Our verdict
XM is a Cyprus-based broker (CySEC) where you trade through MetaTrader 4, MetaTrader 5 or its own app. EU clients choose between an Ultra Low account without commission and a Zero account with tight spreads plus commission. Strong on education and analysis, narrower in instruments.
Scores
Overall score
Pros
- Both MetaTrader 4 and MetaTrader 5
- US$5 minimum deposit
- Zero account for tight spreads plus commission
- Strong education: live sessions, webinars and daily analysis
- Negative balance protection and €20,000 compensation cover (ICF)
Cons
- Inactivity fee after only 90 days
- Ultra Low spreads are average rather than tight
- No single crypto CFDs, real shares or copy trading for EU clients
- No TradingView integration or cTrader
Costs
Spread plus commission for one standard lot, round turn.
| Pair | Typical spread |
|---|---|
| EUR/USD | 1.1 pip |
| GBP/USD | 1.3 pip |
- Cost per lot EUR/USD
- €10.14
- Commission
- No commission
- Overnight financing
- Swaps based on the interest rate differential, applied to positions open at 22:00 GMT. Tripled on Wednesdays for forex and precious metals.
- Inactivity fee
- US$10 per month (or the remaining free balance) after 90 days without trades, deposits or withdrawals.
- Withdrawal fee
- XM lists no withdrawal fees in its cost overview. XM may add a mark-up on currency conversion.
Licences
- View in register
CySEC
Cyprus Securities and Exchange Commission
- Legal entity
- Trading Point of Financial Instruments Ltd
- Licence number
- 120/10
- Last verified
- 26 October 2026
Key facts
- Minimum deposit
- €5
- Max. leverage (retail)
- 1:30
- Instruments
- Forex, Indices, Commodities, Shares
- Platforms
- MetaTrader 4, MetaTrader 5, Web trader, Proprietary
- Demo account
- Yes
- Customer service
- 24/5 via chat, email and phone, in many languages
- Founded
- 2009
- Headquarters
- Limassol, CY
Regulation and safety
XM is the trading name of Trading Point of Financial Instruments Ltd in Limassol, licensed by the Cyprus Securities and Exchange Commission (CySEC, licence 120/10, since 2010) and passported across the EEA. Make sure you join the European entity: the XM group also has entities outside the EU with less protection. XM's EU website states at the bottom which entity provides the services.
Client money is held in segregated accounts at European banks and retail clients have negative balance protection. The Cypriot Investor Compensation Fund covers up to €20,000 per client. XM is not publicly listed. Outside the EU, the XM group was ordered to stop unlicensed activities by the Philippine securities regulator in 2025; this did not concern the European entity.
Costs
EU clients choose between two accounts:
- Ultra Low: no commission, the cost is in the spread. According to XM's own weekly averages, about 1.1 pips on EUR/USD and 1.3 pips on GBP/USD.
- Zero: spreads from 0 pips plus a commission of US$3.50 per side per US$100,000 traded. For one round-turn lot of EUR/USD that is about €7.
Also:
- An inactivity fee of US$10 per month once your account has been inactive for 90 days. That is quick compared with other brokers.
- Overnight financing on positions open at 22:00 GMT, tripled on Wednesdays.
- Currency conversion with an XM mark-up.
Platform and range
XM offers MetaTrader 4 and MetaTrader 5, plus its own app, so you can also trade with expert advisors. cTrader and a TradingView integration are not available.
For EU clients the range consists of CFDs on forex, shares, indices, commodities, precious metals, energies and thematic indices. Single crypto CFDs, real shares and copy trading are not available to EU clients.
Education and support
XM is strong on education and analysis, with live trading sessions, webinars and daily market updates in many languages. The demo account is free. Support is available 24 hours a day on weekdays via chat, email and phone.
Who is XM for?
XM suits traders who want to use MetaTrader and start with a small amount, and those who value education. If you trade only occasionally, watch out for the inactivity fee after 90 days.
XM
MetaTrader users starting with a small amount
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Frequently asked questions
Is XM safe?
XM's European entity, Trading Point of Financial Instruments Ltd, is licensed by CySEC (120/10). Client money is held separately and the Cypriot compensation fund covers up to €20,000. When opening an account, check that you are joining this EU entity.
What is the difference between the Ultra Low and Zero accounts?
With Ultra Low you pay no commission and the cost is in the spread. With Zero the spreads are tighter, from 0 pips, but you pay US$3.50 commission per side per US$100,000 traded.
Can I use MetaTrader with XM?
Yes. XM offers both MetaTrader 4 and MetaTrader 5 on desktop, web and mobile.
Editorial team
- Follows a fixed, public review methodology
- Verifies licences directly with the regulator
- Takes costs from brokers' official price lists