XM Review

Open Demo Account
Trader Rating
15 minutes read/Updated: 24 September 2020

xm review

Founded in 2009 XM (operating as Trading Point of Financial Instruments Limited ) is a multi-award-winning, global Forex and CFD broker. Regulated by several leading financial authorities, including the top-tier Financial Conduct Authority (FCA) in the UK, XM provides a safe and secure place to trade. Priding itself on its well-earned fairness and reputability, XM strives to provide an industry-leading trading experience.

But is XM the right broker for you? In this XM review, we’ll be taking a look at everything you need to know about this broker, including account types, what fees to expect, regulation, trading platforms on offer and more.

  • Well-regulated across a selection of highly respected bodies
  • Low minimum deposits
  • Competitive spreads across all intruments
  • Wide variety of educational resources
  • Reliable - 99.35% of trading orders executed in less than 1 second
  • Only supports MT4/MT5
  • Does not offer Cryptocurrency or ETF CDFs

What can you trade?

Open Demo Account

XM Forex Review

£5 Min Deposit
Mid App Support

XM offers its clients access to a wide variety of currency pairs, including majors, minors, and exotics. In total, there are 57 pairs in total to select from with tight spreads and no re-quotes.  Leverage up to 30:1 is available for retail clients, with no hidden charges and the ability to trade 24/5.

Spreads will vary depending on the type of account opened, but XM is well-known for its ultra-low spreads, which it achieves with variable spreads just like the interbank Forex market. Additionally, XM also utilises fractional Pip pricing to get the best prices from its various liquidity providers.

What does this all mean? Well, instead of 4-digit quoting prices, XM clients can benefit from even the smallest price movements by adding a 5th digit, or fraction.

xm forex spreads


Our review has also found XM to be very transparent when it comes to the cost of trading with them. This applies to two key areas of trading cost. The spread will depend somewhat on the account type you choose from the three that are available. These are the Micro Account, the Standard Account, and the Zero Account. There are no commissions or unexpected trading fees applied across any of these accounts, and you can expect spreads from 0.1pips when trading with major currency pairs.

As a part of our review, we also took into account the leverage available with XM, Within Europe, due to ESMA regulation and requirements, all brokers are restricted to offering a maximum leverage of 1:30. This is also the maximum leverage you can expect to access as a trader based in Europe.

Open Demo Account

XM CFD Review

£5 Min Deposit
Mid App Support
1:30 Max Leverage

XM offers traders a wide variety of contract for differences (CFDs) to choose from, including:

  • Stock CFDs
  • Commodity CFDs
  • Equity Indices CFDs
  • Precious metals CFDs
  • Energies CFDs

We did, however, notice that XM does not currently offer ETF or Cryptocurrency CFDs. Depending on the instruments they want to trade, this could be a limitation of the XM platform for many traders. Despite this, the number of CFDs on offer is more than suitable for the majority of traders.

Stock CFDs

XM offers CFDs on over 1,200 stocks with some of the world’ largest companies including Apple and Facebook, and almost everything in between. With such a wide variety of stock CFDs to choose from, there is almost certainly something to suit every trader. This wide selection of stock CFDs is supported by the ability to go long or short depending on market moves, no extra or hidden fees, spreads as low as o.01 (on certain stocks) and leverage up to 20:1 for this instrument. A dedicated Shares account is available for those who wish to focus only on stock trading is also available, although this is only offered if you are trading under the IFSC regulatory umbrella.

xm stock cfd table

We also liked the handy overview that XM provides of each stock. In this example, we can see an overview of Apple (AAPL) stock with key information such as margin requirement, min/max trade size and more. This in-depth overview only adds to the overall experience for traders and is in-line with XM’s beliefs around transparency and education of its clients:

xm apple stock overview

Commodity CFDs

XM breaks its commodity CFDs down into separate instruments: Commdity CFDs, Precious Metals and Energies.

CFD Type No. Available
Commodities 8
Precious Metals 2
Energies 5

In total, there are 8 Commodities Futures CFDs to select from, including Cocoa, Coffee, Corn, Sugar and more. When it comes to Precious Metals CFDs, XM offers just two to choose from: Gold or Silver.

While many traders will be happy with this, it’s worth noting that XM doesn’t currently offer CFDs on other precious metals such as Platinum and Palladium. Not a deal-breaker by any means, but something worth bearing in mind if you’re looking to trade CFDs on precious metals.

xm commodity spreads

Finally we arrive at Energies CFD. The 5 main energy CFDs on offer here include BRENT, GSOIL, NGAS, OIL and OILMn. While we’ve seen more commodity CFDs with other brokers, XM does an excellent job at focusing on some of the most popular and sought-after CFDs. So, unless you’re a trader looking for a particular niche commodity, chances are you’ll find exactly what you’re looking for with XM.

It’s worth noting again at this point that, as XM operates using variable spreads, the spread on offer will vary depending on the commodity you opt for.


What did our traders think after reviewing the key criteria?


This is an area within our review that we feel XM performed consistently well on. only provide for a variable spread throughout all of their market, but this remains highly competitive regardless of your account type, asset traded, or location.

The fees are kept to a minimum and transparent at every step. This includes free deposits and commission-free trading on all except the Zero account. Even at this, the commission here amounts to a very reasonable $7 per round trade on a currency lot.

Account Types

If you decide to open an account with XB, you will notice that there are three types of accounts available:

  • Micro Account
  • Standard Account
  • XM Zero Account

XM clients are able to multiple trading accounts (up to 8) at any one time. In addition, swap-free Islamic Accounts are available which feature no rollover interest or overnight positions in accordance with the Islamic faith. Let’s take a look at some of the key similarities and differences between these trading accounts:

Micro Account Standard Account XM Zero Account
Contract Size 1 Lot = 1,000 1 Lot = 100,000 1 Lot = 100,000
Spread from 1 pip from 1 pip from 0 pips
Commission ✔️
Minimum Deposit $5 $5 $100
Min. Trade Volume 0.01 Lots (MT4) / 0.1 Lots (MT5) 0.01 Lots 0.01 Lots
Lot Restriction Per Ticket 100 Lots 50 Lots 50 Lots
Max. Open/Pending Orders 200 200 200

Depending on the instrument, XM traders have the flexibility to trade with leverage from 2:1 to 30:1 on all accounts. There are no changes in margin overnight or at weekends as well as the added benefit of negative balance protection, meaning traders cannot lose more than they deposit with XM.

As the name implies, XM’s newest account type, XM Zero, offers access to spreads as low as 0 pips along with a no re-quote execution policy. In addition, hedging and EAs are both allowed on XM Zero accounts, as well as zero fees on deposits and withdrawals.


When it comes to trading platforms, like many brokers XM provides traders with access to both MetaTrader 4 (MT4) and MetaTrader 5 (MT5). Incredibly popular among traders, both MetaTradcer platforms are available to XM clients across desktop, Android & iOS apps for mobile trading on-the-go, tablet and also as a browser-based platform.

xm trading platforms

While both MT4 and MT5 have rightly drawn praise for their full suite of capabilities, there is an argument to be made that they are not the most user-friendly platforms for beginners. With this in mind, we were disappointed to not find an in-house trading platform catered towards beginners that is offered by some competing brokers. Despite this, we can’t find much to fault with XM’s trading platforms as they are very much in line with what is offered by competing brokers.



Our UK review team was pleased to find the XM homepage to be the same, intuitive, and well-organized site design that is used by XM worldwide. Everything you need or want to do is within very easy with just a few clicks, and both layout and design carry a degree of integrity which exemplifies that of XM themselves.

There are no overly complex menus to navigate, and you can have either an demo account or an live account open within just a few minutes from arriving on the homepage.

Customer Support

When it comes to customer service and support, XM is hands-down one of the industry’s leading brokers and our experts were suitably impressed by XM’s customer-centric approach to trading. XM prides itself on being a ‘human broker’.

What does this translate into? For starters, XM has a strict no re-quote and rejections policy, with 99.35% of trades executed in less than 1 second. This means that your orders will be carried out with practically no delay at the best available market price. For beginners, the ability to trade with smaller lots means lower risk which, combined with low minimum deposits and no fees, makes XM a particularly beginner-friendly trading platform.

Perhaps the most impressive feature offered by XM is its extensive educational material, which is all completely free of charge. This includes:

  • Forex webinars
  • Platform tutorials
  • Forex seminars
  • Pocasts
  • XM TV
  • Access to free market research and trade ideas
  • Economic calendar
xm customer service
A live educational video on XM Live

XM clients also have access to a personal Account Manager that is available 24 hours a day via live chat, telephone and email in a wide variety of languages. When it comes to customer service, the size of your account does not matter and XM puts its clients front and centre – regardless of the size of their investment.

Payment Methods

XM offers traders plenty of payment methods, making deposits and withdrawals an incredibly straightforward and simple process. It offers many of the most popular deposit and withdrawal methods, including bank transfer, Visa and Mastercard. In addition, it also supports e-wallets such as Neteller and Skrill. All of these same payment methods are also available as withdrawal methods when the time comes to transfer some funds in the other direction.

Best Offers

There are a variety of great bonuses available. Not in the financial sense, but in terms of enhancing your trading knowledge through the solid and very extensive educational infrastructure that XM provides.

Here you can access a range of educational material including articles, video tutorials, and research tools such as a comprehensive economic calendar to help you build and plan your trading journey with XM.

Although an deposit bonus os up to 50% is available in some parts of the world, this was not the case with our UK review where XM prioritises regulatory compliance.

A useful and easy to access demo account is also widely available to all traders to try out the real-life XMtrading situation without any risk to your funds.

Regulation and Deposit Protection

XB is authorised and regulated by three of the world’s leading financial regulatory bodies, ensuring a safe trading experience for its clients. This includes:

Legal Entity Regulator Country
Trading Point of Financial Instruments Ltd Cyprus Securities and Exchange Commission (CySEC) Cyprus
Admiral Markets UK Ltd Financial Conduct Authority (FCA) United Kingdom
Trading Point of Financial Instruments Pty Ltd Australian Securities and Investments Commission (ASIC) Australia

These regulators require XB to fully segregate traders’ accounts from company funds, adhere to strict anti-money laundering and capital requirements, comply with ‘know your client’ procedures, as well as a host of other stringent measures designed to protect traders.

In addition, XB has secured registrations for outwards passporting with the regulators of the following countries:

xm regulation


XM is a highly-decorated broker that has won numerous prestigious awards over the years. This includes recent accolades such as:

  • Most Reliable Broker – CFI.co 2020
  • Most Transparent Broker – CFI.co 2020
  • Best Online CFD & FX Trading Broker – Global Business Awards 2020
  • Best Customer Service Experience – Global Business Awards 2020
  • Global Forex Broker of the Year – Global Forex Awards

xm awards

It goes without saying that XB is clearly a well-respected and customer-centric broker that you can trust. This is highlighted in two key awards in 2020 for Transparency and Customer Service Experience.


Yes. XM is a reputed broker, operating since 2009. Besides the 1000 + CFD products covering a range of asset classes, and regulators including the CySEC, FCA, ASIC, IFSC, and DFSA, you can open an account with a minimum deposit of $£5. The award-winning broker also offers a combination of low spread- high leverage, MT4/MT5 platforms, multiple funding methods, and 24/5 customer support.

XM provides a choice of several deposit methods. These include Visa/MasterCard, wire transfer and eWallets such as Neteller and Skrill. WhilE XMdoes not charge a fee to fund your trading account, your bank or the payment processor could levy a fee. It would be advisable to check the fund transfer charges with them before funding your account.

XM.com processes all withdrawal requests within 24 hours. Fund withdrawals via eWallets are generally credited to your account the same day. However,  if you choose bank wire transfers or cards, it could take 2-5 days to receive the credit. XM does not charge for processing withdrawals, but your bank or payment processor could levy a fee.

Traders registering with XM have the choice of three account types- The Micro, Standard and the Zero Account. While the trading conditions like the number of base currencies, contract size, and the spread are a factor of the account type, the CFD broker does not charge commissions. The only costs are the spread, which starts at 0.1 pip for the major FX pairs and the swap for holding overnight positions.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.