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XM: In-Depth Review

XM is a forex broker located in Cyprus.

In this article, you’ll get a review of this broker, including analysis and instructions to open an account with XM.

Here’s what you’re going to learn:

What Is XM?

XM is a forex broker located in Limassol, Cyprus, and was founded in 2009.

What Can You Trade With XM?

XM is a Forex broker that gives you a wide range of instruments to trade besides Forex.

Here’s a list of all of the instruments that you can trade with XM:

  • Forex Major currency pairs
  • Forex Minor currency pairs
  • Forex Exotic currency pairs
  • Energies: Brent Crude Oil, WTI Crude Oil, and Natural Gas
  • Metals: Silver and Gold
  • Indices: A wide range that includes Dax, Dow Jones, Nasdaq, SP500, AUS200, CAC40, FTSE, and much more
  • Stocks: All major US stocks are there, like TSLA, META, AAPL, and more. Besides those, you can also trade stocks from Canada, Brazil, the UK, France, Germany, and many more EU countries.
  • Crypto

What Is The XM Minimum Deposit?

To open a real account with XM you need to deposit a minimum of $5.

You don’t need to deposit anything if you’re just trying the broker and testing a demo account.

What Is The XM Leverage?

The XM leverage varies according to the product that you are trading but also the regulator that you chose. For XMGlobal, the leverage is as high as 1:1000.

For EU or Australian regulation, the leverage provided by XM for each instrument type is:

  • Forex: 1:30 (major) and 1:20 (minor)
  • Indices: 1:20
  • Metals: 1:10
  • Energies: 1:10
  • Stocks: 1:5

XM Reviews

According to Trustpilot, XM is classified as average. It’s scoring a 2.9/5.0. It just doesn’t have many reviews, only 445.

XM Regulation and Licenses

When you open an account with XM, you can be sure that you will be trading with a regulated broker.

The regulations and licenses come from:

  • ASIC (Australian Securities and Investments Commission)
  • CySec (Seychelles Financial Services Authority)
  • FSC (Belize)
  • DFSA (United Arab Emirates)

XM Trading Platforms

XM gives you access to the most popular trading platforms used by Forex brokers.

You can use:

  • MetaTrader 4
  • MetaTrader 5
  • XM App

They also have web and mobile versions, meaning that you can easily trade wherever you are.

XM Account Types

There are three main account types provided by XM.

They are:

  • XM Ultra Low Micro Account: The best account for beginners. Spreads from 0.6 pips, no commissions, and a $5 minimum deposit. Available as an Islamic (swap-free account).
  • XM Ultra Low Standard Account: The best account for traders with experience. Spreads from 0.6 pips, no commissions, and a minimum deposit of $5. Available as an Islamic (swap-free account).
  • XM Zero Account: Ideal for scalping. Spreads from 0.0 pips, with commissions, and a minimum deposit of $5.

XM Professional Account

Professional accounts exist in brokers regulated in the EU, to give you access to a bigger leverage.

Since XM offers regulation in different parts of the planet, you can easily get access to an account with a higher leverage, with the same characteristics as an EU professional account.

XM Deposit Bonus

When you deposit on XM you get a 50% deposit bonus on deposits up to $1,000.

If you deposit more, you get 20% on the amount above $1,000, up to a limit of $4,500.

That means a possible total bonus of $5,000.

XM No-Deposit Bonus

XM offers a no-deposit bonus of $30 or €25 for new clients. You get access to this bonus as soon as you create your account. You just can’t withdraw it, but all the profits that you make are yours.

XM Contacts And Headquarters Location

If you need to contact XM here are their contacts and location:

  • Email: support@xm.com
  • Phone: +357 25029933
  • Address: 12 Richard & Verengaria Street, Araouzos Castle Court, 3rd Floor, 3042 Limassol, Cyprus

XM Payment Methods

XM accepts a wide range of methods either to deposit or to withdraw.

Some of the payment methods may not be available, depending on your country.

Here’s a list of them:

  • Credit and debit cards
  • Neteller
  • Skrill
  • Wire Transfer
  • Union Pay
  • Web Money
  • Sticpay

XM Negative Balance Protection

Yes, XM offers a negative balance protection.

If for any reason your account goes into negative balance, XM will take that loss and reset your balance back to 0. Unlike many brokers, with XM you’ll don’t risk getting losses bigger than your deposits.

XM Margin Call

XM margin call is 100%.

This means that you always need to maintain an equity that is bigger than the margin required to keep your positions open.

If your equity (Balance + Open Profit or Loss) falls below the required margin you will receive a margin call.

XM Margin Stop Out

When you trade with XM, the margin stop out level is 50%.

What this means is that your free margin must always be above 50%. If it falls under this value, the platform will start to automatically close your positions to keep the free margin above the threshold.

Typically, the positions are closed from the largest losing position to the smallest one.

XM Micro Account

XM offers Micro Accounts to its customers.

This means that you can trade using micro lots, equivalent to 1,000 units of the base currency, which is the same as trading with a 0.01 lot size.


XM offers a free VPS for clients who maintain specific conditions.

In order to be eligible to get a free VPS, you need to:

  • Maintain a minimum balance of $500
  • Trade at least 2 standard lots or 200 micro lots per month

If you don’t meet these conditions you can still get the XM VPS. Just request it in your member’s area. The cost, $28 per month, will be deducted from your account balance.

XM Inactivity Fee

There is an inactivity fee with XM, but only if you let your account become dormant.

As long as you have some activity on your account every 90 days, the inactivity fee will not be applied to you. The activity may be taking a trade, but also making a deposit or withdrawal.

If you let your account become dormant, a fee of $5 per month will be deducted from your trading balance.

Is XM Legit?

Yes, XM is a legit broker and company.

On the other hand, it doesn’t provide services to residents of some countries, or a country where providing that service would be contrary to the local law or regulation.

XM Hedging

There are no restrictions against hedging with your XM account. Heding accounts are the default with XM.

This means that you can open long and short positions on the same symbol at the same time.

If you don’t like hedging accounts, there’s also an alternative. They are called the NET accounts. With these types of accounts, on each specific symbol, you can only have one single position in one direction.

Net accounts are especially useful when you want to be able to add and reduce your position size.

Is Copy Trading Allowed With XM?

You are allowed to do copy trading on your XM account.

The signals you copy can come from any source. Just install your favorite copy-trading software and watch your account mirror the copy-trading source that you chose.

XM Social Trading

With XM you can connect your MT4/MT5 account to one of the best social trading sources: MQL5.

By using XM social trading, you can copy trading strategies from other traders, replicating their performance. Just make sure that you choose your sources wisely to make the most of XM’s social trading features.

XM Max Lot Size

When trading XM forex currency pairs, your lot sizes start at 0.01 and can go up to 100.

If you trade other symbols, like indices, or metals, the maximum lot sizes may vary.

XM Spreads

XM has spreads starting as low as 0.

It depends on the account type that you choose though.

For most Forex currency pairs, the minimum spread is as low as 0, when you choose the XM Zero Account. This account charges commissions based on the lot size that you trade.

The XM Ultra Low Micro and Standard Accounts offer spreads starting from 0.6 pips without any commission.

XM Minimum Withdrawal

The minimum amount to be able to request a withdrawal from XM is $5.

There may be a fee though, if you ask for a withdrawal via international bank transfer. If the withdrawal amount is less than $200 you will need to cover the fees imposed by your bank. For higher withdrawal amounts, XM covers the fee for you.

XM Countries

XM accepts residents from all over the world except some specific countries. XM doesn’t provide services for residents from the United States, Canada, Israel, Japan, and New Zealand.

XM Alternatives

Here is a list of the best XM alternatives:


  • XM is a broker that allows you to trade Forex currency pairs, Energies, Metals, Indices, Crypto, and Stocks.
  • The minimum deposit to start trading is $5, but you can also get a no-deposit bonus, so you can start trading for free.
  • The popular MT4 and MT5 platforms are available to trade, as well as XM App.

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Comments ( 4 )

  • An article about top-tier brokerage companies drew my attention to XM. The article was about the top 5 brokers in Europe whose clients lose less money than other brokers. XM was one of them, which means that statistically, as a client of this broker, you have more chances of success than a trader registered with some other platform.
    I immediately knew that this must be connected to the cost of trading and decided to explore further.
    Long story short, I ended up signing up with XM and improved my overall trading experience.
    I opted for the XM Ultra Low account type. The spread on the major fx pairs is always below 1 pip, plus there is no trading fee. In terms of spreads, this is somehow an ECN account type for which other brokers will charge you around $7 commission per trade per lot.
    Moreover, there is no swap fee on some instruments. This was the first time to saw such an offer, and I only regret that I hadn’t switched training here earlier.

  • XM is a world class broker and I vouch for this broker! There are many types of trading accounts with great conditions and I love trading on the forex market, the spreads are tight and accessible with high leverage available for everyone. The trading platform is modern and it has many functions for effective trading.

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