XM Forex Review 2023

Founded in 2009, XM Forex is one of the biggest names in the forex market with its parent company being a global broker under the name of Trading Point of Financial Instruments Ltd.

Being a big name means also being regulated by the best regulators in the financial regulation sector, and in fact, that is the case with XM Forex. With the headquarter being located in Cyprus, its only natural to be regulated by CySEC ( Cyprus Securities and Exchange Commission), ASIC ( the Australian Securities and Investments Commission), and the FSC of Belize.

This XM Forex Review 2023 provides many facilities to make the process of opening an account and starting trading easier and faster than any other broker. With quick opening account options, opening an account with XM is light as a breeze.

With investing traders from 196 countries from all over the world. XM makes sure that different language customer support is available over the clock with 30 different languages provided online and over the phone. XM trading products are so variable that over 1.5 million investors have a live account with the broker. Hence, XM makes sure that it’s offering its clients the best customer experience through its services.

XM is only providing services to citizens within the range of the EU region and doesn’t offer services to clients from regions like the United States of America, Canada, Israel, and the Islamic Republic of Iran.

The broker has a wide range of awards won from different regions of the world is not only a great sign of the service it provided to its customers but also proof of the customer satisfaction and trust level XM has with its investors. With awards in the UK, UAE, Cyprus, and Australia. XM forex indeed pays great care to traders’ needs and requests.

The broker offers multiple trading instruments, different account types and a couple of trading platforms along with several facilitations to the trading process. The platforms offered are the most trusted and well-known forex platforms in the market presented by METAQUOETES which are MT4 and MT5.

Read more about the most famous trading platforms.

A very common question is normally asked, is XM a scam or a safe broker? and my answer to that is No, XM isn’t a scam broker, and it’s perfectly safe to trade with XM. The broker is regulated by the best regulators in the market and has a well-known reputation among other brokers. The broker’s low-risk trading allowed many investors to change to XM.

In this XM forex broker review, Let’s look at account types review, XM bonus campaigns, deposit methods, VPS service and customer service.

Yes, it’s a fact that fraud and scams are common within the forex market due to their globalized nature, and hence the risks increase. Therefore, a regulator was a must to keep everything in check and make sure the broker and the system are working as they should, all in order to protect the customer funds and distinguish high-ranked brokers from the others.

When it comes to XM’s licenses, the topic is already a done deal since XM already made sure to gain the clients’ trust in every possible way and not only gain but also maintain the licenses over the years and with every rules update and regulations enhancement, XM is the first to follow and establish everything all to gain investors’ trust.

Being located with its headquarters in Cyprus, it makes sense to have the CySEC through the mother company (Trading Point of Financial Instruments Ltd) by adhering to the always-improving rules and regulations. Not only that but it’s also regulated by ASIC through Trading Point of Financial Instruments which was established in Australia in 2015.

And in 2017 XM global LTD obtained the regulation of IFSC ( the financial services commission) in Belize. even though the IFSC is an offshore regulation without strict standards like the others, the weight of the rules from CySEC and ASIC can make an acceptable choice out of XM.

In addition to licenses, XM also offers further guarantees to clients’ funds in CYSEC. The CYSEC-regulated broker’s customer deposits are guaranteed up to €20000 by Investor Compensation Fund. whereas ASIC makes sure its regulated brokers are keeping the client’s funded accounts segregated from the operational accounts of the broker itself. And so, in case of any financial risk or crisis, the traders’ investments would be all safe.

XM account types are 3 all with great characteristics to match different styles of trading to different customers. And in this part of this XM forex broker review, I’ll break down the details and features of every account. Based on a spread-only basis, you can trade standard lots in the standard accounts offered by XM, and in case you want to trade with a lower amount of lots like micro lots, you can choose the micro account.

The zero accounts in XM offer a different strategy for professional brokers, offering spreads of 0 pips, which deducts a commission per lot as a trading charge.

XM minimum deposit in all 3 types of accounts is only $5 which means it’s a very low rate for any trader to open an account and start live trading. You can open up to 200 trading positions in all account types.

XM Micro account types offer 100 lot as the maximum lot that can be traded, and that is a really high volume of lots to trade while trading nano lots.

The XM Standard account offers 50 lots instead, as the lot unit here is the standard lot. It makes the volume of trade 5 000 000 units.

Lastly, the XM Zero account provides 50 lots as a traded lot limit. The XM Zero account has options for base currency a bit more limited than the other 2 accounts, where it only provides USD, EUR, and JPY.

XM account types all support the option of trading in the Islamic way through Islamic accounts provided for traders. In case you were interested, you need to get in touch with XM customer support and explain your interest and then you’ll have to apply for it and the broker will consider your request.

When it comes to flexibility, XM is the first one to provide all means to achieve that goal for its customers. And so, base currencies are extra flexible along with being variable from one account to another. Hence, would give you the chance to choose your favourite trading currency.

For example, the broker even included the South African Rand (ZAR) in its trading currencies within the micro and standard accounts along with others such as USD, EUR, GBP, JPY, CHF,‎AUD, HUF, PLN, and SGD.

All account types have negative balance protection services and Islamic account options.

**Leverage depends on the financial instrument traded.

XM forex offers a multi-asset account to its investors where it works like your bank account with the difference that it’s issued with the purpose of trading currencies, stock indices CFDs, stock CFDs, as well as CFDs on metals and energies.

Multi-asset trading accounts at XM can be opened in Micro, Standard or XM Zero formats.

multi-asset trading account includes

1. Access to the XM Members Area
2. Access to the corresponding platform(s)
3. Access to the XM WebTrader

Leverage is the amplification of your balance. This allows you to open bigger trading positions according to the leverage you have chosen.

XM offers 1:1000 leverage for the micro accounts, standard account and XM zero account. Even though with leverage you can make a higher profit, there is also a risk of having a higher loss because the positions you open will be of higher volume.

This Leverage does not apply to all the entities of the Group. Leverage depends on the financial instrument traded.

There’s also the chance that only XM offers where Any XM client can hold up to 8 trading accounts of their choice. 8 active accounts with the broker on the different trading platforms offered is a great deal to all investors as it provides variability. The option brought a lot of positive feedback from the clients to the broker and improved the customer experience with XM.

having 200 maximum number of positions opened at the same time within 1 account, which applies to all account types, allows for a big volume of trade and hence higher liquidity. you can break your trade into smaller sizes if you want to deal with a higher amount.

Standard Account Review

The standard account is similar to the normal account on other forex brokers. The Xm minimum deposit limit in this account type is $5 which is really low. I think XM is one of the best forex brokers with low deposits. Spreads are offered as 1 pip which is average in the forex industry. Maximum leverage is 1:1000. This feature is one of the highest leverage. This is advantageous for professional traders who want to use forex robots like Expert Advisor in Meta Trader.

Micro Account Review

Technically speaking, the XM Micro accounts are in fact micro accounts since the lot deal with here= 1000 units. While the standard lot amount is 100000 units. That means the micro account is a micro lot account at its core. If you want to read more about lots make sure to understand before you trade and read the article what is lot and lot sizes on my website.

So in the micro account, if you open 1 standard lot EURUSD buy order, you will get €1000 instead of €100,000 which is the amount of the standard lot.

The Xm micro account is the lowest account that XM offers to its clients for trade. If you are a new trader or new in forex in general, make sure to start with a demo account or if you want to open a real trading account, I’d recommend FXTM’s cent account if you want to use a nano account type which is less than the Xm micro account.

Islamic Account Review

With Islamic accounts, no interest is paid nor gained and that’s why it’s preferred more by Muslim trades. If you were interested you need to send a request to XM support and they would get back to you. The broker holds the right to refuse your request as they see fit.

How to Open An Account at XM Forex?

You can open an account easily at XM Forex broker. First of all, click the link and go to the XM Forex website. Then follow these steps:

1. Fill in your personal data such as name, country, language, phone and e-mail.
2. then fill in your trading account details.
3. Fill in your date of birth and address details.
4. Select base currency, leverage and account bonus.
5. Give your financial situation and investor information.
6. Choose a password and confirm all information.
7. Push the open a real account button.

The steps might seem much however the estimated time to complete your registration is 2 Minutes. So it’s all very simple information to open your trading account. After the steps are fulfilled, you’ll receive an email containing your login details and that would mean you only need to activate your account and deposit the minimum deposit of XM and you’re ready for live investing by logging into the Members Area.

You may consider this article as an Xm forex review as we dig deep into more details about what the broker provides for its clients.

This section of the XM forex broker review will explain the available and presented platforms used for trading. XM customers are able to trade using the best platforms out there provided by Metaquotes that are well developed and greatly known as the pillar of platforms which are MetaTrader 4 and MetaTrader 5.

These 2 platforms are not just well-known for their technology, they’re also known for the advantages they offer the traders such as several extensions and comprehensive educational login on how to use any given tool.

Meta Trader 4 is the most popular system currently in the trading sector. All prices and movements are clear and the platform has user-friendly nature. This will vastly increase the performance of any trader. And also, manual and auto trading options are available through MT4.

XM supports MT5 also. Both MT4 and MT5 platforms are available among hundreds of online forex brokers, with the native version of the desktop platforms available for Windows operating system (OS) and a Mobile app for Android and Apple iOS devices available.

The main difference between MT4 and MT5 is that MT4 does not offer to trade on stock CFDs.

XM provides MT4 MultiTerminal, which offers a practical and suitable way to manage multiple accounts at the same time from a single interface.

Your expectations and preferences will all be met as you celebrate the great choices that are offered within the trading instruments of XM. With a great product variety that automatically leads to a pleasant trading experience.

You can trade with forex trading, indices CFDs, stocks CFDs, precious metals CFDs, commodities CFDs, and Energies CFDs. And this part of the XM forex broker review will show that all trading instruments take place on the same platform you’d be using to open an account which is MT4 and MT5 In addition, different details will be shown in particular below. Therefore, all your opened positions in forex or even CFDs would be seen in one place.

Forex: with leverage of 1:1000, you can trade forex in an ultimately easy way with 50+ currency pairs offered for trade that include majors, minors and exotics of forex. Zero swaps on ultra-low accounts are offered and tight spreads are.

Cryptocurrencies: the leverage offered in crypto trading is 1:250 where going long or short position is allowed according to the market moves. Bitcoin, Litecoin, Ethereum, Fetch AI, Compound and more are available for cryptocurrency trading.

Stock CFDs: cost-efficient and direct access to the global markets is available where clients can speculate on the price movement and open positions on the rise or fall of prices. Trading stocks suits both short and long-term trading strategies. Google, Ford, Microsoft, HSBC, Air France and more are examples of the available stocks you can trade with XM.

Commodities: the contract is based on trading without owning the commodity itself is a great advantage for the trader and so they choose to trade with commodities as an excellent addition to the trading profiles. the low deposit that commodities require makes it the perfect instrument for beginner traders. Cocoa, coffee, corn, cotton and more are examples of the available commodities and agricultural products you can trade with.

Indices: no extra fees are applied on indices trading where a leverage of 1:500 can be applied. HK50Cash, UK100Cash, US100Cash, US500Cash, AUS200Cash and more are examples of the offered indices at XM.

Precious Metals: Gold and silver can be traded with 1:1000 maximum leverage where you can take a long or short position on the ” safe haven” trading instruments for forex traders. Zero swaps on ultra-low accounts and no extra fees applied.

Energies: oil that includes Brent Crude Oil, London Gas Oil, WTI Oil, WTI Oil Mini, and natural gas with high volatility with greater price movement. No overnight financing on oil when traded. Besides, the ability to trade on the rise and fall of prices and going long or short positions. The margin can go as low as $5 as well.

Shares: shares from all over the world from the biggest companies like Addidas, Amazon, Apple, Alibaba, Tesla, Facebook, Netflix, Google and more. With low commissions and fast execution of trades.

It is one of the most generous bonus companies. I can give an example of FBS for another. However, the fact that XM has more reliable licenses allows it to be in one of the first places on my favourite broker’s list. In this part of the XM forex broker review, Let’s see XM bonuses and promotions.

Since XM is one of the most preferred brokers in the forex market, it makes sense that it would be a favourite for brokers to trade with. And in return, the broker offers its investors both free VPS services and zero fees on deposits and withdrawal bonuses.

XM no deposit bonus, unfortunately, is no longer offered by XM and that is why no information has been mentioned about it in this Xm forex review.

Free VPS

XM VPS service is mainly designed to help traders with their investments in the following ways :

• Increase the Speed of your Trades
• Enjoy Optical Fiber Connectivity
• Accessible from any Location
• Online 24 / 7
• Ideal For EAs
• State of the Art Hardware

XM VPS allows you to remotely connect to a Virtual Private Server (VPS) located just 1.5 km away from our data centre in London, with optical fibre connectivity. Taking advantage of this service enables you to make the most of the unparalleled execution of XM, without having to worry about other factors that can impede your ability to trade effectively, such as internet connection speeds, computer failure, or power cuts.

Through  XM VPS, your EAs will be able to work nonstop, without you needing to monitor them or even have your computer switched on.

if you want to enjoy the VPS service, you need to maintain a minimum trading account balance of 5000 USD, or equivalent in other currencies, and are eligible to request free VPS from the Members Area at any given time, on condition that you trade at least 5 standard round turn lots or 500 micro round turn lots per month.

There are 4 steps t connect to the free VPS service from XM.

1. Click the Start button and type “Remote Desktop Connection” 
2. From the Remote Desktop Connection window simply type in the XM VPS IP address that you have been provided with and click the “Connect” button.
3. In order to connect to the XM VPS, simply enter your VPS login username and password.
4. On connecting for the first time, you may receive a security prompt where you will need to confirm that you wish to connect despite any standard warnings.

zero fees on deposits and withdrawals

XM covers all deposit and withdrawal transfer fees for payments made via Neteller, Moneybookers and all major credit cards (including VISA, VISA Electron, MasterCard, Maestro and China UnionPay). Additionally, all deposits and withdrawals above $200 processed by wire transfer are also included in the broker’s zero fees policy.

All the electronic deposit methods, including credit cards as well as electronic wallets, are 100% automatically processed and funds reflect in clients’ accounts automatically.

XM caters to business needs globally, while its customer service team is located in international locations and speaks over 25 languages including Chinese, Russian, Hindi, Arabic, Portuguese, Thai, Tagalog, English, French, German, Greek, Hungarian, Indonesian, Italian, Japanese, Korean, Malay, Polish, Spanish, Swedish, and Turkish.

You can reach the customer support team 24/7. The agents are accessible via email, phone or live chat. I also found the service to be of good quality with reliable responses, which once again confirms XM’s customer-oriented policy.

having multiple payment method options supported in all countries, managed funds transactions also being client-focused, allowed XM to shine in the sector of funding and withdrawal. Including a variety of widely used payment options, XM again cares about the convenience of its customers and introduced a local bank transfer option that allows depositing funds into the account via local banks and currency without any conversion fees.

deposit options at XM are:

• VISA
• VISA Electron
• Mastercard
• Maestro
• Diners Club International
• UnionPay
• XM Card
• Skrill
• Neteller
• Web Money
• Bank Wire
• Sticpay

As you’ll see in the Deposit Methods table, the deposit methods are pretty varied. A significant proportion of popular e-wallet systems can be available. Of course, I would recommend the credit card as the fastest deposit method. Unfortunately, it is not possible to deposit or withdraw by using Paypal for now.

All withdrawal requests will be completed within 1-3 working days because it depends mainly on the country the funds are being sent. In the case of wire transfers, please note that it takes around 7-14 days to be processed because it deals with 2 banks from 2 different countries with totally different rules and regulations. All client withdrawal requests shall be processed in the currency in which the deposit was originally made.

And in this XM forex broker review, will explain in a step-by-step format how to withdraw funds from your account:

1. Sign in to your account
2. choose to withdraw in the Menu tab
3. Enter the amount withdrawn
4. Choose your withdrawal method
5. Complete the online application with the required conditions
6. Confirm and submit the withdrawal information
7. Check the current withdrawal status from your control panel

Should the deposit currency be different from the transfer currency, the transfer amount will be converted by XM into the transfer currency at the prevailing exchange rate.

XM does not charge any fees for deposits and withdrawals. For deposits made through wire transfer, XM covers all transfer fees applied by banks, with the exception of $ 200 or equivalent deposits.

All in all, Xm forex review is a well-regulated broker with a large number of reputable licenses that offer truly transparent terms and is an extremely client-friendly broker.

Negative balance protection, a strict real-time market execution policy in addition to no requotes and no hidden fees or commissions bring very comfortable trading conditions to the traders and makes XM in a high position amongst forex broker houses. Thus, XM is one of the most generous in terms of costs, trading conditions, and opportunities in general making XM a trustworthy broker.

Through this XM forex broker review, I concluded many details regarding the different account types offered by XM, Besides the different trading instruments and the trading platforms that are the most known and popular in the forex market which is MT4 and MT5.

Different funding methods and reliable customer service all contributed to the big name that XM forex broker is having in the forex market. This XM forex review 2023 has also broken down the different services offered by Xm including the VPS service and the bonuses and promotions offered to trades having a live account with XM.

Xm minimum deposit is $5 which is a great amount to start trading especially for beginner traders who are still testing out the broker or the trading conditions.

Here is the FAQ about XM Forex. You can find all answers to these questions and more in this XM broker review.

Is XM a reliable broker?

YES. XM is a reliable broker because it ensures the safety of client funds and consumer protection as per the applicable laws and regulations. The client’s funds are safe in XM’s segregated client bank account. It is obliged to meet strict financial requirements too.

How long do XM withdrawals take?

Your withdrawal request is processed by XM Forex back-office within 24 hours. You will receive your money on the same day for payments made via e-wallet, while for payments by bank wire or credit/debit card it usually takes 2 – 5 business days.

Is XM regulated?

The answer is yes! XM is regulated by ASIC, CySEC, and IFSC. XM is a global forex broker and is licensed and regulated by three financial entities: the Cyprus Securities and Exchange Commission (CySEC), the Australian Securities and Investments Commission (ASIC), and the International Financial Services Commission of Belize (IFSC).

Does XM charge commission?

XM does not charge any fees for its deposit/withdrawal options. For instance, if you deposit $200 by Skrill and then withdraw USD 200$, you will see the full amount of $200 in your Skrill account as XM covers all transaction fees both ways for you.

Does XM allow scalping?

Yes, XM allows scalping during important News times. You can trade when the volatility increases and benefit from this situation.

What is the minimum deposit for XM?

The minimum deposit is $5 at XM for Micro and Standard accounts. However, $5 for Ultra Low Account, while for the Shares account it is $10,000.

XM Forex Review 2023

• 1Regulation
• 2Spreads and Account Types
• 3Trading Platforms
• 4Trading Instruments
• 5Bonus and Promotions
• 6Customer Services
• 7Deposit and Withdrawal
• 8Conclusion of XM Forex Review 2023
• 9Frequently Asked Questions

Score: 8.9/10

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