Trading can be a lucrative means of making money and Forex trading is no exception. However, it is important to know what you are doing rather than getting into the Forex scene just because others are making money. XM is one of the leading Forex brokers in this industry where you begin investing in Forex. Check out the XM review and decide yourself!
Forex trading has picked up in the last decade or so as the finance sector is becoming more global. Forex trading lets you take the advantage of the economic growth of a foreign country by investing in their currency even if your country isn’t making a great progress. Forex trading can be highly profitable if you have a reliable Forex broker as your aide and XM could be the one you need right now!
XM is a growing name in the Forex trading spectrum. It is a renowned international Forex broker which started its operation in 2009. Headquartered in Limassol, Cyprus, XM is actually a trademark registered with Trading Point of Financial Instruments Ltd. The company is a CySEC-regulated and FCA (UK)-registered Forex broker serving its clients globally.
The company has grown over the years as one of the reputed Forex brokers in the industry and is known for its client support, brilliant trading options, and transparency. XM executes the currency trades in real time and it holds full authorization from the European Union comprising of AFM, FIN, BaFin, FI, and CNMV.
XM is the new entry in the online Forex and commodity trading industry. The platform stands out from the rest for its distinctive range of excellent features for online trading. At XM, you can trade in Forex, precious metals, energies, as well as stock indices.
The ultimate factor and the main reason people opt for XM is the quick execution time without any re-quotes or rejections on trading orders. XM doesn’t charge any hidden fees or commissions either which makes it as an ideal forex broker for traders of all types.
At XM, there’s no prejudice of any kinds between beginners and seasoned traders. You can take advantage of the best services and get the similar trading conditions whether you choose a real or a demo account.
With a minimum deposit of USD 5, you can start trading in quick time. Beginners can use the demo account and start trading with a non-expiring account with deposits of USD 100,000 virtual money. XM is also globally recognized brand as it is available around the world and supports 17 different languages.
Types of Accounts
There are three types of Forex accounts available at XM. These accounts are designed with tailored conditions. At the beginner level, you can start with a MICRO account where a single lot begins with 1000 units of the base currency.
You can move up to STANDARD account where a single lot equals to 100,000 units of the base currency. The leverage and spreads are almost the same in MICRO and STANDARD accounts. The only difference is the lot restrictions per ticket.
Then, there are XM ZERO accounts where the lot begins with the same currency base as the STANDARD account. However, the leverage is slightly better and commissions are enabled for this type of account. The minimum deposit for MICRO and STANDARD account begins with $5, whereas the minimum deposit is $100 for XM ZERO accounts.
XM maintains the same spreads across all the three account types and offers fractional pip pricing to ensure that the traders can enjoy tighter spreads on over 60 currency pairs and get the best returns, thanks to the accurate quoting.
The base currency options available for all the three account types are USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, RUB, SGD, ZAR.
The Trading Platform
Like most online forex brokerage platform out there, XM also features MetaTrader 4 as one of the trading platforms. You can use the MT4 for both demos as well as real accounts. MT4 allows an unlimited number of demo and real accounts and also offers Expert Advisors (EAs) feature to help with the trading.
While you can easily trade via the MT4 terminal, you can also trade currency when you are on the go using MT4 web versions for Mac and Windows as well as mobile platforms. Other than the trading terminal, you also get XM MAM trader which is a multi-account management tool to assist fund/asset managers or clients with multiple accounts with limitless use of charts and EAs.
Also, if you are interested in multi-asset trading, then XM also offers MT5 trading platform where you get all the features of MT4 and along with 300 stocks and CFDs.
Spreads and Leverage
The good thing about XM is that it offers 888:1 leverage which is among the best in the industry. Also, the spreads offered across the different types of account are also uniform and competitive. You can trade both online and via phone over 60+ currency pairs and 100+ financial instruments using the world’s best trading platform.
Also, while you can start trading for deposits as low as $5, there are no upper limits whatsoever for deposits on XM.
Diverse Funding Options
One of the most important factors while choosing a Forex broker are the funding options offered. At XM, the safety of client’s funds is assured as all the funds are secured at Tier 1 segregated Barclays accounts.
Deposits and withdrawals are completely automatic and can be processed at any time. You can also withdraw the funds on the same day if necessary. However, the main the reason why most Forex traders choose XM is its policy. A trader enjoys negative balance protection while trading as well as there are no re-quotes, hidden fees or commissions for MICRO and STANDARD accounts at XM.
Local as well as global clients can open and manage their trading accounts using a wide variety of payment options such as credit cards, wire transfer, Western Union, WebMoney, China UnionPay, Moneybookers Skrill, Neteller, iDEAL, and SOFORT.
Traders can also avail the local bank funds transfer option available in 58 countries worldwide to transfer funds in their local currencies from their local banks. No commissions or hidden charges are levied on the clients for such transfers as XM takes care of everything.
Whether you are operating a demo account or a real account at XM, you can seek help from a Multilingual Personal Account Manager. These Multilingual Personal Account Managers are available through live chat, call, or email round the clock during the 5 working days. They are qualified to provide professional support in 14 different languages
In addition to the personal account managers, you can also get the benefit of extensive Forex knowledge via guides and tutorials available for free. Weekly interactive webinars are also organized for free to educate the newbie traders and MT 4 video tutorials are also available to get a better understanding of the trading terminal.
If that’s not enough, then you are also updated with Forex news and regular market analysis reports to get a better understanding of the Forex trends to help you invest your funds better. This news and reports are handled by XM financial experts with broad knowledge of the Forex industry.
XM is undoubtedly the reliable online broker for traders out there. The excellent features of XM make it an ideal brokerage firm, irrespective of whether you are a beginner or an expert trader. Another great thing about XM is the MT 4 terminal and its different versions that make it accessible across all platforms. The web version of MT 4 lets you use the platform while on the go.
Leverages of up to 1:888 and competitive spreads make XM stand out among the rest of the online brokers. The no re-quotes and no hidden charges policy are also the best benefits of trading through XM.
However, there are few flaws with the broker as well. While the customer support is at par, it is only available during the 5 working days. Also, PayPal is not supported for money transfers. Yet, if you like to ignore some of these cons, then XM is undoubtedly one of the reliable and trustworthy online Forex brokers out there.
Our Rating: 3.5/5