XM Review

Custom-Tailored Trading Accounts
Editor’s Rating: 92

Very Good

Average User Rating:

Very Good

Introduction

XM is a Cyprus-based financial service provider for online trading on forex and CFDs on precious metals, equity indices and energies. They are authorised and regulated by the Australian Securities and Investments Commission, the Financial Conduct Authority (FCA) in the UK and the Cyprus Securities and Exchange Commission.

Among the strongest advantages of this broker is that they offer a diversity of trading account types along with Islamic and demo accounts. They also require a $5 minimum initial deposit which is amazingly low in comparison to the requirements of their competitors. They only disadvantage that I found about this broker is that don’t support PayPal but this is countered by the over 20 available payment options. You may continue reading for my full review.

Account Features

Demo Account: No time limit!

Their demo account can be used without any restrictions or time limit. It comes preloaded with $100,000 virtual money that can be used for doing test trades. This is a great advantage to practice online trading that have real market conditions without the need to risk real money.

Bonuses: Generous incentives

XM offers a number of bonuses starting with a $30 no deposit bonus for opening a live account. In addition, they offer a 50% deposit bonus of up to $500 plus a 20% deposit bonus of up to $5000. They also allow exchanging points for an additional cash or bonus and entries for seasonal and invitation only bonuses.

Trading Details

Platform: Trading made easy and convenient

XM provides a selection of well-optimized platforms which can be operated with the same account. This includes the following: XM MT4 Terminal, XM Mac MT4, XM Web Trader, XM MT4 Multiterminal, XM iPhone Trader, XM iPad Trader, XM Droid Trader and XM MAM Trader. These options allow me to trade not just from a Windows PC but also on other devices that are running on different operating systems.

xm platform

Mobile Trading: Compatible with iOS and Android devices

In terms of mobile support, XM also has developed dedicated apps for devices that are running the iOS and Android platforms. That means I can access and keep track of my trades directly from my mobile device and straight from the app that has been designed particularly for iPhone, iPad and a plethora of Android gadgets.

Minimum Lot Size: Less risk exposure

I prefer to trade with a smaller lot scale to lessen the risks and it’s good to know that this broker offers a minimum of 0.01. This surely can help me in employing a more effective risk management strategy.

xm lot size

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Maximum Leverage: Potential gains amplified

The maximum leverage that is allowed by this broker is at 1:888 which is an added advantage because I can amplify not just my trading amount but also my potential gains as well.

Spreads: Same for all account types

The good news is that they offer the same tight spreads that can go for as low as 1 pip regardless of the account type or the trade size. They also don’t get any commissions because they don’t impose any fees. As for the EUR/USD pair, they offer 1.8 pips which is advantageously low and low spreads mean better profits.

Tradable Instruments: Over 50 currency pairs

I have an ample variety of choices because they offer forex, CFDs, equity indices, precious metals and energies under the 100+ tradable instruments. It’s also worth mentioning that they have 50 currency pairs to choose from.

xm instrument

Deposit and Withdrawal

Minimum Deposit: Competitively low

Technically XM doesn’t require a minimum deposit amount but due to the system restrictions limit, they have set it to just $5. This is a definite advantage since I will be able to fully control the funds that I can transfer on my account

Deposit Methods: Over 20 options

I never worry about making a deposit because I have over 20 options to fund my account and this includes local bank transfer, credit cards, Neteller, Skrill/Moneybookers, Western Union, MoneyGram, Paysafe Card, China UnionPay, WebMoney, Sofort, iDEAL, Qiwi, CashU, Abaqoos, Moneta, Giropay, Przelewy, AstroPay and FasaPay. The downside though is that they don’t accept PayPal.

xm deposit

Withdrawal Processing Time: Fast enough

A withdrawal request with this broker only takes 24 hours to get processed. That’s a lot faster than the standard processing time of most brokers which take around 2 weeks.

Support

Channels: Different ways to contact

It’s easy to get in touch with their customer service department because they can be contacted by phone, fax, email and live chat. It’s very convenient and very easy.

Availability: 5 days a week

They can be reached any time of the day but are only available on weekdays.

Supported Languages: More than 20 languages

Aside from English, they also cater to more than 20 different languages including Japanese, Greek, Bahasa Indonesian, Malaysian, Svenska, Arabic, Portuguese, Thai, Czech, Magyar, French, German, Spanish, Turkish, Filipino, Chinese, Russian, Italian, Polish, Korean, Vietnamese and Dutch.

xm support

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User Reviews

Average User Rating: 9.2

This score was provided by various users and its value is taken from the accumulated votes that were given by actual traders who have tested this broker.

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Editor’s Opinion

Platform Design: Fully equipped with useful trading features

The interface was very easy to get used to because it is very clean and sophisticated. It comes fully equipped with all the useful tools and commands that are needed for trading. I also liked the colors that they used especially for the webtrader platform.

Support: Provides quality service

I have been communicating with their support department numerous times already and overall my experience with them was always great. For every question or concern that I have they always manage to find answers and solutions in a very fast and accurate manner.

Reputation: In compliance with the authorities

XM is operated by Trading Point of Financial Instruments Ltd which is regulated by the Australian Securities and Investments Commission (ASIC), the Financial Conduct Authority (FCA) in the UK and the Cyprus Securities and Exchange Commission (CySEC). With such compliance with these regulating bodies, it goes to show that they are strictly employing business transparency and professional communication with their clients. They are also highly popular for hosting free forex seminars across different regions.

Conclusion

Editor’s Rating: 92

XM provides a variety of advanced trading platforms and access to a diverse range of financial instruments with advantageous trading conditions plus an education center that covers a full range of up-to-date tools that are essential for making profitable trades. This kind of superior service certainly proves that they deliver a flexible and custom-tailored solution for any type of trader.

 

 

Is This The Right Broker For You?

Yes
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20 comments

  1. Narcyz Woźniak

    The demo account is very useful in learning the strategies, they gave me $10,000 virtual money to practice trades and they offered me a nice bonus once I started trading

  2. Gofreddo Conti

    XM has all the features that I need from a good broker – I trade currencies and they have over 50 currency pairs, of course I have had a look at the other CFD’s that they are offering and they are all good quality assets.

  3. Maverick Gibbs

    I was able to attend one of their forex seminars in London and have learned so much about trading currencies. Be sure to checkout their schedule if they have one near your area.

    • R Cruz

      I had the chance to hear one of their seminars and yes, I must say that it was worth it. They discuss various topics about basic and intermediate trading on forex.

  4. Bilal Clark

    I started trading with XM mainly because of the $5 min deposit needed and also because they are regulated, since then I have discovered that their platform allows me to trade on my iphone which is very convenient, also I got a free webinar trading course that is extremely beneficial-no problems withdrawing my money either.

    • Kelley Cooley

      Here are the complete type of platform from XM: XM MT4 Terminal, XM Mac MT4, XM Web Trader, XM MT4 Multiterminal, XM iPhone Trader, XM iPad Trader, XM Droid Trader and XM MAM Trader. Basically, most of them are easy to use but I have particular liking with XM’s Web Trader because it doesn’t require any downloading.

    • Sol Marrero

      In my personal standpoint, I always choose the MT4 Terminal on most of my trades because this platform comes with different basic tools for trading that you won’t find in any other platform.

  5. Julian Stamm

    The demo account with this broker is great, I just recently realized that the practice account have no time limit. And that would mean I can do trade practice anytime I want without worrying if I should register again or not.

    • Tony Desimone

      Were you able to verify as well if the virtual money for the demo account is unlimited or you need to trade well on your practice to increase your practice revenue?

    • Donnie Archuleta

      The leverage being offered by most brokers will never be an issue if you know how to put your thoughts and your instinct into a profitable strategy. Always remember that, a high and a low leverage won’t mean anything if you don’t know hot to take advantage of the situation.

    • Foster Machado

      Leverage offer will and should never be an issue as long as you know how to manage your account. Those kind of spreads are good for those who trades in volumes.

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