Profile
XM is a globally recognised forex and CFD broker serving retail clients in over 190 countries. Established in 2009 and operated by multiple entities under the Trading Point Group, XM offers multi-asset trading via MT4 and MT5, competitive spreads, and a choice of execution models. This XM review covers its regulatory structure, execution policies, product range, and client protections.
Regulation and Security
XM operates through several regulated entities:
- Trading Point of Financial Instruments Ltd – Regulated by CySEC (Cyprus) under license 120/10
- Trading Point of Financial Instruments Pty Ltd – Regulated by ASIC (Australia), license 443670
- XM Global Limited – Regulated by the IFSC (Belize), license 000261/106
- Trading Point MENA Ltd – Regulated by DFSA (Dubai), license F003484
Clients under CySEC, ASIC, and DFSA benefit from higher regulatory standards, including negative balance protection, segregated funds, and investor compensation schemes. IFSC clients receive basic segregation protections but without the same oversight.
Execution Model
XM offers a hybrid execution structure depending on account type and region. While the broker promotes a strict “no requotes and no rejections” policy, it generally uses STP execution for Standard and Micro accounts and market execution for Ultra Low and XM Zero accounts. There is no dealing desk intervention, and most orders are routed to external liquidity providers.
Trading Platforms
XM supports both MetaTrader 4 (MT4) and MetaTrader 5 (MT5) across desktop, web, and mobile. Key platform features include:
- Full support for algorithmic trading and Expert Advisors (EAs)
- One-click trading and advanced order types
- Built-in indicators, custom scripts, and VPS hosting
MT5 offers additional order types, improved backtesting, and more instruments, especially for stock CFDs.
Supported Markets
XM offers over 1,000 trading instruments across major asset classes:
- Forex – 55+ currency pairs including majors, minors, and exotics
- Indices – Cash and futures CFDs on global indices
- Commodities – Energies, softs, and precious metals
- Stocks – 1,000+ equity CFDs on US, UK, EU shares (MT5 only)
- Cryptocurrencies – BTC, ETH, LTC, XRP and more (entity-dependent)
Asset availability may vary depending on the XM entity and local regulations.
Account Types and Trading Conditions
XM offers four main account types:
- Micro – 1 lot = 1,000 units, suitable for beginners
- Standard – 1 lot = 100,000 units, no commissions
- XM Ultra Low – Lower spreads, no commissions, tighter pricing
- XM Zero – Raw spreads from 0.0 pips with commission
Key conditions:
- Minimum deposit: $5 (varies by region)
- Spreads: From 0.6 pips (Ultra Low) or 0.0 pips (Zero)
- Leverage: Up to 1:30 (EU/Australia), up to 1:1000 (offshore)
- Islamic (swap-free) accounts available
Retail and Institutional Features
XM primarily targets retail clients, though it also provides:
- VPS hosting for algorithmic traders
- Affiliate and IB programmes
- Multi-terminal account support
The broker does not offer institutional-level services such as FIX API, DMA liquidity, or white-label partnerships.
Client Protection and Transparency
Clients under CySEC, ASIC, or DFSA benefit from high-level regulatory protections:
- Segregated funds in Tier 1 banks
- Compensation funds (ICF or equivalent)
- Negative balance protection
- Audited financial statements and transparent pricing
Offshore clients (Belize) do not have access to formal compensation schemes and should weigh this when selecting their entity.
Base Currencies, Order Types, and API Access
Supported base currencies include USD, EUR, GBP, JPY, AUD, ZAR, and CHF. Order types on MT4/MT5 include:
- Market, limit, stop, and stop-limit
- Trailing stop and OCO (via EA)
XM does not provide FIX or REST API access. All automation is limited to MT4/MT5 EAs.
Pros and Cons
- Pros:
- Multiple regulators including CySEC, ASIC, DFSA
- Low spreads from 0.0 pips (XM Zero)
- Flexible account types and micro lots
- MT4 and MT5 with full EA support
- Multilingual support and strong education tools
- Cons:
- No FIX API or DMA execution
- Asset coverage varies by entity
- Cryptos unavailable under some regulators
- Inactivity fees apply
Frequently Asked Questions
Is XM a regulated broker?
Yes. XM is regulated by CySEC (Cyprus), ASIC (Australia), DFSA (Dubai), and IFSC (Belize). Clients can choose the entity based on location and protection level.
What platforms does XM support?
XM offers MetaTrader 4 and MetaTrader 5 across desktop, mobile, and web. Both platforms support algorithmic trading.
What is the minimum deposit at XM?
The minimum deposit is $5, depending on the account type and entity selected.
What leverage is available at XM?
Leverage is capped at 1:30 in the EU and Australia. Offshore clients can access up to 1:1000, depending on account and jurisdiction.
Does XM offer cryptocurrency trading?
Yes, but availability depends on the regulatory entity. Cryptos are offered under XM Global (IFSC), not under CySEC or ASIC entities.
