XM Review
XM in a nutshell
XM is a globally regulated retail forex and CFD broker with a low risk score of 10/100. Its multi-jurisdictional licensing, low entry barrier, and wide product range make it a viable option for retail traders, though traders should be aware of the varying levels of regulatory protection across entities.
FXCanary rates XM at 10/100 scam risk (Low risk), based on regulation & licensing, fund-safety signals, company transparency, complaint history and real user feedback.
See the open scoring breakdown →
Pros
- Low minimum deposit ($5)
- High leverage options (up to 1:1000)
- Wide range of instruments (1,400+)
- Multi-jurisdictional regulation
Cons
- Traders seeking strong EU investor protection (CySEC may impose restrictions)
- Traders avoiding offshore regulation (FSC Belize entity)
- Scalpers may find ultra-low spreads only on specific account types
Regulation & licenses
Every licence on file for XM, as cross-checked by FXCanary against public regulatory registries.
| Regulator | Type | Licence no. | Status | Country |
|---|---|---|---|---|
| ASIC | Market Making License (MM) | 443670 | Regulated | Australia |
| CYSEC | Market Making License (MM) | 120/10 | Regulated | Cyprus |
| DFSA | Derivatives Trading License (MM) | F003484 | Regulated | United Arab Emirates |
| FSCA | Derivatives Trading License (EP) | 49976 | Regulated | South Africa |
| FSC | Securities Trading License (EP) | 8557558 | Regulated | Belize |
| CMA | Forex Execution License (STP) | 233 | Regulated | Kenya |
Account types & conditions
Account tiers and trading conditions on record for XM.
| Account | Min. deposit | Max. leverage | Min. spread | Commission |
|---|---|---|---|---|
| Stock | $5 | -- | Depends on the stock exchange | -- |
| Micro | $5 | 1:1000 | As low as 1 | -- |
| Standard | $5 | 1:1000 | As low as 1 | -- |
| Ultra Low Spread Standard & Micro | $5 | 1:1000 | As low as 0.6 | -- |
XM is a forex and CFD broker based in Cyprus, with records dating to 2017-09-11. It reports oversight from ASIC, CMA, CYSEC, DFSA, FSC, FSCA.
FXCanary’s verdict is “Low risk.” On balance the regulatory footprint and real-user feedback are reassuring, though no broker is risk-free.
On Trustpilot, XM holds a real-user score of 2.3/5 across 3,131 reviews.
Finally, beware of impersonation: we tracked 50 clone website(s) copying XM. Always reach the broker through its verified official domain, never via links in ads or messages.
Scam-risk findings
- Authorised by Tier-1 regulator(s): ASIC, CYSEC
Our scoring method is published in full and weighs regulation, fund safety, company age, clone reports, complaints and independent reviews. FXCanary takes no payment from any broker it rates.