XM Group Review
While XM Group provides the entire suite of MetaTrader platforms and over 1000 tradeable instruments, the broker provides a mediocre experience across the board and struggles to stack up against industry leaders.
- Founded in 2009, XM Group is a vanilla MetaTrader broker that offers the complete MetaTrader suite, albeit with no notable upgrades to enhance the experience.
- While XM Group is regulated, it has only 10 years of business operation and trails Trust leaders like IG, Saxo Bank, and CMC Markets.
- Pricing at XM Group varies by account type. Overall, the broker is not a stand out for low-cost trading.
- While XM Group’s research offering is slightly above the industry standard, it is far from challenging industry leaders such as Saxo Bank and IG.
- No matter how you slice the data, compared to other top-rated MetaTrader brokers, our testing found XM Group fails to stand out. There are better choices, across the board, in the areas important to trades.
|Offering of Investments|
|Commissions & Fees|
|Platform & Tools|
Is XM Group Safe?
XM Group is considered averge-risk, with an overall Trust Score of 78 out of 99. XM Group is not publicly traded and does not operate a bank. XM Group is authorised by two tier-1 regulators (high trust), one tier-2 regulator (average trust), and zero tier-3 regulators (low trust). XM Group is authorised by the following tier-1 regulators: Australian Securities & Investment Commission (ASIC), and the Financial Conduct Authority (FCA). Learn more about Trust Score.
|Publicly Traded (Listed)||No|
Offering of Investments
The following table summarizes the different investment products available to XM Group clients.
|Forex: Spot Trading||Yes|
|Currency Pairs (Total Forex pairs)||57|
|CFDs - Total Offered||1000|
|Cryptocurrency traded as actual||No|
|Cryptocurrency traded as CFD||Yes|
Commissions & Fees
The commissions and fees at XM Group depend on the type of account. There are mainly three to choose from, including the commission-free Micro and Standard accounts, and the commission-based XM Zero Account. It's worth noting that there is also a fourth account type, the XM Ultra Low account, but it is not available at all the entities of the Group.
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 $3.5 per side commission ($7 per Round Turn), and average spreads of 0.1 pips on the EUR/USD, the all-in cost to trade is 0.8 pips (0.1 spread + 0.7 RT commission), making the XM Zero account the firm’s most competitively priced offering.
It is worth noting that XM Group 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.
|Minimum Initial Deposit||$5-100|
|Average Spread EUR/USD - Standard||1.60|
|All-in Cost EUR/USD - Active||0.80|
|Active Trader or VIP Discounts||No|
Platforms & Tools
XM Group is a MetaTrader-only broker offering the standard, out-of-the-box experience, including both MT4 and MT5. Unfortunately, there are no notable add-ons to help XM Group stand out among the best MetaTrader brokers.
|Virtual Trading (Demo)||Yes|
|Desktop Platform (Windows)||Yes|
|Social Trading / Copy-Trading||Yes|
|MetaTrader 4 (MT4)||Yes|
|MetaTrader 5 (MT5)||Yes|
|Charting - Indicators / Studies (Total)||51|
|Charting - Drawing Tools (Total)||31|
|Charting - Trade From Chart||Yes|
|Watchlists - Total Fields||7|
|Order Type - Trailing Stop||Yes|
XM Group’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. There is also an economic calendar powered by Investing.com.
In terms of manual trading signals, XM Group 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. For social copy trading, we found eToro and Pepperstone to have superior offerings.
|Daily Market Commentary||Yes|
|Forex News (Top-Tier Sources)||Yes|
|Trading Central (Recognia)||No|
|Social Trading / Copy-Trading||Yes|
|Social Sentiment - Currency Pairs||No|
Since XM Group 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.
|Apple iOS App||Yes|
|Trading - Forex||Yes|
|Trading - CFDs||Yes|
|Alerts - Basic Fields||Yes|
|Watch List Syncing||Yes|
|Charting - Indicators / Studies||30|
|Charting - Draw Trend Lines||Yes|
|Charting - Trend Lines Moveable||No|
|Charting - Multiple Time Frames||Yes|
|Charting - Drawings Autosave||No|
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.
- 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)
Traders looking for a regulated MetaTrader broker offering both MT4 and MT5 choose XM Group for its range of markets and competitive pricing on its Zero account.
Although XM Group offers over 1000 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 Group didn’t receive a Best in Class award. All variables considered, XM Group ranks in line with the industry average.
About XM Group
Founded in 2009, XM group provides traders with the full MetaTrader platform suite by MetaQuotes Software Corporation. XM Group has evolved into an online multi-asset broker offering 57 currency pairs and 1000 CFDs. Five CFDs on cryptocurrencies are also offered covering Bitcoin, Dash, Ethereum, Litecoin and Ripple.
The XM brand (XM Group) is a group of online regulated brokers. The group’s first entity was founded in 2009 in Cyprus (regulated by CySEC under license 120/10) under the name Trading Point of Financial Instruments Ltd. In 2015, the group established an entity (ASIC-regulated, license number 443670) in Sydney, Australia, and the same year obtained regulatory status in London (FCA-regulated, license number 705428), under Trading Point of Financial Instruments UK Ltd. More recently, XM Global Limited was established in 2017 in Belize (regulated by the IFSC, with license number IFSC/60/354/TS/18).
2019 Review Methodology
For our 2019 Forex Broker Review we assessed, rated, and ranked 28 international forex brokers over a six month time period. Each broker was graded on 81 different variables and, in total, over 60,000 words of research were produced.
While encouraged, broker participation was optional. Each broker had the opportunity to complete an in-depth data profile and provide executive time (live in person or over the web) for an annual update meeting.
All data submitted by brokers is hand-checked for accuracy. Ultimately, our rigorous data validation process yields an error rate of less than .1% each year, providing site visitors quality data they can trust. Learn more about how we test.
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.
About the author: 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. Steven is an active fintech and crypto industry researcher and advises blockchain companies at the board level. Over the past 20 years, Steven has held numerous positions within the international forex markets, from writing to consulting to serving as a registered commodity futures representative.