With multiple licenses from top-tier regulatory bodies, our XM Group review reveals a respected and reliable broker with over a decade of experience. Launched in 2009, XM Group is a great choice for all types of traders as it offers a wide range of instruments, extensive research tools, and five different account types. XM Group has also won multiple awards, including ‘Best FX Broker for Europe 2020’.
1,200+ available instruments
Free educational materials
Licensed by FCA
Best broker for forex trading beginners
Only supports MT4 and MT5
XM Group overall scores
In this review, you can find all the information you need to decide whether XM Group is the right broker for you. Our expert team has thoroughly explored the broker, using a tested methodology and scoring system. This process places importance on the things we know matter most to traders. Below you can see how XM Group scored in each of our high-priority categories.
XM Group fees and commissions
Our XM Group review team found that this broker outrivals others when it comes to fees and trading costs. XM offers competitive spreads on forex, low trading fees for CFDs, and low non-trading fees. This low-cost approach makes this broker ideal if you are a veteran trader, who tends to trade with more volume or a beginner who is just starting out.
Our experts have reviewed XM Group’s fees based on how they compare with the fees of other reviewed brokers. For each broker, we analyze both trading fees and non-trading fees:
– Trading fees are charged every time you place a trade. They include spreads, commissions, overnight and rollover fees, and currency conversion fees.
– Non-trading fees aren’t directly related to trading, but you should consider them as they make up the cost of using a certain broker. They include payment fees and inactivity fees.
Below you will find a snapshot of the fees charged at XM Group. Our experts have created these tables based on the fees applied to a standard account. We consider a standard account to be the one that will appeal to most traders, often not the cheapest option but not a premium option either.
The XM Group broker review shows:
Trading Fees
| TYPE OF FEE | COST |
|---|---|
| Minimum Spread EURUSD (pips) | 1 |
| Commission (%) | 0% |
| Commission on Islamic Accounts (%) | 0% |
*Based on Standard account type.
Non-Trading Fees
| Account Fee | N |
| Inactivity Fees | Y |
| Deposit Fees | N |
| Withdrawal Fees | N |
XM Group trading fees
XM Group offers variable spreads on all instruments as standard, and fractional pip pricing to the fifth digit. Whilst this means that the trading fees with XM Group are often much lower than with competitors, and you’ll enjoy the most accurate quoting possible, it also means it is important to consider the fees of each instrument separately. Below our experts have outlined how fees are applied to each asset class so that you can correctly calculate how much your trades would cost.
Forex
When trading forex, you’ll benefit from low fees. With a standard account, your fees are incorporated into the spread, which can be as low as 0.00016 pips. On average, however, our XM Group review found that spreads are around 1 pip on all major currency pairs.
If you’re looking for tighter spreads, you can opt for a Zero Account. Here, spreads average 0.1 pips on major pairs, but you will be charged a $3.5 commission fee per side, per $100,000 traded.
Stock CFDs
Stock CFDs at XM Group have different spreads depending on the stock itself. The lowest out team was able to find was 0.012 pips and the highest was 6.91 pips. Commissions here depend on which stock market you’re trading on. There is a 0.1% commission on the UK, French and German markets and a 0.04% commission on US markets. You’ll also incur some charges if you are selling a dividend stock. This is calculated as such; ‘stock dividend declared x lots x contract size’.
Commodities
When conducting the review of XM Group forex broker fees, our team found that commodities have a minimum spread of 0.0009 and a maximum of 15 pips.
Equity indices
Equity indices come with a minimum spread of 0.6 and a maximum of 18 pips depending on the asset itself.
XM Group commissions
With a standard account, you won’t be charged any commissions when you trade with XM Group. Commission fees are, however, applied to both Zero Accounts and Shares Accounts. Only non-EU clients can open a Shares Account.
Overnight rates
XM Group charge rollover interest fees on positions that are held overnight. Fees are credited on positions that are left open after 22:00 GMT and, for any position left open during a weekend, our reviewers found that XM applies a 3-day rollover charge on Wednesdays.
For forex trades, the rollover fee depends on what kind of position is being taken (i.e. long or short) and the difference of rates between the currencies within the pair. With stocks and stock indices, the fee depends on whether a long or short position has been taken. Futures products, which have an inherent expiry date, are not subject to overnight charges.
To calculate the rollover rates for FX and precious metals, you need to use the tomorrow-next day charged amount, the XM markup, and the general condition of the assets themselves. The formula looks like this:
Trade size x (+/- tom-next rate – XM markup)
With stocks and stock indices, the formula looks like this:
Trade size x closing price x (+/- short term interbank rate – XM markup)
Non-trading fees
Our XM review also found that the broker charges a comparatively low inactivity fee of $5 a month. This is only charged if there is no activity on your account for 90 days, and you have a free balance of less than $5. If the account a balance of $0, then no charges will be imposed.
XM Group safety
Our XM Group reviewers are happy to report that this broker is licensed and regulated by several top-tier financial institutions, including the FCA, ASIC, and CySEC. XM also offers investor compensation and boasts a great reputation and history. Overall, this makes XM highly trustworthy and secure.
XM Group licenses and regulation
Our expert reviewers found that XM Group is highly compliant with regulations in many jurisdictions around the world. We checked the authenticity of the licenses stated on the broker’s website to make sure they were still active. Here’s what we found.
XM Group is currently licensed and regulated under these trading names by the following bodies:
- Trading Point of Financial Instruments UK Limited with the UK Financial Conduct Authority (FCA), under license no. 705428
- Trading Point of Financial Instruments Limited with the Cyprus Securities and Exchange Commission (CySEC), under license no. 120/10
- XM Global Limited with the International Financial Services Commission of Belize (IFSC), under license no. 60/354/TS/19
- Trading Point of Financial Instruments Pty Limited with the Australian Securities and Investments Commission (ASIC) under license no. 443670
- Trading Point MENA Limited with the Dubai Financial Services Authority (DFSA), under reference no. F003484
Is XM Group safe?
Our review methodology considers several factors to ensure that all of our recommended brokers are safe and reputable. Alongside the number and strength of licenses, we also consider:
- What protection and/or insurance XM offers should something go wrong
- XM’s reputation, history, and management
XM Group client protection
Our reviewers of XM Group were pleased to find that the broker offers investment protection to the majority of clients. As XM Group operates under several trading names with different regulators, however, the protection offered changes depending on which arm of XM you decide to trade with.
In the table below, you can find the details of what protection you will benefit from.
Client Protection
XM Group also has a strict segregated accounts policy. Your funds are stored in separate accounts at top-tier financial institutions and are inaccessible to the company for anything other than your requested trades. This policy, paired with comprehensive investor insurance, means that if the broker was to become insolvent, your capital would be completely secure.
XM Group provides negative balance protection on all leveraged products, proportionate to the size of the customer’s account. Your personal data is also protected and will never be shared for commercial purposes.
XM Group background and reputation
As part of our XM Group forex broker review, we investigated the background of the company and its owners. XM Group was first founded by Constantinos Cleanthous under the name Trading Point Group. Since then, Tasos Anastosiou has taken up the role of CEO, and Ilias Mavrommatis is the company’s Managing Director. Our experts were happy to find this information is readily available, as it shows that the company is transparent.
Since launching in 2009, XM Group has received dozens of awards. This includes being votes ‘Best FX Broker for Europe 2020’ by World Finance Magazine.
As per regulatory requirements, XM Group is also subject to quarterly audits and must submit financial statements. In some jurisdictions, such as the UK, you can view these files online. Again, this shows that XM Group is honest and upfront about its operations.
XM Group was founded in 2009. Such a long history proves that this is a credible broker to trade with. Since launching, the broker has also received dozens of awards and never suffered any scandals. Overall, XM Group is one of the most trustworthy companies in the industry.
Opening an account with XM Group
Registering for a trading account with XM Group is a simple process, which you can complete from either mobile or desktop. The minimum deposit amount is accessible for all types of trader, and our XM Group review team were happy to find that the broker doesn’t require any unexpected documentation.
Is XM Group available in your country?
Thanks to XM’s multiple licenses, the broker can provide services to clients from all over the world. There are some restrictions that even XM could not overcome, however, and this includes not offering accounts to residents of the USA, Canada, Israel, and Iran amongst others.
How to open an account at XM Group
To create an accurate and reliable XM broker review, our expert team registered and opened a new trading account. Including the downloads and email confirmation, the process took around 6 minutes, which is far quicker than many competitors.
The whole registration process is digitalized, which means you needn’t worry about mailing documentation to the broker. To open an XM Group account, simply follow the steps below.
- Step 1
Go to the XM Group homepage and select the “Open an Account” button in the top-right corner
- Step 2
Fill in personal details, including name, email address, country of residence, preferred language and phone number
- Step 3
Select which XM Group entity you wish to trade with (only for EU traders, choose between XM CY or XM Global) and select your trading platform (choose between MT 4 and MT5)
- Step 4
Supply the broker with your date of birth and address (this should be the same as it will appear on your supporting documentation). Verify whether you are a US citizen for tax purposes, choose your base currency and your leverage
- Step 5
Answer questions about employment status, capital, trading aims, and trading experience
- Step 6
Create a password, accept terms and conditions and select the “open real account” button
- Step 7
Download and open the trading platform software and log in with your new XM credentials
What you will need to open an account
Although the registration process is quick and straightforward, there are some details you’ll need to know before beginning the process. What’s more, to start trading, you’ll also need to verify your email address and validate your account by supplying documentation.
To make this as easy as possible for you, our XM Group reviewers have compiled a list of everything you will need:
- Personal information – Email address, phone number, date of birth, personal address, social security number (NI number for UK traders), level of education, employment details
- Regulatory information – Tax residency details, intended invested amount, estimated income and net worth in USD, trading aims and knowledge, P.E.P disclosure
- Documentation – Proof of identity (valid passport, driver’s license or official country ID), proof of address (recent utility bill or bank statement)
To open an account with XM Group, you’ll need to provide proof of identity and proof of address. This process allows XM Group to meet KYC (Know Your Customer) guidelines. KYC guidelines keep you safe and stop the broker from accidentally facilitating illegal practices such as money laundering.
What is the minimum deposit at XM Group?
The minimum deposit to open an account with XM Group varies depending on your location and which account type you choose. Below, you can find the minimum deposit amounts of each account type and where they are applicable:
- Micro Account (all countries) – 5 USD
- Standard Account (all countries) – 5 USD
- Zero Account (only EEA clients) – 100 USD
- XM Ultra-Low Account (not available for EEA clients) – 50 USD
- Shares Account (only non-EEA and non-Australian clients) – 10,000 USD
XM Group payment methods
At XM Group you can expect quick and easy payments, no matter how much you wish to deposit. The broker supports a wide range of traditional payment methods, as well as modern e-wallet solutions and bitcoin funding. To cater to all types of traders, XM also allows you to choose between 11 account base currencies; EUR, USD, GBP, CHF, JPY, AUD, RUB, PLN, HUF, ZAR or SGD.
Withdrawals at XM Group are relatively quick in comparison to competitors. All cash out requests are processed within 24 hours, except for bank transfers. There are also no fees on any payments, aside from if you choose to deposit/withdraw under $200 via bank transfer.
Payment Methods
XM Group account types
XM Group offers five different account types for you to choose from, depending on your country of residence. Our XM Group broker review team found that each account type is suitable for different budgets and trading aspirations. In the table below we’ve highlighted the main features of each account type and where it is available so that you can compare them with ease.
Account Types
*Maximum leverage for EU clients is 1:100
**Maximum leverage for Australian clients is 1:500
Demo accounts
XM Group offers a variety of demo accounts to all clients. If you are trading with the EU arm of XM, you can open a Standard demo account or a Zero demo account. If you are based in Australia or another country, you can enjoy a Standard demo account or an Ultra Low demo account. All demo accounts boast the same features as their real-money counterparts. This gives you a great opportunity to decide which account type is best for you.
All demo accounts at XM Group boast the same features as their real-money counterparts and allow you to practice with up to $5,000,000 of virtual cash.
Our XM Group review team found that whilst XM advertises that all demo accounts come with a starting balance of $100,000, you can actually practice with up $5,000,000 of virtual cash. If a demo account is not used for 90 days, however, it will be automatically terminated.
Islamic accounts
XM Group offers Muslim traders the ability to convert any of the account types mentioned above into Islamic accounts. Our XM Group reviewers were pleased to find that, to ensure these accounts are 100% Sharia-compliant, the broker not only removes swap-fees but doesn’t charge any extra fees either.
Occasionally, lesser brokers simply widen the spreads or add commissions Islamic accounts to make up for the lack of swap fees. This isn’t the case at XM Group, which means Muslim clients can trade in confidence.
To open an Islamic account with XM, our review team found that you’ll first need to follow the standard account opening process. Once your account is verified, you can request to change your account to an Islamic one by logging into the Members Area.
You shouldn’t need to provide the broker with proof of religion, but you should not have conducted any trades conducted on the account before requesting the change. XM Group also retains the right to revoke the swap-free status of your account if they believe you are violating the terms.
XM Group trading platforms
When trading with XM Group, you can choose between the ever-popular MT4 or MT5. The broker supports mobile versions of each platform and, if you don’t wish to download any software, you can also use the efficient WebTrader version. Overall, this gives you convenient trading solutions at all times and access to a wealth of great charting and research tools.
XM Group offers 2 trading platforms. A trading platform is simply a software interface that allows you to place trades. Trading platforms often come with charting, research, and order processing tools too.
To ensure that we only recommend high-quality brokers, our reviewers have tried and tested each of XM’s trading platforms. When doing so, they considered a range of factors including how easy the platforms are to use, what features each trading platform offers, and how suited each platform is to different types of traders.
Below, our XM Group broker review experts have highlighted the main features of each available trading platform.
MetaTrader 4
MetaTrader 4 is one of the most popular trading platforms around. With XM Group, you can use MT4 to trade forex, commodities, equity indices, precious metals, and energies. The only instruments which aren’t supported are stock and share CFDs.
MT4 supports robots and scalping and is incredibly easy to use. In addition to allowing you to customize the look of your charts, you can also set up over 50 different trading indicators and signals. Considering this, our XM review found this platform to be perfect for both beginners and veterans.
If you choose to use MetaTrader 4 when trading with XM Group, you can place four different types of orders; market orders, limit orders, stop orders, and trailing stop orders.
MetaTrader 5
MetaTrader 5 is, essentially, a slightly enhanced version of MT4. The main advantage of using this platform at XM Group is that it supports stock and share CFD trading. In terms of trading signals, order types, and charting tools, you can expect the same high-quality features as MT4.
Whilst most XM Group clients can choose between using MT4 and MT5, if you hold a Shares account you will be trading via MT5.
XM Group mobile platforms
Although there is no exclusive mobile trading software available, all XM Group account holders can use the mobile app versions of MT4 and 5 to enjoy smooth and secure trading on-the-go. These platforms are compatible with both iOS and Android devices and can be downloaded as native apps.
To complete this XM Group broker review, our team downloaded both mobile apps and tested their security features. We were disappointed to find that we could log in to the trading platform without two-step verification, but happy to find that this security feature was needed to make deposits and withdrawals. Overall, the mobile security features at XM could be somewhat safer.
What is the execution policy at XM Group?
Our reviewers were impressed with XM Group’s execution policy. Although they are a market maker broker, they have variable spreads and fractional pip pricing. This enables them to offer real-time execution and no requotes.
The XM Group execution policy is well respected and, since being put into practice in 2010, they have had no rejection of orders and no requotes at all. Our review of XM Group discovered that 100% of orders with this broker are executed, and 99.35% are executed within 1 second.
As an XM Group client, you can open up to a maximum of 200 positions at any one time (including pending orders). Orders of up to 50 lots (5 million) can be filled with a simple click. If you want to trade larger quantities, you can either trade via phone or split the order into smaller sizes.
XM Group markets and products
XM offers over 1000 trading instruments in 6 different asset classes, which makes it the perfect choice if you are looking to diversify your portfolio. XM also offers you the unique ability to purchase company shares as well as stock CFDs, giving it a definite edge over other brokers.
| Instrument | Number |
|---|---|
| Currency Pairs | 57 |
| Commodities | 13 |
| Precious Metals | 4 |
| Indices | 30 |
| Stocks and Shares | 1184 |
| Cryptocurrencies | 0 |
| Options | 0 |
| ETFs | 0 |
Currency pairs
There are 57 currency pairs offered on XM. This includes all major pairs, minor pairs, and exotic pairs too. This gives you a chance to trade currency pairs you may not find elsewhere, such as AUD/NZD or EUR/HUF.
Commodities
XM Group offers 8 commodities and 5 energy CFDs. This is great news no matter what type of trader you are, as commodity trading offers something for everyone. Beginners will benefit from small lot sizes and low deposit amounts, whilst oil is ideal for day traders looking for fast market movements.
Precious metals
In addition to offering the two common precious metal CFDs (Gold and Silver), our review team was happy to see that XM Group also allows you to trade Palladium and Platinum CFDs.
Indices
If you enjoy trading indices, then we think you’ll be more than impressed by XM Group’s offerings in this area. They offer the option to trade 30 equity indices, including 18 cash indices CFDs and 12 futures indices CFDs. This includes major indices such as Nasdaq, FTSE 100, and Nikkei 225.
Stocks and shares
Our XM Group review team counted almost 1,200 stock CFDs on offer. These come from 17 different countries: the USA, the UK, Germany, France, the Netherlands, Belgium, Switzerland, Spain, Greece, Italy, Portugal, Norway, Finland, Sweden, Austria, Australia, and Russia. As such, you should be able to always find stocks that suit your interests and trading style.
When it comes to shares, XM Group offers 100 shares from the US, UK, and German companies. This includes large brands such as Amazon, Siemens, and Volkswagen. This variety is great for beginner traders, as well-known brands are slightly easier to get involved in.
XM Group research tools
This section of our XM Group broker review looks at the available research tools. Our experts were not disappointed, as XM offers an array of research tools to ensure you get the most from your trades. The broker offers analytical video content, created by an in-house team of trading experts, as well as trading signals, economic calendars, news, and technical analysis. Compared to other brokers, XM Group’s tools stand out due to their clear and intuitive nature.
XM Group Research Tools
| News (from top-tier sources) | Y |
| Trading Signals and Indicators | Y |
| Trade Ideas | Y |
| Expert Analysis | Y |
| Autochartist Tools | Y |
| Sentiment Charts | Y |
| Economic Calendar | Y |
News
XM Group offers a comprehensive news feed on both their ‘Markets’ and ‘News’ pages. Created by the broker’s professionals, the news feed offers important updates on all markets and summaries of information taken from credible sources. Our reviewers particularly liked the fact that news is categorized by product type, and that there is video content available too.
Signals and indicators
XM Group clients can use trading signals and technical indicators created by industry guru, Avramis Despotis. These signals cover 10 financial instruments and are released twice a day. You can also access MQL5 signals via the MT4 and MT5 platforms.
Trade ideas
The Trade Ideas tool at XM Group offers you sentiment analysis, where you can see whether people are mostly bullish or bearish on a currency pair. This insight is provided by Autochartist, one of the industry’s most respected analytics companies.
Expert analysis
In addition to using the trading signals and technical indicators created by XM Group’s team of market professionals, XM clients can also benefit from expert technical analysis articles. Here you can learn more about recent trends through the lens of common indicators, such as RSI and Fibonacci.
XM Group customer support
You can contact customer support at XM via phone, email, or live chat. All three of these services are offered in 25 different languages, so you will likely get a native speaker to help out with your problem. XM tries to be as fast as possible with its customer support, but with 2,500,000 million customers and many others sending requests daily, some issues are to be expected.
There are three ways you can get customer support with XM. These are:
- Phone: +501 223-6696
- Email: [email protected]
- Live chat: available 24/7
Phone support
You can contact customer support at XM Group by phone, 24/5. When we called XM during this review, it took us about 10 minutes to get through to an operator. This included waiting time, choosing a support language, and being directed to the correct department. Compared to other brokers, this is quite fast, yet 10 minutes is still inconvenient if you need help immediately.
Email support
When our experts emailed XM Group support, they expected an answer within 24 hours. Unfortunately, the responding email came after around 3 days and it took a further 2 days for their follow-up questions to be answered. If you require urgent help when trading with XM Group, our reviewers recommend avoiding email support.
Live chat
The live chat feature at XM Group is the superior customer support option. This service is incredibly fast, and there is little to no waiting times. The live chat agents are friendly and knowledgeable, and you can access the service on desktop and mobile.
XM Group mobile compatibility
XM is designed for traders on the go. During this XM Group broker review, our experts trialed the mobile version of the broker and were impressed. On a mobile device, you can access all of the same features as from desktop and you’ll find the site is easy to navigate and fast to load.
In addition to offering mobile versions of MT4 and MT5, XM Group also offers its educational materials on mobile. Customer support is always accessible in the bottom right corner of your screen, and it’s even possible to log into your account for both deposits and withdrawals.