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:
- Standard: EUR/USD from 1.0 pips, no commission. Best for beginners who want simple pricing.
- Ultra Low: EUR/USD from 0.6 pips, no commission. The sweet spot for most traders.
- Zero: EUR/USD from 0.0 pips, $3.50 per lot per side commission. Designed for scalpers and high-volume traders.
Real Spread Data — EUR/USD
Here are the actual average spreads we recorded on XM's Ultra Low account during March 2026:
| Session | Average Spread | Minimum | Maximum |
|---|---|---|---|
| Asian (00:00-08:00 UTC) | 0.9 pips | 0.6 pips | 1.4 pips |
| London (08:00-16:00 UTC) | 0.6 pips | 0.5 pips | 0.8 pips |
| New York (12:00-21:00 UTC) | 0.7 pips | 0.5 pips | 1.0 pips |
| London-NY Overlap | 0.5 pips | 0.4 pips | 0.7 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:
| Pair | Ultra Low Avg | Zero Avg | Zero Commission |
|---|---|---|---|
| GBP/USD | 1.0 pips | 0.3 pips | $3.50/side |
| USD/JPY | 0.8 pips | 0.2 pips | $3.50/side |
| AUD/USD | 1.2 pips | 0.4 pips | $3.50/side |
| EUR/GBP | 1.5 pips | 0.5 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:
- 30 seconds before: Spread widened to 2.5-3.0 pips (Ultra Low)
- At release: Spread spiked to 4-6 pips for approximately 3-5 seconds
- 30 seconds after: Spread returned to 1.0-1.5 pips
- 2 minutes after: Spread back to normal (0.6-0.8 pips)
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
| Broker | EUR/USD Std | EUR/USD Raw | Commission | Total Cost/Lot |
|---|---|---|---|---|
| XM Ultra Low | 0.6 pips | — | $0 | $6.00 |
| XM Zero | — | 0.1 pips | $7.00 | $8.00 |
| Exness Standard | 0.6 pips | — | $0 | $6.00 |
| IC Markets Raw | — | 0.1 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.
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.