In this review of the XM Forex trading platform, we will comprehensively introduce and analyze this online forex broker. With over a decade of forex trading brokerage experience, XM is hailed as one of the most trusted companies in the industry.

XM offers traders a wide range of asset allocation options and is regulated by some of the most respected financial institutions in the industry. Under these regulations, users can always expect transparent and fair trading, regardless of the financial instruments they choose.

Overall Evaluation of XM:

XM.com offers trading in 57 currency pairs and CFDs on commodities, indices, metals, energies, and cryptocurrencies.

All traders are provided with access to both MT4 and MT5 trading platforms.

XM.com is regulated by some of the most respected regulatory bodies worldwide.

The comprehensive service offerings of XM.com make it the top choice for novice traders.

Not available to clients from the United States due to regulatory restrictions.

Only MetaTrader (MT4/MT5) trading platforms are available; there is no dedicated XM trading platform yet.

Company Information

XM.com is owned by Trading Point Financial Instruments Ltd, established in 2009. Initially operating solely in Cyprus, the company has expanded its headquarters to Sydney, London, and Belize due to its international brand status.

XM.com registration documents are easily accessible, and combined with its global influence, this transparency indicates XM.com as a trustworthy broker.

Regulation and Licensing of XM.com

XM.com is highly compliant with regulations from numerous jurisdictions worldwide. It is regulated by CySEC, ASIC, FCA, DFSA, and IFSC, representing some of the strictest regulatory bodies in the industry.

XM.com remains accountable to these regulatory bodies and undergoes regular audits by each institution. This means they must always fully comply with regulations in every aspect of their business and in every country/region they serve.

Such regulation also means that if the broker were to go bankrupt or encounter other issues, your funds would be secure. All of XM.com's funds are held in segregated accounts with top-tier financial institutions, inaccessible to the company except for executing your trades.

Opening an Account with XM.com

Opening a trading account with XM.com is straightforward, and you can do it from your mobile phone or desktop. All types of traders can choose their minimum deposit, and we found that brokers don't require any unexpected documents.

What is the minimum deposit for XM.com?

The minimum deposit for XM.com depends on your location and the type of account you choose. For example, EU traders can open an account with as little as $5. However, if you're a trader from Australia, the minimum deposit is $50.

If you're trading from outside of these two jurisdictions, you can only apply for an XM.com Shares Account, with a minimum deposit of $10,000.

How to Open an Account with XM.com

To open an account with XM.com, simply follow these steps. The entire process is done digitally online, and you don't need to mail any documents to the broker.

XM.com claims registration takes only 2 minutes, but in our experience, it took around 5-10 minutes.

Step 1: Fill out personal details including name, email address, country of residence, preferred language, and phone number.

Step 2: Choose the XM.com entity to trade with (for EU traders, choose between XM CY or XM Global).

Step 3: Choose the trading platform (choose between MT4 or MT5).

Step 4: Provide your date of birth and address to the broker (note that your address should match what's shown on supporting documents).

Step 5: Disclose if you're a US citizen for tax purposes.

Step 6: Choose your account base currency and leverage.

Step 7: Answer questions about your current employment status and capital.

Step 8: Answer questions about your trading plan and expectations.

Step 9: Answer questions about your trading knowledge and experience.

Step 10: Complete the PEP check (are you a politically exposed person?).

Step 11: Create a password and accept the terms.

After completing the above steps, you'll need to confirm your email address and verify your account. For this, you'll need to log into your email and provide the required documents. To make the registration process as straightforward as possible, we've compiled a checklist based on our experience registering with XM.com, listing everything you'll need:

Personal Information – Name, phone number, email, country of residence, address, social security number (national insurance number for UK residents).

Regulatory Information – Details of tax residency, employment details, estimated wealth and source of wealth details, trading experience overview, trading objectives, PEP disclosure.

Documents – Identification proof (valid passport or official national ID card), proof of residence (recent utility bill or bank statement).

Account Types

XM.com offers three specific types of accounts for you to choose from, all of which cater to all types of traders depending on your budget and trading expectations.

Real Trading Accounts

For traders within the EU, both XM.com Micro and XM.com Standard accounts come with an unparalleled minimum deposit of $5. The spreads for these account types can go as low as 1 pip.

XM.com Zero accounts are also available to traders within the EU. The minimum deposit requirement for this account is $100, with spreads starting from 0 pips. This account charges a commission of $3.50 per lot traded, but it still remains competitively low cost.

For Australian traders with XM.com, you have the option of the XM Ultra-Low account, with a minimum deposit of $50 and spreads starting from 0.6 Pips.

If you're a global trader with XM.com outside of Australia and the EU, you can opt for the XM.com Shares account. This account type, dealing only in USD, focuses on trading CFDs on stocks. The spreads depend on the underlying currency rates, and the minimum deposit for this account is $10,000.

As per ESMA regulations, the leverage ratio for XM.com is restricted to 1:30 within the EU. The leverage for Australian traders can go up to 1:500, while the maximum leverage for traders trading in other global markets can go up to 1:888.

Demo Accounts

XM.com also offers forex demo accounts with a starting balance of $100,000. These accounts give you the opportunity to practice with each of the account types listed above, so you can determine which account is best suited for you.

Islamic Accounts

Clients adhering to the Muslim faith can also open Islamic accounts with XM.com. These accounts incur no swap fees and have no additional charges. Sometimes brokers simply widen the spreads or charge commissions on Islamic accounts to compensate for swap fees. Not XM.com, so you can trust their Islamic accounts to be fully compliant with Islamic principles.

Conclusion on XM.com

XM.com is a highly popular forex broker with a strong reputation, as evident from our review. With low costs, reliable trading, quality educational services, and attentive customer support, XM.com is a reliable broker choice for both beginners and experienced traders.

Complete the easy registration process with XM.com now and start trading with one of the best brokers out there.