XM Review

XM Review | Expert Review by a Forex Trader

Automated Trading On MT4 & MT5

  •  XM App
  •  Spreads From 0 Pips
  •  Expert Advisors (EAs)
  •  VPS Service
  •  $5 Minimum Deposit
  •  MT4 & MT5
Trade 1000+ Markets On MT5 & Free VPS: T&Cs apply

XM Review

XM is a regulated broker providing a range of account types and features and offers both the MT4 and MT5 platforms. XM provides a Micro account and a Standard account, with a low minimum deposit of $5. XM is regulated in different regions, and there are some differences between each region in terms of features available.

XM is regulated by the CySEC in Cyprus (XM CY), the ASIC in Australia (XM AU) and the IFSC in Belize (XM Global) and can have different features depending on which part is being considered.

At XM (CY) it offers a trading account which has spreads from zero (the XM Zero account). The XM Zero account requires a larger minimum deposit than the Micro and Standard account. XM (AU) and XM Global offer an Ultra Low account, which can provide spreads from 0.6, without a commission charge. XM Global provides a Shares account which offers real Shares to own. All jurisdictions provide Shares CFDs (the trader does not own a CFD), with a relatively large number available on MT5.

XM Features Highlight
FeaturesXM PlatformsDescription
Automated Trading
Trading Type
MT4, MT5
XM Platforms
XM offers no dealing desk order execution and low spreads allowing EA trading robots on MT4 and MT5
Discretionary Trading
Trading Type
MT4, MT5
XM Platforms
Traders who want to plan and execute their own trades can trade a wide range of CFD market on MT4 and MT5, making use of analysis tools on these platforms
Stocks Trading
Trading Type
XM Platform
Stocks CFD trading is available on MT5. At XM (Global) real Stocks are offered on the Shares account
MT4, MT5
XM Platforms
At XM (Global) a wide range of Crypto CFDs are available
Forex Trading
Trading Type
MT4, MT5
XM Platforms
Forex trading is supported at XM, with tools such as EAs, a VPS and both MT4 and MT5
  • XM is a no dealing desk broker, which means no requotes or order rejections and real time market execution. It says that 99.35% of all trades are executed in less than 1 second. XM allows scalping, hedging and EAs.
  • Recent awards won by XM include Best FX Service Provider 2019-2021 (City Of London Wealth Management Awards), Best Broker at the FinTech Age Awards 2019 and Best FX Broker For Europe 2019 (World Finance Magazine).

Some key features of XM (CY)

  • XM offers 3 account types (Micro, Standard and XM Zero).
  • Each account type is available for MT4 or MT5.
  • MT4 and MT5 have different markets available.
  • MT5 has more markets than MT4, as it has a wider range and includes Stocks CFDs.
  • Two of XM's account types (Micro and Standard) do not charge Forex and Metals commissions and have a low minimum deposit.
  • XM's Micro account allows for very small trade sizes.
  • One of XM's account types (XM Zero) offers low Forex spreads plus a commission charge and has a higher minimum deposit.
  • The XM Zero account is available on MT4 and MT5, but it has a reduced range of markets, compared with Micro and Standard.
  • XM permits styles such as scalping and trading with robots (and in MT4 and MT5 provides platforms for automated trading).

Difference between XM (CY) and XM (AU) and XM (Global)

  • XM (AU) and XM Global do not have the XM Zero account
  • XM (AU) and XM Global offer an Ultra Low account, with a minimum deposit of $5
  • XM Global provides a Shares account, with real shares to own, and a minimum deposit of $10,000

The XM Ultra Low Account

This account is available at XM (AU) and XM Global. It has a Standard Ultra and a Micro Ultra account types. The Micro Ultra has a minimum trade size of 0.001 lots.

Which platform or account ?

  • MT5 on Micro and Standard has the most markets.
  • Micro has the smallest trade size.
  • XM Zero has the lowest Forex and Metals spreads, but there is a commission charge added.

Account opening

For the Micro and Standard accounts, account currencies are: USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, RUB, SGD, ZAR. For the XM Zero account, account currencies are: USD, EUR and JPY. For the Ultra Low account, account currencies are: EUR, USD, GBP, AUD, ZAR and SGD. For the Shares account, the account currency is USD.

XM demo account

XM provides a demo trading account for free which can be opened here: XM demo account.

Account types and minimum deposit

Accounts at XM are based on the size of orders and the spreads desired by the trader, rather than steps up in minimum deposits providing extra account features. The Micro and Standard accounts have a very low minimum deposit of $5, the Ultra Low account has a minimum deposit also of $5, the XM Zero account also has a minimum deposit of $5 and the Shares account has a minimum deposit of $10,000.

  • The difference between the account types in terms of trades size is that 1 lot = 100,000 for the Standard and XM Zero accounts, but 1 lot = 1,000 for the Micro account. The minimum trade size for Standard and XM Zero is a micro lot (0.01). But the minimum trade size for the Micro account is 0.1 for MT5 and 0.01 lots for MT4. Thus the Micro account allows very small trade sizes of a 100th of a micro lot (0.0001) for MT4, that is it allows trading where 1 pip = 0.1 cents. Thus, any account allows micro lot trading, but the Micro account allows smaller sizes than this.
  • The Micro account has a maximum order size per ticket of 1 standard lot, while the Standard and XM Zero accounts have a maximum trade size per ticket of 50 standard lots.
  • The Micro, Standard and Ultra Low accounts have higher spreads and do not charge commissions. The XM Zero account has lower spreads (from 0 pips, hence its name), but does charge competitive commissions of $3.5 per lot per side. Find out more about the XM Zero account.
  • XM offers an Islamic account. XM provides an Institutional account for those who deposit $100,000 or more.
  • XM provides trading signals twice a day to account holder. XM offers a free VPS for clients who have a minimum balance of $5000 in their account, terms and conditions apply. For clients who do not meet the conditions for a free VPS, it is available for a monthly fee of $28. XM also offers a personal account manager, video tutorials, daily technical analysis, Forex market research, a daily Forex market outlook and daily Forex webinars.

Online Trading Platforms

XM offers the MetaTrader 4 (MT4) trading platform, on desktop, tablet or mobile. There are over 50 technical indicators available on MT4 (and more can be added), time frames from one minute to monthly and a choice of bar, candlestick and line charts.

XM also offers MetaTrader 5 (MT5), the successor to MT4, which has over 80 technical indicators and provides market depth and is available on desktop, tablet and mobile.

XM provides browser based web traders, based on MT4 or MT5.

Account protection

XM says that it offers negative balance protection.


  • XM provides 1000+ markets on MT5 covering Forex pairs, Energy, Indices and Commodities (including Soft Commodities).
  • The XM Zero account offers Forex pairs, Gold and Silver.
  • The MT5 platform additionally offers Stock CFDs and Cryptocurrency CFDs.
  • A wide range of Cryptocurrency CFDs is currently available at XM (Global).

Spreads and leverage

  • Spreads at XM are variable. For the Standard and Micro accounts spreads are from 1 for EUR/USD, 1 for UK 100, 0.25 for Gold and 0.01 for US Crude Oil. These spreads do not come with a commission charge. The Ultra Low account has EUR/USD spreads from 0.6, without a commission charge.
  • For the XM Zero accounts, spreads have a low of 0 for EUR/USD, with a commission charged.

Maximum leverage at XM (ASIC regulated) is . Maximum leverage at XM Global is 888:1.

Maximum leverage at XM (CySEC regulated) is .


Deposit methods include Credit/Debit Cards, China Union Pay, Neteller, Skrill, Sofort, Przelewy24 and Bank Wire Transfer. There are no deposit fees charged by XM. The minimum withdrawal is the same as the minimum deposit. XM does not charge withdrawal fees.


  • Trading Point of Financial Instruments Pty Australia, ACN 164 367 113 is regulated by the Australian Securities and Investments Commission (ASIC) with AFSL 443670.
  • Trading Point of Financial Instruments Limited is regulated by the CySEC in Cyprus, with company registration number: 251334 and CySEC licence number: 120/10.
  • XM Global is regulated by the International Financial Services Commission (IFSC) in Belize.


The promotions available depend on regulations. XM (CY), XM (AU) and XM (Global) offer a Free VPS Service: T&Cs apply. The Free VPS has a number of requirements including a minimum trading account balance of $5,000 and a trading requirement of at least 5 standard lots round trip per month (or 500 micro lots). Otherwise there is a fee of $28 per month. XM (Global) only offers a range of other promotions. These include a 20% deposit bonus up to $5,000, T&Cs apply. Other promotions may be avaiable specific to the country of the trader.

Summary and grade

This is an accessible no dealing desk broker, with small lot sizes available and a very low minimum deposit. XM provides both MT4 and its successor MT5 and allows a wide range of trading styles including EAs, scalping and hedging. It can provides competitive spreads and at XM Cyprus offers Forex spreads from zero, plus commission. At XM Global, real Stocks are offered on the Shares account.

The focus on providing accessible trading, in terms of minimum deposit and trade sizes, as well as providing no dealing desk conditions and ECN caliber spreads, and offering both MT4 and MT5, helps give this broker a Trader Friendly grade of A.

Pluses and minuses

  • XM is a no dealing desk broker
  • XM has a low deposit requirement, which is higher for its XM Zero and Shares accounts
  • XM offers MT4 and MT5
  • XM provides a relatively large number of Stocks CFDs on MT5
  • XM has 1000+ markets on MT5 (and 60+ Forex pairs)
  • XM allows small and larger orders, depending on the account
  • XM allows scalping, hedging and EAs
  • XM is regulated by the CySEC, the ASIC and the IFSC