XM review

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.
By: Theodor Tonca
Theodor Tonca
Theodor is a Financial Writer for Invezz, reviewing, testing and scrutinizing financial products. He is a former financial analyst and investment… read more.
Updated: Sep 15, 2022
3/5 Star rating
16 min read
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As well explained in this review, XM is primarily a forex trading platform, but offers CFDs that let you trade most other major asset classes. You can use CFDs to speculate on the performance of stocks, indices, commodities, and precious metals. It offers downloadable platforms so you can analyse currencies and make trades from your desktop or forex apps..

Pros & Cons


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


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.

XM markets, assets, and options

What assets and products 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.

Forex pairs57
See all asset classes >

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.

Please bear in mind that trading with leverage entails a higher degree of risk and should not be undertaken unless you have at least some prior trading experience.

Product (CFDs)Maximum leverageMargin
See all CFD options available >

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.

ProductAverage spreadFixed or variable?
Forex0.033 pipsVariable
Indices2 pipsVariable
Stocks0.7 pipsVariable
Commodities0.02 pipsVariable
Metals0.35 pipsVariable
Energies1.5 pipsVariable
Get more information on spreads >

Fees, limits, and payment options on XM

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

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.

As for withdrawals, XM doesn’t charge any fees there either. 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 methodDepositWithdraw
Debit/credit cards
– min/max
– fees
– speed
Limited to amount deposited
2-3 business days
Bank Transfer
– min/max
– fees
– speed
24 hours
$15 for withdrawals under $200, otherwise free
5-7 business days
– min/max
– fees
– speed
Limited to amount deposited
1-2 business days
Find full deposit and withdrawal rules >

How much are XM’s fees and commissions?

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 typeFee amountCommission
ForexVariable 0.033 pip spread
StocksVariable0.7 pips
IndicesVariable2 pips
CommoditiesVariable0.02 pips
MetalsVariable0.35 pips
EnergiesVariable1.5 pips
Inactivity fee$15 after 1 year of inactivity
See all fees and commissions >

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.

ProductMinimum tradeMaximum trade
Forex0.01 lots 100 lots
Indices0.01 lots100 lots
Stocks0.01 lots100 lots
Commodities0.01 lots100 lots
Metals0.01 lots100 lots
Energies0.01 lots100 lots
See all trading limits >

XM trading platform

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.

  • PC/Mac desktop
  • Web browser
  • Tablet
  • iOS mobile device
  • Android mobile device

Can I use XM in my country?

XM is open to traders from 192 countries and territories across the globe, including Japan, New Zealand, Israel, and Australia. Select your country from the list below to see if it is available where you are.

Is XM available in my language?

XM offers support in 20 different languages, including English, German, Spanish, and Portuguese. Select your language from the list below.

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. 

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.

Security and regulation

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.

Am I and my funds protected?

Yes, as 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:

  • ASIC in Australia
  • Cyprus Securities & Exchange Commission (CySEC) in Cyprus
  • IFSC in Belize
  • The Dubai Financial Services Authority (DFSA)

Do I have to verify my account with XM?

Yes, XM follows a KYC (Know Your Customer) policy that requires all clients to submit personal information in order to deposit funds and begin live trading.

Extra information

Educational resources 

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.

Tools and charting

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.

Customer support

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.

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.

How to open an account with XM

  1. Go to XM’s homepage and click on “Open an account” in the header.
  2. Fill in some basic information such as your name, country of residence, email address, and the type of account you want to open.
  3. Verify your email and information by logging in to your new account
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

Invezz is a place where people can find reliable, unbiased information about finance, trading, and investing – but we do not offer financial advice and users should always carry out their own research. The assets covered on this website, including stocks, cryptocurrencies, and commodities can be highly volatile and new investors often lose money. Success in the financial markets is not guaranteed, and users should never invest more than they can afford to lose. You should consider your own personal circumstances and take the time to explore all your options before making any investment. Read our risk disclaimer >

Theodor Tonca
Financial Writer
Having worked for a decade as an analyst, investment partnership founder, and writer - Theodor is a keen sportsman. When not working, he can most commonly… read more.