XM
Published: Updated:
- Trust score
- 1/10
- Legal simplicity
- 4/10
- Min. deposit
- 5
- Trading platforms
- Payment systems
- Instruments
- Forex, Stocks, Indices, Commodities, Metals, Energies, Cryptocurrencies
- Legal entity
- Trading Point of Financial Instruments Ltd
- Jurisdiction
- Cyprus
- Fees
- Micro, Standard and XM Ultra Low accounts price the cost into the spread with no commission; Shares accounts carry a commission. Overnight swaps apply, swap-free accounts are available, and an inactivity fee applies after a period without trading.
- Withdrawals
- Withdrawals return to the funding method and are normally processed the same business day when requested before the cut-off. XM covers the transfer fee on most methods.
Features
- Free seminars and trader training
- Low minimum deposit
- Copy trading support
- Trust management service
- Islamic (swap-free) accounts
- Deposit bonuses
- Trading by phone
- Segregated client accounts
- Scalping allowed
- Affiliate program
- Wide range of trading instruments
Pros
- No genuine advantages stand out — recent user reports flag XM as a scam operation.
Cons
- As of 09/11/2025, users report XM blocking or deleting accounts without warning, funds failing to be returned, and discriminatory reasons given for the closures.
XM is a Cyprus-headquartered forex and CFD broker founded in 2009, regulated through entities in Cyprus (CySEC), Australia (ASIC), and Belize (IFSC), and offering MetaTrader 4/5 trading from a $5 minimum deposit. It provides four account types, free trading signals, and MQL5 autotrading support alongside webinars and other educational resources. As of 09/11/2025, however, multiple users report XM blocking or deleting accounts without warning and citing discriminatory reasons for the closures, with deposited funds failing to be returned. ProForexBrokers currently rates XM 1/10 for trust based on these reports.
XM is a multi-regulated forex and CFD broker offering a $5 minimum deposit, copy trading, and Islamic accounts, but recent user reports of blocked accounts have pushed its trust score down to 1/10.
XM is a Cyprus-based forex and CFD broker founded in 2009, offering MetaTrader 4 and MetaTrader 5 trading with a $5 minimum deposit through regulated entities in Cyprus, Australia, and Belize. This XM review covers its regulation, account types, and platforms — and the 2025 XM scam reports about blocked and deleted accounts that any prospective client should read first.
Regulation and Client Fund Protection
XM Group operates through three regulated entities: Trading Point of Financial Instruments Ltd, licensed by the Cyprus Securities and Exchange Commission (CySEC 120/10) since 2009; Trading Point of Financial Instruments Pty Ltd, licensed by the Australian Securities and Investments Commission (ASIC 443670) since 2015; and XM Global Limited, licensed by the International Financial Services Commission of Belize (IFSC 000261/106) since 2017.
Client funds are held in segregated accounts with verified banks, separate from company funds. Eligible clients are also covered by an Investor Compensation Fund of up to €20,000 if the company becomes insolvent.
Leverage by Entity
EU-regulated accounts are capped at 1:30 for forex pairs. Accounts registered under the Belize entity can access leverage up to 1:888.
Account Types and Minimum Deposit
XM offers four account types. The Micro and Standard accounts both require a $5 minimum deposit. The XM Zero account requires $100, with spreads from 0 pips and a $3.5 commission per $100,000 traded. The XM Ultra Low account requires $50, with spreads from 0.6 pips. Not every account type is available in every XM Group division, and ProForexBrokers rates account opening 4/10 for legal simplicity.
Trading Platforms and Execution
Trading is available on MetaTrader 4, MetaTrader 5, and the XM WebTrader browser platform. XM supports Expert Advisors for automated trading, hedging, scalping, and news trading, and reports executing over 99% of orders in under a second with no requotes. Orders can also be placed by phone. A VPS is free under certain account conditions or costs $28 a month otherwise.
Research, Signals, and Education
XM's lead analyst publishes free trading signals twice a day for real-money account holders. Traders can also subscribe to MQL5 signal providers for automated execution on MT4 and MT5. Education includes live webinars, training videos, in-person seminars, and daily market analysis.
Bonuses, Loyalty Program, and Support
XM runs deposit bonuses and a loyalty program that converts trade points into bonuses or cash, though EU-registered clients face restrictions on both. Customer support is available 24 hours a day, five days a week.
XM at a Glance
| Feature | Detail |
|---|---|
| Founded | 2009 |
| Headquarters | Cyprus |
| Regulation | CySEC, ASIC, IFSC |
| Platforms | MT4, MT5, WebTrader |
| EUR/USD spread | From 1.7 pips (Standard) |
| Minimum deposit | $5 |
| Maximum leverage | 1:888 (1:30 in the EU) |
| Assets | Currency pairs, stocks, indices, metals, futures |
| Islamic accounts | Available |
| Mobile trading | Supported |
XM Scam Reports and Account Blocking (09/11/2025)
As of 09/11/2025, multiple users report that XM has blocked or deleted trading accounts without warning, with deposited funds failing to be returned. Some users say XM gave discriminatory reasons for closing their accounts. ProForexBrokers currently scores XM 1/10 for trust based on these reports, well below what its regulatory licenses and trading conditions alone would suggest.
Anyone considering XM should weigh this trust score and these reports alongside its regulatory licenses before depositing funds.
Trading conditions
XM is one of the larger retail brokers by client count, offering Micro, Standard, Ultra Low and Shares accounts across MetaTrader 4 and 5 with a very wide instrument list.
Its distinguishing operational choices are practical rather than technical: no requotes and no rejected orders as a stated policy, all account types priced without commission except Shares, and an education programme with regular webinars in many languages.
Terms follow the entity. CySEC and ASIC clients face 30:1 on major currency pairs with negative balance protection and, in Cyprus, Investor Compensation Fund cover up to €20,000. Clients under the Belize entity see leverage many times higher and neither protection — and most non-European clients are routed there.
Verification
Verification requires photo ID and proof of address, with an appropriateness assessment on the regulated entities. Onboarding is largely electronic and often same-day.
Confirm which entity your client agreement names. XM's platform and pricing are broadly consistent across the group; the protections behind the balance are not, and the difference between the Cyprus and Belize entities is the difference between a compensation scheme and none.
