XM Broker Review

Author By Alison Heyerdahl
Updated: December 3, 2022
Overall Rating
4.25 4.25 / 5
Rated #7 of 54 Recommended Brokers
🏦  Min. DepositUSD 5
🛡️  Regulated By
💵  Trading Cost 
USD 16
⚖️  Max. Leverage888:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 
AlertAccepts Nigerian Clients. Average spread EUR/USD 1.60 pips on trading account with lowest minimum deposit. Max leverage 888:1. Islamic account available. MT4 & MT5 platforms supported. XM Group regulated by CySEC, ASIC, and the IFSC.
Last updated on December 3, 2022
by Editorial Director Alison Heyerdahl
Alison Heyerdahl

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Our verdict on XM

XM Group (XM) is a dealing desk broker offering trading on multiple instruments, including Forex, stock CFDs, commodities, equities, precious metals, energies, and shares.  Trading costs are slightly higher than other market makers on two of its accounts, with spreads averaging at 1.7 pips on the EUR/USD. However, trading conditions are much more competitive on the Ultra Low Account, with spreads starting at 0.6 pips on the EUR/USD in exchange for a reasonable minimum deposit of 5 USD. 

With fast execution times and good analysis software, XM is a great broker for scalpers, day traders, and long-term traders.  It also provides a world-class repository of educational and market analysis materials to get new traders started.  Lastly, trading is offered on both the MT4 and MT5 platforms, and the responsive and knowledgeable customer service is available to help with any account or technical queries.

🏦  Min. DepositUSD 5
🛡️  Regulated By
💵  Trading Cost 
USD 16
⚖️  Max. Leverage888:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 
XM Award

Overall Summary

111104/ 5
Trading Conditions
11110.54.5/ 5
Trading Platforms
11110.54.5/ 5
Deposit & Withdrawal
11110.54.5/ 5
Education & Research
111115/ 5
Assets Available
1110.503.5/ 5
Customer Service
111104/ 5
Beginner Friendly
Welcome Bonus

Account Information

Base Currencies
Number of FX Pairs
Crypto Pairs
Copy Trading
Hedging Allowed
Scalping Allowed
Islamic Account

Trading Conditions

Account Name
XM Zero
Trading Desk
7 USD / lot - XM Zero Account
0.10 pips
0.20 pips
0.10 pips
Negative Balance Protection

Company Details

Company Name
XM Group
Website Language
English, Malay, Chinese, Hungarian, Russian, Indonesian, French, Italian, German, Polish, Arabic, Spanish, Portuguese, Vietnamese, Thai
Support Language
English, Chinese, Russian, French, Italian, Spanish, Portuguese, Polish, Arabic
Office Locations
Cyprus, Australia, Belize


  • Well regulated
  • Excellent education
  • Free deposits and withdrawals


  • Dealing desk
  • Wide spreads on its entry-level accounts
XM Homepage Image

Is XM Group Safe?

Yes, XM is a safe broker for Nigerians to trade with.  It maintains regulation from some of the world’s top regulators.  

Founded in 2009 and headquartered in Cyprus, XM Group has grown into a large and well-established international investment firm with over 3,500,000 clients worldwide.  XM is a brand name of Trading Point Group and is regulated by Cyprus Securities and Exchange Commission (CySEC), the Australian Securities and Investments Commission (ASIC), the Financial Conduct Authority (FCA) UK, the Dubai Financial Services Board (DFSB), and the International Financial Services Commission (IFSC) Belize.  See below for details:

  • Trading Point of Financial Instruments Ltd was established in 2009 and is regulated by the Cyprus Securities and Exchange Commission (CySEC 120/10)
  • Trading Point of Financial Instruments Pty Ltd was established in 2015 in Australia and is regulated by the Australian Securities and Investments Commission (ASIC 443670)
  • Trading Point of Financial Instruments UK Ltd was established in 2016 and is regulated by the Financial Conduct Authority (FCA 705428).
  • Trading Point MENA Limited has been approved and regulated by the Dubai Financial Services Board (Reference No. F003484).
  • XM Global Limited is licensed by the Belize IFSC under license number 000261/104.

Nigerian traders will be trading under the subsidiary, XM Global Limited, regulated by the Belize IFSC.  Unlike regulators such as the FCA and ASIC, the IFSC has gained a reputation for being less stringent with regard to the regulation of financial services providers.  However, it does require that brokers keep client funds in segregated accounts and that brokers issue monthly statements to the IFSC.  In compliance with these rules, XM ensures that all Nigerian client funds are held in segregated accounts at tier-1 banks.  It also offers negative balance protection to all clients, so traders can never lose more than they have in their trading account.  However, clients should note that investor protection is only offered to residents of the EEA countries. 

XM has won numerous awards for its services and offerings over the years, including Silver for the COVID-19 HR Action Plan – Business as Usual, in an Unusual 2020 (Cyprus HR Awards 2020), Global Forex Broker of the Year (Global Forex Awards 2020), Best Forex Affiliate Broker Programme – Europe (Global Forex Awards 2020), Most Reliable Broker – Global 2020 (Capital Finance International Magazine), Most Transparent Broker – Global 2020 (Capital Finance International Magazine), and Best Online CFD & FC Trading Broker – Global 2020 (The European Magazine). 

Overall, considering the long history of responsible behaviour, strong international regulation, and wide industry acclaim, we consider XM a safe broker.  

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Group Regulators
Trading Desk
Year Founded
Office Locations
Additional Fees
Market Maker
Cyprus, Australia, Belize
Once-off inactivity fee of 15 USD after one year of inactivity and a 5 USD monthly fee thereafter.

Trading Fees

XM’s trading fees are average compared to other similar market makers.

XM offers a range of account types with lower spreads linked to higher minimum deposits.  All accounts are commission-free, except for the Shares Account, on which a commission of 3.5 USD per lot per side is charged.  XM’s fee structure is transparent, and it publishes all trading fees.  For more detail on XM’s trading accounts, click here.  

XM’s accounts were assessed to compare the costs of each account, and then these costs were compared to those of other brokers. 

The costs were evaluated based on the trading fees on one lot (100 000 USD) of EUR/USD, including the spreads and commissions. 

Spreads Cost Formula: Spread x Trade Size = Spread Charge in Secondary Currency (USD)

As per the table above, the lowest cost accounts are the XM Ultra Low Standard Account and the XM Ultra Low Micro Account both with a minimum deposit of 5 USD, as with the Micro and Standard Accounts, making them accessible to traders who don’t want to risk trading large amounts of capital.  Furthermore, because the fees are built into the spreads (except on the Shares Account), there are no extra costs, except for the interest fees charged on positions held overnight and various non-trading fees.     

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Trading Conditions
Base Currencies
EURUSD (Standard)
Trading Cost (Standard)
11110.54.5/ 5
1.60 pips
USD 16
0.10 pips
0.20 pips
0.10 pips
111104/ 5
1.00 pips
USD 10
1.00 pips
2.00 pips
1.00 pips
CM Trading
111104/ 5
1.50 pips
USD 15
1.70 pips
2.60 pips
1.70 pips

Swap Fees

XM charges swap fees for positions that are held overnight and is the interest paid on a leveraged position.  A leveraged position is the money borrowed from the broker to trade.  Interest is paid (or received) for each night a position is held.  In the case of forex instruments, the amount charged depends on both the positions taken (i.e. long or short) and the rate differentials between the two currencies traded.  The general calculation is as follows:

Trade size X (+/- tom-next rate – the XM mark-up).  Note that the tom-next rates are not determined by XM, but are derived from the interest rate differential between the two currencies that a position was taken

All XM swap rates are transparently published on XM’s website.

Compared to other market makers, XM’s trading costs are average.  However, it charges lower minimum deposits, of only 5 USD and offers trading in micro-lots, making it a good choice for beginner traders. 

XM’s Non-Trading Fees

XM’s non-trading fees are average compared to other similar brokers.

 XM does not charge account fees, nor does it charge deposit or withdrawal fees in most cases, though bank withdrawals below 200 USD carry a fee of 15 USD. 

However there is a 15 USD once-off maintenance fee after one year of inactivity, and this is followed by a 5 USD monthly fee if the account remains inactive. 

Opening an Account at XM

The account opening process at XM is easy and hassle-free compare to other brokers

All Nigerians are legible to open a trading account at XM and will have to meet the minimum deposit requirements of 5 USD.

Creating an account is straightforward, the process is fully digital, and accounts are usually ready within one business day. 

How to open an account at XM:

  1.       Click on “Open an Account.”
  2.       XM’s intake form requires clients to fill in their personal details and choose their preferred trading platform (MT4/MT5).
  3.       Clients should then select their base currency and size of the leverage. 
  4.       Clients are then required to fill in their financial information and answer questions about their trading knowledge.
  5.       XM requires individuals to submit a copy of their National ID or Passport with the signature page, as well as a copy of a recent utility bill or bank statement. 
  6.       Documents can be scanned or sent through as a high-quality digital camera picture. 

Once all the documents have been received, the account will be ready for trading within one day. 

Compared to other similar brokers, XM’s account opening process is fast, hassle-free, and fully digital. 

XM Account Types

XM offers four account types that are more suited to beginners than experienced traders. 

We define beginner traders as inexperienced traders who have never traded before, or who have been trading for less than a year.  Beginners often do not want to risk trading large sums of money, and will generally not be able to trade full-time during the workweek. 

XM’s accounts are more suited to beginners than experienced traders because of the low minimum deposit requirements and the average trading costs.  Furthermore, micro-lot trading will appeal to beginner traders because of the smaller trading sizes and lower risk associated with these accounts.  However, experienced traders often prefer to pay a higher minimum deposit in exchange for tighter spreads and a commission, which is not available at XM. 

Nigerian clients can access flexible leverage of up to 888:1 and al accounts are available as swap-free by request.  XM also boasts a strict no requotes and no rejections policy, and 99.35% of all trading orders are executed in less than one second.  Hedging and scalping are allowed on all accounts, except the Shares Account, however, for the purposes of this review, no emphasis will be placed upon the Shares Account. 

XM offers five live accounts and a demo account:

  • Micro Account

    XM’s entry-level account, minimum deposits start at 5 USD and spreads average at 1.7 pips on the EUR/USD, which is wider than other similar-sized market makers.  Base currencies on this account are USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, RUB, SGD, and ZAR.  One lot on this account is the equivalent of 1,000 units, and the minimum trade volume is 0.1 lots.
  • Standard Account

    Like the Micro Account, the minimum deposit requirement is 5 USD and spreads average at 1.7 pips on the EUR/USD, which is wider than other similar-sized market makers.  In contrast with the Micro Account, one lot is the equivalent of 100,000 units, and minimum trade volumes are 0.01 lots.  It also offers the same wide range of base currencies as the Micro Account.
  • XM Ultra-Low Account

    This account also has a 50 USD minimum deposit but spreads average at 0.8 pips on the EUR/USD, which is comparable to other similar-sized market makers.  One lot is the equivalent of 100,000 units, the minimum trade volume is 0.01 lots, but base currencies are limited to EUR, USD, GBP, AUD, ZAR, and SGD. Trading Bonuses are not available on this account. 
  • Micro Ultra-Low Account

    Traders can also open a Micro Ultra Account, which provides the same conditions as the Ultra-Low Account, but 1 lot is the equivalent of 1,000 units, instead of 100,000 units, which is ideal for beginner traders.
  • Share Account

    Due to the nature of this account, traders are not offered leverage.  Contract sizes are one share, minimum trade volume is one lot, and the spread on this account is as per the underlying exchange.  Lastly, this account is only denominated in USD.

  • Demo Account

    Ideal for trading practice, as well as for testing trading strategies. XM’s Demo Account does not expire and allows you to trade on live markets, risk-free.

  • Islamic Account

    XM offers Islamic accounts for traders of the Muslim faith.  XM is unusual in the Forex industry in that it does not apply any extra charges for Islamic accounts.  XM’s Islamic accounts have exactly the same trading conditions as a normal trading account, minus the swap fee.  In addition, opening an Islamic account with XM is relatively straightforward:
    • Sign up for a real account.
    • Complete the KYC process that includes submitting a copy of your passport or National ID and a recent proof of residential address.
    • Traders should then file a request for an Islamic account via customer service.
    • Approval usually takes a matter of minutes. 

XM offers trading on multiple financial instruments, including stock CFDs, commodities, equities, precious metals, energies, and shares.  With over 57 Forex pairs available for trading, its asset choice is similar to those offered by its competitors.   For more detail on XM’s assets, click here.  

All accounts are available on the MT4 and MT5 platforms, however, MT4 is a forex-only trading platform (click here for more details on XM’s trading platforms). 

Overall, XM’s trading costs are average compared to other similar brokers, but its minimum deposit requirements are low, making them accessible to beginners

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Display Name
Min. Deposit
Max. Leverage
Min. Spread
Spread Only
Account Details
Spread Only
Account Details
XM Ultra Low
Spread Only
Account Details
XM Zero
7 USD / lot
Account Details

XM’s Deposits and Withdrawals

XM’s deposits and withdrawals are free and its processing times are fast, which is good compared to other similar brokers. 

In line with Anti-Money Laundering policies, XM operates a “return to source policy,” meaning that withdrawals can only be returned to the original funding source. XM Group accepts the most commonly used payment methods, including all credit cards, e-wallets, and Bank Wire Transfers.  Note that for credit/debit cards, the withdrawal amount cannot exceed the amount deposited using the same method.  As a result, all trading profits must be withdrawn via bank transfer. 

The account funding process is open 24 hours a day and is fully automated. XM also covers all transfer fees and does not include any hidden fees or commissions on deposits or withdrawals. Note that zero fees are charged on deposits and withdrawals made by wire transfer over 200 USD, or currency equivalent.  See below for more details:

  • Bank Transfer: Deposits and withdrawals are free, however, withdrawals under 200 USD incur a cost of 15 USD.  Deposits and withdrawals take a few days to be processed.
  • Credit card/Debit card: Deposits are instant and free, but withdrawals, while free take up to two business days to be processed. 
  • eWallets (Skrill, Neteller): Deposits and withdrawals are instant and free.

How to Withdraw Funds 

  1. Clients must log in to their accounts.
  2. Click on “Withdraw Funds.”
  3. Select the withdrawal method.
  4. Enter the withdrawal amount.

Overall, XM’s deposits and withdrawals are fast and free and are available via several options.


XM offers a variety of promotional offers to new traders.  Below are the current promotions and bonuses offered by XM in Nigeria:

  • Signup bonuses
  • No-deposit bonuses and loyalty bonuses for customers who are actively trading.
  • At the time of writing, there was 30 USD of no-deposit Bonus, 50% up to 500 USD, and 20% up to 5000 USD.  Not that traders registered under Trading Point of Financial Instruments Ltd are not eligible for the bonus.

XM’s Base Currencies

XM offers a wider range of base currencies compared to other similar brokers but does not offer accounts denominated in NGN.  

XM clients can choose between 11 base currencies at XM, including EUR, USD, GBP, AUD, CHF, JPY, RUB, HUF, PLN, ZAR, and SGD.  

Although XM offers a wider range of base currencies than other broker, it does not offer accounts denominated in NGN, which is a disadvantage for Nigerian traders, who will likely have bank accounts denominated in NGN.  Nigerians will therefore have to pay currency conversion fees, which can make trading expensive.    

While this may not affect occasional traders, high volume traders (who trade more than 10 lots a month) should consider opening an account denominated in USD, because a conversion fee will be charged for every trade made on a USD quoted currency pair.  This can be done by opening a multi-currency bank account at a digital bank.   

XM’s Trading Platforms

XM offers a reasonable range of trading platforms, including MetaTrader 4 and MetaTrader 5, but does not offer any proprietary solutions.  This is slightly limited compared to other similar brokers.  

XM offers trading on MetaTrader 4 and MetaTrader 5, two third-party platforms.  The benefit of providing third-party platforms is that traders can use the platforms should they choose to migrate to another broker.  However, third-party platforms are not as user-friendly as proprietary platforms developed in-house.  Both platforms are available on Mac and PC.  

MetaTrader 4 (MT4) Webtrader

Developed by Metaquotes in 2002, MT4 is still considered one of the best CFD trading platforms in the world. Although the platform feels somewhat outdated, it is especially prized for its algorithmic trading abilities, allowing traders to install automated trading robots and indicators downloaded from the MetaTrader Market.  However, traders should note that stock CFD trading is not available on MT4.    

MT4 is also widely recognised for its trade execution speeds, charting tools, and customisability (it is easy to change the size and the position of the tabs) and it is available in many different languages. Other features of MT4 include:

  • Supports the creation, modification, and utilisation of automated trading strategies.
  • Supports MQL4 programming language.
  • Algorithmic trading, which allows any trading strategy to be formalised and implemented as an Expert Advisor. 
  • Technical analysis Tools with 50 indicators and charting tools.
  • Three chart types
  • Handles a vast number of orders

How to install XM MT4 on Windows PC:

  • Click on “Download Terminal.” (.exe file)
  • Run the XM.exe file after it has downloaded
  • When launching the program for the first time, you will see the login window
  • Enter your real or demo account login data

See the website for how to install MT4 on Mac.

MetaTrader 5 (MT5) Webtrader

 MT5 is a state-of-the-art, multi-functional platform that boasts advanced technical tools and copy-trading.  The newer version of its predecessor, MT4, MT5 allows trading on all financial instruments, including stock CFDs. MT5 is more powerful and faster than MT4, especially when it comes to back-testing functionality.  MT5 also has a built-in news feed, market depth indicator, economic calendar, and trades can be made on charts. Additional features of MT5 include:

  • Over 1000 Instruments, including Stock CFDs, Stock Indices CFDs, Forex, CFDs on Precious Metals, and CFDs on Energies.
  • Ability to display 100 charts simultaneously
  • Full EA Functionality
  • Supports all order types, including market, pending, stop orders, and trailing stop
  • Over 80 Technical Indicators and over 40 Analytical Objects
  • Market Depth of Latest Price Quotes

How to Install XM MT5 on a Windows PC:

  • Click on “Download Terminal.”(.exe file)
  • Run the XM.exe file after it has downloaded.
  • When launching the program for the first time, you will see the login window.
  • Enter your real or demo account login data.

Overall, XM provides a good selection of third-party platforms but lacks proprietary solutions, which are usually more user-friendly.  

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Platform Choice
Copy Trading
11110.54.5/ 5
111104/ 5
CM Trading
111104/ 5

Mobile Trading 

XM has an excellent mobile trading platform, offered by MetaTrader.  It is intuitive and well-designed with good search functionality.

XM offers mobile trading on MetaTrader 4 and MetaTrader 5 for both Android and iOS.  As with the webtrader platforms, they are available in many different languages.  

It is easy to search for various financial instruments, and like the webtrader versions, traders can use the same order types and order time limits. However, it should be noted that alerts and notifications can only be placed on the webtrader versions of the platform, and not on mobile apps.

Overall, XM offers a good mobile trading experience, but there is slightly limited functionality.

Trading Tools

XM offers several proprietary trading tools that are compatible with MT4 and MT5 but does not offer any third-party fundamental analysis tools, such as Autochartist or Trading Central.

XM offers several technical indicator tools to help guide traders in their trading decisions.  These include:

  • Ribbon Indicator: Allows traders to follow the prevailing trends and identify areas of consolidation.  The Ribbon Indicator also allows traders to predict impending reversals and find the right time to trade.
  • River Indicator: The River Indicator is an all-in-one trend indicator.  It helps traders to know which markets are trending and identify the strength and direction of the trades.
  • Ichimoku Indicator: Allows traders to identify support and resistance levels and know when is best to enter a trend.  
  • Bollinger Bands: Learn to trade market volatility and identify entry points in ranging markets.  It will help traders know when extreme prices will occur.
  • ADX and PSAR Indicator: Recognise a market in consolidation.  It also allows traders to recognise the start of new trends.  
  • Analyser Indicator: Allows traders to analyse markets in seconds rather than hours, and map the market direction in real-time. 
  • MQL5:The MQL5 community is home to a massive array of trading signals from providers who have been performance verified over a one-month period. Since MQL5 is provided by the creators of MetaTrader, you can access MQL5 from within the XM MT4 and MT5 platforms. This tools allows traders to automate trading in conjunction with a number of Expert Advisors.  

Overall, XM’s selection of trading tools is good compared to other similar brokers, but it could add a variety of third-party tools which help with fundamental analysis.

XM’s Financial Instruments

XM’s financial instrument range is average compared to other similar brokers, but it does not offer trading in cryptocurrencies.  

XM offers a range of financial instruments for CFD trading (click here for more details on CFD trading), including Forex, stock CFDs, shares, commodities, energies, and indices. XM generally offers a similar range of instruments as other brokers, but offers a wider range of commodities:

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Financial Instrument
Number of Assets
Stock CFDs
  • Forex: Avatrade offers 57 currency pairs for trading, including majors (EUR/USD, GBP/USD, and USD/JPY), minors (NZD/CAD, EUR/JPY, and USD/ZAR), and exotics (SGD/JPY).  While this is around average, many international brokers will offer 60+ pairs to trade including a range of exotic pairs. The leverage on Forex pairs is up to 888:1.
  • Stock CFDs: Avatrade offers 1291 stock CFDs, which is higher than offered at other brokers. The selection available includes some of the major US companies, including Apple, Amazon, Facebook, Bayer, and Google, among others.  Note that most stock CFDs are only available on MT5. Leverage on stock CFDs is up to 10:1.
  • Commodities: XM offers 10 commodities, which is around the average offered at most other brokers.  These include gold and silver, in addition to softs such as coffee, corn, soybeans, and wheat. Maximum leverage on commodities is 50:1.
  • Equity Indices: XM offers trading on 14 indices, which is slightly limited compared to other similar brokers, and includes the likes of the US30Cash, UK100Cash, US500Cash, and the EU50Cash. Leverage is up to 200:1 on indices.
  • Energies: XM offers trading on 5 energies, including Brent, Natural Gas, and Oil, which is average compared to other similar brokers.  Leverage is up to 67:1.  
  • Shares: XM offers trading on 100 Shares, which is not the focus of this review.  Please see the website for more details. 

Overall, XM offers trading on a wide range of assets, which is similar to other online brokers.  One drawback is that XM does not offer trading in cryptocurrencies.

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Fx Pairs
CFD Investments
Stock CFDs

XM’s Research and Market Analysis

XM offers a wide range of technical tools and a good economic calendar, and its in-house curation of research data far surpasses that of other brokers.  

XM’s extensive market analysis section consists of a Markets Overview, News, XM Research, Trade Ideas, Technical Summaries, an Economic Calendar, XM TV, and a Podcast.  See below for more details:

  • Markets Overview: Frequent articles by a third-party provider, Reuters, are available in this section and cover all the latest market news.
  • News: All the latest market news, also provided by Reuters, is updated a few times an hour.
  • XM Research: The XM Research team provides frequent articles covering technical analysis, Forex previews, market comment, financial markets, special reports, and stock market news.
  • Trade Ideas: Provided by a third party, namely Analyzzer, this section covers how the various instruments fare against one another.
  • Technical Summaries: This section covers the various trends among the XM’s instruments.
  • XM TV: Provided daily by XM’s in-house team of analysts, XM TV covers Forex News, Technical Analysis, and a Weekly Forex Outlook.
  • Podcast: XM’s trading podcast, Global Market Insights, provides traders with meaningful and informative content encompassing up-to-date information needed for online investing and updates on economic events across the globe.
  • Economic Calendar: XM offers a good economic calendar. It has a filter function where you can filter for countries, data type, and importance.

Overall, the research provided by XM is excellent.

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Display Name
Research Team
Daily Market Commentary
Forex News
Analysis Webinars
In House
CM Trading
In House


XM’s educational materials are excellent compared to those at other brokers.

The educational materials at XM comprise XM Live, Live Education, Educational Videos, Forex Webinars, Platform Tutorials, and Forex Seminars.  Educational materials are accessible to all XM website visitors, although some sections require registration.  See below for more details:

  • XM Live: Available from Monday to Friday 05:00 – 15:00 GMT, visitors can learn about the products and services offered by XM, trading fundamentals, and have all their questions answered by its hosts.
  • Live Education: XM offers the Basic Room for beginner traders and the Advanced Room for more experienced traders. Live Education is essentially a series of live webinars that run from Monday to Friday 06:00 – 15:00 GMT.  These webinars cover trading fundamentals and trading session analysis.  The Advanced Room also covers topics such as How to Prepare for a Trade, Follow Real-Time Trading, and Live Debates. 
  • Educational Videos: XM provides an extensive library of videos that cover topics such as:
    • Intro to the Markets
    • Trading Essentials
    • Fundamental Analysis
    • Technical Analysis
    • Money Management
    • Trading Psychology
    • Trading strategies
    • More on Forex Trading
  • Forex Webinars: XM offers free webinars presented by 67 highly skilled forex professionals in 19 languages, seven days a week.
  • Platform Tutorials: XM’s team has developed a vast array of video tutorials that explain the ins and outs of the MT4 and MT5 platforms in addition to the XM trading tools.
  • Forex Seminars: XM runs frequent seminars across the globe to educate online investors and help them develop their trading knowledge with the guidance of professional instructors. 
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Beginner Course
Advanced Course
Well Structured Education
Education Quality
CM Trading

Customer Support

XM offers excellent customer service compared to other similar brokers.

Available in over 30 languages 24/5 via email, phone, and live chat, XM’s customer support is responsive, polite, and knowledgeable.  

The live chat agents were able to answer all our questions quickly and to our satisfaction.  They also provided links and extra reading material where appropriate.

Evaluation Method

We value transparency and openness in the way we review the partners. To bring transparency to the forefront, we have published our review process that includes a detailed breakdown of the XM Group offering. Central to that process is the evaluation of the reliability of the broker, the platform offering of the broker and the trading conditions offered to clients, which are summarised in this review. Each one of these is graded, and an overall score is calculated and assigned to the broker.

XM Group Disclaimer

Trading Forex is risky, and each broker is required to detail how risky the trading of Forex CFDs is to clients. XM Group would like you to know that: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71.61% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Please consider our Risk Disclosure.


A well-regulated market maker broker, XM offers trading on over 1000 instruments, including over 57 Forex pairs.  Trading conditions are average compared to other similar brokers, with spreads of 1.7 pips (EUR/USD) on its Standard Account, and 0.8 pips (EUR/USD) on its Ultra-Low Account.  The minimum deposit requirements are low, at 5 USD on all account options, making it a good choice for beginner traders.  

XM also offers trading on the most popular platforms – MT4 and MT5 and allows all trading strategies alongside a world-class repository of educational and market analysis materials and excellent customer service.


Is XM Safe?

Yes, is a trusted international broker. XM is regulated by ASIC in Australia and by CySEC in Europe. They have won multiple international awards.

What assets can I trade at XM?

Forex, stocks, commodities, indices, metals, and energies.

What is the minimum deposit at XM?

Trading accounts can be opened for 5 USD. 

Is XM good for beginners?

XM has some of the best beginner and advanced learning material in the industry, with additional daily market analysis for free to all clients.

AlertAccepts Nigerian Clients. Average spread EUR/USD 1.60 pips on trading account with lowest minimum deposit. Max leverage 888:1. Islamic account available. MT4 & MT5 platforms supported. XM Group regulated by CySEC, ASIC, and the IFSC.
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Overall Rating
4.25 4.25  / 5
Rated #7 of 54 Recommended Brokers
Site Icon Data provided by XM

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