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XM Review

XM Review

Overall Rating


Rated #68 of
Recommended FX Brokers

💰Minimum Deposit

USD 100

🌐 Regulators


📱 Trading Desk

MetaTrader 4



📈 Total Pairs


☪️ Islamic Account


📊 Trading Fees


🕒 Account Activation Time

24 Hours

🏛️ Visit Broker


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.

Who owns XM?

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).

Is XM regulated?

Yes, XM is regulated by several Tier-1 authorities:

CySEC Cyprus Securities and Exchange Commission (Trading Point of Financial Instruments Ltd)

IFSA International Financial Services Commission of Belize

ASIC Australian Securities and Investment Commission

FCA Financial Conduct Authority via its parent company,

Each entity in the XM Group is a member of and regulated by The Financial Commission and covered by the Financial Commission Compensation Fund.

What is The Financial Commission?

The Financial Commission is the first of its kind independent external dispute resolution body dedicated specifically to Forex that ensures that traders are getting their disputes resolved in a quick, efficient, unbiased and authentic manner.

The Financial Commission has united independent, top industry professionals and created the most efficient Dispute Resolution Committee that can help resolve any dispute arising in the forex trading sector and provide a professional and unbiased opinion for disputes in digital currency trading.

Is XM regulated in South Africa?

No, XM is not licensed and regulated in South Africa by the Financial Sector Conduct Authority (FSCA).

Is XM legit?

Yes, XM is a legitimate forex and CFDs global brokerage group and electronic trading platform. It was founded in 2009 and has established itself as a regulatory-compliant brokerage and safe to use by forex traders in Africa.

XM is regulated under license to perform forex broker and multi-asset trading services by several Tier-1 regulatory authorities in different jurisdictions and is covered by the Financial Commission Compensation Fund.

XM provides further security of client funds by:

  • holding client funds in segregated accounts from company funds
  • providing a negative balance protection policy
  • member of the Financial Services Compensation Scheme (FSCS)
  • participating in the Financial Commission Compensation Fund
  • executing quality certificate from Verify My Trade

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.

Did you know?

XM was named Best Retail Forex Broker at the Global Forex Awards 2023 – B2B held in London in June 2023. This is the fifth award received at a Global Forex event since 2019 which have included awards for Best Global Forex Broker (2019 and 2020), Most Trusted Asian Forex Broker (2019) as well as Best Forex Affiliate Broker Programme (2020).

Nominations for these awards are made independently and voted on by forex trading businesses and customers from around the world who cast over 9,000 votes during April 2023.

The organisers noted, “This year’s winners have been chosen by real investors, traders and business customers from around the globe. They have proved that their hard work in the industry has truly paid off.”

XM security

XM is regulatory compliant and has put in place recognised processes to keep your information and money secure so you can trade forex and CFDs with peace of mind.

Regulated broker

XM is a global forex and CFDs broker that is licensed and regulated by several Top-tier authorities in different jurisdictions.

Covered by the Financial Commission Compensation Fund

XM is a Member of the Compensation Fund of The Financial Commission. The Compensation Fund provides protection up to €20 000 per case should a Member refuse to adhere to a judgment from the Financial Commission.

Verify My Trade (VMT)

XM has received the execution quality certificate Verify My Trade (VMT) that confirms its compliance with the strict requirements of the Financial Commission to its member brokers.

Negative Balance Protection

XM automatically tops up the balance to 0 and the client doesn’t pay anything in the case where market volatility doesn’t allow the client to keep a positive balance on his/her trading account.

Membership of The Financial Commission

XM is a member of The Financial Commission. The purpose of the Financial Commission is to allow for alternative pre-trial settlement of disputes between traders and brokerage companies.

Market-leading insurance

XM has implemented a Civil Liability insurance programme which includes coverage against omissions, fraud, errors, negligence, and other risks that may lead to financial losses of clients.

Two-step authentication

XM requires two-step authentication to enhance the security of the information used to verify account opening and manage trading accounts. The two-step authentication protocol is designed to protect your personal information and funds from hackers using SMS and backup codes.

XM trading platforms

XM is a MetaTrader broker and offers both the MT4 and MT5 electronic trading platforms. You can start trading the instruments of your choice on the XM MT4 and MT5 which is available for both PC and MAC or on a variety of mobile devices. Alternatively, you can use the XM WebTrader for instant access to your trading account on your browser.

MetaTrader 4

MetaTrader is an electronic trading platform that was pioneered by the developers, MetaQuotes Software. The software company has released a number of versions since it started up in 2002 but hit the jackpot with a significantly enhanced version called MetaTrader 4 that it took to market in 2005. In 2010, MetaQuotes Software introduced the significantly re-coded MetaTrader 5.

Today, MetaTrader 4 (MT4) is one of the most widely-used online trading platforms for retail foreign exchange (forex) speculative traders. MetaTrader 5 (MT5) is a more advanced trading platform and is growing in popularity as investors find value in its superior features.

MetaTrader 5

MT4 and MT5 both provide forex traders with an advanced automated trading system supplemented with advanced technical analysis features and expert advisors. MT4 was built almost entirely for forex trading, where MT5 functions to provide traders with access to CFDs, stock and futures. Bear in mind, MT5 is not an upgrade of MT4, it has its own function.

MT4 is simpler to use and more suitable for investors who are new to trading in forex. MT5 is a more versatile trading platform with advance features and suitable for investors who are trading across a broader platform than forex.

XM research and education

XM Group offers an extensive range of professional market research and education tools through its Research and Education Center.

The XM Research and Education Center offers daily updates on all the major trading sessions along with multiple daily briefings on all critical market events which daily shape the global markets. It is manned by up to 20 multilingual market professionals who represent a diversified educational knowledge base to empower our customers with a competitive advantage.

Research resources published by XM include

  • Markets Overview
  • News
  • XM Research
  • Trade Ideas
  • Technical Summaries
  • Economic Calendar
  • XM TV
  • Podcasts

The XM Learning Centre produces an impressive array of educational material in different formats, including:

  • XM Live
  • Live Education
  • Live Education Schedule
  • Educational Videos
  • Forex Webinars
  • Platform Tutorials
  • Forex Seminars

What products does XM offer?

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.

Forex 55+ currency pairs – majors, crosses and exotics
Stocks CFDs on multiple stocks covering 18 major countries
Commodities CFDs on brent crude oil, sweet crude oil, natural gas, copper, silver, gold, corn, soy and wheat
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
Precious metals CFDs on gold, silver, platinum and palladium
Energies CFDs on brent crude oil, gas oil, WTI oil and natural gas
Shares CFDs on shares of Amazon, Shell, Microsoft, BMW and more

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.

Does XM offer Nasdaq trading?

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

The Nasdaq 100 index (US100) includes 100 companies from a broad range of industries with the exception of those that operate in the financial industry, such as banks and investment companies: i.e. Apple, Adobe Systems, Amazon, Cisco Systems, Google, Intel, Facebook and more.

What awards has XM received recently?

XM is a multi-award-winning forex and CFDs broker. You can view the full list of noteworthy awards on the official XM website. A selection of the most prestigious broker awards received by XM are listed below.

Best FX Service Provider 2021 City of London Wealth Management Awards

2020 City of London Wealth Management Awards

2019 City of London Wealth Management Awards

Global Forex Broker of the Year 2020 Global Forex Awards
Most Reliable Broker – Global 2020 Capital Finance International Magazine Awards
Best FX Broker for Europe 2020 World Finance Magazine Forex Awards
Best FX Broker for Australasia 2020 World Finance Magazine Forex Awards
Best Online CFD & FX Trading Broker – Global 2020 The European Magazine Global Business Awards
Global Forex Broker of the Year 2019 Global Forex Awards

How to use XM to trade forex and CFDs

Traders and investors cannot directly access the forex market. They must trade through a trading platform hosted by a regulated forex and CFDs broker.

To start trading the financial markets with XM, you need to register an account, choose a trading platform, an account base currency and a leverage value. Once you’ve decided how and what you will trade, you can open a corresponding XM trading account.

After signing up with XM, you will receive your login credentials via email. You are required by law to verify your account by uploading copies of your identity documents. You can then deposit funds into your XM trading account and start trading.

How to open a forex trading account with XM

, and. Here you will be able to fund your trading account by clicking the Deposits tab in the main menu. If you are already an XM Real Account holder you can open an additional account in the Members Area.

To open a forex trading account with XM SA, follow the simple steps below:

  1. Open the official website for XM (
  2. Click Open a Real Account
  3. Fill in the registration form
  4. Upon completion, you will receive an email with your login details that you can use to log in to the secure Members Area
  5. Log in to the XM Members Area
  6. Deposit money into your account; choose a convenient payment system and make a payment
  7. Set up your trading platform based on your chart preferences etc.
  8. Start trading

What types of accounts does XM offer?

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 1 micro lot is 1 000 units of the base currency
Standard account 1 standard lot is 100 000 units of the base currency
Ultra-low Micro 1 micro lot is 1 000 units of the base currency
Ultra-low Standard 1 standard lot is 100 000 units of the base currency

Does XM offer a free demo account?

Yes, 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 clients can register and sign up for a free demo account which is instantly available to start trading virtual (fake) money. It gives clients access to the forex and CFDs market which can be traded in real time under real market conditions but with zero risk of losing real money on a forex trade order.

Once XM beginner traders have spent time learning how to trade on a free demo account, they progress to opening a mini trading account that requires only a small amount of capital.

Does XM offer an Islamic account?

Yes, 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.

After you’ve funded your XM account, you can apply for an Islamic account. The request will then be forwarded to the relevant department for review and approval. Requests are usually processed within 1-2 business days.

XM deposits and withdrawals

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.

How to deposit money into a XM account

Go to the XM Member Area to deposit funds into their trading account. You can deposit money using a variety of payment options and in any currency. The currency deposited will automatically be converted into the base currency of your account by XM using prevailing inter-bank price.

How to withdraw money from your XM account

You can withdraw funds from your XM trading account to the same method you used to deposit money into your trading account. Whatever method you use, you may only withdraw money to accounts or cards that are in your name.

Log in the XM Member Area to access your account and then follow the simple steps to withdraw your funds.

All XM client withdrawal requests are processed in the currency in which the deposit was originally made. Should the deposit currency differ from the transfer currency, the transfer amount will be converted by XM into the transfer currency at the prevailing exchange rate.

What is XM’s withdrawal protection procedure?

In order to protect all parties against fraud and minimise the possibility of money laundering and/or terrorist financing, XM will only process withdrawal/refunds back to the source of the original deposit according to its Withdrawal Priority Procedure, as below:

Credit/debit card withdrawals

Withdrawal requests submitted, regardless of the withdrawal method chosen, will be processed via this channel up to the total amount deposited by this method.

E-wallet withdrawals

E-wallet refunds/withdrawals will be processed once all Credit/Debit card deposits have been completely refunded.

Other methods

All other methods such as bank wire withdrawals shall be used once deposits made with the above two methods have been completely exhausted.

Overall Rating


Rated #68 of
Recommended FX Brokers

💰Minimum Deposit

USD 100

🌐 Regulators


📱 Trading Desk

MetaTrader 4



📈 Total Pairs


☪️ Islamic Account


📊 Trading Fees


🕒 Account Activation Time

24 Hours

🏛️ Visit Broker


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.

What are the XM deposit and withdrawal fees?

XM does not charge any fees for the different deposit and withdrawal options. For instance, if you deposit USD 100 by Skrill and then withdraw USD 100, you will see the full amount of USD 100 in your Skrill account as we cover all transaction fees both ways for you.

This also applies to all credit/debit card deposits. For deposits/withdrawals via international bank wire transfer, XM covers all transfer fees imposed by our banks, with the exception of deposits amounting to less than 200 USD (or equivalent denomination).

What are the commissions and spreads of XM?

XM has mixed fees with non-commission and commission-based accounts.

XM operates with variable spreads, just like the interbank forex market. XM offers tight spreads as low as 0.6 pips on all major currency pairs and you trade with no hidden fees.

XM also offers fractional pip pricing to get the best prices from its various liquidity providers. Instead of 4-digit quoting prices, clients can benefit from even the smallest price movements by adding a 5th digit (fraction). With fractional pip pricing you can trade with tighter spreads and enjoy most accurate quoting possible.

What is the minimum deposit for a XM trading account?

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

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

What are the contract specifications for forex trading on XM platforms?

  1. Forex spread calculation

XM trading conditions display the standard bid-ask spread (pips) for forex instruments unless otherwise stated. Standard spreads are as stated under normal market conditions. Spreads can widen depending on market conditions.

Spread Cost Formula: Spread x Trade Size = Spread Charge in Secondary Currency*

*Secondary Currency is the Second Currency quoted in an FX pair (CUR1/CUR2 USD/JPY, EUR/USD, etc.)


For a 1 000 EUR/USD trade with a spread of 3 pips (0.0003), the calculation is as follows:

0.0003 X 1 000 = $0.30*

  1. Bid-Ask spread and commissions

XM is compensated through the bid-ask spread, except when otherwise stated. XM does not charge commissions on any trade.

  1. Forex margin/leverage calculation

All instruments are traded on margin allowing you to leverage your positions. XM trading conditions display both margin and leverage amounts. Margin is displayed as a percentage (%) while leverage is displayed as a ratio.

Percentage Margin Formula:

Trade size x margin (%) = Margin required in primary currency*

Leverage margin formula:

Trade size / leverage = Margin required in primary currency*

*Primary currency is the first currency quoted in a forex pair


For a 1 000 EUR/USD trade with a margin requirement of 0.50% or leverage of 200:1, the calculation is as follows:

Percentage margin requirement:  1 000 x 0.005 = €5.00

Leverage Margin Requirement:  1 000 / 200 = €5.00

  1. Forex buy/sell overnight interest calculation

XM trading conditions display the Over-Night (O/N) interest rates charged/paid on a daily basis for holding a position open past our End of Day time. These rates are displayed in the Overnight Interest – Buy and Overnight Interest – Sell” columns.

End of Day is 22:00 GMT except during Daylight Savings when it changes to 21:00 GMT.

You can use the following formula to calculate your Daily Overnight Interest amount:

Trade amount x daily overnight interest = Daily overnight interest charged/paid*

*Overnight interest charged/paid will be calculated in the primary currency. Primary currency is the first currency quoted in a forex pair.


For a 1 000 EUR/USD trade with a daily overnight interest buy (or sell) rate of -0.0053% and subject to a charge for 1 day, the calculation is as follows:

1 000 x -0.000053 = -0.053 = -€0.05* rounded

Note: XM platforms display overnight interest (swaps) in annualised terms.

FAQs about XM

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

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.

Where is XM’s headquarters based?

Registered address: No.5 Cork Street, Belize City, Belize, C.A.

Telephone: +501 223-6696


Website :

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.

How to communicate with XM

XM provides dedicated personal and online support. You can contact a XM representative via email, telephone or Live Chat in the different jurisdictions.

Telephone: +501 223-6696


Website :


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.

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