Investing in the financial markets is quite challenging if done without planning, research, and understanding. Traders, therefore, take the help of online brokers to assist them in practicing the trade, having strategies, and knowing the markets. The individuals, companies, corporations, etc., who are interested in investing their funds can select the broker fulfilling the requirements.
The brokers should be regulated, have a market reputation, and have the XM trading instrument that the trader wants to invest in with leverage, accounts, etc. With this article, we’ll be discussing XM review, a broker who serves quality that attracts traders.
XM forex broker offers versatile financial services bringing in versatility in thinking of traders and giving them a unified policy of XM trading strategies principles. The broker aims to pace with the global market’s demands and achieve clients’ goals with an open mind.
In addition, the broker has more than 5,000,000 clients within 190 countries and has been working since 2009. XM forex trading broker has become a leading broker with its phenomenal growth in the financial sector.
The broker has so much to offer that we should get into the details and understand its services and features. So, let’s begin.
Pros and Cons
XM Group is a trustworthy and dependable broker in the market with some amazing services. The broker has several pros with a few cons to make it a more reliable and original forex broker of the financial markets. Here, we have the pros and cons of the XM broker for a quick view about the broker:
- Low minimum deposit amount
- Multiple XM account types
- Low spreads from 0.0 pips
- Regulated online broker
- Copy-trading point available
- XM Offers Islamic trading account
- XM Demo account offering
- Research and education
- No crypto XM offered for CFDs
- All the features are not supported on mobiles
XM Forex Broker It’s A Scam?
XM Group is working under the name XM Global Limited and is regulated by four authorities. The International Financial Services Commission (IFSC) with a license number 000261/158, Cyprus Securities and Exchange Commission (CySEC) having license 120/10, Australian Securities and Investment Commission (ASIC) is licensed with number 443670, and Dubai Financial Services Authority (DFSA) F003484.
All the authorities are set in different countries Belize, Cyprus, Australia, and Dubai, respectively. They provide traders with safety and data protection in their investment objectives with the broker. Thus, making it a legit broker and not a scam.
XM Trading Account Types?
XM forex trading broker has several accounts to make traders comfortable with their investment. They can choose the XM account that suits their needs and can begin trading. The accounts are designed keeping clients in mind and have all the key elements that make it worth investing. The broker provides a free demo account for novice traders.
The accounts have exceptional trading point conditions, have micro or standard slots, XM trading platform access, and many more advanced features. XM broker has the following accounts to invest in the markets:
The account for the traders who want to start low and learn the trade with market understanding and practice. That’s why the trading accounts is named the micro accounts of XM Group. With the account, clients can have the features and services such as:
- The contract size of 1 lot is equal to 1000
- Base currency pairs options
- Different range of leverage
- Negative balance protection
- Low spreads from 1 pip
- No commission
- 300 positions for order
- Minimum trade volume 0.1 lots for MT4 and MT5
- 100 lots restriction per ticket
- Islamic account optional
- Minimum deposit of $5
Standard accounts are the other account type that clients can invest with; the trading account is designed for beginners and traders with some market understanding. They can use the account to earn good profits from the financial markets. Here we have the services offered with the standard account:
- Base Currencies options
- The contract size of 1 lot is equal to 1,00,000
- Range of leverage
- Zero account commission charged
- 300 positions to open trade
- The minimum trade volume of 0.01 lots
- 50 lots restriction per ticket
- Optional Islamic account
- $5 minimum deposit
XM Ultra-Low Account
An account for the clients with some market experts who have trading point experience and want to trade with the best services can use the XM zero account of the forex trading broker. The account has features such as:
- Base currency options
- The contract size of micro and standard account
- Range of leverage
- Negative virtual balance protection
- Spreads as low as 0.6 pips
- No exchange commission charges
- 300 trading positions
- The minimum trade volume of Standard and Micro lots
- Optional Islamic account
- $5 minimum deposit
The shares account is a limited broker account, which is restrained from any other investment. As the name suggests, traders can use the account to trade in shares. The account serves the following functions:
- USD as a base currency option
- The contract size of 1 share
- No leverage facility.
- Spreads are as per the underlying change
- Commission is charged
- Maximum opening positions 50 only
- A lot of restriction ticket depends on the share
- Islamic account
- $10,000 as the minimum deposit
The account is for the stock market experts who can handle the market movements and understand the trade.
However, traders have options with the account from XM; they can customize the accounts as per the requirements.
How To Open An Account?
XM has an easy account opening process an account that hardly takes 5 minutes for the client. They can visit the broker’s official website, www.xm.com, and go to the open an account tab for the further process.
The steps are given below to know how one can create an account with XM Group and start trading:
- The first step of account opening is registering with the broker; there’s a form that opens up when the client clicks on the open an account tab. The form requires just a few details such as first name, middle name, last name, country of residence, preferred language, email address, country code, and contact number.
- Next, traders select the account type they want to start trading with the trading platforms. Then there’s a confirmation about the company’s newsletter and products services.
- The second step after that is to provide the broker with the required documents and information. Clients need to upload a copy of their identity document along with address proof.
- The third step is making deposits of funds in the account through various modes. It could be bank transfer, e-wallet, credit/debit cards, etc.
- Moreover, the trader has the option of a $30 deposit bonus from an XM broker, so, instead of making a deposit, traders can start trading with this option.
- The last step is to login into the account using the trading platforms and begin the trade.
XM brokers have the best trading platform with the latest technology to enhance the trade of its clients. Traders can start investing in the markets with the trading software platform by easily downloading them on their devices. The broker has the software for all the android and apple devices.
Moreover, XM WebTrader could also be used as the browser to trade online with Mobile Trading Apps and use the trading point services.
MetaTrader4 is the user-friendly and most convenient trading platform for trading. It is a popular trading platform that serve the best with virtual private server. It has trading software tools, indicators, and analysis tools that help traders predict their market maker changes. MetaQuotes designed the platform in 2005 for the forex market, but due to its flexibility, it is also used by all the other financial market makers.
It has the following features:
- User-friendly interface
- Indicators and trading signals
- Charts and patterns
- Advanced technology
- Expert advisors
- Automated trading
- Easy installation
- Convenient to use
MetaTrader5 is a more advanced software than MT4 but is not a second version of the MT4. The trading platform was introduced in 2010 to help XM clients with other market fast trade executions. It has facilities such as:
- Multi-assets trading platform
- Covers centralized and non-centralized markets
- Faster and more efficient than MT4
- Uses MQL5 language
- Advanced charts and patterns
- Expert advisors
- Easy trading
XM WebTrader is the browser offered by online brokers to directly connect clients from the financial markets. These help them invest online with the desktop platform, and within clicks, a trader can access the market. Moreover, there’s no need for downloading.
The trading platform has the following features:
- One-click trade
- Easy to use
- Connects to markets
- Provides history
XM Group has trading financial instruments pty that could be used to invest; there are more than 350 plus financial instruments to invest funds of different financial markets. Here’s the list of trading markets:
Commission and Spreads
The commission is the charge that online brokers take for their services to the clients. Depending on their policies, the charges are high with some brokers and low with others. XM forex broker has zero account commission trade policy with its trading accounts except for the shares account.
So, traders have to pay no extra money to invest in financial markets.
Spreads is the price gap of the buy and sell of the financial instrument ltd traded, which the brokers benefit from. Traders pay spreads charges to the broker; however, with XM, spreads are low. They are starting with zero pips and the maximum going to 0.6 pips for the Ultra account. The shares account has spread as per the underlying assets traded.
Leverage is the benefit and the risk appetite that investors take from the brokers. It is the ratio that the investors could use for opening at high market positions and earning good profits with their initial investment. However, carrying the risk appetite of loss in the same proportion.
XM offers leverage ratio with accounts in this manner:
For the accounts, micro, standard, and ultra-low traders can have the following leverage ratios:
- 1:1 to 1:888 ($5 – $20,000)
- 1:1 to 1:200 ($20,001 – $100,000)
- 1:1 to 1:100 ($100,001 +)
- With the Shares account, there’s no facility of leverage.
Deposit and Withdrawal
The deposit and withdrawal of funds with XM broker is online; they use credit cards, debit cards, Neteller, Skrill, UnionPay, and Bank wire transfers to deposit the funds. They only use Skrill, Neteller, and Bank wire transfers for the withdrawal.
Traders can easily deposit their funds with electronic payment methods when opening their trading accounts or later as well when they want to begin the trade. However, for the withdrawal, traders have to follow a small process in which they have to inform the broker prior to withdrawing the funds.
The form involves the investor compensation fund, traders’ names, and details; this is done to verify and have a secure trade. Once the broker verifies, traders can withdraw their funds.
XM Trading Hours
Sunday 22:05 GMT to Friday 21:50 GMT is the XM trading hours. The trading platform does not execute trades when the XM dealing desk is closed, and its functions are only available for viewing.
Education and Research
Research and education are essential elements of the XM forex trading broker. The facility helps to educate traders and to know the markets better and keep them updated about the happenings of the world.
For education, the forex broker offers:
- XM Live
- Live education
- Live education schedule
- Educational videos
- Forex Webinars
- Trading platform tutorials
- Trade Forex seminars
For research, the broker has:
- Markets overview
- XM Research
- Trade ideas
- Investment advice
- Technical summaries
- Economic calendar
- XM TV
XM’s team has a professional team to solve the queries of its clients that are 24 hours accessible. A trader can connect with the team through the following:
- Live chat
- Email address: [email protected]
- Contact number: +501 223 6696
Live chat responds quickly to the initial message. However, it takes a little longer to react to subsequent questions. We discovered that getting a straight answer sometimes required asking the same question many times.
Contact XM as its phone help was quick, we didn’t always get the answers we needed. We didn’t obtain a clear answer to our question about how swaps are calculated. On other days, the responses were spot on. Email support is excellent. We received responses in less than a day, and they were all pertinent.
Finally, the XM Review concludes that it is a well-regulated broker with multiple highly regarded licenses that provide fully transparent conditions and is incredibly consumer-friendly.
No re-quotes, no hidden fees or commissions policy, as well as Negative balance protection, make XM a very comfortable trading option, as does the tight real-time market execution policy.
Traders have several choices in the market to invest their funds with; XM forex broker has a reputation with the best services in hand. It has convenient trading, fair and trustworthy, free access to markets, provides personal managers, educational staff, best trading platforms, 24/5 customer support, licensed and regulated, and many more.
As a result of one of the most generous offers in terms of pricing, trading conditions, and overall prospects, XM is a truly human broker. However, a trader should always be alert and check the requirements before going with any online broker.
How many account types are available with XM forex broker?
XM forex broker offers four types of accounts to invest funds in the market. All the accounts have their own features and services, which help the traders be successful. Here are the four XM account types:
- Micro account
- Standard account
- XM Ultra-low account
- Share account
How to open an account with an XM forex broker?
To open an account with the forex broker, traders have to follow some simple steps:
- First, traders have to register with the broker.
- In the second step, they have to provide brokers with information about themselves and upload the required documents.
- The third step is funding the account with the minimum deposit.
- The last step is to begin the trade.
How many trade financial instruments are available with XM forex broker?
XM forex broker has 350 plus financial instruments pty of different financial markets. A trader can choose from the following markets:
- Stock CFDs
- Commodities CFDs
- Equity Indices CFDs
- Precious Metals CFDs
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