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XM Review

XM Review

 

XM is a leading global forex and CFDs retail brokerage that was founded in 2009. XM offers access to CFDs on forex, stocks, indices, commodities, metals and energies via the state-of-the-art MetaTrader 4 and 5 trading platforms. XM is licensed and regulated by several Tier-1 authorities and is rated highly as regulatory compliant and safe to use for forex and CFDs traders in Africa.

 

In this in-depth review you’ll find the following information:

 

  • A complete XM broker review
  • An overview of XM real Account Types
  • Does XM have a Welcome Bonus?
  • Details on XM Trading platforms
  • Summary of XM Global
  • Steps to access XM Login Members area
  • Steps for XM registration
  • Details of XM Minimum Deposits
  • XM withdrawal process
  • XM vs Exness vs FBS

 

And lots more…

 

Let’s dive right in…

 

XM at a Glance

 

BrokerXM
📅 Year Established2009
📜 RegulatedFSC
💻HeadquartersBelize
🕖 Duration to open an account1 Day
🎁 Sign Up Bonus$30 Trading Bonus

50% Deposit bonus with $500 deposit

🗺️ Country of regulationBelize
📊Islamic AccountYes
💳 Demo AccountYes
💰Spreads0.6 Pips
💰Leverage 1000:1
💰 Minimum deposit$5 USD
💰 Inactivity fee chargedYes
🗺️ HedgingYes
🥇 Trading InstrumentsForex Trading, Cryptocurrencies, Stock CFDs, Commodities, Equity Indices, Precious Metals, Energies, Shares
📈 Trading PlatformsMT4, MT5, XM App
🎓Affiliate Program / PartnershipYes
🚀 Open a account👉Click Here

 

Overall Rating

Min Deposit

USD 5

Regulators

FSA

Trading Desk

MT4, MT5, XM App

Crypto

Yes

Total Pairs

55

Islamic Account

Yes

Trading Fees

Low

Account Activation

24 Hours

 

XM Review – 20 Keypoint Overview

 

  1. ✅XM at a Glance
  2. ✅XM Overview
  3. ✅Is XM Regulated?
  4. ✅XM Minimum Deposit
  5. ✅Types of XM Accounts
  6. ✅XM Sign-Up Bonus
  7. XM Demo Account
  8. XM Islamic Account
  9. How to Open an XM Account – Step-by-Step Guide
  10. XM Pros and Cons
  11. XM VS Exness VS FBS – Comparison Table
  12. XM Customer Reviews
  13. Deposits and Withdrawal
  14. Steps to Withdraw Funds from XM Account
  15. XM Fees, Spreads, and Commission
  16. XM Partnership Options
  17. XM Product Portfolio
  18. XM Broker Trading Platforms
  19. Conclusion
  20. Frequently Asked Questions

 

XM Overview

 

𝗕𝗿𝗼𝗸𝗲𝗿𝗢𝗽𝗲𝗻 𝗮𝗻 𝗔𝗰𝗰𝗼𝘂𝗻𝘁𝗠𝗶𝗻𝗶𝗺𝘂𝗺 𝗱𝗲𝗽𝗼𝘀𝗶𝘁𝗥𝗲𝗴𝘂𝗹𝗮𝘁𝗼𝗿𝘀
XM👉Click Here$5 USDBelize

 

XM Group is made up of multiple entities that use the XM brand and hold regulatory status in various jurisdictions. The first company in the XM Group was founded in 2009 in Cyprus and is regulated by CySEC under the name Trading Point of Financial Instruments Ltd.

Since 2015, XM Group has expanded its global footprint and has entities regulated in Australia (ASIC), the United Kingdom (FCA) and Belize (IFSC).

 

XM Overview

 

10 Best Forex Brokers for 2024

Rank

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Review

Regulators

Min Deposit

Official Site

#1

AvaTrade-Islamic

4.8/5

User Score

#2

4.7/5

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#3

4.5/5

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#4

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4.4/5

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4.7/5

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4.6/5

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#7

4.7/5

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#8

4.8/5

User Score

#9

4.7/5

User Score

#10

4.7/5

User Score

 

Is XM Regulated?

 

🧾 𝗥𝗲𝗴𝘂𝗹𝗮𝘁𝗼𝗿🔎 𝗔𝗯𝗯𝗿𝗲𝘃𝗶𝗮𝘁𝗶𝗼𝗻📈 𝗟𝗶𝗰𝗲𝗻𝘀𝗲 𝗡𝘂𝗺𝗯𝗲𝗿
🥇 Financial Services Commission📌 FSC000261/397
🥈Cyprus Securities and Exchange Commission📍 CySEC120/10

 

Yes, XM is regulated by the Financial Services Commission (FSC) and Trading Point of Financial Instruments Limited which forms part of XM Group Limited which is registered with CySEC (Cyprus Securities and Exchange Commission)

 

XM Regulated broker

 

XM Minimum Deposit

 

💰 Account🚀 Open an Account💰 Min Deposit
📌Micro Account👉Click Here$ 5 USD
📌Standard Account👉Click Here$ 5 USD
📌XM Ultra Low Account👉Click Here$ 5 USD
📌Shares Account👉Click Here$ 10 000 USD

 

The minimum deposit for XM is $5 for Micro, Standard and Ultra-low accounts.

For Shares accounts, the initial deposit is $10 000.

 

XM Trading Account Types

 

 

Types of XM Accounts

 

XM offers clients four main account types. XM also offers demo trading accounts and Islamic swap-free accounts. Each XM account type has different features and conditions which are suitable for different types of forex traders.

 

Micro Account

 

🥈 𝗙𝗲𝗮𝘁𝘂𝗿𝗲𝘀
📌 𝗠𝗶𝗰𝗿𝗼 𝗔𝗰𝗰𝗼𝘂𝗻𝘁
Base Currency OptionsUSD, EUR, GBP, JPY, CHF,‎
CommissionNo commission
Maximum leverage1000:1
Minimum deposit$5 USD
Spread From 1 pip
🚀𝗢𝗽𝗲𝗻 𝗮𝗻 𝗔𝗰𝗰𝗼𝘂𝗻𝘁 👉Click Here

 

Standard Account

 

🥈𝗙𝗲𝗮𝘁𝘂𝗿𝗲𝘀📌𝗦𝘁𝗮𝗻𝗱𝗮𝗿𝗱 𝗔𝗰𝗰𝗼𝘂𝗻𝘁
Minimum deposit$5 USD
Maximum leverage1000:1
SpreadFrom 1 pip
CommissionNo commission
Base Currency OptionsUSD, EUR, GBP, JPY, CHF,‎
🚀𝗢𝗽𝗲𝗻 𝗮𝗻 𝗔𝗰𝗰𝗼𝘂𝗻𝘁👉Click Here

 

XM Ultra Low Account

 

🥈𝗙𝗲𝗮𝘁𝘂𝗿𝗲𝘀📌𝗫𝗠 𝗨𝗹𝘁𝗿𝗮 𝗟𝗼𝘄 𝗔𝗰𝗰𝗼𝘂𝗻𝘁
Minimum deposit$5 USD
Maximum leverage1000:1
SpreadFrom 0.6
CommissionNo commission
Base Currency OptionsEUR, USD, GBP, AUD, ZAR, SGD
🚀𝗢𝗽𝗲𝗻 𝗮𝗻 𝗔𝗰𝗰𝗼𝘂𝗻𝘁👉Click Here

 

Shares Account

 

📊 𝗙𝗲𝗮𝘁𝘂𝗿𝗲𝘀💻 𝗙𝗼𝗿𝗲𝘅 𝗧𝗿𝗮𝗱𝗶𝗻𝗴 𝗥𝗼𝗯𝗼𝘁 (𝗘𝗔)💻 𝗙𝗼𝗿𝗲𝘅 𝗜𝗻𝗱𝗶𝗰𝗮𝘁𝗼𝗿
📌 PurposeExecutes automated trades based on pre-defined rules and algorithms.Provides visual or audio alerts, and/or graphical representations of price or market data.
📌 FunctionalityFully automates trading decisions and can place trades on behalf of the trader.Provides information or signals to help traders make manual trading decisions.
📌 AutomationFully automated; can trade 24/5 without direct human intervention.Requires manual interpretation and execution of trades by the trader.
📌 Trading StrategyTypically follows a specific trading strategy or algorithm coded into the EA.Offers technical or fundamental analysis signals to assist traders.
📌 CustomizationCan be highly customized and tailored to specific trading strategies.Limited customization options; usually, traders use predefined settings.
📌 CostSome EAs may be available for purchase or subscription, while others are free.Many indicators are freely available, and some may have a one-time purchase cost.
📌 Real-time MonitoringRequires monitoring to ensure it's functioning correctly and adjust settings if needed.Requires monitoring to act on signals when they occur.

 

XM Account types

 

Overall Rating

Min Deposit

USD 5

Regulators

FSA

Trading Desk

MT4, MT5, XM App

Crypto

Yes

Total Pairs

55

Islamic Account

Yes

Trading Fees

Low

Account Activation

24 Hours

 

XM Sign-Up Bonus

 

𝗔𝘀𝗽𝗲𝗰𝘁𝗗𝗲𝘁𝗮𝗶𝗹𝘀
💰BrokerXM
🎉 Sign Up BonusYes
💰 Minimum Deposit$5 USD
🤝 Partnership OptionYes
🚀 Open an Account👉Click Here

 

XM Sign Up Bonus

 

XM Demo Account

 

𝗔𝘀𝗽𝗲𝗰𝘁𝗗𝗲𝘁𝗮𝗶𝗹𝘀
🥇BrokerXM
🆓 Demo AccountYes
💰 Virtually Funded$30 USD
💻 Terminal AccessFull
🚀 Open an Account👉Click Here

 

XM offers a free demo account.

XM demo accounts do not have an expiry date so you can use them as long as you want.

XM demo accounts that have been inactive for longer than 90 days from the last login will be closed. However, you can open a new demo account at any time. XM clients are allowed a maximum of 5 active demo accounts.

 

XM Demo account

 

XM Islamic Account

 

𝗔𝘀𝗽𝗲𝗰𝘁𝗗𝗲𝘁𝗮𝗶𝗹𝘀
🥇BrokerXM
☪️ Islamic AccountYes
💻 Accounts OfferedAll Accounts
🚀 Open an Account👉Click Here

 

XM offers an Islamic trading account.

This is known as a ‘no swap account’ because the accounts charge no swap or rollover interest on positions held overnight in the forex market. Only an administration fee is charged on open positions.

Islamic trading accounts are only offered to clients of Muslim faith as it allows them to engage in online forex trading while conforming to Sharia Law.

 

 

XM Islamic Account

 

How to Open an XM Account – Step-by-Step Guide

 

To open a Forex Trading account with XM is quick and can be done by making use of the following steps:

 

Step 1 – Navigate to Website for XM

 

Navigate to the home page of the XM official website and select one of the options “Open an Account” or “Start with $30 Free”

 

XM Open an account

 

Step 2 – Complete the registration

 

Complete the standard registration form with all the details requested and select register.

 

XM Account registration

 

Step 3 – Email confirmation

 

Upon completion, you will receive an email with your login details that you can use to log in to the secure Members Area

 

XM Member login

 

Step 4 – Start trading

 

Once you are logged into your account, deposit at least the minimum deposit amount into your account; choose a convenient payment system and make a payment. Set up you trading platform based on your chart preferences

 

XM Platforms for trading

 

 

 

 

XM Pros and Cons

 

✅ Pros❎ Cons
Regulated by multiple financial authorities,Charges an inactivity fee if an account remains dormant for 90 days or more
Offers a wide range of trading instruments, including forex, stocks, commodities, indices, metals, and cryptocurrenciesOffers cryptocurrency trading, the selection is relatively limited compared to specialized crypto exchanges
Provides high leverage levels, which can be advantageous for experienced tradersOffers bonuses and promotions, but the terms and conditions can be complex
Offers different types of accountsProvides research materials, it may not offer as many advanced research tools and features
Small minimum deposit amount required to open an account
Offers a range of Bonus options
Provides Partnership oppertunity
Provides 24/5 customer support

 

XM VS Exness VS FBS – Comparison Table

 

𝑭𝒆𝒂𝒕𝒖𝒓𝒆𝒔☑️𝑿𝑴☑️𝑬𝒙𝒏𝒆𝒔𝒔☑️𝑭𝑩𝑺
RegulationRegulated by CySEC (Cyprus), FCA (UK)CBCS, CySEC, FCA, FSA, FSC, FSCA, CMAIFCS
Minimum Deposit$5 USD$10 USD$1 USD
Sign Up Bonus$30 USd Sign Up bonus
50% Deposit Bonus up to $500 USD Deposit
No$140 USD
Islamic AccountYes, availableYes, availableYes
Leverage1000:11:Unlimited1:3000
Withdrawal feeYesYesyes
Spreads0,6 pipsThe minimum spread across all
accounts is 0.1 pips
3 pips
Demo Trading AccountYesYesyes
Account TypesMicro, Standard, Shares, XM Ultra Low AccountStandard, Cent, Raw, Zero and Professional AccountCent, Micro, Standard, Zero Spread, ECN, and Crypto Account
ComissionsNo Comissions$3 USD$80 USD
🚀𝑶𝒑𝒆𝒏 𝒂𝒏 𝑨𝒄𝒄𝒐𝒖𝒏𝒕👉Click Here👉Click Here👉Click Here

 

XM Customer Reviews

 

XM Trustpilot

 

My experience with XM is so far excellent.

I dont know why all the bad reviews. It put me off but I opened an account anyway and it has been a very good experience. I have done more than 25 withdrawals from winning trades in 2 months and all withdrawals come back to my bank account in less than 2 minutes!! Excellent. The negative balance protection works well. Deposits successful in seconds. Trading bonus is useful for bolstering equity to margin ratio. Overall impressed. If anything changes i will re post here but my experience is so far excellent.

 

XM Trustpilot Green stars

Experience with xm is great

Experience with xm is great. Deposit is instant and withdraw will only take less than 5 days. It would be better if withdrawal can be faster! Overall is a great experience using XM!

XM Trustpilot Green stars

 

I’m a beginner trader but this trading…

Im a beginner trader but this trading app for me quite useful and very easy to trade..i can close and entry at critical moment without any lagging.

 

XM Trustpilot Green stars

 

Deposits and Withdrawal

 

➡️️ XM offers a wide variety of deposit and withdrawal options, including multiple credit and debit cards, electronic payment methods, bank wire transfer, local bank transfer and eWallets.

➡️️ Deposits and withdrawals can be made directly from the XM Member’s Area section.

  • Zero fees on deposits and withdrawals via Neteller, Moneybookers and all major credit cards including Visa, Electron, MasterCard, Maestro and China UnionPay
  • Zero fees on deposits and withdrawals made by bank wire transfer over 200 USD or currency equivalent
  • Instant account funding via credit cards and electronic wallets.

 

Steps to Withdraw Funds from XM Account

 

𝗦𝘁𝗲𝗽𝘀𝗫𝗠 𝗪𝗶𝘁𝗵𝗱𝗿𝗮𝘄𝗮𝗹
𝗦𝘁𝗲𝗽 𝟭:
Access membership portal
𝗦𝘁𝗲𝗽 𝟮:
Make way to withdrawal section and select withdrawal option.
𝗦𝘁𝗲𝗽 𝟯:
Submit the withdrawal request
𝗦𝘁𝗲𝗽 𝟰:Select Confirm

 

XM Deposit and Withdrawal

 

XM Fees, Spreads, and Commission

 

𝗔𝗰𝗰𝗼𝘂𝗻𝘁
𝗦𝗽𝗿𝗲𝗮𝗱𝘀𝗟𝗲𝘃𝗲𝗿𝗮𝗴𝗲𝗜𝗻𝗮𝗰𝘁𝗶𝘃𝗶𝘁𝘆 𝗳𝗲𝗲𝘀𝗖𝗼𝗺𝗺𝗶𝘀𝘀𝗶𝗼𝗻
Micro AccountAs Low as 1 PipUp to 1000:1YesNo
Standard AccountAs Low as 1 PipUp to 1000:1YesNo
XM Ultra Low AccountAs Low as 0.6 Pips
Up to 1000:1YesNo
Shares Account
As per the underlying exchangeNo LeverageYesYes

 

XM Fees and Spreads

 

XM Partnership Options

 

XM provides a wide range of partnership options, including:

 

➡️ Partnership membership option

➡️ Up to $25 Per Lot

➡️10% On 2nd Tier Referrals

➡️No Limits on Commissions

➡️25 Languages Supported

 

XM Partnership Option

 

Overall Rating

Min Deposit

USD 5

Regulators

FSA

Trading Desk

MT4, MT5, XM App

Crypto

Yes

Total Pairs

55

Islamic Account

Yes

Trading Fees

Low

Account Activation

24 Hours

 

XM Product Portfolio

 

XM offers access to 7 asset classes via the MetaTrader trading platforms, namely MetaTrader 4 (MT4) and MetaTrader 5 (MT5). The asset classes include forex, stocks CFDs, commodities, equity indices, precious metals, energies and shares.

 

🔎𝗜𝗻𝘀𝘁𝗿𝘂𝗺𝗲𝗻𝘁📌𝗣𝗿𝗼𝗱𝘂𝗰𝘁 𝗣𝗼𝗿𝘁𝗳𝗼𝗹𝗶𝗼
☑️Forex55+ currency pairs – majors, crosses and exotics
☑️ Shares CFDs on shares of Amazon, Shell, Microsoft, BMW and more
☑️Equity indices Trading instruments which consist of a group of bonds and show changes in their prices; examples of indices include the NAS100, GER30 and SPX500
☑️CommoditiesCFDs on brent crude oil, sweet crude oil, natural gas, copper, silver, gold, corn, soy and wheat
☑️StocksCFDs on multiple stocks covering 18 major countries
☑️ Precious metals CFDs on gold, silver, platinum and palladium
☑️EnergiesCFDs on brent crude oil, gas oil, WTI oil and natural gas

XM Product Instruments

 

10 Best Forex Brokers for 2024

Rank

Broker

Review

Regulators

Min Deposit

Official Site

#1

AvaTrade-Islamic

4.8/5

User Score

#2

4.7/5

User Score

#3

4.5/5

User Score

#4

Tickmill Review

4.4/5

User Score

#5

4.7/5

User Score

#6

4.6/5

User Score

#7

4.7/5

User Score

#8

4.8/5

User Score

#9

4.7/5

User Score

#10

4.7/5

User Score

 

XM Broker Trading Platforms

 

📌 𝗔𝘀𝗽𝗲𝗰𝘁💻 𝗠𝗲𝘁𝗮𝗧𝗿𝗮𝗱𝗲𝗿 𝟰💻 𝗠𝗲𝘁𝗮𝗧𝗿𝗮𝗱𝗲𝗿 𝟱💻 𝗫𝗠 𝗧𝗿𝗮𝗱𝗶𝗻𝗴 𝗔𝗽𝗽
Platform TypeDesktop, Mobile, WebDesktop, Mobile, WebMobile, Web
Trading Instruments Forex, CFDs, Indices, etc.Forex, CFDs, Indices, etc.Forex, CFDs, Indices, etc.
Technical Indicators 30+38+Limited
Automated TradingYes (via Expert Advisors)Yes (via Expert Advisors) No
Order TypesMarket, Limit, Stop, etc. Market, Limit, Stop, etc.Market, Limit, Stop, etc.
Multi-Language SupportYesYesYes
🚀𝗢𝗽𝗲𝗻 𝗮𝗻 𝗔𝗰𝗰𝗼𝘂𝗻𝘁👉Click Here👉Click Here👉Click Here

 

XM Trading platforms

 

 

You might also like: AvaTrade Review

You might also like: Exness Review

You might also like: HF Markets Review

You might also like: Tickmill Review

You might also like: Pepperstone Review

 

Overall Rating

Min Deposit

USD 5

Regulators

FSA

Trading Desk

MT4, MT5, XM App

Crypto

Yes

Total Pairs

55

Islamic Account

Yes

Trading Fees

Low

Account Activation

24 Hours

 

Conclusion

 

In conclusion, XM broker offers a comprehensive and user-friendly trading experience. With its competitive spreads, diverse range of assets, and robust educational resources, XM broker is making there mark as a leading broker. They offer leverage at 1000:1 and minimum deposit of $5 USD with spreads as low as 0.6 pips.

 

Disclaimer

 

Forex is a complex instruments and trading forex involves a high risk of losing money rapidly due to leverage. You need to understand how forex trading works and decide whether you can afford to take the risk of losing money on trade orders that do not go your way.

Forex Trading Africa annually reviews brokers regarded as the best in the world and provides information on the tools, market analysis and service they offer. We aim to provide important information for you to base your decisions on when choosing the right forex broker for your needs.

 

Frequently Asked Questions

 

Does XM have a Welcome Bonus?

Yes, XM has a Welcome Bonus in the form of a No Deposit Trading Bonus. When you start trading with XM for the first time, you can get a $30 trading bonus after creating a real trading account. The XM trading bonus is available for all first-time XM clients but new traders are required to meet certain criteria.

XM offers a 50% deposit bonus up to $500 or currency equivalent plus 20% deposit bonus up to $4 500 or currency equivalent

FX also offers a Refer a Friend program where you can earn up to $35* for each person you refer, and a XM Loyalty Program where clients are offered special seasonal bonuses marking certain calendar events and occasions that will be available for very limited periods of time.

 

Does XM offer Nasdaq trading?

Yes, XM offers trading in the NASDAQ 100 (US100) technology stock index, available as CFDs.

 

Can I start trading with no money in my XM live account?

No, you cannot start trading if you have not deposited the required minimum balance in your XM live account. You can only trade with no deposit on a free demo account but you are practicing to trade with ‘fake’ money and do not earn profits from any trades.

 

What leverage does XM offer?

XM offers flexible Leverage from 1:1 up to 888:1

The amount of leverage you are offered depends on the type of XM account that you have. XM clients have the option to request for their chosen leverage to be increased or decreased at any time, and up to what is allowed on the account type.

 

Who is the CEO of XM?

The CEO and founder of XM Ltd is Constantinos Cleanthous (2009- )

 

Does XM offer online support?

Yes, XM offers 24/5 online Customer Service via phone, email, live chat, SMS and WhatsApp.

 

Does XM offer a demo account for forex traders?

Yes, XM offers a free demo account to registered clients.

A demo trading account is a type of forex trading account that is funded with entirely virtual money, but still includes all of the functionalities and technical indicators as a live account. It’s the perfect tool for beginner forex traders because you can become familiar with trading strategies and indicators in real time on your trading platform before you start trading with real money.

 

Does XM have a mobile app for forex trading?

Yes, XM has an easy-to-use mobile app for forex and CFDs trading.

 

Does XM publish an Economic Calendar?

Yes, XM publishes an Economic Calendar.

The XM Economic Calendar comprises routine financial events which affect the financial markets. The events on the XM Economic Calendar are pre-scheduled and include statements made by countries and other leading players in the financial arena such as central banks, the International Monetary Fund (IMF) and governments.

Skilled traders anticipate these events and plan their trades in accordance. Each of these newsworthy economic events can create changes in the value of different financial assets and positions on forex trading.

 

Is XM a good broker?

In terms of security, advanced electronic trading platforms, research and education; XM is rated highly as a trusted broker. XM Group has been in business since 2009 and has established itself as a regulation-compliant forex and CFDs broker that is safe to use by traders in Africa.

 

Does XM offer social trading?

No, XM does not allow Copy Trading. The XM trading platform can be enabled for mirror trading. Mirror Trader enables XM clients to increase their trade potentials coupled with the effective features of an automatic strategy trading. Mirror Trader simply involves automated trading with specific strategies.

 

How many days do XM withdrawals take?

All XM withdrawal requests will be completed within 24 working hours. However, all withdrawal requests submitted will be instantly reflected in the clients’ trading account as pending withdrawals. In case a client selects an incorrect withdrawal method, the clients’ request will be processed according to the Withdrawal Priority Procedure.

 

What are XM’s fees for deposits and withdrawals?

XM has low forex fees and average non-trading fees. There are no account, deposit or credit/debit card withdrawal fees. There is an inactivity fee of $50 fee after one year of inactivity and withdrawals by bank transfer incur fees.

8.9/10 - (22 votes)

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🔒 OPEN A TRADING ACCOUNT