XM review
XM is the retail forex and CFD brand of Trading Point Group, founded in 2009 by Costas Cleanthous, who served as CEO until 2018 and remains a major shareholder. Its regulatory anchor is CySEC in Cyprus, a tier-1 EU licence, but most of XM's global client base is onboarded through a wider network of regional and offshore entities in Belize, Mauritius, Seychelles, the British Virgin Islands, the UAE, South Africa and Kenya, where leverage runs far higher than EU limits allow. XM does not hold FCA, ASIC or CFTC licences directly; the same corporate group operates a separate, tier-1-regulated sister brand, Trading.com, for the UK, Australian and US markets. XM trades exclusively on MetaTrader 4/5, with no proprietary platform, offering 1,400+ CFDs.
XM key facts
- Website: www.xm.com
- Category: Multi-entity forex & CFD broker
- Founded: 2009
- Headquarters: Cyprus
- Founder: Costas Cleanthous
- Core regulation: CySEC, Cyprus (tier-1 EU)
- Offshore entities: Belize, Mauritius, Seychelles, BVI
- Leverage range: 1:30 to 1:1000, by entity
- Clients: 10 million+
- CEO: Costas Cleanthous
- FYI Score: 90.5/100 (ranked #23 of the 136 CFD brokers we track)
Regulation & licences
- CySEC (Cyprus) is XM's core EU/tier-1 licence, held by Trading Point of Financial Instruments Ltd, capping retail leverage at 1:30 under ESMA-aligned rules.
- Most global clients are onboarded under offshore entities: FSC Belize, FSC Mauritius, FSA Seychelles and BVI FSC, where leverage can reach up to 1:1000, alongside regional licences via DFSA and CMA in the UAE, FSCA in South Africa, and CMA in Kenya.
- XM does not hold FCA, ASIC or CFTC licences directly; the same corporate group runs a separate tier-1-regulated brand, Trading.com, for the UK, Australian and US markets instead.
- Clients under the offshore entities do not have access to an EU-style investor compensation scheme comparable to CySEC's Investor Compensation Fund.
Spreads & fees
- EUR/USD spreads on the Standard account have averaged around 2.0 pips, wider than many dedicated ECN/raw-spread brokers.
- XM Zero, a lower-spread commission account, is limited to EU clients under the CySEC entity.
- $5 minimum deposit on Standard and Ultra Low accounts; a Shares account requires $10,000.
- Inactivity fees apply to dormant accounts, per third-party reviews.
Platforms & tools
- MetaTrader 4 and MetaTrader 5 on desktop, web and mobile; XM has no proprietary trading platform of its own.
- TradingView charting integration.
- Free VPS hosting for qualifying active accounts, plus daily market research, webinars and multilingual video/podcast content.
- 24/7 customer support is consistently cited as a strength in third-party reviews.
Markets & instruments
- Around 1,400+ CFDs in total: forex, stock indices, commodities, precious metals and stock CFDs.
- 55 forex pairs.
- No cryptocurrency CFDs on the core XM brand.
Account types
- Standard account: variable spreads, no commission.
- Ultra Low account: tighter spreads for a small commission.
- XM Zero account: near-zero spreads plus commission, EU/CySEC clients only.
- Shares account: $10,000 minimum deposit for direct stock exposure.
Markets
[object Object], [object Object], [object Object]
Platforms
MetaTrader 4, MetaTrader 5, TradingView (charting integration)
Who XM is for
Fits a trader who wants a low minimum deposit and high leverage and is comfortable trading under an offshore entity. EU-based traders wanting CySEC protection get a narrower, lower-leverage product; either way it's worth comparing XM's Standard-account spreads against dedicated low-spread brokers before assuming it's cheap.
Pros
- Broad regulatory footprint across nine-plus entities, reaching regions a single-licence broker can't serve.
- 1,400+ instruments and a strong educational/research output, including daily videos, webinars and Trading Central integration.
- Free VPS hosting and 24/7 support consistently cited as strengths in third-party reviews.
- Low $5 minimum deposit lowers the barrier to opening an account.
Cons
- No FCA, ASIC or CFTC licence under the XM brand itself; UK/Australia/US coverage runs through a separate sister brand, Trading.com, a meaningful distinction for compliance-sensitive research.
- Standard-account EUR/USD spreads (around 2.0 pips) are wide compared with raw/ECN-focused competitors.
- Most clients are onboarded under offshore entities (Belize, Mauritius, Seychelles, BVI) with leverage up to 1:1000 and no EU-style compensation scheme.
- No proprietary trading platform; relies entirely on third-party MetaTrader software.
XM FAQ
Is XM regulated?
Yes, but through several separately regulated entities. Its EU business (Trading Point of Financial Instruments Ltd) is regulated by CySEC in Cyprus. Most of its global client base sits under offshore entities regulated by the FSC in Belize and Mauritius, the FSA in Seychelles, and the BVI FSC, plus regional licences via the DFSA and CMA in the UAE, the FSCA in South Africa, and the CMA in Kenya.
Does XM offer high leverage?
It depends on the entity. The CySEC-regulated EU entity caps retail leverage at 1:30, in line with ESMA rules. XM's offshore entities, which carry most of its international client base, can offer leverage up to 1:1000.
Is XM the same company as Trading.com?
They're part of the same corporate group, but they're different regulated brands. Trading.com is separately licensed by the FCA, ASIC and CFTC to serve the UK, Australian and US markets; XM itself does not hold those licences and does not directly serve those markets.
What trading platforms does XM support?
MetaTrader 4 and MetaTrader 5 only, across desktop, web and mobile, with TradingView charting integration. XM does not offer a proprietary in-house platform.
Compare XM with other CFD brokers
See all CFD brokers ranked by FYI →
Affiliate program terms
Home · CFD Brokers · Brokers · Crypto · Prop firms · Prediction markets · Media · Influencers · Solutions