XM Broker Review
At a glance
XM was founded in 2009 and since then it has become a well-known and established broker with over 2.5 million traders worldwide. The broker prides itself in the fact that it has executed over 2.4 billion trades with zero rejections or requotes.
XM offers a wide range of tradeable assets for both forex and commodity trading, advanced trading platforms and most importantly, no hidden fees. The broker is both licensed and regulated by ASIC and CySEC.
XM uses the third-party, award-winning MetaTrader family of online platforms which includes both MT4 and MT5. In addition to this, traders can use XM’s mobile app. XM allows copy trading, which can be very lucrative for traders. In addition to this, XM allows users to open a demo account and try virtual trading before they continue to trade with a live account. XM also offers WebTrader for trading on a browser.
XM is a market maker and does not have a dealing desk. Opening an account with XM is quite simple and straightforward - accounts are accepted from all-over the world with only a few exceptions like USA, Canada, China, etc. The required minimum deposit to open an account with XM is just $5. In addition to this, hedging is allowed for some account types, as well as scalping.
XM offers three main accounts types: Standard accounts, Micro accounts and XM Zero accounts. Each of these account types have their own distinctive features and advantages – for example, the XM Zero account has a lower spread than the other accounts but there is commission. Different leverage amounts are offered based on the account type you to choose and the regulations imposed by their regulators. In addition to this, XM offer swap-free accounts to those abiding to Islamic law. This means no interest or swaps are charged on such accounts.
Micro and Standard accounts of XM do not have commission but higher spreads and the leverage for micro accounts is dynamic. They also have different base currencies. Spreads on Micro accounts can be as low as 1 pip. Such accounts also have negative balance protection. Another account type that the broker has is the XM Ultra Low account which has the same leverage as the Micro Accounts, but spreads can be as low as 0.6 pips.
An important aspect is that XM does not offer fixed spreads, but instead it offers variable spreads which are regarded as more beneficial for traders. The leverage that XM offers is between 1:1 and 888:1, depending on the account type, of course.
XM charges no deposit fees and accepts a variety of funding methods such as bank transfers, credit/debit cards and a range of electronic wallets such Neteller, Skrill, MuchBetter Wallet, etc.
An important advantage of XM is the number of tradeable instruments available which is over 100 across 7 asset classes. There are 55+ currency pairs available and a large range of stock CFDs. In addition to this, XM offers traders access to commodities.
XM offers fast and reliable customer service. Customer support is offered in over 15 languages - traders can communicate with customer support through telephone, email and live chat. We tested all the methods available and found that overall customer support worked quite fast and gave us relevant answers. The only downside was that the live chat was slow in answering questions and that support is available only 5 days a week, but on a 24-hour basis.
XM offers extensive educational material for traders to use. Aside from the demo account that can help new traders to practice, the educational portal of XM offers a variety of free webinars and educational materials for different levels of trading. In terms of research, XM regularly publishes signals to update their clients on major trading news. These can be found on their Market Preview Page that shares information on different stock market news and experts’ feedback. In addition to this, XM hosts a variety of live seminars where they train traders in person.
To conclude, XM is known for being a safe broker to trade with and has a variety of positives that would benefit traders with various needs and experience. XM has a large range of instruments for trading and the trading fees are low, which is quite beneficial. The success of XM is highly evident in their commitment to satisfy the needs of their clients and work transparently and rightfully