XM Overview
- Real time deposit and withdrawal.
- 24/7 customer support.
- LSC, Malaysia Labuan regulated.
- Various pair (Metal, Currencies, Crypto, Stock).
- SOF requirement.
- Advance trading tools.
- Low spread, high leverage.
- Slow verification.
Ratings
Overall
4.5/5
Fees
5/5
Deposit and withdrawal
5/5
Asset selection
4.5/5
Ease of account opening
4/5
Regulation and security
4/5
Overview
XM remains one of the most trusted names in Forex, with over ten million customers worldwide.
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Regulators | CMA, FCA, FSC Mauritius, FSCA, SCA | BCR, FSA, FSC Mauritius, FSCA | ASIC, CMA, CySEC, FSCA | ASIC, BVI, Central Bank of Ireland, FFAJ, FSCA, KNF, MiFID |
Year Established | 2011 | 2018 | 2005 | 2006 |
Execution Type(s) | ECN/STP, Market Maker | Market Maker | ECN/STP | Market Maker |
Minimum Deposit | $200 ✓ | $10 ✓ | $100 ✓ | $100 ✓ |
Average Trading Cost EUR/USD | 0.1 pips | $9.00 | 1.2 pips | 0.9 pips |
Average Trading Cost GBP/USD | 0.2 pips | $16.00 | 1.4 pips | 1.5 pips |
Average Trading Cost Gold | $0.18 | $0.38 | $0.16 | $0.29 |
Trading Platform(s) | MetaTrader 4, MetaTrader 5, Proprietary platform | MetaTrader 5, Proprietary platform, Web-based | MetaTrader 4, MetaTrader 5, cTrader, Proprietary platform, Web-based | Other, MetaTrader 4, MetaTrader 5, Proprietary platform, Web-based |
Islamic Account | ✓ | ✓ | ✓ | ✓ |
Negative Balance Protection | N/A | ✓ | ✓ | ✓ |
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XM Regulation and Security
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), XM Global Limited was established in 2017 and is regulated by the Financial Services Commission (000261/27) and Trading Point MENA Limited was established in 2019 and is regulated by the Dubai Financial Services Authority (F003484).
XM’s regulation in Cyprus provides its clients there with a degree of investor protection, as CySEC maintains an Investor Compensation Fund which is empowered to award depositors who lose their accounts due to failure of a regulated firm an amount up to €20,000.
XM has been in operation as a brokerage since 2009, giving it a relatively long track record. Typically, it can be said that the longer a broker has been in business, the more reputable the broker should be held to be.
Like all Forex / CFD brokerages regulated in member states of the European Union like Cyprus, all clients of XM enjoy negative balance protection. This means that it is impossible for any client to lose more than the amount they have deposited with XM. The “tail risk” of an extremely large and sudden market movement, amplified by any leverage used, is borne fully by XM under this European Union regulation.
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What Can I Trade With XM?
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Regulators | CMA, FCA, FSC Mauritius, FSCA, SCA | BCR, FSA, FSC Mauritius, FSCA | ASIC, CMA, CySEC, FSCA | ASIC, BVI, Central Bank of Ireland, FFAJ, FSCA, KNF, MiFID |
Year Established | 2011 | 2018 | 2005 | 2006 |
Execution Type(s) | ECN/STP, Market Maker | Market Maker | ECN/STP | Market Maker |
Minimum Deposit | $200 ✓ | $10 ✓ | $100 ✓ | $100 ✓ |
Average Trading Cost EUR/USD | 0.1 pips | $9.00 | 1.2 pips | 0.9 pips |
Average Trading Cost GBP/USD | 0.2 pips | $16.00 | 1.4 pips | 1.5 pips |
Average Trading Cost Gold | $0.18 | $0.38 | $0.16 | $0.29 |
Trading Platform(s) | MetaTrader 4, MetaTrader 5, Proprietary platform | MetaTrader 5, Proprietary platform, Web-based | MetaTrader 4, MetaTrader 5, cTrader, Proprietary platform, Web-based | Other, MetaTrader 4, MetaTrader 5, Proprietary platform, Web-based |
Islamic Account | ✓ | ✓ | ✓ | ✓ |
Negative Balance Protection | N/A | ✓ | ✓ | ✓ |
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XM Trading Platforms
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Regulators | CMA, FCA, FSC Mauritius, FSCA, SCA | BCR, FSA, FSC Mauritius, FSCA | ASIC, CMA, CySEC, FSCA | ASIC, BVI, Central Bank of Ireland, FFAJ, FSCA, KNF, MiFID |
Year Established | 2011 | 2018 | 2005 | 2006 |
Execution Type(s) | ECN/STP, Market Maker | Market Maker | ECN/STP | Market Maker |
Minimum Deposit | $200 ✓ | $10 ✓ | $100 ✓ | $100 ✓ |
Average Trading Cost EUR/USD | 0.1 pips | $9.00 | 1.2 pips | 0.9 pips |
Average Trading Cost GBP/USD | 0.2 pips | $16.00 | 1.4 pips | 1.5 pips |
Average Trading Cost Gold | $0.18 | $0.38 | $0.16 | $0.29 |
Trading Platform(s) | MetaTrader 4, MetaTrader 5, Proprietary platform | MetaTrader 5, Proprietary platform, Web-based | MetaTrader 4, MetaTrader 5, cTrader, Proprietary platform, Web-based | Other, MetaTrader 4, MetaTrader 5, Proprietary platform, Web-based |
Islamic Account | ✓ | ✓ | ✓ | ✓ |
Negative Balance Protection | N/A | ✓ | ✓ | ✓ |
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XM Deposits and Withdrawals
At XM there is no minimum deposit required. However, system restrictions limit the minimum deposit amount to $5 for electronic funding such as Moneybookers, Skrill and Neteller as well as credit cards and bank wire transfers.
Withdrawals can be made using the same methods. In fact, the deposit and withdrawal options are listed side by side on the website and a trader needs only click on “make a deposit” or “request a withdrawal” in order to make a transaction.
Withdrawals via bank wire of amounts under $200 are subject to a $15 administration fee. While this is not completely uncommon, it is a little unusual and smaller depositors should consider whether they will be able to plan to sit tight and hope to grow their account to a level where this fee would not apply to any likely amount the client will wish to withdraw.
Summary
XM deserves a positive review. Fees are competitive for depositors of a few hundred dollars, and the XM Zero account option is competitive for Forex traders at any deposit size, starting at the $5 minimum. A diverse range of assets exists for trading, including over 1,350 individual stocks and shares. XM’s reputation is towards the higher end of the industry average, with a long track record and good regulatory standing in Australia, the UK, Belize, and Cyprus.
