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XM Review 2021

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XM Group (XM) offers the complete MetaTrader suite with upgrades. They are recommended for forex and CFD traders seeking low trading fees, enhanced trading experience, and custom indicators. XM provides an outstanding offering of quality educational content and market research. It is difficult for them to compete against industry leader platform offerings, number of trading markets, and pricing.

Broker NameXM
Year Founded2009
RegulationASIC (Australia), FCA (UK), CySEC (Cypress), IFSC (Belize)
Tradable AssetsForex, CFD, Real stocks
Min Deposit$5 (Micro and Standard Acct), $100 XM Zero
Min Trade$0
Average spread EUR/USD – Standard1.6
All-in Cost EUR/USD – Active0.8
PlatformsMT4, MT5
DepositsNo minimum
Withdrawals$200+ for free withdrawals (otherwise $15 fee)

Review Summary

Our top findings for XTB

  1. XM is a well-regulated and safe broker for trading  Forex and CFDs. They are excellent in Social Trading and their research offers depth and variety. Their tools and accounts are suitable for both beginning and experienced traders.
  2. XM offers the complete MetaTrader suite with several notable upgrades to enhance the trading experience and custom indicators. These provide support whether an investor wants to trade real money or simply sample the platform with a Demo account.
  3. Pricing varies by account type. This broker is not a top low-cost trading option compared to CMC Markets and IG. They offer auto-trading, fast order executions, multiple order types, and no hidden commissions.

XM is considered an average-risk broker with an overall Trust Score of 84 out of 99. They are not publicly traded and do not operate a bank.  XM offers traders CFDs across multiple asset classes, forex, and exchange-traded securities (non-CFDs). They require a low minimum deposit and offer a wide range of account types with low spreads and flexible lot sizes.

While XM’s CFD fees are low, forex fees are average and incur an inactivity fee after just 90 days without trading. Also, the differences between their Zero, Standard, and Micro accounts are minimal. Traders prefer a broader distinction between account offerings. XM does not support PayPal which many users prefer as their primary payment processor.

Investment Offerings

XM is best for forex and CFD trading, but overall offers a wide range of products. They provide access to more than 1000 different markets including 57 Forex currency pairs, securities (non-CFDs), CFDs and cryptocurrencies.

The narrow offering may discourage some traders. They trail behind the best forex brokers who offer thousands of tradeable symbols. XM asset classes include commodities, stocks, Forex, precious metals, equity indices, cryptocurrencies, and energies. XM does not offer the ability to trade futures or binary options.

FeatureXM
Forex Spot TradingYes
Currency Pairs (Total Forex Pairs)57
CFDs – Total Offered1300+
Social Trading / Copy TradingYes
Cryptocurrency traded as actualNo
Cryptocurrency traded as actualNo

Commissions and Fees

Due to their surprisingly low CFD fees, XM fees are affordable. Their forex fees are average to high depending on which pairs are traded. They charge an inactivity fee after just 90-days.

Trading Fees: XM trading fees are commissions, financing rates, conversion fees, and spreads. Each trading instrument has a different pricing schedule as does each of the 3 account types. This further affects pricing.

XM Fees, Spreads, and Commissions: XM covers all transfer fees and guarantees same-day withdrawals. The Standard and Micro accounts have average spreads of 1.6 to 1.7 pips for the same pair but do not charge commissions. XM Zero account charges a commission but has lower spreads. These rates are comparably less attractive than competitors.

Instant Execution: traders will appreciate no requotes or rejections with XM’s Zero account, compared to market execution offered by other agency-only brokers. XM trails the best forex brokers in pricing for budget and active traders.

Execution method: XM acts as the sole dealer (principal market-maker) in all trades. This lets XM execute up to $50 million worth of currency at a time and hold 200 simultaneous open positions.

Shares trading: Forex and CFDs aside, XM provides a Shares account. This requires a $10,000 deposit and is for investors wanting to trade shares directly (non-CFDs) with zero leverage. This account is not available at all XM entities.

Spreads and Leverage: traders use leverage that varies from 2:1 to 30:1 depending on currency pair and margin requirements. Margin requirements do not change during nights or weekends (uncommon for most Forex brokers).

Non-trading fees: are the charges traders pay not directly associated with trading. These include inactivity and withdrawal fees. There are no fees to withdraw money, and all withdrawals are completed in under 24 hours. XM non-trading fees are average compared to competitors. There is no deposit or withdrawal fees, and usually, no account maintenance fee. (Withdrawals of less than $200 incur a $15 fee). There is a $5/month inactivity fee if a trader does not trade once in 90 days. Trading profits may only be withdrawn using bank transfer. Credit card withdrawals may take up to 2 business days to receive. Other forms of withdrawal are the same or longer.

EEA restrictions: limit leverage and margins available. They provide trader protections (including negative balance protection). Restrictions and protections for clients outside the EEA do not apply. This allows traders from Australia and India, for example, to achieve higher leverage levels. XM is available globally but specifically focused on EU clients. Traders from Canada, Japan, China, Israel, New Zealand, or the USA, cannot open an XM trading account.

Accounts

Opening an account with XM is accessible and user-friendly. Trader accounts are available on the same trading day as their application. The minimum deposit at XM is $5 for the Micro and Standard accounts. The XM Zero account has a minimum deposit of $100. The online application takes as little as 20-minutes to complete and account verification is often completed on the same day.

Payments and deposits: Account opening at XM is fast and user-friendly. Deposit payments are made via wire transfer, local bank transfer, electronic payment methods, and most major credit cards. Currencies are automatically converted within the account according to the base currency selected when opening the account. XM offers 11 account base currencies RUB, AUD, JPY, CHF, GBP, ZAR, SGD, PLN, HUF, EUR, and USD. Accounts are available in more than 20 languages, including English, Greek, Italian, Korean, Portuguese, Spanish, Thai, Chinese, Arabic, and others.

XM accepts deposits from a variety of sources including:

  • Credit cards
  • Debit cards
  • MuchBetter Wallet
  • Skrill
  • Trustly

XM Zero Account: minimum deposit is $100. This account pays commissions and spreads. This account only allows trades in USD, EUR, and JPY.

XM Micro and Standard Accounts: The deposit minimum is $5. This account does NOT pay commissions. Trades are restricted to 50 lots per ticket to a maximum of 200 position pending orders per client. This account allows trades in 10 currencies.

XM Demo Account: Anyone may open a demo account and receive a virtual balance of US $100,000. The Demo account provides real market data for trading. There are no limits or restrictions on how long or how a trader uses their demo account. It comes with a virtual private server (VPS) to increase trade speed and is accessible 24-hours a day from anywhere in the world.

Shares trading: XM provides a Shares account with a $10,000 deposit. It is for investors who want to trade shares directly (non-CFD) with no leverage. This account is not available from all Group entities.

Social Copying: social trading at XM is through their “Mirror Trader.” It lets traders select professional traders and copy their trades onto their accounts. This is done:

  • Manually – on a trade-by-trade basis
  • Semi automatically – choosing some trades manually and others automatically
  • Automatically – copy everything done by the selected traders.

There are no corporate accounts at XM.

FeatureName
Minimum Initial Deposit$5-$100
Average Spread EUR/USD – Standard1.6
All-in Cost EUR/USD – Active0.8
Active Trader or VIP DiscountsNo

Platforms & Tools

XM does not offer a proprietary trading platform. They use updated MetaTrader 4 and 5 suites. These are versatile, customizable, and fully functional across all platforms: web, mobile, and desktop. We recommend MT5. It has a few more capabilities than MT4 (trade stock CFDs). XM mirrors the best MT traders offering platform add-ons. They offer several proprietary indicators like the in-house developed Rivers indicator.

Web and desktop versions are the same. The desktop version allows for notifications and price alerts. These notifications and alerts are received on mobile devices or through email. MetaTrader platforms are available in 35 languages.

Appearance: MT was designed many years ago, and while the functionality and customizability are industry standard, the appearance still feels like the 1990s.

Professional Tools: the trading platform offers many tools including an economic calendar and advanced charting tools.

FeatureXM
Virtual Trading (Demo)Yes
Proprietary PlatformNo
Desktop Platform (Windows)Yes
Web PlatformYes
Social Trading / Copy-TradingYes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)Yes
cTraderNo
DupliTradeNo
ZuluTradeNo
Charting – Indicators / Studies (Total)51
Charting – Drawing Tools (Total)31
Charting – Trade From ChartYes
Watchlists – Total Fields7
Order Type – Trailing StopYes

Mobile Trading

Since XM is a MetaTrader-only broker, iOS, Android, and tablet versions of the MT4 and MT5 mobile apps come standard. They are available for download from iTunes and Google Play. XM trails industry leaders like IG, and Saxo Bank in this category without a proprietary mobile app.

The mobile version of MT4 and MT5 is well designed and easy to use. More advanced forms of security (such as fingerprint scanners) are not supported. The mobile trading platform supports several languages (it is more complicated on Android than iOS).

FeatureXM
Android AppYes
Apple iOS AppYes
Trading – ForexYes
Trading – CFDsYes
Alerts – Basic FieldsYes
Watch ListYes
Watch List SyncingYes
Charting – Indicators / Studies30
Charting – Draw TrendlinesYes
Charting – Trendlines MoveableYes
Charting – Multiple Time FramesYes
Charting – Drawing AutosaveNo
Forex CalendarNo

Research

XM offers a comprehensive and quality research package that satisfies most traders. Their trading platforms are segmented from research. This places XM, at a slight disadvantage compared to the best forex brokers. Saxo Bank, IG, and CMC Markets integrate research into their trading platforms.

XM TV: is a winner. They do a great job creating an excellent daily forex in-house market commentary news videos. Their market analysis is explained in a TV interview-style format. The audio is uploaded as a podcast to syndicate their content across several media formats.

Articles: XM website’s News section allows content filtering by asset class. This makes it easier to find articles about forex, indices, stocks, and cryptocurrencies. Traders appreciate the XM’s research scope thanks to quality daily market recaps, technical, and fundamental analysis articles.

Trading signals: XM offers a Trade Ideas and Technical Summaries hub to live account holders. Signals stream from both Autochartist and Analyzzer. The broker provides Trading Central trading ideas (shares only). XM also uses the MT signals market to enable automated trade copying. XM also supports social copy trading from expert advisors developed by Analyzzer.

Charting: The charting tools at XM are reliable, but not stellar. The 31 technical indicators are a plus. And their outdated design makes some of the tools more difficult to use than they seem.

FeatureXM
Daily Market CommentaryYes
Forex News (Top-Tier Sources)Yes
Weekly WebinarsYes
AutoChartistYes
Trading Central (Recognia)Yes
Delkos ResearchNo
Social Sentiment – Currency PairsYes
Economic CalendarYes

Education

XM offers high quality, diverse educational content. Their in-house video collection Tradepedia, is a great place for beginners to reference. XM holds its own against trading educational leaders. Most of the tools are available even to demo accounts where traders watch tutorials and webinars.

Video: most of the education content at XM is video. Topics range from beginner to advanced and include subjects like financial markets, technical analysis, and money management. If traders have questions, XM holds regular Live training (on and offline).

Tradepedia: XM offers Tradepedia, an in-house video course that provides educational forex and CFD content. The series contains 39 videos across seven chapters Their coverage is good for both beginner and advanced video content. The course instructor demonstrates how to use the firm’s proprietary Avramis River indicator.

Webinars: With 49 webinar instructors, they cover 19 languages during the week, XM has extensive time-zone coverages with a detailed schedule organized by experience level.

Articles: There are 53 written articles organized in a progressive format across six chapters. These cover 13 lessons on forex. They begin with the basics and end with advanced subjects. To further enhance its educational coverage, XM should add CFD education for other asset classes.

Customer Service

XM’s customer service group is well rated and respected. Support is available 24/5 M-F and easily reached through the live chat feature. There is the option to email customer support using the address [email protected] as well as a support telephone line. XM’s customer service is multi-lingual, fast, and accurate.

Phone support is quick, and customer service representatives are not traders, so technical trading questions cannot be easily answered. Live chat is quick. Occasionally answers are not relevant to the questions asked so traders may need to ask repeatedly to get the right answer.

Banking

XM is not a bank and does not offer banking services.

Closing Argument

Whether a beginning trader or experienced veteran, XM offers a wide variety of tools to increase profitable forex and CFD trading. While XM offers a limited range of accounts, they are a solid, easy to navigate, and easy to use online broker. They provide traders with excellent research and education services, making them a great choice for both beginner and experienced traders who appreciate quality market research.

If investors prefer using the popular MT4 and MT5 platforms, want to trade CFDs at a low price, and experience low CFD and withdrawal fees, XM is an excellent market choice. Their account opening process is effortless. XM offers more than 1300 instruments, including 57 currency pairs. They trail behind the best forex brokers who offer many thousands of tradeable symbols.

Drawbacks include a limited product catalog that only includes forex, CFDs, and cryptocurrencies (some stocks are available in some countries). Too, their average-to-high forex fees and $5 monthly inactivity fee are disappointing.

About XM

XM is part of Trading Point of Financial Instruments UK Limited. This organization created the Exam Group in 2009 which then founded XM.com. Trading Point is the parent company for XM and Trading.com. Between these three businesses, there are 4 different regulators including the FCA. There is a lack of transparency because none of the companies disclose financials. It is a well-established and well-known global investment firm. XM has multiple entities using the XM brand. It holds regulatory status in several jurisdictions. Their first entity Trading Point of Financial Instruments Ltd was founded in 2009 in Cyprus. In 2015, the Group established entities in Sydney and London. And in 2017 XM Global Limited was founded in Belize.

With over 1.5 million clients in 196 countries, the XM global company focuses on three core principles: be big; be fair; be human. This translates into excellent customer service, individualized support for each client, and global financial influence. XM is available to traders in:

  • Qatar
  • Luxembourg
  • Kuwait
  • Saudi Arabia
  • United Arab Emirates
  • Denmark
  • Italy
  • Sweden
  • Norway
  • Germany
  • France
  • India
  • Hong Kong
  • Singapore
  • South Africa
  • United Kingdom
  • Thailand
  • Australia

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