception is when clients wish to withdraw via bank (wire transfers) under $200, for which they will have to pay a standard $15 fee. 

For credit/debit cards and electronic wallets, the withdrawal amount cannot exceed the amount you deposited using the same method, which means you can only withdraw your profits via bank transfers. Moreover, debit/credit card withdrawals usually take about 2-3 business days to complete.

Payment method Minimum withdrawal Maximum withdrawal
Debit/credit card No Min No Max
Bank transfer No Min No Max
SticPay No Min Limited to deposit amount
View more > Visit XM >

What are the deposit and withdrawal options fees, limits, and speeds?

There are no fees to withdraw your funds from XM, however the time it takes for your money to reach your account varies depending on your payment method. 

Payment method Withdrawal fee Withdrawal speed
Debit/credit card $0 2 – 3 business days
Bank transfer $0 5 – 7 business days
SticPay $0 1 – 2 business days
View more > Visit XM >

Fees & costs

How do XM fees work?

Trading fees on CFDs are low but in general the picture is more complicated and depends on what you’re trading and which of XM’s platforms you use. Since XM has different types of accounts, they all differ in pricing. Standard, Micro, and Ultra Low accounts charge higher spreads but have no commission. 

On the other hand, the XM Zero account charges lower spreads, but there is also a commission. Fees are calculated based on the type of account you open, the asset you wish to trade, as well as the size of your trade. For instance, for stock CFDs, XM charges a $0.04 per share commission or a minimum of $1 for US stocks, 0.10% commission or a minimum of $9 for UK stocks, and 0.10% fees or a minimum of $5 for German stocks.

The broker also charges a $15 inactivity fee after 1 year of inactivity, followed by $5 for every month of inactivity past the first year, for as long as the account remains inactive. 

Fee XM fees
Trading fees Yes
Inactivity fees Yes
Rollover/overnight fees Yes
Withdrawal fees No
Spreads Yes
Conversion fees Yes
View more > Visit XM >

What are XM’s trading fees?

As mentioned above, trading fees on XM vary depending on the type of account you’re using. If you use the zero account, you’ll need to pay commission on your trades, but will have low spreads. Its standard account is commission free, but has higher spreads. 

Asset XM fees
Commodities From 0.2 pips
Currencies From 0.03 pips
Indices From 2 pips
Stocks From 0.7 pips
View more > Visit XM >

Platforms & usability

What devices can I use XM on?

XM offers full integration with MetaTrader4, 5, and WebTrader, allowing you to download any of these platforms onto your PC/Mac, trade in the browser online, or on your smartphone.

Device Browser/operating system
Web browser Google Chrome, Microsoft Edge, Mozilla Firefox, Safari
Mobile app iOS, Android
Tablet iOS, Android
View more > Visit XM >

XM mobile app review

The XM mobile app can be downloaded onto either an iOS or Android device. You can use either MetaTrader 4 or MetaTrader 5 on your phone or tablet. MetaTrader’s mobile apps are very similar to the desktop version of the platform and you’ll be able to access many of the same features including custom indicators, expert advisors, and even trading signals. 

Web trading platform

The most important question any user has is: How easy is it to use XM?

Its trading platforms are secure and come with a familiar, user-friendly interface that meets the needs of both beginner and professional traders. The look of the trading dashboards is a bit dated, but what they lack in visuals they make up for by putting a plethora of tools at your disposal.

XM is available on multiple devices, whether you wish to trade from your PC or prefer the convenience of mobile devices, XM has a platform suitable for your trading style. 

Desktop trading platform

As XM uses MetaTrader, you can download either MT4 or MT5 on to your desktop computer. Both platforms offer traders an easy way to trade the markets. As MetaTrader is one of the most popular trading platforms in the world, there are thousands of third party applications and expert advisors you can download and use. 

You’ll also access a wide range of technical indicators within the MetaTrader platform itself and these work best on a desktop or laptop computer. There is also the option to design your own trading tools, or choose from many custom built indicators. 

Key features

XM is an established broker with more than 3.5 million clients across 196 countries, here are some of its top features:

Transparent Fee & Pricing Structure

There are no hidden terms or conditions when you sign up for an account with XM. Regardless of the size of your trade, you will receive a fully transparent list with all the costs and fees needed to complete your order.

100% Trade Execution Rate

XM has had in place a no re-quotes and no rejection of orders policy since 2010. It offers 100% execution of orders with a 99.35% order execution rate in less than 1 second.

Over 20 Technical Indicators

All XM traders have access to more than 20 useful technical indicators, compatible with both MetaTrader 4 and 5 trading platforms, including price analysis, freehand drawing for custom trade setups, and more.

Safety & reliability

Is XM safe?

XM protects clients’ account balances with negative balance protection. Additionally, all client funds get transferred to the broker’s segregated client bank account. These funds are off balance sheet and cannot be used to pay creditors in the unlikely event of insolvency.

The Investor Compensation Fund ensures compensation to all clients in the unlikely event of insolvency or a suspension of services. It protects up to 20,000 EUR per client in the event that XM becomes insolvent.

Is XM regulated?

Yes, the XM Group is licensed and regulated by several recognised financial authorities, including:

Region XM regulators
Australasia ASIC
Europe CySEC
International DIFC
North America
South America IFSC
View more > Visit XM >

XM customer support review

XM has a dedicated support team in three international locations – Cyprus, Australia, and Greece, catering to more than 20 languages. The customer support desk is available Monday-Friday and there are several phone numbers you can use to call in directly.

XM also provides support via email or alternatively you can also choose to contact them through any of their social media accounts, such as Facebook, Twitter, or Youtube.

Support type XM customer support
Help Centre/FAQs Yes
Email Yes
Live chat Yes
WhatsApp No
Telephone No
View more > Visit XM >

What are the risks of using XM?

The main risk of using XM is losing money, however this is largely down to your ability as a trader as opposed to the platform. Here’s a few more risks you should consider before using XM.

  • Trading with leverage is not recommended for beginners. Leverage magnifies both your wins and losses. This means you can earn large profits by depositing little money. On theother hand, you can quickly lose your funds if you’re not careful and dont know what you’re doing. If you are a new trader, it is best to stay away from leveraged trading. 
  • Spreads are variable. On XM, spreads are variable and can change throughout the trading day. When markets are volatile, or volume is high, spreads can fluctuate so its important to take that into consideration when placing a trade. 
  • The forex market can be volatile. XM is a CFD brokerage which offers a few different asset classes. Among these is currencies, which can be notoriously volatile. If you’re a new trader, it is recommended that you cautiously approach volatile markets as you can quickly lose your funds if you don’t know the risks involved. 

Research & analysis tools

What trading tools are on offer?

XM puts at its clients’ disposal a variety of tools and charts via the MetaTrader and WebTrader trading platforms. This includes everything from one-click trading to over 50 indicators and charting tools, including custom trading signals and multiple stop loss and take profit order types.

Trading tool XM tools
Charts Yes
News feeds Yes
Analyst recommendations Yes
Fundamental analysis Yes
Financial calendar Yes
MetaTrader integration Yes
View more > Visit XM >

One click trading

The MetaTrader platforms offer a range of features and one of the best ones is one click trading. As its name suggests, one click trading allows you to enter and exit a trade with just one click. This can be extremely valuable for day traders or scalpers, who enter and exit the market frequently thoughout the day. 

Custom indicators

On the XM trading platform you have the ability to develop and design your own custom indicators and strategies. If you’re well versed in the MQL programming language, you can easily develop your own customised trading indicator, or you can use the Metaquotes website to search for someone elses. 

XM trade ideas

The XM website has a section dedicated to trade ideas. This is a collection of the latest market trends and signals from leading agencies such as Trading Central and Analyzzer. Here you can filter by the market you’re trading, or view all of the assets available on the XM platform. 

Education & learning resources

What educational resources are on offer?

XM offers a dedicated learning and research section. This lets traders access proprietary research by XM’s team, trade ideas, technical summaries, as well as a series of useful platform tutorials that can be accessed from the broker’s homepage.

Educational resource XM resources
Demo/virtual account Yes
Video tutorials/webinars Yes
Walkthrough guides Yes
Copy trading No
Trading academy Yes
View more > Visit XM >

Research analysis

XM offers its very own research analysis from its in-house excerpts. Here you’ll find articles covering a wide range of topics and markets. Not only will you learn how the experts view the market, but you’ll also gain valuable insight into where prices are expected to move next. You can use the XM Research Analysis alongside your own trading. 

Video learning

XM offers a good choice of educational videos and courses. These videos are broken down into categories so you can easily follow along at your own pace. Videos are detailed and easy to undersgtand, while being presented by XM experts. Compared to other trading platform’s we’ve reviewed, XM’s educational videos are among the best. 

XM live

In addition to prerecorded videos, XM also regularly has live webinars where you can join and ask questions while learning more about the platform. XM live is available to all users of XM and runs on a schedule so you can plan ahead. It’s operated by trading experts working at XM so you’ll learn about trading, aswel as the platform. 

XM video review

XM customer reviews

XM is one of the largest online brokerage platforms in the world and has thousands of reviews on third party websites. Here’s a look at its latest scores from a few leading rating websites. 

eToro reviewsReview rating
Google Play store3.9
App Store4.9

Our verdict

XM has been serving clients since its launch in 2009. It provides over 1,300 tradable instruments across 6 asset classes as well as several account types from micro to standard, including a free demo with $100,000 virtual credit to help you work out the kinks on various trading strategies.

The trading platforms – MetaTrader 4, 5, and WebTrader are available across a wide array of operating systems and devices and are easy to use, if not a tad outdated in their interface’s appearance. XM would also do well to expand its number of tradable assets, as there are no cryptos or ETFs currently available. 

XM offers a number of educational resources and even goes so far as to offer original research and a trade ideas subsection, which not many other brokers provide. Overall, XM provides a stable trading environment with low spreads that most traders will appreciate.

Who is XM suitable for?

XM is suitable for all levels of trader from experienced investors to those just starting out, it has something for everyone. Beginners can make use of its vast educational resources and learn more about the markets. Experienced traders can use any of its 10 trading platforms to gain an edge in the market. 

Is XM good for beginners?

Yes, in our opinion, XM is one of the best trading platforms for beginners. During our XM review, we not only rated the brokerage for a range of conditions, but also compared it to similar platforms and it frequently scored well above the average. XM’s educational resources are among the best and its an excellent choice for beginners. 

Our methodology

Helping people make better financial decisions is at the heart of our mission at Invezz. 

We test each broker to provide clear, accessible guidance on the service it offers and how it compares to the 63+ other trading platforms we review. Testing is carried out by our panel of industry experts, analysts, and active traders who sign up to the platform, conduct research, and score the service.

To supplement our practical testing and experience, we research the service to gather any further relevant information and provide context to help you decide whether the broker is right for your investing needs. We read online customer reviews, app reviews on the Play Store and App Store, and conduct user surveys to get feedback from real people about what works, and what doesn’t.

The trading platform is awarded a final score based on 130+ data points across 8 ranking categories: cost, reliability, user experience, deposit & withdrawals, investing options, range of products/markets, research & analysis tools, and the availability of educational & learning resources.

We work closely with the individual brand to ensure all factual information displayed here is accurate. All data is then fact-checked by an independent reviewer. You can learn more about our expert panel and how we test, rate, and review platforms in our review process

Who owns XM?
How does XM make money?
Do I have to pay tax on XM profits?
Does XM offer CFD trading?
How do I sell on XM?
How do I delete my XM account?
How can I short on XM?
What if I forget my account password?
Can I transfer from my XM account into my PayPal account?
What if XM closes down while I have open trades?
Can I access my full trading history on XM?
Can I pay in cryptocurrency with XM?
Does XM offer bonuses?

Sources & references
Risk disclaimer
Prash Raval
Financial Writer
When not researching stocks or trading, Prash can be found either on the golf course, walking his dog or teaching his son how to kick a… read more.