XM Review at a Glance
| Online Brokers | Trading Platform | Open Account | ||
|---|---|---|---|---|
AvaTrade |
Trading App, MT4, MT5, Web Trader, AvaOptions | Open Account | ||
| 2006 | 20% Bonus | Trading App, MT4, MT5, Web Trader, AvaOptions | ||
Trade Nation |
MetaTrader 4 | Open Account | ||
| 2010 | Spreads from $0 | ASIC | ||
Pepperstone |
MT4, MT5, Web Trader | Open Account | ||
| 2010 | Best in UK | MT4, MT5, Web Trader - CYSEC, BAFIN, CMA, SCB, DFSA, ASIC, FCA | ||
FP Markets |
Iress, MetaTrader | Open Account | ||
| 2005 | 0.0 Pips | ASIC, CySEC | ||
eToro |
Trading App, MT4, MT5, Web Trader, Copy Trader | Open Account | ||
| 2007 | Best for Copy Trading | NFA, CySEC, ASIC, CFTC, MiFID, FCA | ||
FXCM |
MT4, MT5, Web Trader | Open Account | ||
| 1999 | $0 Rollover Fees | FCA, ASIC, SFC, CONSOB, BaFin, ACP | ||
XM is a regulated broker and part of XM group & Trading Point. The brokerage firm is regulated in most countries and offers low fee trading on FX, Commodities, Equity, Precious metals, and Energy.
The jurisdictions that XM is regulated are:
- United Kingdom: (FCA), Financial Conduct Authority.
- Cyprus: Securities and Exchange Commission (CySEC).
- Australian Securities and Investment Commission (AFSL)
- International Financial Services Commission (IFSC)
In terms of safety, although XM neither holds a banking license nor is listed on the stock exchange, the company is being regulated by top-tier financial institutions. That’s how they maintain a reputation of a “safe broker.”
You can trade with 57 currency pairs and 1200 stock index CFDs. Your investment is protected up to €20,100 only if you are from EEA Countries. When our team evaluated XM’s trading platform and reviewed its services, we compared them with 130 regulated brokers & decided to rank the XM group as listed below:
- Among the Best Forex Brokers
- Top deposit bonus broker
- Offers Stable MT4 Trading and considered as one of the best MT4 brokers for beginners with advanced charting
- Best CFD Brokers
How much is XM Commission?
We receive these questions every month; this could be your question too.
“Is XM a good Fx broker?”,
“How much are XM fees?”
“What is the default leverage at XM?”
When using MetaTrader4 & 5 to trade with XM, regardless of your account type, the leverage for the following instruments is capped at 1:50:
EURDKK, EURHKD, GBPDKK, USDDKK, USDHKD, USDCNH, EURRUB and USDRUB.
The fees for S&P 500 CFD, Europe 50 CFD, EUR USD are built into the spread.
- ✓ For S&P 500 CFD, the fee is 0.7 average spread cost, which is considered low.
- ✓ For Europe 50 CFD, the fee is 2.5 average spread cost, which is considered to below.
- ✕ For EURUSD, the fee has a different structure: the fee is 1.7 average spread cost for standard and micro accounts
- ✓ XM Zero account commission is $3.5 for every $100 000 traded; The Average spread is 0.1 pips.
✓ There is a $5 monthly inactivity fee after a quarter. - ✓ There is a $5 monthly inactivity fee after a quarter.
Overall, XM revenue stream, and basically how forex brokers make money is mostly through:
- Fractional Pip Pricing
- Fixed Spreads
- Variable Spreads
- Commissions
In case you decided to opt for bonuses and promotions, this table illustrates the deposit bonus broker structure:
Let’s deep dive and have a look at XM‘s fees for stock, forex, and CFD fees. We will also run a comparison table with two big brokers to show you the difference. To help you understand XM fees, we will compare these top three brokerage companies side by side: XM, eToro Review, and XTB Review.
In this comparison case, you make a typical trade which means buying a leveraged position, holding it for 1 week & only sell it afterward.
* Volume: a $2,000 position for:
1) The stock Index
2) CFD
3) Forex.
The leverage in these scenarios is:
• 20:1 stock index CFDs
• 5:1 CFD
• 30:1 forex
Compare XM Fees & Alternatives
| Forex Scenario | XM | XTB | eToro |
|---|---|---|---|
| EURUSD | $17.1 | $15 | $19.6 |
| GBPUSD | $13.8 | $11.1 | $16.2 |
| AUDUSD | $13.9 | $10 | $12.4 |
| EURCHF | $9.1 | $6.6 | $11.8 |
| EURGBP | $12.2 | $9.9 | $19.9 |
| CFD Scenario | XM | XTB | eToro |
|---|---|---|---|
| S&P 500 index CFD fee | $2.4 | $2.0 | $2.4 |
| Europe 50 index CFD fee | $2.4 | $2.2 | $2.7 |
| Apple CFD fee | $3.4 | $17.9 | $6.3 |
| Vodafone CFD fee | $5.6 | $20.9 | — |
Is MetaTrader Easy For Beginners?
XM trading platform powered by MetaTrader 4 and MetaTrader 5 is available for Mac, PC, and Mobile, which means you can run it on Desktop and smartphone. Additionally, you can access XM Web trader on your preferred broker.
Compared with some of the other online trading platforms, XM online trading platforms have a great UI, and the user experience is very smooth. Obviously, if you have used MT4 before, you can adapt in a minute.
The search functionality is strong and very fast, so you can easily find the trading instruments. When trading on the go, you can receive push notifications on your phone and utilize its enhanced touch experience to manage your portfolio and trade by swiping right or left.
Unfortunately, you can not set up the touch ID or face ID login feature on your phone. At a glance, it looks like this:
XM Platform gives you Automation capability and access to the following technical indicators. (It’s not available to everyone, You must contact your Account manager, though).
- Analyzer Indicator
- ADX & PSAR Indicator
- Bollinger Bands Indicator
- Ichimoku Indicator
- River Indicator
- Ribbon Indicator
Since XM uses MT4 & MT5, you can easily use Expert Advisors. You can also easily customize your charting features & reports and use them in 21 supported languages.
XM Group offers trading signals through MQL5. Simply speaking, MQL5 is a global community with a tremendous range of trading signals from verified traders. Because MQL5 & MT4 belong to the same company, getting MQL5 through MT4 accounts and the MT5 platform is very practical.
Does XM offer ECN Account?
What broker should I open account to get deposit bonus?
What trading account types does XM offer?
XM, which is primarily known as a reliable forex broker and regulated CFD broker, offers five different types of trading accounts:
As Micro account holder or Standard account owner:
- You pay no commission, but the spreads that you will pay are higher.
- You have an option to choose these base currencies: (USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, RUB, SGD, ZAR),
- Your Minimum deposit is 5$.
- The only difference between these 2 accounts is that in the Micros account, a lot equals 1000, but in the Standard account, the contract states that 1 low equals 100,000.
Zero account holders:
- You should pay commissions, but you enjoy very low spreads.
- The base currencies are limited to UDS, JPY, and EUR.
- The minimum deposit is $100.
- This account is only available to EEA countries.
XM Ultra-Low Account:
- Base currencies are: (EUR, USD, GBP, AUD, ZAR, SGD).
- The spreads are low, and you pay no commission.
- The minimum deposit is $50.
Shared account:
- The minimum deposit is $10,000
- The contract size of 1 share
- It has no commission rate
- Only 1 base currency= USD is available
XM Trading account opening is very fast and literally automated. To open your account, you need to sign up with your email address or social platform credentials. Normally, your live account will be ready in one to three days, but you can immediately use your demo account.
Keep your passport copy or a valid ID ready because you’d have to go through a KYC process. They might even ask for proof of residency (something like a utility bill or bank statement) to approve your account.
When it comes to forex and CFD trading, you should test the broker’s customer support before getting onboard. Overall, XM customer care answers fast via email and live chat. You can also call them 00:00 – 08:00 GMT, and 24/5. By the way, support is limited to weekdays because there is no 24/7 support process.
XM Trading Portfolio
Should I Trade ETF, Forex, or CFD?
XM is not one of the best cryptocurrency brokers, yet the main XM trading products and instruments are listed below
IS XM’s Technical Analysis up to date?
When it comes to research, apart from trading tools and MQL5, XM offers the following services:
In light of research, XM publishes the latest analysis of the market and market analysis news.
You can find the market summary and trade ideas on a different instrument.
A very comprehensive technical analysis tool of major CFDs and FX CFDs is being published and debated on their website.
In case you are looking for technical summaries, you can find something like this.
Does XM offer Fundamental Data? No.
Does XM Trading Ideas? Yes.
As for education and knowledge, if you are looking for a lot of trading materials for beginners to learn how to trade, you can also try to get the hang of best investing apps, which offers plenty of resources, to begin with. (We do not offer investment advice and guarantees).
XM economic calendar is publicly available and updated regularly. You can also utilize the XM learning center that offers education for beginners and professional/experienced traders.
You can visit educational materials in webinars or attend technical analysis discussions conducted by dozens of XM experts.
This program is part of global webinars conducted by 49 instructors and led by XM’s Chief Technical Strategist.
Conclusion of XM Review
After careful evaluation, we believe XM is among the best CFD brokers and a regulated forex broker in most countries and financial markets.
The easy-to-use trading platform, powered by MT4, MT5, and Trading signals that are shared through MQL5 are plus points for XM. Web Traders has some drawbacks and lacks all the features.
A big plus is their video educational repository, and indeed their low cost trading fees. You can open a demo account or go straight for Live account.
Fast & Free withdrawal process along with XM’s low CFD fees are competitive advantages that this brokerage service has. We have detailed all account types and minimum deposit of $5 which nominated it to be a good online broker for beginners too.
Portfolio of XM is a negative side because not only its focus is more on FX, and CFDs , the stock trading options are limited to traders outside European countries.
XM is regulated by the following financial authorities:
- United Kingdom: (FCA), Financial Conduct Authority.
- Cyprus: Securities and Exchange Commission (CySEC).
- Australian Securities and Investment Commission (AFSL)
- International Financial Services Commission (IFSC)
Follow these steps to learn how to open trading account:
1. Get ready with your email address
2. Select the country of residency.
3. Provide demographic data
4. Choose your preferred online trading platform
5. Select your account type & base currency.
6. Explain your trading experience and provide employment history
7. Provide identity and residency proof for activation.
The minimum deposit is $5.
- Low CFD Fees
- Provides Trading Ideas
- Offers Negative balance protection
- Well Regulated in Top-tier Financial Markets
FXCM
AvaTrade
eToro
Fusion Markets
IG Markets
IC Markets
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