XM focuses on providing dedicated builds of MT4 & MT5 for all major Operating Systems and devices.
The broker employs a large Customer Support team that cover over 30 languages. Support hours are 24/5 and available on phone, email and live chat.
Few brokers can boast having over 5 million clients from 190 countries and almost 20 awards in the last 7 hours.
XM does not hold an NFA license and therefore cannot accept US clients.
XM mostly relies on internally developed tools instead of using established market-leading products.
XM Group (XM) is a group of regulated online brokers. Trading Point of Financial Instruments Ltd was established in 2009 and it is regulated by the Cyprus Securities and Exchange Commission (CySEC 120/10), Trading Point of Financial Instruments Pty Ltd was established in 2015 and it is regulated by the Australian Securities and Investments Commission (ASIC 443670) and XM Global Limited was established in 2017 and is regulated by the International Financial Services Commission (000261/106).
The broker has received multiple awards during its 10-year existence and employs over 300 people in various countries worldwide. While the company is not publicly listed, the corporate website is fairly transparent and gives some insights about the management. As XM is regulated by two tier 1 regulators, the trust score is accordingly high.
XM offers both MT4 and MT5 – mobile, web and desktop versions. Both platforms are quite generic and do not come with any special XM-branded tools. However, fans of the MetaQuotes platforms will be satisfied with the offer. The broker also offers the MultiTerminal which allows traders to manage multiple accounts simultaneously.
XM offers accounts in USD, EUR, GBP, JPY, CHF, AUD, HUF and PLN. With this, the broker enables funding in all major countries and additionally caters to Eastern European traders who would like to trade in their local currencies (Hungary and Poland).
XM clients have a decent number of funding methods available, ranging from debit/credit cards, bank transfers and e-wallets.
The deposit methods we tested were all processed quickly, and even the bank transfer arrived within 24 hours (in Europe). The withdrawal takes slightly longer, but we have not experienced any significant delays.
XM offers a variety of trading tools to its clients, but surprisingly, no tools that are usually packaged together as in the case of other premium brokers. XM is heavily focused on proprietary research & trading resources. One of the most effective tools available are the daily live trading webinars where new & experienced traders alike can learn from XM’s professional traders. XM also provides 6 proprietary technical analysis indicators in the form of Expert Advisors that can be used on both MT4 and MT5.
XM provides three types of trading accounts to suit different types of traders:
The XM Micro Account is suitable for beginner traders who want to limit their exposure to risk. This account type allows trading in microlots (1 lot = 1,000 instead of the usual 1 lot = 100,000). There are no commissions for this type of account and spreads start from 1 pip.
The XM Standard Account targets traders with some experience who are also looking to maintain trading costs lower by avoiding commissions. The lot size is the standard 1 lot = 100,000 and spreads start from 1 pip.
The XM Zero Account is the best choice for experienced traders who trade large tickets. The spreads are the lowest out of all XM accounts, starting from 0 pips. There is a commission of $7/lot, however, for clients that open large positions the lower spread costs will make up for incurring the commission.
Spreads on the Standard are on the higher end, so active traders may rather opt for the Zero account. While traders who trade infrequently might not mind this, active traders who trade substantial positions should opt for the Zero account when trading with XM, as the trading costs will be much lower.
XM has a multi-lingual team that speaks over 30 languages. Most of the support staff is based in Cyprus and Athens. The company offers support by email, chat and phone.
We have contacted the support team on 5 occasions, using different channels. The waiting time for the Live Chat was above average, and it took longer to get the desired answer. However, the phone support was better with a relatively short waiting time and helpful staff.
Emails were replied to within 24 hours and were precise and detailed.
XM is a trustworthy broker that provides access to a wide range of trading instruments and an excellent research/education offer. The spreads are on the higher end of the range, but traders can opt for the Zero account, where pricing is more competitive.