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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.