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XM Forex Broker Review

XM FOREX BROKER REVIEW Our editors independently research and recommend the best products and services. You can learn more about...

XM Forex Broker Review

XM FOREX BROKER REVIEW

Our editors independently research and recommend the best products and services. You can learn more about our independent review process and partners in our advertiser disclosure . We may receive commissions on purchases made from our chosen links.
Foreign exchange (forex) traders have access to the world’s largest and most liquid market, 24 hours a day, five days a week. The best forex brokers operate under strict regulatory supervision, offer robust research and analytical tools, provide access to a wide range of assets, deliver strong customer support, and more—all while maintaining competitive, transparent pricing.

OVERALL RATING

4.7
★★★★★
TRUST
4.7
TRADABLE INSTRUMENTS
4.0
DEPOSIT & WITHDRAWAL
4.7
FEES
4.7
CUSTOMER SUPPORT
4.0
ACCOUNT TYPES AND TERMS
4.7
PLATFORMS AND TOOLS
4.7
RESEARCH
4.0
EDUCATION
4.7
OPEN ACCOUNT DEMO ACCOUNT

Forex margin trading involves substantial risks.

TOP TAKEWAYS FOR XM

  • FOREX.com's Trading Academy has incredibly detailed and highly informative interactive educational courses.
  • FOREX.com produces high-quality video content, including its Daily Market Update and Weekly Technical Outlook.
  • FOREX.com's multi-asset offering shines the most on its flagship Advanced Trading (desktop) and Web Trading (browser) platforms.
  • With FOREX.com’s acquisition of Chasing Returns, performance analytics are now available to live account holders for free
  • MetaTrader 5 was recently launched and available to traders in the U.S., Canada, and the EU

TRUST SCORE

Developed by ForexBrokers.com and in use for nearly 10 years, Trust Score is a proprietary rating system powered by a range of unique quantitative and qualitative metrics, including each company’s number of regulatory licenses. Trust Scores range from 1 to 99 (the higher a broker’s rating, the better). Learn
more

IS FOREX.COM SAFE?

FOREX.com is considered Highly Trusted, with an overall Trust Score of 99 out of 99. FOREX.com’s ultimate parent company, StoneX Group Inc., is publicly traded, does not operate a bank, and is authorised by seven Tier 1 regulators (Highly Trusted), one Tier 2 regulator (Trusted), zero Tier-3 regulators (Average Risk), and one Tier 4 regulator (High Risk). FOREX.com is authorised by the following Tier 1 regulators: Australian Securities & Investment Commission (ASIC), Monetary Authority of Singapore (MAS), Financial Conduct Authority (FCA), Canadian Investment Regulatory Organization (CIRO), Japanese Financial Services Authority (JFSA), Commodity Futures Trading Commission (CFTC), and Securities & Exchange Commission (CySEC). Learn more about Trust Score or see where the different FOREX.com entities are regulated.

RANGE OF INVESTMENTS

The products and services available to you at FOREX.com will depend on your location, and on which of its regulated entities holds your account. For example, while CFDs are not available in the U.S. due to regulatory issues, FOREX.com offers an impressive selection of over 4,500 CFDs for traders living outside of the U.S., including as many as 7,000 in its European entity. FOREX.com offers CFDs for commodities and metals, though spot metals (like gold and silver) are unavailable to traders in the U.S. Also, knock out options are now available at FOREX.com in Japan, Singapore, and Australia.
Cryptocurrency: Cryptocurrency trading is available at FOREX.com through CFDs, but not available through trading the underlying asset (e.g., buying Bitcoin). Note: Crypto CFDs are not available to retail traders from any broker’s U.K. entity, nor to U.K. residents. The following table summarizes the different investment products available to FOREX.com clients.
Forex Trading (Spot or CFDs) YES
Forex Trading (Spot or CFDs) YES
Forex Trading (Spot or CFDs) YES
Forex Trading (Spot or CFDs) YES
Forex Trading (Spot or CFDs) YES
Forex Trading (Spot or CFDs) YES
Forex Trading (Spot or CFDs) YES
Forex Trading (Spot or CFDs) YES
Disclaimer Note: Crypto CFDs are not available to retail traders from any broker’s U.K. entity, nor to U.K. residents (except to Professional clients).

FOREX.COM FEES

FOREX.com offers multiple execution methods and account types (FOREX.com is one of my top picks for market maker brokers), as well as transparent execution statistics. That said, our research found that FOREX.com is slightly expensive when compared to the industry average, unless you are trading outside of the US, where spreads averaged 0.74 for the EUR/USD in July 2023 (using a time weighted average), whereas its Raw account spreads are lower but feature a per trade commission.

Standard account: FOREX.com’s Standard account is the only option available for MetaTrader clients and would not be my ideal choice. Average spreads are high at 1.4 in the U.S. on the EUR/USD, based on typical spread data provided to us by FOREX.com (July 2023). The Standard account will appeal to traders who are willing to pay a premium (in the form of a higher spread) for the benefits of market maker execution.

Active trading accounts: The DMA account was discontinued globally and has been replaced by the RAW account offering , which features typical spreads on the EUR/USD of 0.13 pips (calculated using data collected in February 2024). RAW accounts are commission based and are eligible for active trader discounts on FOREX.com’s proprietary Advanced Trading platform suite, with low competitive spreads nearing zero before commission.
  • Very high volume active traders that turn over more than $2 billion per month (Tier Six) would realize effective spreads comparable to what IC Markets or Tickmill offer.
RAW Spread account: FOREX.com’s recently launched RAW Spread account delivers commission based pricing (similar to its STP account) and volume based rebates for active traders (note that in the EU region, rebates are only offered to professional clients). The RAW account (along with MetaTrader 5) is now available to FOREX.com’s clients in Canada, the U.S, and the European Union. Learn more about forex trading in Canada by checking out our Canada forex guide.
  • There are six volume tiers with rebates ranging from $2 per million at the base tier to $9 per million at the highest tier (level five).
  • The base commission for the lowest tier on the Raw account is $7 per Standard lot ($3.5 per side), which adds about 0.7 to the typical spreads of 0.13 pips for the EUR/USD (based on February 2024 spread data).
  • Bottom line: unless you trade more than $50 million per month, the all in costs for FOREX.com’s Commission account are practically the same as the Standard account for U.S. residents, the only differences being execution method and available platforms.
Note: FOREX.com’s spread only and RAW accounts are the only available account types for clients in the U.S. Both pricing types are available to MetaTrader 5 accounts in the U.S. and Canada unlike other regions where only spread only pricing is available for MT5. For clients registered under a European regulator, only MT5 is available

RANGE OF INVESTMENTS

The products and services available to you at FOREX.com will depend on your location, and on which of its regulated entities holds your account. For example, while CFDs are not available in the U.S. due to regulatory issues, FOREX.com offers an impressive selection of over 4,500 CFDs for traders living outside of the U.S., including as many as 7,000 in its European entity. FOREX.com offers CFDs for commodities and metals, though spot metals (like gold and silver) are unavailable to traders in the U.S. Also, knock out options are now available at FOREX.com in Japan, Singapore, and Australia.
Cryptocurrency: Cryptocurrency trading is available at FOREX.com through CFDs, but not available through trading the underlying asset (e.g., buying Bitcoin). Note: Crypto CFDs are not available to retail traders from any broker’s U.K. entity, nor to U.K. residents. The following table summarizes the different investment products available to FOREX.com clients.
Forex Trading (Spot or CFDs) YES
Forex Trading (Spot or CFDs) YES
Forex Trading (Spot or CFDs) YES
Forex Trading (Spot or CFDs) YES
Forex Trading (Spot or CFDs) YES
Forex Trading (Spot or CFDs) YES
Forex Trading (Spot or CFDs) YES
Forex Trading (Spot or CFDs) YES
Disclaimer Note: Crypto CFDs are not available to retail traders from any broker’s U.K. entity, nor to U.K. residents (except to Professional clients).
Features
e
eToro
⭐⭐⭐⭐☆ 4.5
p
Plus500
⭐⭐⭐⭐☆ 4.2
x
XM Group
⭐⭐⭐⭐☆ 4.7
i
IC Markets
⭐⭐⭐⭐☆ 4.6
Spreads0.0 pips0.1 pips0.0 pips0.0 pips
Max Leverage1:301:301:8881:500
PlatformsWeb, MobileWeb, MobileMT4, MT5MT4, MT5, cTrader
RegulationTier 1Tier 1Tier 1Tier 1
Min. Deposit$50$100$5$200
Support24/524/724/524/5
Mobile Trading✔✔✔✔
Copy Trading✔✘✔✘
Demo Account✔✔✔✔
Visit Visit Visit Visit
✔ Available | ✘ Not Available

WHAT ACCOUNT TYPES ARE AVAILABLE?

A broad range of account types helps a broker cater to different trader profiles. For example, a simple STP account may be the best for beginners in the markets, while an ECN/Raw Spread account can help sophisticated, active traders keep their costs to a minimum.
Here are some of the most common account types offered by CFD brokers:
  • Standard Accounts: These are the most common types of accounts that CFD brokers offer. They usually provide access to a wide range of financial instruments, including indices, commodities, shares, and more. The minimum deposit requirement for standard accounts can vary greatly between brokers.
  • Mini or Micro Accounts: These accounts are designed for beginners or traders with smaller account balances. They often allow trading with smaller contract sizes, which can be a way to manage risk, especially for new traders learning the ropes
  • VIP or Premium Accounts: These accounts are designed for high volume or professional traders. They often come with lower spreads or commissions, a dedicated account manager, and other perks like free access to premium research or advanced trading tools. However, they usually require a higher minimum deposit.
  • Demo Accounts: Almost all CFD brokers offer demo accounts where traders can practice their strategies with virtual money before risking real money. This is a great way to get to know the broker’s platform and test your trading skills. Read more about best forex demo accounts.
  • Islamic Accounts: These are swap free accounts that comply with Islamic law, which prohibits earning or paying interest. They are designed for traders of the Islamic faith. Read more about best Islamic forex accounts. Explore Best micro forex accounts and Best big forex accounts.

WHAT IS THE AVAILABLE LEVERAGE?

The leverage options at CFD brokers offer a substantial advantage when trading CFDs. The extent of leverage you can access depends on where your broker (or broker’s entity) is located. For instance, if you’re trading through a UK-based, FCA-regulated broker, you’ll find the maximum leverage capped at 1:30. In contrast, offshore brokers frequently provide much higher leverage, sometimes reaching up to 1:500 or beyond.

The level of available leverage depends on what type of asset you are trading. For example, here is the complete breakdown across each asset category via a CySEC regulated broker:

  • Forex Majors: 1:30
  • Forex Minors: 1:20
  • Forex Exotics: 1:20
  • Indices Majors: 1:20
  • Indices Minors: 1:10
  • Commodities: 1:10
  • Gold: 1:20
  • Metals: 1:10
  • Energies: 1:10
  • Cryptos: 1:2
  • Futures: 1:10
  • Bonds: 1:5
  • Shares: 1:5

Beware of using excessive leverage, even if it is tempting. It’s an enthralling feeling to control a large position in the market. But when markets are moving fast, and you are holding a highly leveraged position, there is a very high risk of losing money. Accounts can get wiped out in seconds.

However, if you’re set on pursuing higher leverage, FX Empire offers a list of the best forex brokers with high leverage, carefully selected to suit specialized trading needs.

WHAT TO AVOID WHEN CHOOSING A FOREX BROKER?

Opening an account with an unregulated offshore broker entails substantial risk. In some instances, brokers with offshore entities purchase private insurance from Lloyds of London to mitigate the risk for clients. Be sure to
check what kind of account insurance is available to safeguard your account whether a compensation fund is provided in association with a regulator or private insurance.

Another important area to check is trading costs and fees. Some brokers may have very wide spreads, making it expensive to get in and out of trades. In some cases, for example, when trading CFDs on shares, commissions
may also be added. Among account related fees, find out if there is an inactivity fee many brokers charge a sum each month after your account has been dormant for a set period. If you take a break from the market and
are unaware of this, you could be surprised to find your account balance lower when you return to trading.

HOW TO AVOID FOREX AND CFD SCAMS?

  • High -Return Guarantees. A common scam in the forex and CFD industry involves vendors offering a trading strategy that guarantees an outlandishly high return in little time. These may involve automated trading using bots or a signal service where trades are shared via chat or social media. Nobody can guarantee returns with certainty, and it is more likely that such strategies will lose money. When assessing strategy or signal providers, you should look for a live track record audited by a third party and be conscious that past performance does not guarantee future results.
  • Lack of Protection. Traders should also be cautious about opening an account with an unregulated offshore broker. Such brokers may offer a straightforward account opening process, bonuses, and high levels of leverage, but client funds are typically not protected. Meanwhile, brokers regulated by top tier authorities must undergo regular audits and are held accountable for misconduct. Traders can also benefit from having their funds held in segregated accounts, negative balance protection, and a compensation fund in the event of broker insolvency.

And if you are still uncertain, you can always check out our database of reviews to find the most reliable broker.

OUR METHODOLOGY

The review process includes live testing, research, questionnaires, broker demonstrations, assessing spreads, swap fees, and other costs. This helps determine a broker’s competitiveness and platform usability.

Our editorial integrity ensures unbiased, objective reviews based on measurable data. We prioritize well regulated companies for their trustworthiness and financial stability, focusing on low spreads and swap fees. We also consider the richness of trading platforms, range of tradable instruments, account diversity, customer support efficiency, deposit/withdrawal ease, leverage options, and educational resources. Our goal is to empower traders with comprehensive market knowledge, effective strategies, and informed decision making capabilities.

The review process includes live testing, research, questionnaires, broker demonstrations, assessing spreads, swap fees, and other costs. This helps determine a broker’s competitiveness and platform usability.

Our editorial integrity ensures unbiased, objective reviews based on measurable data. We prioritize well regulated companies for their trustworthiness and financial stability, focusing on low spreads and swap fees. We also consider the richness of trading platforms, range of tradable instruments, account diversity, customer support efficiency, deposit/withdrawal ease, leverage options, and educational resources. Our goal is to empower traders with comprehensive market knowledge, effective strategies, and informed decision making capabilities.

We abide by our strict guidelines for editorial integrity based on the objective standards we have set for our reviews. You can read more about our review process here.

WHAT IS THE AVAILABLE LEVERAGE?

  • Best Forex Brokers
  • Best CFD Brokers
  • Best Gold Trading Brokers
  • Best Crypto Trading Brokers
  • Best Forex Brokers for Beginners
  • Best Forex Brokers for Scalping

FREQUENTLY ASKED QUESTIONS

For this guide, we applied our advanced methodology, focusing on industry leaders. FXEmpire, reviewing brokers since 2011, offers in depth analysis with over 250 data points per broker. We evaluate
brokers across nine categories: Trust, Fees, Platforms and Tools, Tradable Instruments, Customer Service, Deposit and Withdrawal, Account Types, Research, and Education.

For this guide, we applied our advanced methodology, focusing on industry leaders. FXEmpire, reviewing brokers since 2011, offers in depth analysis with over 250 data points per broker. We evaluate
brokers across nine categories: Trust, Fees, Platforms and Tools, Tradable Instruments, Customer Service, Deposit and Withdrawal, Account Types, Research, and Education.

For this guide, we applied our advanced methodology, focusing on industry leaders. FXEmpire, reviewing brokers since 2011, offers in depth analysis with over 250 data points per broker. We evaluate
brokers across nine categories: Trust, Fees, Platforms and Tools, Tradable Instruments, Customer Service, Deposit and Withdrawal, Account Types, Research, and Education.

For this guide, we applied our advanced methodology, focusing on industry leaders. FXEmpire, reviewing brokers since 2011, offers in depth analysis with over 250 data points per broker. We evaluate
brokers across nine categories: Trust, Fees, Platforms and Tools, Tradable Instruments, Customer Service, Deposit and Withdrawal, Account Types, Research, and Education.

For this guide, we applied our advanced methodology, focusing on industry leaders. FXEmpire, reviewing brokers since 2011, offers in depth analysis with over 250 data points per broker. We evaluate
brokers across nine categories: Trust, Fees, Platforms and Tools, Tradable Instruments, Customer Service, Deposit and Withdrawal, Account Types, Research, and Education.

For this guide, we applied our advanced methodology, focusing on industry leaders. FXEmpire, reviewing brokers since 2011, offers in depth analysis with over 250 data points per broker. We evaluate
brokers across nine categories: Trust, Fees, Platforms and Tools, Tradable Instruments, Customer Service, Deposit and Withdrawal, Account Types, Research, and Education.

For this guide, we applied our advanced methodology, focusing on industry leaders. FXEmpire, reviewing brokers since 2011, offers in depth analysis with over 250 data points per broker. We evaluate
brokers across nine categories: Trust, Fees, Platforms and Tools, Tradable Instruments, Customer Service, Deposit and Withdrawal, Account Types, Research, and Education.

For this guide, we applied our advanced methodology, focusing on industry leaders. FXEmpire, reviewing brokers since 2011, offers in depth analysis with over 250 data points per broker. We evaluate
brokers across nine categories: Trust, Fees, Platforms and Tools, Tradable Instruments, Customer Service, Deposit and Withdrawal, Account Types, Research, and Education.

For this guide, we applied our advanced methodology, focusing on industry leaders. FXEmpire, reviewing brokers since 2011, offers in depth analysis with over 250 data points per broker. We evaluate
brokers across nine categories: Trust, Fees, Platforms and Tools, Tradable Instruments, Customer Service, Deposit and Withdrawal, Account Types, Research, and Education.

For this guide, we applied our advanced methodology, focusing on industry leaders. FXEmpire, reviewing brokers since 2011, offers in depth analysis with over 250 data points per broker. We evaluate
brokers across nine categories: Trust, Fees, Platforms and Tools, Tradable Instruments, Customer Service, Deposit and Withdrawal, Account Types, Research, and Education.

For this guide, we applied our advanced methodology, focusing on industry leaders. FXEmpire, reviewing brokers since 2011, offers in depth analysis with over 250 data points per broker. We evaluate
brokers across nine categories: Trust, Fees, Platforms and Tools, Tradable Instruments, Customer Service, Deposit and Withdrawal, Account Types, Research, and Education.

For this guide, we applied our advanced methodology, focusing on industry leaders. FXEmpire, reviewing brokers since 2011, offers in depth analysis with over 250 data points per broker. We evaluate
brokers across nine categories: Trust, Fees, Platforms and Tools, Tradable Instruments, Customer Service, Deposit and Withdrawal, Account Types, Research, and Education.

For this guide, we applied our advanced methodology, focusing on industry leaders. FXEmpire, reviewing brokers since 2011, offers in depth analysis with over 250 data points per broker. We evaluate
brokers across nine categories: Trust, Fees, Platforms and Tools, Tradable Instruments, Customer Service, Deposit and Withdrawal, Account Types, Research, and Education.

For this guide, we applied our advanced methodology, focusing on industry leaders. FXEmpire, reviewing brokers since 2011, offers in depth analysis with over 250 data points per broker. We evaluate
brokers across nine categories: Trust, Fees, Platforms and Tools, Tradable Instruments, Customer Service, Deposit and Withdrawal, Account Types, Research, and Education.

For this guide, we applied our advanced methodology, focusing on industry leaders. FXEmpire, reviewing brokers since 2011, offers in depth analysis with over 250 data points per broker. We evaluate
brokers across nine categories: Trust, Fees, Platforms and Tools, Tradable Instruments, Customer Service, Deposit and Withdrawal, Account Types, Research, and Education.

For this guide, we applied our advanced methodology, focusing on industry leaders. FXEmpire, reviewing brokers since 2011, offers in depth analysis with over 250 data points per broker. We evaluate
brokers across nine categories: Trust, Fees, Platforms and Tools, Tradable Instruments, Customer Service, Deposit and Withdrawal, Account Types, Research, and Education.

For this guide, we applied our advanced methodology, focusing on industry leaders. FXEmpire, reviewing brokers since 2011, offers in depth analysis with over 250 data points per broker. We evaluate
brokers across nine categories: Trust, Fees, Platforms and Tools, Tradable Instruments, Customer Service, Deposit and Withdrawal, Account Types, Research, and Education.

MEET OUR AUTHORS

FRANCIS DANIEL

FOREX ANALYST

Dan Blystone began his career in the trading industry in 1998 on the floor of the Chicago Mercantile Exchange. Later Dan gained insight into the forex industry during his time as a Series 3 licenced futures and forex broker. He also traded at a couple of different prop trading firms in Chicago. Dan is well equipped to recommend the best forex brokers due to his extensive experience and understanding of the brokerage industry.

WHY TRUST DAILYSPOK?

At FXEmpire, we strive to provide unbiased, thorough and accurate broker reviews by industry experts to help our users make smarter financial decisions. At FXEmpire, we strive to provide unbiased, thorough and accurate broker reviews by industry experts to help our users make smarter financial decisions. Read More