XM has grown into a global broker empire with clients in over 190 countries. Although not regulated by the FSCA, they tick the box for safety and security with 3 major regulators. Due to their popularity, they own a big share of the South African market, despite being an international Forex broker.

Established in 2009, this ensures credibility and assures traders‘ that they are not a fly by night broker.

XM is a market maker which indicates a conflict of interest between trader and broker. They are, however, known for proving fair trading conditions. Traders have an option of a wide variety of account currencies which include ZAR. They offer a $30 no deposit bonus, allowing traders to trial their brokerage risk-free. This is an excellent alternative to a demo account.

You can find our transparent XM below. Broker reviews are updated frequently!

XM Review by TradeFX Homepage Screenshot

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  • Low Minimum Deposit

  • Multi-Regulated

  • Bitcoin Deposit Option

  • Multiple Account Currency Options

  • Broker Verified


  • No FSCA Regulation

  • No Local Offices

  • No Demo Account

  • High Leverage

XM Regulation

A forex broker such as XM can’t become as large as they are, without gaining licenses from multiple regulatory bodies.

Trading under the XM brand name, the forex broker’s regulatory licenses are as follows:

  • ASIC (Australian Securities and Investment Commission): 443670
  • IFSC (Belize International Financial Services Commission): IFSC/60/354/TS/18
  • CySEC (Cyprus Securities and Exchange Commission): 120/10.

It’s also worth noting when discussing XM’s regulation, they’re the parent company that owns the Trading.com brand and domain.

Trading.com was launched in 2019 as an FCA regulated option for European residents only.

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XM Broker Type

XM is run using a business model known as a market maker. There are numerous positives for clients that choose to trade with a market maker, such as lower barriers to entry for new traders.

Things like minimum deposit, minimum trade size and strict negative balance protection on all their accounts couldn’t be as they are using an ECN business model.

We highlight some of the benefits of trading with a market maker such as XM in the sub-sections below.


The execution speeds that they are able to deliver for clients are excellent.

In terms of quantity and speed of executions, their website lists the following stats:

  • 99.35% of all trades executed in under 1 second.
  • 99.35% of all orders executed under 1 second.
  • 100% execution rate with no rejection of orders.

As you can see, these numbers are truly world-class.

They also explicitly state that they don’t use the MT4 virtual dealer plugin which forex brokers are able to use to delay quotes and take advantage of clients in this way.

Forex Trading Education

They have recently updated the research and education section of their website and it has become one of the most comprehensive we’ve seen across all of our forex broker reviews.

Most of the content within XM’s forex trading education section is locked for account holders only, but if you’re looking to test it out then you’re able to with a demo account.

Here is a list of education and analysis content, available to clients:

  • Market News and research: Find out what’s happening from a fundamental analysis point of view.
  • Technical analysis: Both in-depth and summarised technical analysis articles to help you make trading decisions.
  • Videos: A full back catalogue of trading and educational videos for you to browse in your own time.
  • Trade ideas: A constant stream of trade ideas from AutoChartist as they appear.
  • XM live: Live education rooms designed to give you real-time access to teachers and trading peers.
  • Forex webinars: Live video presentations by analysts and educators on specific trading topics.
  • Platform tutorials: Learn how to take full advantage of the MT4 and MT5 trading platforms.
  • Forex seminars: As a global leader, XM runs in-person seminars in various locations throughout the world. Find one in South Africa near you.

XM Support

As you’d expect from a forex broker with such a global presence, their customer support is comprehensive and multilingual.

XM’s customer service executives are available 24/5 via various contact mediums to offer support whenever clients require help.

If your question can’t be answered within XM’s FAQ page, then you’re able to contact a local office through any of the following ways.

  • LiveChat: Available Monday – Friday, 24/5
  • Email: Available Monday – Friday, 24/5
  • Phone: Available Monday – Friday, 24/5
  • Social Media: Available Monday – Sunday, 24/7

XM Deposits and Withdrawals

XM has numerous account funding methods which we’ve outlined below.

  • Credit/Debit Card: Visa and Mastercard deposits, as well as other major brands, are available instantly.
  • Bank Wire Transfer: Bank wire transfers are slower than card deposits but safer.
  • Skrill: The popular e-wallet Skrill (including Skrill 1 Tap), is supported.
  • Neteller: Skrill and Neteller seem to go hand in hand and at XM, it’s no different.
  • Trust: The Swedish payment provider, popular with European clients, but probably less relevant for South African forex traders.

As with all reputable brokers, the same method used to fund your XM account must also be used to withdraw. This is to meet regulatory requirements around anti-money laundering laws and are non-negotiable.

They have a range of account currencies to choose from including EUR, USD or ZAR, thus giving clients a much wider choice than most other brokers that South African forex traders have access to.

At XM the minimum deposit depends on account type and details can be found later in this XM review.

XM Trading Conditions

As a market maker, XM has both pros and cons when it comes to the trading conditions that they offer to their client base.

We go over the main sub-sections of XM’s trading conditions below.

Demo Account

As a primarily MT4 based forex broker, XM offers demo accounts to all current and potential clients.

They have one of the simplest, no-fuss account set-up pages that we’ve seen and the lack of hoops you have to jump through in order to start trading immediately, is a definite plus.

New traders can access an XM MT4 demo account with just a few basic details and immediately start trading on real market conditions with up to $100,000 USD in virtual funds.

It’s also worth noting that, unlike some other MT4 forex brokers, XM doesn’t have a 30-day expiry set on their demos so you can trade for as long as you need on the one demo account.


As a CySEC regulated forex broker, XM’s European clients are restricted to leverage of 30:1.

Clients from the rest of the world, including South African forex traders, are able to access leverage of up to 500:1.

One of the positives of XM is the ability to have total control over the leverage on your account.

This means that if you want to trade with 1:1, then you’re able to do it with a click of a button in your client back-end.

If you want to take full advantage of the 500:1 leverage on offer by them, then you can flick it back up.

Spreads and Lot Sizes

While XM advertises on their website that they have tight spreads as low as 0.6 pips on EUR/USD, we couldn’t verify this fact.

All live forex spread tracking tools we used to review XM’s spreads delivered results much higher.

While this number may have been during particular times of peak liquidity, just don’t expect to be trading on spreads this thin every day.

XM does operate on variable spreads, running on an A/B book market maker model for managing their client’s risk.

Average Standard Account Spreads on Majors

  • EUR/USD: 1.7
  • GBP/USD: 2.2
  • USD/JPY: 1.7
  • AUD/USD: 1.9

Account Types

They have multiple account types that new traders can choose between.

We’ve listed XM’s account types and key stats in the table below:

Micro AccountStandard AccountXM Ultra Low Account
Contract Size1 Lot = 1,0001 Lot = 100,000Standard Ultra: 1 Lot = 100,000 / Micro Ultra: 1 Lot = 1,000
LeverageUp to 1:500Up to 1:500Up to 1:500
Negative Balance ProtectionYesYesYes
Spreads From1 pip1 pip0.6 pips
Minimum Trade Volume0.01 Lots MT4 / 0.1 Lots MT50.01 LotsStandard Ultra: 0.01 Lots / Micro Ultra: 0.1 Lots
Islamic Account OptionYesYesYes
Minimum DepositUSD 5USD 5USD 50

XM Trading Platforms

They are known as a specialist MetaTrader forex broker.

This means they haven’t focused on developing their own proprietary trading platform and instead chosen to offer their clients the industry leading suite from MetaQuotes.

They offer their clients the choice of 2 trading platforms, across all account types we’ve featured above:

  • MetaTrader 4 (MT4): The classic and the best trading platform for beginners.
  • MetaTrader 5 (MT5): The next-generation trading platform.

Both platforms are accessible from a single login across desktop, web and mobile devices.

You’re also able to switch between real and demo logins, whenever you need to switch between a live and testing environment.

XM IB Affiliate Program

Their affiliate program is called XM Partners and is held in high regard by IBs and affiliates alike.

With partners spread across 100 different countries, South African forex affiliates won’t be disappointed by what they’re offered if they choose them as their partner broker.

Here are some of the advantages of being an XM partner:

  • Trusted forex broker: XM is a globally recognised brand, instantly building trust with your marketing list.
  • Timely payments: Commissions earned are trackable and paid fast.
  • State-of-the-art internal partner system: Understand which of your marketing campaigns work and optimise to suit with real-time tracking.
  • Personal account managers: Each partner is assigned an account manager in the languages they need, available 24/5.

Join the XM IB Affiliate Program: Join Now & Earn

XM South Africa

What does XM South Africa bring to the SA marketplace? One highlight that sums it up as a South African trader.

They are a highly regulated broker that offers clients a no deposit bonus, proving clients the ability to get a feel for the live markets. A smart alternative over a demo account, if used for the right purpose.

4.2 stars from 300 ratings

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XM is a gloabbly recognised Forex broker with clients in over 196 countries. They offer a wide range of account currencies...

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CFD service. Your capital is at risk.
69% of retail investor accounts lose money when trading CFDs with this provider.

XM Review Summary

To summarise our complete XM review, we recommend South African traders first open a demo account before choosing a forex broker. The XM mission statement talks about the company being dedicated to delivering superior services in CFD and forex trading and we can see that they’re continuously making progress toward achieving this goal.

With their seamless demo account opening process, they allow traders to easily try out the broker’s trading platform under real market conditions.

We value your feedback: Rate this broker by leaving a comment and rating below this review.

Broker FAQ

Thinking of Trading with XM?


Which type of assets can I trade with XM?


What platforms does XM support?

MetaTrader 4 (MT4) and MetaTrader 5 (MT5).

Are XM platforms mobile friendly?

Yes, they are available on Android and IOS.

What leverage does XM offer?

XM offers maximum leverage of 1:500.

What is the lowest spread I can expect with XM?

The lowest spread is typically on the EUR/USD at 1.7 pips.

Does XM offer commission-free trading?

Yes. No commissions are charged upon trade execution.

Is XM FSCA Regulated?

No, XM is not FSCA Regulated.

What is the minimum deposit to open an XM account?

XM has a minimum deposit of USD 10 as a first-time deposit.

When was XM founded?

XM was founded in 2009.

What account currencies does XM offer?


Which deposit options does XM offer?

VISA, Bitcoin, Neteller, Skrill, UnionPay, Wire Transfer.

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XM is a gloabbly recognised Forex broker with clients in over 196 countries. They offer a wide range of account currencies, icluding ZAR.

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