In Detail XM Review with real user-ratings

XM user-ratings $5
9.6 of 10 points 1 reviews
  • Asset varierity - 10/10
  • Trading platform - 10/10
  • Support - 9/10
  • Fees - 9/10
  • Deposit/Withdrawal - 10/10

Facts about the company:

  • Type: Forex and CFD Broker
  • Regulation: CySEC (CY), ASIC (AU), FCA (UK), BaFin (DE)
  • Minimum deposit: 5 Dollars
  • Demo account: Free available
  • Markets: 1000+ Forex, CFDs, Indices, Commodities, Stocks, Energies, Precious metals, shares
Comments Rating 9.6/10 (1 review)


  • Low minimum deposit
  • Regulated by official local institutions
  • Up to 5 demo accounts available
  • Many opportunities for further education
  • A large variety of tradable assets and markets


What is behind XM?

The Online Broker XM was founded in 2009 and since then has seen a rapid increase in customers. The company’s headquarters are located in Limassol, Cyprus. was founded by the financial services provider Trading Point Holdings Ltd. with the aim of combining the greatest advantages of this company with a variety of new financial services.

Screenshot of the XM landing page

At the current time of consideration, the total number of customers is over 2.5 million. This makes the global online broker XM one of the market leaders in the financial sector.

Headquarters:Founded in:
Limassol, Cyprus2009

XM’s numerous employees and staff have many years of experience in the financial industry. In addition to a large number of trained experts in the financial sector, the customer area – which is represented in more than 30 languages – is a special feature of the online broker market.

The company also places great emphasis on international networking and further training, which is why the management of the Online Broker has already traveled to over 120 countries to establish new contacts with customers and business partners.

Corporate philosophy and special features of XM

In the course of the past years, several hundred seminars have already been held in order to provide traders with the ideal training and thus enable them to trade more effectively. For this reason, the Online Broker is also known for its high level of customer loyalty and has been recognized by the British organization Investors in People for “its commitment to developing people to their full potential and achieving their goals”.

XM is also distinguished by the fact that the company attaches great importance to sustainability. In this context, different needs in terms of culture, nation, or religion are taken into account and implemented accordingly.

For this reason, the online platforms as well as the trading conditions are adapted to customers all over the world. The know-how of XM’s employees is based on their own extensive experience and in-depth knowledge of the global economic markets.

The company’s philosophy is to ensure a high level of customer satisfaction and thus guarantee customer loyalty. In the course of this, XM, therefore, relies on a high level of authenticity and credibility to meet the demands of its customers. According to its own statements, XM makes no compromises when it comes to meeting the needs of its customers.

Previous XM awards

The Online Broker XM has a wide range of awards in different areas. Especially in the category “Forex services” XM has received many awards:

  • Only recently, the Capital Finance International Magazine awarded XM the title “Best Customer Service Worldwide 2019”.
  • At the same time, the company was also awarded “Best Market Research and Education Worldwide 2019” by the same magazine.

XM has also received numerous awards in the “Best Forex Broker” category. These include “Forex Broker with Best Order Execution” by World Finance Magazine. Last but not least, the online platform itself has also received many awards, for example as “Best Financial Trading Platform 2015” at the eighth Saudi Money Exhibition in 2015.

Regulation and deposit protection at XM

When it comes to finding the right online broker, regulation and deposit insurance play an important role. After all, both the company and the customers want to be appropriately protected in case of an emergency. For this reason, Online Broker XM is subject to the CySEC supervisory authority in Cyprus, where XM’s headquarters are located. Since XM is an international company, different authorities are involved depending on the nation. For example in Germany, the Federal Financial Supervisory Authority (BaFin) serves as the controlling authority.

Regulation:Deposit protection:
CySEC Up to 20.000€

Even though the central regulatory authority is located in Cyprus, there have not been many significant negative experiences in the past. The Online Broker keeps client funds and company funds separate from each other, as required by the rules. As a customer, you are protected by Barclay Bank in the worst case of insolvency up to an amount of 23,695 Dollars. Advanced traders should also be aware that amounts exceeding this amount will not be refunded. Depending on the individual customer deposit, however, specific protection can be agreed with the online broker.

Which markets can be traded on XM?

Online Broker XM offers a wide range of options in terms of the choice of trading instruments. Clients can choose from the following markets:

  • Forex trading: With XM, clients can trade on the most liquid market in the world with no hidden costs and at favorable conditions. Clients can choose from over 55 different currency pairs (including majors, minors, crosses, and exotics)
  • Stocks: XM clients can access the global equity market directly and cost-effectively and test both their short and long term trading strategies.
  • Commodities: Due to the low minimum deposits required, commodities are particularly suitable for beginners. There are no additional exchange fees when trading commodities via XM.
  • Stock Indices: There are also no additional costs for trading in stock indices.
  • Precious metals: With a leverage of up to 1:30, the precious metals gold and silver can be traded online without requotes. There are no further costs here either.
  • Energies: Last but not least, XM can also trade in oil – the most traded commodity globally. There is no nightly financing on oil CFDs.

As can be seen, XM offers its clients a range of different trading instruments. Depending on the individual’s preferences, clients can choose to trade the appropriate instruments.

What platforms are available at XM?

Next, we will take a closer look at what trading platforms are available to clients at XM. In principle, the online broker offers two different alternatives. One is MetaTrader 4 and the other is MetaTrader 5, with numerous different versions of the online platforms available, depending on your preferred end device. The software is available for the classic PC as well as the Mac and can also be easily accessed on the Internet as WebTrader.

PC (including Mac):Mobile devices (Android, iOS):

Furthermore, the trading platforms are also available for mobile devices such as the smartphone or tablet and can be downloaded from Android as well as the App Store. In the following we will now go into the functions and advantages of the individual trading platforms in more detail.

MetaTrader 4

The MetaTrader 4 (MT4) trading platform is one of the most popular platforms in terms of the quality of trade execution in the trading area. Clients can trade on MT4 without requests and rejections of orders up to 1:30 leverage. This is followed by a brief overview of the features and helpful functions of MetaTrader 4 at XM:

  • More than 1000 different instruments can be traded, including Forex, CFDs, and Futures
  • MetaTrader 4 can be accessed on up to eight platforms
  • MT4 also works with Expert Advisors and integrated and customized indicators
  • MT4 offers a range of useful technical analysis tools with 50 indicators and charting tools
  • There are three different types of charts
  • Hedging is permitted
  • 1-click trading is possible
  • The history database and the export or import of data from the past can be managed

MetaTrader 5

In addition to the classic trading platform MT4, there is now also the possibility to use its successor MetaTrader 5 for trading. The current version, which is offered by XM, has all the functions of the MT4 and offers over 1000 CFDs on shares. This means that all trading instruments offered by XM can be traded without order rejections and requests with a leverage of up to 1:30. Let us have a short look at the functions of MetaTrader 5:

  • More than 1000 instruments can be traded, including CFDs on stocks, CFDs on stock indices, Forex, CFDs on precious metals and CFDs on energies.
  • MetaTrader 5 can be accessed on seven platforms with one login
  • All order types can be executed (including market orders, pending orders, stop orders, and trailing stop)
  • MT5 offers more than 80 technical indicators and over 40 analysis objects
  • Up to 100 charts can be displayed simultaneously
  • Hedging is permitted

Trading account types with XM

Before taking a closer look at the different accounts offered by XM, it is important to mention that the XM Group is divided into two companies with different conditions.

  • On the one hand, there is “XM AU”, which is regulated by ASIC in Australia and
  • on the other hand “XM CY” with regulation by CySEC in Cyprus, as already mentioned.

We will deal with the latter. Basically, XM offers interested investors with three different options. There is the Micro Account, the Standard Account, and the XM Null Account. In the following, the conditions of the respective account models will be presented in brief.

Micro Account

First of all, the general conditions of the Micro Account should be pointed out:

  • Possible base currencies: USD, EUR, GBP, JPY, CHF, AUD, HOOF, PLN, RUB, SGD, ZAR
  • Contract size: 1 lot equals 1,000
  • Spreads for all majors: from 1 pip
  • Minimum trading volume: 0.01 lots on MetaTrader 4 and 0.1 lots on MetaTrader 5
  • Minimum deposit: 5 US dollars
  • Maximum number of open/outstanding orders per client: 200 positions

Standard Account

Here are the conditions for the standard XM account:

  • Possible base currencies: USD, EUR, GBP, JPY, CHF, AUD, HOOF, PLN, RUB, SGD, ZAR
  • Contract size: 1 lot equals 100,000
  • Spreads for all majors: from 1 pip
  • Minimum trading volume: 0.01 lots
  • Minimum deposit: 5 US dollars
  • Maximum number of open/outstanding orders per client: 200 positions

XM zero account

Finally, there is the so-called XM Null account, the latest account type offered by XM. This type of account sometimes has very low spreads from zero pips in combination with the XM execution policy without requests. If a client chooses the XM Null account, they can choose the base currencies USD, EUR or JPY, and over 55 currency pairs.

It can be traded on MetaTrader 4 and MetaTrader 5. Here, too, the conditions will be briefly presented in key points:

  • Possible base currencies: USD, EUR, JPY
  • Contract size: 1 lot equals 100,000
  • Spreads for all Majors: from 0 Pip
  • Minimum trading volume: 0.01 lots
  • Minimum deposit: 100 US dollars
  • Maximum number of open/outstanding orders per client: 200 positions

In addition, there is another difference in the XM Null account compared to the other two account types. This is that this account type incurs a commission. This is 3.50 US dollars per 100,000 US dollars transaction volume. This commission is payable when a position is opened and closed. For example, if a client buys 3 lots of USD/JPY, the transaction volume will be $300,000. The total commission, in this case, is 21 USD. [3.50 US dollars x 3 (lots) x 2 (for opening and closing)].

The trading conditions at XM

After the different account types and their characteristics have already been discussed in the previous section, we will now take a closer look at the general trading conditions at XM. Let us start with the trading hours at the Online Broker XM.

Trading hours at XM

The official trading hours at XM are from Sunday 10:05 pm GMT to Friday 09:50 pm GMT. Outside these hours the dealing desk is closed and no transactions can be made on the online platform. In addition, customer service is available 24 hours a day from Monday to Friday for any questions or concerns.

Execution Policy

The execution guidelines at XM are also interesting. Since 2010, the online broker has been playing a leading role in this area and, in principle, has not recorded any requests or order rejections. The order execution rate is 100 percent and in 99.35 percent of cases, an order is executed within one second.

In this context, the founder of the XM Group – Constantinos Cleanthous – quotes the following:

“At XM, execution quality is critical… we reject any software or method that minimizes execution quality by aggressive requests or rejection of client orders. As an ex-interbank trader, we also know that poor quality execution changes a profitable trading strategy into a losing one… In this context, XM’s mission is to provide the best possible execution.


XM promises its clients tight spreads in general, regardless of the account type and trading volume was chosen. Tight spreads sometimes start from 0.0 pips for the major currencies.

As fixed spreads are usually higher than variable spreads, XM uses the latter. In addition, XM offers fractional pip prices to ensure that clients benefit from the lowest prices. By unraveling the pip prices, trading with very tight spreads can be done and thus benefit from very accurate price quotations.

Detailed information on the exact spreads of certain trading instruments depending on account type can be viewed on XM’s website.

Margin and leverage

Depending on the selected trading instrument, XM allows trading with a leverage of 1:2 to 1:30. The Online Broker also offers its customers dynamic leverage, which is automatically adapted to the margin used and the trading volume of the corresponding trading instrument. For this reason, in this case, the percentage margin increases in accordance with the dynamic leverage value with an increased trading volume.

If the invested capital falls below 100% of the required margin, the client will receive a margin call so that they will be informed in time.

Oil CFD Futures10.00%

Deposits and withdrawals at XM

The minimum amount for a deposit or withdrawal is 5 US dollars. For both deposits and withdrawals, there are a number of different options offered by XM. Generally, XM’s payment options are divided into credit cards and electronic payment systems. For credit cards, you can choose between

  • Visa
  • Visa Electron
  • MasterCard
  • Maestro
  • Union Pay
  • or Diners Club International

The electronic payment systems mainly include the so-called eWallet services. The advantage of these is that the customers’ bank data is not transmitted to the contractual partners involved. You can choose between

  • Skrill
  • Neteller
  • iDEAL
  • paysafecard
  • and giropay

While personal identification is also required for a payout, this is not the case for a deposit. This is intended to protect the customer.

Transaction fee deposits:Transaction fee withdrawals:

The customer is not charged any transaction fees either for deposits or withdrawals. These are entirely covered by XM. It should be noted, however, that for credit cards the deposit amount must always be greater than the withdrawal amount. Therefore, in case of doubt, a bank account must be verified so that the transfer can be made. While deposits are instant with most payment methods, withdrawals usually take place within 24 hours.

Demo account

For interested investors, XM also offers the possibility of a demo account. The demo account has a very user-friendly structure, so even beginners can get a comprehensive overview after just a few minutes. A big advantage of the demo account is that it can be used without any limitations. Because with many other online brokers, a demo account can only be used for a limited period of time. If you first decide on a demo account with XM, you start with a virtual balance of 100,000 dollars and can then try your hand at the stock market without any financial risk.

Time limit:Virtual balance at the beginning:
None100,000 dollars

Further education at XM

In addition, Online Broker XM also offers a training area for its customers. For example, there are always four seminars a week on the topics of forex trading & Co.

The “Platform Learning Videos” area is also interesting, in which a range of different videos are made available to customers as learning material. Here it is particularly important to understand the basics and to be able to use the online platform correctly.

New is the so-called “Live Training” area, which is currently only available in English. In this area you have the possibility to join “Education Rooms”, where you will be supervised and introduced to trading by experts and tutors.

Depending on the level of advancement and depending on your goals, you can choose between three different Education Rooms:

  • Primary Education Room,
  • Intermediate Education Room,
  • Advanced Education Room

In addition, numerous videos are available as learning material, which deal with strategy building, but also with the psychology of trading.

The XM customer service

XM’s customer service is highly international, serving customers from nearly 200 countries in more than 30 languages. Telephone support is available 24 hours from Monday to Friday and takes care of customers’ questions and concerns. In addition to the telephone, there is also the possibility to contact the service team via live chat and have their questions answered quickly and effectively.

Support available:24/5
Telephone:‎+357 25029933
Languages:30+ languages


If you search for experience reports on the Internet, you will find mostly positive results. The selection of trading instruments is relatively large and the conditions offered are within a fair range. The demo account, which can be used for an unlimited period, and the various different opportunities for further training should also be positively emphasized.

Most asked questions:

Is XM a trustworthy broker?

Given the fact that this online broker is regulated by a variety of authorities, mainly the CySEC in Cyprus as well as the ASIC in Australia and the FCA in the United Kingdom, traders can be assured that very strict guidelines are followed.

What can you trade with XM?

As a CFD, Forex, and Stocks broker XM gives you the opportunity to trade foreign currencies, indices, shares, commodities, precious metals, and energies.

How high is the minimum deposit at XM?

The minimum deposit varies according to your preferred account type: In the case of a micro or standard account, it is 5 Dollars. If you want to trade with an XM Zero Account the minimum deposit is 100 Dollars.

Does XM offer Islamic accounts?

It indeed does. With all three normal account types, it is possible to request an Islamic account with this online broker.

One Response

  1. Andre Witzel September 20, 2020

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