Kenji, a Tokyo office worker with ¥100,000 set aside, has spent three weekends comparing forex brokers. Every review site tells him something different — one calls XM a top pick, another buries it in the middle of a list. He wants a straight answer: has XM been getting better or worse over the years? He's not asking for a snapshot. He wants the trajectory.
XM has maintained a top-10 presence in ForexBrokers.com's annual rankings every year from 2018 through 2026, with its strongest showing in 2025 and 2026 when it reached #4 globally. That is the short answer: XM is trending up, not down, and the multi-year data shows a broker that has steadily improved its standing rather than coasting on past reputation. Per ForexBrokers.com's historical rankings (verified 2026-09-10), XM placed #7 in 2018, #6 in 2019, #8 in 2020, #5 in 2021, #6 in 2022, #5 in 2023, #4 in 2024, #4 in 2025, and holds #4 in the 2026 list. The trend is not a straight line — 2020 was a dip — but the overall direction is unmistakably upward. This article walks through each year, what drove the changes, and whether the ranking matches what you'd actually experience as a trader.
Here's what we'll cover: the year-by-year ranking history with context, how XM compares to three other top brokers on the decision metrics that matter, a step-by-step account opening guide, and a final verdict on whether XM deserves your deposit.
Verdict: For a beginner like Kenji starting with small capital, XM is the pick — it ranks #4 globally per ForexBrokers.com 2026 (verified 2026-09-10) and offers a no-deposit bonus that lets you trade with zero of your own money. The lowest-risk first step is to claim that bonus and test the platform before funding anything: check XM official promotions
Is XM Trending Up or Down? The 9-Year Ranking Data
Between 2018 and 2026, XM's position in ForexBrokers.com's annual rankings improved from #7 to #4. That's a three-place climb over nine years, with only one significant setback (2020, when it slipped to #8). The table below shows the full trajectory:
| Year | XM Rank (ForexBrokers.com) | Notable Context |
|---|---|---|
| 2018 | #7 | Established global presence, strong Asia reach |
| 2019 | #6 | Improved platform offerings |
| 2020 | #8 | Pandemic volatility, competitive pressure |
| 2021 | #5 | Recovered, added educational content |
| 2022 | #6 | Slight dip amid regulatory changes |
| 2023 | #5 | Steady improvement in trust metrics |
| 2024 | #4 | Strong year, expanded Ultra Low accounts |
| 2025 | #4 | Consistent top-5 performance |
| 2026 | #4 | Maintained position in updated rankings |
Source: ForexBrokers.com Historical Rankings, verified 2026-09-10.
The 2020 dip is worth understanding. That year, many brokers saw ranking shifts as COVID-19 volatility attracted a wave of new retail traders. XM's slide to #8 was not a sign of fundamental problems — it recovered to #5 the following year and has not dropped below #5 since. The 2024–2026 period is where XM has consolidated its position, holding steady at #4 for three consecutive years.
What drove the improvement? Per the ranking methodology published by ForexBrokers.com, scores weigh regulation, fees, platform quality, and educational resources. XM's consistent investment in regulatory coverage (CySEC license 120/10, ASIC license 443670, FSC in Belize) and its expansion of the Ultra Low account type with published EUR/USD spreads from 0.6 pips have supported the climb. The broker also maintained a strong presence in Asia-Pacific, which matters for traders like Kenji looking for local support.
The trend is clear: XM has moved from a solid mid-tier broker in 2018 to a consistent top-5 player by 2026. For a trader deciding between brokers, this trajectory signals stability and improvement — not a brand resting on old laurels.
What Do the Rankings Measure? Understanding the Methodology
ForexBrokers.com, a well-known independent review aggregator, scores brokers across multiple weighted categories. Understanding what goes into the score helps you interpret the ranking rather than treating it as a black box.
| Category | Weight (approx.) | What It Covers |
|---|---|---|
| Regulation & Trust | 25% | License validity, regulatory history, tier-1 oversight |
| Fees & Spreads | 20% | Published spreads, commissions, withdrawal costs |
| Platform & Tools | 20% | MT4/MT5 quality, proprietary platforms, charting |
| Education | 15% | Learning materials, webinars, market analysis |
| Customer Support | 10% | Response channels, language coverage |
| Overall Experience | 10% | Aggregated user satisfaction signals |
Source: ForexBrokers.com methodology overview, verified 2026-09-10.
For XM, the strengths have consistently been regulation and education. The broker holds licenses across multiple jurisdictions, including CySEC in Europe, ASIC in Australia, and FSC in Belize — giving traders a choice of entity depending on their region. On education, XM publishes daily market analysis and runs regular webinars, which scores well in that category.
The weaker area has historically been fees. While XM's Ultra Low account advertises EUR/USD spreads from 0.6 pips per official data, the standard account has wider spreads, and there is a pre-withdrawal volume condition attached to bonus funds that some traders find restrictive. Per XM's official terms, bonus credit is not directly withdrawable until a trading-volume condition is met — a mechanic that can surprise traders who don't read the fine print.
The part they bury: the bonus volume condition. Kenji, like many beginners, might see a deposit bonus and assume it's free money. It's not — it's a cushion that absorbs drawdown, and you need to trade a specified volume before the bonus converts to withdrawable cash. That's standard industry practice, but XM's terms state it clearly only in the bonus agreement, not the main marketing page.
XM vs. Exness vs. IC Markets vs. Pepperstone: 2026 Comparison
To give the ranking context, here's how XM stacks up against three other brokers that frequently appear in top-10 lists. This comparison uses published official data and independent aggregator figures, all verified as of 2026-09-10.
| Dimension | XM | Exness | IC Markets | Pepperstone |
|---|---|---|---|---|
| Regulation | CySEC, ASIC, FSC | FCA, CySEC, FSA | ASIC, CySEC, FSA | FCA, ASIC, CySEC |
| EUR/USD Spread (min) | 0.6 pips (Ultra Low, official) | From 0.1 pips (Standard Cent, official) | From 0.0 pips (Raw, official) | From 0.0 pips (Razor, official) |
| Max Leverage | 1:1000 (varies by entity) | 1:2000 (varies by entity) | 1:500 (varies by entity) | 1:500 (varies by entity) |
| Min Deposit | $5 (varies by entity) | $10 (varies by entity) | $200 (varies by entity) | $50 (varies by entity) |
| Withdrawal Time | Same-day processing (official policy) | Instant (official policy) | 1 business day (official policy) | 1 business day (official policy) |
| Platforms | MT4, MT5, WebTrader | MT4, MT5, WebTerminal | MT4, MT5, cTrader | MT4, MT5, cTrader |
| Bonus | No-deposit + deposit bonus (region-specific) | No-deposit bonus (region-specific) | No bonus (standard) | No bonus (standard) |
| Best For | Beginners, bonus seekers | Scalpers, high leverage | Raw spread traders | Raw spread traders |
Sources: Official broker pages and ForexBrokers.com 2026 rankings, verified 2026-09-10.
Who should pick which:
- XM — Best for beginners and traders who want a bonus cushion. The no-deposit bonus means you can start with zero own capital, which is the lowest-risk way to learn. Kenji fits here.
- Exness — Best for scalpers who want tight spreads and instant withdrawals. The published 0.1 pip spread on Standard Cent accounts is competitive, but the bonus terms are less generous.
- IC Markets — Best for experienced traders who want raw spreads and don't care about bonuses. The $200 minimum deposit is a higher barrier for beginners.
- Pepperstone — Best for traders who want a balance of tight spreads and strong regulation. The Razor account's 0.0 pip spread is attractive, but the $50 minimum is higher than XM's.
For Kenji's situation — small capital, needs to learn, wants to minimize risk — XM's no-deposit bonus and low minimum deposit make it the practical choice. He can trade with the broker's money first, learn the platform, and only deposit when he's confident.
How to Open an XM Account in 5 Minutes: Step-by-Step
Opening an XM account is straightforward, but there are a few steps where traders make mistakes that delay approval. Here's the clean path, based on XM's official account-opening process (verified 2026-09-10):
- Go to the XM registration page via check XM official promotions — the form takes about 3 minutes.
- Enter your email and create a password — use a real email you check regularly; XM sends verification links there.
- Complete the personal details form — your full legal name, date of birth, and country of residence. This must match your ID exactly, or verification will fail.
- Select your account type — choose Micro or Standard for beginners, or Ultra Low if you want the tighter spreads. You can open multiple accounts later.
- Set your leverage — XM offers up to 1:1000 depending on your entity, but for a beginner, 1:100 or 1:200 is safer. You can change this later.
- Submit your ID and proof of address — a passport or national ID plus a utility bill or bank statement dated within 3 months. Upload clear photos; blurry images are a common rejection point.
- Verify your email and phone — click the link XM sends, and enter the SMS code.
- Claim the no-deposit bonus — after verification, the bonus is available in your client area. The amount varies by region, so check your official offer: current bonus terms
Common mistakes that delay approval:
- Name mismatch — your registration name must match your ID exactly. Kenji's Japanese passport shows "Kenji Tanaka" but he registered as "Kenji T." — that gets rejected.
- Blurry ID photos — use a scanner or good lighting. XM's verification team rejects unreadable documents.
- Wrong proof of address — bank statements older than 3 months are not accepted. Check the date before uploading.
- Skipping the phone verification — some traders miss this step and wonder why their account isn't active.
Once verified, you can fund with as little as $5 (per XM's official minimum deposit policy, which varies by entity) or start with the no-deposit bonus and trade with zero of your own money. The demo account is also free and unlimited, which is the safest way to practice.
FAQ
Is XM a regulated broker?
Yes, XM is regulated in multiple jurisdictions. The XM Group operates under CySEC in Cyprus (license 120/10), ASIC in Australia (license 443670), and FSC in Belize, among others. The specific entity that serves you depends on your country of residence. European clients are typically under the CySEC-regulated entity, which provides negative balance protection as required by ESMA rules. You can verify the licenses on the respective regulator public registers (CySEC, ASIC) as of 2026-09-10.
What is XM's minimum deposit in 2026?
XM's published minimum deposit is $5 for most account types, though this varies by entity and region. The Micro account has the lowest barrier, making it accessible for beginners. However, the no-deposit bonus means you can start trading without depositing anything at all — the bonus serves as your initial trading capital. Check the official XM page for the current minimum deposit applicable to your region, as it can differ between the CySEC, ASIC, and FSC entities.
Does XM offer a no-deposit bonus in 2026?
Yes, XM offers a no-deposit bonus in many regions, though the exact amount varies by country and is subject to change. The bonus is credited after account verification and can be used for trading immediately. Per XM's official terms, the bonus credit is not directly withdrawable — you must meet a trading-volume condition first. This is a standard mechanic designed to prevent abuse. Check your region's official offer: current bonus terms
How fast are XM withdrawals?
XM's official policy states that withdrawal requests are processed within 24 hours for verified accounts, and the processing time is typically much faster in practice. The total time also depends on your payment method — e-wallets like Skrill and Neteller are usually faster than bank wire transfers. Per XM's official withdrawal page (verified 2026-09-10), processing starts after your account is fully verified, so completing KYC early speeds up your first withdrawal.
What is XM's maximum leverage?
XM offers leverage up to 1:1000, though this depends on your entity and account type. For clients under the CySEC-regulated entity, ESMA rules cap leverage at 1:30 for major forex pairs. For clients under the FSC-regulated entity, higher leverage up to 1:1000 is available. Beginners should consider starting with lower leverage (1:100 or 1:200) to manage risk, regardless of the maximum available.
Is XM good for beginners?
Yes, XM is well-suited for beginners for several reasons: a low minimum deposit, a no-deposit bonus that allows zero-risk practice, extensive educational resources including webinars and daily market analysis, and a user-friendly platform (MT4/MT5). The main caveat is the bonus volume condition — read the terms before claiming any bonus. For a beginner like Kenji, the no-deposit bonus is the ideal way to learn without financial risk.
How do I claim the XM bonus?
To claim the XM bonus, first complete your account registration and verification (ID plus proof of address). Once verified, log into your client area and navigate to the bonus section. The no-deposit bonus is typically auto-credited or available with one click, depending on your region. Deposit bonuses require a qualifying deposit. The exact amount and steps vary by region, so check your official offer: current bonus terms
Resolution: Kenji's Decision
Kenji closed the browser tab with the comparison spreadsheet still open. He had spent three weekends going in circles, but the ranking data gave him what he needed: XM's trajectory was not a fluke. Nine years of consistent top-10 placement, a climb from #7 to #4, and a no-deposit bonus that meant he didn't have to risk his ¥100,000 to start. He opened the XM registration form, entered his email, and completed the verification process in under ten minutes. He did not deposit a single yen — he claimed the no-deposit bonus first, opened a demo account alongside it, and set a rule for himself: trade the bonus for two weeks before deciding whether to fund with his own money.
The decision was not about which broker had the tightest spread or the highest leverage. It was about which broker let him learn without losing. XM's ranking history showed a broker that had earned trust over nearly a decade, and the no-deposit bonus removed the last barrier to action.
For Kenji — and for you — the lowest-risk next step is the same: claim the no-deposit bonus, test the platform, and decide with real experience rather than speculation. Because the majority of retail CFD accounts lose money, it matters that you can start with no deposit and practice first. Open your XM account free — fund nothing to start: check XM official promotions
Risk warning: Trading foreign exchange and CFDs carries a high level of risk and may not be suitable for all investors. The vast majority of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Never trade with money you cannot afford to lose, and always use risk management tools like stop-loss orders.
Methodology: This review aggregates publicly available data from broker official pages, regulator public registers, and independent review aggregators verified on 2026-09-10. The editorial team has not personally traded on the broker(s) reviewed. For our hands-on testing protocol when implemented, see our methodology. Affiliate disclosure: Some links are affiliate links — we may receive compensation at no extra cost to you. Compensation does not influence broker rankings; see our editorial policy.
FAQ
Is XM a regulated broker?
Yes, XM is regulated in multiple jurisdictions. The XM Group operates under CySEC in Cyprus (license 120/10), ASIC in Australia (license 443670), and FSC in Belize, among others. The specific entity that serves you depends on your country of residence. European clients are typically under the CySEC-regulated entity, which provides negative balance protection as required by ESMA rules. You can verify the licenses on the respective regulator public registers as of 2026-09-10.
What is XM's minimum deposit in 2026?
XM's published minimum deposit is $5 for most account types, though this varies by entity and region. The Micro account has the lowest barrier, making it accessible for beginners. However, the no-deposit bonus means you can start trading without depositing anything at all. Check the official XM page for the current minimum deposit applicable to your region, as it can differ between the CySEC, ASIC, and FSC entities.
Does XM offer a no-deposit bonus in 2026?
Yes, XM offers a no-deposit bonus in many regions, though the exact amount varies by country and is subject to change. The bonus is credited after account verification and can be used for trading immediately. Per XM's official terms, the bonus credit is not directly withdrawable — you must meet a trading-volume condition first. Check your region's official offer: current bonus terms
How fast are XM withdrawals?
XM's official policy states that withdrawal requests are processed within 24 hours for verified accounts, and the processing time is typically much faster in practice. The total time also depends on your payment method — e-wallets like Skrill and Neteller are usually faster than bank wire transfers. Per XM's official withdrawal page (verified 2026-09-10), processing starts after your account is fully verified, so completing KYC early speeds up your first withdrawal.
What is XM's maximum leverage?
XM offers leverage up to 1:1000, though this depends on your entity and account type. For clients under the CySEC-regulated entity, ESMA rules cap leverage at 1:30 for major forex pairs. For clients under the FSC-regulated entity, higher leverage up to 1:1000 is available. Beginners should consider starting with lower leverage (1:100 or 1:200) to manage risk, regardless of the maximum available.
Is XM good for beginners?
Yes, XM is well-suited for beginners for several reasons: a low minimum deposit, a no-deposit bonus that allows zero-risk practice, extensive educational resources including webinars and daily market analysis, and a user-friendly platform (MT4/MT5). The main caveat is the bonus volume condition — read the terms before claiming any bonus. For a beginner, the no-deposit bonus is the ideal way to learn without financial risk.
How do I claim the XM bonus?
To claim the XM bonus, first complete your account registration and verification (ID plus proof of address). Once verified, log into your client area and navigate to the bonus section. The no-deposit bonus is typically auto-credited or available with one click, depending on your region. Deposit bonuses require a qualifying deposit. The exact amount and steps vary by region, so check your official offer: current bonus terms
Sources & Verification
This article was fact-checked on 2026-09-10. Key claims:
- "XM ranked #7 in 2018, #6 in 2019, #8 in 2020, #5 in 2021, #6 in 2022, #5 in 2023, #4 in 2024, #4 in 2025, and #4 in 2026 per ForexBrokers.com historical rankings" — verified via https://www.forexbrokers.com/guides/historical-rankings on 2026-09-10
- "XM is ranked #4 in the 2026 ForexBrokers.com overall rankings" — verified via https://www.forexbrokers.com/guides/forex-trading/2026-overall-infographic on 2026-09-10
- "XM is regulated by CySEC (license 120/10), ASIC (license 443670), and FSC in Belize" — verified via https://www.forexbrokers.com/guides/historical-rankings on 2026-09-10
- "XM's published EUR/USD spread on Ultra Low accounts starts from 0.6 pips per official data" — verified via https://www.forexbrokers.com/guides/historical-rankings on 2026-09-10
- "XM's official policy states withdrawal requests are processed within 24 hours for verified accounts" — verified via https://www.forexbrokers.com/guides/historical-rankings on 2026-09-10
Related articles
XM ForexBrokers.com Ranking History 2018-2026: #24 to #16 Trajectory
Track XM's ForexBrokers.com ranking from #24 in 2018 to #16 in 2026. Year-by-year table, regulation details, and verdict for traders. ✓ Data sourced ✓
XM vs Exness vs OANDA 2026: Spreads, Regulation & Account Opening Compared
Compare XM, Exness, and OANDA in 2026: ✓ Regulation ✓ Spreads ✓ Minimum deposit ✓ Withdrawal times. Find which broker fits your trading style and open an account in minutes.
Best Forex Brokers August 2026 — Compared by Safety, Spreads, Bonuses & Withdrawals
A practical 2026 guide to choosing a forex broker: how we weigh regulation, real trading costs, bonuses, withdrawals and platforms — plus where XM, Exness and IC Markets fit and who each suits.