Contributor, Benzinga
December 12, 2023
XM Group
Overall Rating:
securely through XM Group's website

XM is a well-regulated and award-winning multi-asset forex and contract for difference (CFD) broker renowned globally for its low fees on 1,000+ instruments. These instruments encompass CFDs on stocks, commodities, equity indices, precious metals and energy, which you can trade on the popular MT4/MT5 platforms and XM mobile app for convenient trading on the go. XM prides itself on its exceptional execution speed, with 99.35% of all trading orders executed in less than a second, without re-quotes or rejections. 

The brokerage provides outstanding multilingual customer support, impressive educational and research resources, seamless account funding and withdrawals and exceptional fund security. For instance, retail client funds are insured up to 20,000 euros by the Investor Compensation Fund. Additionally, Negative Balance Protection ensures you don’t risk losing more than your account balance. This combination of features explains why over 10 million traders prefer XM across 190 countries and accounts for its 30+ industry awards

A few of these awards include Global Forex Broker of the Year 2020 by the Global Forex Awards, Best FX Service Provider 2021 & 2022 by the City of London Wealth Management Awards and Best FX Broker, Europe 2023 by the World Finance Forex Awards. XM’s reputation and fair trading conditions, irrespective of a trader’s net capital, investment size or account type, establish it as an excellent platform to start or advance your trading career. Read on for an in-depth review of its offerings, pros and cons and how it stacks up against comparable brokerages.

Best For
  • Beginner forex and CFD traders seeking a reputable broker with excellent educational content, premium research resources and demo account options to facilitate learning and growth before delving into live trading
  • Experienced traders seeking an intuitive and straightforward FX trading platform that guarantees fast order execution to enable them to maximize trading opportunities while advancing their trading strategies
  • FX and CFD traders looking for a user-friendly mobile trading app offering diverse financial instruments and an optimum mix of vital functionality to streamline their online trading experience and enjoy the convenience and flexibility of trading on the go
  • Multi-asset traders seeking a reputation brokerage offering high leverages, competitive spreads, advanced MT4/MT5 trading platforms and responsive 24/7 customer support
  • Copy traders, scalpers, swing traders, day traders and long-term forex and CFD investors
Pros
  • Wide variety of assets and trading instruments — over 1,000+
  • Lightning-fast trade execution
  • Competitive spread as low as 0.0 pips for major currency pairs
  • High-leverage of between 5:1 to 30:1 (up to 1,000:1 for traders outside the EU and AU)
  • Powerful trading platform — MT4/MT5 available via desktop and mobile apps
  • Beginner-friendly educational content via blog, video tutorials and expert-led forex and CFD webinars
  • Premium research resources, including free daily forex outlooks, trading ideas, technical summaries, fundamental insights, podcasts and economic calendar
  • Reliable and responsive multilingual customer support 24/7 across
  • Globally recognized broker authorized by multiple tier-one regulators, including ASIC and CySEC
  • Multiple trading account options with a low minimum deposit and fast account openings
  • Multiple and hassle-free deposit and withdrawal options
  • Excellent trading tools — exclusive technical indicators, MQL5 trading signals and forex calculators
  • Provides clients with fund insurance and negative balance protection
Cons
  • Unavailable for U.S. traders
  • A $5 inactivity fee is applicable after 90 days of account dormancy
  • Overnight charges are also applicable
  • Doesn't support trading of ETF

XM Group Ratings at a Glance

Customer Service Rating
Security
Minimum Investment and Pricing
XM Mobile App
User Experience 
Overall Rating

XM Group Product Offering

The XM Group is a globally trusted and well-rounded forex and CFD brokerage providing traders seamless access to diverse financial instruments, advanced trading platforms, comprehensive educational content, impressive trading tools, excellent research and analytical resources and responsive customer support. Here's a breakdown of its offerings. 

Investment Assets

The XM Group offers a diverse range of 1,000+ instruments across five+ asset classes. Among them are 55 forex pairs encompassing exotic, minor and all major currency pairs such as EUR/USD, AUD/CAD and GBP/JPY. Besides the ultra-low spread, competitive leverage and lightning-fast execution, forex traders will find the forex calculator helpful. Up to 1,300 stocks from various global exchanges and countries are available for trading via CFDs. You can speculate on the price movements of over 670 U.S. stocks, including those of Apple, Amazon, Microsoft and Disney. Additionally, you can trade stocks of major companies from countries such as Germany, the U.K., France, Brazil and Canada. 

Keep in mind that CFD trading is speculative, so you're not trading or investing in these companies' real stocks. However, each entity of the XM Group is governed by different regulations and offers varying trading conditions and trading instruments. For instance, XM Global, regulated by the Financial Services Commission (FSC) of Belize, allows direct trading or share ownership through its shares account, enabling stock traders to benefit from the low commissions available on these account types. 

Additionally, this entity offers Turbo Stocks that lets you trade seven popular underlying shares, including Google, Facebook and BP, as CFDs with daily expiration times and very high leverage up to 200:1. XM's 31 stock indices, consisting of 20 cash indices and 11 index futures, offer an alternative for equity-focused traders. It includes popular global indexes such as the U.K.'s FTSE 100, the U.S. Dow Jones 30, the S&P 500, NASDAQ and Germany's Dax 40. There are 21 popular commodities comprising CFDs on eight agricultural commodity futures, 5 metals and 8 energies (3 cash and 5 futures). Additionally, XM's global entity offers CFD on up to 60 cryptocurrency pairs, highlighting its commitment to meeting the diverse requirements of traders in the continually evolving digital currency market.

Account Types 

XM offers multiple account options tailored to various trading styles, budgets and experience levels. Available account types depend on the regulatory jurisdiction. For those residing in the EU, the account types available are XM Ultra Low Micro, XM Ultra Low Standard and XM Zero Accounts. Those residing in the AU have access to Standard, Micro and XM Ultra Low Accounts.

The Ultra Low Micro and Ultra Low Standard accounts offer commission free-trade with spread on major pairs as low as 0.6 pips. As the name suggests, the XM Zero account is a zero-spread option, with the spread on major pairs as low as 0.0 pips. Commission charges are applicable. 

Global traders can open or access the Micro, Standard or XM Ultra Low account. Leverages for these three accounts can be as high as 1,000:1 compared to 5:1 to 30:1 for other XM entities. They support hedging and come with a negative balance protection. The Micro and Standard are commission-free with a spread as low as 1 pip for major pairs compared to 0.6 pip for the XM Ultra Low. If you're a beginner trader, the Micro account is an excellent option as it offers nano lots plus access to a vast range of markets. The Standard boasts competitive trading conditions and is the most popular among traders. 

Suppose your priority is a raw-tight spread with low to zero commission. In that case, the Ultra Low/Zero account is ideal. Additionally, XM global entity offers Shares account for trading shares directly instead of trading via CFD. This account comes with low commission and no leverage. It doesn't support hedging and swaps. All XM accounts are Islamic-friendly and a few support swap-free trading with no replacement fees. XM's low minimum deposit of $5 across all account types makes it ideal for undercapitalized beginner traders. The only exception is the Shares account, which requires a $10,000 minimum investment.

The broker can craft personalized forex account solutions tailored to your unique needs if you don't find any account options ideal. The XM group provides a demo account to help beginners test their trading potential. It lets you gain trade exposure using virtual money with no financial risk since your gains and losses are simulated. Once you've tested your trading strategies, gained insights into market dynamics and mastered order placement, you can open a live trading account and trade with real money.

To learn more about XM Groups account types in your area and preferred language, see the resources below:

Trading Platform 

XM provides traders access to the most widely used third-party trading platforms: MetaTrader 4 (MT4) and MetaTrader 5 (MT5). MT4 stands out as the premier global retail platform for online forex and CFD trading, known for its speed, reliability and compatibility with Mac and Windows systems. It boasts 3 charting types, 30+ inbuilt technical indicators plus 2,000+ free custom types, 9 timeframes, rich historical data, automated trading via Expert Advisors (EAs), 4 pending order types and one-click trading, among its notable features. 

Besides these features, the MT4 platform is user-friendly, with an intuitive interface that facilitates seamless navigation and opening or closing of trading positions, making it ideal for beginners. The MT5 is the more advanced evolution of the MT4, catering to well-established multi-asset traders. It is a powerful and versatile platform with sophisticated technical analysis tools and a fully customizable interface. MT5 boasts level 2 pricing, a live news feed, an extended range of timeframes (21 compared to 9 for MT4), advanced charting capabilities with numerous indicators, an inbuilt economic calendar and market depth. 

It supports hedging and netting accounts modes. XM MT4 lets you access 9 platforms with a single login access and trade over 1,000 instruments with an optional Micro lot account and spread as low as 0.0 pip. In contrast, XM MT5 offers an additional 300 CFDs, and with a single login, you can access 8 platforms with over 80 analytical objects. Both MT4 and MT5 are exceptional platforms for multi-asset trading, which aligns with the XM group's comprehensive approach.

Additional Trading Tools

XM offers a handful of extra trading tools to optimize trading efficiency for its clients. For instance, forex traders can benefit from the XM forex calculator, an all-in-one tool for currency conversion, pip value, margin and swaps calculations, facilitating quick risk assessment and profit or loss tracking for each trade. Additionally, XM provides clients exclusive technical indicators and access to MQL5 trading signals, which lets you select signals from many providers. 

You can use the trading signals alongside EAs, and thanks to its new-generation cloud architecture, execution latency is minimized globally. XM also offers VPS hosting for low-latency trading and 24/7 market connectivity. However, the service will cost you $28 per month. XM global investor supports copy trading, enabling you to replicate the trades of strategy managers for more profitable trading.  

Performance metrics are available to help you select providers that align with your investment goals. Some percentage of your copy trading profits goes to the strategy manager. Suppose you're confident in your trading expertise. In that case, you can participate in the XM competition to win up to a $100,000 cash prize or become a strategy manager. The competition is also an avenue to hone your trading skills, gain valuable trading insights and build a reputation and followers. 

XM Educational Content and Research Tools 

XM's impressive collection of educational materials remains one of its core features. It includes a Learning Centre with regular webinars and a comprehensive library of training videos, tutorials and trading tips. Specifically, the video series covers various topics, including the fundamentals of forex trading, trading psychology and developing a successful trading strategy.

The webinar is interactive and is hosted 7 days a week by 25 forex gurus in 9 languages. With a real trading account, you've unrestricted access to the trading room, which comes with live webinars, Q&A with experts, trading fundamentals and live videos. The platform tutorial covers the core fundamentals of trading with XM, from account opening to trading platform installation and order placement. 

Besides its wealth of educational materials, XM's market research and insights are other strong points of the broker. The research hub comprises the market overview, XM research or technical outlooks, trading ideas, technical summaries, podcasts, blogs and XM TV, where you can ask experts questions regarding the nature of the market. The most valuable features of the research hub are the Discover and Trade Ideas. These two provide valuable market sentiment data and insights to help you make more informed trading decisions. 

Customer Service Rating

XM also delivers exceptional multilingual customer support across multiple channels, positioning itself as one of the top brokers for positive customer experience in the forex and CFD industry. The broker's dedication to customer support is evident through its multiple awards, such as Best Broker in Customer Service 2020 by FX168 and Best Customer Support 2022 by CFI.co. Available support channels include LiveChat, telephone and email. You can contact the support team in your preferred language via these channels. XM also provides clients with a dedicated personal account manager for personalized support services.

LiveChat is the fastest and most convenient support option, with a response time of under 30 seconds. If you have an urgent but complex query, typing human will enable you to bypass the bot assistant and connect directly with a human agent. The support team is available between 05:00 to 19:00 GMT, Monday to Friday. Phone support is available within the same timeframe via multiple telephone lines (‎+357 25029933 and ‎+357 25345225). You can send an email for less urgent inquiries.

The XM Help Center also contains valuable information addressing common issues such as withdrawal concerns, account validation queries and software download problems. The brokerage also maintains an active presence on Twitter, Facebook and LinkedIn, which provides an alternative means of contacting the support team and connecting with its trading community. XM has a mixed review on Trustpilot with an average rating of 3.3/5 from 531 reviewers, which is disappointing. While many comments were positive, a notable number were negative, primarily on withdrawals and deposits. The company needs to tackle this issue to avoid damaging its reputation.

Security

The XM Group strongly emphasizes safeguarding users' funds and personal data, implementing strict security protocols to ensure a secure trading environment in line with regulatory standards. Reputable financial authorities regulate the broker in multiple jurisdictions representing each online trading entity that makes up the brand. These include the Cyprus Securities and Exchange Commission (CySEC), the Australian Securities and Investments Commission (ASIC), the Financial Services Commission (FSC) in Belize for XM Global and the Dubai Financial Services Authority (DFSA). 

In the EU, the XM Group has approval for outward passporting from multiple financial authorities, including the Federal Financial Supervisory Authority of Germany (BaFIN) and the U.K. Financial Conduct Authority (FCA). These regulators or authorities enforce stringent standards for financial reporting, capital adequacy and protection of client funds, ensuring transparency and security. In keeping with these requirements, the XM Group stores traders' funds in a segregated bank account within the EEA-regulated credit body, ensuring that the funds are identifiable and available at all times and cannot be used by the company for any purpose. 

Additionally, through its Investor Compensation Fund, the company insures clients' funds up to €20,000, providing coverage in the unlikely event of the broker's bankruptcy. The Negative Balance Protection feature ensures you don’t risk losing more than your account balance. Keep in mind global traders may not enjoy some of these advantages. XM employs advanced encryption protocols to secure clients' data during information transfer on its website. MetaTrader platforms provide one-time password authorization. XM enhances account security with two-factor authentication using SMS or Google Authenticator. The company will not sell or share your data except with your consent or in compliance with judicial requirements.

Minimum Investment and Pricing

XM maintains transparent and affordable trading costs. The platform earns money via commissions and spread, which varies according to account types. The global traders enjoy commission-free trade across the three forex trading accounts with a spread as low as 1 pip for major pairs in the Micro and Standard account and 0.6 pip for major pairs in the XM Ultra Low account. Inside the EU, the Ultra Low Micro and Standard accounts are commission-free with a spread as low as 0.6 pip for major pairs, while the XM Zero account charges a low commission with a raw-tight spread as low as 0 pip for the majors. 

The leverage for these accounts ranges from 5:1 to 30:1. Conversely, global account holders can access up to 1,000:1. Remember, leveraged trading amplifies losses and should only be considered if you're a seasoned trader with robust risk management strategies. All XM account types have a low minimum deposit of $5, except the Shares account, which has a minimum of $10,000. XM supports many deposit and withdrawal methods, including credit and debit cards, bank transfers and e-wallets. To see all the payment methods available in your jurisdiction, visit the Deposit or Withdrawal sections in the Members Area of your XM account. 

It charges no withdrawal and deposit charges, and the broker reimburses third-party bank charges on international wire transfers above $200. An overnight fee applies for cash instruments held overnight, which is an understandable industry standard. A $5 monthly inactivity fee is also charged after 90 days of account inactivity. Suppose you're an XM global account holder. In that case, you can participate in an ongoing XM competition to win $100,000 in cash. The competition also provides an opportunity to advance your skills and build followers. 

XM Mobile App

XM offers a fully functional mobile app for iOS and Android devices. XM Mobile trading app boasts a secure and highly intuitive interface with seamless connections to the MetaTrader platforms. Any trades you perform in the app will automatically reflect in your desktop client and vice versa. The app grants traders access to the core account management features, including the members area, plus deposits and withdrawals. Essentially, the XM mobile app streamlines convenient online trading on the go with features like one-tap trading, access to the broker's over 1,000 instruments, and interactive charting tools. It has a rating of 4.8/5 on the App Store. 

User Experience 

XM makes for an excellent user experience thanks to its diverse tradable instruments, low minimum deposit and multiple account options, including commission-free and zero-spread accounts, effectively minimizing trading costs. Its MT4/MT5 platform provides an ideal set of multi-asset trading features for beginners and seasoned traders seeking a user-friendly and robust platform to facilitate profitable trading via excellent technical analysis and risk management strategies. Additional tools like exclusive forex calculator, MQL5 trading signal and VPS hosting are available to enhance user experience. Signup and onboarding, including documentation and KYC, are hassle-free and take about 24 hours.  

Through XM's wealth of educational content and research resources, beginners and intermediate traders can quickly learn the financial market fundamentals, analytical techniques and strategies for profitable trading. The broker offers a risk-free demo account, allowing novice traders to familiarize themselves with the platform's tools and experience its user-friendly interface before transitioning to a live version. Its multiple regulatory jurisdictions and robust funds and data protection measures are additional features that have earned the trust of millions of traders. Benzinga considers the broker recommendable.

XM Group vs. Competitors

XM has a few similar competitors, like AvaTrade and Vantage, all offering forex and CFD trading on multiple assets. However, XM's low minimum deposit of $5 beats AvaTrade at $100 and Vantage at $50. XM's multiple account types, including commission-free and zero-spread accounts, are more similar to Vantage. AvaTrade's spread for major pairs is significantly higher. In fact, XM's low trading cost is one of its competitive edge. 

Additionally, XM provides one of the most comprehensive educational content and research tools compared to its peers, including AvaTrade and Vantage. This award-winning resource aids beginners and intermediate traders in enhancing their trading skills and mastering risk management strategies. Additionally, XM global traders participate in regular competitions and contests with various prizes, including withdrawable cash, bonus credit and pre-funded trading accounts. Overall, XM's educational material, transparent and affordable pricing, customizable trading tools, promos and contests distinguish it from competitors. 

  • XM Group
    Best For:
    Beginner Forex and CFD Traders
    securely through XM Group's website

    Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 72.89% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

  • AvaTrade
    Best For:
    Non U.S. Forex & CFD Traders
    securely through AvaTrade's website
  • Vantage Markets
    Best For:
    Long Term Traders
    securely through Vantage Markets's website

Overall Rating

XM stands out as a top forex and CFD broker, offering diverse accounts, a vast array of over 1,000 instruments and competitive trading conditions. As a beginner trader, you'll significantly benefit from its beginner-friendly MT4 platform, low minimum deposit, excellent education resources and responsive customer support. Seasoned traders may find the ultra-tight spread on the Zero account and the advanced MT5 platform appealing, making it a worthwhile consideration. Keep in mind that account features may vary based on regulatory jurisdiction, and XM is unavailable in some major countries, including the U.S. and Canada.

Frequently Asked Questions

Q

Is XM Group legit?

A

Yes, XM Group is a legitimate and regulated forex and CFD broker with a strong reputation in the industry.

Q

Is XM Group regulated?

A

Yes, XM Group is regulated by reputable financial authorities in multiple jurisdictions, CySEC, ASIC, FSC and DFSA.

Q

Can you make money using XM Group?

A

Yes, you can make money by taking advantage of the conducive trading environment the XM Group provides. But you must remember that successful trading depends on various factors, including market conditions and individual trading decisions.

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