XM Review & Rating 2023
Read this XM broker review before opening your account. Is this a reliable Forex broker? Find out more with our AtoZ Markets Forex broker review of XM.
XM is an online CFD and FX broker whose parent company is Trading Point Holding which was founded in 2009. The broker is regulated by the Cyprus Securities and Exchange Commission (CySEC/120/10), the Australian Securities and Investments Commission (ASIC 443670) and the International Financial Services Commission (000261/106).
We have done an extensive review of the company and found it legit and recommendable. This broker provides maximum flexibility on deposit and withdrawal requirements for all traders.
At AtoZMarkets.com, we have a readers-first policy. Thus, we always put our readers’ safety as a priority in our business line. We will never satisfy ourselves with brokers’ public information, however, go in-depth. Often we will also open live and demo accounts and test brokers directly.
For the above mentioned, we stand on our toes checking all the ins and outs in a broker’s business history, biography, and reputation. The very same standards apply in the case of this XM broker review.
XM is a Forex broker which was founded in 2009. Since 2009 XM has grown to a large and well-established international investment firm with over 3,500,000 clients.
XM is currently built of more than 450 professionals with long-year experience in the financial industry.
The broker's extensive experience combined with support for well over 30 languages, makes XM the broker of choice for beginner traders as well as more experienced traders. The broker has the expertise and the resources to help everybody realize their investment goals like only a big broker can.
- Low stock CFD and withdrawal fees.
- Easy and fast account opening
- Responsive customer support
- Low minimum deposit
- Limited product portfolio
- Average forex and stock index CFD fees
XM provides a fair and trustworthy trading experience by pioneering a strict no re-quotes and no rejections policy. Moreover, 99.35% of all trading orders are executed in less than one second, with no re-quotes and no rejections.
Trading with XM means trading with a broker who is fair and reputable. All clients enjoy the same fair and ethical trading conditions regardless of their net capital worth, the size of their investment, or their account type.
As per XM's website, clients get benefits from Negative Balance Protection and other Forex risk management tools, so the traders are never at risk of losing more than their account balance.
XM's clients can start trading with the instruments of theirs choice on the XM MT4 and MT5, available for both PC and MAC, or on a variety of mobile devices. Alternatively, users can try out the XM WebTrader, instantly accessible from your browser.
In addition, XM's range of platforms for Apple and Android mobile devices allows access and trade on your account from your smartphone or tablet with full account functionality.
XM offers both Micro and Standard Accounts that can match the needs of novice and experienced traders with flexible trading conditions and leverage up to 888:1. The client can trade a range of over 55 currency pairs and CFDs on precious metals, energies and equity indices with the most competitive spreads and with the no rejection of orders and re-quotes execution of XM.
XM offers 4 types of account – Micro account, Standard account, and XM Ultra Low account and Shares Account. The Micro account is suitable for new traders that just start with forex and want to get deeper knowledge or just understand what the product is. On the other hand, the XM Ultra Low account is an account that has been designed for experienced traders who are searching for more competitive conditions for trading.
The minimum deposit of 5$ allows you to open an account without the need to deposit a big amount of money. The option for a micro account is a great opportunity to test in real environments different strategies and expert advisors. Also, this allows you to check what is the support, deposit withdrawal process, etc.
There is also an option for Islamic accounts so the Islamic traders can trade without swaps.
Many brokers have a limitation on the opened position, but the limit of the XM of 200 opened positions is pretty high. This number may seem not important but in many cases, micro accounts are used for averaging strategies, and this requires a lot of positions. When there is a need for even more positions for another instrument you and 50-100 are not enough. 200 is big enough limitation to trade more than enough instruments.
XM's clients can benefit from tight spreads as low as 0 pip on the major currency pairs. There are four account types, with pricing schedules across all of them being very competitive.
With Standard, Micro, and Ultra-Low accounts the fees are built into the spread. 1.7 pips is the Standard account's average spread cost during peak trading hours. With XM Zero accounts, there is a $3.5 commission per lot per trade and a small spread cost.
Base currency options include USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, RUB, SGD and ZAR. That is a healthy number of base currency options that helps keep down the frictional costs associated with converting from one currency to another.
There are generally tight spreads on over 60 currency pairs and a spread as low as 1 for Micro and Standard account types and as low as 0 for an XM Zero account.
XM also provides fractional pip pricing so that clients can trade with tighter spreads and benefit from the most accurate quoting possible.
The process of making deposits and withdrawals is fast and easy. Multiple payment options are supported including, VISA, VISA Electron, MasterCard, Switch, Solo), bank transfer, Neteller, Moneybookers and Skrill.
XM Customer Service is probably one of the best customer support experiences we have had compared with other forex brokers. XM offers 24/7 Live Chat, as well as typical E-mail and Phone support.
We were able to speak to a real human through Live Chat within 10 seconds which is extraordinary. Apart from this, the Broker offers Customer Service in 26 different languages.
In general, the XM Support Team was fantastic and managed to solve our queries with professionalism. Sometimes overlooked, Support is a very important element of any business. Especially when it comes to a business that handles and holds money on your behalf.
XM offers its services to clients from three main jurisdictions. In Cyprus, the company is regulated by CySEC under license number 120/10. In Australia, XM is regulated by the Australian Financial Services License by ASIC (number 443670). And in Belize XM is licensed by IFSC under license number IFSC/60/354/TS/19.
At last, according to AtoZ Market's deep research of XM broker, we can say that the broker is well suited to both beginner and seasoned traders. Low-cost trading never goes out of fashion but XM is much more than a no-frills operation. Registration is available in 17 languages and the fact that trading can be started with a minimum deposit of $5 is a positive feature. Beginners especially are encouraged to start small and to stay that way until their trading results justify scaling up on positions.
Moreover, the firm continues to receive recognition in terms of positive client feedback and industry awards.
We can say that XM is a reliable broker and highly reputed forex broker in the industry, however, we highly recommend our readers to do their own research before opening a live account.