XM Group (Trading Point) is a global regulated online broker based in Cyprus offering trading in forex, CFDs, equities, precious metals and cryptocurrency assets. Founded in 2009, XM has grown to serve over 3.5 million clients worldwide.
With low trading costs, multiple trading platforms and account options, extensive education resources and multilingual 24/5 customer support, XM aims to provide clients with everything needed to succeed in online trading.
But is XM Group really safe for forex and CFD trading in 2023 and beyond? This detailed XM review will provide an in-depth look at the broker’s offerings, fees, regulation and more to determine if XM is a secure choice worth considering.
Overview of XM Group
- Company Name: Trading Point Holdings Ltd
- Founded: 2009
- Company Registration: Cyprus
- Regulations: CySEC, ASIC, IFSC
- Headquarters: Limassol, Cyprus
- Parent Company: Trading Point of Financial Instruments UK Ltd
- Tradable Assets: Forex, Commodities, Indices, Stocks, Cryptocurrencies
- Account Minimum: No minimum
- Trading Platforms: MT4, MT5, XM WebTrader
- Customer Support: Live chat, email, phone
XM Regulation and Safety of Funds
One of the most important considerations when choosing a forex broker is whether it is properly regulated. XM Group holds regulatory licenses from top-tier authorities:
- Cyprus Securities and Exchange Commission (CySEC) – CySEC License No. 120/10
- Australian Securities and Investments Commission (ASIC) – ASIC License No. 443670
- Financial Services Authority (FSA) of Seychelles – License No. SD025
XM Group complies with strict rules enforced by these regulators surrounding client fund segregation, accounting procedures, internal auditing and more. XM Group keeps client funds in segregated accounts at top banks, which ensures traders will receive their money even in the unlikely event the broker becomes insolvent.
The CySEC Investor Compensation Fund also protects XM Europe traders up to €20,000 per person if certain criteria are met. Overall, XM Group’s regulation provides assurance it is not a scam and keeps trader funds secure.
XM Account Opening
Opening a trading account with XM Group is quick and easy:
- Visit XM.com and click “Open Live Account”
- Select your country of residence
- Enter your name, email, phone number
- Verify email and phone number
- Accept Terms & Conditions
- Pass KYC verification providing proof of ID and address
- Make minimum deposit to fund your account
The entire account opening process can be completed online in a few minutes. XM has a minimum deposit of only $5 to open an account, making it very accessible for beginner traders.
XM Account Types
XM offers several account types to suit varying trader needs:
Micro Accounts
- Minimum deposit: $5
- Spreads: Floating from 1 pip
- Commission: No
- Trading platforms: MT4, MT5
- Ideal for: Beginner traders seeking low costs
Standard Accounts
- Minimum deposit: $5
- Spreads: Tight from 0.6 pips + markup
- Commission: No
- Trading platforms: MT4, MT5
- Ideal for: Cost-conscious traders
Zero Accounts
- Minimum deposit: $100
- Spreads: 0 pips
- Commission: $3.5/$7 round turn per 100k traded
- Trading platforms: MT4, MT5
- Ideal for: Active traders focused on low spreads
Ultra Low Accounts
- Minimum deposit: $5
- Spreads: Ultra tight from 0.3 pips + markup
- Commission: No
- Trading platforms: MT4, MT5
- Ideal for: High volume traders
Shares Accounts
- Minimum deposit: $100
- Commission: 0.1% of trade value
- Trading platforms: MT4, MT5
- Ideal for: Stock and ETF traders
This selection allows a good fit for all trader types, from high-leverage seeking newbies to institutional algorithmic traders. Islamic swap-free accounts are also available upon request for all account types to accommodate Islamic religious beliefs.
XM Spreads, Fees and Commission Rates
XM offers both variable and fixed spreads depending on account type selected. Spreads start from 0 pips on Zero commission accounts. See typical spreads for major currency pairs below:
Micro Account Spreads
| Currency Pair | Floating Spread |
|---|---|
| EUR/USD | 1.0 pips |
| USD/JPY | 1.2 pips |
| GBP/USD | 1.4 pips |
| USD/CHF | 2.1 pips |
| AUD/USD | 1.0 pips |
| USD/CAD | 1.7 pips |
Standard Account Spreads
| Currency Pair | Floating Spread + Markup |
|---|---|
| EUR/USD | 0.6 pips + 1.7 pips |
| USD/JPY | 0.7 pips + 1.7 pips |
| GBP/USD | 0.9 pips + 1.7 pips |
| USD/CHF | 1.1 pips + 1.7 pips |
| AUD/USD | 0.4 pips + 1.7 pips |
| USD/CAD | 1.0 pips + 1.7 pips |
For Zero accounts, commission is charged $3.5/$7 per 100k round turn. Shares accounts have a 0.1% commission on trades.
Overall, XM has competitive pricing relative to other leading brokers. Active traders can benefit from the low spreads and commissions available.
XM Trading Platforms
XM offers two robust trading platforms: MetaTrader4 (MT4) and MetaTrader5 (MT5). Both platforms are available on desktop, web and mobile devices.
MetaTrader4 (MT4)
MT4 is the most popular retail trading platform worldwide. Key features include:
- Advanced charting tools with multiple indicators and timeframes
- One-click trading from charts
- Support for EAs, robots, alerts and indicators
- Price alerts and push notifications on mobile
- Deep pool of liquidity accessed through XM ECN network
XM MT4 also comes equipped with virtual private server (VPS) hosting for uninterrupted automated trading.
MetaTrader5 (MT5)
MT5 is the newer generation platform with additional capabilities including:
- Ability to trade multiple asset classes from a single account
- 21 timeframes (compared to 9 on MT4)
- Unlimited charts and indicators
- Built-in economic calendar
- New pending order types and position tracking tools
- MQL5 programming language for EAs and indicators
Both platforms offer a professional-grade online trading environment suitable for traders of all experience levels.
XM Mobile Trading
XM offers mobile apps for iOS and Android bringing the full trading experience to smartphones and tablets. The apps allow traders to:
- Analyze charts with 100+ indicators
- Open, monitor and close positions
- Set price alerts and push notifications
- Trade directly from charts
- Make deposits and withdrawals
- Access account history and statements
The XM mobile apps get high marks in app store reviews for their intuitive design, extensive features and stability. Mobile trading is a must for active traders, and XM delivers nicely in this regard.
XM Customer Support
XM Group provides customer support 24 hours 5 days a week via the following methods:
- Live Chat – Fastest response via live chat window
- Email – Typically 1 business day response time
- Telephone – Toll-free local phone numbers for over 30 countries
Support is available in over 25 languages including English, Chinese, Indonesian, Korean, Spanish, Arabic and more.
Client feedback indicates XM customer service is generally prompt, polite and able to resolve most common issues effectively in real-time via chat. As a global regulated broker, XM has an effective team to handle all types of trader inquiries.
XM Education and Resources
XM delivers an impressive lineup of free trading education for clients including:
Trading Coach Videos
Hundreds of video tutorials teaching trading basics, fundamental and technical analysis, platform guides, risk management techniques and more.
Forex Webinars
Frequent live and recorded webinars from market experts exploring current trading opportunities, market analysis and trading best practices.
Ebooks & Guides
Downloadable PDF ebooks explaining everything from identifying chart patterns to managing trading psychology. Plus quick reference guides for platforms.
Glossary
Comprehensive forex and CFD trading glossary defining hundreds of important terms and concepts. Helpful for building trading knowledge.
Expo Events
XM hosts live seminars and exhibits in various global trading hubs to connect directly with clients. These provide both education and networking opportunities.
XM goes above and beyond to ensure clients have ample free resources to shortcut the learning curve and become better traders.
Is XM Group Safe? – The Verdict
Based on the research conducted for this XM review, the following conclusions can be drawn:
Pros of XM Group:
- Established global broker operating since 2009
- Regulation from top authorities (CySEC, ASIC, FSCA)
- Segregated client funds at Tier-1 banks
- Low minimum deposit ($5) and minimum trade size (0.01 lots)
- Ultra-tight spreads from 0.0 pips + commission model
- Popular MT4 and MT5 trading platforms available
- Useful trader education and VPS hosting services
- Multilingual 24/5 customer support via live chat, email and phone
Cons of XM Group:
- Limited CFD products compared to competitors
- Higher financing rates for certain instruments
- Cannot accept UK or Canadian clients due to regulation
- No major incidents or sanctions, but still shorter track record than largest brokers
Overall, XM Group checks all the boxes of a safe online broker suitable for beginner through advanced traders. While every broker has some downsides, XM compares favorably among leading regulated forex brokers.
Traders are encouraged to evaluate XM alongside other top brokers to find the right fit based on account types, trading instruments, platforms, spreads and execution quality.
FAQs on Trading with XM Group
Is XM an ECN broker?
XM operates as a hybrid broker model offering both market maker and STP/ECN execution. ECN-only execution is provided for selected account types with commissions, delivering direct interbank market access for the tightest spreads.
Is XM regulated in the United States?
No, XM stopped accepting U.S. clients in 2017. Traders within the United States should look at brokers such as FOREX.com or OANDA that hold proper U.S. regulation.
Does XM offer crypto trading?
Yes, XM offers trading in popular cryptocurrencies including Bitcoin, Ethereum, Litecoin and Ripple against the USD with tight spreads. Crypto trading is available alongside forex and CFDs in the MT5 platform.
What is the minimum deposit for XM Group?
The minimum deposit to open an XM real account is just $5. This makes it very easy for beginner traders to get started with a low initial investment.
Does XM offer Islamic accounts?
Yes, XM offers swap-free Islamic accounts upon request for all account types. This complies with Islamic religious beliefs by removing any overnight swap charges or benefits.
Conclusion
XM Group has cemented itself as a leading multi-asset broker known for low costs, great trading platforms and comprehensive trader education.
While XM has its limitations like any broker, the extensive regulation, segregated client funds, extensive education resources and stellar reputation provide assurance it is not a scam and is indeed safe for online trading.
Opening a risk-free demo account can help traders evaluate XM’s execution and offerings first-hand. But all said, XM Group stands as a solid choice for beginner through advanced traders looking for a well-rounded broker.
Best and Most Trusted Forex Brokers
Based on regulation, award recognition, mainstream credibility, and overwhelmingly positive client feedback, these six brokers stand out for their sterling reputations:
| No | Broker | Regulation | Min. Deposit | Platforms | Account Types | Offer | Open New Account |
|---|---|---|---|---|---|---|---|
| 1. | RoboForex | FSC Belize | $10 | MT4, MT5, RTrader | Standard, Cent, Zero Spread | Welcome Bonus $30 | Open RoboForex Account |
| 2. | AvaTrade | ASIC, FSCA | $100 | MT4, MT5 | Standard, Cent, Zero Spread | Top Forex Broker | Open AvaTrade Account |
| 3. | Exness | FCA, CySEC | $1 | MT4, MT5 | Standard, Cent, Zero Spread | Free VPS | Open Exness Account |
| 4. | XM | ASIC, CySEC, FCA | $5 | MT4, MT5 | Standard, Micro, Zero Spread | 20% Deposit Bonus | Open XM Account |
| 5. | ICMarkets | Seychelles FSA | $200 | MT4, MT5, CTrader | Standard, Zero Spread | Best Paypal Broker | Open ICMarkets Account |
| 6. | XBTFX | ASIC, CySEC, FCA | $10 | MT4, MT5 | Standard, Zero Spread | Best USA Broker | Open XBTFX Account |
| 7. | Vantage | ASIC, CySEC, FCA | $50 | MT4, MT5 | Standard, Cent, Zero Spread | 20% Deposit Bonus | Open Vantage Account |
| 8. | FXTM | FSC Mauritius | $10 | MT4, MT5 | Standard, Micro, Zero Spread | Welcome Bonus $50 | Open FXTM Account |
| 9. | FBS | ASIC, CySEC, FCA | $5 | MT4, MT5 | Standard, Cent, Zero Spread | 100% Deposit Bonus | Open FBS Account |
| 10. | Binance | DASP | $10 | Binance Platforms | N/A | Best Crypto Broker | Open Binance Account |
| 11. | TradingView | Unregulated | Free | TradingView | N/A | Best Trading Platform | Open TradingView Account |
“If you don't find a way to make money while you sleep, you will work until you die.”
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