XM Review 2024 | Is XM a Scam or Legit Forex Broker?
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4.0 / 5

Rating breakdown

Ease of Use
Tradable Assets
Deposit and withdrawal
Trading Fees

Exclusive Offers Now Available on XM!

Read our XM review to find out if XM is a scam or a reliable forex broker. Unbiased Forex brokers reviews that serve the interests of our users.

XM Review and Analysis


XM ReviewXM is a CySEC, ASIC and IFSC regulated, multi-asset class broker offering to trade on more than 1,000+ tradable CFD’S on Forex, Stocks, Commodities, Indices, Metals and Energies on the globally-recognised trading platforms MetaTrader 4 and MetaTrader 5 for PC, Mac, Web, iOS and Android systems.

Investor Protection & Regulations

XM is authorised and regulated by the Cyprus Securities and Exchange Commission (CySEC), the Australian Securities and Investments Commission (ASIC) and the International Financial Services Commission of Belize (IFSC), offering segregated client funds and negative balance protection.

Tradeable Products

XM offers clients more than 1,000+ tradable assets to trade on, across Forex, Stocks, Indices, Commodities, Metals and Energies via Spot, Futures and CFD products.

Fees and Commissions

XM fees and commissionsTrading costs with XM vary depending on the account type and market being traded. The XM Standard Account and XM Micro Account offer commission-free trading with costs deriving from spreads and overnight swaps. The XM Zero Account offers commission-based trading with lower spreads.

Trading Platform

XM trading platformXM traders have access to the globally-recognised MetaTrader 4 and MetaTrader 5 trading platforms, accessible on PC, Mac and Web.XM offers traders the ability to trade on the MetaTrader 4 and MetaTrader 5 mobile trading apps for iOS and Android operating systems, as well as tablets. The broker also offers the XM Trading App which allows users to manage their MT4 and MT4 accounts.

Account Types

XM offers 4 different types of trading accounts globally across different regulatory jurisdictions, with each account offering unique features and benefits for beginner and advanced traders.

Deposit and withdrawal

XM Deposit and WithdrawalUniquely, XM covers all deposit and withdrawal transfer fees for payments made via Neteller, Moneybookers and all major credit cards including Visa, Electron, MasterCard, Maestro and China UnionPay, with instant account funding.


XM offers a wide variety of trading accounts giving a unique and flexible offering to trade on more than 1,000+ tradable assets across both MetaTrader 4 and MetaTrader 4 for PC, Mac, Web, iOS and Android. The broker also offers an impressive range of research and educational tools suitable for both beginner and advanced traders.

Customer Support

XM customer supportXM offers 24 hours a day, Monday to Friday, customer support via Live Chat, Email, Online Contact Form and Phone on more than 25 different languages.

Education and Research

XM offers an impressive suite of unique educational products include Forex seminars, educational videos, webinars, platform tutorials and live daily interactive education rooms.

Overall Conclusion – Final Thoughts

XM offers 4 different trading account types with the choice of commission-free, or commission-based trading on more than 1,000+ tradable asset classes across Forex CFDs, Stocks CFDs, Indices CFDs, Commodities CFDs,Precious Metals CFDs and Energies CFDs. Traders can use the globally recognised MetaTrader platforms and enjoy access to an impressive research and education section.

Broker's Features XM Availability
Accepts US traders
24 hour trading
Demo account
Daily analysis
Automated trading
Mobile trading
Trading by phone
1st deposit bonus
Forex contests competitions
Bonuses Promotions
Interest charges on the balance
Free education
Expert advisors
Partnership programs
Trust management
24 hour support

Bonuses: Upcoming & Ongoing Competitions and Giveaways

xm default bonus image
XM - $50 No-Deposit Bonus Offer (Country restriction)

XM offers a no-deposit bonus of USD 50 exclusively for residents of Oman, Singapore, Malaysia, UAE, Kuwait, Bahrain, and Brunei. In other regions, new clients can receive a USD 30 No Deposit Bonus. This allows for live Forex trading without any ... 

deposit or risk, providing an opportunity to begin a Forex trading career with initial trading capital. To get started, register and validate a trading account with XM, and receive the non-deposit bonus.

Ending Date: Tuesday 31 December, 2024

Grab Exclusive Offer  

Terms: All profits earned can be withdrawn. This offer is not available to clients registered under Trading Point of Financial Instruments and Trading Point of Financial Instruments UK Ltd, and may not be available in certain other regions or countries. Be sure to review the terms and conditions before applying.

xm default bonus image
XM Group | $30 No-Deposit Bonus

$30 on a live account - no deposit required.
How to get: Open a real, verified XM account.

Ending Date: Tuesday 31 December, 2024

Grab Exclusive Offer  

Terms: All profits earned can be withdrawn. Clients registered under Trading Point of Financial instruments Ltd (CySEC), Trading Point of Financial instruments Pty Limited (ASIC) and Trading Point MENA Ltd (DFSA) are not eligible for the bonus.

Latest News

xm default news image
XM Wins Best IB Program in Africa Award

XM has been honored with the prestigious Best IB/Affiliate Program in Africa award, powered by Financial Achievements in Markets Excellency (FAME). The award ceremony occurred on May 21, 2024, at the Finance Magnates Africa Summit (FMAS:24) in ... 

Sandton, Johannesburg.

Wednesday 22 May, 2024

People Also Asked

Is XM regulated?
Yes, XM is regulated by top-tier regulators, ASIC, CySEC, IFSC inclusive.
Where is XM based?
XM is based in Limassol
How does XM make money?
XM charges a spread between the bid price and ask price. It does NOT charges a commission.
How do I deposit in XM account?
With XM you can deposit money via the following means; China UnionPay, Credit Card, iDeal, Moneybookers, MoneyGram.
How do I withdrawal in XM account?
XM lets you request a withdrawal of funds from your account via the following means; China UnionPay, Credit Card, iDeal, Moneybookers,.
What is the minimum deposit for XM?
XM has $5 minimum deposit.
What are the available account base currencies with XM?
XM trading accounts are offered in EUR, USD, GBP, JPY, CHF, HUF, PLN, RUB, SGD, ZAR,. If your country's currency isn't included in the list, you will need to open an account with another currency base.
What is the max leverage in XM?
XM has a maximum leverage is 1:888 for professional traders.
Does XM use MetaTrader?
XM platforms: Yes, XM use MetaTrader as well as the following platforms: MT4, MT5, WebTrader
What type of broker is XM?
XM appears to be a Market Maker broker which offers market access to a variety of traders.
Does XM accept US clients?
No, XM does not accept US clients
Does XM offers Islamic accounts?
Yes, XM offers Islamic accounts
What financial instruments can I trade?
You can trade a wide variety of instruments with XM: You can trade a wide variety of instruments with XM: CFD, Forex, Cryptocurrency, Stocks, Futures

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