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XM.com provides the entire suite of MetaTrader platforms and competitive pricing for forex and over 350 CFD instruments, including on cryptocurrencies, through its regulated entities in the EU and Australia.

By Steven Hatzakis / April 4th, 2017 / Updated: May 18th, 2018

help 73
Trust Score
Dislikes
  • Single-stock CFDs only available on MT5
  • Higher spreads on Micro and Standard accounts

Review Sections:

Data:

Founded in 2009, XM.com provides traders with the full MetaTrader platform suite by MetaQuotes Software Corporation. XM.com has evolved into an online multi-asset broker offering over 400 instruments, including 57 currency pairs and 356 CFDs. Five CFDs on cryptocurrencies are also offered covering Bitcoin, Dash, Ethereum, Litecoin and Ripple.

The XM.com brand (XM Group) is the trading name of Trading Point Holdings Ltd (Trading Point Group) – owner of the firm’s FCA-regulated entity in the UK, with EU passports under the MiFID, CySEC-regulated entity in Cyprus, and its ASIC-regulated entity in Australia.

Trust Score

Trading with a forex broker that traders can trust is crucial to success. Forex fraud and scams are, unfortunately, common in the industry.

Here at ForexBrokers.com, we maintain the largest independent regulatory database available on the web. Using 28 different variables, we have created a proprietary 1-100 score (higher the better) of overall trustworthiness, which we call, Trust Score. Is XM safe? Here’s our trust summary.

XM
Trust Score73
Year Founded2009
Publicly-Traded Company (Listed) No
Regulated in Major Hub Yes
Regulated in Emerging Hub Yes
Authorised in the European Union Yes
CFTC Authorized (USA) No
FCA Authorised (UK) Yes
IIROC Authorised (Canada) No
FINMA Authorised (Switzerland) No
ASIC Authorised (Australia) Yes
SFC Authorised (Hong Kong) No
MAS Authorised (Singapore) No
FSA Authorised (Japan) No
FMA Authorised (New Zealand) No
CySEC Authorised (Cyprus) Yes

Offering of Investments

The following table summarizes the different investment products available to clients of XM.

XM
Minimum Initial Deposit$10-100
Currency Pairs (Total Forex pairs)57
CFDs - Total Offered356
Exchange Traded Securities: US No
Exchange Traded Securities: International No
Cryptocurrency traded as actual No
Cryptocurrency traded as CFD Yes

Commissions & Fees

The commissions and fees at XM depend on the type of account. There are three to choose from, including the commission-free Micro and Standard accounts, and the commission-based XM Zero Account.

For example, in the XM Zero account, average spreads on the EUR/USD were listed as 0.1 pips (not including commission), compared to the commission-free Standard and Micro account, which had average spreads of 1.7 pips for the same pairs.

Even after including the USD $5 per side commission ($10 per Round Turn), and average spreads of 0.1 pips on the EUR/USD, the all-in cost to trade is 1.1 pips (0.1 spread + 1.0 RT commission), making the XM Zero account the firm’s most competitively priced offering.

View All FeesXMAxiTraderMarkets.comADS Securities
All-in Cost EUR/USD - Active1.1001.1402.000N/A
All-in Cost GBP/USD - Active1.5001.5502.000N/A
Average Spread EUR/USD - Standard1.6001.2402.000N/A
Average Spread GBP/USD - Standard2.3001.7302.000N/A
Currency Pairs (Total Forex pairs)57535557
CFDs - Total Offered356412085810
Commissions & Fees 4 Stars 3.5 Stars 3 Stars 4 Stars
Overall 3.5 Stars 3.5 Stars 3.5 Stars 4 Stars

It is worth noting that XM acts as the sole dealer (principal) in all trades it executes, and offers no re-quoting across all its account types in terms of the execution method as a market-maker/dealer. This allows it to offer lower spreads during certain market conditions. Accordingly, both account options are useful, depending on clients’ needs.

XM
Average Spread EUR/USD - Standard$1.60
All-in Cost EUR/USD - Active$1.10
Active Trader or Premium/VIP No

Customer Service

For our 2018 Forex Review, 129 customer service phone tests were conducted over three months. The data collected is institutional grade. On average, three questions were asked for each test. To score each test, the tests were divided into three separate groups and scores were given for the time taken to connect with each support representative and the ability of each representative to professionally (and thoroughly) answer each question. A Net Promoter Score was also given for the overall experience.

Results:

  • Average Connection Time: <1 minute
  • Average Net Promoter Score: 6.66 / 10
  • Average Professionalism Score: 5.2 / 10
  • Overall Score: 6.7 / 10
  • Ranking: 24th (43 brokers)

Research

XM’s research offering consists mostly of content generated by an in-house team of analysts, including daily market recaps and technical and fundamental analysis articles and videos.

XM research

The firm also provides six calculators, ranging from its all-in-one calculator to its pip value calculator, which can be useful when traders are planning or researching trading ideas. There is also an economic calendar powered by Investing.com.

In terms of manual trading signals, XM offers its trading signals hub to live account holders where users can access signals across ten instruments generated twice daily.

Meanwhile, trading signals that can be automated are currently limited to the Signals Market available within the MetaTrader platform, after XM discontinued its prior social copy-trading offering of Tradency’s MirrorTrader platform, and ZuluTrade.

In terms of manual trading signals, XM offers its trading signals hub to live account holders where users can access signals across ten instruments generated twice daily.

Compared to our review last year, XM has expanded its research offering with the addition of more in-house analysts covering markets with technical and fundamental analysis.

Overall, XM’s research offering is above the industry standard and the broker finished 18th out of 43 brokers in our 2018 Review.

XM
Forex News (Top-Tier Sources) Yes
Daily Blog Updates Yes
AutoChartist No
Trading Central (Recognia) No
Delkos Research No
Acuity Trading No
Social Trading / Copy-Trading Yes
Social Sentiment - Currency Pairs No
Trade Ideas - Backtesting Yes
Client Webinars Yes
Client Webinars (Archived) No
Videos - Beginner Trading Videos No
Economic Calendar Yes
Calendar Includes Forecasts Yes

Platforms & Tools

XM is a MetaTrader-only broker offering the standard, out-of-the-box experience. This means it offers the suite of platforms from MetaQuotes Software Corporation, developer of the popular MT4 and MT5 platforms for desktop, mobile, and web. Read our full MetaTrader guide.

While MetaTrader 4 and MetaTrader 5 come standard, with little variation in functionality from broker to broker, there can be significant differences in how the platform is set up for trading spreads and commissions, execution, and other tools, features, and administrative areas.

XM MT4 desktop platform

Besides spreads, a wide range of instruments, and different account types, XM’s MT4 and MT5 platform setup and the default MetaTrader experience offer an MT4/MT5 installation file wrapped in Windows Emulator for MAC OS Installation.

XM
Virtual Trading (Demo) Yes
Desktop Platform (Windows) Yes
Desktop Platform (Mac) No
Web Platform Yes
Social Trading / Copy-Trading Yes
Proprietary No
MetaTrader4 (MT4) Yes
MetaTrader5 (MT5) Yes
cTrader No
Currenex No
ZuluTrade No
MirrorTrader No
Charting - Drawing Tools (Total)(Default MT4/MT5)
Charting - Indicators / Studies (Total)(Default MT4/MT5)
Watchlists - Total Fields(Default MT4/MT5)
Order Type - Trailing Stop Yes

Mobile Trading

Since XM is a MetaTrader-only broker, the iOS and Android versions of the MT4 and MT5 mobile apps come standard and are both available for download from the Apple iTunes store and Android Play store, respectively.

Metatrader4 mobile charts

XM
Android App Yes
Apple iOS App Yes
Charting - Draw Trend Lines Yes
Charting - Can Turn Horizontally Yes
Charting - Technical Studies/Indicators(Default MT4/MT5)
Watch List Syncing Yes
Trading - Forex Yes
Trading - CFDs Yes
Alerts - Basic Fields Yes

Other Notes

XM allows each client to hold up to 200 positions at a time, including pending orders. The firm also can fill up to 50 standard lots (five million units) at a time, for market, stop-loss, and limit orders, and offers phone broking to traders wanting to place trades.

XM holds regular international seminars and workshops, which offer clients the opportunity to meet the firm’s representatives and find out more about the company’s offerings and signup opportunities.

In 2017, XM launched CFDs on major cryptocurrencies including Bitcoin (BTCUSD), Dash (DSHUSD), Ethereum (ETHUSD), Litecoin (LTCUSD) and Ripple (XRPUSD), offering investors and traders the ability to gain exposure to digital assets without owning the underlying.

XM cryptocurrencies

XM’s crypto offering includes 2:1 leverage (50% margin) with a max trade size capped at 1 Bitcoin and a minimum trade size of 0.1 Bitcoin.

Final Thoughts

Traders looking for a regulated MetaTrader broker offering both MT4 and MT5 choose XM for its range of markets and competitive pricing on its Zero account.

Although XM offers over 400 instruments, including 57 currency pairs and CFDs on five cryptocurrencies, the broker still trails behind brokers who offer several thousand instruments.

Compared to other MetaTrader brokers, XM didn’t receive a Best in Class award. All variables considered, XM ranks in line with the industry average and finished 24th out of 43 brokers in our 2018 Review.

Methodology

For our 2018 Forex Broker Review we assessed, rated, and ranked 43 international forex brokers. Each FX broker was graded on 140 variables. Learn more.

Forex Risk Disclaimer

"There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses."Learn more.

View all XM Fees & Features
Steven Hatzakis

Reviewed by Steven Hatzakis Steven Hatzakis is the Global Director of Research for ForexBrokers.com. Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. Over the past 18 years, Steven has held numerous positions within the international forex markets, from writing to consulting to serving as a registered commodity futures representative.

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Trading CFDs, FX, and cryptocurrencies involves a high degree of risk. All data was obtained from a published web site as of 4/03/2018 and is believed to be accurate, but is not guaranteed. The ForexBrokers.com staff is constantly working with its online broker representatives to obtain the latest data. If you believe any data listed above is inaccurate, please contact us using the link at the bottom of this page.

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