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XM Review 2023

Written by: Adam Nasli Updated:Dec 2022
Expert verified
Recommended for
  • nvestors and traders globally
Trusted broker
  • Top-tier regulation in the UK
  • Negative balance protection (terms apply)
1857 people chose this broker in the last 6 months
BrokerChooser Score

Our take on XM

XM is a global forex and CFD broker regulated by Australia’s ASIC, CySEC of Cyprus, and Belizean authority IFSC. XM has low stock CFD and withdrawal fees. Account opening is user-friendly and fast. You can use many educational tools, such as webinars and a demo account. On the other hand, XM has a limited product portfolio as it offers mainly CFDs and forex trading. Its forex and stock index CFD fees are average, and there is no investor protection for clients onboarded outside the EU. BrokerChooser gave XM a 4.4/5 rating based on analyzing 500+ criteria and testing via opening a live account.
S&P 500 CFD benchmark fee
Credit/debit card deposit
Minimum deposit
Negative balance protection

XM pros and cons



XM main highlights

🗺️ Country of regulation

Australia, Cyprus, Lebanon, Saint Vincent and the Grenadines, Vanuatu

💰 Trading fees class


💰 Inactivity fee charged


💰 Withdrawal fee amount


💰 Minimum deposit


🕖 Time to open an account

1 day

💳 Deposit with bank card


👛 Depositing with electronic wallet


💱 Number of base currencies supported


🎮 Demo account provided


🛍️ Products offered

Forex, CFD, Crypto


XM has low trading fees for CFDs and charges no withdrawal fee. On the other hand, forex and stock index fees are only average, and there is a fee for inactivity.

Account opening

XM account opening is hassle-free and straightforward. You may be able to start using your account already on the same day.

Deposit and withdrawal

XM’s deposit and withdrawal processes are fast and inexpensive, and offer you several options.

Web trading platform

XM’s web trading platform is provided by MetaTrader. It is highly customizable and has a clear fee report. On the other hand, the platform lacks price alerts and the design is outdated.

Mobile trading platform

XM has a great mobile trading platform, offered by MetaTrader 4. It is a well-designed and user-friendly platform with a good search function. However, Touch/Face ID login is not supported.

Desktop trading platform

In design and functionality, XM’s MetaTrader 4 desktop platform is almost the same as the web trading platform. One major difference is that you can set price alerts on the desktop trading platform.

Markets and products

CFDs and forex are available for all clients, but real stocks only for clients under the IFSC-regulated entity. Popular asset classes, like real ETFs, bonds or options are missing.


XM offers a wide range of technical tools and a great economic calendar. On the downside, it provides no fundamental data on assets.

Customer service

XM’s customer service is fast and is available in many languages, via email, phone and live chat (which is available 24/7). The relevancy of answers is OK. Phone support is not available on weekends, though.


XM does a great job in education. You can toy around with a demo account, watch trading platform tutorials, and learn from educational videos and high-quality webinars.


XM is regulated by three financial authorities globally through its parent company including the top-tier ASIC. It is a well-established brand but is not listed on any exchange and does not disclose financial information.