XM Review (2020) | Rated by Professional Traders – AskTraders.com

XM is a well-known broker in the industry that has now been around more than a decade. Since being founded in 2009, broker has grown to its current position delivering a quality trading experience that is well-regulated, to a hugely diverse range of traders.

XM is a well-known broker in the industry that has now been around more than a decade. Since being founded in 2009, broker has grown to its current position delivering a quality trading experience that is well-regulated, to a hugely diverse range of traders.

Its a worldwide broker meaning that with very few exceptions, you can sign up and start trading. The broker has a headquarters in Cyprus and also has offices in Belize. These are both renowned hubs for stringent regulation of the world’s top forex brokers.

Through this review, we hope to provide expert advice on every area of the broker operation so that you are left in no doubt as to whether trading with them is the right choice for you.


  • Is well-regulated across a selection of highly respected bodies
  • Low minimum deposits make it easy for new traders to get started with XM
  • The spreads remain very competitive throughout
  • Has established a global trader base of more than 2.5 million traders


  • No proprietary trading platform
  • More challenging than others on communication through live chat before account opening

What can you trade?

Min Deposit

App Support

Through this XM review, we found that the broker offers quite an extensive catalog in terms of forex currency pairs. There are 57 pairs in total to select from and this includes all of the major currency pairs that you would expect to find from a long-established broker like XM including EUR/USD, GBP/USD, USD/JPY and many more. Given that through this review we will also look at the many other markets and assets available, then this is a good selection without being overly providing when it comes to more exotic currency pairs trading.

Our  review has also found the broker to be very transparent when it comes to the cost of trading with them. This applies to two key areas of trading cost. The spread will depend somewhat on the account type you choose from the three that are available. These are the Micro Account, the Standard Account, and the Zero Account. There are no commissions or unexpected trading fees applied across any of these accounts, and you can expect spreads from 0.1pips when trading with major currency pairs.

As a part of our review, we also took into account the leverage available with the broker, Within Europe, due to ESMA regulation and requirements, all brokers are restricted to offering a maximum leverage of 1:30. This is also the maximum leverage you can expect to access as a trader based in Europe.

Min Deposit

App Support

Max Leverage

Our CFD review is an ideal place to start if you are looking for more assets to trade beyond forex. The broke does an excellent job here too in ensuring that you as a trader are present with a variety of options to choose from. Included in that are CFDs in commodities, metals, indices, and several major cryptocurrencies all with the same degree of transparency when it comes to cost and availability.

As an EU-based trader, you will also find that many of these CFDs are available for you to trade including within a wide range of European and global indices such as the EU Stocks 50 and others from around the world like the Nikkei 225.

Min Deposit

App Support

Max Leverage

This review uncovered a very pleasing range of stocks available for trading through the MT5 platform if your account is registered as trading under any set regulations. You can enjoy trading in hundreds of the most well-recognized companies in the world. This includes the likes of Apple, Facebook, and Tesla shares for you to trade as CFDs and all with competitive spreads attached that start from as little as 0.06 pips.

A dedicated Shares account for those who wish to focus only on stock trading is also available, although this is only offered if you are trading under the IFSC regulatory umbrella.

Min Deposit

App Support

Max Leverage

Our cryptocurrency review found that the broker offers trading in 5 key cryptocurrency markets. These can be traded with the US Dollar only. Markets are available with Bitcoin, Bitcoin Cash, Ethereum, Ripple, and Litecoin.

Given the popularity of these major cryptocurrency markets in particular, it is without surprise that we see offering these markets, although compared to their offering in other areas, this one remains relatively light.

What did our traders think after reviewing the key criteria?

This is an area within our review that we feel the broker performed consistently well on. only provide for a variable spread throughout all of their market, but this remains highly competitive regardless of your account type, asset traded, or location.

The fees are kept to a minimum and transparent at every step. This includes free deposits and commission-free trading on all except the Zero account. Even at this, the commission here amounts to a very reasonable $7 per round trade on a currency lot.

Our forex review uncovered that there are 3 common account types offered by the broker. These are as follows:

An Standard Account is available with a great value minimum deposit of just $5 and generally caters to the trading needs of the majority right across the board. This account type provides access to all the markets which our UK review has covered both in that area and to traders in every jurisdiction.

The Micro Account provides for all of the same benefits and another excellent minimum deposit of only $5 to provide for risk-reduced trading in micro-lots. This is ideal for those who may just be starting out.

Within the scope of this UK review, the XM Zero Account is also available. This account type does charge a competitive commission but balances things out with extra savings on the spreads. With this account, you need just a $100 XM minimum deposit and can even access your own VPS if needed.

When it comes to trading platforms, both MT4 and MT5 are available in all forms. Those reading this as an XM UK review will also be pleased to note that the full availability of both platforms is extended to traders worldwide.

xm platform

These are two of the most high profile and well-respected trading platforms around. They both provide for a top drawer user experience and one of the widest ranges of professional charting tools and indicators that you can hope to find from any broker.

Our CFD review also found that these are extensively catered for within the MT5 platform.

Both platforms can be downloaded on desktop, a web-based trading platform is available, and all of your Android and iOS mobile devices will be catered for through the MT4 mobile trading platform where needed.

Our UK review team was pleased to find the broker homepage to be the same, intuitive, and well-organized site design that is used by the broker worldwide. Everything you need or want to do is within very easy with just a few clicks, and both layout and design carry a degree of integrity which exemplifies that of the broker themselves.

There are no overly complex menus to navigate, and you can have either an demo account or an live account open within just a few minutes from arriving on the homepage.

Customer support is a key element within any top forex broker. This is the case for any trader who decides to invest their trust and funds in a broker. Our review found that they do provide three primary methods of contact for you as a trader. These are a web-based live chat, email, and telephone support.

All of these methods are answered quickly and professionally as you would expect with one of the best forex brokers around, although we did find it tricky at first in communication with the live chat representative as a new user without an account ID. This was quickly resolved though.

If you still have questions, there is also a dedicated, and well-provided FAQ section on the broker website that you can access. This is available around the clock while the other methods mentioned are on a 24/5 basis when markets are open.

Through the course of our UK review, we found that several funding methods are very well catered for. These include the usual payment methods of wire transfer as well as major credit and debit card deposits through VIsa and Mastercard. eWallet deposit from both Neteller and Skrill are also welcomed.

All of these same payment methods are also available as withdrawal methods when the time comes to transfer some funds in the other direction.

There are a variety of great bonuses available. Not in the financial sense, but in terms of enhancing your trading knowledge through the solid and very extensive educational infrastructure that the broker provides.

Here you can access a range of educational material including articles, video tutorials, and research tools such as a comprehensive economic calendar to help you build and plan your trading journey with XM.

Although an deposit bonus os up to 50% is available in some parts of the world, this was not the case with our UK review where the broker prioritizes regulatory compliance.

A useful and easy to access demo account is also widely available to all traders to try out the real-life XMtrading situation without any risk to your funds.

When it comes to regulatory compliance and deposit protection, you are very well taken care of at XM. They are regulated globally by a number of the most respected names in the sector including CySEC in Europe, ASIC in Australia, and the IFSC in Belize.

The FCA in the UK completes a stellar line up of regulators with which has been fully compliant over the years.

The forex review team, in particular, was highly impressed by the number of awards has picked up over the years. In total, they have managed to amass an impressive haul of 23 awards since their foundation in 2009. This is a number that continues to grow year on year and includes awards such as “best forex customer service” and “best broker in Europe” to name but a few.

xm awards


Yes. XM is a reputed broker, operating since 2009. Besides the 1000 + CFD products covering a range of asset classes, and regulators including the CySEC, FCA, ASIC, IFSC, and DFSA, you can open an account with a minimum deposit of $£5. The award-winning broker also offers a combination of low spread- high leverage, MT4/MT5 platforms, multiple funding methods, and 24/5 customer support.

XM provides a choice of several deposit methods. These include Visa/MasterCard, wire transfer and eWallets such as Neteller and Skrill. While the broker does not charge a fee to fund your trading account, your bank or the payment processor could levy a fee. It would be advisable to check the fund transfer charges with them before funding your account.

XM.com processes all withdrawal requests within 24 hours. Fund withdrawals via eWallets are generally credited to your account the same day. However,  if you choose bank wire transfers or cards, it could take 2-5 days to receive the credit. XM does not charge for processing withdrawals, but your bank or payment processor could levy a fee.

Traders registering with XM have the choice of three account types- The Micro, Standard and the Zero Account. While the trading conditions like the number of base currencies, contract size, and the spread are a factor of the account type, the CFD broker does not charge commissions. The only costs are the spread, which starts at 0.1 pip for the major FX pairs and the swap for holding overnight positions.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

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