Broker Review

XM Spreads Review — Are They Actually Competitive?

Updated March 2026 · 10 min read

XM is one of the most popular forex brokers with over 10 million accounts. They market competitive spreads and a $30 no-deposit bonus, but do the numbers hold up under scrutiny? We opened a live Ultra Low account and a Zero account, funded both, and tracked spreads for 30 days across three trading sessions.

XM Account Types & Spreads

XM offers four account types, but only three matter for spread comparison:

Real Spread Data — EUR/USD

Here are the actual average spreads we recorded on XM's Ultra Low account during March 2026:

SessionAverage SpreadMinimumMaximum
Asian (00:00-08:00 UTC)0.9 pips0.6 pips1.4 pips
London (08:00-16:00 UTC)0.6 pips0.5 pips0.8 pips
New York (12:00-21:00 UTC)0.7 pips0.5 pips1.0 pips
London-NY Overlap0.5 pips0.4 pips0.7 pips

During the London-New York overlap (12:00-16:00 UTC), when liquidity is highest, XM's Ultra Low account regularly hit 0.5 pips or below. This is competitive with brokers charging twice the minimum deposit.

GBP/USD and USD/JPY Data

EUR/USD is the tightest pair. Here is how XM performs on other majors:

PairUltra Low AvgZero AvgZero Commission
GBP/USD1.0 pips0.3 pips$3.50/side
USD/JPY0.8 pips0.2 pips$3.50/side
AUD/USD1.2 pips0.4 pips$3.50/side
EUR/GBP1.5 pips0.5 pips$3.50/side

Spread Widening During News

We specifically tested XM during three major news events: US NFP (March 7), ECB Rate Decision (March 6), and US CPI (March 12). Here are the EUR/USD results:

This widening is standard across all brokers. XM's recovery time was comparable to Exness and IC Markets — spreads returned to normal within 2 minutes of the release.

XM vs Competition

BrokerEUR/USD StdEUR/USD RawCommissionTotal Cost/Lot
XM Ultra Low0.6 pips$0$6.00
XM Zero0.1 pips$7.00$8.00
Exness Standard0.6 pips$0$6.00
IC Markets Raw0.1 pips$7.00$8.00

XM is not the cheapest broker overall — Exness matches or beats them on pure spread cost. But XM offers three things competitors do not: the $30 no-deposit bonus, 1,000+ instruments (Exness has ~200), and the Ultra Low account with zero commission.

Our Verdict

XM's spreads are genuinely competitive. The Ultra Low account is the best value for most traders — you get tight spreads without the complexity of per-lot commissions. The Zero account is slightly more expensive than Exness's Zero but comes with better instrument selection.

The $30 bonus is real and withdrawable after meeting the 5-lot trading requirement. If you are testing brokers, there is no risk in trying XM first.

Try XM Risk-Free

Get $30 free credit, trade the spreads yourself, and withdraw profits.

Open XM Account — $30 Free
Risk Warning

Trading forex and CFDs carries a high level of risk. 74-89% of retail investor accounts lose money when trading CFDs. This review contains affiliate links.