XM Review: Features Pros, Cons, and More 2024

XM is a forex and CFD broker that provides online trading services globally. Based in Limassol, Cyprus, it is regulated by top regulatory authorities including FSC-Belize, ASIC, CySEC, DFSA. XM offers a variety of trading instruments, including Forex, Commodities, Stock, Indices, Crypto, Turbo Stocks, Equity indices, Precious Metals, Energies. It supports popular trading platforms and tools such as MT4 and MT5.

Though XM is a highly trusted and regulated forex and CFD broker, it has its strengths and weaknesses. In this review, we will take an in-depth look at XM, exploring its features, pros, cons, and more. By reading this review, you will gain a better understanding of whether XM is the right broker for your trading needs and preferences.

What is XM?

XM is a multiple award-winning broker that allows its clients to trade forex, CFDs, and real stocks on its MetaTrader platforms. Founded in 2009, XM has over 1000 trading instruments and multiple account types which are designed for newbies, and experienced and professional traders. Trading tools are also provided to assist the traders with market analyses.

Key Features:

• Applicable For: Applicable for all jurisdictions including FSC-Belize, ASIC, CySEC, DFSA
• Account Opening: Fully Online Account opening. It may take only 5 to 7 Minutes. The demo account has 30 days of validity. 
•  KYC Verification: Required 
• Trading Instruments: Forex, Commodities, Stock, Indices, Crypto, Turbo Stocks, Equity indices, Precious Metals, Energies
• Trading Platforms: MT4, MT5 
• Minimum Deposit:  5$
• Maximum Leverage: Up to 30:1 (CySEC, ASIC), up to 1000:1 (FSA), and up to 500:1 for a professional account.
• Trading Fees: Trading fees (spreads and commissions) depend on account types. The minimum spread is 0.0 pips for the Ultra Low Standard account and 1 pips for the Standard account.
• Minimum Trade Size: 0.01 lot. 
• Maximum Trade Size (Lot restriction per Ticket): 300 Lots 
• Funding Currencies: USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, or RUB
• Maximum Number of Positions ( At a time): 200 for MT4, MT5 Live account, 100 for MT4, MT5, demo accounts, 2000 for Ctrader trading account. 
• Maximum Volume per trade: The maximum volume per trade ranges from 50 to 250 lots, depending on the platform type and tradable assets. For Shares CFDs, the maximum volume is 1000 shares in total
• Trading Style Allowed: All including Scalping, hedging, and EA Trading. 
• Stop Out Level (retail): 0%
• Margin Call Level: 60% 
• Negative balance Protection: Yes 
• Investor Protection:  Available under ASIC and CySEC regulations. However, the Investor protection scheme does not apply to FSA jurisdiction. 

XM Pros and Cons

Pros:

• Regulated by CySEC, ASIC, DFSA in UAE, and FSC Belize.
• Easy and fast account opening
• Minimum deposit is $5
• Over 1000 forex/CFDs are available for trading.
• MT4 and MT5 are the available trading platforms.
• Quality research, market analysis, and access to trading tools like Autochartist.
• Quality training for newbies and ‘ultra-low micro account’ for beginners.
• High leverage up to 1000:1 (this leverage is not available to all the entities of the Group)

Cons:

• Dormant fees are charged after 3 months of no account activity.
• Trading of real stocks is not available to European traders.
• Traders have no other choice apart from the MetaTrader platforms.
• Limited tradable assets.
• No passive investment services (social trading platform, PAMM accounts);
• Funding with PayPal is unavailable

Our Ratings for XM:

Review and Reputation on Public Domains:

Public review sites like Trustpilot and Forex Peace Army have become important sources of information about brokers. Many traders share their real-life trading experiences on these platforms. However, there are also many fake or paid reviews on these platforms, and sometimes competitors leave negative reviews. This makes it challenging to find genuine reviews. By carefully reading the content and context of the reviews, you can often discern their authenticity. Do not blindly rely on these reviews; instead, use them as part of your overall broker research process

XM Ratings and Reviews from Trustpilot:

XM has earned a rating of 2.4 out of 5 on Trustpilot. These high ratings indicate customer satisfaction and trust. After carefully examining the reviews, we found that most of them are genuine, provided by real users sharing their real-life trading experiences.

XM Ratings and Reviews from Forex Peace Army:

XM has achieved an average rating of 3.1 out of 5 on Forex Peace Army (FPA). We’ve observed numerous brokers on FPA, and most brokers tend to have lower ratings. Several reasons might contribute to this. There is a complaint that FPA does not approve all positive reviews and only approves negative ones for the sake of their business. To understand the real reviews, traders should focus on the content of the reviews. Typically, fake, paid, or competitor reviews are generic. While you should consider these reviews as part of your research process, you shouldn’t make decisions based solely on them. For instance, if you encounter any user complaints, you might discuss them with the broker to verify if such issues exist. Additionally, you should review the broker’s policy and terms of service.

Final Verdict:

XM is a regulated forex and CFD broker that offers its trading services to traders and investors worldwide. It provides a wide range of trading instruments, including  Forex, Commodities, Stock, Indices, Crypto, Turbo Stocks, Equity indices, Precious Metals, Energies.. The broker’s spreads start from as low as 0.6 pips, and it offers high leverage (up to 1:1000) and a low minimum deposit (as low as $5). With top-tier regulations, a variety of trading instruments, high leverage, low minimum deposit, fast execution, and flexible account types, XM can be a good choice for many traders.

However, the broker does not accept US clients. It also does not have any investor protection scheme for non-UK/EU traders. Additionally, XM does not offer any real stocks or cryptocurrencies; it offers only forex and derivatives. 

If you are a forex and CFD trader looking for a trusted broker, XM can be an ideal choice for your trading journey. However, We always encourage traders to test brokers with a demo account or with a small deposit. Once you are satisfied with the trading conditions of the broker, you may proceed with real trading.