XM Review

Name: XM Review 2026: Fees, Spreads & Regulation
Item: XM
Rating: 4.2
Author: Adrian Rochester

Very small starting deposits · Founded 2009 · Limassol, Cyprus

Not FCA-authorised

Reviewed by Adrian Rochester · Updated 30 September 2026

4.2Overall

Some figures not verified. We could not confirm all of this broker's figures from its own website. Check them with the broker directly.

Not financial advice. Our rankings and reviews are for general information only and are not a recommendation to open an account or to trade. Forex and CFDs are high-risk; consider independent advice and whether you can afford to lose your money.

XMMin deposit ~£4 · EUR/USD cost £12.08/lot

XM is not authorised by the UK's Financial Conduct Authority, so we don't link to it.

XM is a beginner-friendly broker with a tiny minimum deposit and excellent educational content, offset by relatively wide spreads on its standard account.

Our verdict on XM

XM, founded in 2009, is a large international broker best known for its very low minimum deposit and free education. Its global offering is provided by XM Global Limited, licensed by the Financial Services Commission of Belize (licence 8557558); its European company is regulated by CySEC (licence 120/10).

For UK readers the picture is unclear. XM's group includes an FCA-authorised UK company, Trading Point of Financial Instruments UK Ltd (FRN 705428), but independent reviews report that XM no longer accepts UK retail clients, and we could not confirm otherwise from XM's website, which blocks automated checks. If you are in the UK, check which XM company your account agreement names before depositing. Only the UK company gives you FCA and FSCS protection.

XM's accounts are aimed at beginners: Micro and Standard accounts, plus Ultra Low versions with tighter spreads. All include negative balance protection. XM has stopped offering its commission-based Zero account.

Ratings breakdown

Fees & costs3.9
Trust & regulation4.2
Platforms & tools4.3
Research & education4.6
Customer support4.5

How we rate brokers

Key facts

UK status: Not FCA-authorised
EUR/USD spread: 1.6 pips (not verified) (Standard account)
Commission: None
All-in cost: £12.08 per standard lot
Minimum deposit: ~£4
Max leverage: 1:1000 (offshore entity)
Instruments: 1,400+
Founded: 2009
Headquarters: Limassol, Cyprus

Pros

Tiny minimum deposit (about £4 / US$5)
Strong free education and webinars
Multilingual 24/5 support

Cons

UK retail onboarding unclear; global entity is offshore
Zero (raw-spread) account discontinued
Standard account spreads are wide

Regulation

CySECASICDFSAFSC (BZ)

Highlighted = tier-1 regulator. Protection depends on the entity you open an account with.

Platforms

MT4MT5XM App

Who XM is for

Good fit

Non-UK beginners who want a very small first deposit
Traders who value free webinars and education
MetaTrader 4 and 5 users

Look elsewhere if

UK residents who want certainty of FCA protection (XM's UK onboarding is unclear)
Traders who want raw spreads plus commission (the Zero account has been discontinued)
Anyone wanting spread betting or an ISA

XM fees and spreads

XM's global accounts are commission-free, with costs built into the spread. The Ultra Low accounts offer tighter spreads than the Micro and Standard accounts.

Account	Pricing	Commission
Micro	Spread-only	None
Standard	Spread-only	None
Ultra Low Micro / Standard	Tighter spreads	None
Zero (discontinued)	Raw spreads	Was US$7 per US$100,000

From XM's account types and help pages as indexed by search. Live spreads are shown in the trading platform.

Other costs

Charge	XM
Minimum deposit	From about US$5
Overnight swaps	Charged or credited on positions held overnight; Islamic (swap-free) option available
Negative balance protection	Included on all accounts

Account types

Micro: Trade in micro lots, suited to very small balances.
Standard: Standard lot sizes with commission-free pricing.
Ultra Low Micro and Standard: Lower spreads than the Micro and Standard accounts.
Islamic and demo accounts: Swap-free option and free demos.

Deposits and withdrawals


Minimum deposit	From about US$5 (equivalent in other currencies)
UK residents	Unclear: check which XM company your account would be with

Is XM safe?

XM Global Limited is licensed by the Financial Services Commission of Belize (licence 8557558). This offshore company is not FCA-authorised.
XM's European company is regulated by CySEC (licence 120/10), and the group has an FCA-authorised UK company (Trading Point of Financial Instruments UK Ltd, FRN 705428).
XM says client funds are held in segregated client bank accounts that don't contain XM's own money.
FSCS protection (up to £85,000) applies only to clients of the FCA-authorised UK company.

Platforms and tools

MetaTrader 4 & 5: XM's main trading platforms.
XM app: XM's mobile app for trading and account management.

Research and education

XM is known for free education: regular webinars, seminars, video tutorials and daily market analysis.

Customer support

XM offers multilingual customer support and an online help centre.

XM FAQs

Does XM accept UK clients?

It's unclear. XM's group has an FCA-authorised UK company (FRN 705428), but independent reviews report XM no longer accepts UK retail clients, and we couldn't confirm otherwise from XM's website. Check which company your account would be with before depositing.

What is XM's minimum deposit?

XM's global accounts can be opened from about US$5.

Does XM still offer the Zero account?

No. XM has stopped offering its commission-based Zero account.

Is XM regulated?

Yes, by several regulators, including CySEC in Cyprus and the FSC in Belize. Its UK company is FCA-authorised, but the global company most international clients use is regulated offshore.

Where these figures come from

Checked on 30 September 2026 against XM's own website. Figures marked ~ are converted from US$ at £1 = $1.3247 (ECB reference rate, 29 September 2026). Spreads, fees and deposits change often, so confirm them with XM before opening an account.

Ready to compare?See how XM stacks up in our comparison table.