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XM Forex Broker Review

XM Forex Broker Review

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XM is an international Forex broker which is the registered trade name of Trading Point Ltd. It was established in 2009 under the regulation of CySec and is registered under FCA. 

It operates under the full authorization of the European Union which makes all its companies in the UK and Cyprus covered by a compensation scheme, but on the other hand, brokers from Australia are not under any compensation scheme.

Basic Information on XM Broker

Regulator – CySec, FSA UK, MiFID, BaFin

Trading Platforms – MT4, MT5

Available since – 2009

Minimum deposit – $5

Leverage – Up to 1:500

Spreads (& commission)– 0.1 pips ($3.5 per lot)

Minimum trade size– 0.01 lot 

Demo account – Available

Mobile Trading– Available

Trade Signals – e-mail alerts, website personal page, Automated Trading

US Clients – Yes 

Islamic Account – No

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Trading Platform 

Clients under XM use MT4 and MT5 when trading. 

MT4 is an old trading platform that is still maximized today because of its great features which include advanced charting package, Expert Advisers, a number of built-in indicators and backtesting option which clients can use whenever they like. Clients using MT4 by XM can access it via the web, mobile or desktop.  MT4 is MultiTerminal as well which means that clients can manage multiple accounts all at once using one device only. 

With the increasing popularity of MT5, XM also took advantage of it as more and more clients prefer MT5 nowadays. 

XM offers their clients a free VPS (Virtual Private Server), but this is exclusively for clients who clients who maintain a minimum amount of (Equity-Credit) 5000USD or equivalent in other currency and on the condition that they trade at least 5 round turn lots per month.

XM Trading Platforms

Mobile Trading

Clients can trade with their mobile phones no matter how many accounts they have as XM supports simultaneous trading system through MT4. This boosts up trading operations and enables clients to trade wherever they are. One can manage all his accounts in just one device which is a more convenient and flexible means for traders. 

Account Types

In XM, traders can choose from three different account types that they offer. 

  1. Micro Account – requires $5 minimum deposit with a minimum trade size of 0.01 lot and maximum leverage of 1:500. The average spreads and commission is 1.7 pips. 
  2. Standard Account – requires $5 minimum deposit with a minimum trade size of 0.01 lot and maximum leverage of 1:500. The average spreads and commission is 1.7pips. 
  3. Zero Account – requires $100 minimum deposit with a minimum trade size of 0.01 lot and maximum leverage of 1:500 The average spreads and commission is 0.1 pips ($7 per lot).

Micro accounts and Standard accounts are commission free while Zero accounts involve commissions which require higher deposits. Each account has custom tailored conditions. XM also provides fractional pip pricing which enables users to trade at a tighter spread.

Demo Account

Clients, either a new or an old one, can open a demo account which is available in 17 languages. Demo account money ranges from $5 to $100 which is the same as the deposit needed in opening a real account. 

Minimum Deposit 

Clients can have their own XM trading account with as low as $5. This is an attractive minimum deposit compared to the brokers which require more or less hundred of dollars to open an account. 

Payment Methods 

If a client wishes to withdraw or deposit, he can do it via credit or debit card, Neteller, Skrill, Bank Wire transfer and any other method available and accredited by XM. 

If a deposit or withdrawal is done using all major credit cards, debit cards and MoneyBookers, the charge is shouldered by XM brokers. Deposits and withdrawals which go beyond $200 under Wire transfers are free of charge as well. 

Maximum Leverage 

Clients can enjoy the maximum leverage which is as high as 1:500 which means that they can trade at larger positions than what they have in their account. 

Spreads and Commission

XM offers Variable spreads which means that it all depends on the account type that one has. The average spread is 1.7 pips. Only the Zero Account offer commission amounting to $3.5 with an average spread of 0.1 pips. 

Regulation and License 

FX is regulated under FCA, CySec, and  ASIC which enables XM to execute trading orders in real time. These regulators have a great credibility. 

Customer Service 

XM offers Multilingual Personal Account Managers via chat, telephone or email. Unlike other Forex brokers, XM customer support is available only for 24 hours from Monday to Friday. XM offers clients free weekly webinars and video tutorials and they have a very sophisticated FAQ Section answering almost all possible questions a client is likely to ask.

Benefits of Trading with XM

There are a lot of benefits that a client can have once he opens a XM trading account. The benefits include bonuses, tight spreads, maximum leverage up to 1:500, EU licensed broker, fast and easy withdrawal, personal account manager and so much more. 

Pros:

  • Well regulated 
  • Low trading cost
  • fast execution speed 
  • amazing promotions 

Cons:

  • Australian Forex brokers not covered by the compensation scheme 

Conclusion 

XM is an award-winning company which offer transparency to clients and offers a wide range of choices which customers can freely choose from. XM is also famous because of the lucrative bonuses they give to their clients.

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By |2018-09-01T18:51:52+00:00May 12th, 2018|Broker, Forex, Forex Broker, Forex Broker Review, Review|0 Comments

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