XM is a forex and CFD broker operating since 2009. It is regulated by CySEC (Cyprus) and ASIC (Australia) and runs on MetaTrader 4 and MetaTrader 5. XM offers an Islamic (swap-free) account on request for eligible clients, which matters for Muslim traders in Indonesia and Malaysia. Like its peers, XM holds international licences but is not locally licensed in most Asian markets. Trading carries high risk.
Regulation & safety of funds
XM operates through separately licensed entities under CySEC and ASIC. Both are real, searchable regulators, but the entity that serves you — and the protection it carries — depends on your country of residence. In Indonesia, Malaysia and the Philippines, XM is offshore-regulated rather than locally licensed.
Find the legal entity named in your account agreement and confirm it on that regulator's register before depositing. The strongest licence the group holds elsewhere does not protect an account opened with a different entity. In restricted markets such as India, no international XM licence makes offshore margin forex lawful for residents.
Islamic (swap-free) account & platforms
XM provides an Islamic (swap-free) account on request for eligible clients, removing overnight interest on positions. Confirm the current eligibility rules, which instruments qualify, and whether any administration charge applies to long-held positions for the entity that serves you — a genuine swap-free account should not reinstate interest under a different name.
On platforms, XM runs MetaTrader 4 and MetaTrader 5. MT4 is the established forex standard and works well for automated strategies; MT5 adds more timeframes, order types and asset classes. Trial both on a demo account and pick the one that suits how you actually trade. Because swap-free is granted on request rather than applied automatically, keep written confirmation that it is active on your live account before you hold any position overnight — do not assume it is on by default just because you qualify.
Account types & how to open
Opening an XM account follows the standard regulated-broker path: you complete an online registration form, then pass identity and address verification (the know-your-customer checks every CySEC- or ASIC-supervised broker is required to run). Before you submit anything, the single most important step is to read which legal entity the agreement places you with — that entity, not the XM brand, defines your protection. If you want the Islamic option, request the swap-free account during or after onboarding and confirm in writing that it has been applied to your account, because XM grants it on request rather than automatically.
We do not publish the specific account tiers, their entry conditions or any minimum-deposit figure, because those vary by entity and change over time, and we have not completed a hands-on review. Read the current account-comparison page for the entity that serves your country and note the differences yourself: which platform each tier uses, whether the swap-free option is available on it, and what the all-in cost looks like once spreads and any commission are combined. A larger menu of account types is not automatically better — it only matters that one of them fits how you actually intend to trade.
Pros & cons
Pros
- Regulated by CySEC and ASIC — verifiable on public registers.
- Islamic (swap-free) account available on request.
- MetaTrader 4 and MetaTrader 5.
- Operating since 2009.
Cons
- Not locally licensed in most Asian markets — protection comes from the offshore entity.
- Swap-free is on request, not automatic for Islamic-country clients.
- No hands-on review yet, so we publish no spreads, minimums or ratings.
Frequently asked questions
Is XM regulated?
XM holds licences with CySEC and ASIC through separate entities. Verify the entity that serves your country on the relevant regulator's register before depositing. It is not locally licensed in most Asian markets.
Does XM offer an Islamic account?
Yes — XM offers an Islamic (swap-free) account on request for eligible clients, removing overnight interest. Confirm the eligibility and which instruments are covered for the entity that serves you before relying on it.