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XM Broker Review

FX Scouts By Jeffrey Cammack Updated: October 1, 2019
Average Score
4 / 5
Min. Deposit USD 5
Max. Leverage 888:1
Min. Spread 0.6 pips
Regulators CySEC,FCA,ASIC,IFSC
Regulator Origin CySEC FCA ASIC IFSC
Broker Type Market Maker

Summary

XM Group (XM) is a dealing desk broker which offers floating spreads, three different account types and support for the MT4 and MT5 platforms. XM also offers swap-free Islamic accounts and an unlimited demo account.

With tight spreads, fast execution times and good analysis software it is a great broker for scalpers, day traders and long-term traders. XM also offers a low minimum deposit on two of the account types making this broker accessible for new traders.

If you are looking for a swap-free Islamic account, first open a regular trading account with XM, login to your member's area to validate your account, and then request an Islamic account.

Reviews

Trust Rating
Trading Conditions
Trading Platforms
Deposit & Withdrawal
Bonuses $30 Trading Bonus
Beginner Friendly Standard
About our review process

Trading Conditions

Minimum Deposit USD 5
Base currencies USD, EUR, GBP, AUD
Number of FX Pairs 55+
Hedging Allowed
Scalping
Swap-Free Accounts

Average Spreads

EUR / USD 0.8
GBP / USD 1.1
USD / JPY 0.8

Company Details

Company name XM Global
Founded 2009
Website Visit Website
Type Market Maker
Regulators CySEC,FCA,ASIC,IFSC
Office locations UK,Cyprus,Australia

Deposit & Withdrawal Methods

Supported Platforms for XM

XM Broker Detailed Review

Is XM Safe?

XM Group is a brand name of Trading Points of Financial Instruments and is regulated by the following entities.

  • 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)
  • Trading Point of Financial Instruments UK Ltd was established in 2016 and it is regulated by the Financial Conduct Authority (FCA 705428).

Account types

XM offers four different account types: Three real accounts and a demo account.  All accounts are available as swap-free Islamic accounts by request.  

The different real accounts offer traders flexibility in terms of minimum deposit and contract size.

  • Demo Account: Ideal for trading practice, as well as for testing trading strategies.  XM’s Demo Account does not expire and allows you to trade on live markets, risk-free.  For more information on the demo account and sign up, click here.
  • Micro Account:  This is the cheapest account, with a minimum deposit of 5 USD and a wide range of base currencies available. Contract size for this account is 1 lot = 1000 units and spreads for majors are as low as 1 pip.
  • Standard Account:  This account also has a minimum deposit of 5 USD and the same wide range of base currencies.  Contract size for this account is 1 lot = 100,000 units and spreads are as low as 1 pip.
  • Ultra Low Account:  This account has a higher minimum deposit of 50 USD but the spreads on majors can be as low as 0.6 pips and spreads are lower across the board.  Contract size is 1 unit = 100,000 units for this account, but base currencies are limited to EUR, USD, GBP, AUD, ZAR, SGD. Trading Bonuses are not available on this account.

Promotions

XM offers a variety of promotional offers to new traders.  Below are the current promotions and bonuses being offered by XM in Malaysia to give you an idea of what you can expect as a welcome.

Leverage

XM has flexible leverage depending on account type and size of trade.  Using a high-level of leverage adds additional risk.  The leverage offered is 1:1 to 1:888 (5 USD – 20,000 USD), 1:1 to 1:200 (20,001 USD – 100,000 USD) & 1:1 to 1:100 (100,001 USD +).

Trading Platforms

XM supports MetaTrader 4 (MT4) and MetaTrader 5 (MT5) for PC, Mac, Browser and all iOS and Android devices.

All the XM platforms allow the use of Expert Advisors (EAs) and indicators.

Deposit & Withdrawals

There are a variety of ways of depositing and withdrawing cash from your XM account. XM Group accepts the most commonly used payment methods, including Credit/Debit Card, Neteller, Skrill, Bank Wire Transfer, etc

The account funding process is open for 24 hours a day and it is fully automated. XM also covers all transfer fees and does not include any hidden fees or commission for funds deposits.

XM Advantages

  • Tight spreads starting from as low as 1 pip for Micro and Standard Accounts and as low as 0.6 pips for the XM Ultra Low account.
  • Flexible leverage of up to a maximum of 1:888 is available.
  • 24/5 support for all customers in 25 languages.
  • No re-quotes on any trades.
  • Personal account managers for all customers.
  • A 30 USD Trading Bonus on the Micro and Standard Accounts and a Deposit Bonus up to 4,500 USD.
  • Scalping and hedging on all accounts.

Most retail CFD accounts lose money. Your capital is at risk.

Compare Brokers

Overall Rating 4/5 5/5 4/5
Minimum Deposit USD 5 USD 10 USD 5
Regulation
CySEC CySEC
FCA FCA
ASIC ASIC
IFSC IFSC
CySEC CySEC
FCA FCA
FSCA FSCA
CySEC CySEC
FCA FCA
FSCA FSCA
DFSA DFSA
FSC FSC
Broker Type Market Maker ECN/STP ECN/STP
Read Full Review Read Full Review
Trading Conditions 4 / 5 5 / 5 4 / 5
Trading Platforms 4 / 5 5 / 5 3 / 5
Deposit & Withdrawal 4 / 5 4 / 5 4 / 5
% Lose with this broker 69% of retail investor accounts lose money when trading CFDs with this provider 83% of retail investor accounts lose money when trading CFDs with this provider 72.83% of retail investor accounts lose money when trading CFDs with this provider
Leverage 888:1 Flexible 1000:1
Spread 0.6 pips 0.0 pips 0.0 pips
Hedging
Scalping
Account Types
  • Mini,Standard
  • Mini,Professional,Standard,Vip
  • Standard,Mini
Trading Platforms MetaTrader4, MetaTrader5, WebTrader MetaTrader4, MetaTrader5, WebTrader MetaTrader4, WebTrader
Funding Methods Bank Transfer, Sofort Banking, Visa, Mastercard, Maestro, Skrill, Neteller, Bitcoin, Unionpay Bank Transfer, Visa, Mastercard, Maestro, Skrill, Neteller, Bitcoin, Unionpay Bank Transfer, Visa, Mastercard, Skrill, Neteller, Bitcoin, Unionpay
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XM

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FXTM

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HotForex

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Overall Rating 4 / 5 5 / 5 4 / 5
Min. Deposit USD 5 USD 10 USD 5
Regulation
CySEC CySEC
FCA FCA
ASIC ASIC
IFSC IFSC
CySEC CySEC
FCA FCA
FSCA FSCA
CySEC CySEC
FCA FCA
FSCA FSCA
DFSA DFSA
FSC FSC
Broker Type Market Maker ECN/STP ECN/STP
Read Full Review Read Full Review Read Full Review
Trading Conditions 4 / 5 5 / 5 4 / 5
Trading Platforms 4 / 5 5 / 5 3 / 5
Deposit & Withdrawal 4 / 5 4 / 5 4 / 5
Risk Disclaimer 69% of retail investor accounts lose money when trading CFDs with this provider 83% of retail investor accounts lose money when trading CFDs with this provider 72.83% of retail investor accounts lose money when trading CFDs with this provider
Leverage 888:1 Flexible 1000:1
Spread 0.6 pips 0.0 pips 0.0 pips
Hedging Allowed Yes Yes Yes
Scalping Allowed Yes Yes Yes
Platforms MetaTrader4, MetaTrader5, WebTrader MetaTrader4, MetaTrader5, WebTrader MetaTrader4, WebTrader
Funding Bank Transfer, Sofort Banking, Visa, Mastercard, Maestro, Skrill, Neteller, Bitcoin, Unionpay Bank Transfer, Visa, Mastercard, Maestro, Skrill, Neteller, Bitcoin, Unionpay Bank Transfer, Visa, Mastercard, Skrill, Neteller, Bitcoin, Unionpay

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Trading Forex and CFDs is not suitable for all investors and comes with a high risk of losing money rapidly due to leverage. 75-90% of retail investors lose money trading these products. 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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Most retail CFD accounts lose money. Your capital is at risk.