XM Broker Review 2024: Platform, Fees, and Account Types Explained

XM is a reputable and well-established forex broker, regulated by the Cyprus Securities and Exchange Commission (CySEC), that has been serving traders all over the world, from its offices in Cyprus, since 2009. Ultimately, because of their professional brilliance, they have established an excellent reputation in the financial world.

The broker offers a wide range of financial instruments, such as CFDs on currencies, commodities, indices, and stocks. Whether you're a new trader or an experienced investor, XM has a wide range of different account types to meet the needs of all types of traders.

In this review, we'll look at the broker from numerous perspectives, including its trading platforms, account types, customer service, and more. At the conclusion of this article, you will have a thorough comprehension of whether they are the right broker for your forex trading goals.

XM Regulation Information

XM operates under the close supervision of recognized regulatory authorities, such as the following:

• Cyprus Securities and Exchange Commission (CySEC): The Cyprus Securities and Exchange Commission (CySEC) authorizes and regulates XM. As they are regulated by this regulatory authority, the broker must meet strict rules about having enough capital, keeping client funds separate, and staying transparent.

• Australian Securities and Investments Commission (ASIC): XM is additionally regulated by one of Australia's most important regulatory bodies, the Australian Securities and Investments Commission (ASIC). This regulatory authority ensures that they work in compliance with the high standards set by ASIC. Ultimately, through the above, Australian clients are provided with a safe environment to freely carry out their investment activities.

• Financial Services Commission (FSC): The Financial Services Commission (FSC) of Belize provides XM with a license. Even though Belize may have different rules and regulations than CySEC or ASIC, the FSC makes sure that XM follows the rules and regulations that apply to financial services in Belize.

• Dubai Financial Services Authority (DFSA): Last member of XM family - Trading Point MENA Limited was established in 2019 and is regulated by the Dubai FSA. The company also has a physical office in Emirates Financial Towers, Dubai, UAE.

• Financial Sector Conduct Authority (FSCA): XM ZA (Pty) Ltd was established in 2018 and is regulated by the FSCA. XM ZA (Pty) operates in South Africa.

These licenses prove XM’s commitment to the highest standards of client safety, transparency, and fair-trading practices. Traders can rest assured knowing that their money is kept in separate accounts from the broker's operational funds.

Furthermore, since the broker is regulated by reputable authorities, it is subject to regular audits and oversight, which further guarantees the honesty of its operations. If a client has a problem or complaint, they can turn to one of these regulatory groups or external dispute resolution authorities, which can help settle the issue at hand in a fair way.

XM Fees Information

When thinking about a forex broker like XM, it's important to know the costs of dealing. Here are some important things to know about their fees:

• Spreads: The spread refers to the difference between the bid price and the ask price of a financial instrument and represents the cost associated with executing trades. Although the spreads may vary across different account types, our floating spreads remain dynamic, being adjusted in real-time to reflect the market conditions and liquidity.

• Commission: Most account types at XM are commission-free, which means that clients don’t have to pay a separate fee for each deal they make, though some account types, like the XM Zero Account, charge a small commission per lot traded. Do note that It’s important to look at the different account types and the commission models that accompany them to figure out what the relevant costs will be.

• Inactivity Fee: XM has a policy that accounts may be charged with a fee if they haven’t been used for a certain amount of time. It’s important to go through the inactivity fee policy so that you know what can cause this fee to be charged.

XM Leverage and Margin Details

Trading instruments at XM can be traded with leverage of up to 1000:1 (leverage varies based on the financial instrument traded and it is capped at a maximum of 30:1 for clients registered under EU/AU and MENA regulated entity.) Leverage shows how much capital against debt exposure a trader’s position has. It ultimately gives traders the ability to handle bigger positions with less capital. Furthermore, it is important to note that XM's leverage depends on the object being traded and the trader's account leverage.

Another important term to know is the margin limit, which is shown as a percentage and reflects how much funds are needed to open a CFD position. For instance, a 10% margin requirement on a $10,000 position would mean that you would need to put down $1,000.

It's important to remember that margin calculations are done per instrument, and a position's leverage is based on the lowest value between the account leverage and the leverage of the individual symbol.

XM Trading Accounts

XM has a variety of trading accounts that are made for different trade styles and levels of experience. Here are the types of accounts that they offer:

Micro Account

The Micro Account is designed for traders who are just starting out or who like to deal in smaller amounts. It allows people to trade contracts with smaller amounts, starting with micro-lots, which are equal to 1,000 units of the base currency. The Micro Account gives you access to all trading instruments on the XM platform as well as competitive spreads and flexible leverage choices.

Standard Account

Traders who like normal contract sizes and more traditional trading conditions will prefer the Standard Account. It provides access to many trading assets, competitive spreads, and different ways to use leverage, whilst enabling traders with a Standard Account to trade with both normal lots (100,000 units of the base currency) and micro-lots.

XM Ultra Low Accounts

Traders who want tight spreads and low trading costs can use the XM Ultra Low Accounts (Ultra Low Micro and Ultra Low Standard. It has very tight spreads on the most important currency pairs and low fees. These accounts are good for investors who trade frequently or use methods like "scalping" that need tight spreads.

XM Shares Account

The XM Shares Account is used for investing. Through its utilization, traders can buy and sell a wide range of stocks from around the world on the big stock exchanges within the framework of competitive trading conditions, with the benefit of real-time market execution, while also being able to take advantage of both rising and falling markets.

XM Zero Account

The XM Zero Account targets traders with a lot of experience who need direct market access (DMA) and a lot of liquidity. Additionally, even though each lot exchanged costs a small commission, it has spreads as low as 0 pips, thus making the XM Zero Account perfect for buyers who want tight spreads and fast order processing.

Demo Account

XM also gives new traders a risk-free way to learn forex trading with a free trading Demo Account, which can assist new buyers in learning how to trade without putting their own funds at risk.

SPECIFICATIONS:

XM EU:

XM Global:

XM Trading Platform

Furthermore, MetaTrader 4 (MT4) and MetaTrader 5 (MT5) are two of the most famous Trading Platforms that the broker gives its clients access to.

Why don’t we learn more about these platforms?!

MetaTrader 4 (MT4)

MetaTrader 4 is a well-known and easy-to-use trading tool that traders all over the world like to use. It has a wide variety of tools and features for analysing deals and making them, such as powerful charting tools, many technical indicators, trading strategies that can be changed, and the ability to use Expert Advisors (EAs) to automate trading.

In order for traders to access the MT4 platform all they have to do is to use the relevant PC apps for Windows and macOS as well as the mobile apps for Android and iOS to do so.

MetaTrader 5 (MT5)

Despite their similarities MetaTrader 5, which replaced MT4, has more features and powers than the latter, as it has more asset classes, which makes it a multi-asset trading tool. Moreover, MT5 has better tracking tools, a wider range of indicators, an integrated economic calendar, and a better strategy tester. Like MT4, traders can use desktop tools for Windows and macOS and mobile apps for Android and iOS to access MT5.

XM’s MT4 and MT5 platforms both come with:

• Multiple order types: Traders can place market orders, pending orders, and stop orders, which lets them use different trading tactics.

• Real-Time Price Quotes: The platforms show the prices of financial products in real time, which makes sure that the information is correct and up to date.

• Trading alerts and notifications: Traders can set up alerts and notifications for certain events or price levels to stay updated about market movements.

• One-click trading: With just one click, XM's platforms make it easy to execute quick and efficient trades.

• Expert Advisors (EAs): Traders can build their own EAs or use ones that have already been made to automate trade strategies based on rules they already know.

• Secure trading environment: Both platforms use advanced encryption methods to keep client information and transactions safe.

XM Deposit and Withdrawal Methods

XM gives its clients several easy options for ways to make deposits and withdrawals:

• Credit/Debit Cards: XM accepts credit and debit cards, making it easy and safe to add and withdraw funds from trading accounts.

• Bank Wire Transfer: Clients can deposit and withdraw funds using a bank wire transfer, which ensures that all their activities are safe and reliable. For wire transfers XM covers all fees imposed by our bank, for all transactions equal to or greater than $200 (Note: Bank Wire transfer is applicable to several countries – not all)

• E-Wallets: XM works with e-wallet services such as Skrill and Neteller, so you can manage your money quickly.

In addition to the above, XM gives its clients the flexibility to choose from more than 30 payment methods that are accepted around the world, making it easier for them to transfer funds. Please note that payment methods vary based on client location. XM also has features that can be helpful to traders, such as multiple account base currencies.

Overall, the fact that the broker offers a variety of payment methods and has customer-friendly features suggests that it has a good selection of methods to deposit and withdraw money, making it easier for forex traders to trade in general.

XM Instruments

XM offers traders a wide variety of financial instruments from different asset groups, thus providing traders with multiples ways to get involved in different markets.

Here are the most important trading assets on their platform:

Forex Trading

A big part of what XM has to offer is forex trading. Traders can access a wide range of currency pairs, including major pairs like EUR/USD, GBP/USD, and USD/JPY, as well as smaller and exotic pairs. Forex trading lets traders bet on how the exchange rates between different currencies will change; actively giving them a chance to profit from changes in the global currency markets.

Stocks

XM lets traders take part in the stock market by offering Contracts for Difference (CFDs) on individual stocks from big exchanges around the world. What that entails, is that traders can do stock dealing by betting on how the prices of well-known companies like Apple, Google, Amazon, and others will change. By trading CFDs on stocks, you can take long or short positions without having to own the real shares.

Commodities

XM lets you trade in many different commodities, such as rare metals, energy, and agricultural goods. Traders often choose gold and silver as a way to diversify their investments and protect themselves against inflation. With crude oil and natural gas, for example, buyers can bet on how prices will move on the global energy markets, whereas agricultural goods like wheat and corn give buyers a chance to invest in the agriculture industry and let people trade based on supply and demand.

Equity Indices

XM gives traders access to a wide variety of equity indices. These indices are groups of stocks from various fields or industries. The S&P 500, NASDAQ 100, FTSE 100, DAX 40, and more are all examples of stock indices that can be traded. In a nutshell, traders can bet on the general performance of a market or sector by trading equity indices, which gives them exposure to larger market movements.

Precious Metals

XM lets you buy and sell valuable metals like gold and silver. In the past, these metals have been viewed as safe investments, and they tend to be sought after when the market is unstable. This tendency causes prices to fluctuate, allowing traders to take advantage and diversify their portfolios by trading precious metals.

Energies

You can trade energy assets like crude oil and natural gas through XM. These goods are closely tied to the world economy and international politics, and traders can bet on price changes in the energy markets by trading energies, as well as taking advantage of possible trends and instability.

Cryptocurrencies CFDs

XM offers a diverse range of over 50 Cryptocurrencies CFDs symbols, providing traders with a wide selection to choose from. Among these offerings are popular cryptocurrencies CFDs like Bitcoin Gold (BTGUSD) and Ethereum Bitcoin (ETHBTC). The platform allows clients to engage in both buying and selling activities.

*Cryptocurrencies CFDs are not available for clients registered under CySEC, ASIC, and MENA entities.

XM Bonus Program

XM offers a variety of trading bonuses to both new and current clients. These bonuses give clients extra money and confidence that they can use to make better investments. The $30 No Deposit Bonus is just for new customers and gives them a chance to start investing without having to make an initial deposit. This amount is added to their new XM real accounts as a bonus.

The two-tier Deposit Bonus program is for traders who are already clients of XM. The exact amount they could get varies per region and/or country. These bonuses are available for both Micro and Standard accounts and can be used with as little as a $5 payment.

One of the best things about XM's bonus program is that all trading profits can be taken out right away. This gives clients a lot of freedom and choice in how they use their funds.

* Bonuses are not available for clients registered under the EU, AU and UAE regulated entities of the Group.

XM Loyalty Program

XM's business image is based on how loyal its customers are. Because of this, XM rewards each customer for putting their trust in the company by giving them the chance to earn unlimited loyalty rewards and trade with additional funds for better results.

Just to give you an idea on what XM’s loyalty program includes:

• 4 regularly upgraded loyalty statuses.

• Credit bonuses

• Each loyalty status increases the amount of XM Points

*This program applies to specific entities in the XM Group.

XM Refer a Friend Program

The Refer a Friend Program from XM is another way to acknowledge clients for their trust and loyalty.

When a client brings a friend to the business, they get funds that they can take out or put toward their trading capital. The more people they bring in, the more rewards they get, so both the company and their clients come out ahead.

• $80 for each friend if you refer 1-15 friends

• $100 for each friend if you refer 16-30 friends

• $150 for each friend if you refer 30+ friends

*This program applies to specific entities in the XM Group.

XM Partner Program

XM's ability to keep customers is one of its most valuable properties.

Their Partner Program shows this by offering different ways to work together and very fair commission rates for referring clients, such as CPA plans for XM EU (one-time commissions for every new qualified introduced client) and Lot Rebates for XM Global (commission payments based on the lots traded by clients).

Not only do affiliates of XM work to make sure that all of their clients trade in a fair and honest way, but all of XM’s partnerships are always supported by a wide range of tools for referring clients in more than 30 languages and by fast ways to move commissions.

*This program applies to specific entities in the XM Group.

Partner Rewards Program*

As a way of saying "thank you" for all the hard work they put into promoting their business, XM offers their partners points for their clients’ trading activity.

If you are one of those partners, you can use these points in XM's partner program to get cash or other fun prizes. To get affiliates to promote the business, the value of the points goes up as more points are won. This way, there's always a reason to bring more people to the business.

In a summary, XM’s Partner Rewards Program allows you to:

• Earn more for referrals and client trading activity

• Claim unlimited cash rewards as you want

• Regular promotions that multiply points generated

• Higher commission on selected instruments

*This program applies to specific entities in the XM Group.

XM Education & Research

XM is committed to providing traders with research and learning tools to help them learn more about trading and get better at it.

Let's look at what they have to offer in terms of research and learning:

Research

XM offers traders a wide range of learning resources and tools to help them stay up to date on the markets and make informed trading decisions.

Here are some of the options for research:

• Market Overview: Traders can get a quick summary of the general market conditions, including the biggest market movers, the most important economic events, and important news updates.
• XM Research: Traders can get market insights, technical analysis, and trading methods from XM's team of experts.
• Trade Ideas:XM offers the latest trading signals and real-time trading ideas, plus currency signals, buy and sell indicators and global market signals..
• Technical Summaries:Based on technical analyses, XM offers technical summaries that focus on chart patterns, key technical signs, and price levels, ultimately helping traders find possible entry and exit spots.
• Economic Calendar: XM's economic calendar lets traders know about important economic events like central bank news, economic indicators, and political events. This tool shows traders the dates, times, and estimated effects of upcoming events, which helps them plan their trading strategies.
• XM TV: XM has a video channel that covers different market-related topics, such as market analysis, trading methods, and interviews with experts in the field. Traders can use XM TV to get the latest news and information about the market.
• Podcast:XM has podcasts that give market research, trading tips, and interviews with people who know a lot about the market. These audio tools give traders another way to get information while they're on the go.

Learning Center

XM puts a lot of emphasis on trader education and offers a wide range of learning tools and resources to help traders become better.

Here are the opportunities to learn:

• XM Live: An opportunity to join the action-packed live sessions led by seasoned experts, unlocking the secrets of market analysis, trading strategies, and risk management.
• Live Education Schedule:Traders can discover their path to success with an exclusive list of upcoming live education classes, allowing them to choose and attend the sessions that ignite their individual curiosity and trading needs.
• Educational videos: A video series that covers all of the different aspects of trading. Traders can go from an Introduction to the Financial Markets to the understanding of both Fundamental and Technical Analysis and even the critical but underrated aspect of Trading Psychology. They can follow video to video and ultimately cover it all.
• Forex & CFDs Webinars:Traders can schedule their attendance to attend a variety of Forex and CFD webinars in a language of their preference. An additional educational bonus that allows traders to expand their trading skills.
• Platform Tutorials: Ideal for beginner traders and a great refresher for those who are advanced. Short, to the point videos that guide traders around the different platform tools and features.

XM Customer Support

XM is committed to offering reliable and easy-to-reach customer services. Traders can get in touch with their customer service team in several ways, such as through live chat, Instant messaging apps, email, and phone. The multilingual support team makes sure that clients can communicate and get help in the language they prefer.

XM's customer experience team is available 24/7*, considering different time zones around the world. This makes sure that traders can get help when they need it for most of their trading week. Live chat is available through the website, Members area and Mobile app, so traders can get help right away with their questions and concerns.

Overall, XM cares greatly about customer happiness and tries to help traders quickly and in a helpful way. With support in multiple languages, many ways to get in touch, and dedicated account managers, traders can rely on XM's customer services to help them throughout their trading experience.

*24/5 Customer Support for the EU-regulated entity.

XM Risk Warning

CFDs are complex products and are not suitable for inexperienced traders. XM recommends to its clients to make sure they understand how CFD trading works and whether they can afford to take the risk of losing money.

XM Broker Review Conclusion

In conclusion, XM is a reliable forex broker with a strong standing, offering a wide range of financial instruments, such as CFDs on forex currency pairs, stocks, commodities, equity indices, precious metals, and energies.

Additionally, with trading platforms like MT4 and MT5 that are easy to use and resources for learning, they offer a complete trading experience, and if you ever need any assistance, rest assured that their support staff can help you quickly, regardless of what language you speak.

Overall, traders should do their own research and think about their own needs before choosing XM as their broker.