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XM in India — review, licence and costs
Score (6 of 6 axes scored)
ranked against full-basis brokers
- Reviews25%40
- Round-turn cost20%100
- Safety20%0
- Payouts15%80
- Track record10%85
- Platforms10%50
Numbered by weight: axis 1 counts for most.
Key facts (6 facts)
- Onboarding entity
- XM Global Limited
- Founded
- 2009
- Retail leverage
- 1000IN
- Round turn
- 3.5 USDIN
- Currencies
- USD, EUR, GBP, JPY, CHF, AUD and others; no INR base account, deposits converted.
- Swap-free account
- yes
Licence check
Open an account with XMThe broker's own website. Not a partner link — we earn nothing from it.
Who actually onboards you
- Entity that onboards India residents
- XM Global Limited
- Local standing
- Offshore (Belize FSC); not SEBI-regulated. Using it is a legal grey area - RBI/FEMA restrict retail forex to INR-based pairs, and funding must stay within LRS limits.
- Licence as the register states it
- XM Global Limited holds a Belize FSC Securities licence; no SEBI registration and no Indian office.
- Leverage for this entity
- Up to 1:1000 on forex via the offshore entity; not capped by a local Indian regulator.
- The firm behind it
- Founded 2009, part of Trading Point Holdings; HQ Limassol, Cyprus; 15M+ clients worldwide; major MetaTrader forex/CFD broker.
- What we hold against it
- Legal grey area under FEMA/RBI; offshore-only protection and no SEBI oversight.
Leverage by entity
The licence belongs to the firm; a leverage figure belongs to one entity. Only the entity that onboards Indian residents enters the score.
Scale from 1:10 to 1:3000, logarithmic.
Client protection
- Local entity onboards youOffshore (Belize FSC); not SEBI-regulated. Using it is a legal grey area - RBI/FEMA restrict retail forex to INR-based pairs, and funding must stay within LRS limits.
- Regulator warning on filenone found
— means the broker does not state it in any source we captured. It is not read as “no protection” and it is not scored.
Price against India market median(priced from 65 of 90)
Medians run over the 65 of 90 brokers that publish a price for India, never over the whole base. A spread without its commission is not a price and is not counted.
Accounts
Account types the broker names for this country: Micro, Standard, Ultra Low (Standard/Micro), Zero, Shares accounts, min deposit from USD 5 (Shares much higher). The figures below are the broker's own and do not differ by account in any source we captured.
Swap-free account terms
Terms read from the account page on 01.10.2026. The cap on open positions is not published.
Where XM sits in the India base(90 brokers)
Round-turn cost, USD (65 of 90 priced)
Median 7 USD · range 2-18 · this broker 3.5 USD · 25 of 90 brokers do not publish it
Minimum deposit, USD (16 of 90 priced)
Median 15 USD · range 0-1000 · this broker 5 USD · 74 of 90 brokers do not publish it
Retail leverage (49 of 90 with a India figure)
Median 1:500 · range 20-5000 · this broker 1:1000 · 41 of 90 brokers do not publish it
Withdrawal time published (90 brokers)
Payouts
Identical for every row: Deposit, h 24 · Fee, USD 0 · Min, USD 50.
Deposit and withdrawal methods (3 methods · 2 local)
INR deposits via UPI (Google Pay/PhonePe/Paytm), net banking and bank wire reported;
- INR deposits via UPIlocal
- Bank wire reported
- UPI from ~INR 400local
- Account currency
- USD, EUR, GBP, JPY, CHF, AUD and others; no INR base account, deposits converted.
- Fee declared
- 3 of 3 methods
- Withdrawal back to
- the funding method
Where it does not serve(4 countries)
From the client agreement, clause 2.3. A country missing from a translated page is not read as “served”.
Platforms and markets(2 platforms)
- MT4
- MT5
| Class | Min spread | Leverage |
|---|---|---|
| MT4 | 1 | 1000IN |
| MT5 | 1 | 1000IN |
138 further account types are named by their brokers but publish none of these figures, so they are not in the comparison: Eightcap Standard, Eightcap Raw, Fusion Markets Classic account, Pepperstone Standard, Pepperstone no minimum deposit, Trade Nation Two live tiers - lower-leverage and 132 more.
Reviews(1 platform · 25% of the score)
| Snapshot | Rating | Reviews |
|---|---|---|
| 02.10.2026 | 3.8 | — |
Share of reviewers in India: — The platform does not publish it.
Pros and cons(5 for and 3 against, each tied to a figure on this page)
- Round turn 3.5 USD on the raw + commission basis, under the India median 7
- Min deposit 5 USD, under the India median 15
- Withdrawal in 24 h, one of 74 of 90 brokers here that publish a time
- Swap-free account available
- Round-turn cost 100 of 100, its strongest of 6 scored axes
- No India authorisation on file: the entity that onboards you is licensed elsewhere
- The published 1:1000 comes from the group's offshore entity, not from the India one
- Safety 0 of 100, its weakest of 6 scored axes
Alternatives in India(6 of 90 scored in India)
- Round turn, USD
- 3IN
- Min deposit, USD
- 1 groupIN
- Leverage
- 500IN
- Rank in this country
- #33
- Round turn, USD
- 3.1IN
- Min deposit, USD
- 1 groupIN
- Leverage
- 2000IN
- Rank in this country
- #43
- Round turn, USD
- 4IN
- Min deposit, USD
- 10 groupIN
- Leverage
- 2000IN
- Rank in this country
- #48
- Round turn, USD
- 4.5IN
- Min deposit, USD
- 0IN
- Leverage
- 500IN
- Rank in this country
- #3
- Round turn, USD
- 3IN
- Min deposit, USD
- 1 groupIN
- Leverage
- unlimited group
- Rank in this country
- #35
- Round turn, USD
- 4IN
- Rank in this country
- #4
"group" marks a figure the broker publishes for the group rather than for this country. It is shown because the broker states it, and it is not ranked, averaged or used to sort.
Methodology(6 axes · formula v1.0)
Score = 2 + 3 × weighted mean of six axes scored 0–100. Range 2.0–5.0. An axis without data drops out and the remaining weights are renormalised; it is never scored zero or estimated. Group-wide figures never enter a India score. Full methodology
| Axis | Weight | What is measured | XM |
|---|---|---|---|
| Reviews | 25% | Rating, volume and recency on one public review platform | 40 |
| Round-turn cost | 20% | Round turn on 1 lot EURUSD: spread plus commission, against the country median | 100 |
| Safety | 20% | Local authorisation, the entity that onboards you, any regulator warning | 0 |
| Payouts | 15% | Published withdrawal time, fees and the methods available in the country | 80 |
| Track record | 10% | Years since the firm was founded, from its own filings | 85 |
| Platforms | 10% | Which trading platforms the broker confirms for this country | 50 |
FAQ
- Does XM accept residents of India?
- No. Offshore (Belize FSC); not SEBI-regulated. Using it is a legal grey area - RBI/FEMA restrict retail forex to INR-based pairs, and funding must stay within LRS limits. Onboarding entity: XM Global Limited
- Is XM licensed to serve clients in India?
- XM Global Limited holds a Belize FSC Securities licence; no SEBI registration and no Indian office. Checked on 09.07.2026.
- How much does one round turn cost at XM?
- About 3.5 USD per standard lot on EUR/USD. The median across brokers measured for India is 7.0 USD.
- What leverage does XM offer to retail clients in India?
- Up to 1:1000. Up to 1:1000 on forex via the offshore entity; not capped by a local Indian regulator.
- Which trading platforms does XM support?
- MT4, MT5. Instruments: 1000+ instruments: 55+ forex pairs, stock indices, metals/energies/commodity CFDs and share CFDs; crypto CFDs vary by entity.
- How can I withdraw money from XM in India?
- INR deposits via UPI (Google Pay/PhonePe/Paytm), net banking and bank wire reported; UPI from ~INR 400, processed instantly.
- What account types does XM offer?
- Micro, Standard, Ultra Low (Standard/Micro), Zero, and Shares accounts; min deposit from USD 5 (Shares much higher).
- Does XM offer a swap-free (Islamic) account?
- Yes. XM offers a swap-free (Islamic) account to India residents.
Cost calculator (median of 65 priced of 90)
EURUSD round turns at the prices captured 01.10.2026. Shown in USD only: we do not publish a INR conversion because the exchange rate is not part of our data.