XM Broker

is a large broker that was founded in 2009. The XM website has over 3,500,000 clients from 196 that offers instruments to trade. You can trade more than 1,000 trading instruments such as forex, stocks, commodities, indices, metals, energies, and stocks. 

Spreads are very competitive that start as low as 0.6 pips and you can choose 4 account types to trade. The minimum account that you can deposit is $5 and the maximum leverage allowed is up to 1:888.

As a client of XM broker, you can receive bonuses and promotions. MetaTrader 4 and MetaTrader 5 are the supported trading platforms, and you access the WebTrader platform too. Besides the trading platform, you can use several trading tools for free.

XM is a broker with multiple awards won in Europe, Australia, and globally. You can empower your trading knowledge with the free educational trading program. The support team is available 24/5 and you can use live chat, email, phone to contact the support team.

XM Regulation

XM is a regulated and licensed broker globally and internally too. 

XM Global Limited is licensed by the International Financial Services Commission (IFSC) under license number IFSC/60/354/TS/19.

Trading Point of Financial Instruments Ltd is licensed by Cyprus Securities and Exchange Commission (CySEC) under license number 120/10.

Trading Point of Financial Instruments Pty Ltd has been issued an Australian Financial Services License by (ASIC) under number  443670.

Trading Products

More than 1,000 trading products can be traded such as forex, stocks, commodities, indices, energies, and metals.


Over 55 forex pairs such as major pairs, cross pairs, and exotic pairs can be traded. You can trade EUR/USD, AUD/CAD, GBP/JPY, NZD/USD, USD/CHF, and many other forex pairs.


XM broker offers a wide range of stocks to trade and you can trade individual stocks too. Some of the major stocks are available such as Airbus, Adidas, Dropbox, Eurobank, Electronic Arts, Facebook, Google, Twitter, Under Armour, and more.


From the commodities assets, you have 8 commodities assets in total to trade. You can trade cocoa, coffe, corn, cotton, copper, and other commodities.


Global indices across the global economies can be traded. You can trade indices assets such as GER30, IT40, HK50, EO50, NETH50, SPAIN35, UK100, US100, and other assets.

Metals & Energies

From the energies and metals, you can trade 7 assets in total. Energies as brent crude oil, London gas oil, natural gas, and wti oil can be traded. From the metals, you can trade gold and silver.


XM applies only variable spreads to its trading products. Spreads on forex pairs such as EUR/USD start from 0.01 pips. Other pairs as cross pairs and exotic pairs have wider spreads.

Spreads on energies assets such as WTI Oil start from 0.04 pips. Commodities assets as coffe start from 0.08 pips. Other assets as cocoa have wider spreads that start from 15 pips. 

Spreads on the indices start from 0.6 pips and on metals start from 0.03 pips.

Account Types

You can choose 4 account types to trade, Micro, Standard, Ultra-Low, and Shares account

Micro Account

With the Micro account, you can trade with a maximum leverage of up to 1:888. Spreads start as low as 1 pip and commission does not apply. You can open a minimum of 0.01 and 200 maximum open and pending orders.

Hedging is allowed and the Islamic account is optional to choose. The minimum deposit requires is $5 and you can deposit on USD, Euro, GBP, and other currencies. The negative balance protection is available too.

Standard Account

Spreads on the standard account start as low as 1 pip. The minimum lot size allowed is 0.01 lots and you execute 200 open and pending orders. You can hedge with the Standard account and use the negative balance protection feature. 

The minimum amount to deposit is $5 and you can deposit on multiple currencies. The Islamic account is available so you can trade with free swap fees. You will not be charged with commission fees too and the maximum leverage allowed is up to 1:888.

Ultra-Low Account

With the Ultra-Low account, you can open a minimum of 0.01 lots and 200 open and pending orders. Hedging is allowed and spreads start as low as 0.6 pips. The commission does not apply to this account so you can trade without commission. 

Islamic account is supported too and you can deposit at least $50 on multiple currencies. Leverage is similar to other account types, it’s allowed up to 1:888. The negative balance protection it’s supported so you can protect your open orders.

Shares Account

For professional traders, institutions, or groups, the Shares account type is the perfect account. There’s no limit on leverage and spreads depend on the exchange. You can trade with a minimum of 1 lot and open a maximum of 50 open and pending positions at one time. 

Hedging is not allowed on the Shares account type. Islamic account is supported too and you can protect your orders with negative balance protection. You can deposit only with USD currency with an amount of $10,000.

Account Verification

Verifying your identity it’s a procedure imposed by the regulatory authority, IFSC. And as part of that, XM requires all registered clients to proceed with verifying the account’s identity. 

  • An identification document (diver license, identity card, passport, etc) it’s accepted. You should submit the identity document that contains the full name, issue or expiry date, address, date of birth, and your signature. 
  • To verify your address, you need to submit a utility bill ( electricity gas, water, phone, internet, tv, bank statement, etc). Your utility bill document cannot be older than 6 months and it should contain your current address.

The verification process can take more than 1 business day.


XM does not charge a commission to Micro, Standard, and Ultra-Low account types. The commission applies only to the Shares account. 

A commission fee of $6 per lot will be charged if you trade with the Shares account

Positions that are held overnight will be charged with rollover interest known as swap fee or overnight fee. The overnight fee depends on the position of your order (long or short). And the overnight fee depends on the instrument or pair that you trade. 

XM calculates the overnight fee if the positions are open after 22;00 GMT. During the weekends on Saturday or Sunday, when the market is closed, the overnight fee will be calculated too. So you will be charged for 3 days on Wednesday.

Example of a swap fee calculation:

Assuming that you trade in USDJPY and that the tom-next rates are as follows:

+0.5% for a long position

-1.5% for a short position

In this scenario, the interest rates in the USA are higher than in Japan. A long position in the currency pair held open overnight would receive +0.5% – the XM mark-up.

Conversely, for a short position, the calculation is -1.5% – the XM mark-up.

XM broker charges an inactivity fee of $5 per month if you don’t trade in a period of 90 days. The fee will be charged from your account balance until it drops to $0. After that, your live account will be archived and become a deactivated account.

Deposit & Withdrawal 

XM offers a wide range of payment methods to deposit. Each deposit with the listed payment methods below, will not be charged with fees, with the expectation or bank wire transfer. 

A fee of $15 will be charged if you deposit through bank wire transfer with an amount of $200 or less. 

The following currencies are supported to deposit funds: 


You can deposit a minimum of $5 with the following payment methods:

  • Debit Card & Credit Card (Visa and MasterCard) 
  • Skrill 
  • Bank Wire Transfer 
  • Neteller 
  • MuchBetter Wallet 
  • Online Bank Transfer (Trustly)

A fee of $15 will be charged if you request a withdraw through bank wire transfer with an amount of $200 or less. 

Each withdrawal payment method should match your deposit payment method. So, if you have deposited funds with Skrill then you can withdraw funds only via Skrill. 

Deposits with bank wire transfer can take several business days. Other payment methods are instant so the funds will show in your XM account instantly.

The withdrawal process can take more than 1 business day. 

Trading Platform

XM provides access to the most popular trading platforms, MetaTrader 4, MetaTrader 5, and WebTrader. All the trading platforms are available to use on Windows, Mac, Linux, Smartphones or Tablets. 

MetaTrader 4 is the most used trading by traders. With MetaTrader 4 platform you can analyze the charts with different analyzing tools. Indicators can be imported easily, and you can choose hundreds of indicators on trading. 

Besides indicators, MetaTrader 4 supports expert advisors known as EAs. You can choose 3 chart types to customize your workspace. Tools as AutoTrading and other trading tools can be used with MetaTrader 4 platform.

MetaTrader 5 offers a comprehensive experience with quick navigation and an improved design. The user interface is similar to MetaTrader 4, as it’s very easy to use. You can analyze the charts with 21-time frames that can be opened at one time. 

Many analysis tools such as drawing tools, rectangles, text, and other tools are available. MetaTrader 5 supports indicators and expert advisors in trading. You can access historic data of the chart and import or export historical data.

WebTrader of MetaTrader 4 and MetaTrader 5 are supported. You can open the WebTrader platform on a web browser and trade directly from there. You don’t need to download additional software or tools, and the WebTrader platforms it’s very quick and easy to use.

Trading Tools

As part of trading tools, XM offers tools that can be used in the trading platforms. These tools are compatible with MetaTrader 4 and MetaTrader 5. According to the XM, these tools can be very effective and can improve your trading. 

You can use these tools to identify areas of consolidation on the market or predict impending reversal zones. When you use these tools, you can identify market trends, support and resistance levels, and more.

Bonuses & Promotions

XM broker offers bonuses and promotions on different occasions. If you’re a new client then you can receive a welcome bonus. You can also receive bonuses when you deposit funds and other bonuses and promotions.

$30 Trading Bonus

If you are a new client with XM broker, then you can receive a welcome bonus of $30 in your account. The bonus cannot be withdrawn so you only can withdraw it when you reach a profit of $100 in your trading account. 

The trading bonus is limited, so you have a 30-day limit from the opening date of your account with XM. Depositing funds is not required, so you can use the bonuses once your account is verified.

Deposit Bonus

The deposit bonuses offer a two-tier bonus when your deposit funds. If you deposit an amount up to $500, then you can receive a 50% bonus on your account balance. A deposit of 20% will be given to you if you deposit an amount of up to $4,500. 

The minimum account that you can deposit and receive the deposit bonus is $5. Your deposit bonus will be credited instantly after your deposit. However, the deposit bonus it’s non-withdrawable, so you can use it only in trading. The XM Ultra-Low account is not eligible to receive deposit bonuses.

Here’s an example of the deposit bonus calculation:

Your depositBonus appliedYour bonusTrading capital balance
$550% on $5$2.50$7.50
$1,00050% on $1,000$500$1,500
$2,00050% on $1,000 + ‏20% on $1,000$500 + $200 = $700$2,700
$5,00050% on $1,000 + ‏20% on $4,000$500 + $800 = $1,300$6,300
$10,00050% on $1,000 + ‏20% on $9,000$500 + $1,800 = $2,300$12,300
$20,00050% on $1,000 + ‏20% on $19,000$500 + $3,800 = $4,300$24,300
$23,50050% on $1,000 + ‏20% on $22,500$500 + $4,500 = $5,000$28,500

10th anniversary of XM

As part of 10 birthdays of XM, the broker has started to offer prizes for its client. You need to have a verified trading account with a balance of $500.

In total $800,000 will be given away during a period of 10 months. 500 winners will be selected during these months and the promotion will end on 31 August 2020. 

Loyalty Program

You can earn rewards that can be redeemed for credit bonus rewards. You don’t need to fill any form or sign up to join, you only need to start trading and you’re automatically registered. 

In your Members Area, you can monitor your balance of rewards. The bonuses from the loyalty program are withdrawable at any time.


The XM VPS allows you to remotely connect to a Virtual Private Server (VPS) located just 1.5 km away from our data center in London, with optical fiber connectivity. With VPS, you don’t have to worry about factors that can impede your ability to trade effectively, such as internet connection speeds, computer failure, or power cuts. 

Via the XM VPS, your EAs will be able to work nonstop, without you needing to monitor them or even have your computer switched on. The XM VPS service will give you access to a Windows 2012 Server with 1.5 GB RAM, 20 GB of Hard Drive Capacity, and 600 MHz of dedicated CPU Power.

Zero Fees 

We mentioned in the deposit section, that all deposit methods except for bank wire transfer are free. So you can deposit without any fees, and these fees are part of the Zero Fees promotion. 

All registered clients can deposit with 0 fees and deposits above $200 will be covered with 0 fees. You will also have 0 fees when you withdraw funds.

Educational Program

The educational program contains videos, tutorials, webinars, seminars that can improve your trading knowledge. You can read educational videos and tutorials with a great explanation. 

Besides that, you can also book your places to attern webinars and seminars. Other educational and analytical resources such as economic calendar, market news, market overview, podcasts, etc, are available.

You can also visit the XM TV which contains the latest videos about the market. An experienced team of traders analyzes the market and shares technical analysis ideas too. Besides the daily outlook, you can also watch the weekly outlook of the market.

Client Support

You can find your answers by visiting the Frequently Asked Questions (FAQ) page, which provides clear guidance for your answers. The support team it’s available through support, phone support, or email. In which they can be reached from Monday to Friday.

Overall we would highly recommend this XM Broker since they provide the customer with a great trading platform. Also if you enjoyed this article we would suggest reading our Hotforex vs XM review article as well.

Get Started At XM Here!

Image via Shutterstock, Writer Behar H.

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