XM, a market maker, offers diverse account options including Micro, Standard, Ultra Low, and Zero Accounts. This review delves into the benefits of each account type, alongside XM’s trading platforms, extensive range of CFDs, and low minimum deposit requirements.
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In July 2024, XM stands out in the forex brokerage market, particularly for its extensive range of over 1,250 CFD products and tailored client services. The broker is well-regarded for offering competitive ECN spreads to traders in the UK and Europe.
XM’s commitment to versatile trading is evident in its support of both MetaTrader 4 and MetaTrader 5 platforms, accommodating various trading styles. Each client benefits from the dedicated attention of a personal account manager, enhancing the trading experience. While XM’s no commission spreads aren’t the lowest, the combination of its platform options, market range, and client support positions it as a significant player in the global forex market.
XM, headquartered in Belize City, Central America, has been a significant player in the online brokerage industry since 2009. Known for its client-focused services, XM offers a competitive edge with its ECN spreads available to traders in the UK and Europe. However, it’s worth noting the brokers commission-free spreads are not as competitive in comparison.
A key feature of XM’s offering is the availability of both MetaTrader 4 and MetaTrader 5 platforms. These platforms are celebrated for their sophisticated functionality, catering to a broad spectrum of trading styles and levels of expertise. Additionally, XM enhances the trading experience by assigning a personal account manager to each client, offering tailored support and guidance.
XM also offers an extensive selection of over 1,250 CFD products, including forex, stocks, commodities, and indices, allows traders to diversify their portfolios and explore a wide range of markets.
XM’s offers four account types differentiated by lot sizes and pricing: the Micro Account is for trading in micro-lots with no commission, while the Standard Account caters to standard lots with spread-only costs.
The Ultra-Low and Zero Accounts offer varied lot sizes with tighter spreads and commission-based pricing, respectively.
| XM Account | Micro account | Standard Account | Zero Account | Ultra Low Account |
|---|---|---|---|---|
| Restrictions | Available with all branches | Available with all branches | UK and Europe only | Australia and select countries only |
| Minimum Spread | 1 pip | 1 pip | 0.1 pips | 0.6 pips |
| Commission | Commission-free | Commission-free | $3.5 per side, per 100k traded | Commission-free |
| Contract size | 1 Lot = 1000 | 1 Lot = 100,000 | 1 Lot = 100,000 | Standard Ultra: 1 Lot = 100,000 Micro Ultra: 1 Lot = 1000 |
| Minimum trade volume | 0.01 Lots (MT4) 0.1 Lots (MT5) | 0.01 Lots (MT4) 0.1 Lots (MT5) | 0.01 Lots | Standard Ultra: 0.01 Lots Micro Ultra: 0.1 Lots |
| Lot restriction per ticket | 100 Lots | 50 Lots | 50 Lots | Standard Ultra: 50 Lots Micro Ultra: 100 Lots |
| Islamic account | Optional | Optional | Optional | Optional |
The XM Micro and Standard Accounts are commission-free account types with spreads starting from 1 pip.
Our analysis of over 40 leading brokers’ average monthly spreads revealed that while XM’s no commission spreads are competitive, there are other brokers offering tighter spreads.
Specifically, for the EUR/USD and AUD/USD pairs, XM’s average spread is 1.60 pips, which is in line with the industry average, though not the lowest on the market.
Avg. spreads are taken from each broker's website and updated monthly. Last update on 12/01/2025
No Commission Spreads: Standard Accounts
1.60
1.60
1.80
2.10
2.00
1.50
1.50
1.70
1.60
1.60
1.20
1.40
1.50
2.80
2.60
1.60
1.60
1.60
1.60
1.60
1.20
1.80
1.90
2.30
2.30
1.30
0.90
1.40
2.30
2.00
1.70
1.40
1.70
2.40
2.00
1.70
1.60
1.70
2.50
2.70
1.40
2.10
1.60
1.90
2.20
1.40
2.50
2.50
2.60
2.60
1.20
1.80
1.90
2.30
2.30
1.90
2.00
2.40
2.30
2.50
1.80
2.00
1.80
2.50
3.00
The key difference between the two accounts is the Micro Account allows trading with micro-lots (1000 units). With this account 1 micro lot (pip) is the equivalent of USD 10 cents.
A micro account is popular with the following types of traders
Ultra-Low Account
For traders in Australia, South Africa, and certain other countries, XM provides an additional commission-free option: the Ultra-Low Account.
This account stands out from the Standard Account with a few key differences:
Compare Lowest Spread Forex Brokers
XM Zero Spreads
If you are in Europe or the UK you will have the option of a Zero Account where you can access to spreads as low as 0.1 pips + commission.
In our analysis, XM’s Zero Account showed competitive spreads for key pairs. The average spread for EUR/GBP was 0.30 pips, and for USD/JPY, it was 0.10 pips.
These ECN spreads are among the best in the industry, matching or even surpassing top brokers like FP Markets and Pepperstone.
|
Commission Account Spreads
|
|||||
|---|---|---|---|---|---|
|
|
0.10 | 0.40 | 0.30 | 0.10 | 0.50 |
|
0.10 | 0.20 | 0.30 | 0.20 | 0.30 |
|
0.20 | 0.20 | 0.40 | 0.20 | 0.30 |
|
0.44 | 0.42 | 0.40 | 0.20 | 0.83 |
|
0.10 | 0.50 | 0.60 | 0.30 | 1.10 |
|
|
n/a | 0.50 | 0.60 | n/a | 0.30 |
|
|
0.50 | 0.70 | 0.60 | 0.50 | 0.80 |
Avg. spreads are taken from each broker's website and updated monthly. Last update on 12/01/2025
Commission Cost Comparison
XM Zero Account holders pay a commission fee of $3.50 per standard lot, per $100,000 traded ($7 roundturn).
The commission fee of $3.50 aligns with the industry standard, as seen with brokers like IC Markets, Pepperstone, and FxPro, all charging an identical rate. However, certain brokers like FP Markets and GO Markets are slightly more competitive when it comes to commission costs.
| Commission Fees | USD |
|---|---|
| XM | $3.50 |
| GO Markets | $2.50 |
| FP Markets | $3 |
| IC Markets | $3.50 |
| Pepperstone | $3.50 |
| Blueberry Markets | $3.50 |
| TMGM | $3.50 |
| FxPro | $3.50 |
| IG | $6.00 |
Regarding safety, XM holds a trust score of 67, which reflects its top-tier regulation, established reputation, and customer reviews.
Regulation
XM accepts clients from all over the world and is overseen by multiple top-tier regulators including the Australian Securities Investments Commission (ASIC), the UK’s Financial Conduct Authority (FCA), and the Cyprus Securities and Exchange Commission (CySEC).
| XM Safety | Regulator |
|---|---|
| Tier-1 | ASIC FCA CySEC |
| Tier-2 | DFSA |
| Tier-3 | FSC-BZ |
Reputation
XM was established in 2009 in Belize City, Central America. The online broker has no regulatory issues on record during its 15 years of business.
Reviews
On TrustPilot, XM has an average score of 3.3 out of 5 from 531 reviews. This score suggests that there may be some issues with client satisfaction, offering a varied perspective on the broker’s service quality and customer experience.
XM offers a diverse range of over 1,250 CFD trading products, including forex, shares, indices, and commodities.
While many of the best brokers charge traders a commission fee for stock CFD trading, XM provides commission-free commodity and share trading.
| CFD type | Number of symbols/pairs |
|---|---|
| Forex | 57 |
| Stocks | 1144 In Total 469 on NYSE + NASDAQ 165 on LSE 20 on ASX 17 on FWB 10 on EuroNext |
| Commodities | 8 |
| Equity Indicies | 18 Cash Indices 12 Futures Indices |
| Precious Metals | 2 |
| Energies | 5 |
XM offers traders the choice between MetaTrader 4 (MT4) and MetaTrader 5 (MT5), each catering to different trading needs.
Alongside a broader range of CFD products, MT5 also brings enhancements in trading and analysis tools compared to its predecessor, MT4.
MetaTrader 4 on XM is tailored for forex traders looking to develop and execute automated trading strategies.
Traders can use Expert Advisors (EAs) for market scanning and automated trade execution, with the ability to create EAs using MQL4 or download them from the MetaTrader Marketplace.
MT4 also supports backtesting of strategies, though it’s limited to single currency analysis.
MT4 Features:
MetaTrader 5 (MT5) expands on the capabilities of its predecessor, MT4, offering a comprehensive multi-asset trading platform. It’s suitable for traders looking to engage in forex as well as other markets like stocks, stock indices, and precious metals.
Key Enhancements in MT5:
XM’s mobile trading apps, available for both MetaTrader 4 and MetaTrader 5, offer full functionality, mirroring the capabilities of the desktop and WebTrader platforms.
These apps, compatible with a variety of devices including iPhones, iPads, and Android phones and tablets, ensure that mobile users have unrestricted access to all market types and order options.
This design provides a seamless and consistent trading experience across different devices, allowing traders to manage their activities efficiently while on the move.
XM’s trading experience is defined by its commitment to reliability and efficiency. Key aspects include:
To start trading with XM, an initial minimum deposit of $5 is required for Micro and Standard accounts, $50 for Ultra-Low accounts, and $50 for Zero Accounts.
When funding an established trading account, no minimum deposit is required, although certain e-wallet payment methods require a minimum of $5.
XM offers USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, and RUB as base currencies for Micro and Standard Accounts.
For Ultra Low and Zero Accounts, a more limited selection of base currencies are available as shown below.
| XM Accounts and Fees | Micro account | Standard Account | Ultra Low Account | Zero Account |
|---|---|---|---|---|
| Restrictions | None | None | Australia and select countries only | UK and Europe only |
| Base currency options | USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, RUB | USD, EUR, GBP, CHF, AUD, HUF, PLN, RUB | EUR, USD, GBP, AUD, PLN, HUF | USD, EUR, JPY |
| Minimum trade volume | 0.01 Lots (MT4) 0.1 Lots (MT5) | 0.01 Lots (MT4) 0.1 Lots (MT5) | Standard Ultra: 0.01 Lots Micro Ultra; 0.1 Lots | 0.01 Lots |
| Minimum deposit | $5 | $5 | $50 | $100 |
To deposit funds in an XM trading account, clients can use credit cards (Visa and Mastercard), debit cards, bank transfers, Western Union or e-wallets.
A downside to XM is its withdrawal fees for small sums. If a customer withdraws less than $200 from their trading account via bank wire transfer, they will incur a $15 administration fee.
While many brokers start charging clients account inactivity fees after 6-12 months, XM traders who have not traded for 90 days will be charged a monthly inactivity fee of $5.
XM traders can get in touch with the broker’s customer service team via phone, live chat, and email 24/5.
Although a good range of contact methods are offered by XM, there is no customer support available on weekends.
XM’s customer support team are multilingual, with representations fluent in English, Japanese, Chinese, Hindi, Arabic, Spanish, Italian, French, Russian, Hungarian, Portuguese, Czech, Slovakian, Bulgarian, Romanian, Dutch, Korean, Bahasa Indonesia and Bahasa Malay.
All XM clients are allocated a personal account manager who is available to assist you with any account or trading question you may have. XM personal account managers have a reputation for ensuring their clients get the best from their trading activities.
XM provides a comprehensive suite of research and educational resources, including trading guides, webinars, and fundamental analysis tools.
Educational Materials
XM offers a wide array of educational materials, designed to cater to traders of all levels, enhancing their trading knowledge and skills.
These resources are integral to XM’s commitment to providing a thorough educational experience, helping traders to understand market dynamics and develop strong trading strategies.
XM also provides a diverse suite of market research and analysis tools to keep traders informed and ahead in the financial markets.
XM, established 15 years ago, has carved a niche in the online brokerage industry with its diverse offerings and client-centric approach.
The broker’s extensive range of over 1,250 CFD products, including forex, stocks, commodities, and indices, caters to a broad spectrum of traders. XM’s competitive ECN spreads, particularly for UK and European traders, and the availability of both MetaTrader 4 and MetaTrader 5 platforms, make it a versatile choice for various trading strategies.
The addition of personal account managers for each client further enhances the personalised trading experience. While XM’s no commission spreads may not be the lowest, its commitment to providing a dynamic trading environment, coupled with strong customer support, positions XM as a significant player in the global forex market.
XM offers varying leverage levels depending on the region and regulatory body ranging from 30:1 to 888:1 for forex trading.
For instance, under FCA in the United Kingdom, CySEC in Cyprus, and ASIC in Australia, the maximum leverage is 1:30.
In contrast, XM Global Limited, regulated by IFSC in Belize, offers leverage ranging from 1:1 to 1:888 for balances between $50 and $20,000, 1:1 to 1:200 for balances between $20,001 and $100,000, and 1:1 to 1:100 for balances over $100,001.
Traders outside Europe, Australia, and Dubai can access leverage as high as 1:888. This tiered leverage approach is designed to promote responsible trading, especially at higher volumes.
XM offers guaranteed negative balance protection across all accounts, ensuring traders don’t owe more than their account balance. This protection includes a 50% margin call and a 20% stop-out level to manage potential losses. In cases of slippage leading to a negative balance, XM resets the account to $0, preventing debt accumulation. However, XM does not provide guaranteed stop-loss orders.
Yes, XM charges a monthly inactivity fee of $5 for accounts that have been inactive for 90 days, which is a shorter period compared to the 6-12 months typically observed with many other brokers.
This review of XM is grounded in Spread-Bet.co.uk’ comprehensive and methodical approach. Our methodology, updated for 2024, involves a detailed analysis of 40 brokers across eight key categories, including trading costs, trading experience, trust, trading platforms, customer service, market range, education, and funding.
This process is backed by rigorous testing and research, conducted by a team of traders and industry experts. We employ both manual assessments and automated testing through Expert Advisors, Indicators, and Scripts to ensure accurate and unbiased evaluations.
Our goal is to provide traders with clear, factual, and up-to-date information, helping them find the best forex broker that aligns with their trading needs.
Ask an Expert
Which XM account is best for scalping?
The XM Ultra Low Account is the best option for scalping of the accounts XM offers.