CXM

CXM is a forex and CFD broker founded in 2009 that operates through several legal entities, including an FCA-authorized UK firm, an offshore company licensed in Mauritius, a Seychelles-licensed company, a South African FSCA-authorized firm and a UAE-licensed securities firm. It offers four account types (Cent, Standard, ECN and Zero) on MetaTrader 4, MetaTrader 5, a web platform and a mobile app, with maximum leverage up to 1:2000. It does not accept US clients. Its strengths are a long operating history, an FCA-authorized entity in the group and standard MetaTrader platforms on every account. Its main trade-offs are that protection is split across entities and that leverage reaches levels that can wipe out small accounts. The protections you get, and the leverage you can use, depend on which CXM company holds your account.

Who Operates CXM

The brand runs through several regulated companies, including the three below as well as CXM Group (SC) Ltd in Seychelles and TD Markets Ltd in South Africa. Each has its own license and its own rulebook:

• CXM Prime Ltd, authorized by the UK Financial Conduct Authority (FCA) under license number 966753. This is the brand’s primary licensed company.
• CXM Global Ltd, licensed by the Financial Services Commission of Mauritius (FSC) under license GB21026337, an offshore jurisdiction.
• CXM Securities LLC, licensed by the UAE Capital Market Authority (CMA) under license 20200000267.

The broker positions itself as an ECN/STP firm, and its website runs regional sections for different client groups, including global, CIS, Latin American and Hindi-language versions. Regional sites of this kind usually route clients to different entities, so the version of the site you sign up through is part of the decision.

What Each License Means for Your Account

The same CXM brand can come with very different safeguards. The rules below come from each jurisdiction’s framework and apply to the clients of the entity in question.

CXM Prime Ltd (FCA, United Kingdom)

FCA authorization brings the strictest regime of the three. For retail clients, UK rules on contracts for difference cap leverage at 30:1 on major currency pairs and 20:1 on gold, non-major pairs and major indices, with lower limits on other assets. The same rules require negative balance protection, so a retail client cannot lose more than the money in the account, and a standardized margin close-out once equity falls to 50% of the required margin.

FCA firms holding client money must keep it segregated from company funds under the client asset rules. The Financial Services Compensation Scheme (FSCS) can compensate eligible clients of a failed authorized firm, up to £85,000 per person per firm for investment claims, though eligibility depends on the client and the service.

CXM Global Ltd (FSC, Mauritius)

Mauritius is an offshore jurisdiction. Its framework does not apply the FCA’s retail leverage caps, and the UK compensation scheme does not cover clients of a Mauritian company. This is the type of entity through which brokers typically offer very high leverage to international clients. Negative balance protection and fund segregation here come from the broker’s own terms and the local rules, not from the UK regime.

CXM Securities LLC (CMA, UAE)

The UAE license sits between the other two, rated as a Tier-2 regulator. It is relevant mainly to clients in the region and to anyone the broker onboards through the UAE company.

Account Types

CXM offers four live accounts: Cent, Standard, ECN and Zero. All four run on MetaTrader 4, MetaTrader 5, the web platform and the mobile app. Maximum leverage is 1:2000 on two accounts and 1:1000 on the other two, with a $0 commission figure and spreads from 0.0 pips.

Several terms need confirming at sign-up. The pairing of leverage to accounts is loose: the order suggests 1:2000 on Cent and Standard and 1:1000 on ECN and Zero. It is also unclear which accounts the $0 commission and 0.0-pip pricing apply to, and what the cent account’s contract size is. A separate leverage policy page governs whether leverage reduces as position size or equity grows, or around major news.

The broker also offers PAMM accounts, Islamic (swap-free) accounts and a “swap-free for everyone” offer, so swap-free trading and managed-account structures are part of the product range.

How a Cent Account Works

A cent account displays the balance in cents instead of dollars. A deposit of $50 shows as 5,000 cent units, and position sizes scale down to match. The point is to trade live with very small real exposure, which suits testing a strategy or an execution setup with real fills rather than demo fills.

Hypothetical example: on a standard account, one standard lot of EUR/USD is 100,000 units, so a one-pip move is worth about $10. On a cent account, where a lot typically represents 1,000 units, the same one-pip move is worth about $0.10. The strategy, the chart and the platform behave the same, but the money at risk is a hundredth of the size.

Standard, ECN and Zero: How the Pricing Differs

Accounts in a range like this usually follow one of two pricing models. On a spread-only account, the broker’s fee is built into a wider spread with no separate commission. On a raw-pricing account, spreads start near 0.0 pips and the broker charges a commission per lot. “Spread from 0.0 pips” is the tightest spread the account can reach, not the typical spread. Spreads widen around news releases, at the daily rollover and in thinner markets.

To compare accounts on cost, add the average spread in pips times pip value to any round-trip commission for the lot size you trade. Hypothetical example: an account averaging a 1.2-pip spread with no commission costs about $12 per standard lot on EUR/USD. One averaging 0.2 pips plus $7 round trip costs about $9. Which is cheaper depends on the real average spreads, which the platform shows before funding.

Leverage Up to 1:2000: What It Does in Practice

Leverage sets the margin needed to open a position. Margin equals the position’s notional value divided by the leverage ratio.

Hypothetical example: one standard lot of EUR/USD at a price of 1.1000 has a notional value of $110,000.

• At 1:30 (the FCA retail cap on major pairs), required margin is about $3,667.
• At 1:1000, required margin is $110.
• At 1:2000, required margin is $55.

Leverage does not change how much a pip is worth. That lot still gains or loses about $10 per pip whatever the ratio. What high leverage changes is how large a position a small balance can open, and so how fast the account can be drained. A trader with $200 can open that full lot at 1:2000; a 20-pip move against it costs $200, the whole balance, while margin requirements alone would never have stopped the trade.

Because 1:2000 is far beyond FCA retail limits, UK retail clients of CXM Prime Ltd cannot use it. Leverage at that level would come through another entity or through professional-client status. A position size calculator helps you size trades by the amount you are prepared to lose rather than by the margin available.

Execution Model: ECN and STP

CXM is described as an ECN/STP broker. In an STP (straight-through processing) model, orders pass to liquidity providers rather than being filled against the broker’s own book. An ECN (electronic communication network) model goes further, connecting orders to a pool of quotes from multiple liquidity providers, with pricing that typically comes as raw spreads plus commission.

These labels describe how orders are routed, not a particular outcome. Slippage can happen in either direction under both models. Stop orders become market orders once triggered, so in a fast market the fill may be worse than the stop level.

Trading Platforms

All four accounts run on the same platform set:

• MetaTrader 4: the long-standing standard for forex trading, with a large library of indicators and Expert Advisors (automated strategies). Strategies built for it are not directly compatible with MetaTrader 5.
• MetaTrader 5: the successor platform, with more timeframes, a built-in economic calendar, depth of market and a faster multi-threaded strategy tester. It supports both netting and hedging account modes depending on how the broker configures it.
• Web platform: browser-based trading without installing software.
• Mobile app: for monitoring and managing positions on a phone.

The broker has also introduced a 24/7 gold symbol, XAUUSD247, on MT4, separate from the standard XAUUSD contract. Its pricing outside normal market hours can behave differently from the regular-hours contract.

Because the platforms are standard, existing MT4 or MT5 setups (indicators, templates, Expert Advisors) move to CXM with little friction.

Strengths and Trade-offs

Strengths

• Long operating history: founded in 2009, giving the brand a track record of 15 to 20 years.
• Tier-1 license in the group: an FCA-authorized UK entity, which carries the strictest conduct and client-money rules of the three.
• Account range for different sizes: a cent account for small live testing, plus standard and raw-pricing accounts.
• Standard platforms: MT4 and MT5 on every account, with web and mobile access.
• Swap-free options: dedicated Islamic and swap-free pages, plus PAMM accounts for managed trading.

Trade-offs

• Split protection: the brand’s FCA license does not cover every client. Clients onboarded through the Mauritius entity get offshore-level protection.
• Leverage risk: maximums of 1:1000 and 1:2000 let small accounts open positions large enough to be wiped out by ordinary price moves.
• Pricing clarity: headline figures such as “from 0.0 pips” and “$0 commission” need checking against the real average spreads and commission of the account you choose.
• No US clients: US residents cannot open an account.

Who CXM May Suit

Based on its structure and products, CXM fits traders outside the US who want MetaTrader 4 or 5 and a choice between spread-only and raw-pricing accounts. The cent account fits traders who want to test a strategy live with very small amounts. Traders who value the UK regulatory framework above leverage should confirm they are onboarded with CXM Prime Ltd and accept FCA retail limits. Traders who specifically want very high leverage will be dealing with an offshore entity and should weigh the lower protection that comes with it.

How we checked CXM

We visited cxm.com on 13 November 2026, connecting from Tallinn, Estonia. The English home page carried a “GLOBALLY REGULATED” block naming CXM Prime Ltd with FCA firm reference number 966753, TD Markets Ltd under FSCA FSP49128, CXM Group (SC) Ltd under Seychelles license SD231 and CXM Securities under the UAE Capital Market Authority, license number 20200000267. From the footer we clicked “Regulation & Policies”, then worked through the account, funding, leverage policy and platform pages. We saw no risk warning on the pages we read.

Fees came next. The Standard account page lists a minimum deposit of $50 and maximum leverage of 1:2000, while the Zero account starts at $1000 with spreads from 0.0 pips and leverage of 1:1000. The funding pages state that CXM charges 0% on every deposit and withdrawal, and the withdrawals page says 95% of requests are processed in under 15 minutes. We did not open an account or deposit, so we cannot say whether that holds in practice or what sign-up asks for before funding.

The registers mostly matched. Searching the FCA register for 966753 returned CXM Prime Ltd, status Authorised, since 20/12/2022, though the record lists its website as https://www.cxmprime.co.uk rather than cxm.com. Companies House shows CXM PRIME LTD, company number 13407617, Active, incorporated 19 May 2021. On the FSC Mauritius register, a search for CXM Global returned a licensee of that name, licensed 08/10/2021 as a SEC-2.1B Investment Dealer (Full Service Dealer excluding Underwriting). FSA Seychelles lists CXM Group (SC) Ltd as a securities dealer, but its public list shows no license numbers, so we could not match SD231. For TD Markets Ltd and FSP 49128 we could not complete the check.

On Trustpilot, read 13 November 2026, CXM scored 4.6/5 from 883 reviews, with the company replying to 8 of the 8 newest. The Wayback Machine’s first capture of the domain dates to 1998-12-06, which may predate the current brand. Some gaps remain: we did not look up the UAE license, and the South African authorization is still unconfirmed by us.

Checks Before Opening an Account

1. Identify your entity. Find which company your account will be held with, usually named in the client agreement and the registration form.
2. Verify the license. Look up the license number on the regulator’s own register and confirm the registered website matches cxm.com.
3. Read the leverage policy. Confirm the maximum leverage for your account type and entity, and whether it reduces with equity or around news.
4. Check real costs. Open the platform, watch average spreads on the instruments you trade, and confirm whether any commission is per side or round trip.
5. Confirm negative balance protection. For non-FCA entities, check that the client agreement includes it.
6. Test withdrawals early. Make a small deposit and withdrawal before funding the full amount, so you see processing times and any fees in practice.