XM is a forex and CFDs broker with a platform for trading foreign exchange currency pairs, metals CFDs, energies CFDs, indices CFDs, crypto CFDs, stocks CFDs, commodities CFDs, and shares.
XM was founded in 2009 and launched the website trading-point.com. In 2013, after acquiring XEMarkets.com, it changed its trading name to XM.com. The broker is licensed by Top-Tier financial regulators in Belize, Australia, Cyprus, and Dubai.
This review of XM gives you an overview of the account types, trading fees, tradable instruments, trading platforms, customer support and deposits/withdrawal options available on the platform.
|XM Review Summary
|XM Global Limited
|XM Global Limited, Suite 404, The Matalon, Coney Drive, Belize City, Belize
|$5 (MYR 23)
|FSC Belize, ASIC, CySEC, DFSA
|MT4 and MT5 available on PC, Mac, Web, Android, & iOS
- Has 24/7 customer support
- Offers free deposits and withdrawals
- Offers commission-free trading
- Supports MT4 and MT5 trading platforms
- Offers negative balance protection
- Relatively fast processing of deposits/withdrawals
- Charges dormant account fees
- Few tradable instruments available
Can I trust XM?
XM is the trading name of Trading Point Holdings Ltd, which is regulated under different names by various Tier-1 and Tier-2 financial regulators.
Here are some of the jurisdictions in which XM is regulated.
1) Financial Services Commission (FSC), Belize: XM is licensed in Belize as ‘XM Global Limited’ with license number 000261/309. Traders in Malaysia are registered under this regulation.
Note that XM is not regulated in Malaysia by the SCM, trading with the them is at your own risk, as the offshore regulation consumer protection rules may not cover traders based in Malaysia.
2) Australian Securities & Investments Commission (ASIC): XM is regulated in Australia as Trading Point of Financial Instruments Pty Limited with ACN (Australian Company Number) 164-367-113 since 2013 and is licensed to provide financial services in Australia.
3) Cyprus Securities and Exchange Commission (CySEC): XM is regulated in Europe by CySEC as Trading Point Of Financial Instruments Ltd and authorized to offer investment service, with license number 120/10 issued in 2010.
4) Dubai Financial Services Authority (DFSA): XM is regulated in Dubai, UAE as Trading Point MENA Limited, DFSA Reference Number: F003484, authorized to carry on financial services in 2019.
The leverage on XM varies, depending on the instrument you are trading. The maximum leverage on XM is 1:1,000, which applies to major forex pairs, other instruments have lower leverage limits.
With leverage of 1:1,000, you can open a trade position worth 1,000 times your deposit. For example, if you deposit $100 you can place a trade worth $100,000.
XM leverage also has limits based on your total equity. Total equity of US$5 to US$20,000 can access a maximum leverage of 1:1,000, total equity of US$20,001 to US$100,000 has a maximum leverage of 1:200, and total equity of more than US$100,00 have a maximum leverage limit of 1:100.
It is important that you do not use high leverage as this increases your risk of losing your money. It is best to avoid trading CFDs as they involve risk of losing money, only trade if you understand them or have experience.
XM Account Types
XM offers 4 types of trading accounts for retail clients: Micro, Standard, XM Ultra Low and Shares Accounts. You can request Islamic Accounts on XM or open demo accounts to practice trading on the platform.
Below are details of the various account types currently available on XM and their features:
1) Standard Account: The XM Standard Account is available on MT4 and MT5 platforms and lets you trade Forex and CFDs on indices, energies, metals, cryptocurrencies, stocks and agriculture commodities.
This account does not charge commission fees for opening or closing trade positions. Spreads start from 1 pip for major pairs and you pay swap fees for keeping a position open overnight on the Standard Account.
The contract size for this account is 100,000 for 1 lot, with a required minimum deposit of US$5 (MYR 23), and a minimum trade lot size of 0.01. The maximum number of open positions on the Standard Account is 300 with a leverage limit is 1:1,000.
You have negative balance protection with this account, which means that you cannot lose more than the money you deposit. If you make a loss on a trade position, your account cannot run into a negative balance.
2) Micro Account: The XM Micro Account is also available on MT4 and MT5 platforms and lets you trade Forex and CFDs on indices, energies, metals, cryptocurrencies, stocks and agriculture commodities.
This account is spread only and charges no commission for opening or closing trade positions. Spreads start from 1 pip for major pairs and you pay swap fees for keeping a position open overnight on the Standard Account.
The contract size for this account is 1,000 for 1 lot, with a required minimum trade lot size of 0.01, a maximum of 300 open positions and leverage of 1:1,000.
The minimum deposit on this account is US$5 (MYR 23) and you also have negative balance protection.
3) XM Ultra Low Account: The XM Ultra Low Account is available on MT4 and MT5 platforms and offers lower spreads. You can open a Micro Ultra Low or Standard Ultra Account.
Spreads on this account start from 0.6 pips for major pairs, no commission fees are charged for opening or closing trade positions, and you do not pay swap fees on some selected instruments if you keep a trade position open overnight.
The contract size for this account is 100,000 per 1 lot for Standard Ultra and 1,000 per 1 lot for Micro Ultra. The minimum trade lot size is 0.01, and the maximum number of open positions is 300 with a leverage limit is 1:1,000. The Ultra Low Account does not qualify to receive bonuses.
This account also requires a minimum deposit of US$5 (MYR 23) and you have negative balance protection.
4) Shares Account: The XM Shares Account is designed for experienced traders, available on MT4 and MT5 platforms and supports only USD as account currency. You can only trade shares with this account.
Spreads on this account depend on the underlying exchange and commissions start from US$5 per trade. This account is swap-free by default, so you do not pay swap fees for keeping a trade position open past the market’s closing time.
The contract size for this account is 1 share per 1 lot, with a minimum trade size of 1 lot, and a maximum number of open positions is 50. This account does not use leverage.
This account requires a minimum balance of US$10,000 and you have negative balance protection.
5) Islamic Account: XM offers an Islamic Account that is swap-free for Muslim traders who want to adhere to the sharia law of no-riba.
To avoid paying swap fees, Islamic Accounts on XM pay commissions for every trade.
You can convert a Micro, Standard, or Ultra Low Account to Islamic status, and the same features will apply, except that the Islamic Account does not pay any swap fees.
If you want an Islamic account, first open a Standard, Micro or Ultra Low Account, then contact customer support to convert your account to the swap-free status. Note that you will have to agree to the terms of conditions of the Islamic Account.
XM Base Account Currency
Base account currencies supported on XM are AUD – Australian Dollar, USD – United States Dollar, EUR – Euro, GBP – British Pound (Sterling), SGD – Singapore Dollar, and ZAR – South African Rand. You can choose one when creating an account.
Your trades, deposits, withdrawals, profits and losses are measured in your account base currency. Note that some account types cannot have some currencies.
Since XM does not offer MYR as a base currency, traders from Malaysia will have to convert their MYR to the base currency and incur a currency conversion fee.
Fees on XM Malaysia vary based on instruments traded and account type. Find an overview of XM fees here:
1) Spreads: XM charges spreads whenever you trade instruments, which is the difference between the bid and ask prices. The lowest spreads start at 0.6 pips for Ultra Low Account and 1 pip for the Micro and Standard Account. Here are the average spreads on XM:
2) Commission fees: XM offers commission-free trading for all account types except Shares and Islamic Accounts. This means that you will not pay any commission when you open or close trade positions on the platform.
The Shares Account charges a minimum commission of USD 5 per trade while commissions on Islamic Account depend on the instrument being traded.
3) Swap fees: If you keep a trade position open past the closing time of the market which is 22:00 GMT, the trade rolls over to the next day and you incur a rollover fee also called overnight funding cost or swap fee, this is applicable to all account types on XM except Islamic and Shares Accounts.
The swap fees depend on the instrument you are trading, the leverage used, the spread, and whether your position was long (buy) or short (sell).
Islamic and Shares Accounts are swap-free and do not pay any swap fees for holding a position overnight.
1) Deposit and Withdrawal fees: XM does not charge any fees for deposits and withdrawals on all payment methods which applies to all account types. Although, all deposits and withdrawals below 200 USD processed via international bank wire transfer incur a fee of US$15 (MYR 69) per transaction.
Some international banking institutions may charge independent fees.
2) Account Inactivity charges: If you do not perform any trade on your account or log in for 90 days, your account is considered inactive, and will be charged US$5 (MYR 23) every month as inactive account fees on any funds in the account. If you have no funds in it, no fees will be charged.
How to Open XM Account in Malaysia?
To start trading on XM, follow these steps to open an account.
Step 1) Visit the XM website homepage at www.xm.com and click on ‘OPEN AN ACCOUNT’
Step 2) Fill out your name, email, and phone number on the form that appears. Select your country of residence, preferred trading platform and account type, check the box below ‘Confirmation’ to receive newsletters then click the ‘PROCEED TO STEP 2’ button.
Step 3) Provide your date of birth and address, and choose whether you are a US citizen or not.
Step 4) Select your preferred base account currency, set maximum leverage and choose if you want to receive bonus then answer questions about your financial, employment, and education background and knowledge/experience as an investor.
Step 5) Create a password, check the confirmation box to agree to the terms and conditions, then click ‘OPEN A REAL ACCOUNT’.
Step 6) Got to your email inbox and click the verification link sent, then log into the XM dashboard (Member Area)
Step 7) On the dashboard, click on VALIDATE YOUR ACCOUNT HERE, then provide your Tax Identification Number (TIN) and click Submit.
Click on START VERIFICATION to upload a government-issued ID card or utility bill to verify your identity and address.
Note that until your account is verified, you cannot place trades or initiate withdrawals.
XM Deposits & Withdrawals
Payment methods accepted for deposits and withdrawals on XM include cards, e-wallets (Skrill, Neteller), and online bank transfers from local banks in Malaysia.
Learn about the minimum amount and the time it takes to process deposits and withdrawals from XM below:
XM Deposit Methods
Here is a summary of payment methods accepted by XM for deposits.
|Local Bank Transfer
|Free (US$15 (MYR 69) for transactions below 200 USD)
XM Withdrawal Methods
Here is a summary of payment methods for withdrawals accepted on XM Trading.
|Local Bank Wire Transfer
|Free (US$15 (MYR 69) for transactions below 200 USD)
|2-5 business days
|2-5 business days
What is the minimum deposit for XM?
The minimum deposit on XM is US$5 (MYR 23) for all payment methods which applies to all account types.
How do I put money in my XM account?
Step 1) Log in to your XM Memeber Area through the XM website or by visiting my.xm.com/member/.
Step 2) Click on the DEPOSIT FUNDS tab on the dashboard and select the payment method you would like to use.
Step 3) Enter the amount you want to deposit, click DEPOSIT, and follow the on-screen instructions to complete the deposit.
What is the XM minimum withdrawal?
The minimum withdrawal on XM Malaysia is US$5 (MYR 23) and withdrawals are processed within 24 hours.
How can I withdraw from XM?
You can follow these steps to withdraw your money from XM.
Step 1) Log in to your XM Member Area (dashboard).
Step 2) Click on the WITHDRAW FUNDS tab.
Step 3) Select a withdrawal method and the trading account you wish to withdraw from, enter the amount you want to withdraw and follow the on-screen instructions to complete your funds’ withdrawal on XM.
XM Trading Instruments
Below are financial instruments that can be traded on XM
|55 currency pairs on XM
|8 Agriculture commodities on XM (Cottons, Coffee, and others)
|31 Equity Cash and Futures indices on XM (AUS200, UK100, EU50, and others
|5 Precious Metals on XM (Spot and Futures on Gold, Silver, Palladium and Platinum)
|8 Cash and Futures Energies on XM (Oil, NatGas and others)
|1,300 Stocks on XM (UK, US, France stocks and others)
|99 Shares on XM (USA, UK and Germany Shares)
|Turbo Stocks CFDs
|7 Turbo stocks on XM (Microsoft, Apple, Adidas, and others)
|Crypto Assets CFDs
|58 Cryptocurrencies on XM (BTC, BCH, ETH and others paired with USD, EUR and GBP)
XM Trading Platforms
Trading platforms supported by XM are:
1) XM WebTrader: XM offers a web trader that can be accessed online on any device. The web trader is owned by the XM Group.
2) XM App: The proprietary XM Trading mobile app (XM App) is also available for traders on Google Play Store and Apple App Store for mobile devices.
3) MetaTrader 4 and MetaTrader 5: The MT4 & MT5 trading applications are supported by XM and integrated for trading financial markets offered by XM. You can access the platforms via the web, desktop, and mobile devices (Android & iOS).
XM offers a number of promotions to traders in Malaysia registered under XM Global Limited, regulated in Belize. Find a summary of various XM bonuses below:
- Trading Bonus: This bonus is offered to new clients when you first create your live trading account. The bonus amount is $50 (MYR 230)and is credited once your live trading account is validated.
You do not need to deposit any funds to receive this bonus, you cannot withdraw it, but can withdraw any profits realised from using it to trade.
- Deposit Bonus: This bonus is given to new clients on their first deposit of at least $5 (MYR 23). The broker credits 50% of your deposit amount as a bonus to your account, capped at $500 (MYR 2300). This is a non-withdrawable bonus on XM.
- Refer Your Friend Bonus: The XM referral bonus is $35 (MYR 161) bonus given to existing clients for referring a new client to the platform. The new client also gets $35 (MYR 161) bonus. You can withdraw this bonus without haveing to trade. Although there are other Terms and Conditions for you to fully access the bonus.
Note that you will have to select the option to receive bonuses when creating your account, to qualify for the bonuses.
XM Malaysia Customer Service
XM offers online customer support to clients via the following channels.
1) Live chat support: The XM live chat is available 24/7 for client enquiries and can be accessed on their website. The live chat is available in different languages, although sometimes, some language supports can be offline.
When our team tested, there was no wait time before an agent joined the chat and the answers provided were relevant. You will need to provide your email and name to start the chat.
2) Email support: XM offers email support for clients, you can find the email on the contact page of their website. The XM email address for enquiries is [email protected].
When our team tested their email support, we did not get any response after several hours. The email support is supposed to be available 24/7.
3) Phone support: XM offers phone support for clients in Malaysia that is also available 24/7. The XM phone number is +501 223-6696.
Do we Recommend XM Malaysia?
XM licenced by Top-Tier financial regulators such as ASIC, CySEC, DFSA and FSC Belize, these regulations means they are mandated by the regulators to protect deposited client funds. However, because the broker is not regulated in Malaysia, the protection may not cover Malaysian traders.
XM Markets have moderate fees, as they offer commission-free trading with competitive spreads, and offer free deposits/withdrawals. They also process deposits and withdrawals relatively faster than some brokers. Note that they charge dormant account fees of US$5 (MYR 23) after only 90 days of inactivity.
The customer support of XM is fair, as their live chat is responsive during working hours and the email and phone are also active, although the email support is slow.
The website of XM is easy to navigate and has details about the account types, fees, trading conditions, and other information that clients might need. The broker also offers a variety of account types for you to choose from.
We recommend that you visit XM website to confirm their offerings and chat with their customer support to answer any questions you might have to help you decide if you want to trade with them.
XM Malaysia FAQs
How many accounts can I open in XM?
You can open 4 types of trading accounts on XM, they are Micro, Standard, XM Ultra Low and Shares Accounts. You can request Islamic Accounts on XM or open demo accounts to practice trading on the platform.
Is XM forex regulated?
XM is regulated under different names by various Tier-1 and Tier-2 financial regulators including Australian Securities & Investments Commission (ASIC), Cyprus Securities and Exchange Commission (CySEC), Dubai Financial Services Authority (DFSA), and Financial Services Commission (FSC), Belize.
Who owns XM trading??
XM is owned by Trading Point Holdings Ltd. XM is the trading name of Trading Point Holdings Ltd, which is regulated under different names by various Tier-1 and Tier-2 financial regulators in different countries.
How long do XM withdrawals take?
All withdrawals are processed within 24 hours and it takes about 2-5 days to receive funds for card and local bank withdrawals, while e-wallets withdrawals can receive funds the same day.
Is XM good for beginners?
XM is considered good for beginners because they have a demo account option that beginners can use to get familiar with the platform trading with virtual money before putting their real money. They also have educational materials for beginners.
XM does not charge commission fees, has negative balance protection, offers Ultra Low accounts with lower spreads, and the maximum leverage is 1:1,000, with a minimum deposit of 5 USD. These features are simple for beginners and do not expose them to very high risks.
Note: Your capital is at risk