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XM Review – Is it Legit? (May 2023)
Trade in More than 1,000 Different Assets
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Account Minimum: $5
Fees: No Commission, Low Starting Spread
Best For: Wide Range of Assets
Warning: Trading Forex and Leveraged Financial Instruments involves significant risk and can result in the loss of your invested capital. You should not invest more than you can afford to lose and should ensure that you fully understand the risks involved. Trading leveraged products may not be suitable for all investors. Trading non-leveraged products such as stocks also involves risk as the value of a stock can fall as well as rise, which could mean getting back less than you originally put in. Past performance is no guarantee of future results.
XM was founded in 2009. Within the period that has passed, they have managed to become one of the most instantly recognizable names in forex trading. This is not only due to their excellent regulatory compliance worldwide, they are regulated by both CySEC, and ASIC, as well as two other top-tier regulators, but also the fact they provide an accessible trading environment to traders all around the globe.
The broker caters for the needs of the forex market in more than 196 countries. This makes them one of the most available brokers in the industry to all levels of trader. Couple this with an exceptional education section, and a great variety of assets to trade in, and you have a winning combination with XM.
- A huge range of assets available to trade
- Low minimum deposit from $5
- Available in more than 190 countries
- High leverage available
- Swap-Free Islamic trading account
- No Proprietary trading platform
- Limited account type availability in some regions
A safe and secure trading environment is one of the most important key elements for any top forex broker. This is something that XM both recognizes, and works hard to provide. They are regulated around the world by 4 recognized, and respected regulatory bodies. These include CySEC for traders in Europe, ASIC in Australia, the DFSA in Dubai covering the Middle East region, and the IFSC in Belize catering for the rest of the international traders and those who prefer a more flexible, yet compliant regulatory environment.
XM do not stop there in helping provide you with a trusted trading environment. They also provide negative balance protection worldwide which ensures you can never lose more than you deposit in your account, and always use segregated bank accounts to further protect your funds from any unexpected financial situations. Funds from EU traders are also covered by the ICF (Investor Compensation Fund) insurance.
It is also worth noting that the broker has won dozens of awards across the industry on the way to becoming a household name. This level of brand and industry recognition only works to further enhance their reputation as a very trusted broker.
In terms of available assets to trade, there are over 1,200 in total. Though the bulk of these assets are stocks with more than 1,100 available as CFDs or real assets if you have a dedicated XM shares account, there is still a wide selection to satisfy the needs of forex traders and others.
This selection includes a total of 57 forex currency pairs, 17 commodities, and a choice of more than 30 global indices. All markets at XM are traded as CFDs with excellent spreads available depending on your account type choice. There is also an EM loyalty program in place for active traders, as well as a range of great bonuses that can be accessed if you are regulated under the IFSC. While the maximum XM leverage is set at 30:1 under CySEC regulation due to requirements, the broker makes extensive leverage of up to 500:1 available under ASIC, and 888:1 under IFSC regulation available.
Commission & Fees
XM do well in offering a wide range of account type choices to help you find something which perfectly suits your needs. This offering includes a commission-free standard account, as well as a micro-account which facilitates a lower-risk level of trading, and an Islamic trading account which is fully Sharia law compliant and available on request. This means there are neither commission-fees, nor a swap fee charged on this type of account. There are also several other account types including the popular XM zero account which reduce spreads even further. In the case of the zero account, the spreads here starts from 0 pips, although the minimum deposit will be slightly higher but still very competitive at $100.
On the XM zero account type, commission is charged, though this remains extremely great value at just $3.50 per lot traded. In terms of other fees, the broker does well to limit these and provide you with an excellent value trading environment that caters for all. As a predominantly CFDs focused broker, they do charge overnight fees on all except the Islamic account types, and an inactivity fee can be charged, although this remains low at just $10 per 90 days of inactivity.
XM is a Metatrader broker. This means that when it comes to trading platforms, the broker exclusively offers Metatrader platforms. Both MT4, and MT5 are available for your selection, and both trading platforms are available on desktop, mobile, and as a webtrader for trading direct in your browser with no download required.
The Metatrader brand of trading platforms are extremely well-respected in the industry, and are available at almost all top forex brokers in the sector. They provide a very robust, well-rounded, and easy to navigate experience and are often heralded for the wide range of charting tools and indicators they provide. There are more than 50 of these available as standard, and they can give you a very detailed insight into trading and market patterns. This kind of insightful data is what keeps them at the front as one of the most popular trading platform choices around.
The XM customer support experience is a shining light in the sector. The broker provides firstly for an extensive range of answers to the most commonly asked trader questions through a detailed FAQ section. You can easily access this through their website.
If you can’t find the answer here, then what you will find is a dedicated, and professional support team available through a number of mediums and in no less than 21 languages to make sure you are taken care of. You can reach the team through phone, email, or a web-based lice chat feature made available on the XM website.
Education is the key to your development and future success in trading. This is something that XM recognizes and provides for in great detail. In their education section you will find content which is available across 19 languages and with a variety of skill and experience levels in mind.
Beyond the more than 60 video tutorial lessons that are available on a wide range of topics from the basics of trading, to more advanced techniques, the broker provides material from a host of their experts which is broadcast live on a daily basis. These lessons, together with the availability of multiple webinars, provide ample opportunity for you to continuing learning and growing in the industry.
Overall, XM as a broker, are one of the best-known, and most respected names in the world. This trusted reputation and popularity is strongly backed up in almost every category when the broker is reviewed. They are award-winning, have a stellar reputation as a highly secure broker, and provide a great environment for trading and continued development.
There are few that can match XM not only for their size and reputation, but for the all-round quality delivered when these things are put to the test. Whether new to the industry, or a seasoned trader anywhere in the world, XM has something strong to offer.
Accepted Countries: Australia, Singapore, South Africa, United Kingdom, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Thailand, Qatar and most other countries.
Prohibited Countries: United States, Canada, Israel, Iran.