30 Second Summary
Pros / Cons
- No commissions
- Lightning-fast execution
- Beginners education and live analysis
- ETF trading not supported
- Less than 5 cryptocurrencies
- Only MetaTrader platforms available
XM Group, or XM for short, is a group of regulated online retail brokers, managed by Trading Point of Financial Instruments that was established in 2009 and is regulated by the Cyprus Securities and Exchange Commission (CySec 120/10).
Trading Point of Financial Instruments Pty Ltd was established in 2015 and is regulated by the Australian Securities and Investments Commission (ASIC 443670). XM Global was established in 2017 and is regulated by the International Financial Services Commission (000261/106).
The platform boasts over 1.5 million clients with traders in 196 countries. The XM ethos is all about being big, fair, and human. The company prides itself on things like excellent customer service and a personalized approach for every client, no matter their investment goals.
Who Is XM Recommended For?
Any XM users will be well-served by the various types of accounts offered at the outset of their membership, but negligible utility between them means that one can’t really ever pick the “wrong” account.
That said, the ideal XM user should be familiar with MetaTrader 4 or MetaTrader5 because these are the only platforms that connect to the XM brokerage service.
As there is a slight learning curve related to MT4 and MT5, it’s recommended that one already have some trading experience before depositing money to XM, or at least that they play around with one of XM’s non-expiring demonstrational accounts first.
Safety and Regulation
Is XM Group Safe?
XM Group is not publicly traded and does not operate a bank. XM Group is authorized by two tier-1 regulators (high trust), one tier-2 regulator (average trust), and one tier-3 regulator (low trust). XM Group is authorized by the following tier-1 regulators: Australian Securities & Investment Commission (ASIC) and Financial Conduct Authority (FCA).
Regulation And Licensing
As noted above, XM Group has a range of brands covered by different regulators.
XM Group (XM) is a group of regulated online brokers. Trading Point of Financial Instruments was established in 2009 and is regulated by the Cyprus Securities and Exchange Commission (CySec 120/10).
Trading Point of Financial Instruments Pty Ltd was established in 2015 and is regulated by the Australian Securities and Investments Commission (ASIC 443670).
XM Global was established in 2017 and is regulated by the International Financial Services Commission (000261/106).
XM accepts traders from Australia, Thailand, United Kingdom, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar, and most other countries.
Traders can not use XM from the United States, Canada, Israel, Iran, Portugal.
XM offers 2 trading platforms that are accessible from both real and demo accounts. The multi-award-winning MetaTrader 4 is predominantly a forex trading platform that supports stop, limit, market, and trailing orders.
The MetaTrader 5 platform is a multi-asset trading platform that also offers access to stocks, stock indices, and precious metals. Both platforms are available on Apple and Android devices, which makes for a smooth and easy-to-use mobile trading experience. The trading area offers additional, optional tools, such as economic calendar or trade volume stats.
One of the biggest perks available on the XM platform is the wealth of training and educational materials available. The platform hosts regular webinars aimed at newcomers and seasoned professionals alike. The platform is inherently social, encouraging users to learn from their team of instructors. The company also published research and technical analysis.
XM Mobile App
XM is available on a number of Android and Apple devices, including Apple iPhone, Apple iPad, and Android tablets, and Android phones. Login is super-easy and can be done via fingerprint. You can download their apps from the Apple App Store or the Google Play Store.
They are both fully functional and allow for monitoring and trading on the go. The desktop platforms for PC and Mac both support one-click trading.
Assets and Products Offered
The XM broker has more than 1000 financial instruments that can be traded on the MT4/MT5 platforms and this includes Forex Trading, Stocks CFDs, Commodities CFDs, Equity Indices CFDs, Precious Metals CFDs, and Energies CFDs. Forex spot trading is available on over 55 pairs, including the major USD, GBP, EUR, and JPY pairs.
Through its various brands, XM offers traders a total of 1,230 CFDs across multiple asset classes, including forex, along with 100 exchange-traded securities (non-CFDs)
XM does not offer binary options or futures.
Trading Costs And Fees
Spreads vary depending on the kind of account used. It’s possible to open a Micro Account, Standard Account, and XM Zero Account. The minimum spread across all accounts is 0.1 pips, and the average spread for a major pair such as EUR/USD is 0.1 pips. XM operates a strict “no hidden fees or commission” policy. As such, commission is only given for XM Zero accounts. XM covers all transfer fees and same-day withdrawals are guaranteed.
Depending on the instrument, the leverage can range from 2:1 to 30:1*. This is completely flexible and XM offers its clients the chance to manage their own leverage risk. Margin requirements remain constant throughout the week and never widen at weekends or at night.
*This leverage applies to clients registered under the EU-regulated entity of the group.
Deposit and Withdrawal
In order to be in line with conventional KYC regulations, users need to provide a color copy of an official identification document such as a passport or a driver’s license. They also need to provide a recent utility bill dated within the last three months as proof of address.
Once registered, the minimum deposit amount is $5 for Micro and Standard accounts, while Zero accounts require a minimum deposit of $100. Deposits can be made using most major credit cards, electronic payment methods, wire transfer, local bank transfer, and more. Deposits can be made in any currency and it will be automatically converted into the currency you select as your base currency when opening the account.
All withdrawals are processed in 24 hours and there are no fees to take your money out of your eWallet.
Promotions and Contests
XM also offers a free VPS (virtual private server) service to help increase the speed of trades. This VPS is accessible from anywhere and available 24/7. They claim to eliminate downtime and are available across the globe. XM is also offering commission and fee-free withdrawals and deposits.
As an EU-regulated brand, XM complies with the ESMA ban on bonuses, and the $30 deposit bonus is no longer available to EU traders.
Trading Accounts Offered
XM offers four different types of trading account, Micro, Standard, and Zero. All accounts allow up to 200 open/pending positions per client.
- Micro Account: Micro accounts can use USD, EUR, GBP, CHF, AUD, JPY, HUF, and PLN as the base currency and can get started with a minimum deposit of $5USD. 1 micro lot is 1,000 units of the base currency.
- Ultra-Low Account: XM Ultra-Low Accounts, can use EUR, USD, GBP, AUD, ZAR, SGD as the base currency, and traders will require a minimum deposit of $50 USD. 1 Standard Ultra lot is 100,000 units of the chosen base currency, whereas, 1 Micro Ultra lot is 1,000 units of the base currency. XM Ultra-Low Accounts are not applicable to all entities of the group.
- Standard Account: Standard accounts can use USD, EUR, GBP, CHF, AUD, JPY, HUF, and PLN as the base currency and traders can get started with just $5USD. 1 standard lot is 100,000 units of the chosen base currency.
- Zero Account: Zero accounts can use USD, JPY, and EUR as the base currency and traders will require a minimum deposit of $10USD. Like the Standard account, 1 standard lot is 100,000 units of the chosen base currency.
However, this isn’t at the expense of the more seasoned professional, who also has access to expert analysis and unparalleled tracking tools. As a company that prides itself on solid customer service, its users are well-served with support available in many different languages. While the support may be strong, some users dislike that customer support is only available Monday to Friday. Another disadvantage is the lack of diversity between the different account types makes for a less personalized feel.
Other brokers offer a more distinct offering in their accounts, but the Micro, Standard, and Zero accounts are almost identical. And finally, PayPal deposits are not currently supported, which can be problematic for some. Traders from certain regions are also forbidden to open an account due to licensing laws, these include Canada and the United States.
What is the minimum deposit requirement to open a trading account?
The minimum deposit at XM is $5.
How long does it take to withdraw money from XM?
XM aims to execute every withdrawal request within 24 hours. However, in extreme cases, the withdrawal process can last up to 2-5 days.
XM excels in its demo account offering. Users can set up a demo account with just a few details and then get trading with a virtual balance of $100,000USD. The XM demo account is unique in that it offers exactly the same trading conditions as the real thing. There are no time limits on how long you can use your demo account.
In line with worldwide Forex market hours, XM is available 24 hours a day. For phone trading, the XM trading hours are Sunday 22:05 GMT through to Friday at 21:50 GMT.
Market Research and Education
XM Group’s XM TV is a winner in delivering excellent daily in-house market commentary that competes with industry leaders in the video including IQ Option, IG, and Etoro. And, while market research is found primarily outside of MT4, XM Group offers a comprehensive and quality package that will satisfy most traders.
- XM TV: XM Group has done a great job creating daily forex news videos with market analysis explained in a TV interview-style format. The audio from these videos is also uploaded as a podcast to syndicate the content across media formats.
- Educational Articles: Video aside, the News section on the XM Group’s website allows filtering content by asset classes, making it easier to find articles about forex, indices, stocks, and cryptocurrencies. It is easy to appreciate the scope of research content with XM Group, thanks to quality daily market recaps alongside technical and fundamental analysis articles.
- Forex Trading Signals: XM Group offers its Trade Ideas and Technical Summaries hub to live account holders, with signals streaming from Autochartist and Analyzzer. The broker also provides trading ideas (shares only) from Trading Central. In addition to the MetaTrader signals market, which allows automated trade copying, XM Group supports social copy trading from compatible expert advisors developed by Analyzzer.
- Accessibility: Given that the trading platforms are segmented away from the research, XM is at a slight disadvantage when compared to the best forex brokers for research. For comparison, Saxo Bank, IG, and CMC Markets integrate research features into their platforms.
XM Group offers high quality, diverse selection of educational content. For example, the in-house video collection, Tradepedia, is a great collection for beginners to reference. No question, XM Group holds its own against education leaders such as Etoro, IG, and IQ Option.
- Tradepedia: XM Group offers Tradepedia, an in-house video course that provides educational Forex and CFD content. I found the series useful with 39 videos across seven chapters with good quality coverage for beginner and advanced video content. For example, the course instructor demonstrates how to use some of the firm’s proprietary indicators, such as the Avramis River indicator. The video had multiple examples to help users interpret this particular study in different market conditions.
- Online Webinars: With 49 webinar instructors covering 19 languages throughout the week, XM Group has extensive coverage of time zones and a detailed schedule organized by experience level for traders to subscribe.
- Educational Articles: There are a series of 53 written articles that are organized in a progressive format across six chapters covering 13 lessons regarding forex, starting with basics, and ending with advanced subjects. Pros aside, XM Group should consider adding CFD education for other asset classes to further enhance its educational coverage.
The easiest way to contact XM is through their live chat feature found on the contact page of their website.
You can also email support at firstname.lastname@example.org or call on +357 25029933.
XM offers a comprehensive broker service to traders of all levels. Whether you are just starting out and learning the ropes, or if you’re a seasoned trader looking for a reliable and efficient platform, XM is a solid choice. Despite the shortcomings of the different account options, the platform is easy to use and simple to navigate.
As a vanilla MetaTrader broker, XM Group offers over 1300 instruments, including 57 currency pairs, yet trails behind the best forex brokers who offer many thousands of tradeable symbols. Meanwhile, while XM Group’s pricing on commission-based accounts is close to the industry average, its Standard account spreads are expensive.
Drawbacks aside, XM Group provides traders excellent research and education, making it a strong choice for beginners and traders who appreciate quality market research.
All brokers listed on our website are regulated by at least one financial regulator and have never been reported as a scam. Our reviews and overall scores are based on the key areas above, in a combination with our opinion and commentary.
The reviews are shared and discussed with the brokers, but the authors of our website always have the final word. Furthermore, we always strive to keep the information on our website updated and relevant for our readers.
What helps us stand out is that we always test our brokers with an anonymous live account, to ensure we deliver the most accurate information and experience to our readers. Finally, our reviews and evaluation are always independent of any financial compensation we may receive from the brokers.
There is a very high degree of risk involved in trading securities.
With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection, and market volatility that may substantially affect the price or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. Learn more at Wikipedia.
All investments involve risks and are not suitable for every investor. The value of securities may fluctuate and as a result, clients may lose more than their original investment. The past performance of a security or financial product does not guarantee future results or returns. Keep in mind that while diversification may help spread risk it does not assure a profit, or protect against the loss, in a down market.
There is always the potential of losing money when you invest in securities or other financial products. Investors should consider their investment objectives and risks carefully before investing. More details here.
Looking for more information on brokers and trading? Have a look at our trading guides:
- XM Website – https://xm.com
- XM – Globally Leading Investment Firm – https://play.google.com/store/apps/details?id=com.xm.webapp&hl=en&gl=US