DFSADFSA does not make its register readable to us, so this licence cannot be confirmed from a public source. The DFSA keeps withdrawn firms on its register with their status shown, so appearing on it is not the same as holding a current licence.
SCBMatched on the company name, which is the only identifier this register publishes. SCB publishes no status field, so this confirms the firm appears on the register and not that its licence is currently in force. The Securities Commission of The Bahamas publishes its licensees as a monthly PDF list carrying neither licence numbers nor any status, so a SIA-F number quoted by a broker cannot be checked against it.
FMWe could not find this firm on FSC Mauritius's register. Mauritius's Financial Services Commission publishes no licence number anywhere on its register, so a firm can only be identified by name, and a name search matches partial names as well as exact ones.
SCAMatched on the company name, which is the only identifier this register publishes. SCA publishes no status field, so this confirms the firm appears on the register and not that its licence is currently in force. The UAE's Securities and Commodities Authority publishes a company code rather than a licence number, and its status field reads the same for every listed company. A listing confirms the company is licensed by the SCA; it does not show which activities it may perform, and the majority of SCA licensees are not permitted to broker derivatives or spot foreign exchange.
XM holds licences from CySEC (120/10), the FCA (FRN 705428), and ASIC (AFSL 443670). Zero Account spreads from 0.0 pips; $5 minimum deposit. Offshore entities offer weaker protection. EngineForex trust score: 70/100 (Grade B).
Pros
✓$5 minimum deposit across Ultra Low and Zero accounts
✓Twelve regulators across multiple jurisdictions
✓MT4, MT5, and proprietary XM App available
✓Zero Account spreads starting from zero pips
✓Free Trading Central tools included
Cons
✗Exact commissions and spreads not publicly specified
✗Several claimed licences unverifiable on registers
✗Leverage up to 1:1000 only via offshore entities
✗Inactivity fee policy not disclosed on key pages
How we reviewed XM: This XM broker review was researched and written using EngineForex's broker review methodology: every relevant page of the broker's website was read, each claimed regulator licence was verified against the issuing authority's public register (FCA Connect, ASIC Connect, CySEC register, and others), Trustpilot ratings were checked live at the time of writing, and information was cross-referenced across at least two independent sources before publication. Spreads, fees, and leverage figures are pulled directly from the broker's published account-type pages. For the full methodology, see EngineForex's "How We Review Brokers" page. Read our full methodology →
Level 01 / 09▸ Overview
Overview
Captured September 2026, xm.com
XM has been operating since 2009 under the Trading Point of Financial Instruments brand, assembling a retail client base the broker claims exceeds 20 million accounts across 190 countries. Those are headline numbers worth treating with healthy scepticism, as "registered accounts" and "active funded accounts" are very different metrics.
What is less debatable is XM's footprint: the broker maintains regulated entities on four continents and offers access to forex, stock CFDs, commodities, equity indices, precious metals, and energies through MetaTrader 4 and MetaTrader 5.
The broker has carved out a reputation as a beginner-friendly operation, leaning heavily on educational webinars, a structured learning path, and that $5 minimum deposit. The low entry barrier combined with demo accounts and structured education makes XM appealing to newer traders, provided they understand which entity they are assigned to.
XM also runs bonus and loyalty programmes under certain entities, though these incentives are not available under the FCA-regulated GB entity and come with terms that warrant careful reading, particularly around withdrawal eligibility. From a more experienced trader's perspective, the Zero Account's raw-spread pricing and the inclusion of Trading Central research tools at no extra charge represent the more compelling proposition.
One point shapes this entire review: your experience with XM depends substantially on which regulated entity handles your account. A UK trader under the FCA entity and a trader in Southeast Asia under the Belize entity are nominally using the same broker, but the regulatory protections, leverage limits (leverage being the ratio of borrowed to deposited funds that amplifies both gains and losses), and dispute resolution mechanisms differ enormously.
Who it is for: Beginner to intermediate retail traders who value structured education, low entry barriers, and the familiarity of the MetaTrader ecosystem, provided they confirm which regulatory entity they are assigned to before depositing.
Level 02 / 09★ Safety
Trust & Regulation
XM earns a trust score of 70/100 (Grade B). That grade reflects a broker holding licences from multiple recognised regulators across different tiers while also operating through offshore entities where investor protections thin out considerably.
The group's corporate structure spans 12 regulators. Several of those licences have been independently verified on public registers, but a number of claimed registrations could not be confirmed, a gap that warrants careful attention.
XM holds 12 regulators: 2 tier-1 licences (Australian Securities and Investments Commission, Financial Conduct Authority); 5 tier-2 licences (Cyprus Securities and Exchange Commission, Financial Services Commission of Belize, Dubai Financial Services Authority, Financial Sector Conduct Authority, Securities and Commodities Authority); 4 offshore licences (Financial Services Authority of Seychelles, International Financial Services Commission, Securities Commission of The Bahamas, Financial Services Commission of Mauritius); 1 additional regulator (FIN-FSA, via EEA passporting).
What Licences Does XM Hold?
XM's primary European licence belongs to Trading Point of Financial Instruments Ltd under CySEC (120/10). This subjects the entity to MiFID II obligations: leverage caps of 1:30 for retail clients, negative balance protection, and mandatory participation in the Investor Compensation Fund.
The company registration number is HE251334. Through this CySEC licence, Trading Point of Financial Instruments Ltd is passported into several EEA jurisdictions, including Germany (BaFin), Spain (CNMV), Italy (CONSOB), Poland (KNF), and Sweden (FI). These passported notifications are not independent licences and should not be treated as such.
In the United Kingdom, TRADING.COM MARKETS UK LIMITED holds FCA (FRN 705428). XM's regulation page notes that Trading Point of Financial Instruments Ltd no longer operates under the UK Temporary Permissions Regime, meaning UK-resident clients are now served exclusively through this dedicated FCA-authorised entity.
In Australia, TRADING.COM MARKETS PTY LTD is licensed by ASIC (AFSL 443670), which imposes ASIC's product-intervention leverage limits and design-and-distribution obligations.
In South Africa, XM ZA (Pty) Ltd is authorised by the FSCA (FSP 49976).
XM Financial Products Promotion L.L.C is registered with the SCA UAE, though the specific licence number could not be verified from the public register.
Several other claimed registrations remain unconfirmed. The FSC Mauritius register was searched for XM International MU Limited (claimed licence GB23202700) with no matching entry found.
Searches of the South Korean FSC register returned no results for XM Global Limited. The DFSA (Dubai) register could not be checked due to technical limitations of its public interface.
How Does XM Protect Client Funds?
For the CySEC-regulated entity, client funds are segregated from company operating capital and held at Barclays Bank Plc. Eligible clients are covered by the Investor Compensation Fund, which provides statutory protection of up to €20,000 per eligible client. Negative balance protection ensures retail clients cannot lose more than their deposited funds.
UK clients served through the FCA entity benefit from the Financial Services Compensation Scheme (FSCS), covering eligible claims up to £85,000. Australian clients should note that ASIC's jurisdiction does not provide an equivalent investor-compensation fund for OTC derivatives trading losses.
What Is XM's Reputation and Track Record?
XM was founded in 2009 and claims over 20 million clients across 190 countries. Reputation signals are mixed. The broker's Trustpilot profile is currently suspended: Trustpilot states the rating is "unavailable due to a breach of our guidelines," citing removal of fake reviews.
Visible data shows a polarised distribution of 28% five-star and 56% one-star ratings across 3,132 reviews.
The FCA has issued warnings against "XM Market Limited" and "xm-signals.com," entities distinct from but potentially confused with the main XM brand.
Captured September 2026, xm.com
EngineForex Trust Score
XM: 70/100 (Grade B)
Component
Score
Note
Regulator tier coverage
40/40
2 tier-1 licences
Number of regulators
15/15
12 regulators
Years of operation
15/15
17 years (10+)
Trustpilot rating
0/20
SUSPENDED, rating is unavailable due to a breach of our guidelines.
Trustpilot review volume
0/10
n/a, Trustpilot rating suspended
*Computed deterministically from verified register reads, founding year, and live Trustpilot data. See EngineForex's "How We Review Brokers" for the full methodology.*
▸ At a Glance
Category
Score
Why
Trust & Safety
7.0/10
FCA, ASIC, CySEC (tier-1) plus FSCA, FSA Seychelles; ICF/FSCS cover; segregated funds at Barclays.
Fees & Spreads
6.0/10
Zero Account advertises spreads from zero but exact commissions not specified on page.
Platforms & Tools
8.0/10
MT4 plus MT5 plus proprietary XM App across PC, Mac, web, and mobile.
Research
8.0/10
Free Trading Central tools plus nine analytical instruments bundled.
Education
8.0/10
Best CFD Community & Education Award (The Trading Show 2025); demo account available.
Customer Support
6.0/10
Contact emails listed per entity; no live chat hours, languages, or response times specified.
Mobile Experience
6.0/10
MT4/MT5 mobile apps plus XM App available on tablet and mobile.
Tradable Instruments
6.0/10
FX CFDs plus indices, commodities, shares CFDs offered; exact instrument count not specified.
★ Cost Score
Level 03 / 09◆ Fees
Fees & Spreads
Captured September 2026, xm.com
Transparency is the weak point here. XM's Zero Account advertises spreads as low as zero pips, but the broker's account-types page does not publish exact spread figures, commission rates, or jurisdiction-specific leverage details for any account.
That omission makes meaningful cost comparison difficult before you open an account or at least a demo.
What Are XM's Typical Spreads?
The Zero Account under XM's GB/UK entity lists spreads "as low as zero" pips, a "from" figure rather than an average or typical measurement. A "from" spread means the tightest spread you might see under ideal liquidity conditions; your actual cost on any given trade will typically be wider.
For XM's Australian entity, the account-types page describes spreads only qualitatively as "low spreads" without numerical values. No typical or average spread data for benchmark instruments such as EUR/USD, GBP/USD, or gold is published on the broker's website.
Account Type
Instrument
Spread
Data Type
Source
Zero Account (GB entity)
Not specified
As low as 0.0 pips
"from"
xm.com/account-types
Ultra Low Account
Not specified
Not stated
Not available
xm.com/account-types
"From" figures per broker website, read September 2026. No typical or average spread data for benchmark instruments is published on the broker's website.
What Commissions Does XM Charge?
XM's Australian entity describes one account tier as carrying "fixed commissions," yet the exact per-lot or per-side dollar amount is not stated on the account-types page. The same applies to the GB entity.
Until XM publishes explicit commission schedules on its marketing pages, you will need to consult the platform's order ticket or contact support for final confirmation. This matters because commission costs can substantially change the true cost of a trade, particularly for high-frequency strategies where small per-lot charges compound quickly.
What Are XM's Swap and Overnight Fees?
XM's Australian account-types page references "even lower swap fees" for at least one account tier, indicating that swap rates (the interest charge or credit applied when you hold a position overnight) vary by account type. No overnight financing rates or swap tables are published on the page reviewed.
Verify current rates inside the MT4 or MT5 terminal before holding positions overnight.
Does XM Charge Inactivity or Hidden Fees?
No inactivity fee schedule was found on XM's legal-documents page for the Australian, Cypriot, or British entities at the time of research. That does not necessarily mean no dormancy charge exists; review the full client agreement or contact XM support directly to confirm.
One notable non-trading benefit: XM includes Trading Central analytical tools at no additional cost to GB clients. While not a fee, this bundled access can offset research costs you might otherwise pay for independently at other brokers.
Level 04 / 09▶ Platforms
Platforms
XM offers three core platforms for UK clients: MetaTrader 4 (MT4), MetaTrader 5 (MT5), and the proprietary XM App. Neither cTrader nor TradingView integration is available at the time of writing, which may disappoint traders who prefer those alternatives.
MetaTrader 4 remains XM's flagship platform, providing over 50 built-in indicators and charting tools across multiple timeframes. Access is available via PC download, Mac download, tablet and mobile apps, WebTrader (browser-based), and a Multiterminal download for managing several accounts simultaneously.
Full Expert Advisor (EA) support is included for deploying automated strategies written in MQL4.
MetaTrader 5 expands the analytical toolkit to over 58 indicators and 44 analytical objects, adding more drawing tools, additional timeframes, and a built-in economic calendar not present in MT4. MT5 is available on PC, Mac, tablet, mobile, and WebTrader. Automation on MT5 runs through MQL5, which supports multi-threaded strategy testing for faster backtesting.
How Do XM's Platforms Compare?
Feature
MT4
MT5
XM App
Built-in Indicators
50+
58+
Basic set
Timeframes
9
21
Limited
EA / Algo Support
Yes (MQL4)
Yes (MQL5)
No
Desktop
Yes
Yes
No
Web
Yes (WebTrader)
Yes (WebTrader)
No
Mobile / Tablet
Yes
Yes
Yes
Economic Calendar
No
Yes
Yes
The XM App is XM's proprietary mobile application, consolidating trading, account management, and market research in a single interface. It provides access to the full range of tradable instruments on your account and includes built-in charting with common technical indicators, though it does not support Expert Advisors or the advanced charting depth found on MT4/MT5 desktop.
For GB traders, the XM App functions best as a companion tool for monitoring positions and executing straightforward trades on the go rather than as a primary replacement for MetaTrader's desktop platforms.
Level 05 / 09▸ Instruments
Tradable Instruments
XM lists instruments across forex, indices, commodities, shares, energies, and precious metals. Exact instrument counts are not prominently published on the broker's main marketing pages. The figures below reflect asset-class availability; confirm the exact count for your entity during account opening.
Forex is the centrepiece of XM's offering, covering major, minor, and exotic currency pairs.
Stock indices span global benchmarks traded as cash or futures CFDs.
Commodities include soft commodities alongside energies such as crude oil and natural gas.
Precious metals like gold and silver are available.
Individual share CFDs cover equities from major exchanges, though the Shares Account under the Cyprus entity carries a $10,000 minimum deposit and specific eligibility requirements.
Jurisdiction carve-outs matter here. Instrument availability can differ depending on which XM entity you register with. Cryptocurrency CFDs, for instance, may be accessible under one entity but unavailable under another.
Confirm the exact instrument list during account opening for your specific regulatory jurisdiction.
Level 06 / 09▶ Accounts
Account Types
Captured September 2026, xm.com
XM offers the Ultra Low Account and the Zero Account under its GB/UK and AU entities, both with a $5 minimum deposit. Clients under the CY entity can also access a Standard Account ($5 minimum) and a Shares Account ($10,000 minimum).
This makes XM one of the most accessible brokers for traders starting with limited capital.
Feature
Ultra Low Account
Zero Account
Minimum Deposit
$5
$5
Spread Model
Marked-up (no commission)
Raw / near-zero spreads
Commission
None
Yes (commission-based)
Max Leverage
1:30 (EU), 1:1000 (International)
1:30 (EU), 1:1000 (International)
Negative Balance Protection
Yes
Yes
Hedging Allowed
Yes
Yes
Swap-Free (Islamic) Option
Yes
Yes
Availability
GB, AU, CY
GB, AU, CY
The distinction between these two main accounts is straightforward. The Ultra Low Account bundles the broker's margin into the spread itself, so you pay no separate commission but see a wider quoted price.
The Zero Account strips the spread down to near-zero levels but charges a per-trade commission on top. This structure tends to favour scalpers and high-frequency strategies, where the raw-spread model can reduce total cost per round trip. Less frequent traders may find the all-inclusive spread simpler to manage.
Every account type includes negative balance protection, hedging capability, and the option to request a swap-free (Islamic) configuration as standard. Available base currencies include USD, EUR, GBP, JPY, CHF, and AUD among others, meaning GB traders can open a GBP-denominated account to avoid currency conversion fees on sterling deposits.
XM also provides a free demo account across all entities, using virtual funds so you can test strategies before committing real capital.
Level 07 / 09▸ Deposit
Deposits & Withdrawals
XM processes deposits and withdrawals through multiple payment partners, with specific providers varying by regulatory jurisdiction. For clients under the CySEC-regulated entity, payment processing is handled by Nuvei Limited, Sepaga E.M.I. Ltd, EcommBX Ltd, and Unlimit EU Ltd. The exact card networks, e-wallets, and bank transfer options available depend on your country of residence and the XM entity you are registered with.
XM requires identity verification (typically a government-issued ID and proof of address) before processing any withdrawal request. This is standard practice among regulated brokers.
Specific minimum withdrawal amounts, supported base currencies, and guaranteed processing timeframes are not confirmed in the available data. Some user reports describe delays tied to bonus-related conditions or incomplete verification documents.
These complaints do not necessarily indicate systemic issues, but they underscore the importance of reading the full terms and completing verification promptly.
Consult XM's deposit and withdrawal pages directly for the most current figures applicable to your region.
Level 08 / 09▶ Education
Research & Education
XM has built one of the more extensive education and research ecosystems in the retail brokerage space. The broker publishes daily technical analysis covering major forex pairs, commodities, and indices, though the depth and methodology behind these analyses should be evaluated critically.
Research tools are powered by Trading Central. The suite covers fundamental analysis, technical analysis, news and sentiment, and economic analysis through nine named tools including TC Market Buzz, Technical Insight, and Featured Ideas.
An economic calendar provides scheduled macroeconomic event data for anticipating volatility around key releases.
On the education side, XM hosts live webinars in multiple languages, covering topics from beginner introductions through to advanced strategy discussions. The broker maintains a library of educational video content and written tutorials organized into a structured learning path.
Industry recognition includes the Best CFD Community & Education Award from The Trading Show 2025 and the Best Education & Market Analysis Platform 2026 award from Global Brands Magazine.
XM also provides trading calculators (All-in-One and Currency) that let you determine required margin, pip value, and swap requirements before executing a position.
Level 09 / 09★ Support
Customer Support
XM provides customer support through live chat, email, and telephone, with service available in over 30 languages on a 24/5 basis (Monday to Friday).
Channel
Availability
Languages
Notes
Live Chat
24/5 (Mon-Fri)
30+
Via website and trading platforms
Email
24/5 (Mon-Fri)
30+
Segmented by entity and purpose
Telephone
24/5 (Mon-Fri)
30+
Local and international numbers per entity
Personal Account Manager
Assigned per client
Varies
Single point of contact for account queries
GB clients should confirm during initial contact whether they are reaching the UK entity's dedicated support team or a centralised hub serving multiple regions. Clients of the CySEC-regulated entity can escalate unresolved disputes to the Financial Ombudsman of Cyprus; UK clients can escalate to the Financial Ombudsman Service.
The Zero Account's spreads starting from zero provide a competitive entry point, and free access to Trading Central analytical tools adds genuine research value. However, the trust score of 70/100 (Grade B) reflects several cautions.
Exact commission and spread figures are not explicitly stated on the account-types page for any jurisdiction. The corporate structure spans entities across multiple tiers of regulation, and clients onboarded through offshore entities receive substantially weaker protections.
The FSC Mauritius register was searched for XM International MU Limited (licence GB23202700) with no matching entry, meaning that claim remains unconfirmed.
Best for: traders who value extensive regulatory coverage across multiple jurisdictions, want low-barrier accounts with competitive spreads, and appreciate bundled research tools without additional subscription costs.
Skip if: you require full fee transparency before account opening, or you prioritize brokers with a simpler corporate structure where every claimed licence is independently verifiable on public registers.
Steffen Droll is the chief editor of Engine Forex. He set the scoring methodology every broker on the site is measured against, and he signs off on each review before it publishes, including checking every licence number against the regulator's own public register.
The minimum deposit for both the Ultra Low Account and Zero Account is $5 across the GB/UK and AU entities, and the same $5 minimum applies under the CY entity. This low threshold makes XM accessible to traders who prefer to start with a small capital outlay while they learn the mechanics of live trading.
XM is frequently cited as a beginner-friendly broker, thanks to its $5 minimum deposit, free demo accounts, structured learning paths, and live webinars in multiple languages. The platform ecosystem sticks to the well-documented MetaTrader suite, which has extensive community resources for new users. That said, beginners should pay close attention to the entity they are assigned to, since leverage limits and protections vary significantly.
XM advertises leverage of 1:30 (EU), 1:1000 (International). Clients trading under the CySEC or FCA-regulated entities are subject to the lower limits mandated by MiFID II and local rules, while higher leverage is available through the offshore entities. Confirm the applicable maximum with XM directly based on your country of residence.
Yes. Negative balance protection is included as a standard feature on all XM account types across every entity. This means your account balance cannot fall below zero, preventing you from owing money to the broker beyond your deposited funds, a particularly important safeguard when trading with leverage.
Under the EU entity, client funds are segregated from company operating capital and held at Barclays Bank Plc. The Investor Compensation Fund covers eligible claims up to €20,000. UK clients benefit from the FSCS, covering up to £85,000. Negative balance protection applies across all entities as standard.
