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.
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.