Look a broker up before you trust it

Ten quick answers

Does XM hold a licence?
It does. XM is supervised by CySEC, ASIC, FSC Belize, DFSA, and its licence number is CIF 120/10. You can look that number up on the regulator's own public register.
How much do I need to open a XM account?
XM asks for a first deposit of at least $5. Certain account types may require more, so confirm the current amounts on the broker's official website.
Can I trust XM with my money?
XM has been trading since 2009 and is regulated by CySEC, ASIC, FSC Belize, DFSA. Before you deposit, check on the regulator's public register that the licence is still valid, and put in only money you can afford to risk on leveraged products.
Can US residents open an account with XM?
No. Because of US regulatory requirements (CFTC/NFA), XM is not taking clients who live in the United States at present.
How much leverage does XM offer?
The highest leverage at XM is 30:1 EU / 1000:1 offshore. The limit for retail clients depends on where the account is regulated: under tier-1 regulators (FCA, ASIC, CySEC) it is lower than under offshore regulation.
Can I use MetaTrader 4 or MT5 with XM?
Yes. MetaTrader 4 and/or MetaTrader 5 are available at XM next to its other platforms.
Which trading platforms can I use at XM?
At XM you trade through MT4, MT5. Where applicable, each of these comes in a desktop and a mobile version.
How quickly does XM pay out withdrawals?
How long a XM withdrawal takes depends on how you are paid: cards are usually handled the same day, e-wallets within 24 hours and bank wires in 1–5 business days. Your KYC verification has to be finished before any withdrawal.
Will XM charge me for withdrawing?
As a rule, XM makes no charge when you withdraw to the method you deposited with. A payment processor or bank may still add a fee of its own, which the broker does not control. The broker's payment terms give the current details.
Does XM have a demo account?
Yes. XM provides a demo account at no cost. It is loaded with virtual funds, so you can try the platform, practise your strategies and look around the available markets before you risk real money.