XM Review 2024 – is This Broker Legit or Scam?

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XM Group or XM stands out as a next-generation broker, offering a comprehensive range of services designed for online forex and commodity trading. The platform is famous for its user-friendly design, powerful functionality, and analytical capabilities. We have explored XM’s claims of being highly efficient across its activities, providing an in-depth exploration of its strengths and few drawbacks. This XM review also aims to provide readers with an in-depth analysis of XM’s features, its account types, trading platforms, customer support services, and regulatory compliance. Through our research and analysis, we aim to offer valuable insights that will assist both novice traders starting their journey as well as experienced investors seeking new opportunities in the financial market.

XM Overview

Official Website https://www.xm.com/
Headquarters Republic of Cyprus
Found in 2009
Regulators CySEC, ASIC, IFSC
Products Offered Forex, Stock CFDs, Commodities, Equity Indices, Precious Metals, Energies, Shares
Minimum Initial Deposit 5$ or more depending on account type
MetaTrader 4 (MT4) Yes
MetaTrader 5 (MT5) Yes
Trading Fees Low
Inactivity fee Low
Withdrawal fee Low
Supported currencies USD, EUR, GBP, JPY, CHF,‎ AUD, HUF, PLN, RUB, SGD, ZAR, and more
Customer Support 24/5 Live Help

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What is XM? A Brief Background

XM Group is a community of regulated online brokers offering their services since 2009. It was registered as a service provider in 2015 under the company Trading Point of Financial Instruments Pty Ltd. However, XM broker is currently regulated by two securities commissions – Cyprus Securities and Exchange Commission (Reg. – CySec 120/10) and the Australian Securities and Investments Commission (Reg. – ASIC 443670). In 2017, the group established XM Global, which is now regulated by the International Financial Services Commission (Reg. – IFSC/60/354/TS/19). It also has awards under its bag as The Best Crypto CFDs, which was awarded by Financial Expo Egypt in 2022.

What Is XM?

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XM is a platform that provides its brokering services to a large clientele of online traders. As of 2021, the platform has registered over 1.5 million XM traders across more than 190 countries. The XM trade ethos focuses on expanding its clients with fair practices. The company emphasizes trade personalization and excellent customer service. XM broker helps its clients with various trading platforms, tools, and services to deliver a successful trade. These services are aimed at meeting the tailor-made investment goals of every client.

XM Pros and Cons

The XM review has further assessed XM based on its benefits and shortcomings. The pros and cons of using the broker’s trading account have been summarized below.

Pros Cons
 The platform charges low fees for CFD trading and withdrawals.  The platform has a limited product portfolio for traders.
 Opening a new account is fast and very user-friendly.  It deals with trading CFDs and forex and does not accurately support cryptocurrency or other financial instruments.
 The platform offers multiple educational tools and hosts webinars regularly.  The forex fees are average and not necessarily affordable for all types of users.
 Users get access to a demo account with simulations of all features and no time limit.  There is no protection for investors onboarded as non-EU clients.
 The platform runs a full-service package on educational content for all users, beginners as well as experts.  The customer support is available only from Monday to Friday.
 It is best for forex trading and creates strong foundations for new users’ first steps into forex trading.  There is very little diversity between the account types for users, creating a degree of low personalization for traders.
 It offers relatively affordable access to expert analysis and advanced market tracking tools.  The Micro, Standard, and Zero trading accounts are more or less similar.
 It maintains robust customer service.  Currently, the platform does not allow users to deposit money via PayPal.
 Users from different regions get technical support with the platform’s multi-linguistic support.  Users from certain regions, particularly Canada and the United States, are restricted from using the platform due to regulatory non-compliance and regional licensing limitations.

Note: The XM.com review observes the plus points of the group have a higher weightage than their downsides.

Why Choose XM Forex Broker?

For a number of reasons, using XM as your forex broker is a wise choice. They make learning easier with useful materials, and their user-friendly platform includes smart features that let you make well-informed decisions. Trade with confidence with a variety of assets, including cash and commodities. As one of the most well-regulated brokers, it ensures a safe trading environment. You can test its suitability by trying a XM demo account. As a trusted forex broker, XM prioritizes your safety and success in the trading world.

Top Features of XM Group

XM Group is a well-known online brokerage firm that offers various features tailored to meet the needs of traders. According to our XM group review, below are few of the key features:

  • XM Copy Trading – XM Copy Trading lets you automatically repeat the trades of successful traders in the XM community. In essence, you are copying the actions of individuals you chose in order to benefit from their expertise. Browse profiles, analyze performance metrics, and choose traders whose strategies align with yours. Then, allocate funds and let the platform automatically copy their trades into your account, proportionally.
  • Multiple Trading Instruments – XM Group provides access to a wide range of financial instruments, including forex, turbo stocks, commodities, cryptocurrencies, and more, allowing traders to diversify their portfolios.
  • Multiple Trading Platforms – They offer multiple trading platforms such as MetaTrader 4 (MT4) and MetaTrader 5 (MT5), which are widely recognized and preferred by many traders for their user-friendly interface and advanced trading tools.
  • Multilingual Support – XM Group’s platform is available in several languages, making it accessible to traders all around the world.
  • Economic Calendar – XM provides a complete economic calendar to help traders stay up to date on key market-moving events, projections, and market impacts. 
  • Trading Signals – Trading signals are provided by Trading Central, a recognized technical analysis source. These signals provide actionable trade suggestions based on in-depth technical research and chart patterns.
  • Educational Resources – XM Group offers a range of educational resources, including webinars, tutorials, articles, seminars, XM live and market analysis, to help traders enhance their knowledge and skills.

Is XM Trading safe?

According to our XM review, XM is a safe trading platform. The XM forex broker is not a high-risk service compared to several other peers. Out of 99, the overall trust score of XM is 84. While XM Group is not publicly traded, it also does not operate as a bank or any financial organization. The XM Group, however, is authorized by multiple-tier regulators. It has two tier-1 regulatory authentications that label it with high trust. It also has one tier-2 and one tier-3 regulatory authentications for denoting average trust and low trust, respectively. The XM Group and the Trading Point of Financial Instruments Ltd. are safe under the ASIC and FCA regulators. 


  • As a trusted broker, XM operates in countries namely, Australia, United Kingdom, Thailand, South Africa, Hong Kong, Singapore, France, Norway, Germany, Sweden, Denmark, Italy, Luxembourg, United Arab Emirates, Qatar, Saudi Arabia, Kuwait, and India, among others. 
  • The users must also note that XM is not safe for trading in the United States, Canada, Israel, Iraq, and Iran.

Types of XM Account

Before going further into the review, it is important to understand the complex nature of CFDs. A “contract for differences” is a complex instrument holding a high risk, where traders could lose money in the event of rapid leverage. The market for CFD trading is highly volatile, as nearly 75% of investor accounts tend to lose money when trading CFDs. Traders are more likely to lose money if they do not have brokers’ guidance, such as XM, that illustrates the power of effective CFD trading.

XM runs its services across multiple tiers of trading categories. There are four types of user accounts that XM offers for its users.

The following accounts allow up to 200 open or pending positions for each client. 

  1. XM Micro Account – Micro user accounts gain access to trading in USD, GBP, EUR, AUD, CHF, HUF, JPY, and PLN currencies. The base currency trading in this account starts with a minimum deposit of $5. There are 1,000 units of the base currency in one Micro lot.
  2. XM Standard Account – The base currencies for a Standard account include AUD, USD, GBP, CHF, EUR, JPY, PLN, and HUF. The base currency trading in this account starts at a deposit of $5. There are 100,000 units of the base currency in one Standard lot.
  3. XM Zero Account – Zero trading account base currencies include EUR, USD, and JPY. A minimum deposit of $10 activates this account. There are 100,000 units of the base currency in one Zero lot.
  4. XM Ultra-Low Account – For Ultra-Low trading accounts, users can trade in GBP, EUR, USD, AUD, SGD, and ZAR base currencies. They need to make a minimum deposit of $50 to enable Ultra-Low trading. There are 100,000 units of the base currency in One Standard Ultra lot and 1,000 units of the base currency in One Micro Ultra lot. The XM Ultra-Low account applies to only limited entities of the XM Group.

XM Group Trading Account Types

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XM Demo Account – One can set up a demo account to experience a simulated working of XM broker services. This account allows users to use virtual broker services on their trades. The platform also offers a virtual base currency balance of $100,000 for demo account users. With its unique algorithmic processing, the XM demo account provides the trade’s exact features and outcomes under real market conditions for the users. In addition to this, the platform does not limit the usage time of this account. There is no trial period for using an XM demo account.

XM Islamic Account – XM offers a special Islamic Account that complies with Sharia law. This specialized account eliminates swaps and interest, replacing them with fixed administration fees. Among above account types – Micro, Standard, and Zero- all precisely designed to comply with Islamic guidelines. Read more details on the Islamic Account, including its features and benefits.

XM Account Opening Process

Opening an account with XM is quick and easy. Just follow these simple steps:

Step 1. Go to the official XM website (www.xm.com)
Step 2. XM usually offers different types of trading accounts. Choose the type of account that best suits your trading preferences and financial goals. This could include demo accounts for practice or live accounts for real trading. Click on “Open an Account
Step 3. Fill in a registration form with your personal details, including your name, email address, phone number, and country of residence.
Step 4. Select the currency for your trading account and choose the leverage level you’re comfortable with.
Step 5. XM will review your application and documentation. You’ll receive an email notification once your account is verified and approved.

Services Offered by XM Group

According to XM review, the company offers a list of services under its market research category. Similar services are also offered to educate traders on how to become successful in the game. The company further provides its software services with the licensing of MetaTrader 4 and MetaTrader 5 platforms.

Services Offered By XM

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Following are Services Offered by XM Group –

  • XM TV – This service broadcasts a precise real-time commentary of in-house markets to its users every day. The broadcast is developed with the industry leaders of trading video broadcasting created by CMC Markets and Saxo Bank. The market research video content is broadcasted outside of trading platforms, and the group also offers an end-to-end high-quality video content package to its most traders.
  • Research and Educational Articles – Apart from videos, the group delivers its market news content in documented articles. Research articles about stocks, forex, indices, and cryptocurrencies are made available to the users. These articles improve market research content assessment, which helps the group deliver better services as a broker. The articles are also educational, providing daily market recaps supported by fundamental and technical analysis. A series of 53 written articles structured progressively in six chapters help the traders experience best-in-class training. These articles cover 13 important lessons on forex trading, helping traders with the basics and advanced aspects of the domains.
  • Market Trading Signals – The group offers its insightful services by creating market intelligence data under the “Trade Ideas and Technical Summaries” section. Only live user accounts get access to the trading signals services. These signals are streamed live from Analyzzer and Autochartist tools. The broker also shares trading ideas offered by the Trading Central platform. Along with the MetaTrader signals, the group also enabled automated trade duplication by supporting a social trading duplication from related experts and trading advisors from Analyzzer.
  • Tradepedia – This is a unique service the broker offers by sharing an in-house video course to provide high-end Forex and CFD trading education. The series of 39 videos covers seven chapters to help a beginner trader gain tricks of advanced practices. The course instructor runs a demonstration of using the group’s proprietary indicators, namely the Avramis River indicator, to interpret the outcomes of different market conditions.

This XM reviews gives the broker group a high score for offering such high-quality and diversified content on education and research. From those in-house videos to the trading signals, XM Group marks its niche against competitors such as FXCM and IG, among others.

XM Trading Platforms

As per the XM reviews, there are two types of platforms offered:

XM Platform – MetaTrader 4 Overview

Being one of the world’s most popular and commonly-used trading platforms, MetaTrader 4 trading platform is designed to help new Forex traders with excellent broker estimations. More than 85% of brokers use the platform as an essential tool to understand and explore trade brokering activities. The layout of this trading platform is very intuitive. Features are easy to navigate, and several sections are unified under one dashboard. The upper left panel showcases the real-time market status and helps traders use the navigator window by viewing the market developments. The right panel displays a chart window where different types of charts reveal market statistics. Below that panel, a terminal window indicates the market positions, trading balances, latest news, and emails from the broker. Besides its web application, MetaTrader 4 is available for desktop and mobile operating systems of platforms, namely, Windows, iOS, and Android.

XM Platforms - MetaTrader 4 Overview

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XM Platform – MetaTrader 5 Overview

The advanced multi-asset MetaTrader 5 trading platform is specially developed for institutions. Large trading companies use this multi-functional trading platform to run their stock and commodities trading. It is not as forex market-centric as MetaTrader 5; however, there are a few factors common between the two platforms. MetaTrader 5 is available on the web, desktop, and mobile app versions. It is easy to navigate and has all the features provided by MetaTrader 5. In addition to those, the trading platform has built-in trading robots and an open-source database of trade strategies.

The platform offers a virtual hosting and copies trading service, and runs its UI into 31 languages. MetaTrader 5 is suitable for advanced traders and day-time traders. It’s a smart interface, and a suite of advanced analytical tools makes it a sought-after platform for XM clients under all account types. It also allows 21 timeframes across eight different types of pending orders. It delivers a new breadth of asset classes and has an economic calendar that tracks main market developments. Between MT4 and MT5, this trading platform may be intimidating for beginners due to its complex programming and advanced tools.

XM Platforms - MetaTrader 5 Overview

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XM Fees & Commission Structure

The fees and commission structure by XM platform offers in-depth details on how users can make money from different account types. XM brokers have their payment and commission process developed according to the conventional KYC regulations. For identification, the users have to produce a color copy of their official ID proof, either a valid passport or a valid driver’s license.

In addition to this, the users must submit proof of their permanent address by providing a copy of the utility bills for the last three months.

Following are few key points regarding fees and Commission According to account types :-

  • XM Minimum Deposit – When the registration of the new account is completed, every user is eligible to make money by adding a minimum deposit of $5 or more, depending on the account types. Micro and Standard accounts require a $5 deposit, while Zero user accounts are enabled on a minimum deposit of $100. These deposits serve as fees for the broker services and cannot be refunded. The group also allows users to add money using electronic payment gateways, credit cards, wire transfer services, and local bank transfer services. The XM fees can be deposited only as per the rates of the currencies supported by the platform. The broker can also allow users to automatically convert their regional currencies into the supported base currency for opening the account.
  • Account Commissions – The group charges its commissions and fees based on the type of account. It also depends on the entity involved with the client’s account. The Micro and Standard accounts are commission-free but expensive while the Zero account is more competitive and charges commissions.
  • Spreads & Commissions – The XM Zero account is commission-based, where the average spreads on the USD/EUR exchange stand at 0.1 pips. This makes the spread effective at 0.8 pips when the users include the $7 commission for every round-trip. The Standard and Micro accounts are commission-free, where the average spreads on the EUR/USD currency pairs ranges from 1.6 to 1.7 pips, becoming relatively less attractive for XM Group clients. Since XM practices a robust “no hidden fees” or “no extra commission” policies, these commissions guarantee all the fund transfers and same-day withdrawals and cover the fees involved.
  • Leverage – Based on the instrument, the users get a leverage range from 2:1 to 30:1. This range stays flexible, and the group offers its users some opportunities for leverage risk management. The margin requirements for these leverages remain thoroughly constant for every week. The group does not widen the requirements at night or over the weekends. The leverage applies to the clients registered with an EU-regulated XM entity only.
  • Shares trading – Brokers from XM Group provide a Shares trading facility to users. The client has to make a $10,000 deposit to invest directly in the non-CFD trade shares without any leverage. This Shares trading account is available at limited the entities of the group.
  • Execution – XM Group is the sole proprietary dealer and the principal market-maker for the trades it brokers and executes. It executes the trades for up to $50 million worth of the base currency at a single time. It also permits such trades for 200 open positions simultaneously, which is quite reasonable compared to other forex broker groups in the market.
  • Withdrawals – The XM broker processes the withdrawals within 24 hours of the request. There are no additional fees charged for withdrawing the money. Users can take the money or store it in the XM wallet or other eWallets. For the instant execution of withdrawals, users must not requote their withdrawals. In special cases, XM also offers commission and fee-free deposits and withdrawals.

Mobile Trading with XM App

A quick review of the XM mobile apps uncovered why this broker service is much appreciated in the global trading community. XM Group offers its clients to run MetaTrader platform user versions on their smartphones and mobile devices, with MT4 and MT5 mobile apps driving users’ mobile trading capabilities. The MetaTrader-only broker mobile apps are also available. All these applications are compatible with iOS and Android platforms. The MT4 and MT5 mobile apps also come in their standard native development package at the Google Play Store and Apple App Store, respectively.

XM Customer Service

XM offers 24/5 multilingual customer support via live chat, phone, and email. 

Phone – +501 223-6696 / +501 227-9421


Email Support[email protected]

Address Suite 101, 63 Eve Street, Belize City, Belize


XM is considered as a legitimate and reputable online brokerage firm in the financial industry. Based on the above XM broker review, the financial service called XM Group has emerged to be quite a leader in its industry. Since 2009, the group has expanded its financial services across multiple domains and regions.

Here are some of the key takeaways from this XM review:

  • The XM Group Review has evolved pragmatically over the years. It poses an average-risk to the trader with its two tier-1 jurisdiction authentications.
  •  It is an essentially safe and trustworthy broker for trading forex and CFDs.
  • The XM trading review also observed that XM Group runs exceptional customer support. 
  • The live chat service ensures that new traders evolve in their profession with optimum help. In addition to the live chat, the group gains its success in customer support by educating users with MetaTrader platforms. 
  • The client can deposit the required fees, access the complete MetaTrader suite offered by the broker, and use it as per their need. The overall pricing at XM Group depends on the account type but is affordable. 
  • The broker turns out to be a low-cost solution compared to IG or CMC Markets. You can know more about the CMC market review from our post. Setting aside its drawbacks, the XM group of brokers will remain a strong choice for beginners and expert traders in the years to come.
  • While there are a few limitations to using XM’s financial services in certain regions or under some market restrictions, the broker does not miss making notable upgrades to its user experience. It offers tools with custom indicators to adapt to the needs of every trader. Among all the brokers, XM Group puts forth profound market research.

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Is XM Trading Legit?

XM is a legit broker and is currently regulated by three securities commissions – Cyprus Securities and Exchange Commission (Reg. – CySec 120/10), Australian Securities and Investments Commission (Reg. – ASIC 443670), and International Financial Services Commission (Reg. – IFSC/60/354/TS/19).

Is XM a reliable broker?

XM Group or XM has emerged as a next-generation forex broker that offers a range of online FX and commodity trading services. The XM ecosystem is one of the world’s largest networks of traders, having millions of active trading software users worldwide. XM regulated by three securities commissions – CySec, IFSC & ASIC.

What about the minimum deposit?

When the new account registration is completed, every user is eligible to make money by adding a minimum deposit of $5 or more, depending on the account types. Micro and Standard accounts require a $5 deposit, while it is $50 for ULTRA LOW accounts.

Is XM a Good Broker?

Yes definitely. XM is one of the best forex service providers. XM Group has a low minimum deposit, good customer service, an excellent web & mobile trading platform, low fees, great educational tools, and an easy account opening process. So based on these features, we can say that XM is suitable for beginners.

Is XM broker safe to use?

As per our analysis, each day, clients lost their money to scammers from unregulated services. But XM forex online broker has top-tier regulators. So we can say that traders can go with this FX broker. XM is a safe and trusted broker.
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