XM Group Review 2024
Written by BrokerNotes.co
Fact-checked by Steven Hatzakis, Joey Shadeck
Edited by Jeff Anberg
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75.33% of retail CFD accounts lose money. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Our research indicates that XM Group is a highly recommended choice for forex and CFD trading. Founded in 2009, it has garnered a strong reputation in the industry. With a high trust score of 88 and a solid overall recommendation, XM Group provides a reliable trading environment.
Overall Rating
Minimum Deposit
Trust Score
Pros and Cons
Pros
- Respected Trust Score: Trusted by ForexBrokers.com with a score of 88.
- Educational Resources: Offers comprehensive educational materials, including advanced and beginner videos.
- MetaTrader Platforms: Supports both MetaTrader 4 and MetaTrader 5.
Cons
- Higher Spreads: The average spread for EUR/USD is 1.6, higher than the industry average of 1.08.
- No Proprietary Platform: Does not offer a proprietary trading platform.
- Limited VIP Discounts: Does not offer active trader or VIP discounts.
Ratings Summary
- Investment Types - 8.5/10
- Commissions & Fees - 7.5/10
- Trading platforms - 8.0/10
- Research - 9.5/10
- Mobile Apps - 7.5/10
- Education - 9.0/10
- Overall - 8.5/10
Can I trust XM Group?
XM Group is a trustworthy broker, though it is not publicly traded. It is authorized by major regulatory bodies including ASIC, MiFID, and the FCA in the UK. The trust score of 88, as rated by ForexBrokers.com, indicates a "Trusted" broker.
XM Group is currently licensed and/or authorised by the following regulatory bodies:
- Tier-1 Regulators - Australian Securities & Investment Commission (ASIC), and regulated in the European Union via the MiFID passporting system
- Tier-2 Regulators - Dubai Financial Services Authority (DFSA)
- Tier-3 Regulators - None
- Tier-4 Regulators - International Financial Services Commission (IFSC)
Is XM Group good for beginners?
We recommend XM Group for beginners due to its comprehensive educational resources, including both advanced and beginner videos. The amount of quality educational content provided by XM Group bestows it a high rating for education and beginners.
| Feature |
XM Group
|
|---|---|
| Education (Forex or CFDs) | Yes |
| Client Webinars | Yes |
| Videos - Beginner Trading Videos | Yes |
| Videos - Advanced Trading Videos | Yes |
| Investor Dictionary (Glossary) | No |
XM Group commissions and fees summary
XM Group charges an inactivity fee and has an average spread of 1.6 for the EUR/USD pair, which is higher than the industry average. However, with no minimum deposit required and solid ratings for commissions and fees, it remains an average choice for investors.
| Feature |
XM Group
|
|---|---|
| Minimum Deposit | $5 |
| Average Spread EUR/USD - Mini | 1.7 |
| Average Spread EUR/USD - Standard | 1.6 |
| All-in Cost EUR/USD - Active | 0.8 |
| Active Trader or VIP Discounts | No |
XM Group trading platforms and tools
Did you know? Trading platforms comparison
Of the 60+ brokers reviewed on BrokerNotes, 64% offer a proprietary platform, 100% offer a web platform, 91% offer a desktop platform, 11% offer cTrader, 14% offer ZuluTrade, 81% offer MetaTrader 4, and 64% offer MetaTrader 5.
XM Group offers a strong selection of trading platforms and tools, including MetaTrader 4 and MetaTrader 5. The rating for platforms and tools is average, making it a viable option for most traders.
Trading platforms offered: MetaTrader 4 and MetaTrader 5.
Trading tools: Comprehensive tools are available within the MetaTrader suite.
Copy trading: Enabled, beneficial for less experienced traders.
| Feature |
XM Group
|
|---|---|
| Virtual Trading (Demo) | Yes |
| Proprietary Platform | No |
| Desktop Platform (Windows) | Yes |
| Web Platform | Yes |
| MetaTrader 4 (MT4) | Yes |
| MetaTrader 5 (MT5) | Yes |
| DupliTrade | No |
XM Group trading platform screenshots
Mobile trading apps at XM Group
XM Group's mobile trading apps are reliable, with a strong rating. They support both MetaTrader 4 and 5, making them a highly recommended choice for mobile trading.
| Feature |
XM Group
|
|---|---|
| Android App | Yes |
| Apple iOS App | Yes |
| Mobile Economic Calendar | Yes |
| Mobile Alerts - Basic Fields | Yes |
| Mobile Charting - Draw Trendlines | Yes |
| Mobile Watchlist | Yes |
XM Group mobile app screenshots
How do I open an account with XM Group?
- Visit the XM Group website.
- Click on the "Open an Account" button.
- Fill in the required personal information.
- Submit verification documents.
- Fund your account and start trading.
What can I trade at XM Group?
XM Group provides 55 forex pairs and 1,429 tradeable symbols, offering ample trading options but is below the industry average of 3,623 symbols.
| Feature |
XM Group
|
|---|---|
| Tradeable Symbols (Total) | 1394 |
| Forex Pairs (Total) | 55 |
| Social Trading / Copy Trading | Yes |
| Cryptocurrency (Physical) | No |
| Cryptocurrency (Derivative) | Yes |
| Spread Betting | No |
XM Group research screenshots
Account funding at XM Group
XM Group supports funding through bank wires, Neteller, credit cards, and Skrill. PayPal is not supported.
| Feature |
XM Group
|
|---|---|
| Visa/Mastercard (Credit/Debit) | Yes |
| Bank Wire (Deposit/Withdraw) | Yes |
| PayPal (Deposit/Withdraw) | No |
| Skrill (Deposit/Withdraw) | Yes |
| Neteller (Deposit/Withdraw) | Yes |
About XM Group
Founded in 2009, XM Group has established itself as a prominent player in the forex and CFD trading industry. It is regulated by several major authorities, ensuring a secure trading environment.
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Methodology
At BrokerNotes.co, our data-driven online broker reviews are based on our extensive testing of brokers, platforms, products, technologies, and third-party trading tools. Our product testing extends to the quality and availability of educational content, market research resources, and the accessibility and capabilities of mobile platforms and trading apps. We also dive into each broker’s trading costs, such as VIP rebates, inactivity fees, custody fees, bid/ask spreads, and other fee-based data points.
Steven Hatzakis, an industry veteran with decades of experience in the forex market, leads the BrokerNotes research team. All BrokerNotes content is researched, fact-checked, and edited by the research team.
All websites and web-based platforms are tested using the latest version of the Google Chrome browser. Our Desktop PCs run Windows 11, and we use MacBook Pro laptops running the latest version of macOS to test trading on the go. We test mobile apps and products using iPhones running iOS 17 and Samsung devices running Android OS 14.
Note: The online brokers on our site provide the ability to trade forex in one or more ways, such as non-deliverable spot forex (i.e., rolling spot contracts), contracts for difference (CFD), or other derivatives such as futures. The availability of specific markets or features will depend on your country of residence and the broker's applicable brand or entity that services your account(s).
Forex Risk Disclaimer
There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. Learn more about foreign exchange risk.
About the Editorial Team
BrokerNotes.co provides unbiased forex broker reviews and ratings to help traders and investors find the best broker for their needs. All content is researched, fact-checked, and edited by our research team and all ratings and rankings are based on the team’s in-depth product testing.
Steven Hatzakis is the Global Director of Online Broker Research for BrokerNotes.co and ForexBrokers.com. Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. A forex industry expert and an active fintech and crypto researcher, Steven advises blockchain companies at the board level and holds a Series III license in the U.S. as a Commodity Trading Advisor (CTA).
Joey Shadeck is the Content Strategist and Research Analyst for BrokerNotes.co and ForexBrokers.com. He holds dual degrees in Finance and Marketing from Oakland University, and has been an active trader and investor for close to ten years. An industry veteran, Joey obtains and verifies data, conducts research, and analyzes and validates our content.
Jeff Anberg is a Staff Editor at BrokerNotes.co and ForexBrokers.com. Along with years of experience in media distribution at a global newsroom, Jeff has a versatile knowledge base encompassing the technology and financial markets. He is a long-time active investor and engages in research on emerging markets like cryptocurrency. Jeff holds a Bachelor’s Degree in English Literature with a minor in Philosophy from San Francisco State University.