XM Broker Review 🔍: Features, Pros & Cons Revealed (2024)

Introduction to XM Forex Broker.

XM is an award-winning and popular forex broker that has been in operation since 2009 and has a high trust score of 93 out of 99.

The company is headquartered in Cyprus and is regulated by several financial authorities, including the Australian Securities and Investments Commission (ASIC), the Financial Conduct Authority (FCA), and the Cyprus Securities and Exchange Commission (CySEC).

XM At A Glance

🔎Broker's Name	XM Group
🏚 Headquarters	UK
📅 Year Founded	2009
⚖ Regulating Authorities	FCA, IFSC, CySec, ASIC
🧾Account Types	Micro Account; Standard account; Ultra Low Account; Shares Account
🎁 Bonus	Yes, $30
🧪 Demo Account	Yes
💸 Fees	$3.50
💸 Spreads	spreads from 0.6 to 1.7 pips
💸 Commission	commission-free trading depending on the account selected
🏋️‍♀️ Maximum Leverage	1:1000
💰 Minimum Deposit	$5/ R70
💳 Deposit & Withdrawal Options	Bank Wire Transfer Local Bank Transfer Credit/Debit Cards Neteller Skrill, and more.
📱 Platforms	MT4 and MT5
🖥 OS Compatibility	Web browsers, Windows, MacOS, Linux, Android, iPhone, tablets, iPads
📊 Tradable assets offered	Forex, commodities, cryptocurrency, shares, indices, metals, energies, options, bonds, CFDs, and ETFs
💬 Customer Support & Website Languages	23 Languages
⌚ Customer Service Hours	24/5
🚀 Open an Account	👉 Click Here

XM Broker Review: Account Types

This XM forex broker review found that the broker offers 4 different account types. All account types come with negative balance protection and there is an option to open an Islamic version of each account.

All accounts also offer leverage of up to 1:1000. XM Group offers commission-free trading on all accounts except the shares account.

🧾 Accounts	☑ Micro Account	☑ Standard Account	☑Ultra Low Account	☑Shares Account
Base Currency Options	USD, ZAR	USD, ZAR	USD, ZAR	USD
Contract Size	1 Lot = 1,000	1 Lot = 100,000	Standard Ultra: 1 Lot = 100,000 Micro Ultra: 1 Lot = 1,000	1 share
Spread on all majors	As Low as 1 Pip	As Low as 1 Pip	As Low as 0.6 Pips	As per the underlying exchange
Maximum open/pending orders per client	300 Positions	300 Positions	300 Positions	50 Positions
Minimum trade volume	0.1 Lots (MT4) 0.1 Lots (MT5)	0.01 Lots	Standard Ultra: 0.01 Lots Micro Ultra: 0.1 Lots	1 Lot
Lot restriction per ticket	100 Lots	50 Lots	Standard Ultra: 50 Lots Micro Ultra: 100 Lots	Depending on each share
Minimum Deposit	5$	5$	5$	10,000$
Open an Account Today	👉 Click Here	👉 Click Here	👉 Click Here	👉 Click Here

XM Micro Account

• Base currencies include USD, ZAR, EUR, GBP, JPY, CHF, AUD, HUG, PLN, RUB & SGD.
• Contract size where 1 lot = 1,000.
• Spreads from as low as 1 pip.
• The minimum trade volume of 0.01 lots when using MT4 and 0.1 lots when using MT5, and
• Lot restriction of 100 lots per ticket.

XM Standard Account

• Base currencies include USD, ZAR, EUR, GBP, JPY, CHF, AUD, HUG, PLN, RUB & SGD.
• Contract size where 1 lot = 1,000.
• Spreads from as low as 1 pip.
• The minimum trade volume of 0.01 lots, and
• Lot restriction of 50 per ticket.

XM Ultra-Low Account

• Base currencies include EUR, USD, GBP, AUD, ZAR, and SGD.
• Contract sizes as per standard ultra of 1 lot = 100,000 and micro ultra of 1 lot = 1,000.
• Spreads from as low as 0.6 pips.
• Minimum trade volume on standard Ultra of 0.01 lots and on micro ultra of 0.1 lots, and
• Lots restriction per ticket of 50 lots on standard ultra and 100 lots on micro ultra.

XM Shares Account

• Minimum deposit of $10,000
• The base currency of this account is solely USD.
• The contract size is 1 share.
• There is no leverage provided on this account.
• The spread is according to and as per the underlying exchange.
• Commission charges on this account range between $1 and $9 depending on the underlying exchange and the individual share.
• The maximum number of open and/or pending orders per client is restricted to 50 positions.
• The minimum trade volume on this account is one lot, and
• The lot restriction per ticket depends on each individual share.
• Hedging is not allowed on this account.

How To Open An XM Real Account Step-By-Step

This XM forex broker review found that the account opening procedure is simple and it may take only 2 minutes to complete the online registration with XM Group. Simply follow the steps below.

1. Go to the XM Real Account Registration Page

Click here to access the XM broker portal, where you can find the application form to fill in.

2. Fill in the Registration Form

Fill in the form using your real details. Make sure you will be able to verify these details later as this is necessary for withdrawals. If you use fake details you will not be able to verify your account and you will not be able to withdraw from XM

3. Choose the Trading Platform & XM Account Type

XM Markets offers both MT4 and MT5 so you must choose your preferred platform first. Then you must choose the account type you want from the ones offered by XM Global. After registration, you can also open multiple trading accounts of different account types.

Over the next pages, you must read and agree to the terms and conditions and fill in further personal details.

You will also get the chance to set up your account password. Make sure you use a password that you can easily remember so that you will not be locked out of your account. Click on the ‘Open Real Account‘ button to proceed.

XM Deposit & Withdrawal Review

This XM broker review found that the broker offers a variety of deposit and withdrawal methods for traders. These methods include Credit cards, Debit cards, Neteller, Skrill, UnionPay, Web money, and Bank Wire. The minimum deposit and withdrawal at XM is $5 depending on the method used.

XM Global allows deposits to be made in any currency. However, they will be automatically converted into the base currency that the client chose when they opened the account.

How long does it take to withdraw from XM?

Their withdrawal requests are processed by the back office within 24 hours. You will receive your money on the same day for payments made via e-wallet, while payments by bank wire or credit/debit card usually take 2 – 5 business days.

How Do You Deposit Money on XM Broker

This XM broker review found that depositing funds with the broker is easy and seamless.

To deposit in your XM real trading account, please do the following steps:

1. Login to the XM Member account.
2. Select the deposit method such as Credit card, Bank Wire, or some wallet method.
3. Type in the cell the deposit amount.
4. Confirm the account number and deposit amount.
5. Make payment.

How To Withdraw on XM Broker

1. Login to the XM Member account.
2. Click the “Withdrawal” button on the My Account page
3. Select the withdrawal method similar to the deposit method, and enter the amount you wish to withdraw.

XM Broker Review: Bonuses

XM Group is known for offering a range of bonuses and promotions to its clients. These bonuses can be a great way for traders to boost their trading capital and take advantage of additional trading opportunities. In this section, we will take a closer look at the bonuses and promotions offered by XM.

$30 No Deposit Bonus

The $30 no-deposit bonus is available to new clients who sign up for an account with XM Group. The bonus is credited to the client's account as soon as the account is verified, and it can be used to trade on the platform.

The bonus is available for 90 days, during which time the client can use it to trade on any of the financial instruments offered by XM.

XM Deposit Bonus

XM Group offers deposit bonuses to its clients as a way to reward them for their loyalty and encourage them to trade more. These bonuses are based on the client's deposit amount and can range from 10% to 100% of the deposit amount.

The bonus is credited to the client's account as soon as the deposit is made, and it can be used to trade on the platform.

One of the main benefits of deposit bonuses is that they can boost the client's trading capital and allow them to take advantage of additional trading opportunities.

The deposit bonuses offered by XM are subject to terms and conditions, which clients should be aware of before accepting the bonus. These terms and conditions can include trading volume requirements, which means that the client needs to trade a certain number of lots before they can withdraw the bonus.

The trading volume requirements can vary depending on the bonus amount and the client's account type.

It is important to note that deposit bonuses are not free money, and clients should not view them as such.

The bonus is intended to be used as trading capital, and clients should use it to take advantage of additional trading opportunities.

XM Loyalty Program

XM's loyalty program rewards clients for their trading activity and encourages them to trade more. The loyalty program has several levels, and clients can move up the levels by increasing their trading volume.

The XM group loyalty program offers cashback and bonus rewards based on the client's trading volume.

The loyalty program has four levels: Executive, Gold, Diamond, and Elite. Clients are automatically enrolled in the loyalty program when they open an account with XM, and they start at the Executive level.

Clients can move up the levels by increasing their trading volume, and the rewards increase as the client moves up the levels.

The loyalty program offers cashback and bonus rewards based on the client's trading volume. The cashback rewards are paid out on a weekly basis and are based on the client's trading volume for the previous week.

The bonus rewards are credited to the client's account on a monthly basis and are based on the client's trading volume for the previous month.

XM Review: Platforms

XM offers two main trading platforms: MetaTrader 4 (MT4) and MetaTrader 5 (MT5). Both platforms are popular among forex and CFD traders and offer a wide range of features and tools.

MT4 is a popular trading platform that has been around for many years. It is known for its ease of use and wide range of features, including technical analysis tools, automated trading, and a large community of traders.

MT5 is the newer platform from MetaQuotes and offers a number of improvements over MT4, including support for more trading instruments, enhanced charting capabilities, and improved performance.

In addition to MT4 and MT5, XM also offers a web-based trading platform called XM WebTrader. XM WebTrader is a convenient option for traders who want to trade from any device with an internet connection.

XM also offers a mobile trading app for iOS and Android devices. The app provides access to all of the features and tools available on the MT4 and MT5 platforms.

Here is a table comparing the features of XM's trading platforms:

Feature	MT4	MT5	XM WebTrader	Mobile App
Trading instruments	Forex, CFDs, stocks, indices, commodities	Forex, CFDs, stocks, indices, commodities, cryptocurrencies	Forex, CFDs, stocks, indices, commodities	Forex, CFDs, stocks, indices, commodities
Technical analysis tools	Over 30 indicators and charts	Over 30 indicators and charts	Over 30 indicators and charts	Over 30 indicators and charts
Automated trading	Yes	Yes	No	No
Leverage	Up to 1:888	Up to 1:888	Up to 1:888	Up to 1:888
Spreads	Variable	Variable	Variable	Variable
Commissions	None on some instruments	None on some instruments	None on some instruments	None on some instruments
Demo account	Yes	Yes	Yes	Yes
Customer support	24/7	24/7	24/7	24/7

Which platform is right for you?

The best trading platform for you will depend on your individual needs and preferences. If you are a beginner trader, MT4 is a good option because it is easy to use and has a wide range of features.

For more experienced traders, MT5 may be a better option because it offers more advanced features and tools.

If you want to trade from anywhere, XM WebTrader is a good option. And if you want to trade on your mobile device, the XM mobile app is a good option.

Ultimately, the best way to decide which platform is right for you is to try them all out and see which one you prefer.

XM Broker Review: Assets Available For Trading

XM Broker offers a wide range of tradable instruments across multiple asset classes, including:

1. Forex: XM Broker offers over 55 currency pairs, including majors, minors, and exotic pairs.
2. Stocks: XM Broker provides access to CFDs on over 1,200 global stocks, including blue-chip companies such as Apple, Amazon, and Tesla.
3. Commodities: You can trade CFDs on a range of commodities, including precious metals like gold and silver, energy products, and agricultural commodities like cocoa and wheat.
4. Indices: XM Broker offers CFDs on over 20 global indices such as S&P 500, NASDAQ, FTSE 100, and Nikkei 225.
5. Cryptocurrencies: XM Broker offers CFDs on major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Litecoin (LTC), and Ripple (XRP).

Overall, XM Broker provides traders with a wide range of financial instruments to trade across multiple asset classes. This diversity ensures traders have a range of trading opportunities to explore and diversify their portfolios.

XM Group Review: Education

This XM Broker review found that the broker offers a wide range of educational resources to help traders improve their trading skills and knowledge. These resources are designed for traders of all levels, from beginners to advanced traders.

1. Webinars: XM Group hosts live webinars conducted by market experts. These webinars cover topics such as technical analysis, trading strategies, and market news. Traders learn from expert traders and analysts and get valuable insights on market trends and trading techniques.
   
2. Seminars: XM Global conducts educational seminars in various regions across the world. These seminars provide traders with the opportunity to learn from experts in a traditional classroom setting. Traders can learn from experienced traders, share trading ideas and strategies, and network with other traders.
   
3. Trading Tutorials: The trading tutorials are a comprehensive guide to trading, covering topics like risk management, money management, trading psychology, and trading strategies. These tutorials are available in a variety of formats, including video, text, and images, making it easy for traders to learn at their own pace.
   
   
   
   
4. Market Analysis: XM Broker provides traders with daily market analysis, including technical analysis and fundamental analysis reports. The analysis helps traders to make informed trading decisions, stay on top of market trends and events, and track the market movements of different assets.
   
5. Glossary: The XM Broker glossary is a comprehensive collection of trading terms and definitions. It is an essential resource for beginners, ensuring they learn the key terms and concepts of trading.
   

All in all, XM Broker provides a wealth of educational resources to traders. These educational resources are invaluable for traders to develop and improve their trading skills and knowledge. By offering a variety of resources, XM Broker ensures that traders of all levels can benefit from these resources, no matter their learning style.

XM Broker Review: Customer Support

According to our XM broker review, XM.offers offer 24/5 hour live help by a professional Customer Support department. Support is provided in 28 languages making it very convenient for clients from all over the globe.

A comprehensive FAQ page provides you with guidance and answers at any time and within minutes. If you can't find answers on this FAQ page, you can contact XM.com via their email address or live chat.

XM Broker Review: Awards

Additionally, third parties have shown their approval for XM through accolades and awards. XM segregates its wide array of awards into three main categories: Forex Services Awards, Forex Broker Awards, and Forex Platform Awards. Some of the recognitions that XM has earned in 2019 include:

• Best Customer Service Global 2019 by Capital Finance International Magazine (CFI.co)
• Best Market Research and Education Global 2019 by Capital Finance International Magazine (CFI.co)
• Best FX Service Provider by City of London Wealth Management Awards 2019
• Global Forex Broker of the Year, Global Forex Awards 2019
• Most Trusted Asian FX Broker, Global Forex Awards 2019
• Best Broker, FinTech Age Awards 2019
• Best FX Broker for Australasia, World Finance Magazine, World Finance Forex Awards 2019

Is XM a reliable broker?

We consider XM a reliable broker to trade Forex, Cryptocurrency, Shares, and CFDs. It is regulated and licensed by several top-tier financial authorities including FCA, ASIC, and CySEC. Therefore, it is so secure and low-risk to trade.

It is one of the best brokers in South Africa.

XM Fees

XM Broker offers a transparent and competitive fee structure that is based on the account type, trading instrument, and trade volume. Here is a breakdown of the fees on XM Broker:

1. Spreads: XM Broker offers two account types that charge a spread: Micro and Standard. For Micro and Standard accounts, the starting spread for major currency pairs is 1 pip.
   
2. Commission Fees: XM Broker offers one account type (XM Global shares account) that charges a commission fee which varies with the type of share being traded and the underlying exchange.
   
3. Inactivity Fee: An inactivity fee of $5 per month is charged for accounts that have been inactive for 90 days or more. To avoid this fee, the trader must make at least one trade or make a deposit within the 90-day period.
   
4. Overnight Financing Fees: If you hold a position overnight, you will be charged a small fee (also known as a swap or rollover fee). The fee amount varies depending on the trading instrument and the direction of the trade.
   
5. Deposit and Withdrawal Fees: XM Broker supports a range of deposit and withdrawal methods, including bank transfer, credit card, and electronic payment methods. While XM Broker does not charge fees on deposits, some payment methods may charge a fee. Withdrawal fees vary based on the withdrawal method.

Overall, XM Broker's fees are competitive and transparent. The spreads and commission fees charged are reasonable and on par with industry standards. The inactivity fee is also standard across the industry, and the overnight swap fees are competitive with other brokers.

It is important to note that XM Broker follows a “no hidden fees or commissions” policy, which means that traders will not encounter any hidden fees while trading on the platform. Traders can calculate their trading costs in advance with the help of the fee calculation tools that XM Broker provides on their website.

XM Pros & Cons

XM Broker Review Conclusion

In conclusion, XM is a reliable and user-friendly forex broker that offers a variety of features and customer support options. Their platform is easy to navigate and customize, and they offer a mobile app for trading on the go.

While their fees may be slightly higher than some competitors, their reliable customer support and positive user experience make them a great choice for traders of all levels. Overall, we highly recommend XM as one of the best forex brokers with Zar accounts.

Frequently Asked Questions On XM Broker Review