XM Review 2026

How safe is XM?

Weighing everything up, I give XM a trust score of 88 out of 100: the regulation is sound, but the third-party reviews are weak.

1. Regulation

XM Global Limited, formed under Belize law and authorised by the FSC of Belize under the Securities Industry Act 2021 with licence 8557558, holds every global account. The table below maps the rest of the group, so check which entity covers your own country.

Some of the abbreviations on this page are expanded to the regulator's full name: a broker regulated by DFSA is regulated by the Dubai Financial Services Authority.

Your money sits segregated at an approved bank, apart from company funds, though it can share a general omnibus account with other clients’ balances, and an exchange, clearing house, or intermediate broker may hold it against a trade or margin call. XM acts as principal, and CFD losses, costs included, stop at the funds in that account, unless XM suspects arbitrage or abuse and withholds the protection. Positions close at a 20% stop-out of the margin level needed to keep them open, and a complaint must reach XM in writing within 3 business days, with acknowledgement inside 5 and a target resolution inside 30. Belize law governs the agreement and its courts hear disputes, and no government-backed compensation scheme is named, which is the part I would weigh most carefully before you deposit.

The Cyprus company, Trading Point of Financial Instruments Ltd under CySEC licence 120/10, serves EU and EEA clients only, so its Zero account is closed to a global client. XM International MU Limited covers UAE clients on xm.ae, and XM Financial Products Promotion L.L.C handles promotion and introduction only. The group takes no residents of the United States, Canada, Israel, or Iran, and no CFTC or NFA registration sits behind the brand; Trading.com, a separate brand under the same parent, Trading Point Holdings, carries the US licence once tied to XM, so if you are a US reader, I would point you to the Trading.com review. For its EU business, the group’s CySEC licence is the anchor.

What is the difference between XM and XMTrading?

XM and XMTrading are two separate brands operating under the same parent company, Trading Point Holdings. They are not the same product and do not share regulatory licences.

XMTrading operates through the following entities:

• Tradexfin Limited (formerly Trading Point (Seychelles) Limited), regulated by the Financial Services Authority (FSA) of Seychelles, Licence No. SD010
• FinTrade Limited, regulated by the Financial Services Commission (FSC) of Mauritius, Licence No. GB20025835

These entities are distinct from the XM regulated entities covered in this review. CompareForexBrokers does not currently maintain a separate review for XMTrading. If you are considering opening an account, confirm which brand and entity you are signing up with before proceeding.

2. Reputation

XM was established in 2009 in Belize City, Central America. During my research, I found that the online broker had no major regulatory issues on record during its 15 years of business.

XM drew 114,480 worldwide branded Google searches in September 2026, ranking it the twelfth most popular of the 61 brokers we track. Similarweb counted 17,260,000 visits in February 2026, which made XM the 3rd most visited broker. That scale of interest is hard to fake and counts for something in a crowded market.

XM has built a substantial global presence, serving over 15 million clients across 190+ countries. While the company doesn’t publicly disclose its exact trading volumes, it is in excess of 8.5 billion. XM’s popularity is particularly strong in Southeast Asia, the Middle East, and parts of Latin America, reflected in its multilingual support for 30+ languages.

Country, 10 rows.

Country	2026 Monthly Searches	Rank
India	301,000	1st
Thailand	110,000	2nd
Japan	74,000	3rd
United States	60,500	4th
Indonesia	60,500	5th
South Africa	33,100	6th
Vietnam	27,100	7th
Malaysia	27,100	8th
Morocco	22,200	9th
Pakistan	22,200	10th

3. TrustPilot Reviews

Trustpilot is not currently displaying a score for XM. As of September 2026 the profile carries a notice from Trustpilot stating the rating is unavailable. Looking through the reviews that remain, many traders complained about deposit and withdrawal issues.

However, many users gave it a 5 star rating citing their appreciation of the fast execution speeds.

This review is scored against every other broker on Forex Broker Reviews.

My Verdict on XM Trust

A global account sits under the FSC of Belize, with client money segregated and negative balance protection on a per-account basis, while the group’s CySEC licence covers its EU business only. I weigh all of that towards a safety score of 9 out of 10.

What traders say about XM

What other review sites say about XM

These are ratings of XM from other platforms, read on the date shown and expressed on each platform's scale, so you can weigh them against our own score.

Trustpilot is withholding XM's score for a guidelines breach, as Trustpilot itself states; checked Oct 1, 2026.

On Oct 1, 2026, Trustpilot showed neither a TrustScore nor a star rating for XM, and the profile carried Trustpilot's own notice that the rating is unavailable because of a breach of its guidelines, and the screenshot above shows that notice as it appeared. Trustpilot withholds a company's score when it finds the company has broken its rules for collecting or handling reviews, but it does not state on the profile which rule was broken, and we make no claim of our own about what happened. The 3,129 reviews already posted stay on Trustpilot and remain readable, with only the score hidden, and Trustpilot restores the score if it lifts the notice. A withheld score is not a score of zero and not a low rating, and it means Trustpilot is not vouching for the figure at the moment, and we recheck this profile every month.

App Store and Google Play ratings for XM

Our score is based on published criteria and is not influenced by these third-party ratings.

How popular is XM?

XM drew 114,480 branded Google searches in September 2026, placing it 12th of the 61 brokers ranked in this market, outside the top 10. Search interest measures attention, not quality; the score above is the review verdict.

12of 61Search interest rank

114,480

Brand searches, September 2026

0.0%

vs August 2026

210

Login searches

1.8%

Share of all searches

Source: Google search volume, Worldwide, September 2026.

How this is measured

Google Ads reports how many times a month people searched each broker's brand terms, and the brokers are ranked on that figure alone.

A term counts for a broker only when that broker's own website holds the first organic Google result for it; bare brand words that any company could own are left out.

A month-on-month change prints only where the previous month reached 1,000 searches, because Google rounds smaller volumes.

The figures refresh on the 15th of each month with the newest month Google has published, and the first-result check repeats every quarter.

XM at a glance

XM spreads and fees

A global account at XM Global Limited picks from four options, Micro, Standard, Ultra Low and Shares, which differ in lot size and pricing. If you trade high volumes, Ultra Low suits you through tighter spreads and cheaper swaps.

The Standard and Micro accounts suit beginners and carry no commission, so pricing is all in the spread. The Zero account, by contrast, is a Cyprus company product only, as the account types image below shows.

If you want to hold real shares for the long term, the Shares account gives you companies from the USA, Europe, and the UK with no leverage. It runs on MT5 only and carries a US$10,000 minimum deposit.

1. Ultra Low Account Spreads

Ultra Low, at XM Global Limited, charges no commission and cuts both spreads and swap fees, which is why it aims at high-volume traders. It comes in Micro and Standard formats, needs only US$5 to open, and only selected instruments are swap-free.

Figures XM itself published for one week in April 2026 put EUR/USD at 1.1 pips and GBP/USD at 1.3 pips on Ultra Low. I consider those strong numbers for a commission-free account, though they are the broker’s own rather than an independent test.

XM sets its own 1.1 pips EUR/USD average against 1.2 from seven competitors active in Asia over the same week, about 9% lower. This is the broker’s own comparison rather than our testing, so read the table below as its reporting.

The table carries XM’s own Ultra Low averages for the week of 7 to 13 April 2026, taken from its tight-spreads page on 7 October 2026.

Ultra Low undercuts XM’s own Standard pricing, yet rivals such as Pepperstone and IC Markets still come in cheaper. With no commission on either account, the spread is the whole cost, and the commission question comes next.

2. Ultra Low Account Commission

A global account pays no commission on Ultra Low or Standard, so nothing is added per side. The US$3.50 per side and US$7 round turn belong to the Zero account, which only the Cyprus company offers, so you avoid that charge.

Because commission is zero, the spread is the entire cost, so the figures above are the numbers to weigh. When you compare brokers, match each all-in price rather than a headline spread alone.

3. Standard Account Fees

Micro and Standard at XM Global Limited charge no commission, with EUR/USD spreads from 1.6 pips and a 2.0 pip average on its forex page. Those are the accounts a global reader opens.

Compared with the monthly averages of more than 40 brokers, XM Global’s standard spreads run above the industry norm on every pair it publishes. EUR/USD shows the gap clearly, with an industry average of 1.1 pips.

On the Standard account, USD/JPY averages 2.5 pips and GBP/USD averages 2.4 pips, as the table below sets out.

4. Swap-Free Account Fees

XM Islamic accounts stand out remarkably from most other forex brokers’ standard offerings. The key difference is that, unlike most forex companies that charge additional fees by widening the spread on Islamic accounts, XM does not impose any extra charges.

5. Other Fees

There are no additional charges when you make a deposit or withdrawal. However, there is an inactivity fee of $5 after 90 days.

My Verdict on XM Trading Costs

This is an area that is perhaps the most important for traders looking for a new broker, and XM regretfully falls short. They have rather high trading costs and spreads compared to the industry average, which nets them an overall score in this category of 6.0 out of 10.

Deposits and withdrawals with XM

Opening a Micro, Standard, or Ultra Low account at XM Global Limited takes US$5 at minimum. The Shares account asks you for US$10,000 before you start.

Account Base Currencies

XM offers USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, and RUB as base currencies for Micro and Standard Accounts.

Ultra Low and Standard offer fewer base currencies than Micro, as the table below shows.

Deposit Options and Fees

XM has a rather limited way of depositing, including Bank transfer, VISA/Mastercard credit or debit cards, Neteller, Skrill, SticPay, and local payment gateways (depending on your region). They charge no deposit fees however.

Withdrawal Options and Fees

XM have no withdrawal fees, but like the deposit options you are limited to just Bank transfer, credit/debit card, Neteller, Skrill, SticPay, and local payment gateways (based on client location).

Other Fees

XM traders who have not traded for 90 days will be charged a monthly inactivity fee of $5.

My Verdict on XM Funding Options

XM Global Limited takes credit and debit cards, bank transfers, local transfers, and e-wallets, and charges no deposit or withdrawal fees. I score the category 6.4 out of 10, because the method list is short even though every transfer you make is free.

XM trading platforms and app

XM offers traders MetaTrader 4 (MT4), MetaTrader 5 (MT5), and its own web and mobile XM App to suit different trading needs.

XM app

The XM App is available on iOS and Android only. It has no desktop or WebTrader version. It does not support Expert Advisors (automated trading) or Guaranteed Stop-Loss Orders (GSLO). XM Copy Trading is integrated directly into the XM App.

XM has integrated TradingView charts into the XM App. This is charting functionality only: TradingView is not available as a standalone trading platform with XM. Traders requiring a full TradingView trading platform should consider other brokers.

XM App: Trade with confidence is rated 4.6 out of 5 on Google Play (United States store) from 143K reviews shown worldwide, checked Oct 1, 2026.

View on Google Play

XM Copy Trading

XM offers a proprietary copy trading platform called XM Copy Trading, accessible via the XM App and at social.xm.com. It allows clients to follow and copy the trades of other XM traders.

XM Copy Trading, which lives in the XM App and at social.xm.com, is open to clients of XM Global Limited.

MetaTrader 4

I have used MT4 most of my trading career because it has a simple interface and a good balance of features. MT4 is also one of the first mainstream platforms on the market, and is used by more retail traders than any other platform.

Why I use MT4:

• MT4 has a very user-friendly interface, simple to manage even for novice traders.
• A large community means easily accessible resources such as custom indicators, Expert Advisors (EAs) and support forums.
• Good selection of charting tools (31 analytical objects, 30 technical indicators and 9 timeframes)
• 4 order types which are waiting status (buy-stop, buy-limit, sell-limit, sell-stop) and three order types for execution
• Ability to create your own Expert Advisors using MQL4 to automate and implement custom indicators

Also, if you consider flexibility in devices as important, I can highly recommend MT4 as you can run it on Android, iOS, desktop (both Windows and Mac), and browser (using MT4 WebTrader).

That is a nice advantage if you are a trader and am busy because you can see positions, and manage them anywhere.

Why you might not use it

• Limited access to stock CFDs, with a main emphasis on forex and indices.
• Though still in use, MT4 is outdated compared to newer platforms (like MT5) with advanced features.
• MetaQuotes does no longer support nor develop MT4, something that indicates MT5 will eventually replace it.

MetaTrader 5

MT5 is an upgrade from MT4, with far greater possibilities in the number of analysis tools or charts you can have open, the product types you can trade, and processing speeds.

As opposed to MT4, which is appropriate for trading via decentralised exchanges (e.g. forex), MT5 is a multi-asset platform that allows for more diversified market access. In XM’s case, it’s the addition of stock market CFDs since they’re traded via a centralised exchange.

While the look and feel of MT4 vs MT5 do have their similarities, the change did take a bit of getting used to. Learning the full potential and features of MT5 (in comparison to MT4) does take a little time.

But I’d say if you’re a intermediate or experienced trader, it’s worth a try, as it’s essentially an updated MT4 (with extra features and functionality).

Additional features that are included with MT5 (in addition to what is offered on MT4):

• Improved charting with 44 analytical objects, 38 technical indicators and 21 timeframes (scalping delight)
• Has two additional pending order types not available with MT4, buy-stop-limit and sell-stop-limit
• Access to real volume data unlike MT4 which limits tick volumes.
• Improved programming language with MQL5 reported to be more user-friendly than MQL4 on MT4.

Also, 64-bit processing backtesting provides MT5 with the capacity to pass historical data for a particular trading strategy, and MT4, which is 32-bit, can backtest with a certain pair only.

XM App

XM have a single mobile app that offers full functionality of the desktop and WebTrader platforms.

You can download and use their app on both Android and Apple devices and use it to trade on the go, access your accounts and deposit or withdrawal funds.

After using their App for a few weeks, I found that it stood out amongst other broker’s proprietary mobile apps with its modern feel and rich trading features.

My Verdict on XM’s Trading Platforms

XM only support MT4 and MT5, which while great tools on their own, are not quite the versatile platform offering compared to competitors. They also have a great proprietary app, which stood out compared to competing brokers mobile solutions.

However, the lack of platforms such as cTrader or a full TradingView trading platform is a big downside for me, as I frequently use their unique features and TA tools. For this reason I give XM a score of 6.0 / 10 for their trading platforms.

Markets you can trade with XM

XM offer 1400+ global assets including forex, commodities, precious metals, thematic indices, stock CFDs and energies.

XM provides access to forex trading with competitive spreads and commission-free accounts. While the exact number of currency pairs is not explicitly stated, the broker supports major, minor, and exotic pairs, including EUR/USD, GBP/USD, USD/JPY, and USD/SGD.

• Forex: Over 41 currency pairs including majors, minors, and exotics
• Precious Metals: XM Global Limited and xm.ae list the same 4 instruments, namely GOLD, XAUEUR (gold against the euro), SILVER, and GOLD24-7.
• Stocks, the broker has access to over 1,200 stock CFDs from the US, UK, Germany, France, and more.
• Energies: There are also three energies CFDs including Oil, Brent and natural gas.
• Up to 23 different cash indices CFDs including popular options like the NASDAQ and Dow Jones.
• Commodities: XM Global Limited lists 8 instruments on its commodities page, copper alongside 7 agricultural contracts (wheat, cocoa, cotton, coffee, corn, sugar, and soybeans)
• Cryptocurrencies* (Available under selected entities): 40

Note: Trading Cryptocurrency CFDs varies by regulatory jurisdiction and is not offered under all entities.

My Verdict on XM Range of Markets

XM have a decent offering of over 1400+ assets and CFDs for you to pick from, including quite a lot of forex and stock CFDs with some energies and indices as well. I give XM a score of 8.5 out of 10 for their good range of markets offering.

A narrower question in the same set is answered on FP Markets vs Fusion Markets 2026.

Within the same set we also publish Exness vs IC Markets Which Broker Is Best?

XM customer service, research and education

Support is organised by location, with chat around the clock on weekends and weekdays alike, phone during the working week, email, and Telegram. Depending on your region, you can get help in more than 30 languages, which matters if you trade outside the English-speaking world. If you would rather find answers on your own, a help centre and an FAQ library cover the basics.

The chat greets you with an AI assistant, but its menu routes to a person when one is needed.

My Verdict on XM Customer Service

XM Markets have a decent mix of support channels, live chat, email, phone, and even a structured ticket system with tracking, but its not so easy to get a hold of a human support agent during certain times. That reach still earns a score of 10 out of 10 for the category of customer service, because live chat runs 24/7 and the team covers over 30 languages.

Research and education

XM have put quite an effort into their Education segment, which you can find after clicking on “Discover” on their menu. You then get the option to pick from multiple educational content types, including videos, articles and even webinars hosted 7 days a week and presented by 77, in multiple languages and for traders of all levels.

XM also provides free, self-paced courses covering foundational trading topics such as fundamental analysis, technical analysis, risk management, and trading strategies. These courses are segmented into digestible modules, allowing users to build skills progressively.

For instance, technical analysis modules teach chart patterns and indicators like RSI and MACD.

With materials available in 20 languages, including Arabic, Spanish, and Japanese, XM ensures inclusivity for a global audience.

What I liked most was the guided, well-organised learning that puts the learner first, across webinars, videos, articles, and courses.

Overall I was pleasantly surprised, as most brokers neglect this segment and only offer written guides and generic explanations of terms like lots and leverage.

My Verdict on Research and Education

Its very evident that XM spent quite a lot of time adding educational content and making it easy to follow for new traders. I found that there was excellent variety of educational materials, including webinars, videos and guides. I give them a score of 7.5 out of 10 for their education content.

Our final verdict on XM

XM is a viable broker choice if you are a beginner and more cost-conscious trader, as opening an account requires a small deposit, and the process is very quick. You also have access to MT4 and MT5, which are amazing in terms of functionality and ease of use.

The broker falls short on trading costs, which run high against Pepperstone or IC Markets. The deposit and withdrawal method list is short, and the third-party reviews are weak, both of which count against it.

I give XM extra credit for its educational content, and I hope it adds more CFDs and forex pairs in the future. Cryptocurrency CFDs are already available at XM Global Limited, so a global account can reach them. After weighing everything, the overall rating of XM comes to 60.5 out of 100.