XM Broker Review & Test 2026 – CFD Broker with a Very Broad Range of Assets
XM has been one of the most well-known CFD brokers worldwide for many years and is particularly popular among Forex and CFD traders. The company offers an extremely wide range of underlying assets (over 1,000 markets), several account types and its own platform. However, XM is limited exclusively to CFD trading – real stocks or ETFs are not part of the offering. Here is a current, detailed review & experience report (as of February 2026).
Regulation & Security
XM operates globally and is supervised by several regulatory authorities on different continents:
- CySEC (Cyprus) – EU license, segregated client funds, up to €20,000 deposit protection
- ASIC (Australia) – very strict supervision, additional protection measures
- FSC (Belize) – international license for clients outside EU/Australia
- DFSA (Dubai) – active since 2023/24, high standards
XM offers retail clients (small investors) standard negative balance protection (protection against negative account balance). For clients under CySEC regulation (EU), this protection is legally required. For clients outside the EU (e.g. under the FSC license in Belize), XM provides this protection voluntarily. Professional clients are generally excluded from this service. Client funds are held separately from the company's funds at major banks (e.g. Barclays, NatWest). XM is considered reputable, although the main headquarters is outside the EU (Belize for international clients), which can be a drawback for very security-conscious traders. On the other hand, it has convinced as a reputable broker since 2009.
Offering & Markets
XM's range of underlying assets is one of the broadest on the market in the CFD trading sector:
- Forex: over 55 currency pairs (Majors, Minors, Exotics)
- Indices: 18+ (DAX, S&P 500, Nasdaq, Nikkei etc.)
- Commodities: Gold, Silver, Oil, Gas, Coffee, Cocoa, Wheat etc.
- Stock CFDs: over 1,000 individual stocks (US, EU, Asia)
- Cryptocurrencies: 50+ (BTC, ETH, SOL, ADA, DOGE etc.) – exclusively through XM Global (FSC-regulated)
- CFDs on ETFs, bonds & futures
Special feature: XM offers a very large number of micro and mini lots (from 0.01 lots) and an extremely low minimum trade (0.01 lots = 1,000 units in Forex), which makes it possible to enter trading with relatively little capital.
Fees & Spreads at XM
| Account Type | Min. Deposit | Spread (EUR/USD) | Commission | Swap |
|---|---|---|---|---|
| Micro | 5 USD | from 1.0 pips | 0 USD | available |
| Standard | 5 USD | from 1.0 pips | 0 USD | available |
| Ultra Low | 50 USD | from 0.6 pips | 3.5 USD per lot | available |
| Shares | 10,000 USD | from 0.1 % | 0 USD | available |
Fees summary:
- Very low entry (from 5 USD)
- Swap-free accounts (Islamic) available
- Overnight financing (swap) can become expensive for longer-held positions
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74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
Trading Platforms at XM
XM offers traders three solid platforms for trading:
- MT4 & MT5: The classic among trading platforms. Very popular, contains many indicators, EAs, copy trading possible. For trading CFDs on stocks, MetaTrader 5 must be used.
- XM App (own mobile app): Modern and clearly designed, good for on the go.
XM does not offer its own desktop platform like xStation (XTB) or cTrader – anyone who likes MT4/MT5 is in good hands here.
Service & Support at XM
XM offers constant access to current market news, extensive planning and analysis options with Trading Central tools and 24/5 support in 30+ languages (including German):
- Live chat, phone, email
- Very fast response times (often under 1 minute in chat)
- Personal account manager from higher deposits
The website is clear, there is an own academy (videos, webinars, articles) – although less extensive than some competitors. In return, XM offers its clients numerous market-relevant information in the members' area, from current market news to Trading Central analyses.
Pros & Cons
Pros
- Very broad offering (over 1,000 markets)
- Extremely low entry (5 USD)
- MT4/MT5 + own app
- Extensive tools for strategy and planning
- Good spreads on Ultra Low account
- 24/5 support in many languages
Cons
- Only CFDs – no real stocks/ETFs
- Swap costs can become high for longer holding
- No own professional trading platform (only MT4/MT5)
Conclusion
XM is a very solid and established CFD broker with one of the broadest ranges of underlying assets on the market, extremely low entry and good service. Forex and CFD traders who use MT4/MT5 and want to trade small positions will get their money's worth here. Anyone looking for real stocks, ETFs or a broker with its own trading platform will find a neutral overview here of established platforms that cover almost the entire range of tradable assets: To the Trading Platform Overview.
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Visit the XM Website now!
74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
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