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XM Broker CFD Review 2019

Last updated & tested: 2019-09-23

With the CFD broker space as crowded as it has ever been, it is getting increasingly difficult for both new and established players in the market to separate themselves from the competition. However, as one of the longest-operating CFD brokers, having been founded in 2009, XM Broker has built up a very solid reputation. XM Broker delivers a product that caters to both new and experienced CFD traders, giving traders a consistently good trading experience. In this review of XM Broker, we give a full breakdown of the service and answer the question, is XM Broker good?

Highlights
  • One of the most well-established players currently operating
  • Among the most popular traders out there with over 2.5 million clients across 196 countries
  • Great educational resources for new traders
  • Open and transparent about its regulatory status
3.
of 29 CFD Broker
XM
XM experiences
Trader Rating
94%
Go to XM opinions
Go to Broker
Risk warning: Capital can be lost. Terms and conditions apply.
Headquarters and regulation

UK /Cyprus /Australia (FCA, CySEC, ASIC)

Fees and Spread

depends on type of account

Lever

up to 1:30

Mini contracts tradable

Yes

Trading platform

MT4, MT5, Broker-owned Software

Mobile Trading & Apps

Demo account

Yes

Number of indices

18

Minimum deposit

$ 5

Services & additional benefits

E-mail
Economic Calendar
E-Book
Videos

1. Trading Offer

1.) CFD Trading Offer: What’s in store for users?

When it comes to the assets you can actually trade on the platform, XM Broker provides a relatively decent smattering of asset classes, including forex, CFDs, commodities, equities, indices, precious metals and cryptocurrencies.

The offerings for forex and CFD trading are where XM Broker seems to be putting most of its efforts, and the currency trading experience is incredibly solid on the platform. We should note in this broker comparison, however, that the options for exotic currency pairs are somewhat limited, so if you like to trade CFDs with exotic pairings underpinning them, you might find the XM Broker stock trading on offer somewhat limited. The amount of leverage on offer is also very much industry standard, and depending on the instrument, leverage can range from 2:1 all the way up to 30:1.

18
Indices
Number
15
Raw materials
Number
1200
Stocks
Number

Additionally, XM Broker provides new sign-ups to the site with a demo account, which is one of the strongest features on the website. New users can easily set up a demo account, which provides a virtual balance of $100,000 that you can use to get to grips with the platform. There are no restrictions on this, and you can use it as a test account for as long as you wish. We love the relative freedom of this, as many other platforms will have time limits in place, in contrast to this XM Broker brokerage account.

Trader Rating
5/5
XMreview_summary_group_1_image
  • 51 currency pairs available for users to trade
  • Not much support for exotic currency pairs
  • Leverage trading available – in line with industry-standard levels
Go to Broker
Risk warning: Capital can be lost. Terms and conditions apply.
2. Costs

2.) CFD Trading Costs: Fees and charges

Before the commissions on CFD trading are considered in this XM Broker brokerage review, we should discuss the non-trading fees. Generally speaking, XM Broker is incredibly transparent about its fee structures, and this information is readily available through its website. In terms of the non-trading charges, XM Broker is fair, though not necessarily the fairest out there. There is no initial account fee, and there are no withdrawal fees for amounts over $200. However, there is a monthly inactivity fee levied on accounts with no activity after 90 days. While understandable in many respects from an operational perspective, inactivity fees are not particularly customer-friendly and not present on all the top trading websites included in our CFD broker comparison articles.

1:30
Max Lever
1.0
FTSE spread
$ 5
Minimum deposit
Yes
Mini contracts
Tradable

When it comes to forex and CFD trading fees, XM Broker just about hits the mark. Across the Micro, Standard, and Zero account types, spreads generally average around 0.1 pips. While the spreads are generally pretty tight on the forex side, for example, they could be a little tighter. It’s good to see XM Broker being so open about the fee structure, but we would also like to see them a little tighter if possible, as better spreads can be had elsewhere. Having said that, XM Broker is very open and transparent about them, so perhaps this might change in the future.

Trader Rating
5/5
XMreview_summary_group_2_image
  • Generally low fees and commissions across the board
  • No added charges on withdrawals
  • Account inactivity fee after 90 days
Go to Broker
Risk warning: Capital can be lost. Terms and conditions apply.
3. Account

3.) Accounts: Three account types

There are currently three account types: Micro, Standard and Zero.

Standard: This has as its base currency USD, EUR, GBP, CHF, AUD, HUF or PLN. Contract sizes are set at 1 lot = 100,000. The spreads will tend to be around 1 pip. There is no added commission on trades. Users can have a maximum of 200 positions open or pending. The minimum trade volume is 0.01 lots with a lot restriction per ticket set at 50 lots. Users will be required to deposit a minimum of $5 to start trading.

Micro: This uses USD, EUR, GBP, CHF, AUD, HUF or PLN as its base currencies. Contract sizes are set at 1 lot = 100,000. The spreads will tend to start from 1 pip. There is no added commission on trades. Users can have a maximum of 200 positions open or pending. The minimum trade volume is 0.1 lots with a lot restriction per ticket set at 10 lots. Users will be required to deposit a minimum of $5 to start trading.

Zero: The base currency is either USD or EUR, and there will be commissions occasionally added. Contract sizes are set at 1 lot = 100,000. The spreads will tend to start from 1 pip. Users can have a maximum of 50 positions open or pending. The minimum trade volume is 0.01 lots with a lot restriction per ticket set at 10 lots. Users will be required to deposit a minimum of $100 to their XM Broker brokerage account to start trading.

Trader Rating
4.5/5
XMreview_summary_group_3_image
  • Three account types: Micro, Zero and Standard
  • Commissions added on the Zero account
  • Experienced users recommended to have a Micro account
Go to Broker
Risk warning: Capital can be lost. Terms and conditions apply.
4. Platform

4.) Trading Platform: Streamlined for users, no matter what the device

CFD trading on the XM Broker platform is delivered primarily through the industry favourite MetaTrader 4 (MT4) and MetaTrader 5 (MT5) software packages. This is a standalone trading platform that users download onto their personal computer. It is then used to execute trades. The MetraTrader CFD trading platforms are multi-award-winning within this industry and deliver one of the most stable and streamlined CFD trading experiences you can have. MT5 is best suited for non-forex trading, and is best used for stock, indices and commodities trading. If forex or CFDs are your chosen assets, MT4 will best suit your needs.

MT4
metatrader
MT5
metatrader
IOS
Android
Broker owned Software

No matter your chosen device, however, XM Broker has you covered. Users can also execute their trades through the built-in WebTrader platform on the website, which delivers a somewhat scaled-down but still perfectly functional trading experience. If you want to take your trades on the go, XM Broker still has you covered, and MT4 and MT5 are both supported on Android and iOS devices.

Although there is nothing ground-breaking in XM Broker’s trading software offerings, MT4 and MT5 are both essentially industry-standard – and industry-leading – platforms, so we can’t really fault them for following the curve.

Trader Rating
4/5
XMreview_summary_group_4_image
  • PC, Mac and web browser-based trading supported
  • Mobile apps available for both Android and iOS users
  • MT4 and MT5 platforms used
Go to Broker
Risk warning: Capital can be lost. Terms and conditions apply.
5. Usability

5.) Usability of the Website: How does it stack up?

One of the most important things for CFD brokers to get right, and one of the most often-overlooked aspects of their platforms, is web design. When it comes to providing an easy-to-use, intuitive and responsive CFD trading experience, design is absolutely key. A well-laid out and intuitive website can mean the difference between a lucrative trade and one that wasn’t placed in time. As such, when we look for a well-designed website, we look for something that is well laid out, not cluttered, and with information that’s easy to find. If it looks good while doing all that, that’s an added bonus!

In these respects, XM Broker does a pretty decent job overall. The website is intelligently laid out for the most part, and the designers have done a pretty good job of making sure that everything is laid out well without overwhelming users with information. At times, the layout does look somewhat cluttered, but the nifty navigation bar at the top of the page does a good job of keeping things reasonably organised. The aesthetic is also relatively pleasing, featuring a distinctive red and black design. Overall, while the website didn’t blow us away design-wise, it more than does the job.

Trader Rating
4.5/5
XMreview_summary_group_5_image
  • Well organised without being too cluttered
  • Distinctive aesthetic
  • No website slow-down on choppy internet speeds
Go to Broker
Risk warning: Capital can be lost. Terms and conditions apply.
6. Support

6.) Customer Support: Getting in touch with XM Broker

Although you might not think it, one of the most important aspects of any CFD trading website when you are looking for the best CFD broker is the customer support. Having a decent customer support service available means having it be not just available, but also knowledgeable enough to answer any queries that you might have. This is massively important in the context of CFD trading in particular, where sensitive financial information is being handled, and where technical issues could lead to a loss of profit.

E-Mail
Telephone
Live-Chat
On the spot

The customer agents at XM Broker can be contacted through email, by phone, or through a live chat function on the website. All the contact information is readily available in the “About Us” section of the website, which you can find easily via the navigation bar at the top of the webpage. Support is available all day, five days a week, from Monday to Friday. While this might seem less than stellar given there are seven days in a week, the CFD markets are generally only running five days a week, so 24/5 coverage should suffice. In addition, a well-researched and accurate FAQs section should answer most user queries or technical issues.

Trader Rating
4/5
XMreview_summary_group_6_image
  • 24/5 customer support
  • Generally positive customer support reviews online
  • Phone, email and live chat supported
Go to Broker
Risk warning: Capital can be lost. Terms and conditions apply.
7. Payment

7.) Topping up your CFD trading account

Topping up your account on the XM Broker website is a relatively simple affair and shouldn’t present too many technical hurdles. Deposits can be made using most major credit and debit cards, via electronic/online payment services, wire transfer, or through your local bank branch. Credit and debit card transfers will obviously be the quickest out of all these options, although it should be noted that third party fees might apply. Deposits can be made in any currency, and once received it will be automatically converted by XM Broker into the base currency you have selected for your account. Withdrawing from your account is a similarly straightforward process and will be processed within 24 hours without any additional fees.

  • banktransfer
  • creditcard
  • neteller
  • skrill

It should also be noted that in line with the KYC—or Know Your Customer—regulations, XM Broker will require an official form of identification and a recent proof of address for account verification procedures. Once this is received and processed by XM Broker, however, you can deposit, withdraw, and trade without any restrictions.

Trader Rating
5/5
XMreview_summary_group_7_image
  • Quick withdrawal times with no fees
  • Deposits made via credit/debit card, bank transfers, or online transferral services
  • Identity verification required
Go to Broker
Risk warning: Capital can be lost. Terms and conditions apply.
8. Offers

8.) 8.) Additional Offers: A wealth of education and training resources

This XM Broker brokerage review has found that one of the best resources available for users of the platform comes in the form of the educational and training material. Once you have opened an account, you get immediate access to a wealth of incredibly useful information that will help both new and more experienced users improve their trading. XM Broker holds regular webinars through the website, in addition to sending out frequent research and technical analysis reports. These resources truly are second to none in the CFD trading industry and are an attractive draw for a user looking to set up an account with a broker. In this respect, the educational resources help separate it from the other brokers.

E-Mail
Economic calendar
E-Book
Videos
Courses or Seminars
Demo Account

Another great feature that’s unique to the XM Broker platform is the virtual private server (VPS) that users can avail. The VPS is designed to help increase the speed of trades, meaning that they can be executed more quickly, hopefully giving you an edge in trying to beat the markets. The VPS can be accessed from anywhere around the globe, 24/7. This helps to eliminate downtime on its servers and increases access for those looking to trade CFDs in areas where connectivity can be poor. Overall, the VPS is a great resource, and gives the platform a “premium” feel compared to other players out there.

Trader Rating
5/5
XMreview_summary_group_8_image
  • Great educational and training resources available
  • VPS allows users to increase trading speeds regardless of location
  • Great sense of community on the platform
Go to Broker
Risk warning: Capital can be lost. Terms and conditions apply.
9. Regulation

9.) Regulation & Deposit Protection: Four separate regulatory bodies

In the world of online CFD trading, regulatory compliance is incredibly important, particularly given the risk presented to users. It is crucial to ensure that your chosen broker is regulated under a legitimate regulatory authority that has a good standing in the industry. Doing so can have significant implications in terms of the level of protection you are afforded, and what remedies you will have access to if things go wrong with your CFD trading account.

FCA, CySEC, ASIC
Regulatory Authority
MIFID II
No
50.000
Dep. Protection

XM Broker clearly takes the regulatory aspects to its operation very seriously. All the relevant information is readily available on their website in the “About Us” section. Here, all the regulatory bodies that it reports to are listed, along with the reference and licensing number for each jurisdiction.

XM Broker currently falls under the jurisdiction of four separate regulatory bodies: the Financial Conduct Authority (FCA), the Australian Securities and Investment Commission (ASIC), the Cyprus Securities and Exchange Commission (CySEC) and the International Financial Services Commission (IFSC).

Being regulated by these four bodies shows that it takes the regulatory and customer protection side of things very seriously, and the four bodies chosen are some of the most stringent authorities you can be regulated by. As such, when you are trading CFDs with XM Broker, you can rest assured that your account is in safe hands.

Trader Rating
5/5
XMreview_summary_group_9_image
  • Licensing and regulation information readily available
  • High levels of customer protection
  • Regulated by CySEC, FCA, ASIC and IFSC
Go to Broker
Risk warning: Capital can be lost. Terms and conditions apply.
10. Awards

10.) Awards: Has won a total of 23 industry awards since opening in 2009

As it is one of the more well-established players in the forex trading market, XM Broker has naturally accrued a fair number of awards by now. While there are by this stage too many to name individually in this review of XM Broker, the company lists a total of 23 industry awards that it has amassed since first opening in 2009. Of these 23 awards, the majority are related directly to its forex trading facilities, which is testament to the forex trading experience it offers. In fact, of these 23, a total of 21 have been awarded for its forex trading! Notably, it was the recipient of the “Best Forex Broker in Europe 2018” award from World Finance.

Trader Rating
5/5
XMreview_summary_group_10_image
  • Numerous industry awards won in the ten years it has been operating
  • Most awards granted for its forex trading
  • Use award-winning trading platforms
Go to Broker
Risk warning: Capital can be lost. Terms and conditions apply.

Conclusion: A solid platform for both new and experienced CFD traders

In this review of XM Broker, we hope to have given you a thorough overview of XM Broker stock trading and what type of CFD trading experience it has on offer. Overall, the trading experience on the XM Broker platform is very solid. XM Broker has managed to cater for new users without sacrificing the advanced features that veteran traders need. This balance can be very difficult to achieve, and XM Broker’s efforts here are laudable. From the range of education materials on offer, to the account types catering for casual and pro traders, and the wide variety of assets available to trade, there really is something for everyone on the XM Broker stock trading platform. Although it should be noted that XM Broker does not provide the most comprehensive menu of tradable financial instruments, especially when it comes to forex and CFD trading, most casual users will be more than happy by the spread they do have on offer. What we do hope to have highlighted in this review of XM Broker, however, is that you need to consider the overall trading experience. And in this respect, XM Broker certainly establishes itself as one of the market leaders.

Strengths

  • Solid educational resources for new and experienced traders
  • Highly transparent about its licensing
  • One of the longest-established CFD trading platforms
  • VPS available to increase trading speeds
  • Three account types for casual and pro CFD traders

Weaknesses

  • Not a great selection of exotic currency pairs
  • 24/5 rather than 24/7 customer support
  • Fewer asset classes to trade than elsewhere
Test result
Total
94%
Ratings
28
Broker
Go to Broker
Risk warning: Capital can be lost. Terms and conditions apply.
XM
Go to Broker
Risk warning: Capital can be lost. Terms and conditions apply.

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