XM advertises several accounts with no commission, but that does not mean trading there is almost free. Most XM trading fees actually sit inside the spread and in the cost of holding a position overnight.
This Backcom.io guide breaks XM trading fees into three layers: XM spreads by account type, commission, and XM overnight fees. It also asks whether the XM Ultra Low account really is cheaper than Standard, and sets out the practical ways to reduce XM trading fees.
A note on the numbers: spread is a floating figure. Every “from” level in this article is a reference point, not an average spread. Before you open a position, read the live spread on MT4/MT5 for the instrument you trade, at the hour you trade it.
Table of contents
- XM trading fees by account type
- XM spreads in detail: majors, gold and indices
- XM commission: does zero commission mean cheap?
- XM overnight fees: how swap works and triple swap
- Other fees to check before you deposit
- How to reduce XM trading fees
- Frequently asked questions about XM trading fees
- Summary
XM Trading Fees By Account Type
XM trading fees come down to three items: spread — the gap between the bid and the ask; commission — charged on some account types only; and swap — what you pay or receive for holding a position through rollover. On Micro, Standard and Ultra Low, the spread is normally the largest of the three.
| Account | EURUSD spread from* | Commission | Contract size | Min deposit | Best for |
|---|---|---|---|---|---|
| Micro | About 1.6 pips | $0 | 1 lot = 1,000 units | $5 | Beginners, small capital |
| Standard | About 1.6 pips | $0 | 1 lot = 100,000 units | $5 | General traders |
| Ultra Low | About 0.8 pips | $0 | 100,000 units** | $5 | Cost-focused traders |
| Shares | Per share | Yes | 1 share | $10,000 | Share trading |
* Spreads in this table are the reference levels Backcom.io publishes; the live spread changes by instrument and by the hour.
** Some configurations offer Micro Ultra Low.
On deposits, Standard and Ultra Low both start at $5, while Shares requires $10,000. The XM Global account list currently covers Standard, Ultra Low and Shares only — there is no XM Zero.
XM Global Limited is regulated by the FSC in Belize. Because this article deals with conditions offered through XM Global, XM Zero is left out of the comparison.
For a breakdown of each type and which one suits your capital, see our guide to the XM account types.
XM Ultra Low Account: Tighter Than Standard, Still No Commission
What stands out about the XM Ultra Low account within the structure of XM trading fees is a reference spread from about 0.8 pips on EURUSD, against roughly 1.6 pips on Standard. Both have a $5 minimum deposit and neither charges commission on ordinary forex trades.
Taking those exact spreads as an example:
- Standard: 1.6 pips on EURUSD ≈ $16 per lot.
- Ultra Low: 0.8 pips on EURUSD ≈ $8 per lot.
- Difference: about $8 per standard lot.
So on spread alone, the XM Ultra Low account roughly halves the cost in this example.
Count the full picture, though, and the IB rebate has to go in too. The rebate on Standard is usually higher than on Ultra Low, so the cheapest option is not always simply the account with the tighter spread.
XM Spreads In Detail: Majors, Gold And Indices
XM spreads make up the largest share of XM trading fees, because most of XM’s popular accounts charge no separate commission. The spread is the gap between the bid and the ask, and you pay it the moment you open a position.
In substance, the spread is a cost built straight into the buy and sell price of the instrument — see our explainer on what forex spread is.
XM Spreads On EURUSD, GBPUSD And USDJPY
For forex it helps to convert XM spreads into dollars rather than reading pips alone.
Take EURUSD and 1 standard lot:
| Account | Reference spread | Value of 1 pip per lot | Estimated spread cost |
|---|---|---|---|
| Standard | 1.6 pips | ~$10 | ~$16 |
| Ultra Low | 0.8 pips | ~$10 | ~$8 |
This is an example built on the “from” spread, not a fixed average spread.
GBPUSD and USDJPY follow the same principle, but the pip value shifts with the exchange rate and the quote currency. So when comparing XM trading fees, convert the spread into money on the volume you actually trade.
XAUUSD And Index Spreads On XM
Gold is one of the most traded instruments on the platform, and it is also where XM trading fees are hardest to predict, because the gold spread moves far more than EURUSD.
Spreads can widen sharply when:
- The US releases CPI, NFP or PCE.
- The Fed announces a rate decision or holds an FOMC press conference.
- Liquidity thins out around the daily rollover.
- Gold makes a sudden move.
How to measure gold and index spreads yourself:
- Open a Standard account and an Ultra Low account side by side on the same machine.
- Add XAUUSD, US30 and NASDAQ to Market Watch and switch on the Spread column.
- Record the spread on both accounts at the same instant, during the London–New York overlap.
- Repeat once in a quiet market and once around a news release to see the range.
Comparing two accounts at two different moments produces a misleading result, because gold and index spreads swing with the session far more than EURUSD does.
When Do XM Spreads Widen?
Three moments deserve particular attention:
- When liquidity is thin: spreads can be wider at the start of the day and around session changeovers.
- On major news: NFP, CPI, FOMC or an unexpected event usually widens spreads quickly.
- Near rollover: liquidity can drop and spreads on some instruments rise temporarily.
Session windows and changeover times are set out in our guide to forex trading hours.
Scalpers, then, should not judge XM spreads from a single reading taken while the market is quiet.
XM Commission: Does Zero Commission Mean Low Cost?
On Standard, Micro and the XM Ultra Low account, almost all XM trading fees sit in a single place — the spread. XM does not break out a separate commission for ordinary forex trades.
According to the Backcom XM page, Micro, Standard and Ultra Low charge no commission, while Shares is the account type with its own commission structure.
What matters is this:
No commission does not mean XM trading fees are zero.
If EURUSD shows a 1.6 pip spread, a Standard trader still pays roughly $16 in XM trading fees on 1 standard lot, even though the commission column reads $0.
What Does One EURUSD Lot Actually Cost?
| Account | Assumed spread | Commission | Entry cost from spread |
|---|---|---|---|
| Standard | 1.6 pips | $0 | ~$16 per lot |
| Ultra Low | 0.8 pips | $0 | ~$8 per lot |
On EURUSD, this example puts Ultra Low about $8 per lot ahead before any rebate.
For XAUUSD, do not quote a fixed figure without measuring the live spread first:
| Account | Forex commission | How to turn the XAUUSD spread into money |
|---|---|---|
| Standard | $0 | Spread (in units of 0.01) × $1 per lot |
| Ultra Low | $0 | Spread (in units of 0.01) × $1 per lot |
One XAUUSD lot is 100 troy ounces and the price is quoted to two decimals, so every 0.01 of price difference is worth about $1 per lot. Read a spread of 0.25 on MT5 and the spread cost is roughly $25 per lot. Put your own measured spread into that formula and you have the real number, without waiting for anyone to publish it.
When you compare XM trading fees against brokers offering Raw or Zero accounts, add spread + commission rather than comparing spreads alone.
Set it against HFM trading fees and Vantage trading fees to see the difference between XM’s spread-only model and a Raw account that charges commission separately.
XM Overnight Fees: How Swap Works, When It Is Charged And Triple Swap
XM overnight fees, or swap, can apply whenever you hold a position through the broker’s rollover point.
Unlike the spread, which you pay on entry, this part of your XM trading fees usually only becomes significant for swing traders or positions held across several days.
What Are XM Overnight Fees And How Are They Calculated?
Swap depends on:
- The instrument.
- Whether the position is Buy or Sell.
- Position size.
- The symbol’s current swap value.
- How many nights you hold it.
On MT4/MT5 you can read Swap Long and Swap Short directly in Specification — MetaQuotes documents how the platform calculates it in the MT5 help pages.
For example:
You hold 1 lot of XAUUSD Buy overnight: open Specification for that exact symbol, read the Swap Long value, then multiply by your lot size and the number of nights you plan to hold. That is your estimated swap before you enter.
Do not take a fixed XM overnight fee figure from an older article — swap values change.
What Time Is Swap Charged?
XM’s servers run on GMT+2 in winter and GMT+3 in summer, and swap is recorded at 00:00 server time.
Converted to UTC:
| Server time | UTC |
|---|---|
| 00:00 GMT+2 (winter) | 22:00 UTC, previous day |
| 00:00 GMT+3 (summer) | 21:00 UTC, previous day |
Which means a position opened at 20:55 UTC and closed just after 21:00 UTC during the GMT+3 period still crosses rollover.
Short-term traders therefore need to watch that moment closely if they want to avoid XM overnight fees.
How to be certain: open MT5 and look at the server clock in the corner of the Market Watch window, then compare it with your computer clock. The gap tells you whether the server is running GMT+2 or GMT+3 right now.
Triple Swap: Not Every Instrument On The Same Day
Triple swap is usually grouped by instrument class as below, but always check Specification for the individual symbol:
| Instrument group | Day to check for triple swap |
|---|---|
| Forex, metals | Wednesday |
| Indices, energies, crypto | Friday |
Because it is booked at rollover, you will normally see the charge land in the early hours of the following day in your own time zone.
This is why it is a mistake to remember simply that “XM always charges triple swap on Wednesday”. Check each symbol before you hold it.
How To Look Up XM Overnight Fees On MT4/MT5
On MetaTrader the steps are straightforward:
- Open Market Watch.
- Right-click the symbol you want to check.
- Select Specification.
- Find Swap Long, Swap Short and Swap Mode.
- Apply it to the position size you intend to trade.
When Is Swap Waived At XM?
XM offers swap-free trading on some account configurations, but the conditions depend on region and instrument. Ultra Low is generally placed in the low-cost group that has a swap-free option.
Islamic and swap-free accounts have their own conditions and approval rights: XM may ask you to demonstrate a genuine need, and can withdraw swap-free status where it finds abuse. Read the exact terms in your own Personal Area.
So it is wrong to say that every instrument on an XM Ultra Low account is swap-free by default.
Other XM Fees To Check Before You Deposit
Beyond spread, commission and XM overnight fees, a few smaller items still make up part of your XM trading fees and are worth checking before you fund the account.
Inactivity Fee
XM operates a dormant account policy.
An account with no trading, deposit, withdrawal or internal transfer for at least 90 calendar days can be treated as dormant.
The charge is:
- $5 per month, or
- The entire free balance if it is below $5.
- Nothing at all if the free balance is zero.
Note the figure is $5 per month, not the $10 per month still quoted in some older round-ups.
Deposit And Withdrawal Fees
XM states that it charges no deposit or withdrawal fee on many methods and often covers part of the transfer cost. Fees from your bank or a third-party payment provider can still apply.
With international bank transfers, small amounts are where fees tend to appear, charged by intermediary banks and payment providers rather than by the broker.
One part of your XM trading fees that few people notice is the exchange rate on your local currency, which is a real cost even though the broker does not call it a deposit fee.
Currency Conversion And VPS
If the currency you deposit differs from your account’s base currency, the conversion rate affects how much actually lands in the account.
VPS conditions should also be checked at the time you apply. Do not assume VPS is always free on every account.
How To Reduce XM Trading Fees
You do not need to rebuild your strategy to trade more cheaply. The three most practical ways to reduce XM trading fees are choosing the right account, controlling swap, and recovering part of the cost through a rebate programme.
Switch To The XM Ultra Low Account If You Are On Standard
Take a trader doing 20 lots of EURUSD a month:
- Standard: 1.6 pips ≈ $16 per lot.
- Ultra Low: 0.8 pips ≈ $8 per lot.
The theoretical difference is:
$8 × 20 lots = $160 a month.
So for a high-volume trader, the XM Ultra Low account can cut XM trading fees directly, provided the live spread really does stay below Standard.
If you already trade with XM, you usually do not need a brand-new client profile — you can open an additional trading account inside the same system.
The steps for opening another account and moving your partner link are in our guide on how to transfer your XM IB.
Control Your Overnight Costs
Another way to reduce XM trading fees is simply not to let positions drift through rollover by accident.
Short-term traders can:
- Review open positions before 21:00–22:00 UTC.
- Avoid carrying forex or gold through the triple-swap day unless the strategy requires it.
- Check Swap Long and Swap Short before opening a swing trade.
- Favour symbols or accounts that qualify as swap-free where it suits.
- Avoid leaving money sitting in an unused account if you want to avoid the dormant fee.
For a swing trader, XM overnight fees sometimes matter more than a few tenths of a pip on the opening spread.
Collect An IB Rebate — But Calculate It Per Symbol
Backcom.io returns part of the IB commission from your XM trades. The rate differs by account and instrument, so do not take a headline “up to $18 per lot” and apply it to every trade.
Current Backcom reference levels include:
| Symbol | Standard | Ultra Low |
|---|---|---|
| XAUUSD | $18.00 per lot | $9.00 per lot |
| EURUSD | $8.10 per lot | $3.15 per lot |
| USDJPY | $8.10 per lot | $2.70 per lot |
| AUDUSD | $8.10 per lot | $4.50 per lot |
The rate you actually receive depends on the symbol and on the reconciliation conditions at the time of the trade.
Take EURUSD:
| Account | Spread cost in this example | Reference rebate | Cost remaining |
|---|---|---|---|
| Standard | ~$16.00 | $8.10 | ~$7.90 |
| Ultra Low | ~$8.00 | $3.15 | ~$4.85 |
Ultra Low still wins here. On other instruments, though, the rebate ratio can change the gap between the two accounts.
Which is why the most accurate way to reduce XM trading fees is to calculate:
Net cost = Spread + Commission + Swap − Rebate
Rather than only asking which account has the tightest spread.
You can register or link an account through XM rebates with Backcom, and use the XM rebate checker to see the rate for the symbols you actually trade.
Frequently Asked Questions About XM Trading Fees
Are XM Trading Fees High Compared With Other Brokers?
It depends on the account. Looking at XM trading fees alone, Standard carries a wider reference spread than Ultra Low, while neither charges forex commission. So when you compare XM trading fees, add up spread, swap and rebate instead of reading the “commission $0” line on its own.
Does The XM Ultra Low Account Charge Commission?
Not on ordinary forex, based on the configuration Backcom.io currently tracks. The XM Ultra Low account uses a spread-only model with a $5 minimum deposit. Shares is the account type with its own commission mechanism.
What Time Are XM Overnight Fees Charged?
XM overnight fees are recorded at 00:00 server time — 21:00 UTC when the server runs GMT+3, and 22:00 UTC when it runs GMT+2. Check MT5 directly, since the server schedule shifts with the season.
Does XM Charge An Inactivity Fee?
Yes. An account dormant for at least 90 days without activity can be charged $5 per month, or the entire free balance if that balance is below $5. If the free balance is zero, nothing is charged.
Can XM Trading Fees Be Refunded?
Part of them can, through an IB such as Backcom.io. The rate depends on the account and the symbol — the levels Backcom publishes differ between XAUUSD, EURUSD and the other forex pairs. For anyone trading regular volume, it is a straightforward way to cut XM trading fees.
Rates by symbol, how they are calculated and when they are paid are covered in our guide to the XM rebate.
Summary
XM trading fees are not just commission. For most traders the real cost sits in XM spreads, in swap on positions held overnight, and in smaller items such as the inactivity fee.
Three things to remember:
- No commission does not mean free trading: Standard and Ultra Low still charge a spread.
- XM overnight fees are easy to forget: especially for swing traders and positions carried through a triple-swap day.
- The best way to reduce XM trading fees is to total them up: pick the right account, control swap, then subtract the rebate you get back.
For anyone trading regularly, the XM Ultra Low account is usually worth considering for its tighter spread. Before switching, though, compare the rebate on the instruments you actually trade instead of reading the advertised spread alone.
You can use Backcom XM to check your account, see the rebate rate per symbol and recover part of the XM trading fees you generate as you trade.
