XM Review; XM Global Webtrade, which is the next generation broker for online trading in forex and commodities, is suitable for both beginners and experienced traders. Traders can start with the real account for trading software, or test the waters with a demo account platform with $100,000USD virtual currency. Highlights of this particular broker service include auto trading, no hidden fees or commissions and fast order execution with 99.35% happening within 1 second.
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Company details
XM Group (XM) is a group of regulated online brokers. Trading point of financial instruments was established in 2009 and is regulated by the Cyprus Securities and Exchange Commission (CySec 120/10).
Trading Point of Financial Instruments Pty Ltd was established in 2015 and is regulated by the Australian Securities and Investments Commission (ASIC 443670).
XM Global was established in 2017 and is regulated by the International Financial Services Commission (IFSC / 60/354 / TS / 19).
The platform boasts more than 1.5 million customers with merchants in 196 countries. The XM ethos is about big, fair and human. The company prides itself on things like excellent customer service and a personal approach for every client, regardless of their investment goals.
XM Trading Platform
XM offers 2 trading platforms accessible from both real and demo accounts. The multi-award winning MetaTrader 4 is primarily a forex trading platform that supports stop, limit, market and trailing orders.
The MetaTrader 5 platform is a multi-asset trading platform that also offers access to stocks, stock indices and precious metals. Both platforms are available on Apple and Android devices, providing a smooth and easy-to-use mobile trading experience.
The trading area offers extra, optional tools, such as economic calendars or trading volumes.
Assets / markets
This broker has more than 1000 financial instruments that can be traded on the MT4 / MT5 platforms, and these include Forex Trading, Stock CFDs, Commodity CFDs, Stock CFDs, Precious Metals CFDs and Energy CFDs.
Forex trading is available on more than 55 pairs, including the major pairs USD, GBP, EUR and JPY.
XM does not offer binary options or futures.
Lubrication and commission
Distributions vary depending on the type of account opened. It is possible to open a micro account, standard account and an XM zero account. The minimum spread across all accounts is 0.1 pips, and the average spread for a major pair like EUR/USD is 0.1 pips.
XM maintains a strict no hidden fee or commission policy. As such, commission is only given for XM Zero accounts. XM covers all transfer costs and same-day withdrawals are guaranteed.
Lever
Depending on the instrument, the leverage can vary from 2:1 to 30:1. It is completely flexible and XM offers its clients the chance to manage their own leverage risk. Margin requirements remain constant during the week and are never extended on weekends or at night.
This leverage applies to clients registered under the EU regulated entity of the group.
XM Mobile Apps
XM is available on a number of Android and Apple devices, including Apple iPhone, Apple iPad and Android tablets and Android phones. Login is super easy and can be done via fingerprint. You can download their apps from the Apple App Store or the Google Play Store.
Both are fully functional and enable monitoring and trading on the go. The desktop platforms for PC and Mac both support one-click trading.
Payment Methods
In accordance with conventional KYC regulations, users must provide a color copy of an official identity document such as a passport or a driver’s license. They must also provide a recent utility bill, dated within the last three months, as proof of address.
Once registered, the minimum deposit amount is $5 for micro and standard accounts, while a minimum deposit of $100 is required for Zero accounts.
Deposits can be made using most major credit cards, electronic payment methods, bank transfer, local bank transfer and more.
Deposits can be made in any currency and are automatically converted into the currency you select as your currency when you open the account.
All withdrawals are processed within 24 hours and there is no charge to withdraw your money from your eWallet.
Demo account
XM excels in its demo account offering. Users can set up a demo account with just a few details and then start trading with a virtual balance of $100,000USD. The XM demo account is unique in that it offers exactly the same trading conditions as the real thing.
There are no time limits on how long you can use your demo account.
Bonus offers and promotions
XM also offers a free VPS (virtual private server) service to increase the speed of trades. This VPS is available anywhere and available 24/7. They claim to eliminate downtime and are available worldwide.
XM also offers withdrawals and deposits for commission and fees.
As an EU regulated brand, XM complies with the ESMA ban on bonuses, and the $30 deposit bonus is no longer available to EU traders.
Regulation and Licensing
As indicated above, XM Group has a range of brands covered by different regulators.
XM Group (XM) is a group of regulated online brokers. Trading point of financial instruments was established in 2009 and is regulated by the Cyprus Securities and Exchange Commission (CySec 120/10).
Trading Point of Financial Instruments Pty Ltd was established in 2015 and is regulated by the Australian Securities and Investments Commission (ASIC 443670).
XM Global was established in 2017 and is regulated by the International Financial Services Commission (IFSC / 60/354 / TS / 19).
Additional features
One of the biggest benefits available on the XM platform is the wealth of training and educational materials available. The platform hosts regular webinars aimed at newcomers and experienced specialists. The platform is inherently social, encouraging users to learn from their team of instructors. The company also published research and technical analysis.
XM Account Types
There are four levels of trading accounts, Micro, Standard and Zero. All the accounts can allow up to 200 open / pending positions per client.
- Micro Accounts: Micro accounts can use USD, EUR, GBP, CHF, AUD, JPY, HUF and PLN as base currency and can start with a minimum deposit of $5USD. 1 micro-lot is 1,000 units of the base currency.
- Ultra Low Accounts: XM Ultra Low Accounts, can use EUR, USD, GBP, AUD, ZAR, SGD as the base currency and traders need a minimum deposit of $50 USD. 1 Standard Ultra lot is 100,000 units of the chosen base currency, while 1 Micro Ultra lot is 1000 units of the base currency. XM Ultra-low accounts do not apply to all entities of the group.
- Standard: Standard accounts can use USD, EUR, GBP, CHF, AUD, JPY, HUF and PLN as the base currency and traders can start with just $5USD. 1 standard lot is 100,000 units of the chosen base currency.
- Zero Accounts: zero accounts can use USD, JPY and EUR as the base currency and traders will require a deposit of $10USD minimum. Like the Standard account, 1 standard lot is 100,000 units of the chosen base currency.
Advantages
XM offers a full forex training package, ideal for those taking their first step into trading.
However, this is not at the expense of the more experienced professional who also has access to expert analysis and unprecedented detection tools. As a company that prides itself on good customer service, their users are well served with support available in many different languages.
Disadvantages
While the support can be strong, some users don’t like that customer support is only available Monday through Friday. Another downside is that the lack of diversity between the different account types has a less personalized feel.
Other brokers offer more of a clear offer in their accounts, but the Micro, Standard and Zero accounts are almost identical. And finally, PayPal deposits are not currently supported, which may be problematic for some.
Traders from certain regions are also prohibited from opening an account due to licensing laws, including Canada and the United States.
Trade hours
In line with global Forex market hours, XM is available 24 hours a day. For telephone trading, the XM trading hours are Sunday 22:05 GMT to Friday 21:50 GMT.
Contact details / customer service
The easiest way to contact XM is through their live chat feature found on the contact page of their website.
You can also email support to: [email protected]
or call +357 25029933.
Safety and Security
There are no obvious security issues with the site. Users must confirm their email address to open a demo account, but this is not a requirement to sign up for email updates. To open a trading account, identification documents are required. In accordance with the company’s privacy policy, XM has organizational procedures in place to ensure that personal information is kept secure.
Overall sentence
XM offers an extensive brokerage service to traders of all levels. Whether you are just starting out and learning the ropes, or you are an experienced trader looking for a reliable and efficient platform, XM is a great choice. Despite the shortcomings with the different account options, the platform is easy to use and easy to navigate.
Accepted countries
XM accepts traders from Australia, Thailand, United Kingdom, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar and most other countries.
Traders cannot use XM from United States, Canada, Israel, Iran.