XM review

Our verdict

XM is a Cyprus-based CFD broker with a very low minimum deposit and several account types. Gold is cheap on its Zero account but relatively expensive on Standard.

XM Group launched in 2009 and is headquartered in Limassol, Cyprus, where its EU entity is regulated by CySEC. It also holds licences in Dubai, South Africa, Belize, Mauritius, the Seychelles and the British Virgin Islands. Most clients outside the EU, including Indian residents according to ForexBrokers.com, are onboarded by XM Global in Belize, which offers higher leverage but no compensation scheme. XM's gold pricing depends heavily on the account. Reviewers report average XAUUSD spreads of roughly 3 to 3.8 pips on Standard accounts, about 2 pips on Ultra Low, and near-zero spreads on the Zero account, which charges $7 per lot round turn. BrokerChooser's September 2026 benchmark put XM's gold spread at $0.12. Gold leverage is 1:20 for EU retail clients and up to 1:500 or 1:1000 offshore, depending on the source. The minimum deposit is $5, trades start at 0.01 lots, and the platforms are MT4, MT5 and XM's own app. Negative balance protection and swap-free accounts are offered. XM is named on the RBI Alert List, so Indian residents should be aware of the legal position before opening an account.

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