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XM Review: A Comprehensive Overview

XM Global Review

XM Global was established in 2017 in Belize. And XM Global is part of XM Group. It serves clients in more than 190 countries and is among the most trusted Regulated Brokers. In this XM review, some of the highlights of this broker service include auto trading, no hidden fees or commissions, and fast order executions, with 99.35% taking place in under 1 second.

They offer more than 25 language options for their clients. About 1.5 Million Traders and investors at XM choose its wide range of XM Global trading products and the services the broker provides along with advanced trading solutions, yet suitable for beginning traders as well as experienced traders.

Benstride.com has partnered with XM so that our new clients can get exclusive offers. This includes:

– $30 USD No Deposit Bonus for these countries, Swaziland, Uganda, Zambia, Botswana, Namibia, Rwanda, and Ghana while clients from these countries don’t receive the bonus Egypt, Morocco, Palestine (Territory), Tunisia, Azerbaijan, Georgia, Moldova, Nigeria, Tajikistan, Tanzania, Turkmenistan, Zimbabwe, Venezuela.

– Secondary the Standard Promotions. The secondary promotion is a  50% deposit bonus up to 500$ and then 20% up to 4500$. Get it Here.

Since this is a long post, below is a table of contents showing what we will be covering about the XM.

Company Details

XM Group (XM) is a group of regulated online brokers. Trading Point of Financial Instruments was established in 2009 and is regulated by the Cyprus Securities and Exchange Commission (CySec 120/10).

Trading Point of Financial Instruments Pty Ltd was established in 2015 and is regulated by the Australian Securities and Investments Commission (ASIC 443670).

XM Global was established in 2017 and is regulated by the Financial Services Commission (000261/158).

Trading Platforms offered by XM Global

XM offers two trading platforms that are accessible from both real and demo accounts. The multi-award-winning MetaTrader 4 is predominantly a forex trading platform that supports stop, limit, market, and trailing orders.

The MetaTrader 5 platform is a multi-asset trading platform that also offers access to stocks, stock indices, and precious metals. Both platforms are available on Apple and Android devices, which makes for a smooth and easy-to-use mobile trading experience.

The trading area offers additional, optional tools, such as an economic calendar or trade volume stats.

Assets / Markets

XM Global Instruments
XM Real Account

This broker has more than 1000 financial instruments that can be traded on the MT4/MT5 platforms and this includes Forex Trading, Stocks CFDs, Commodities CFDs, Equity Indices CFDs, Precious Metals CFDs, and Energies CFDs.

They have an offering of more than 400 different instruments, this includes over 350 CFDs, as well as 57 currency pairs and 5 cryptocurrency CFDs.

XM does not offer binary options or futures; instead, you can check out Expert Option, IQ Option, and Deriv.com if you want to trade binary options.

XM Spreads & Commission

Spreads vary depending on the kind of account opened. If possible open a Micro Account, Standard Account, and XM Ultra-Low account. The minimum spread across all accounts is 0.1 pips, and the average spread for a major pair such as EUR/USD is 0.1 pips.

XM Global operates a strict “no hidden fees or commission” policy. XM Global covers all transfer fees, and same-day withdrawals are guaranteed.

Leverage offered by XM Global

Depending on the account type and the entity under which the XM follows regulatory obligations, you are entitled to leverage on a scale from 1:1 to 888:1. So, to understand which leverage level you are entitled to use, always refer to the conditions of your residency as various XM entities apply different conditions again due to regulatory obligations 

This is completely flexible and XM offers its clients the chance to manage their own leverage risk. Margin requirements remain constant throughout the week and never widen at weekends or nights.

  • XM offers leverage up to 30:1. This Leverage applies to the EU-regulated entity of the Group. Also, Leverage depends on the financial instrument traded
  • The XM Australian entity and its regulations allow up to 30:1
  • XM Global Ltd offers a high leverage of 1:888
XM leverage

XM Global Mobile Apps

The broker’s app is available on a number of Android and Apple devices, including Apple iPhone, Apple iPad, Android tablets, and Android phones. Login is super-easy and can be done via fingerprint. You can download their apps from the Apple App Store or the Google Play Store.

They are both fully functional and allow for monitoring and trading on the go. The desktop platforms for PC and Mac both support one-click trading.

XM Trading Platforms
XM Global Trading Platforms

Payment Methods

In line with conventional KYC regulations, users need to provide a color copy of an official identification document such as a National ID, passport, or driver’s license. They also need to provide a recent utility bill dated within the last three months as proof of address. You can check out our guide on how to verify a Forex trading account here.

Once registered, the minimum deposit amount is $5 for the four accounts they offer.

Deposits can be made using most major credit cards, electronic payment methods, wire transfers, local bank transfers, Skrill, M-Pesa, PesaLink, and many more options depending on your country. You can have a look at other brokers that accept MPESA.

Deposits can be made in any currency and they will be automatically converted into the currency you select as your base currency when opening the account.

All withdrawals are processed within 24 hours and there are no fees to take your money out of your eWallet.

Demo Account

XM Global excels in its demo account offering. Users can set up a demo account with just a few details and then get trading with a virtual balance of $1000 to $100,000 USD. The XM demo account is unique in that it offers exactly the same trading conditions as the real thing.

There are no time limits on how long you can use your demo account. Open an XM demo account here.

Bonus Deals And Promotions

XM also offers a free VPS (virtual private server) service to help increase the speed of trades. This VPS is accessible from anywhere and available 24/7. They claim to eliminate downtime and are available across the globe.

“it is offered under certain conditions”

XM is also offering commission and fee-free withdrawals and deposits.

As an EU-regulated brand, XM complies with the ESMA ban on bonuses, and the $30 deposit bonus is no longer available to EU traders.

Is XM Global Regulated and Licensed

XM Group has a range of brands covered by different regulators. XM Group (XM) is a group of regulated online brokers. Trading Point of Financial Instruments was established in 2009 and is regulated by the Cyprus Securities and Exchange Commission (CySec 120/10).

Trading Point of Financial Instruments Pty Ltd was established in 2015 and is regulated by the Australian Securities and Investments Commission (ASIC 443670).

XM Global was established in 2017 and is regulated by the Financial Services Commission (000261/106), allowing it to offer its services across the globe. Despite the fact that FSC is an offshore license, that does not actually implement strict overseeing of the trading processes, additional heavy regulation of the XM made it an acceptable choice.

XM entityRegulation and License
Trading Point of Financial Instruments LtdCySEC (Cyprus) registration no 120/10
Trading Point of Financial Instruments Pty LtdASIC (Australia) registration no 443670
Trading Point MENA LimitedRegulated by the Dubai Financial Services Authority (DFSA) Reference No. F003484
XM Global LimitedFSC (Belize) registration no. FSC/000261/158

Additional Features

One of the biggest perks available on the XM platform is the wealth of training and educational materials available. The platform hosts regular webinars aimed at newcomers and seasoned professionals alike.

The platform is inherently social, encouraging users to learn from their team of instructors. The company also published research and technical analysis.

Metatrader4 and Metatrader 5 Platforms
XM MT4 and MT5 Forex Trading

The Account Types offered by XM Global

You may be a new or professional trader so XM made an ideal choice between account types to suit your trading potential, also with a potential capability to magnify your income with a correct selection of the account type. You may open an account following simple steps of verification and submit through a fully digital process simple to navigate.

If you are new to trading a demo account is another useful tool to test the trading potential that XM is offering for free use.

Fast digital account opening easy switch between Demo and Live Account. The proposal between Accounts based on spread only or with commission charges very Low minimum depositAccount types vary according to jurisdiction

XM provides clients with a large range of account types, each with its own unique features and benefits. The different account types offer different leverage amounts based on different regulatory jurisdictions (CySEC, ASIC, and IFSC), as well as the choice of commission-free or commission-based accounts, as well as a Shares account, Islamic Swap-Free account, and a Demo trading account.

Example: XM entities depending on the jurisdiction rule thus apply slightly different offerings, while Accounts availability depends on the client’s country of residence. Alike CY branch offers three account types, excluding Ultra-Low Accounts, also some conditions may vary too.

Main Account Types

But XM has a choice between four main account types while all offered features are custom-oriented. All accounts allow up to 300 open/pending positions.

So make sure to verify the applicable proposal before you sign in, also see the breakdown below.

  • Micro Accounts: Micro accounts can use USD, EUR, GBP, CHF, AUD, JPY, HUF, and PLN as the base currency and can get started with a minimum deposit of $5 USD. 1 micro lot is 1,000 units of the base currency.
  • Ultra-Low Accounts: XM Ultra-Low Accounts, can use EUR, USD, GBP, AUD, ZAR, and SGD as the base currency and traders will require a minimum deposit of $50 USD. 1 Standard Ultra lot is 100,000 units of the chosen base currency, whereas, 1 Micro Ultra lot is 1,000 units of the base currency. XM Ultra-Low Accounts are not applicable to all entities of the group.
  • Standard: Standard accounts can use USD, EUR, GBP, CHF, AUD, JPY, HUF, and PLN as the base currency and traders can get started with just $5 USD. 1 standard lot is 100,000 units of the chosen base currency.
  • XM Zero Account: The XM Zero Account features spreads as low as zero pips, leverage up to 500:1, and one-click trading, along with the outstanding execution of XM.

XM Global Trading Accounts (IFSC Regulated)

XM CySEC Regulated Accounts

Is XM a reliable broker?

The main idea of the regulation is that the trader can trade securely, knowing that clients’ funds collaborate according to the strictest rules with minimized risks of fraud or unfair use. XM operates its trading environment according to the regulatory measures making it a reliable broker.

Client funds are kept in investment grade banks and use segregated accounts, also falling under the Investor Compensation Fund that ensures recovery of funds up to €20,000 in case the broker goes insolvent (note that the coverage scheme depends on the particular entity). Besides, one of the advantages you will get as a trader is Negative Balance Protection, so there is no risk of losing more than the available balance.

Awards And Accolades that XM Global has worn

XM Global Forex Services Awards

Overall, XM achieved a great focus on the client’s needs while offering very competitive conditions and a range of services that attract global traders. Apart from its highly good results and reputation among the trading community, XM received truly global recognition with many reputable awards for industry achievements including Best Forex Broker for Europe, Most Trusted Broker, etc.

One of the recent awards they have received is being named the best FX broker in Europe in 2021 for an unprecedented fifth year in a row! XM has also won Best FX Broker for Australasia for the third year in succession. This draw was done by World Finance in their 2021 awards listing. You check out other awards won by XM Global here.


XM offers a full-service education package on forex, ideal for those making their first steps into trading.

However, this isn’t at the expense of the more seasoned professional, who also has access to expert analysis and unparalleled tracking tools. As a company that prides itself on solid customer service, its users are well-served with support available in many different languages.


While the support may be strong, some users dislike that customer support is only available Monday to Friday. Another disadvantage is the lack of diversity between the different account types makes for a less personalized feel.

Other brokers offer a distinct offering in their accounts, but the Micro, Standard, and Zero accounts are almost identical. And finally, PayPal deposits are not currently supported, which can be problematic for some.

Traders from certain regions are also forbidden to open an account due to licensing laws, these include Canada and the United States.

Trading Hours

In line with worldwide Forex market hours, XM is available 24 hours a day. For phone trading, the XM trading hours are Sunday 22:05 GMT through to Friday 21:50 GMT.

Contact Details / Customer Support

As for customer support and service, as we see XM globally covers trading needs while the customer service team is available in international locations and speaks more than 25 languages including Chinese, Russian, Hindi, Arabic, Portuguese, Thai, Tagalog, and more languages.

Customer service is available 24 hours, 5 days a week, and available for your concerns and answers either through email, phone, or live chat. Also, we found that the service is of good quality with reliable answers, which confirms XM’s client-oriented policy.

The easiest way to contact XM is through their live chat feature found on the contact page of their website.

You can also email support at: [email protected] or call ‎+501 223-6696.

Safety And Security

There are no obvious security concerns with the website. Users are required to confirm their email address in order to open a demo account but signing up for email updates is not a requirement. In order to open a trading account, identification documents are required.

According to the company privacy policy, XM has organizational procedures in place to ensure that personal data is kept secure.

Overall Verdict

XM offers a comprehensive broker service to traders of all levels. Whether you are just starting out and learning the ropes, or if you’re a seasoned trader looking for a reliable and efficient platform, XM is a solid choice.

Despite the shortcomings of the different account options, the platform is easy to use and simple to navigate.

Countries that XM accepts traders from

XM accepts traders from Australia, Thailand, the United Kingdom, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar, and most other countries.

But traders from the United States, Canada, Israel, Iran, Argentina, and Somalia cannot use XM.

Frequently Asked Questions

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 secure and low-risk to trade.

How long does it take to withdraw from XM?

Withdrawal requests are usually processed by the 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.

We hope this XM review helped you learn more about the broker. You may also want to see our step-by-step guide on how to open an account on XM and our ultimate guide on how to log in to an XM member’s area.

XM Deposit Bonus

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