By Nathan Ferguson
XM Review
Trading Point Holding, a worldwide CFD and FX broker established in 2009, is the parent business of XM, an online broker. Three financial agencies regulate XM: the Australian Securities and Investments Commission, the Cyprus Securities and Exchange Commission, and the International Financial Services Commission of Belize.
The XM broker began operations in 2009 and now has customers from over 196 countries, as well as a support team that speaks 30 languages, making it one of the most trusted Regulated Brokers. The main branch is licensed by CySEC in Cyprus, but branches in the UK, Australia, Belize, Dubai, Greece, and the Middle East and North Africa (MENA) area genuinely meet worldwide requirements. XM’s 1.5 million traders and investors select from a broad variety of XM trading products and services, including sophisticated trading solutions that are also appropriate for beginner traders. The reason for the broker’s rapid growth and confidence is that XM strives to offer its customers one of the finest user experiences in the business.
XM Global Web trade is ideal for both novice and experienced traders. Traders may either use a genuine account with the trading program or a demo account platform with one hundred thousand dollars in virtual money to get started. No hidden costs or charges, auto trading, and quick order execution are all features of this broker service. XM is a well-known broker with a long list of rules. The platform is user-friendly, and XM boasts one of the industry’s lowest deposit requirements, cheap CFD fees, and platforms that cater to all kinds of traders. XM, on the other hand, has a restricted portfolio for EU customers, and there is no adequate investor protection outside of the EU.
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The XM Organization is a licensed group of internet brokers. The Cyprus Securities and Exchange Commission regulates Trading Point of Financial Instruments, which was founded in 2009. The International Financial Services Commission regulates XM Global, which was founded in 2017. The site has over two million users and merchants from over 200 countries. The firm takes pleasure in providing outstanding customer service and a personalized approach to each client, regardless of their financial objectives. In general, all processes, including account creation, depositing/withdrawing funds, maintaining accounts, and trading, is easy, simple, and transparent, as we shall see in more detail later in our XM review.
Trading Platform
XM has two trading platforms that may be used with both real and demo accounts. MetaTrader 4 is a multi-award-winning forex trading platform that supports limit, stop, and market orders. MetaTrader 5 is a multi-asset trading platform that allows you to trade stock indexes, equities, and precious metals. Both systems are compatible with Apple and Android smartphones, ensuring a seamless and user-friendly mobile trading experience. Additional, optional tools, such as an economic calendar or trade volume statistics, are available in the trading section. In terms of trading software, XM customers have access to a variety of well-known and almost perfect-developed trading platforms via which they may conduct transactions and trades.
MetaTrader is renowned for its clean and pleasant trading experience, as well as its Charting, which is among the most powerful in the business. As a result, you will love its appearance and functionality as much as we do. XM bases its technology on the most widely used industry platforms for the benefit of traders since these platforms are well-known and enable you to access a wide range of extensions as well as a thorough training on how to utilize tools. As a result, the platforms are getting high ratings as a result of their worldwide reputation and are always a plus when it comes to broker proposals.
All platforms are connected with a complete site of technical analysis, indicators, and comprehensive tools, stop or trailing orders, and are directly accessible from just one account and available in different editions. As a result, you may access XM trading simply by using a browser and logging into Web Trading. Though sixteen Trading platforms, XM has made the program even more sophisticated and suited for any device, including web, mobile, and multi-account trading. If you choose the Desktop platform or other versions to trade, you will have complete account capability and the trading procedure will be simple and comfortable.
Because XM utilizes MT4 or MT5, you may use its strong features in conjunction with the automated trading or trading robots. For those who favor technical trading, EAs with limitless chart use is accessible; nevertheless, excellent manual trading instruments will also aid your approach. So, in general, all requests and trade requirements are met, and the situation is extremely stable. Of course, you may trade on your mobile device as well; the XM MT4 Android and iOS applications, as well as the XM MT5 apps, will offer you complete access to your trading account. With three chart types, over 30 technical indicators, and a complete trading history diary, the MT4 and MT5 applications provide excellent charting.
Assets
Stocks CFDs, Forex Trading, Commodities CFDs, Precious Metals CFDs, Equity Indices CFDs, and Energies CFDs are just a few of the financial instruments available on this broker’s platforms. Over fifty currency pairings are accessible for trading, including the main GBP, USD, and EUR. Binary options and futures are not available on XM.
Commissions & Spreads
The spreads differ based on the kind of account that is opened. A Standard Account, Micro Account, or Zero Account may all be opened. The minimum spread across all accounts is 0.1 pips, with an average spread of 0.1 pips for main pairs. XM has a policy of no hidden costs or commissions. As a result, only XM Zero accounts are eligible for commission. All transfer costs are covered by XM, and same-day withdrawals are guaranteed.
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Leverage
Leverage may vary from 2:1 to 30:1 depending on the instrument. This is fully customizable, and XM allows customers to choose their own leverage risk. The margin requirements do not change throughout the week and do not expand on weekends or at night. This leverage is available to customers who are registered with the group’s EU-regulated organization.
Mobile Apps
XM may be downloaded for free on a variety of Android and Apple devices, including the iPhone, iPad, and Android tablets and phones. Logging in is simple and maybe done using a fingerprint. Their applications are available on the Apple App Store and Google Play Store. Both are completely functioning and enable real-time monitoring and trading. One-click trading is available on both the PC and Mac desktop platforms.
Instruments for Trading
Aside from its excellent features, XM makes trading more enjoyable by offering a wide range of goods, ensuring that you have a great selection that fits your needs and tastes. A collection of trading marketplaces accessible via a single multi-asset account that contains approximately fifty currency pairings and over a thousand trading markets. As a result, with XM, you may trade Forex or CFDs on commodities, stock indices, stocks, energy, metals, and cryptocurrency all from the same trading account.
Fees
XM uses variable spreads, similar to the interbank currency market, and there are no trading limitations during news releases. Fixed spreads on XM are more expensive than variable spreads, but they are also more adaptable to various trading methods. That implies that all trading expenses are included in a spread, with no hidden charges and the narrowest spreads available. Also, when choosing a broker, examine not only the spread but also the non-trading costs, withdrawal fees, and other expenses that may be relevant, so that you get a whole picture.
Methods of Payment
Users must submit a color copy of an official identity document, such as a passport or driver’s license, following traditional KYC requirements. They must also show evidence of address in the form of a recent utility bill dated within the previous three months. Micro and Standard accounts need a minimum deposit of five dollars, whereas Zero accounts require a minimum deposit of one hundred dollars. Electronic payment methods, most major credit cards, local bank transfers, wire transfers, and other options are available for deposits. Any currency may be deposited, and it will be instantly translated into the base currency you choose when you create the account. All withdrawals are completed within 24 hours, and there are no costs associated with withdrawing funds from your eWallet.
Demo Account XM’s demo account service is exceptional. Users may create a sample account with only a little information and then start trading with a simulated balance of $100,000. The XM demo account is unusual in that it provides precise replicas of real-world trading circumstances. The length of time you may utilize your demo account is unrestricted.
Withdrawals and Deposits
XM’s money transactions are also handled in a customer-centric manner, with traders having access to a variety of payment methods that are accepted in all countries. XM provided a variety of payment methods, including the most frequently used, as well as a local bank transfer option, which allows customers to fill their accounts using local banks and currencies without incurring translation fees.
XM For a Standard Account or Micro Account, the minimum deposit is just five dollars; but, if you want to trade with a Zero Account, the minimum deposit is also competitive, only one hundred dollars to begin. However, the amount changes depending on the state of the trading account’s validation and the payment method used.
Promotions And Bonus Deals
XM also provides a free virtual private server solution to aid in trading speed. This VPS may be accessed from anywhere and is available 24 hours a day, 7 days a week. They claim to be able to reduce downtime and are accessible worldwide. Withdrawals and deposits at XM are likewise free of commissions and fees. The thirty-dollar deposit incentive is no longer accessible to EU traders as a result of XM’s compliance with the ESMA bonus restriction.
Other Features
The abundance of training and instructional resources accessible on the XM platform is one of the most appealing features. Regular webinars are held on the platform for both beginners and seasoned experts. Users are encouraged to learn from their team of teachers since the platform is naturally social. Research and technical analysis were also released by the business.
Types of XM Accounts
Standard, Micro, and Zero are the four types of trading accounts available. Each customer may have up to 200 open/pending positions on their account. Micro accounts may be opened with a five-dollar deposit and can utilize EUR, USD, GBP, AUD, CHF, JPY, PLN, and HUF as the base currency. The basic currency for XM Ultra-Low Accounts is USD, EUR, GBP, ZAR, AUD, SGD, and traders must make a minimum deposit of $50. XM Ultra-Low Accounts are not available to all of the group’s organizations.
The basic currency for standard accounts in EUR, USD, GBP, AUD, CHF, JPY, PLN, and HUF, and traders may start trading with only $5. A normal lot is equal to 100,000 units of the base currency selected. The basic currencies for zero accounts are JPY, USD, and EUR, and traders must make a minimum deposit of 10 dollars.
Advantages and Disadvantages
XM provides a full-service forex education program, which is excellent for individuals who are just getting started with trading. This isn’t at the cost of the more experienced professional, who has access to expert analysis and unrivaled monitoring tools as well. Users are well-served with assistance accessible in a variety of languages since the business prides itself on excellent customer service.
While the customer service is excellent, some customers hate the fact that it is only accessible Monday through Friday. Another drawback is that the lack of variety across the various account types results in a less personalized experience. Other brokers have more varied account offerings, but the Micro, Standard, and Zero accounts are nearly similar. Finally, PayPal deposits are presently unavailable, which may be a difficulty for some. Traders from some countries, such as the United States and Canada, are also prohibited from opening an account owing to licensing regulations. XM is open 24 hours a day, seven days a week, following global Forex market hours. XM trading hours are Sunday through Friday for phone trading.
XM charges minimal commissions on stock CFDs and withdrawals. The process of establishing an account is simple and quick. Many instructional resources, such as webinars and a sample account, are available. XM, on the other hand, has a restricted product offering, focusing mostly on CFDs and FX. Its forex and stock index CFD costs are typical, and customers onboarded outside the EU have no investor protection.
Pros include:
- Low stock CFD and withdrawal costs are advantages.
- Account creation is simple and quick.
- Excellent educational resources
Cons include:
- The product range is limited.
- CFD costs for FX and stock indexes on average
- Investor protection is not available to non-EU customers.
Customer Service
The simplest method to reach XM is to use their live chat function, which can be located on their contact page. In terms of client support and service, we can see that XM supports trading requirements worldwide, with a customer service staff that speaks more than 25 languages, including Russian, Chinese, Hindi, Portuguese, Arabic, Thai, Tagalog, and others. Customer support is accessible 24 hours a day, five days a week, to address your issues and provide answers through email, phone, or live chat. We also discovered that the service is of high quality, with accurate responses, confirming XM’s client-focused philosophy.
Thailand, Australia, the United Kingdom, Singapore, South Africa, Hong Kong, France, India, Germany, Sweden, Norway, Italy, Saudi Arabia, Denmark, Kuwait, Qatar, Luxembourg, and the majority of other nations are accepted by XM. Traders from Canada, the United States, Israel, Portugal, Iran, and Spain are unable to utilize XM.
Education
Along with excellent customer service, every client has access to a wealth of instructional resources, including trading statistics and other essential information, via the XM Learning Center, which helps them improve their trading skills. In this sense, XM went above and above, demonstrating tremendous respect and providing extensive education assistance across several locations to educate traders. Indeed, you should never put off your education or personal development since people who have data can make much better choices, and XM will help you in this endeavor as well. With XM, you can expect high-quality education tailored to your level, including Educational Videos, Live Education, Forex Seminars in different locations, and Forex Webinars. In addition, you get access to well-organized lessons, videos, and tools. XM Education and Research
Research
You’ll also discover everything in order in terms of research tools and market materials. In addition to News Feed, Technical Summaries, and Technical Analysis, XM offers Fundamental Analysis and Trade Ideas that are appropriate for both novice and experienced traders. We also appreciate how XM arranges its research tools since you’ll find everything you need for better trading choices in one spot, including MQL5, Forex Calculators, and more. Subscribers may also access unique technical indicators that are compatible with both platforms, allowing them to conduct algorithmic trading.
Security And Safety
The website does not seem to have any security issues. To create a sample account, users must validate their email address, but they are not obliged to sign up for email updates. Identification papers are needed to establish a trading account. XM has organizational processes in place to guarantee that personal data is kept safe, according to the company’s privacy policy. XM is a reliable Forex and CFD broker. Several top-tier financial agencies regulate and license it. As a result, trading is safe and low-risk.
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Awards
Overall, XM has attained a high level of client attention while providing very competitive conditions and a wide variety of services that appeal to international traders. XM gained worldwide recognition with numerous respectable accolades for industry accomplishments, including Most Trusted Broker and Best Forex Broker, in addition to its extremely positive results and reputation within the trading community.
Conclusion
Traders of all levels may use XM’s complete broker service. Whether you’re a new trader learning the ropes or an experienced trader searching for a trustworthy and efficient platform, XM is a good option. Despite the limitations of the many account choices, the site is straightforward to use and browse.
Finally, the XM Review concludes that it is a well-regulated broker with many highly regarded licenses that provide genuinely transparent conditions and is very client-friendly. No re-quotes, no hidden fees or commissions policy, as well as Negative balance protection, make XM a highly comfortable trading option, as does the rigorous real-time market execution policy. As a result of one of the most liberal trading conditions, fees, and possibilities, XM is a genuinely human broker.