This article will cover extensive details on the XM review. XM Group is a collection of regulated online brokers. Trading point financial instruments Ltd activities are regulated by the Cyprus Securities and Exchange Commission, the Australia Securities and investments commission and Trading point of financial conduct authority.
XM Group operates its trading activities through the MetaTrader4, MetaTrader5 and WebTrader trading platforms. Traders on XM.com have access to over 50 currency pairs and CFDs on cryptocurrencies, stocks, metals, commodities, equity indices, and energy investments.
So, traders on the XM brokers platform have access to the whole suite of MetaTrader platforms and more than 1300 tradeable instruments.
XM.com is a section of the XM Group and a subsidiary of Trading Point of Financial Instruments UK Limited. The company was established in 2009 but it has grown to be one of the most popular and time-honored world Investment companies.
XM trading platform has more than 1.5 million traders scattered through 196 countries in the world. The XM broker is known for its excellent customer service and customized attention to each client’s needs irrespective of their investment goals.
The XM broker has a very good response from its users. Quick and dedicated customer service from its employees has helped it to stand above its competitors.
XM has been in the brokerage industry for more than a decade working with expert team members. The cost of transactions at XM Group differs according to the type of account the trader operates. XM has also remained competitive in terms of spread and commission.
Furthermore, this will be a very long and ultimate XM Review, so if you want to know about specific things about XM then you can follow the XM review’s Table of Contents.
About Company: XM Review
XM group was founded in 2009. The company through MetaQuotes Software Corporation offers to traders a complete suite of the MetaTrader platform. However, since after inception, the company has developed as a multi-asset online broker that offers more than sixty currency pairs and 1247 CFDs to traders.
The Group’s first body of the group was established in 2009 in Cyprus under the regulation of the CySEC regulatory authority with the license number (120/10). Then, the company registered with the name- Trading Point of Financial Instruments Ltd.
However, in 2015, the company set up a subsidiary in Sydney Australia. This part of the company functions under the regulation of the ASIC regulatory body and operates with the license number of 443670.
Also, in 2015, the company got certified by the FCA regulatory body in the United Kingdom and functions under license number 705428. Again, in 2017, XM Global Limited broker established a subsidiary in Belize and this function under the regulation of IFSC and operates with the license number, IFSC/60/354/TS/18.
Features of XM Brokers
XM broker platform is a great trading platform for online forex and commodity trading. It offers a large collection of features for forex trading, Stocks CFDs, Commodities CFDs, Equity indices CFDs, Precious metals CFDs, Energies CFDs, and Cryptocurrencies CFDs.
An outstanding feature of the XM trading platform is the absence of re-quotes or cancellations of trading orders. The company doesn’t also operate any hidden charges or commissions, and 99.35 percent of orders placed on the trading platform is executed almost instantly with the transaction time less than a second.
XM broker allows traders to trade with a leverage value of 1:30 leverage in the industry. Traders have access to more than 60 currency pairs and above one hundred financial instruments.
Traders can also engage in either mobile trading or online trading. They have the choice of trading with 8 innovative trading platforms. Also, there is no maximum deposit limit with the broker.
Both veteran traders and novices alike can gain from advanced services offered by the broker. Each of the trader on the platform, irrespective of the trading experience trade under the same trading environment both when trading with virtual money and with real money.
The company allows traders to register in 17 different languages. Traders can start trading real money with as little as 5 dollars on many forex account types and on demo accounts that don’t expire. These demo accounts are funded with 100,000 dollars of virtual currency.
Traders can gain from tight spreads as small as Zero pip on the key currency pairs. Traders can select from 3 different types of forex account with customized trading conditions and base currency options for the following currency pairs- USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, RUB, SGD, ZAR.
Traders of MICRO account can trade one micro lot and an equivalent of 1,000 units of the base currency. Traders of STANDARD account can trade one standard lot and an equivalent of one hundred thousand units of the base currency, and traders with XM ZERO account are allowed to trade one standard lot of one hundred thousand units of the base currency.
Traders on the XM platform can commonly trade on tight spreads on more than sixty currency pairs. They can equally enjoy spread as low as if they operate Micro and Standard type of account. Users of the platform can equally enjoy a low speed of 0 if they operate the XM Zero account.
XM equally offers fractional pip price and this allows traders to trade with tighter spreads and gain from the most possible -accurate quote.
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Commissions and Trading Charges: XM Review
The commissions and trading charges at XM Group vary depending on the account type. The main account types by the XM group are three in number and this includes the Micro account which is commission-free, the Standard account, and the Zero Account that charges trading commission.
While the XM group offers a forth type of account known as the XM Ultra-Low account to investors, this account is only accessible to certain categories of traders and investors of XM.
XM traders can sign up for a Micro Account, Standard Account, and the XM Zero Account. The spreads offered by the company differs from one account type to the other.
The least spread offered by all the accounts is 0.1 pips, and the mean spread for a key currency pair offered by the company like the EUR/USD currency pair is 0.1 pips.
XM functions strictly as a company with no hidden charges or commission. Thus, the brokerage firm only charges a commission on Zero accounts. XM provides cover to all transfer charges and guarantees same-day withdrawals to its users.
XM Zero account charges a spread of 0.1 pips on the EUR/USD and this excludes the commission. On the other hand, the Standard and Micro account types that charge no commission have an average spread of 1.7 pips for equivalent currency pairs.
XM Zero account charge is very competitive. Although it charges 3.5 dollars for each commission side and 7 dollars for every round turn and roughly 0.1 pips on the EUR/USD currency pair, the total trading cost is 0.8 pips and this includes 0.1 spread plus 0.7 RT commission.
Trade Execution method
XM Group functions as a principal dealer in every trade it executes. They don’t offer re-quotes in any of its different types of accounts with regards to its execution method as a market-maker/dealer. The company’s trade execution method makes it possible for the XM broker to offer low spreads during specific market conditions.
Therefore, each of the account types offered by the company is beneficial and the benefits vary according to the needs of the clients.
The leverage offered by the company varies and ranges from 2:1 to 30:1. It depends on the instrument and is entirely flexible. XM provides traders with the opportunity of managing their risk of leverage. The margin requirement of the company doesn’t change during the weekdays. It also doesn’t get wider at weekends or overnight.
Non-European traders especially those from Australia and India can have access to large leverage. They can equally trade without the usual EEA restrictions like negative balance protection.
You must be cautious while trading with leverage, however, as high leverage can boost both your profit and loss. Non-European traders in specific markets can access a leverage value of up to 500:1.
Platforms and Tools
XM broker is among the brokers that offer only the MetaTrader trading platform. The company offers standard MT4 and MT5 trading experience. Regrettably, the company doesn’t offer any platform upgrades to make it stack as one of the top MetaTrader brokers.
XM provides traders with CFDs on 1200 stocks, 30 indices, eight commodities, four metals, five energies, and over 60 forex pairs through its numerous subsidiaries. The company currently has stopped offering Five cryptocurrencies CFDs at its UK, Australia, Cyprus, and Belize offices.
The table below presents an overview of the various investment products provided by the XM broker to its clients.
|Investment products||XM Broker|
|Spot Trading of forex||Yes|
|Currency Pairs Trading||Yes|
|The total number of available CFDs||1247|
|Social Trading and Copy-Trading offering||Yes|
|Actual Cryptocoin Trading||Nil|
|CFD Cryptocurrency Trading||Nil|
CFD is a complicated and very risky trade instrument. They can make traders lose their funds fast because of the leverage.
Roughly sixty-nine percent of retail investors of XM broker lose their investment fund while trading CFDs with the XM group of brokers.
Before deciding to delve into CFDs trading, you need to know the way CFDs operate and if or not you want to take the associated high risk.
XM Group’s research offer includes mainly the content created by the analyst of the company and this can come in the form of daily market reviews, technical and fundamental analysis videos and articles. The company also offers an economic calendar provided by the Investing.com.
With regards to the signals for manual trading, XM Group provides its trading signals core to holders of its live account where traders and investors can have access to trading signals often trading instruments. These signals are created every day.
In the meantime, automated-friendly trading signals are limited only to the Signals Market in the MetaTrader platform. Therefore, eToro and Pepperstone brokers have better social copy trading options than the XM group.
XM provides users with Tradepedia offers forex trading education and CFD EDUCATION. This can include the offer of technical analysis with the utilization of standard indicators like Ichimoku and Bollinger Bands. Tradepedia also offers trading education that is beneficial to both newbies and veteran traders.
XM Video News Analysis
XM broker has put a good deal of effort into creating a wonderful tool that provides videos of daily forex news. The market analysis is equally clarified in a TV interview-style set-up.
Because XM Group is a broker that deals in the MetaTrader platform alone, the iOS and Android versions of the MT4 and MT5 mobile applications are just the regular standards for these trading platforms, You can download the MT4 from the Apple iTunes Store and the MT5 from the Android Play store.
XM Broker has an Android App and Apple iOS app. Traders can access both the forex market from the Mobile App. They can trade both forex and CFDs. Traders can equally have access to basic alert fields and watch list and watch list synching. Traders can have access to 30 charting indicators, studies, trend line charts and draw trend lines. They can equally chart multiple time frames.
Trading Account Types: XM Review
XM offers three different types of trading account. These include Micro account, Standard account, and Zero account. Each of these account types permits traders to open up to two hundred trade positions or have the same amount of pending positions.
Traders of Micro accounts can utilize USD, EUR, GBP, CHF, AUD, HUF, and PLN as their base currency. They can start with a minimum deposit of as low as 5 USD. 1 micro lot is equivalent to one thousand units of the base currency.
Traders of standard accounts can trade the following base currencies: USD, EUR, GBP, CHF, AUD, HUF, and PLN. They can equally start with a minimum account size of 5 dollars. One standard lot is equivalent to 100,000 units of any of these base currencies you choose.
Zero accounts can make use of USD and EUR as the base currency. Traders of Zero accounts will need to make a minimum deposit of 10 dollars. Similar to the standard account, one lot is equivalent to 100,000 units of your desired base currency.
Just like every forex market, trading on XM takes place round the clock. So, traders of the XM platform have access to 24 hours trading in a day. Those who trade with their phones can access the forex market through the XM platform from Sunday 22:05 GMT to Friday at 21:50 GMT.
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Customer service Support
The simplest way to interact with XM is via the live chat feature on the contact page of the XM website. You can equally send emails to the customer service support agents on email@example.com. Alternatively, you can phone the customer service number-+44 2031501500.
Safety And Security
The website doesn’t have any noticeable security issues. Traders need to register on the website with their email and confirm their email account to be allowed to open a demo account.
Countries that XM Accept their traders
XM welcomes traders from the following countries: United Kingdom, South Africa, Singapore, Hong Kong, Australia, Thailand, Germany, Norway, India, France, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar, and a few more countries.
Traders from the United States, Israel, Canada, Iran, and Belgium are not allowed to trade on the XM platform.
XM Trading Platform
XM provides access to the two most popular trading platforms. You can access any of these trading platforms from both real money account and demo accounts. The MetaTrader 4 which has won multiple awards is mostly a forex trading platform that provides support to a stop-loss order, limit order, market order, and trailing orders.
The MetaTrader 5 trading platform is a multiple asset trade platform that equally allows traders to gain access to the stock market, stock indices and precious metals besides the forex market. The two platforms can be accessed both with the use of Apple and Android devices. And this makes mobile trading with the XM group user-friendly.
The trading area offers additional, optional tools, such as economic calendar or trade volume stats. The demo and real account traders at XM can access up to 8 trading platforms. Each of these trading platforms provides support to the market, limit, stop and trailing orders and all these can be accessed from just a single account.
This hastens up trading transactions and makes it possible for traders to readily trade round the clock and from anywhere. The XM group multiple awards winning Metatrader 4 trading platform works with a limitless number of demo and real accounts. Traders can equally access Expert Advisors (EAs).
The entire suites of trading software accessible to traders of XM include the following: Meta Trader 4 Terminal, Meta Trader 5, Meta Trader 4 for Mac, Web Trader; iPhone Trader; iPad Trader; Droid Trader; Mobile Trader. Besides, XM broker has many account holders who make use of limitless numbers of charts and EAs.
XM trading Assets and Markets
Account-holders of the XM broker can trade forex, stocks, commodities, equity indices like FTSE, DAX, S&P and so on. They can equally trade precious metals, energies, and cryptocurrencies. The crypto coins that are available for trading on the XM platform are bitcoin and ethereum.
Forex traders have access to more than 55 currency pairs and these include the key currency pairs like the USD, GBP, EUR, and JPY. There is no support for binary options or futures trading at XM brokerage.
In fulfillment of standard KYC regulations, traders ought to offer a color copy of their official ID documents like their international passport or their driver’s license. They are equally required to present their recent utility bill which must not be older than three months to indicate their proof of address.
As soon as they register, they can deposit a minimum of 5 dollars for Micro and Standard accounts and if they want to operate Zero accounts, they can make a minimum deposit of 100 dollars.
They can deposit their money with any of the major credit cards, electronic payment methods, through wire transfer and local bank transfer and much more. Traders can make their deposits in any currency when they do, the fund will routinely be converted into the base currency of their choice when they want to open an account. XM process all withdrawal request within 24 hours and there is no charge for withdrawals to eWallet.
Demo Account: XM Review
XM offers an excellent demo account to clients. Traders can sign up for demo accounts with minor personal information and they could have access to 100,000USD of virtual money on their demo account.
XM exclusive offer means that traders of demo accounts can enjoy the same trading conditions as those who trade with real money. Also, they can trade a demo account for limitless time.
Bonus Deals And Promotions
XM equally provides a free VPS (virtual private server) service to boost trade speed. This VPS can be accessed from any location and is accessible 24/7.
XM website can be accessed anywhere around the world. However, trading activities are only available to traders from specific countries as already indicated. XM equally charges no commission or fee for withdrawals and deposits.
As a company with a financial regulator in the EU, XM operates in compliance with the ESMA prohibition law on bonuses. Thus, the company’s 30 dollar deposit bonus is no more accessible to EU traders.
Regulation And Licensing
XM broker and the parent company XM Group works under the supervision of the Financial Conduct Authority. XM brokerage has an office location in London, United Kingdom, and thus it operates in compliance with the regulations and licensing of the locality.
Deposits and Withdrawals
XM broker is one of the most popular brokers because of its offer of the Negative balance protection, the no re-requotes and no hidden fees and commissions policy. It equally has a strict real-time market execution policy.
Deposits into trading account are automated and processing of payment takes place 24/7. Traders are equally able to finish up their withdrawals in a single day.
Traders can select from different types of contemporary payment options in multiple locations around the globe. You can deposit funds from the following credit cards: VISA cards, VISA Electron cards, MasterCard, Switch cards and Solo. Traders can equally fund their accounts through bank wire, Neteller, Moneybookers Skrill and many more.
They equally added local bank transfer recently and this makes it easy for traders to fund their accounts using their local banks. This payment option is available for traders in more than 58 countries.
Traders don’t have to worry about any hidden fees or commissions when they fund their account. Also, their transfer fees are taking care of by the brokerage firm.
Another good feature of the XM broker is the fantastic offer of training resources to traders. XM trading platform constantly hosts webinars for newbies and veteran traders.
The trading platform is integrally social and this encourages traders to learn from their team of instructors. XM equally publishes research and technical analysis on its website for traders.
Pros of trading with XM Broker
XM broker provides users with a full-service forex education pack and this is a fantastic offer especially if you are just starting to trade.
Similarly, XM offers expert analysis and unmatched tracking tools which veteran traders would find attractive. They offer excellent customer service to users as they have a high regard for their customers. Users can access customer support in multiple languages.
Cons of trading with XM Broker
Although the company provides excellent customer support to its teeming clients, their customer support is not available during the weekend. You can only access this from Monday to Friday.
One more thing to note is that the account types offered by the company are not diversified and this limits traders’ opportunity to get more personalized services.
Some similar brokers trading accounts come with a more diverse offer while the Micro, Standard, and Zero accounts of XM is nearly identical. Also, the company is yet to supports account funding through PayPal and this may make it less attractive to some traders.
Likewise, traders from specific regions are banned from opening an account with XM as a result of licensing regulations. This affects traders from Canada and the United States.
Frequently Asked Questions
Whether the website of a forex broker is user-friendly and intuitive or not depends on the type of software the broker uses for its website.
Luckily, the trading platform of the XM Group is one of the best intuitive and user-friendly platforms you’ll come across for everyday usage. The normal trading software utilized by XM Group is Web Trader and MetaTrader 4.
XM Group brokerage firm is an average-risk, with a general Trust Score of roughly 81 out of 99. XM broker is not a publicly-traded company. It doesn’t also operate as a bank.
XM Group functions under the supervision of multiple regulatory authorities. The company activities are monitored by tier-one or high trust regulatory authorities and one tier-two or average trust regulatory body. None of the regulators of the XM group is among the tier-3 or low trust regulators.
Examples of tier-1 regulators that oversee the trade operations of the XM Group are The Australian Securities & Investment Commission (ASIC), and the Financial Conduct Authority (FCA).
The withdrawal request at XM brokerage is processed within 24 hours by the company’s back office. Through the use of the XM Card or e-wallet system, you will access your funds that same day.
However, if you want to withdraw through bank wire or credit/debit card, the withdrawal of funds takes two to five business days.
XM broker is certified and regulated in three countries. The Australian regulator (ASIC), the Cyprus regulatory body (CySec) and the regulatory body in the United Kingdom (FCA). The Australian and United Kingdom regulators are very stable.
They have very solid reputations as they are both regulatory bodies from the first world companies. Thus, you can have peace of mind knowing that you are dealings with the XM group would be safe and secure.
After registering with the XM group, your minimum deposit is 5 dollars if you’re operating Micro and Standard accounts. However, if you’re operating zero accounts, you’ll need to have a minimum deposit of 100 dollars.
XM group allows you to withdraw all the gains you make on their 30 dollars’ bonus. However, you are not allowed to withdraw that 30 dollars’ bonus amount. For you to withdraw your profits, you have to “Trade 5 standard lots” inside the Bonus account.
You can withdraw the profits you make from trading on No Deposit Trading Bonus Accounts anytime you want but the trading volume in the related real trading Account must reach up to 10 micro-lots. Also, you must complete at least 5 trade rounds.
XM allows scalping and their traders can equally trade during News Time. Being an NDD broker, XM doesn’t put a limit on any trading strategy both on their MetaTtrader4 and MetaTrader5 trading platforms.
However, if you’re trading with any trading bonus promo that doesn’t allow scalping within 5 minutes, you may not be able to trade with the scalping strategy.
The XM Zero Account is a fresh type of account offered by the broker. The trading account offers to traders, a floating spread as low as zero pips, and a trading environment that veteran traders who need an advanced platform with ECN price quote attractive.
Trading with leverage in the XM group implies you can trade bigger positions than the number of funds you have in your trading account.
XM offers traders a free temporary credit allowance anytime you trade on margin. This allows you to place trades with an amount of money greater than what you have on your trading account.
XM offers to its customers 24 hours of professional service five days a week. Users of their platform get quick customer support through either live chat, email or telephone call.
The total No Deposit Bonus XM offers to their customers is 30 dollars.
The smallest spread offered by XM in all their different types of accounts is 0.1 pips while the average spread for the main currency pair like EUR/USD is 0.1 pips. XM operates with “no hidden fees or commission”.
The variable spread for the EURUSD currency pair is 1.6 pips.
The variable spread for EURGBP is 2 pips.
The variable spread for Stocks is 0.1percent.
XM group charges minimal trading fees. The three account types that the XM group offers charges differently. Traders pay higher spreads for Standard and Micro accounts but they don’t have commission.
Traders on the XM broker’s platform can trade forex, stocks, commodities, equity indices which can include FTSE, DAX, S&P and so on. They can equally trade precious metals like gold, energies, and cryptocurrencies. Cryptocurrencies that you can trade on the XM platform include bitcoin and ethereum. Forex traders can access more than 55 currency pairs and these include major pairs like the USD, GBP, EUR, and JPY pairs.
The most globally widely traded crypto coin pair which is the Bitcoin / US Dollar (BTCUSD) is available for traders on the XM MetaTrader5 platform. Traders of the platform can enjoy a few benefits like zero commissions, zero fees, and low margins.
I hope you loved our XM review. XM provides traders with an all-inclusive brokerage service. It is an effective trading platform for both starting traders and experienced traders who want an efficient trading platform you can trust. Despite the inadequacies of the different types of accounts offered by the brokerage, it is easy to utilize the platform. It is also very easy to traverse and user-friendly.
XM is a good broker for traders who are interested in cryptocurrencies. Customer support is available in multiple languages and their help desk operates anytime there is an available trading opportunity. XM broker is a highly reputed forex broker.
XM brokerage is equally a good option if you are interested in trading with a MetaTrader regulated broker that offers both MetaTrader4 and Metatrader5 to traders because of its collection of markets and its competitive pricing offer for the Zero account.
However, notwithstanding its offer of 1300 trading instruments which includes 57 currency pairs, the broker is still not yet meeting up with some brokers that offer many thousands of tradeable symbols.
XM broker when all trading variables are taken into consideration has average ranks in the industry.