XM
Regulated by CySEC, IFSC, FCA, ASIC, DFSA
Pros
- No Re-Quotes, No Rejection, Fastest Executions,
- Multi-regulated broker, 24/5 Support,
- Negative Balance Protection
cons
- Doesn't accept US clients,
- Doesn't provide CopyTrading,
- Doesn't accept Crypto Deposits
Introduction
XM which is specifically known for being a parent company of Trading Point Holding was fabricated back in 2009 and since then it's been operating globally as a Forex and CFD brokerage company.
And as for XM global, it was founded later than expected making its way in between late 2017 which is regulated by IFSC (International Financial Services Commission) under the license number of (000261/106).
Later on, the brokerage also got regulated with 3 other regulatory bodies (ASIC and CySEC) making it one of the most secure brokerages operating at the current time.
Moving on, XM global contains more than 1.5 million traders across 196 countries. Besides being fair is the main ethic of XM and that's the primary reason, the broker gets praised by numerous retail market traders
Broker Details
- Minimum Trade Size: 0.01
- Maximum Leverage: 888:1
- Minimum to Open Live: $5
- Established: 2009
- Address: 12 Richard & Verengaria Street, Araouzos Castle Court, 3rd Floor, 3042 Limassol, Cyprus
- Contact: support@xm.com, +357 25029933
- Regional offices: Australia, Belize
- Prohibited countries: Aland Islands, American Samoa, Belize, Canada, Caribbean Netharlands, Cuba, French Southern Territories, Guam, Guernsey, Heard Islands & Mcdonald Islands, Iran, Isle Of Man, Israel, Japan, Jersey, Kosovo, Liberia, Myanmar, New Zealand, North Korea.
- Trading platforms: MT4, MT5
- Web Trading: Yes
- Mobile Trading: Yes
- Currencies: (55+)
- Cryptocurrencies:
- CFD: (940+) Gold, Silver, Stocks, Stock Indexes, Oil, Other Commodities
- EAs/Robots: Yes
- News Spike Trading: Yes
- Scalping: Yes
- MAM: No
- PAMM: No
- ZuluTrade: No
- Deposit
Methods:
Bank Wire, VISA, MasterCard, Neteller, Skrill
- Withdrawal
Methods:
Bank Wire, VISA, MasterCard, Neteller, Skrill
Trading Conditions
XM offers 5 types of trading accounts to the retail market traders which go as follows: Micro, Standard, XM zero, XM ultra-low finally it's the XM share accounts. Let's get a brief overview on this:
First of all, the Micro accounts are more of a GO-TO platform for the new traders as it requires a deposit amount of only $5. Don't let that amount distract you from anything because you'll be able to trade on all the base currencies including AUD, USD, GBP, CHF, JPY, EUR, PLN, and HUF.
Note: Just so you know, 1 micro lot = 1,000 units of the base currency.
In the same way, Standard accounts also offer all the base currencies similar to micro accounts and the deposit amount is also $5. The only difference is in the standard accounts, 1 standard lot = 100,000 units of the base currency.
Moving on, the Zero accounts require a minimum deposit amount of $10 and the base currencies are USD, EUR, and JPY. The standard lot of zero accounts are also similar to standard accounts.
And in the Ultra-low accounts, the minimum required amount is $50 where USD, EUR, AUD, GBP, SGD, ZAR are the base currencies. The standard lot is also similar to standard accounts.
Note: XM ultra-low accounts are only available to certain trading groups.
That's not even all!
XM also offers share trading accounts along with swap-free trading accounts. The share accounts require a minimum deposit amount of $10,000 and the standard lot is similar to micro-accounts. But the share accounts only allow you to trade on USD as a base currency.
As per the trading leverage, well it can vary from 2:1 to 30:1 pretty quickly which obviously depends on the trading instrument and the average spread is 0.1 pips on EUR/USD. Apart from this, XM offers a market execution process rather than instant execution
Products
XM renders an ultra-wide range of trading instruments to its users as they are committed that way to providing all the possible trading assets to the retail market traders. And in order to execute that initiative properly, they are giving access to:
Forex: More than 57 currency pairs including the exotic ones.
Metals: Availability of precious metals including gold and silver.
Energies: You'll be able to trade on energies like Brent crude oil, GSOIL, NGAS, OILMn.
Commodities: You'll be eligible to trade on 15 commodity stocks.
Stocks: You'll be able to experience up to 28 major company shares along with 1240 stock CFDs.
Indices: You'll be able to trade on a wide range of indexes including the HUGELY popular ones.
Note: Due to diverse legal statics FBS doesn't allow any traders to trade on cryptocurrencies especially BTC.
Regulation
XM is one of the most regulated broker industries that has ever come across retail market traders. Out of all people, we all know that having a tight regulation defines a broker even BETTER as it showcases a symbol of trust between the brokerage and traders.
Moving on, XM is regulated with three regulatory bodies including:
- The IFSC (International Financial Services Commission)
- The CySEC (Cyprus Securities and Exchange Commission)
- The ASIC (Australian Securities and Investments Commission)
Therefore, if you're intending to trade with XM then go ahead and do so without worrying about any sorts of security issues.
Trust us, It'll be worth it
Platforms
Being the regulated and ultra-low spread broker as it is, XM provides 2 types of trading platforms for retail market traders.
The trading platforms category includes,
- MetaTrader 4 ( Which has won numerous awards over the years.)
- MetaTrader 5 ( Which is known for providing multi-asset advantage.)
Now, let's break it down a bit...
The MT4 trading platform provided by XM is often considered a classic trading platform that is not only persuasive but also is packed with useful features. Specifically, the features are:
Source: Forexbrokers.com
On the other hand, MT5 is more like a tech-based and evolved trading platform that renders multiple trading assets at a time which obviously includes stocks, indices, and precious metals.
You'll also be getting features like multiple trading indicators, depth market views, diverse trading charts, and multiple time frames
Mobile Trading
When it comes to trading platforms, XM only prefers the MetaTrader platforms over all the trading platforms.
And by MetaTrader platforms we mean the MT4 and MT5 trading platforms. Which is for a fact also available for mobile devices including both android and ios versions.
It gets EVEN better!
The installation process is also quite easy and hassle-free compared to all the other mobile trading platforms provided by all the other brokers.
Just go to the play store or App store and search for it. After that, the next process is completely automatic.
See, it isn't that hard, is it?
Apart from all this, XM offers several features on its mobile trading platform. Which includes:
Source: Forexbrokers
Bonus & Promotion
Like all the regulated brokers who don't hesitate to provide any sorts of trading bonuses, XM also renders wholesome trading bonuses.
The bonuses kinda look like this:
Source: XM.com
$30 No deposit bonus: No deposit bonus is a one-time thing that a brokerage provides to its clients while registering an account with them. As for XM, they proffer a welcome bonus of $30 if you open an account with them.
Along with that, XM also offers a loyalty bonus along with a referral trading bonus which is also applicable to all retail market traders.
But keep in mind that standard conditions may involve while applying for the trading bonuses
Deposits & Withdrawals
XM is relevant with diverse transaction methods including Debit-Credit cards, Wire transfer, Local bank transfer and electronic payment methods.Besides, you can use all these transaction methods stated above for both making a deposit or a withdrawal from XM broker.
Moving on, XM requires a minimum deposit amount of $5 for micro and standard accounts and $100 for the zero spread accounts.
And while withdrawing your money from XM, the process can sometimes get real cranky as it takes more than 2 days to process. Besides that, a certain fee is also needed while undergoing a withdrawal process. Specifically, for bank wire transactions $15 is required
Customer Support
Hands down, reliable customer support is probably a must-have feature for a brokerage company in order to stay at the top of the race. As a result, XM also fabricated a 24/7 superactive customer support protocol.
Which can be accessed via a live chat system along with phone and email communication. And that's not all, their customer support comes with multi-language support also.
Here's the contact info, in case you might need to contact them:
- Phone Number: +357 25029933.
- Email Address: support@xm.com
Research & Education
Forex education materials are a great way to find your way through this unstable and volatile trading industry.
As it can help you to stay up to date with a lot of things. Respecting the significance of educational materials, XM is committed to providing an effective and diverse learning center.
Where you'll find out numerous webinars, blog posts, analysis, trading tips, guide books, video tutorials, and whatnot! It is well organized and also made in using a user-friendly perspective.
So, the beginners could get a hold of everything that's been going on!
That's not all, for exclusive research purposes, you'll be given access to Forex calculators along with economic calendars
