XM Review 2026

XM is a trading name of the Trading Point group. It offers CFDs on forex, precious metals, energies, commodities, indices, stocks, ETFs and crypto, plus real shares through a separate account. XM's Cyprus company, Trading Point of Financial Instruments Ltd, holds CySEC licence 120/10, and the group also has a Dubai company authorised by the DFSA.

What a trader in Asia, Africa, Latin America or the Middle East gets depends on the entity. EEA residents are served by the CySEC company, with EU leverage limits and investor compensation. International clients on xmglobal.com are served by XM International MU Limited, licensed by the Financial Services Commission of Mauritius. That entity offers leverage up to 1000:1, deposit bonuses and a $5 minimum deposit, but none of the EU retail protections beyond what XM provides itself.

XM's strengths are a very low entry point, MT4 and MT5 on all accounts, its own app, a large copy trading platform, micro lot accounts, no deposit or withdrawal fees from XM, and negative balance protection for all clients. XM also says withdrawals are processed instantly by an automated back-office system.

The main costs show up in the spread. On the international Standard account, XM's own published average for EUR/USD is 2.0 pips, which is wide by current standards. The Ultra Low account is cheaper at about 1.1 pips on average. There is also a dormancy fee of $10 a month after 90 days without activity, which is shorter than at many brokers.

For international clients (XM International MU Limited), XM offers three account types. All of them include negative balance protection, hedging and an Islamic (swap-free) option.

Standard - $5 minimum deposit, no commission, leverage up to 1000:1, stop out at 20%. Eligible for XM's deposit bonus (some countries are excluded). Available as a micro lot account. XM's published EUR/USD spread averages 2.0 pips (as low as 1.6), and gold averages 5.5 pips (as low as 4.0).

Ultra Low - $5 minimum deposit, no commission, leverage up to 1000:1, stop out at 20%. Not eligible for bonuses. Lower spreads: EUR/USD averages 1.1 pips (as low as 0.8), gold averages 3.0 pips (as low as 2.4). Selected instruments are swap-free; you can check each instrument's symbol information to see whether swaps apply.

Shares - $10,000 minimum deposit, no leverage (1:1), commission charged. For buying actual shares rather than CFDs.

Micro lots: XM does not offer cent accounts, but on a micro lot account one lot is 1,000 units instead of 100,000. Your balance is still shown in normal currency units.

EEA clients: The CySEC company currently shows Ultra Low and Zero accounts, both from $5, with EU retail rules applied.

Demo accounts are available with virtual funds for testing before you deposit.

MetaTrader 4 - Available with XM accounts. MetaTrader supports Expert Advisors and custom indicators. XM's help centre has a separate question on which instruments can be traded on MT4, so check it if you need stock CFDs.

MetaTrader 5 - Gives access to all XM instruments, including stock CFDs, real stocks, indices, energies, metals, commodities, crypto CFDs and forex. More timeframes and order types than MT4.

XM App - XM's own app, which works with your MT4 or MT5 account. Trades placed in the app show up in MetaTrader and the other way round. You can also manage funding from it.

WebTrader - Browser access to your account, also used for funding.

XM's help centre lists all its instrument groups as tradable on MT5, so for most traders MT5 is the simpler choice at XM.

The XM App lets you trade, view charts, manage open positions and handle deposits and withdrawals from your phone, using your existing MT4 or MT5 account ID. Any trade placed in the app is reflected on the MetaTrader platform, so you can switch between the two.

You can also use the standard MetaTrader 4 and MetaTrader 5 mobile apps with XM by searching for the XM server name when you log in.

The XM App is the simpler option for account management and funding; MetaTrader mobile is better if you want the same indicators and order handling you use on desktop.

XM charges no commission on Standard and Ultra Low accounts; the cost is the spread. XM does not charge deposit or withdrawal fees.

Published spreads for international clients (XM's own figures on xmglobal.com, checked 26 October 2026):

Standard account:

• EUR/USD: 2.0 pips average, as low as 1.6 (about $20 per standard lot on average)
• USD/JPY: 2.5 pips average, as low as 2.0
• Gold: 5.5 pips average, as low as 4.0

Ultra Low account:

• EUR/USD: 1.1 pips average, as low as 0.8 (about $11 per standard lot)
• USD/JPY: 1.3 pips average, as low as 0.8
• Gold: 3.0 pips average, as low as 2.4

XM says spreads can widen around important news, political events, weekends and the end of trading sessions.

Non-trading fees:

• Dormancy fee: an account with no activity (no trading, deposits, withdrawals, transfers or new accounts) for more than 90 days is charged $10 a month, or the whole balance if it is less than $10. Any bonus on the account is removed when it becomes dormant.
• Bank wires: XM covers its bank's fees on international wires of $200 or more. Smaller wires and your own bank's charges may still cost you.
• Swaps apply to positions held overnight unless the account or instrument is swap-free, and are tripled on Wednesdays.
• Shares account: commission applies.

Cost comparison: At 2.0 pips, the Standard account costs roughly twice as much per EUR/USD lot as Exness Standard's published average, and more than raw-spread accounts with commission. If you trade regularly and do not need the bonus, the Ultra Low account is the cheaper option at XM.

XM runs its own copy trading platform. XM says it has more than 18,000 strategies, more than 700,000 copy traders and more than 150,000 daily trades; these are XM's figures.

How it works for investors:

• Open an Investor account, browse strategies and subscribe to one.
• Each strategy sets its own minimum investment, but none can be lower than $50.
• Each strategy has a cap of $300,000 invested; once reached, new subscriptions are not accepted.
• Trade sizes follow the copy method you pick, with a fixed multiplier between 0.01 and 20.

Fees: Strategy Managers charge performance fees using a high-water-mark model, so you only pay on new profits above the previous peak. Fees are calculated and paid daily on realised and unrealised profit. XM advertises that managers can earn up to 50% profit share, so check each strategy's fee before you subscribe.

As with any copy trading, past results do not tell you what will happen next, and a strategy using high leverage can lose a large part of your allocation quickly. Spread your money across several strategies, look at drawdown history rather than returns alone, and keep the amount you allocate small compared with your total savings.

XM's minimum deposit is $5 on Standard and Ultra Low accounts, although the minimum can be higher depending on the payment method. The Shares account needs $10,000.

Methods (availability depends on your country):

• Credit and debit cards
• Bank transfers
• Local transfers
• E-wallets

You can see the options for your account under Funding, then Deposit, in WebTrader or the XM App. XM does not charge deposit fees.

Rules:

• Payments from a friend's or relative's account are not accepted.
• If you deposit in a currency other than your account currency, an exchange rate is applied.
• Funds deposited by card must later be refunded to that card first (the matching rule).

Deposit bonus: On the Standard account, XM offers a deposit bonus in many regions. Bonus availability and percentage vary by region. The bonus is extra margin only: it cannot be withdrawn, profits made with it can be withdrawn, and any withdrawal removes a proportional part of the bonus. Read the bonus terms before depositing, because the bonus can make it look as though you have more money than you can actually withdraw.

XM says withdrawal requests are processed instantly by its automated back-office system and that you receive the money immediately or on the same day the request is executed. Bank wires and card withdrawals usually take 2 to 5 business days to reach your account.

Rules to know:

• Minimum withdrawal is $5, but this varies by method.
• XM does not charge withdrawal fees, and covers its bank's fees on international wires of $200 or more.
• Money deposited by card goes back to that card first (up to the amount deposited). Profits and any remaining balance can then be withdrawn with a new request using another available method.
• You can withdraw with open positions, but only from free margin.
• Bonuses cannot be withdrawn, and a withdrawal reduces your bonus proportionally.
• XM's help centre covers what to do if the card you deposited with has expired or your bank account has been closed.

For small accounts, e-wallets and local transfers are usually the most practical way to get money out quickly, since bank wires below $200 may carry bank charges.

Opening an XM account takes a few minutes, according to XM.

Step 1: Start registration
Go to the XM website or app and select Get Started or Open Account.

Step 2: Choose your country
Select your country of residence. If it is not in the list, XM does not currently serve your country. Your country also decides which XM company you sign up with.

Step 3: Enter your details and partner code
Fill in your name, email, phone number and password. If the form shows a partner code field, you can enter PRPXB. The code is optional and does not change your trading conditions.

Step 4: Choose platform and account type
Pick MT4 or MT5 and Standard or Ultra Low (or Shares, if you want real stocks), along with your account currency and leverage where the form asks for them. A much lower leverage than the 1000:1 maximum is safer.

Step 5: Verify your profile
Upload a proof of identity: a colour copy of a passport (valid for at least six months), driving licence or ID card showing your full name, issue and expiry dates, date and place of birth or tax ID, and signature. XM may ask for further documents later.

Step 6: Deposit
Fund the account from $5 using a method available in your country.

Step 7: Log in
Log in to MT4, MT5 or the XM App with the account ID and server XM sends you. Start with a demo account if you have not traded before.

Step 1: Log in to WebTrader or the XM App and go to Funding, then Deposit.

Step 2: Choose a method from those offered for your account: card, bank transfer, local transfer or e-wallet.

Step 3: Enter the amount. The minimum is $5 on Standard and Ultra Low accounts, but some methods have a higher minimum.

Step 4: Complete the payment with your card issuer, bank or e-wallet.

Step 5: Check your balance in MT4/MT5 or the app. If you qualify for a deposit bonus on a Standard account, it is shown separately from your own funds.

Tips:

• Pay only from accounts in your own name.
• Deposit in your account currency where possible to avoid exchange-rate costs.
• If you plan to withdraw to an e-wallet or local transfer, remember that card deposits must be refunded to the card first.

Step 1: Make sure your profile is verified and that you have enough free margin. You can withdraw with open positions, but only from money not used as margin.

Step 2: Go to Funding, then Withdrawal, in WebTrader or the XM App.

Step 3: Choose the method. If you deposited by card, the deposited amount is refunded to that card first.

Step 4: Enter the amount (minimum $5, depending on method) and submit.

Step 5: XM says requests are processed instantly or on the same day. Bank wires and cards usually take 2 to 5 business days to arrive.

Remember: withdrawing reduces any deposit bonus proportionally, and bonuses themselves cannot be withdrawn. If you need to cancel a withdrawal request, XM's help centre explains how.

Execution model: XM states that it acts as a market maker, quoting bid and ask prices on its platforms. Hedging is allowed on all account types.

Leverage for international clients depends on account equity:

• $5 to $40,000: up to 1000:1
• $40,001 to $80,000: up to 500:1
• $80,001 to $200,000: up to 200:1
• Over $200,000: up to 100:1

XM says your leverage stays the same when volatility rises, and that you can change your leverage yourself at any time. EEA clients of the CySEC company are limited to EU retail leverage caps (30:1 on major currency pairs).

Stop out: 20% on Standard and Ultra Low accounts.

Negative balance protection: Available to all clients, so you cannot lose more than your deposit.

Instruments: Forex, precious metals (including a 24/7 gold contract), equity and thematic indices, stocks, turbo stocks, commodities, energies, ETF derivatives and crypto CFDs, plus real shares on the Shares account.

Bonus and margin: On Standard accounts with a bonus, the bonus counts as margin. In XM's help centre, a separate question covers whether losses come out of your balance or the bonus first; read it before trading with a bonus.

What this means in practice: 1000:1 leverage on a small account means a 0.1% price move equals your whole margin. XM's tiered leverage and negative balance protection limit the damage to your deposit, but do not stop you losing it. Use XM's leverage setting to pick a level that fits the stop losses you actually use.

XM entities and regulators:

Trading Point of Financial Instruments Ltd (Cyprus) - Licensed by CySEC under licence 120/10. Serves residents of the European Economic Area. EU rules apply: leverage caps, negative balance protection and membership of the Investor Compensation Fund, which covers eligible clients up to EUR 20,000 if the firm fails. This company publishes the required retail-loss figure: 76.15% of retail investor accounts lose money when trading CFDs with it (as shown on xm.com on 26 October 2026).

XM International MU Limited (Mauritius) - Licensed by the Financial Services Commission of Mauritius as an investment dealer, licence GB23202700. This is the entity named on xmglobal.com, the international site most of this site's readers will use. Mauritius has licensing and capital rules but no EU-style leverage caps, and we found no investor compensation scheme covering this entity. Protection comes mainly from XM's own policies: segregated client funds and negative balance protection.

Trading Point MENA Limited (Dubai) - An authorised firm on the DFSA public register, reference F003484, in the Dubai International Financial Centre.

Other entities: Third-party reviews also list an ASIC-licensed Australian company (Trading Point of Financial Instruments Pty Ltd, AFSL 443670) and a Belize-regulated company, XM Global Limited, which earlier served many international clients. We did not confirm these on the regulators' registers for this review.

Which entity are you with? It depends on your country of residence and is stated in your client agreement and on the site you sign up through. If you live outside the EEA, assume you are with the Mauritius entity unless your documents say otherwise.

Regulatory record: We did not find fines or enforcement actions against XM's CySEC, ASIC or DFSA entities in the sources we checked.

XM's group holds a CySEC licence and a DFSA authorisation, and it has operated for many years under the Trading Point name. Client funds are held in segregated accounts with banks, separate from the company's own money, and negative balance protection applies to all clients.

The limits:

• If you live outside the EEA, you are most likely with XM International MU Limited in Mauritius. That is offshore regulation, without EU leverage caps or a compensation scheme.
• XM is a market maker, so it can be the counterparty to your trades.
• Bonuses can make an account look larger than the money you can withdraw.

For EEA residents, XM is a regulated EU broker with ICF coverage. For international clients, XM's group-level regulation is better than that of brokers with only offshore licences, but the account itself sits with an offshore entity. Keep only what you need for trading on the account and withdraw profits regularly.