Quick XM Review SummaryFounded2009RegisteredBelizeRegulationASIC, CySEC, DFSA, FSC (Offshore)Market instruments1,400+, forex, commodities, precious metals, shares, Turbo stocks, equity indices, energies, thematic indicesDemo Account✅ (30 days)Account TypeStandard, Ultra Low, SharesMin Deposit$5Max leverage1:1000SpreadFrom 0.8 pipsTrading PlatformMT4/5, XM AppCopy Trading✅Payment MethodsCredit/debit cards, bank transfers, e-walletsCustomer SupportLive chatTel: +501 2236696, +501 2279421Regional RestrictionsThe United States of America, Canada, Argentina, Israel and the Islamic Republic of IranBonus20% deposit bonus up to $2,000XM General Information XM is a Forex and CFD broker registered in Belize and regulated by several internationally renowned financial authorities, including ASIC, CySEC, DFSA, and FSC (Offshore). It offers 1,400+ tradable instruments, including forex, commodities, precious metals, shares, Turbo stocks, equity indices, energies, and thematic indices via the MT4, MT5 and the XM App.Pros and Cons of XM Pros:1,400+ financial instruments to choose fromPopular platforms - MT4 and MT5Demo account available to practiceRich educational resources such as market analysis, economic calendars and coursesLive chat support Cons:The $10,000 minimum deposit for the Shares account may be prohibitive for some tradersCommissions are applied to the Shares accountClients from the United States of America, Canada, Argentina, Israel and the Islamic Republic of Iran are not allowedIs XM Legit? Regulation is a key dimension to consider when choosing a forex broker, as it offers some protection to the client in terms of security of funds, transparency and fairness of operations. XM is a Belize-registered company and regulated by several major regulatory bodies, including ASIC, CySEC, DFSA, and FSC (Offshore).Regulated CountryRegulated AuthorityCurrent StatusRegulated EntityLicense TypeLicense NumberASICRegulatedTRADING POINT OF FINANCIAL INSTRUMENTS PTY LTDMarket Making (MM)443670CYSECRegulatedTrading Point of Financial Instruments LtdMarket Making (MM)120/10DFSARegulatedTrading Point MENA LimitedRetail Forex LicenseF003484FSCOffshore RegulatedXM Global LimitedRetail Forex License000261/397 Multi-entity regulation provides greater customer protection, as it means that the broker is subject to multiple sets of regulations and standards. In addition, this can enhance the broker's reputation in the industry.Market Instruments XM offers its traders a wide variety of over 1,400 financial instruments, including forex, commodities, precious metals, shares, Turbo stocks, equity indices, energies, and ematic indices. This variety allows traders to diversify their portfolios and take advantage of different markets to implement different trading strategies.Asset ClassSupportedForex✔Commodities✔Precious metals✔Shares✔Turbo stocks✔Equity indices✔Energies✔Thematic indices✔Cryptocurrencies❌Bonds❌Options❌ETFs❌ Traders also have the flexibility to choose from a wide range of financial instruments and select the ones that best suit their trading preferences and objectives. However, for some new or inexperienced traders, the variety of financial instruments can be overwhelming, and some instruments may have limited liquidity, which can make trading them difficult.Trading Accounts XM offers four types of trading accounts targeting different investment levels. The Standard and Ultra Low accounts have only $5 minimum deposit and no commissions are charged. The Shares account has a minimum deposit of $10,000 and a commission is charged. No leverage is offered on the Shares account, which means investors must invest the full amount of their trade. In general, XM offers account options for different investment levels. The XM demo account is an excellent tool for novice traders or those who wish to test new trading strategies without risking their capital. The demo account comes with a virtual trading platform that replicates live trading conditions and can be accessed from any device. Traders can practice their trading skills and familiarize themselves with the financial instruments available at XM without having to risk their money. In addition, the XM demo account has no time restrictions, which means that traders can use it for as long as they need before they start trading with a live account. Overall, the XM demo account is a valuable tool for those who wish to improve their trading skills before getting involved in live trading.How to Open an Account with XM? XM, is a broker, which has an account opening with a minimum deposit of $5. Below are the steps to follow for opening an XM Broker account: Step 1: Register Click on ‘Get Started’. Enter your personal details and check your email for verification. Step 2: Upload Documents Submit your Proof of Identity and Proof of Address to complete registration. Step 3: Fund and Choose Platform Open a trading account, deposit to your XM wallet, transfer funds from your XM wallet to your live trading account and download the trading platform of your choice to start trading.Leverage Leverage is an important tool in Forex trading that allows traders to have greater exposure to the market with limited capital. At XM, the maximum leverage offered is 1:1000, which means that for every $1 of capital, the trader can control up to $1000 in the market. This can be attractive to traders looking to maximize their profits with less capital. However, it is also important to note that high leverage carries a higher risk of loss. If the market moves against the trader's position, losses can be significant. That is why it is important for traders to have proper risk management and understand the risks associated with trading with leverage before trading XM.Spreads and Commissions In terms of spreads and commissions, XM offers low spreads on the first two commission-free accounts. However, during periods of high volatility, spreads may be higher. On the Shares account, a commission is charged in addition to the spreads. Spreads can vary by account type and time of day, so investors should keep an eye out for changes.Trading Platform XM offers its clients a flexible selection of trading platforms, including the popular MT4 platform and its successor, MT5.In addition, the company has also developed its own custom trading platform - XM App for those looking for something different. All platforms offer a wide variety of technical indicators, analysis tools and customization possibilities. Beginners may also find the MT4 and MT5 learning curve steep, although the customization possibilities and variety of analysis tools may make it worth the effort. XM also offers a series of instructional videos, such as this one from its YouTube channel, on how to open an account using MT4.Copy Trading XM also offers popular copy trading solutions. This solution is particularly beneficial for beginners and less experienced traders who seek to leverage the expertise of successful investors. Through this platform, users can replicate the trades of seasoned professionals, benefiting from their market insights and strategies. This approach allows novice traders to participate in the markets more confidently while simultaneously learning from the decisions of experienced traders. XM's copy trading feature thus serves as both a learning tool and a means for less experienced individuals to potentially improve their trading outcomes.Deposit and Withdrawal: Methods and Fees For all other account types, the minimum is $5.Most account types support currencies like USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, SGD, ZAR, while the Shares account can be only deposit in USD. XM support various payment methods, including credit and debit cards, bank transfers, e-wallets, and many more.Promotions XM provides a tiered deposit bonus structure. New depositors can benefit from a 20% bonus on deposits up to $2,000. For those seeking a competitive edge, XM hosts both demo and real account trading competitions. These contests offer participants the chance to win substantial cash prizes without any entry fee. Open to traders of all experience levels, these competitions provide an excellent platform to test strategies, gauge performance against peers, and potentially earn rewards.XM Educational Resources XM offers a comprehensive suite of research and educational resources designed to support traders at all levels. The Learning Center at XM is structured to cater to various learning preferences. XM Live and Live Education sessions offer real-time interaction with experts, complemented by a regularly updated schedule of events. For self-paced learning, traders can access a library of Educational Videos, Forex & CFDs Webinars, and Platform Tutorials. These resources cover a wide range of topics, from basic concepts to advanced trading strategies. To round out their offerings, XM provides a selection of practical tools to assist in day-to-day trading activities. This includes a set of Trading Tools, integration with MQL5 for custom indicators and expert advisors, and Forex Calculators for quick and accurate trade planning.Conclusion Overall, XM is a well-regulated and secure company that offers a wide range of financial instruments and a good variety of accounts. Its focus on customer education and multilingual support is also a big plus. Disadvantages include floating spreads that can be higher than the competition and clients from the United States of America, Canada, Argentina, Israel and the Islamic Republic of Iran are not accepted. Overall, XM is a good choice for those looking for a regulated broker with a wide range of products and customer support services.Frequently Asked Questions (FAQs) Is XM legit? Yes, XM is regulated by multiple agencies such as ASIC, CySEC, DFSA, and FSC (Offshore). What is the minimum deposit required to open an XM account? The minimum deposit required for the first two accounts (Standard account and Ultra Low account) is $5, while for the Shares account it is $10,000. What trading platforms does XM offer? XM offers the most popular trading platforms in the industry: MT4 and MT5, as well as its own mobile application. What is the maximum leverage offered by XM? The maximum leverage offered by XM is 1:1000. Does XM offer a demo account? Yes, XM offers a 30-day demo account for clients to practice without risking their own money.