This broker does not accept traders from United States.

XM is a globally recognized forex and CFD broker with 10+ million clients in 190+ countries. Since 2009, this trusted broker has been known for its low fees on 1000+ instruments. XM is regulated by multiple financial bodies, including the ASIC and CySEC.

Forex, Stock CFDs, Turbo Stocks, Indices, Commodities, Precious Metals, Energies, Shares, Crypto, Futures
Demo Accounts: 
MetaTrader 4: 
MetaTrader 5: 
STP Account: 
ECN Account: 
DMA Account: 
Margin Trading: 
Social Trading: 
Copy Trading: 
Islamic Account: 
Min. Deposit$5
Min. Trade0.01 Lots
Mobile AppsiOS, Android & Windows


Day traders can speculate on leveraged CFDs with zero commissions, spanning popular markets including currencies, equities and commodities. Additionally, the MetaTrader platforms collectively offer dozens of advanced technical indicators built for short-term strategies.

FTSE Spread1.5 pts
GBPUSD Spread1.9
Oil Spread0.03
Stocks Spread0.002


XM offers ultra low spreads across a wide range of forex assets with no re-quotes or hidden charges. Over 50 currency pairs are available, which is above the market average and is in line with one of our top award-winners, AvaTrade.

GBPUSD Spread1.9
EURGBP Spread1.8
EURUSD Spread1.6


XM offers a handful of cryptocurrencies against the USD via the South African entity only. These are tradable via CFDs with high leverage up to 1:500. You can explore major tokens like Bitcoin, Ethereum and Ripple with just a $30 deposit.


XM is one of the biggest names in the online broker market, offering forex and CFD trading with competitive fees. The award-winning investing platform is regulated in multiple jurisdictions and offers a free demo account alongside a user-friendly mobile app. This 2024 review will explore XM’s suite of trading services, from payment methods and pricing to no deposit bonuses and educational content.

What is XM?

XM was established in 2009 by the Trading Point Group. The brokerage boasts 5 million clients from over 190 countries and is supported by more than 600 professionals. The company’s rise has also been recognised through various awards, including the ‘Best Trading Experience in 2021’ by Ultimate Fintech.

XM has its headquarters in Cyprus, though the firm has additional offices in locations that include Sydney and Athens. Constantinos Cleanthous is the founder of the well-known brand while Tasos Anastasiou is the CEO.


XM offers access to multiple financial markets, offering opportunities for swing traders and scalpers alike. Available products include:

  • Forex – over 55 currency pairs
  • Index CFDs – including the FTSE 100 and US 30
  • Commodity CFDs – agriculture, precious metals and energies
  • Stock CFDs – invest in stocks from across the world, including from the USA and the UK

Unfortunately XM does not offer crypto trading on popular tokens like Bitcoin. ETFs are also not available. With that said, there are plenty of opportunities to trade on some of the most liquid markets without owning the underlying asset.

Trading Platforms

XM offers MetaTrader 4 and MetaTrader 5, in addition to its own designated solution. MetaTrader is a well-known and reputable software package, used by brokers and traders around the world. Firms can use the MetaTrader API to incorporate its data and features into their own terminals.

XM investing platforms

MetaTrader 4

MT4 is popular with beginners and experienced traders, offering a selection of useful features:

  • Advanced order types
  • Automated copy trading
  • Trade forex, CFDs and futures
  • Available for download on Windows and Mac
  • Available on Apple and Android mobile and tablet devices
  • WebTrader version also available, which does not require a download on PC
  • 50 indicators and charting tools to assist with trading strategies, including swing trading

MetaTrader 5

MT5 is the newer and more powerful platform from MetaQuotes and will best suit advanced traders. Features include:

  • Three chart types
  • Forex trading signals
  • Automation trading tools
  • Instant and pending order types
  • MT4 functionality plus stock CFDs
  • 38 technical indicators & 44 graphic objects
  • Financial news stream via an economic calendar
  • Access fundamental data directly from the platform

Mobile Trading

The firm offers its own mobile app, XM – Trading Point. The application is free to download on Apple and Android devices. The solution essentially allows MT5 users to manage their XM trading account with simple navigation and order execution capabilities.

Clients can also install the MetaTrader mobile apps. Both MT4 and MT5 are available on tablet devices and offer interactive charting, deposits and withdrawals, live share prices, plus in-app customer support. Automated bots can also be set up and managed from mobile devices.

XM mobile app

MetaTrader Mobile

XM Leverage

The maximum leverage available with an XM Zero Account is 1:30. This means that for every $1 invested in forex, for example, you would have exposure to $30. The downside is that trading on leverage can magnify losses as well as profits.

As a result, beginners in particular, should be careful when using leveraged financial instruments. XM will also issue a margin call if a trader lacks sufficient equity to maintain their open positions.

Trading Accounts

XM offers three main account types: two are zero commission with a higher average spread, and the other is commission-based (the commission rate being fairly reasonable but with lower spreads). Regardless of the account type chosen, Islamic swap-free options are available.

Note, XM does not offer an ECN (Electronic Communication Network) account, unlike competitors such as FBS.

Micro Account

  • No commission
  • Spreads on all majors from 1 pip
  • 1 lot = 1,000 (i.e a smaller lot size than the XM Standard and Zero Accounts)

Standard Account

  • No commission
  • Spreads on all majors from 1 pip
  • 1 lot = 100,000 of the base currency

XM Zero Account

  • Commission-based account – $3.50 per $100,000 traded
  • Spreads on all majors from 0 pips (average spread of 0.1 pips for EUR/USD and 0.21 for gold)
  • 1 lot = 100,000 of the base currency

Once the live account registration process is complete, traders will receive their login details by email, which can then be used to sign in to the secure Members Area.

Other Fees

Before you start trading, you should be aware of all the fees that may apply, not just spreads and commissions. Rollover charges apply to cash positions held overnight, for example. The fee depends on whether the trader has opened a long or short position, and on the rate differentials between two currencies. Note, swap fees do not apply to futures contracts.

Dormant fees are also charged to accounts that have been inactive for 90 days or more. A $5 monthly fee is charged by XM, or whatever is left in the account if it has less than $5.

XM Deposits & Withdrawals


Fees are not charged on XM’s various deposit options and multiple currencies are accepted, including USD, EUR, GBP and ZAR. For international bank wire transfers, at least $200 needs to be deposited to accounts to cover any charges. All deposit methods are also instant except for bank wire transfers. The minimum deposit is $5.

Deposit methods include:

  • E-wallets
  • Bank wire transfer
  • Local bank transfer
  • Credit & debit cards


Withdrawal fees are low though clients may face a charge if they withdraw less than $200 by international bank wire transfer. E-wallet payments are processed the same day while for credit/debit cards and bank wire withdrawals, it typically takes 2-5 business days. If making a withdrawal back to the same card you used to deposit, the maximum transfer amount is the same value you deposited. The minimum withdrawal is $5.

Withdrawals can only be made using your original deposit method. Also your account must be validated via proof of identity and proof of residency documents before payments can be processed.


Trading Point of Financial Instruments Ltd is an EU-registered brokerage that holds a license with the Cyprus Securities and Exchange Commission (CySEC). The legitimate firm is also regulated by multiple other agencies, including the Financial Conduct Authority (FCA) in the UK for outward passporting and the Australian Securities & Investments Commission (ASIC).

Retail client funds are insured up to EUR 20,000 by the Investor Compensation Fund and the company uses segregated accounts, providing further protection for investors.

Demo Account

XM, like most established brokers, offers a free demo account. This means traders can get familiar with the trading platforms and tools, as well as test their strategies without risking money. The paper trading account is a particularly useful feature for novices.

You can sign up for the demo account on the broker’s homepage.


XM is regulated by the CySEC in Europe, meaning the tightening of the rules in recent years has limited the promotions it can offer, particularly concerning sign up bonuses. As a result, there is no deposit offer or free incentive for new investors. Still, keep an eye on the broker’s social media channel for news of any trading tournaments.

Educational Material

XM offers an excellent range of training materials. From an economic calendar to regular news updates, traders can find the information they need to understand the fundamentals of their investments. The brand also offers a trading podcast, global market insights, plus XM TV, giving beginners plenty of resources to help them on their investing journey.

In addition, XM provides a mixture of live and pre-recorded video material, for example, introductions to forex and guides on how to conduct technical and fundamental analysis. Webinars and seminars are also available in different languages, suiting traders from all over the world. Finally, platform tutorials are free while live webinars allow users to ask questions of experts.

XM trading charts


Benefits of registering for an XM brokerage account vs competitors like OctaFX include:

  • MT4 & MT5
  • ZAR account
  • Pip calculator
  • Training events
  • Qualtrics stocks
  • Leveraged trading
  • No re-quotes or rejections
  • Negative balance protection
  • No Dealing Desk (NDD) broker
  • Fast trade executions, particularly with VPS


Downsides of trading with XM include:

  • No access to cryptocurrencies or ETFs
  • TradingView charts not supported
  • Limited welcome bonuses

Customer Support

XM offers comprehensive customer support, with the different options and contact details outlined below. The customer support desk is open Monday-Friday, 05:00-19:00 GMT.

  • Email Address:
  • Live Chat: Bot available on the XM website
  • Contact Number/Helpline: +357 25029933

XM also has a comprehensive range of FAQs on its official website. In addition, the broker is active on Facebook, Twitter, YouTube, Instagram, and LinkedIn. Finally, forums such as Reddit can be a good place to ask questions of other users and to get information on particular issues, such as withdrawal problems.

Trading Hours

Opening hours depend on the particular market being traded. However, the global forex market is generally open 24/5. Just make sure that you are aware of the time zone and server time (e.g the GMT offset) when trading. For holiday times and public closures, see the broker’s website.

XM Verdict

Our XM review found tight spreads, particularly on the Zero Account. The popular MetaTrader platforms are also available, alongside a portfolio of useful training tools for new traders. On the downside, crypto trading isn’t supported and there are limited promotions. Still, XM remains a top-rated broker overall, promising fast executions and low fees.


Are Islamic Accounts Available At XM?

Yes, swap-free trading conditions are available on the broker’s live account options. You can sign up for an Islamic account on the XM homepage.

What Is The Minimum Deposit Amount At XM?

The minimum deposit requirement at XM is $5. The minimum withdrawal value is also $5, though clients may need to submit KYC documentation before payments can be released.

How Do You Withdraw Profits From XM?

Profits must be withdrawn via the same method used to make the initial deposit, for example, wire transfer or e-wallet. Withdrawals can be requested from the payments portal on the members dashboard.

Does XM Offer The NASDAQ 100 And Volatility 75 Index?

No, XM does not offer trading on the NAS100 or the VIX75. With that said, various other indices are available, including the FTSE and Dow Jones.