XM review 2026

Our review is based on broker disclosures, regulatory records, platform research and available user information checked on 26 August 2026.

Is XM regulated?

XM is connected with 5 recorded regulatory licence or licences. The entity relevant to users in Cyprus is XM Global Limited, reported as regulated by Cyprus Securities and Exchange Commission under licence number 120/10.

The broker operates through multiple legal entities. The regulator and protections applying to an account depend on which entity accepts the client, not simply on the broker brand displayed.

XM holds tier-one authorisations from ASIC and CySEC. That matters more than any headline spread: it determines your leverage cap, whether losses can exceed your deposit, and what happens to your money if the firm fails.

It also operates an offshore entity (FSC). Which one you are onboarded to depends on where you live, and the two carry very different protections - worth confirming before you deposit.

ASIC caps retail leverage at 1:30, requires negative balance protection, and obliges the broker to hold client money in a separate trust account.

CySEC licences passport across the EU and follow the 1:30 retail leverage cap, with the Investor Compensation Fund covering eligible claims.

The FSCA licenses derivative providers in South Africa without a fixed retail leverage cap, so headline leverage is often higher than an FCA or ASIC entity may offer.

How safe is XM?

Client money is held separately from the firm's own money, at Top-tier global banks. That separation is what makes your balance recoverable if the company fails, rather than part of the pool its creditors divide up.

Negative balance protection applies, so a losing position cannot take the account below zero and leave you owing the broker money.

Covered by ICF up to €20,000 for eligible CySEC clients, which pays eligible clients up to its limit if the firm fails owing client money.

Verify licence with CySEC

Licence information last checked 26 August 2026

XM trading conditions

Trading conditions vary by account, platform, legal entity and client classification. The figures below reflect the latest information available to 88 Forex Brokers and should be confirmed before trading.

Spreads and commissions

XM advertises spreads from 0.8 pips on Standard. The stated commission is $0 on Standard and Ultra Low accounts. Typical or live pricing may be higher than the advertised minimum, particularly outside liquid trading hours or during volatile markets.

Spreads from 0.8 pips suggest an all-in account, where the broker's fee is built into the price rather than charged separately. There is usually no commission on top, which makes the cost easier to predict.

Quoted spreads are best-case figures on the most liquid pair, in normal conditions. What you actually pay widens around news and at the session open.

XM lists a minimum deposit of $5. Treat it as the cost of opening an account, not the cost of trading one - position sizing on a small balance is what tends to cause damage.

Spread type

Variable

EUR/USD average spread

Approx. 0.8 pips

GBP/USD average spread

Approx. 1.0 pip

Commission

$0 on Standard and Ultra Low accounts

All-in cost, EUR/USD

Approx. 0.8 pips

Leverage and margin

Maximum leverage is reported as 1:30, although the available limit depends on the account entity, instrument, client classification and local rules. Higher leverage increases both potential gains and losses and can lead to rapid account depletion.

Execution model

XM describes its execution model as Market maker / principal. The available information indicates an average execution speed of 99% of orders executed in under 1 second, order types of Market, limit, stop, stop-loss, take-profit, trailing stop and servers in London and global data-centre infrastructure. Execution labels are not standardised across the industry, so review the order-execution policy and conflict disclosures rather than relying on a single term.

Trading rules

Expert advisers

Yes; Expert Advisors and backtesting supported on MT4/MT5

Copy trading

Yes, XM Copy Trading

Negative balance protection

Yes

Scalping, Hedging, Stop-out level and Guaranteed stop loss: the broker does not publish enough information for us to confirm this trading condition.

XM account types

XM offers 5 reported account types. Compare the minimum deposit, spread model, commission, platform and eligibility before choosing an account.

XM runs 5 account types. More choice is not automatically better: the tightest headline spread almost always sits on the account that also charges a commission, so the comparison that matters is the two added together.

Base currencies: USD, EUR, GBP, JPY. Holding the account in the currency you fund it with avoids a conversion charge on every deposit and withdrawal - a cost that never shows up in a spread comparison.

The smallest position is 0.01 lots. For anyone starting carefully this matters more than the minimum deposit, because it sets the least you can put at risk on a single trade.

A demo account is available. Worth using for the platform rather than the results: fills are simulated, so it tells you how the software behaves but very little about execution.

StandardUltra LowSharesIslamicDemo

Minimum deposit

$5

Spreads from

0.8 pips

Commission

$0 on Standard and Ultra Low accounts

Maximum leverage

1:30

Platforms

MetaTrader 4, MetaTrader 5, Proprietary platform

Base currencies

USD, EUR, GBP, JPY

Available markets

Forex, Metals, Commodities, Indices, Shares, ETFs, Cryptocurrency CFDs

Minimum trade size

0.01 lots

Account opening time

Approx. 5 minutes

Demo account

A demo account is reported as available for testing the platform and practising with virtual funds. Demo pricing and execution may not match live conditions.

Islamic account

An Islamic or swap-free option is reported as available. Alternative charges, holding limits or eligibility conditions may apply.

XM fees and trading costs

The total cost of trading can include spreads, commissions, overnight financing, currency conversion, deposit or withdrawal charges and inactivity fees.

Advertised spreads start from 0.8 pips, but typical pricing may be higher.

The reported trading commission is $0 on Standard and Ultra Low accounts.

Overnight financing applies to eligible positions at rates that can change.

An inactivity fee of $10/month applies after 90 days inactivity.

Spreads from

0.8 pips

Commission

$0 on Standard and Ultra Low accounts

Overnight financing

Both: swaps apply on applicable instruments/accounts; swap-free conditions available

Deposit fee

Not confirmed

Withdrawal fee

Not confirmed

Inactivity fee

$10/month after 90 days inactivity

Currency conversion

Not confirmed

Fees can change and may differ by entity, platform, account or payment method. Confirm the full schedule before opening or funding an account.

Trading platforms and apps

XM supports MetaTrader 4, MetaTrader 5 and Proprietary platform. Availability can differ by account and legal entity.

MetaTrader 4 remains the most widely supported platform for expert advisors. If you rely on an existing EA, this is usually the deciding factor.

MetaTrader 5 handles more asset classes and order types than MT4, but expert advisors are not compatible between the two - an MT4 EA will not run on it.

MetaTrader 4MetaTrader 5Proprietary platform

Proprietary platform

Yes, XM App

Web platform

Yes

Mobile app

Both proprietary and third-party

Charting

30+ MT4; 38+ MT5; additional advanced charting in XM App

Third-party tools

VPS, advanced charting and analytical tools

Server locations

London and global data-centre infrastructure

Automated and copy trading

The broker reports support for expert advisers and automated strategies and copy trading. Automated strategies can fail, amplify losses or behave differently under changing market conditions.

The platform range is broad. Its main advantage is support for MetaTrader 4; the principal limitation is the absence of cTrader and TradingView.

Markets available through XM

The broker reports access to 1,400+ instruments across forex, metals, commodities, indices, shares, eTFs and cryptocurrency CFDs. Product availability depends on the account entity and platform.

Leverage is capped at 1:30 retail, which is the retail limit under tier-one regulation. It is a protection rather than a restriction: it caps how quickly a position can move against your balance.

The product range is strongest for forex, metals and commodities.

ForexMetalsCommoditiesIndicesSharesETFsCryptocurrency CFDs

Markets, as published

Forex, Cryptocurrencies, Stocks, ETFs, Indices, Commodities, Precious Metals, Energies, Shares, Thematic Indices

Total instruments

1,400+

Currency pairs

55+

Cryptocurrency CFDs

Yes

CFDs do not provide ownership of the underlying asset. Product terms, leverage and trading hours vary by market.

Deposits and withdrawals

Available funding methods include Visa, Mastercard, bank transfer, electronic payment providers and local payment methods. Processing times, limits, fees and availability vary by country, currency and account entity.

Withdrawals are stated at Instant/same-day processing where automatically approved; bank wire and cards typically 2-5 business days, against Instant for most electronic methods; bank transfer typically 2-5 business days for deposits. A gap between the two is normal and not in itself a warning sign - identity checks are a legal obligation, not obstruction. What is worth noticing is a withdrawal that keeps meeting new conditions after those checks are done.

Withdrawal routes: credit/debit card, bank transfer, electronic wallets and supported local payment methods. Money is usually returned by the route it arrived on, so the deposit method you pick is in effect the withdrawal method you are picking too.

The minimum withdrawal is $5 - relevant if you intend to fund the account lightly, since it sets the smallest amount you can take out at a time.

Identity, payment ownership and source-of-funds checks may be required before a withdrawal is processed.

Deposit methods

Visa, Mastercard, bank transfer, electronic payment providers and local payment methods

Withdrawal methods

Credit/debit card, bank transfer, electronic wallets and supported local payment methods

Deposit time

Instant for most electronic methods; bank transfer typically 2-5 business days

Withdrawal time

Instant/same-day processing where automatically approved; bank wire and cards typically 2-5 business days

Deposit fee

Not confirmed

Withdrawal fee

Not confirmed

Minimum withdrawal

$5

Local payment methods

Yes, multiple region-specific electronic and local payment methods

View withdrawal complaints about XM

Use a payment method held in your own name. The broker may reject third-party payments or require withdrawals to follow the original funding route.

Customer support

XM provides support through Live chat, email, Help Centre during 24/7. Supported languages include 30+ languages.

Support runs 24/7. Round-the-clock cover matters more than it sounds: a position held over a weekend or through an unexpected halt is exactly when you need somebody to answer.

Reachable by live chat, email, help centre. A published telephone number is the one channel that is hard to fake and hard to ignore, so whether there is one says more than the number of channels does.

Languages: 30+ languages. Being able to raise a complaint in your own language is worth more than it appears, because complaints are where precision matters most.

Education: extensive: learning center, live education, webinars, courses, tutorials and educational videos. Treat broker-published material as an introduction rather than as advice - it is produced by a firm whose revenue rises when you trade more.

Support channels

Live chat, email, Help Centre

Support hours

24/7

Languages

30+ languages

Telephone

+501 223-6696

Email

support@xmglobal.com

Live chat response

Typically within seconds

Research and market analysis

Extensive: news and analysis, analytical tools, market insights and forex calculators

Education

Extensive: Learning Center, live education, webinars, courses, tutorials and educational videos

Is XM a good broker?

Your decision should reflect your country, experience, preferred platform, trading costs and tolerance for financial and counterparty risk.

XM is best considered by

• Traders who want a tier-one licence behind the account
• Traders who want a small first deposit
• Traders who want copy trading
• Traders who want automated strategies
• Traders who want MetaTrader

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