If you are a retail trader in search of a broker that focuses on stocks and forex, then XM is certainly worth your consideration. With negative balance protection, excellent research and educational content, competitive spreads, transparent fees, and responsive customer support, XM stands out as a strong choice for beginner traders.
In this broker review, we will highlight all key factors you should consider when deciding on whether you should use XM as your broker. Featured on the Trustpilot platform, XM has an aggregated score of 3.1/5. Currently, the brand has been reviewed by 2,994 users, with 41% of them giving XM 5 stars and 39% of reviewers ranking the broker as a 1-star company.
| XM Overall Summary Table | |
|---|---|
| Year Founded | 2009 |
| Minimum Deposit | $5 ($10,000 for Shares accounts) |
| Tradable Instruments | Forex, Stock Derivatives, Turbo Stocks, Cryptocurrencies, Commodities, Equity Indices, Thematic Indices, Precious Metals, Energies, Shares |
| Open an Account | How to Open an Account at XM Group |
| Trading Costs | Spreads, Fees, and Commissions at XM |
Key Pros and Cons
If you are tight on time, we will quickly list a few key pros and cons that should be at the forefront of your decision on XM.
Key Pros
- Several account types available across the broker’s entities: Demo, Micro, Standard, Zero, Ultra Low, Shares Account, Islamic Account
- Platforms: MT4, MT5, and the XM App
- Negative balance protection for all clients
- Leverage up to 1:1000 (clients under the Mauritius, Belize, and Seychelles divisions)
- Research/Education content with trading ideas
- Trading Central
- Top-rated mobile app
- Excellent customer support via 24/7 live chat
- Multi-regulated broker
Key Cons
- Leverage for EU retail traders is limited to 1:30 but in line with regulatory requirements
- Standard account spreads are quite wide
- Number of tradable assets could be improved
- No STP or ECN accounts
Company Information
Operating multiple regulated entities as part of Trading Point Holdings Limited, the company was founded in 2009 and in its existence of over 16 years, it has attracted over 15 million clients from 190 countries all over the world. As one of the largest brokers in the world, XM processes nearly 14 million trades every day.
Here are the XM Group entities, with their respective registered offices:
| Cyprus: Trading Point of Financial Instruments Limited, with offices located at 12 Richard & Verengaria Street, Araouzos Castle Court, 3rd Floor, 3042 Limassol, Cyprus | |
| Belize: XM Global Limited, located at Suite 101, 63 Eve Street, Belize City | |
| Mauritius: XM International MU Limited, with an office address at 6. St Denis Street, 1/F River, Court, 11328 Port Louis | |
| Seychelles: XM (SC) Limited, located at Office 9A, CT House, Providence, Mahé | |
| South Africa: XM (ZA) Pty Limited, located at Portside Building, Office 1101D, 4 Bree Street, Cape Town, Western Cape | |
| Dubai: Trading Point MENA Limited, with registered offices at Unit S402, Level 4, Emirates Financial Towers, Dubai International Financial Center, PO Box 50713, Dubai, UAE. The company has a second regulated entity in Dubai, XM Financial Products Promotion L.L.C., with an office number A604 at the Opus By Omniyat, Business Bay, Dubai, UAE. | |
| Kenya: TPXMGLOBAL Kenya Limited, with registered offices at Delta Corner, Tower 2, Oracle Wing, Chiromo Road, Westlands District, Nairobi PO BOX 13796, Kenya |
By creating an account with XM, traders join an award-winning broker, with an enviable track record of industry awards, including for forex brokerage services, platforms, and other accolades. The broker also has a solid presence on social media platforms, with profiles on Facebook, Instagram, X, YouTube, LinkedIn, and TikTok.
While XM serves over 15 million traders from 190+ countries around the globe, the broker does not provide its services in certain jurisdictions such as the USA, Canada, Israel, and the Islamic Republic of Iran.
2009
The Launch of XM
Launched in 2009, XM is a global and regulated broker, offering perfect conditions to unfold your trading potential. Opening an account is a matter of minutes, with several account options, varying across the different broker entities. Customers can choose between the world-famous third-party trading platforms MT4 and MT5 and the proprietary solution of the broker, the award-winning XM App. To help facilitate the customer service that XM offers its clients from around the world, it claims to have support in over 30 languages.
2025
Multiple Industry Awards
XM has won numerous awards over the years. Some of the more recent ones include:
- Best Customer Service 2025 – CFI.co
- Best Trading Execution 2025 – CFI.co
- Best Customer Experience Broker, Global 2024 – Finance Magnates
- Worldwide Leading Broker 2025 – Money Expo Abu Dhabi
- Best Forex Trading Platform – COLWMA 2025
- Best Overall Forex Trading App, Global 2024 – Global Brands Magazine
Why Trade with XM?
If you are tight for time, here are some of the important features that we like about trading with XM.
| Aspect | What We Like |
|---|---|
| Regulation | Multi-regulated broker: Mauritius (FSC), Seychelles (FSAS), Belize (IFSC), Cyprus (CySEC), South Africa (FSCA), Middle East (DFSA, SCA), Kenya (CMA) |
| Trading | Strong selection of stock CFDs |
| Pricing/costs | Zero spread accounts available to reduce costs |
| Platforms | MT4, MT5, XM App |
| Bonuses | Loyalty rewards program, seasonal bonuses, deposit bonuses, refer-a-friend bonuses, no deposit and welcome bonuses to customers from certain countries |
| Protection | Negative balance protection, client funds segregation, SSL encryption |
| Education & Research | XM Community, webinars, live educational sessions, XM podcasts, weekly outlooks for forex, indices, and commodities, on-demand video lessons, market sentiment tools, economic calendars, and more |
| Customer Support | Customer support in multiple languages via live chat (24/7), email and telephone, plus a dedicated help center |
Regulation
Conventionally, a broker’s regulatory quality is judged by the notion that the more licenses they hold, the better. XM has been gradually expanding its regulatory licenses over the years. Starting with regulation in Cyprus, which includes oversight under the EU’s ESMA framework, XM Group has expanded its presence to include South Africa, Dubai, Belize, and more recently, Kenya.
Here is a breakdown of the various regimes they come under:
| Region | Entity | Authority | License Number | |
|---|---|---|---|---|
| EU | XM (Trading Point of Financial Instruments Ltd) | Cyprus Securities and Exchange Commission (CySEC) | 120/10 | |
| Belize | XM Global Limited | Financial Services Commission (FSC) | 8557558 | |
| Mauritius | XM International MU Limited | Financial Services Commission (FSC) of Mauritius | GB23202700 | |
| Seychelles | XM (SC) Limited | the Seychelles Financial Services Authority (FSA) | SD190 | |
| UAE | Trading Point MENA Limited | Dubai Financial Services Authority (DFSA) | F003484 | |
| UAE | XM Financial Products Promotion L.L.C | Securities and Commodities Authority (SCA) | 20200000322 | |
| South Africa | XM ZA (Pty) Ltd | Financial Sector Conduct Authority (FSCA) | 49976 | |
| Kenya | TPXMGLOBAL Kenya Limited | Capital Markets Authority (CMA) | 233 | |
We would say that the regulation is decent without being exceptionally stringent. There are more stringent EU regulators than CySEC, whilst Belize would be considered lower-tier regulation and rather loose.
There are also some interesting absences here that also impacts clients:
- No FCA regulation (the UK’s Financial Conduct Authority) – the FCA is a stringent regulator that also allows traders’ assets to be covered up to £85,000 in case the broker goes bankrupt.
- No CFTC regulation (Commodity Futures Trading Commission in the US) – this means that no US clients can trade with XM.
Furthermore, there are other notable countries, such as Canada, Japan, and China, where traders are restricted from trading with XM.