XM Review 2024: A Deep Dive into a Leading Forex & CFD Broker

Broker Name	XM
Registered in	Cyprus
Regulatory status	ASIC, CYSEC, FSA, FSC and DFSA
Year(s) of incorporation	10-15 years
Market instruments	Currency pairs, stocks, commodities, precious metals, energies, indices...
Minimum initial deposit	$5
Maximum leverage	1:1000
Minimum spread	From 0.6 pips
Trading platform	MT5, MT4, own platform
Deposit and withdrawal methods	Credit or debit card, Paypal, Skrill Moneybookers, Neteller, WebMoney, CashU, GiroPay
Customer service	Email/phone number/address/live chat
Promotions	Yes

XM is a Forex and CFD broker based in Cyprus and regulated by several internationally renowned financial authorities, including ASIC (Australia), CySEC (Cyprus), FSC (Belize), FSCA (South Africa) and DFSA (Dubai). It offers a wide selection of investment choices such as forex, cryptocurrencies, commodities, shares, precious metals, etc. Clients can invest in global markets through its advanced trading platforms, including MT5, MT4, and XM app. You can also find multiple account types and round-the-clock customer service with this firm.

With over 15,000,000 clients from over 190 countries, since it was founded in 2009, XM has grown into a large international investment firm. XM is currently built of more than 1400 professionals with many years of experience in the financial industry. Its extensive experience combined with support for well over 30 languages, makes XM the broker of choice for traders of all levels.

XM Pros & Cons

Where XM shines:

✅1000+ tradable instruments: XM presents a swath of investments, including forex, cryptocurrencies, commodities, shares, precious metals, etc.

✅Thematic indices available: XM stands out with its thematic indices, such as the AI Index, China Internet, Electric Vehicles, TrumpWinners, etc.

✅Easy and fast account opening: XM's account opening process is hassle-free and straightforward.

✅Multiple account types: The broker has five retail accounts, catering to the needs of different traders.

✅Various trading platforms (MT4, MT5, XM app): XM gives the popular MT4 and MT5 trading platforms, as well as its own XM app.

✅24/7 customer support: Customer support is available 24/7 via phone and email.

Where XM falls short

❌$10,000 to open a Shares account: You need at least $10,000 to invest in shares, which is not beginner-friendly.

❌Restrictions of certain countries：XM does not provide services for the residents of certain countries, such as the United States of America, Canada, Israel, and the Islamic Republic of Iran.

Is XM Safe?

XM is a trusted brokerage, with oversight from multiple reputable regulatory bodies. These include ASIC (Australia), CySEC (Cyprus), FSC (Belize), FSCA (South Africa) and DFSA (Dubai).

XM operates several subsidiaries, and which one of these will serve you depends on your residency. For example, if you're in Hong Kong, XM Global Limited is the entity that will provide services for you and it is regulated by the Financial Services Commission (FSC) in Belize (license number 000261/397).

You can verify XM's regulatory status and explore its more details on WikiFX. WikiFX has the world's largest database of forex brokers, covering essential aspects such as company qualifications, regulatory status, historical performance, user reviews, and risk ratings, all rigorously verified. With over 60 regulatory agencies included, WikiFX provides a comprehensive resource for assessing the credibility of brokers like XM.

XM Review on Products

Investing is kind of like a buffet--there are lots of things to choose from. And spreading your money across different investments is a good thing if it helps manage risk. The more diverse your portfolio is, the better. When the stocks in your portfolio aren't doing so well, for example, your cryptocurrencies might help give your portfolio a boost. With XM, you can make a diversified portfolio with 1000+ instruments in 10 asset classes:

• Forex: 50+ currency pairs, such as majors, crosses, and exotics. The leverage is up to 1000:1.
• Cryptocurrencies: you can trade crypto 24 hours a day, 7 days a week and the leverage is up to 500:1.
• Stock derivatives: it provides access to 17+ global markets.
• Turbo stocks: it offers the most popular stocks in the market, such as Amazon, Alibaba, Google, etc. The leverage is up to 200:1.
• Commodities: cocoa, coffee, corn, cotton, hgcop, sbean, sugar, and wheat
• Equity indices: It presents more than 23 global market indices and the leverage is up to 500:1.
• Thematic indices: AI Index, China Internet, Electric Vehicles, TrumpWinners, etc
• Precious metals: you can trade in gold, silver, pall, and plat. The leverage is up to 1000:1.
• Energies: BRENT, NGAS, OIL, etc
• Shares: US, UK, German shares

A couple of things you won't see here are ETFs and bonds. XM doesn't offer either one. But you still have a good mix of investment options.

XM Account Types

Can you open an account with XM?

This firm has clients from over 190 countries and staff speaking over 30 languages.

However, XM does not provide services for the residents of certain countries, such as the United States of America, Canada, Israel, and the Islamic Republic of Iran.

Five Account Types

XM offers five types of trading accounts targeting different investment levels including Micro, Standard, Micro Ultra, Standard Ultra, and Shares accounts.

All account types have negative balance protection. Micro, Standard, Micro Ultra, and Standard Ultra accounts have no commission charged and require the same minimum deposit of only $5, and give the same leverage option, which is up to 1:1000. The Micro Ultra, and Standard Ultra accounts have tighter spreads than the other accounts, which is from 0.8 pips. The Shares account has a minimum deposit of $10,000 and a commission is charged. No leverage is offered on the Shares account. A demo account is also available with this broker.

How to Open an Account with XM?

1. First, you need to click the “open an account” button on its website, then you'll fill in your registration information, including country of residence, email, and password.

1. Then you'll receive an email from XM to verify your information. It links to XM's website to further verify your account. This operation includes three steps, adding your profile details, filling in your investor profile, and document verification.

1. Once you finish your identity check, you can see the main page of XM's web system. You can make an initial deposit. XM's minimum deposit is as little as $5. XM supports a wide array of payment methods, including credit and debit cards, bank transfers, e-wallets, and many more.

1. Upon completion of the registration and deposit process, you can enjoy the extensive services of this broker.

Trading Platform Offered by XM

Mobile App

XM provides three mobile trading platforms: MT4, MT5, and its proprietary XM app. The MT5 app gives quick and easy access to the market. You just need to download and install the app, search and choose XM server, and enter your login and password. Then you can start trading on your phone. It is compatible with IOS and Android devices.

The design of the MT5 app is intuitive and beginner-friendly. It is easy to find all the features it provides. You can use the app to place market, limit, and stop orders, as well as set alerts and notifications on it. It has full MT5 account functionality and built-in market analysis tools.

However, the MT5 app suffers from the same underlying problem inherent to other mobile apps. It's difficult to analyze price trends on mobile screens, especially low-resolution devices. So some investors prefer the desktop platforms.

Desktop Platform

For desktop trading, you can use the MT4 and MT5 platforms. The MT5 desktop platform is also easy to navigate. You can download the terminal on XM's website, find your broker, and enter your login and password. Then you can enjoy the full feature of this platform, including the ability to display 100 charts simultaneously, all order types (market, pending, stop orders, and trailing stop), over 80 technical indicators and 40+ analytical objects, etc.

MT5s layout is quite straightforward. A panel with various settings and configurations is at the top of the window; a watch list of selected instruments and tools screen is positioned on the left side of the window; charts occupy the middle portion of the window. You definitely have a better view of the price trends compared to the MT5 app version. You may find it easier to scale price action up and down with its various analytical tools and charts.

Experienced traders may find its Expert Advisors (EAs) feature pretty useful. The strategy tester allows you to tweak the parameters of your strategies so that they can be used under different market conditions.

Besides, MT4 and MT5 WebTrader platforms are also available with XM. They're similar to the desktop version.

How does XM make money?

Investment fees can dip into your returns, so keeping costs low might be a priority. With XM, the fees depend on the account type you fall into.

No commission is charged for all account types except Share accounts. Micro Ultra and Standard Ultra accounts seem to be more appealing to investors since they offer tighter spreads and swap-free trades with zero commission fees.

If you're a beginning investor without a lot of money to invest in shares, XM may not be your option. Because you need to invest at least $10,000 to open a Shares account. On the other hand, if you're focused on forex and CFD trading, you'll just be fine with this broker.

XM's Customer Support

If there's something you need to do that you can't manage online or through the mobile app, you can try reaching out to XM's 24/7 customer support. You have multiple choices, including an online chat feature, email (support@xmglobal.com), and phone (+501 223-6696). You can also dig into their social media channels (Facebook, YouTube, Twitter, etc) or hit a button on an online message box.

Should You Invest With XM?

The suitability of an investment often depends on your input and expected returns, but the overall quality of the broker is crucial as well.

To gain a comprehensive rating and multi-dimensional assessment, you can explore the broker's score on our WikiFX website at https://www.wikifx.com/en/dealer/0001461138.html.

XM boasts a dynamic score of 9.04, reflecting its strong overall performance. For beginner traders, opting for a high-rated broker like this is generally safer.