OFFSHORE · FSC-BZRBI ALERT LIST#61 of 66 international brokers

XM review: the verdict.

Listed on the Reserve Bank of India Alert ListThe RBI lists XM as not authorised to deal in forex or run a forex trading platform for Indian residents. Indian residents trading forex on unauthorised platforms can face action under FEMA. Source: RBI Alert List (RBI press release 2025-2026/1530, 19 Nov 2025; checked 24 Oct 2026).

Verdict score

4.6 / 10

Based on hard data only. No outside rating with enough reviews was available.

Regulation3.0

Best licence: Offshore

Trading cost5.0

No published spread

Accessibility10.0

Min deposit $5

Platforms & payments5.6

3 platforms · 0 payment methods

XM vs top-rated peersPER YEAR

I trade standard lots of EUR/USD a month.

Trive$720

GO Markets$1,200

FP Markets$1,440

Zero Markets$1,440

Vantage$1,440

Cheapest vs most expensive here, per year$720

Regulation

Who licenses XM.

Licences as XM lists them. A tick means we found the entity on the regulator's own register.

Regulator	Tier	Entity	Licence no.	On register
FSC-BZ	OFFSHORE	XM Global Limited	8557558	Not yet checked

Accounts

Published EUR/USD costs.

Account	Spread	Commission	Cost / lot
Standard	—	—	—
Ultra Low	—	—	—
Shares	—	—	—

Cost per standard lot = spread in pips × $10 + round-turn commission. Brokers publish “typical”, “average” or “from” spreads; “from” figures flatter the broker.

Key facts

The fine print.

Website

www.xm.com

Founded

Not published

Headquarters

Not published

Minimum deposit

Max leverage

Not published

EU/UK leverage cap

—

Platforms

MT4, MT5, own app

Deposits & withdrawals

Not published

Islamic (swap-free) account

Yes

Copy trading

Yes

Withdrawal fees

Homepage claims withdrawals with no fees ("Get your funds easily and pay no fees"); conditions not detailed.

Inactivity fee

Not published

Restricted countries

Does not provide services to citizens of the United States, Canada, Israel, Iran, and other sanctioned countries.

RBI Alert List (India)

LISTED as "XM" · list of 19 Nov 2025 · checked 24 Oct 2026

Verified reviews

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Compare XM

Visit XM

Sources · data as of 2026-10-24

accounts: www.xm.com/account-types
platforms: www.xm.com/account-types
regulators: www.xm.com/account-types
trustpilot: www.trustpilot.com/review/xm.com
copy trading: www.xm.com/
islamic account: www.xm.com/account-types
min deposit usd: www.xm.com/account-types
withdrawal fee note: www.xm.com/
restricted countries note: www.xm.com/account-types

Research notes: Min deposit $5 applies to Standard and Ultra Low; Shares account $10,000. xm.com account/forex pages show no EUR/USD spread, commission or leverage figures; /stable-max-leverage, /payment-methods and /deposits-withdrawals returned client errors. Trustpilot score withheld ('rating unavailable due to a breach of our guidelines'); only review count available. Licence no. 8557558 as stated in xm.com footer for FSC Belize (may be a registration number; not checked on register). Other XM group entities (e.g. EU/AU/UAE) not visible on the global site and not recorded.

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