Max. Leverage
1:1000
for Forex

Minimum Deposit
$5
EUR/USD Spread
1.7 pips
Benchmark

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
Broker Name XM Global Limited
Establishment Date 2009
Website www.xm.com
Address XM Global Limited, Suite 404, The Matalon, Coney Drive, Belize City, Belize
Minimum Deposit $5
Maximum Leverage 1:1,000
Regulation FSC Belize, ASIC, CySEC, DFSA
Trading Platforms XM WebTrader, XM App, MT4 and MT5 available on PC, Mac, Web, Android, & iOS
Visit XM

XM Pros

  • Has 24/7 customer support
  • Offers free deposits and withdrawals
  • Offers commission-free trading
  • Supports MT4 and MT5 trading platforms
  • Fast account opening process
  • User friendly website
  • Relatively fast processing of deposits/withdrawals

XM Cons

  • 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. The multiple regulations of XM make them score low on risk, considered safe and can be trusted by traders in the Philippines.

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 the Philippines are registered under this regulation.

XM License in Belize

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.

XM License 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.

XM Regulation in Europe

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.

XM Regulation in Dubai

XM Leverage

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 Account Types

XM offers 5 types of trading accounts for retail clients: Micro, Standard, Swap-free, XM Ultra Low and Shares Accounts. You can open demo accounts to practice trading on the platform.

Below are details of the various account types currently available on XM and their features:

Account Types on XM Philippines

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, 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 a leverage of 1:1,000.

The minimum deposit on this account is US$5 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 1:30.

This account also requires a minimum deposit of US$5 and you have negative balance protection.

Note that this account is not eligible to receive bonuses.

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 also 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) Swap-free Account: XM offers an Islamic Account that is swap-free for Muslim traders who want to adhere to the sharia law of no-riba.

Spreads on this account start from 1 pip 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 within the grace period.

The contract size for this account is 100,000 per 1 lot for Standard Swap-free and 1,000 per 1 lot for Micro Swap-free. 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.

Grace periods can range from 2 days to 7 days, depending on the instrument you are trading. After the grace period, you pay an admin fee for every day you keep a trade position open overnight starting from $5 and can be up to $67 for Swap-free Standard Accounts and $0.05 for Swap-free Micro Accounts depending on the instrument.

This account also requires a minimum deposit of US$5 and you have negative balance protection.

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, JPY – Japanese Yen, CHF – Swiss Franc, HUF – Hungarian Forint, PLN – Polish Zloty 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 Philippine Peso (PHP) as a base currency, traders from the Philippines can deposit in PHP and the funds will be converted to the base currency and you may incur a currency conversion fee.

XM Fees

Fees on XM Philippines vary based on instruments traded and account type. Find an overview of XM fees here:

Trading fees

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:

Instrument/Pair Micro/Standard/Swap-Free Account Ultra Low
EUR/USD 1.7 pips 0.7 pips
GBP/USD 2.1 pips 0.7 pips
EUR/GBP 2 pips 0.9 pip
Gold/USD 35 pips 15 pips

Commission fees: XM offers commission-free trading for all account types except shares. 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.

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).

Shares Accounts do not pay swap fees on some instruments. Islamic also do not pay any swap fees for holding a position overnight on all instruments. Islamic Accounts pay admin fees in place of swaps after the grace period.

Non-trading fees

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 per transaction.

Some international banking institutions may charge independent fees.

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 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 Philippines?

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’

XM Website Philippines

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.

Open Account with XM Philippines

Signup with XM

Step 3) Provide your date of birth and address, and choose whether you are a US citizen or not.

Create Account on XM Philippines

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.

XM Leverage

XM New Account Requirement

Step 5) Create a password, check the confirmation box to agree to the terms and conditions, then click ‘OPEN A REAL ACCOUNT’.

XM Account Opening

Step 6) Got to your email inbox and click the verification link sent, then log into the XM dashboard (Member Area)

XM Account Creation

Step 7) On the dashboard, click on VERIFY 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.

Verify Account on XM Philippines

XM Account Activation

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 Philippines.

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.

Deposit Methods Availability Charges Processing time
Local Bank Transfer Yes Free (US$15 for transactions below 200 USD) 3 hours
Cards Yes Free Instant
E-wallet Yes Free Instant

XM Withdrawal Methods

Here is a summary of payment methods for withdrawals accepted on XM Trading.

Withdrawal Methods Availability Charges Processing time
Local Bank Wire Transfer Yes Free (US$15 for transactions below 200 USD) 2-5 business days
Cards Yes Free 2-5 business days
E-wallets Yes Free 24 hours

What is the minimum deposit for XM?

The minimum deposit on XM is US$5 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 Member Area through the XM website or by visiting my.xm.com/member/login.

Login to XM Philippines

Step 2) Click on the DEPOSIT FUNDS tab on the dashboard and select the payment method you would like to use.

XM Deposit Methods

Step 3) Enter the amount you want to deposit, click DEPOSIT, and follow the on-screen instructions to complete the deposit.

Deposit funds to XM Philippines

What is the XM minimum withdrawal?

The minimum withdrawal on XM Philippines is US$5 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

Instrument Availability Number
Forex Yes 55 currency pairs on XM
Commodities Yes 8 Agriculture commodities on XM (Cottons, Coffee, and others)
Indices Yes 14 Equity indices on XM (AUS200, UK100, EU50, and others
Metals Yes 4 Precious Metals on XM (Spot and futures Gold and Silver)
Energies Yes 5 Energies on XM (Oil, NatGas and others)
Stocks Yes 1,261 Stocks on XM (UK, US, France stocks and others)
Shares Yes 100 Shares on XM (USA, UK and Germany Shares)
Crypto assests Yes 31 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.

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 Promotions

XM offers a number of promotions to traders in the Philippines registered under XM Global Limited, regulated in Belize. Find a summary of various XM bonuses below:

  1. Trading Bonus: This bonus is offered to new clients when you first create your live trading account. The bonus amount is $30 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.

  2. Deposit Bonus: This bonus is given to new clients on their first deposit of at least $5. The broker credits 50% of your deposit amount as a bonus to your account, capped at $500. This is a non-withdrawable bonus on XM and XM Ultra Low and XM Swap Free accounts cannot get this bonus.

Note that you will have to select the option to receive bonuses when creating your account, to qualify for the bonuses.

XM Philippines 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.

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.

XM Online Customer Support

 Live Chat Philippines

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] or [email protected]

When our team tested their email support ([email protected]), we did not get any response after several hours. Email support is supposed to be available 24/7.

3) Phone support: XM offers phone support for clients in the Philippines that is also available 24/7. The XM phone number is +501 223-6696.

Contact XM Philippines

Do we Recommend XM Philippines?

We recommend that you try out XM because they are licenced by Top-Tier financial regulators such as ASIC, CySEC, DFSA and FSC Belize, these regulations make the broker score low on risk.

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 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.

XM Philippines FAQs

How many accounts can I open in XM?

You can open 5 types of trading accounts on XM, they are Micro, Standard, XM Ultra Low, Swap-free and Shares Accounts. You can 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.

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.

How do I get XM $30?

You can get the XM $30 bonus by creating an account on the platform and verifying it. This bonus is offered to new clients when you first create your live trading account. The bonus amount is $30 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.

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.

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