Who XM suits, how XM is regulated, and how XM costs compare with other brokers.
Checked on 3 October 2026
This XM review compares XM with other brokers. The numbers come from our spread tools and from XM’s own pages.
If XM suits you after this review, you can open a trading account in a few minutes.
Contents
Is XM a Good Broker?
XM is one of the largest forex brokers, and XM suits traders who want to start small or to use a deposit bonus. If the lowest cost per trade matters most, other brokers have cheaper accounts.
- A large broker
XM is one of the most visited forex brokers in the world. In our ranking of 100 brokers by visits to their websites, XM is 7th. - Starting small
The Micro account is made for small trades. On a Micro account, 1 lot of EURUSD is 1,000 EUR, and the minimum deposit is 5 USD. The XM cent account guide explains how Micro works. - A deposit bonus
In many countries, Standard and Micro accounts get a deposit bonus, such as 100 USD on a 100 USD deposit in South Africa. The extra margin keeps a trade open through a bigger price move. - Lower cost per trade
The Ultra Low account has a tighter spread than the Standard account. After our rebate, 1 lot of EURUSD costs about $4 less on Ultra Low. The Ultra Low account has no deposit bonus. - The lowest cost
Some accounts at other brokers cost less per trade than any XM account, even after our rebate. The comparison further down shows the numbers.
We recommend XM to traders who start with a small deposit and want the bonus. A Micro account opens with 5 USD, and the bonus gives extra margin.
We have paid rebates for more than 10 years, and XM is the broker that our members use most.
To get the rebate, open your XM trading account through our link.
Already trade on XM? The XM partner code guide shows how to get the rebate on a new trading account.
Is XM Safe and Regulated?
XM Global Limited, the company that provides XM trading accounts, holds a licence from the Financial Services Commission (FSC) of Belize.
- The licence
The licence number is 8557558, under the Securities Industry Act 2021 of Belize. The FSC register (opens in a new tab) lists XM Global Limited as active. - Other XM companies
Review sites also show XM licences from Cyprus and Australia. Those licences belong to other XM companies. A trading account that you open on xm.com is with XM Global Limited. - Your money
XM keeps client money in bank accounts that are separate from the company’s own money. XM says this protects client money if the company goes bankrupt. - Negative balance
XM gives every client negative balance protection, so you cannot lose more than you deposit. - Order execution
XM is a market maker, so XM fills your orders itself. XM says that 99.7% of orders are filled in less than 66 milliseconds. - Countries
XM does not accept residents of the United States, Canada, Israel, Iran or countries under sanctions. If your country is missing from the sign-up form, XM does not serve your country.
Is XM Cheaper Than Exness?
On cost per trade, the cheapest HFM and Exness accounts cost less than XM for EURUSD and gold. The table below shows what 1 lot costs on the cheapest account at each broker.
Spread and commission for 1 lot
| Trading account | EURUSD | Gold |
|---|---|---|
| XM Ultra Low account | $12.20 | $30.90 |
| HFM Unlimited account | $5.43 | $9.24 |
| Exness Zero account | $5.47 | $15.02 |
XM charges no commission, so the whole cost of a trade is in the spread. The Exness Zero account charges a commission, and the table includes the commission.
With our rebate, 1 lot of EURUSD on XM Ultra Low costs $9.05. HFM Unlimited and Exness Zero cost less per trade.
For other instruments, our lowest spread ranking compares every account, before and after our rebate.
Cost per trade is one point to compare. However, XM is the broker that our members use most.
A broker is more than its cost. Order execution, stable deposits and withdrawals, the safety of your money and the support all matter.
Can You Withdraw from XM?
Yes. XM handles withdrawal requests automatically, and you can withdraw at any time. A bank transfer or card payment reaches you in 2 to 5 business days.
A withdrawal goes through when the request meets the XM rules below. Check the rules before you send a request.
- Verified profile
You can withdraw at any time after XM has verified your profile. The XM verification guide lists the documents. - Your own name
Deposits must come from an account in your own name. XM accepts no money from friends or relatives, and each withdrawal goes back to the source of the deposit. - Cards and e-wallets
XM first returns a card or e-wallet deposit to the same card or e-wallet. You withdraw the profit by another method, such as a bank transfer. - Bank and crypto
With a bank or crypto deposit, you can withdraw the whole balance at once. - Open trades
You can withdraw with trades open, if the margin level stays above 150% after the withdrawal. At weekends, the margin level must stay above 400%. - Bonus
You can withdraw the profit that you make with the bonus, but not the bonus. If you withdraw 20% of your balance, 20% of the bonus is also removed. - Minimum
The minimum withdrawal is 5 USD, and XM charges no fee.
Since we started in 2014, no member has reported a refused withdrawal at XM. Forex FanClub has nearly 10,000 members on our English and Japanese sites, and members contact us when they have a problem with a broker.
If a withdrawal is held up, check the rules above first. If the request still does not go through, contact XM support or contact us.
The XM withdrawal guide shows the methods for your country and each step in the Members Area.
How to Start Trading at XM?
Five steps take you from sign-up to your first trade. Each step has its own guide.
- Sign up at XM through our link, so that your trades get our rebate. The XM registration guide shows each screen.
- Verify your identity with an ID document and a proof of address. The XM verification guide lists the documents.
- Choose Standard, Micro or Ultra Low as the type of your trading account. The XM account types guide compares them.
- Deposit at least 5 USD. The XM deposit guide shows the methods.
- Log in to MT5 with the number of your trading account. The XM login guide shows where to find the number.
Already have an XM Members Area login? The XM partner code guide shows how to add a trading account that gets the rebate.
Which XM Guide Do You Need?
Each of our XM guides answers one question.
- Getting started
sign-up, verification, login, demo account - Trading accounts
account types, Standard, Ultra Low, cent account, copy trading, additional trading account, closing an account - Money
deposit, withdrawal, internal transfer, fees - Bonus
deposit bonus, Traders Club, demo competition - Trading tools
spreads, swaps, margin, leverage, rebate calculator - Platforms
MT5 and MT4 setup - Support
contacting XM - Rebate
XM rebate, partner code
XM Review FAQ
- Is XM legal in India?
-
The Reserve Bank of India (RBI) lists XM on its Alert List (opens in a new tab). The Alert List names companies with no authorisation to deal in forex in India, such as HFM, Exness and other overseas brokers.
The RBI says that residents of India who trade forex on platforms without its authorisation can face penalties under FEMA, the law on foreign exchange in India.
If you live in India, read the RBI FAQ on forex trading (opens in a new tab) before you open a trading account.
- What is XM?
-
XM is an online broker for forex and CFDs. XM Global Limited in Belize provides the trading accounts on xm.com. XM reports more than 20 million clients in more than 190 countries.
- Is XM real or fake?
-
XM is a real broker with a licence. The Belize FSC register lists XM Global Limited, licence 8557558, as active.
- What is the minimum deposit at XM?
-
5 USD on Standard, Micro and Ultra Low accounts. The Shares account needs 10,000 USD. The XM deposit guide shows the methods.
- Does XM have a cent account?
-
XM has no cent account. The Micro account does the same job. On Micro, 1 lot of EURUSD is 1,000 EUR instead of 100,000 EUR.
The XM cent account guide compares Micro with a cent account.
Sources: where each fact on this page comes from
Our tools
- XM spread tool
- The 24-hour average spread on XM on 2 November 2026, the same figures as our XM fees guide.
- Lowest spread ranking
- The 24-hour average spread plus commission for 1 lot at HFM and Exness, on 2 November 2026, 20:05 UTC.
- Broker ranking by website visits (opens in a new tab)
- Our ranking of 100 brokers by visits to their websites, from Ahrefs data, on 1 September 2026. The page is in Japanese.
- XM rebate
- Our rebate per lot on XM on 1 November 2026.
Regulators
- Belize FSC register (opens in a new tab)
- XM Global Limited, licence 8557558, active. Checked on 3 October 2026.
- RBI Alert List (opens in a new tab)
- The list updated on 19 November 2025. Checked on 3 October 2026.
- RBI FAQ on forex transactions (opens in a new tab)
- Forex trading by residents of India on platforms without authorisation. Checked on 3 October 2026.
XM’s pages and documents
- XM’s website (opens in a new tab)
- The licence of XM Global Limited, the number of clients, and the countries that XM does not serve.
- XM’s execution policy page
- The share of orders filled in less than 66 milliseconds, XM’s own figure, checked on 28 September 2026.
- XM’s client agreement (opens in a new tab)
- XM Global Limited provides the trading accounts. Client money is kept apart from the money of the company.
- XM Help Centre (opens in a new tab)
- The type of broker, client money, negative balance protection, the countries that XM serves, and the rules and times for withdrawals. Checked on 3 October 2026.
- XM’s promotions page (opens in a new tab)
- The deposit bonus by country, checked on 1 November 2026.
Once your XM trading account is open, link it to Forex FanClub. The member area lists every rebate payment day by day, across every broker you use. Registration is free and takes an email address.
Produced and operated by Forex FanClub
Person responsible: Hiroki Sakaida, founder of Forex FanClub
Hiroki Sakaida decides what our content and services cover and which features they offer. He also checks content and functionality and decides on revisions and publication. Our Content and Service Policy explains how we produce and check our content and services, including our use of AI.
Risk warning: Forex and CFD trading involve leverage, and you could lose all the money you invest. This article and tool provide information, not investment advice. The amounts shown are calculated from the collected data and do not guarantee the amounts that will apply to your own trades, or any future profit.
Affiliate disclosure: This article contains XM referral links. Forex FanClub receives referral commission based on registrations and trading through these links.