XM: A Broker With Fast Direct Execution

July 15, 2020
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XM is a broker with more than 3,500,000 clients in around 196 countries. The company was founded in 2009 and is regulated by the Australian Securities and Investments Commission (ASIC), Cyprus Securities and Exchange Commission (CySEC) and International Financial Services Commission (IFSC). XM offers you 24/5 support in more than 30 languages. Also, you can trade forex, CFDs on stock indices, commodities, stocks, metals and energies. XM’s investment platform is very fast, 99.35% of trade orders are executed in less than a second.

If you are a beginner trader or you are already an experienced investor looking for a fast broker, XM can offer you very good services.

We analyzed hundreds of data points relevant to the costs, benefits and features of trading with XM and scored our findings on a 10-point scale across 10 distinct categories.
Fees 8
Signup Process 10
Minimum Deposit 10
Ease of Use 8
Deposit & Withdrawal Options 10
Customer Support 10
Asset Classes 8
Referral Program 0
Demo Account & Educational Resources 8
Safety & Regulation 10
Total 82

What is XM?

XM is an online broker that counts its members by the millions and its covered countries and regions by the hundreds. With a little over 10 years in the market, it offers lightning-fast trade execution times on forex, CFDs on stock indices, commodities, stocks, metals and energies, all without commissions and with tight spreads. It is important to note that XM does not provide services to residents of the United States of America, Canada, Israel and the Islamic Republic of Iran.

Pros & Cons


  • No deposit or withdrawal fees.
  • There are several alternatives to deposit and withdraw funds.
  • Free access to forex market research.
  • XM is a licensed broker and is regulated.
  • Very low operating fees.
  • The account opening is quick, fully digital and fast.
  • It is possible to operate with a demo account.


  • Bank transfers could take up to 5 business days.
  • There are downtime costs.
  • The platform does not provide fundamental analysis data.
  • Customer support is not operational on weekends. It only works 24/5.
  • XM is not publicly traded.
  • XM’s financial statements are not publicly available.

Account Types

XM offers you the following three types of accounts:

Micro Account

It is an account for retailers that allows you to use several currencies to manage your capital on the investment platform without commissions (USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, RUB, SGD, ZAR). Take into account that the size of the contracts is 1 lot = 1,000 currency units.

Standard Account

You can operate with this account without commissions with the following base currencies: USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, RUB, SGD, ZAR. Also, in this case the contract size is 1 lot = 100,000 currency units.

Ultra Low Micro Account

This account allows you to have an even tighter spread level than the previous ones, but the initial deposit is higher. But, you can only use the following base currency: EUR, USD, GBP, AUD, ZAR, SGD.

Shares Account

This type of account only allows you to trade stocks and you can only use USD as the base currency. Take into account that the initial deposit of this type of account is the highest. Later you will find a whole section dedicated to the different minimum deposits for each type of account that XM offers.

Here’s a breakdown of our 10 scoring categories, each scored out of 10 for a total of 100 points.

#1 Fees

At XM the fees are low compared to other investment service providers. When you operate in XM you will enjoy the following features:

  • There are no deposit or withdrawal fees. But, the minimum amount that you can withdraw via bank transfer is $200 USD, otherwise, you must pay a fee of $15 USD.
  • You will have to pay a fee of $5 USD a month for inactivity if you do not do operations for three months.
  • There are no trade commissions. The cost associated with trading is reflected in the spread. Take into account that in XM most of the spreads are close to 0. However, the spreads could be different depending on the market where you operate. For example, approximately 0.03 pips in the US markets and approximately 0.1 pips for the rest of the markets.

Although XM offers you an excellent fee scheme, the broker loses points due to inactivity fees.

XM Fees Score: 8/10

#2 Signup Process

The account opening is totally digital. When you are opening your account you will see that it is a very simple and practically instantaneous process. Take into consideration that you must have the following documentation to open the account:

  • A colour copy of a valid passport or other official identification document issued by authorities (e.g. driver’s license, identity card, etc). The identification document must contain the client’s full name, an issue or expiry date, the client’s place and date of birth or tax identification number and the client’s signature.
  • A recent utility bill:  (e.g. electricity, gas, water, phone, oil, Internet and/or cable TV connection, bank account statement) dated within the last 6 months and confirming your registered address.

The registration process at XM receives a high score because you can open an account very easily and fast without complications.

XM Signup Process Score: 10/10

#3 Minimum Initial Deposit

The minimum deposit to trade on the XM platform will depend on the type of account you decide to trade with. Next, we show you the minimum deposits for each type of account offered by the broker.

 AccountMinimum Initial Deposit
Micro Account$5 USD
Standard Account$5 USD
Ultra Low Account$50 USD
Shares Account$10,000 USD

XM has a low minimum deposit compared to other brokers. This aspect is very favourable because you can start your trading career without waiting years until you have large sums of money to start investing.

XM Minimum Initial Deposit Score: 10/10

#4 Ease of Use

XM offers you Metatrader 4 (MT4) or Metatrader 5 (MT5) as investment platforms. Note that these interfaces are friendly and intuitive despite their advanced features. Also, these platforms are very useful and are the most used tools by traders in the world. You will be able to find a large number of chart options, indicators, and plotting tools.

You can also see several charts at the same time, you have customization options and you can even create environments. For example, you can create an environment for Forex, CFDs or financial sectors.

These customization possibilities allow you to be much more efficient when analyzing and making the best investment decisions.

 Furthermore, XM also offers you the possibility of following your operations on the web through its Webtrader. This tool is based on a platform that does not need downloading and that will allow you to view your positions at any time without the need to download MT4 or MT5 on other computers.

Take into account that to master all the analysis resources that MT4 and MT5 offer, you must dedicate time and effort so that you can exploit to the maximum all the resources that these investment platforms offer you.

Metatrader 4 (MT4)

Mobile App

You can use MT4 or MT5 on your cell phone too. The mobile applications will allow you to use the same tools as the PC version. In the case of the MT4, the app is very well rated in the Android store (4.6/5) and in the Apple app store (4.6/5).

XM: App

Although XM’s investment platform is wonderful, it does have quite a steep learning curve because of all the customization and tools it offers. This makes the broker loses points due to the time that you will have to invest to learn how to comfortably use the investment platform.

XM Ease of Use Score: 8/10

#5 Deposit & Withdrawal Options

You can deposit money in any currency and it will be automatically converted into the base currency of your account (USD, EUR, GBP, JPY, CHF,‎ AUD, HUF, PLN, RUB, SGD, ZAR). Also, the minimum deposit/withdrawal amount is $5 USD (or equivalent denomination) for multiple payment methods supported in all countries.

 Please note that you will be able to see your balance reflected in your account the same day if you use electronic wallets. But, bank transfers could take from 3 to 5 days to be approved.

To protect all parties against fraud and minimize the possibility of money laundering and/or terrorist financing, XM will only process withdrawal/refunds back to the source of the original deposit according to the Withdrawal Priority Procedure below:

  • Bank transfers.
  • Credit/debit card withdrawals. Withdrawal requests submitted, regardless of the withdrawal method chosen, will be processed via this channel up to the total amount deposited by this method.
  • E-wallet withdrawals. E-wallet refunds/withdrawals will be processed once all credit/debit card deposits have been completely refunded.

All withdrawal requests will be completed within 24 working hours. However, all withdrawal requests submitted will be instantly reflected in the clients’ trading account as pending withdrawals.

XM: Deposit & Withdrawal Options

In this aspect XM is very well qualified for the diversity of currencies and funding methods.

XM Deposit & Withdrawal Options Score: 10/10

#6 Customer Support:

XM customer support is very useful and efficient. It also offers several alternatives to communicate with technical personnel and the response is usually immediate.

  • Phone Support: +501 223-6696
  • Live Chat: Available on the broker page.
  • Email: [email protected]

The technical support offers you several alternatives to communicate with the technical advisers. For this reason, XM is well qualified in this category

XM Customer Support Score: 10/10

#7 Asset Classes


You can buy stocks in 18 international markets:


Currency Pairs

You can buy 55+ currency pairs. For example, AUD/CAD, EUR/GBP, EUR/USD, SGD/JPY, etc.


Yes, you can trade precious metals at XM.

While it is true that XM has a number of alternatives in most of the financial instruments it offers, unfortunately, you will not be able to invest in bonds and cryptos. This factor reduces the diversification capacity of your portfolio.

XM Asset Classes Score: 8/10

#8 Referral Program

XM does not have a referral program. For this reason it is impossible to be able to assign points in this regard to XM.

XM Referral Program Score: 0/10

#9 Demo Account & Educational Resources

At XM you will also have the option to open a demo account (paper trading) that will allow you to test your trading strategies without risking real money. In the demo account, you can use the same tools as in the real money account. These types of accounts represent a great opportunity to assess the spread and stability of the platform so that you are safe when opening a real money account.

Educational Resources

The XM Research and Education Center offers you a whole learning experience. So, XM offers daily updates on all major trading sessions along with many daily briefings on all the critical market events that make up global markets daily.

You will find all the educational resources in many languages. XM offers a diversified educational knowledge base that represents a very useful tool for your training. These learning tools will allow you to get competitive advantages in your negotiations.

Educational Resources

The educational resources that XM offers are good. However, there are other brokers such as Capital.com that offer much more complete and varied educational resources, which is why XM doesn’t get a perfect score in this category.

XM Demo Account & Educational Resources Score: 8/10

#10 Safety & Regulation

XM is a secure platform because it is regulated by several respectable institutions:

  • Belize: XM Global Limited is licensed by the International Financial Services Commission (IFSC) under license number 000261/106.
  • Cyprus: Trading Point of Financial Instruments Ltd is licensed by Cyprus Securities and Exchange Commission (CySEC) under license number 120/10.
  • Australia: Trading Point of Financial Instruments Pty Ltd has been issued an Australian Financial Services License by Australian Securities and Investments Commission (ASIC) under number 443670.

The broker is very well qualified in this category because it has not only one but three regulations that make it a reliable broker

XM Safety & Regulation Score: 10/10

While researching 100+ of the world’s top brokers, we’ve noticed what works and what doesn’t from the customer’s point of view. That’s why our final test for any broker is to compare it to Capital.com, which scores 91/100 points across the 10 categories mentioned in this review.

XM Vs. Capital.com

Being a winning trader requires a solid investment plan. Take into account that the stock market is a world that is constantly changing and for this reason your strategies must adapt to the movements and innovations of the market. We recommend that you choose a broker that is your ally and that allows you to fully exploit your profits.

In this sense, this broker must allow you to diversify your portfolio internationally with the range of financial instruments that it offers and that also saves you hundreds of dollars in commissions. In this section, you will find a comparison between XM and Capital.com. After an in-depth market study, we consider that your best ally is Capital.com for the following reasons:

The Best Investment options

XM has a good number of financial instruments that you can invest in. However, Capital.com offers you several possibilities because on its investment platform you will be able to access a greater number of CFDs. This feature is really important because with Capital.com you will be able to have a greater capacity for diversification when building your investment portfolios.

Capital.com Has Referral Program

XM does not have a Referral Program that allows you to earn bonuses so that you can gradually increase your capital. In contrast, Capital.com offers you a Referral Program that will allow you to earn 25 USD for each person you invite to invest in this wonderful investment platform.

It Provides More Educational Resources

At Capital.com you have more tools and options so you can study the market and create the best investment plans. For example, you will be able to access:

  • Free financial webinars.
  • Educational courses for traders.
  • Extensive market glossary.
  • Comprehensive CFD trading guide.
  • Cryptocurrency trading tutorial.
  • Investment, Capital.com’s investor education app.

Do You Need Expert Help?

Definitely yes! Take into account that you should always analyze to make the best decision. In this sense, you should complement your investment ideas with the recommendations of a qualified advisor. We suggest our post “Capitalist Exploits: A Measured Approach To Achieving Asymmetric Returns“. There you will learn much more about investing and get great recommendations.

Below you can see a summary table with the main features of Capitalist Exploits:

Characteristics Capitalist Exploits
How do they select investments? Capitalist Exploits seeks investment opportunities worldwide through in-depth analysis, market research, and investment networks.
The team looks for the best investment opportunities in different sectors, industries and global markets.
Then they determine if the opportunity can be safely seized. After identifying opportunities, they estimate the risk associated with each investment to select the best risk-capital ratio.
The next step is to identify the most appropriate way to allocate capital in each scenario. In this way, investors can adapt to possible changes.
Are the recommendations diversified? Yes, they provide a high level of diversification because Capitalist Exploits seeks investment opportunities worldwide in and out of the stock market.
Do they help you analyze each recommendation? Yes
Do they generate free content? Yes, the company offers free content and a blog with highly relevant podcasts and opinion pieces. Capitalist Exploits also offers a private Telegram channel called “Hedgies Uncut”. There, hedge fund managers discuss their investment positions and ideas.
What type of investor is it for? Anyone with any level of experience or geographic location can use the service. It is ideal for both long-term and short-term investors who are looking for investment opportunities in and out of the stock market. For example, shipping, energy, natural resources, Bitcoin and many more.

In Summary

  • XM is a broker with more than 3,500,000 clients in around 196 countries.
  • The company was founded in 2009 and is regulated by the Australian Securities and Investments Commission (ASIC), Cyprus Securities and Exchange Commission (CySEC) and International Financial Services Commission (IFSC).
  • XM offers you 24/5 support in more than 30 languages. In addition, you can trade forex, CFDs on stock indices, commodities, stocks, metals and energies.
  • XM provides various types of accounts designed for different purposes and capital.
  • At XM the fees are low compared to other investment service providers.
  • The account opening is totally digital.
  • The minimum deposit for you to trade on the XM platform is $5 USD.
  • You can deposit money in any currency and it will be automatically converted into the base currency of your account (USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, RUB, SGD, ZAR).
  • You can fund and withdraw money from your XM trading account at no cost and through various methods.
  • XM customer support is very useful and efficient. But, you will only be attended from Monday to Friday.
  • The platform could be more efficient regarding the waiting time for bank transfers. In general, you should wait 3-5 business days.
  • Another relevant aspect to take into account is that although XM is regulated, it is not publicly traded and its financial statements are not public.

We think that the XM platform could be better in several aspects. For example, it could improve the Asset class, referral program and educational resources. Also, the minimum amounts are high. In all these points Capital.com is superior. If you are a beginner or an experienced trader you will see that this wonderful broker is an ally that will allow you to fully exploit capital gains

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