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Broker review

XM

XM is a large global CFD and FX broker with very low minimum deposits, multiple account types and strong MT4/MT5 support. This review focuses on what matters in practice – costs, platforms and fit for different traders.

Reviewed using a 119-point FXExact checklist
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XM at a glance

Key facts based on XM’s public disclosures and independent info. Always re-check details on the broker’s own site before you open an account.

Regulation Multi-jurisdiction – group entities regulated by CySEC (CY), ASIC (AU), DFSA (UAE), FSCA (ZA) and IFSC (Belize), among others.
Minimum deposit From 5 USD or equivalent on many accounts, which is very accessible for smaller starting balances.
Account types Micro, Standard, Ultra Low and Zero accounts, plus region-specific variants and Islamic (swap-free) options.
Platforms MetaTrader 4, MetaTrader 5 and the XM App (mobile/desktop variants), with full support for MT indicators and EAs.
Instruments 1,000+ instruments across FX, indices, commodities, stocks, metals, energies and some crypto CFDs (availability varies by entity).
Typical FX pricing Ultra Low / Zero: tight spreads, in some cases from 0.0 pips plus commission.
Standard / Micro: commission-free spreads starting from around 0.6–1.0 pips on majors.
Max leverage Up to 30:1 for EU/UK-style entities; up to 1000:1 for some international accounts, depending on region and product.
Copy / social trading No giant in-house social platform, but MT4/MT5 integrations allow you to connect with external copy trading tools and signals.

Quick verdict

What XM does well

  • Very low entry barrier – minimum deposits from 5 USD on many accounts.
  • Good account variety so you can choose between simple spread-only or tighter spreads with commission.
  • Solid MT4/MT5 offering plus a proprietary app, with lots of education and webinars for newer traders.
  • Broad product list including FX, indices, commodities, stocks and more.
  • No broker-side fees on most deposits and withdrawals, and clear, transparent documentation.

Where it’s less ideal

  • Standard spreads can be wider than specialist ECN-style competitors, especially on some symbols.
  • Very high leverage on some entities can tempt inexperienced traders into oversized positions.
  • Product and protection differences between entities can be confusing if you don’t read the small print.
  • Platform choice is mostly MT4/MT5 – fine for many, but not as diverse as brokers with cTrader/TradingView stacks.

Trading experience & costs

XM’s cost structure depends heavily on which account type you pick. The Standard/Micro accounts keep it simple: no commissions, costs fully in the spread. Ultra Low and Zero accounts push spreads down and add a commission on top.

For active traders, the tighter-spread accounts usually make more sense. For very small balances or those who trade less frequently, the simplicity of a Standard or Micro account can still be appealing.

Indicative FX pricing snapshot (Standard vs Ultra/Zero)
Pair Standard / Micro Ultra Low / Zero
EUR/USD ≈ 0.6–1.0 pips, no commission From 0.0–0.2 pips + commission
GBP/USD Typically around 1.3 pips, no commission Often tighter spread + commission
AUD/USD Typically around 1.0 pip, no commission Lower spread levels on Ultra/Zero accounts
These are indicative, not fixed quotes. Spreads and commissions change by account type, entity and market conditions. Always confirm current pricing in your chosen platform.

Platforms & tools

XM is built around MetaTrader 4 and MetaTrader 5, plus the XM App for mobile/desktop. If you like the MT ecosystem – indicators, EAs, templates – you’ll feel at home here.

Advanced systematic or multi-platform traders who want cTrader, TradingView or API-first workflows may find the platform line-up a bit narrower than some competitors.

Markets & products

You can trade a wide range of FX pairs, major and minor indices, commodities, metals, energies and stock/ETF CFDs. For most retail strategies, the coverage is more than adequate, especially if you stay within the more liquid symbols.

Regulation & safety (neutral in our rankings)

XM operates multiple regulated entities, including CySEC in Cyprus and ASIC in Australia, plus additional regulators for different regions. Client funds are held in segregated accounts with reputable banks.

Important: FXExact doesn’t automatically award higher scores to one licence over another. We highlight the regulatory structure so you know who you’re dealing with, but our core scoring focuses on trading conditions, platform quality and overall value.

Funding & withdrawals

Minimum deposit requirements are low, and many methods – such as cards, bank transfer and popular e-wallets – are supported. XM promotes fee-free deposits and withdrawals on its side; however, third-party payment providers may still charge their own fees.

Support & education

XM invests heavily in education and outreach: regular webinars, video tutorials, market analysis and localised content. Support is available in multiple languages and generally scores well in independent reviews for responsiveness.

Risk disclaimer: CFDs and margin FX are complex instruments and come with a high risk of losing money rapidly due to leverage. A large percentage of retail accounts lose money when trading CFDs with most providers. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Nothing on this page is personal financial advice.