XM Review

Name: XM Review
Item: XM
Rating: 3.9
Author: Top30ForexBrokers Team

Our rating 3.9/5 Reviewed by Top30ForexBrokers Team Published 25 Aug 2025 Updated 23 Sep 2026 How we rate

XM is a multi-entity group built for small accounts: a 5 USD minimum deposit, spreads from 0.6 pips on Ultra Low, and no commission on most account types. Its CySEC entity holds licence 120/10, but most international clients are onboarded by XM Global Limited in Belize under FSC licence 8557558, where the headline 1:1000 leverage applies.

Regulated: ASIC · CySEC · DFSA

CySEC 120/10 · DFSA F003484 · FSC Belize 8557558 · ASIC AFSL 443670 via Trading.com

Spreads from 0.6 pips

XM Zero from 0.0 + commission

$5 Minimum Deposit

Micro Standard & Ultra Low

MT4 · MT5 · XM App

Strong education · up to 1:1000*

XM at a Glance — Broker Profile & Stats

Who is XM?

Founded: 2009

Traders: 20,000,000+

Reach: 190+ countries

Platforms: MT4, MT5, XM app

Known for: low entry & education

Why it matters: One of the largest retail brokers in the world, with a beginner-friendly $5 entry and extensive education.

Regulation & Safety

CySEC (Cyprus, EU) — Trading Point of Financial Instruments Ltd, licence 120/10. Serves EEA residents. ICF cover.

DFSA (Dubai) — Trading Point MENA Limited, reference no. F003484.

FCA (UK) — Trading.com Markets UK Limited, FRN 705428. UK clients are onboarded under the group's Trading.com brand, not under XM.

ASIC (Australia) — Trading.com Markets PTY Ltd, AFSL 443670 (ACN 164 367 113). xm.com/au now redirects to trading.com/au.

FSC Belize — XM Global Limited, licence 8557558. The default entity for most non-EU, non-Australian clients.

FSA Seychelles — XM (SC) Limited, Securities Dealer's Licence SD190.

FSC Mauritius — XM International MU Limited, Investment Dealer's Licence GB23202700.

FSCA (South Africa) — XM ZA (Pty) Ltd, FSP authorisation number 49976, acting as intermediary. Products are supplied by XM Global Limited.

CMA (UAE) — XM Financial Products Promotion L.L.C, licence 20200000322, promotion and introduction only. UAE accounts are registered with XM International MU Limited.

Segregated funds · negative-balance protection

Why it matters: the entity that onboards you sets your leverage cap, your regulator and your complaints route. Most international clients land with XM Global Limited in Belize, not with the CySEC or ASIC entity. XM also states that Trading Point of Financial Instruments Ltd no longer operates in the United Kingdom, so the Financial Ombudsman Service and the FSCS do not apply to it. Licence numbers checked against xm.com/regulation and trading.com on 17 September 2026.

What Traders Say on Trustpilot

3.8 / 5

2,500+ reviews · polarised

46% 5-star: execution, education, withdrawals

31% 1-star: withdrawal delays & bonus disputes

Common for high-volume brokers

⚠ Caution: Reviews are polarised. Many withdrawal delays are region/KYC-related — verify your account and method early.

Markets & Instruments

Forex — 55+ pairs

Indices & commodities

Stocks & share CFDs

Crypto CFDs

1,400+ instruments

Account Types & Spreads

Micro & Standard

Min deposit: $5

Spreads from ~1.0 pip

No commission

Micro = micro-lot sizing for beginners

Ultra Low

Spreads from 0.6 pips

No commission

Low-cost without commission complexity

Why it matters: Ultra Low is the sweet spot for many — tighter spreads, still commission-free.

XM Zero

Spreads from 0.0 pips

Commission per lot

ECN-style pricing

Best for scalpers

Shares & Demo

Shares account for stock CFDs

Free unlimited demo

Swap-free options

Top XM Alternatives

IC Markets

Raw from 0.0 · $7 round turn

Regulated: ASIC, CySEC

Deep ECN liquidity

Pick for: lowest ECN cost

Read our IC Markets review →

Eightcap

Raw from 0.0

Regulated: ASIC, FCA, CySEC

TradingView dealing

Pick for: TradingView traders

Read our Eightcap review →

Exness

High leverage + regulation

Regulated: FCA, CySEC, FSCA

Instant withdrawals

Pick for: high leverage

Read our Exness review →

Pepperstone

Razor from 0.0

Regulated: ASIC, FCA, CySEC, DFSA

cTrader + copy trading

Pick for: tier-1 + low cost

Read our Pepperstone review →

Beginners who like XM's low entry point can also compare our Forex4you, Weltrade and AvaTrade reviews.

Platforms & Tools

MetaTrader 4 & 5

Industry-standard MT4/MT5

EAs & automation

Desktop, web & mobile

XM App & WebTrader

Proprietary mobile app

Browser-based trading

Manage accounts & funding

Education

Huge education library

Webinars & live sessions

Trading courses for all levels

Why it matters: XM’s education is among the best in the industry — a major draw for beginners.

Research

Daily market analysis

Economic calendar

Trading signals

Fees, Leverage & Bonuses

Spreads & Commissions

Standard/Micro: from ~1.0 pip, no commission

Ultra Low: from 0.6 pips, no commission

XM Zero: from 0.0 + commission

No deposit/withdrawal fees

Leverage

1:30 for CySEC/ASIC retail

Up to 1:1000 on offshore entities

Set by entity & region

Why it matters: EU/AU clients get regulated 1:30; the headline 1:1000 applies only to offshore entities.

Bonuses

Deposit bonus (region-dependent)

Loyalty rewards program

Promotions vary by entity

⚠ Caution: Bonus disputes feature in some reviews — read the terms before opting in.

Restricted Countries

Jurisdictions XM Does Not Serve

XM does not accept clients from the United States and certain restricted or sanctioned jurisdictions, which typically include:

USACanadaIranNorth KoreaSyriaSudan

Why it matters: Confirm your country and which XM entity (CySEC/ASIC vs offshore) you fall under before depositing.

Education & Due Diligence

Get Started the Right Way with XM

Make the most of XM — and trade safely:

Use XM’s extensive free education & webinars

Open under the CySEC/ASIC entity where possible for stronger protection

Complete KYC upfront to avoid withdrawal delays

Read bonus terms carefully before opting in

Start on the free demo, then a Micro account

Video Guides & Reviews

Watch Before You Trade XM

XM: Scam or Legit?The Truth About XM XM Full Tutorial 2026

Pros and Cons of XM

Pros

✓ Regulated by CySEC & ASIC

✓ Established since 2009 · 20M+ traders

✓ Very low $5 minimum deposit

✓ Excellent education & webinars

✓ XM Zero from 0.0 pips

✓ MT4, MT5 & XM app

✓ No deposit/withdrawal fees

✓ Negative-balance protection

Cons

✗ Polarised Trustpilot (~3.8/5)

✗ Withdrawal-delay & bonus complaints

✗ Standard spreads not the tightest

✗ High leverage only on offshore entity

✗ No US clients

XM Pricing & Account Plans

XM offers four account types from a $5 minimum, with no deposit or withdrawal fees. Pick by trading style.

Account	Spread	Commission	Min deposit
Micro / Standard	from ~1.0	None	$5	Open Account
Ultra Low	from 0.6	None	$5	Open Account
XM Zero	from 0.0	per lot	$5	Open Account

The $5 entry plus free education makes XM one of the most beginner-friendly brokers; Ultra Low is the value pick for tighter spreads without commission.

XM vs IC Markets vs Eightcap

How does XM compare with two other strongly-regulated brokers?

Feature	XM	IC Markets	Eightcap
EURUSD spread	from 0.6	from 0.0	from 0.0
Min deposit	$5	$200	$100
Regulation	CySEC·ASIC·DFSA	ASIC·CySEC·FSA	ASIC·FCA·CySEC
Education	Excellent	Limited	Good
Platforms	MT4·MT5	MT4·MT5·cTrader	MT4·MT5·TV
Trustpilot	3.8/5	4.8/5	4.1/5

Verdict: XM is a beginner’s favourite thanks to its $5 entry, education and broad regulation. For the tightest spreads, an ECN broker like IC Markets is sharper — but XM is hard to beat for newcomers.

Why Choose XM as Your Broker?

★ Check Trustpilot for current rating

$5 min · spreads from 0.6

Open Account →

Major broker since 2009

CySEC · ASIC · 20M+ traders

$5 min · spreads from 0.6

Open Account →

XM is one of the world’s largest retail forex and CFD brokers, founded in 2009 and now serving 20M+ traders across 190+ countries. It’s regulated by CySEC and ASIC (plus DFSA and offshore entities), and is best known for its very low $5 entry and outstanding education.

What stands out: a $5 minimum, four account types (Micro, Standard, Ultra Low and XM Zero with spreads from 0.0), MT4, MT5 and the XM app, no deposit or withdrawal fees, negative-balance protection, and one of the best education libraries in the industry.

What to weigh: XM’s Trustpilot score is a polarised ~3.8/5, with withdrawal-delay and bonus disputes among the complaints (many delays are region/KYC-related). Standard spreads aren’t the tightest, and high leverage sits on the offshore entities.

Bottom line: XM is an excellent broker for beginners and those who value education and a low entry, backed by strong regulation. For the tightest forex pricing, compare it with an ECN broker like IC Markets — but for getting started, XM is hard to beat.

Frequently Asked Questions

Key questions about XM — regulation, fees, platforms, leverage, education and account types.

Is XM regulated?

Yes, and XM publishes a licence number for every entity. Trading Point of Financial Instruments Ltd holds CySEC licence 120/10 and serves EEA residents, with ICF cover. Trading Point MENA Limited is regulated by the DFSA under reference F003484. XM Global Limited holds Belize FSC licence 8557558 and is the entity most international clients are actually onboarded with. XM (SC) Limited holds Seychelles FSA Securities Dealer's Licence SD190, XM International MU Limited holds Mauritius FSC Investment Dealer's Licence GB23202700, and XM ZA (Pty) Ltd is an FSCA-authorised financial services provider under number 49976. In the UK and Australia you are onboarded under the group's other brand, Trading.com: Trading.com Markets UK Limited is authorised by the FCA under FRN 705428, and Trading.com Markets PTY Ltd holds ASIC AFSL 443670. XM states that Trading Point of Financial Instruments Ltd no longer operates in the United Kingdom, so the Financial Ombudsman Service and the FSCS do not apply to it. All numbers checked against xm.com/regulation and trading.com on 17 September 2026.

Is XM safe and legit?

Yes — XM is a major, well-regulated broker since 2009 with 20M+ traders, segregated funds and negative-balance protection. Its Trustpilot score is a polarised ~3.8/5, with some withdrawal/bonus complaints, so complete KYC early and test withdrawals.

What is the minimum deposit at XM?

Just $5 on the Micro, Standard and Ultra Low accounts.

What are XM spreads?

Standard and Micro from ~1.0 pip (no commission), Ultra Low from 0.6 pips (no commission), and XM Zero from 0.0 pips with a commission.

What platforms does XM offer?

MetaTrader 4, MetaTrader 5, the XM app and WebTrader, across desktop, web and mobile.

What leverage does XM offer?

Up to 1:30 for CySEC/ASIC retail clients (regulated limits), and up to 1:1000 on its offshore entities.

What can I trade with XM?

1,400+ instruments including forex, indices, commodities, share CFDs and crypto CFDs.

Does XM offer education?

Yes — XM has one of the most extensive education libraries in the industry, with webinars, live sessions and courses for all levels.

Does XM accept US clients?

No. XM does not accept clients from the United States.

Why are there XM withdrawal complaints?

Some reviews report withdrawal delays, often tied to KYC re-verification, region-specific banking rules or payment-method mismatches. Verify your account and payment method early to avoid delays.