XM Broker ReviewMinimum Spread : From 0.1
Foundation Year : 2009
Min Deposit $ 5
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XM Broker Review – Regulations & other Features: XM is a trading broker which started its operations in 2009 and started online trading in 2017, by the name of XM Global. This Cyprus based website facilitates trading in several markets, including stocks, currencies, commodities, indices, and financial derivatives. Further, the broker has a good trust score because of top regulations. There is no minimum amount required to start an account with them, and one can access the demo service too for free.
There are around 1000+ assets available for trading with top platforms like MT4 & 5. The article shall do a quick XM broker review. It would list the major features along with a conclusion of the broker.
Features of XM Broker Review
XM broker is fully regulated and works under the top financial bodies of the world. The broker is licensed with Cyprus Securities & Exchange Commission (CySEC) with license number 120/10. They are also regulated under the Australian Securities & Investment Commission (ASIC 443670).
The broker regulates with many other top authorities, including the UK’s FCA & ESMA. The governing bodies protect the interests of clients and their funds. The broker also has a no negative balance policy for the users’ interest.
Further, the European customers’ funds insure up to 20,000 Euros. However, the bad part is the broker doesn’t present their financial information publicly.
2. Deposit & Withdrawal
There are varied methods to deposit or withdraw funds on XM broker. There is no charge or fee on deposit and withdraw, and the system is fast & packed with top-notch technology.
The supported payment methods are Skrill, Neteller, debit and credit cards, Trustly, and bank wire transfers. The processing time for withdrawal is 5-7 days, while the deposit is instant.
However, there’s an exception that if a trader withdraws less than $200, then he would be charged around $15.
3. Trading Instruments
There is a wide range of tradable assets with the XM brokers. The website offers foreign currencies, stocks, indices, metals, commodities, and complex financial derivatives. There are around 1000+ assets, and the user can buy/sell them with no commission or fee.
There are 57 currency pairs, which includes major ones too. However, note that the assets like stocks, indices, or commodities can be traded with CFDs only.
A user can trade them either with MT4 or MT5 and use the brokers’ leverage service too.
4. Spreads & Charges
The charges on XM broker are low as compared to the industry standards. The broker follows no hidden costs policy and has no commission for executing a trade. The broker earns solely from its spreads, and the charges start from as low as 0.1 pips.
The spreads also vary with the type of account, i.e. micro, standard, or XM zero account. The ‘zero account’ is commission based but has tight spreads.
Note that the minimum deposit for starting an account with the broker is only $5. Besides, there is also an inactivity fee if the customer chooses not to trade.
5. Trading Platforms
The broker offers two popular trading platforms, i.e. Meta Trader4 & Meta Trader5, to its users. Both the accounts are available for real as well as a demo account and accessible through mobile, desktop, and web.
The platforms are customizable and make the work of traders easy and smooth. The platforms have features like one-click trading, charts & patterns, Robo trading, and many more.
Note that the MT4 is the most widely used platform by the brokers of the world.
6. Customer Service
The XM broker customer support team is quick and polite to respond. The user can contact the broker via telephone, live chat, and email option. Besides, there’s a dedicated FAQ page on their platform too where one can look for the solutions of the common queries.
The service is 24/5 available, from Monday to Friday. However, the website claims to be working 24/7, but the executives were not available on weekends. The telephone response time is less than a minute, and the team works hard on resolving the issues.
There are some promotional offers also on the XM broker’s website. First, there is an XM loyalty program where a user can earn cash rewards as well as credit bonuses. Second, there is also a 100% deposit bonus up to 5000 dollars, but the conditions were unlikely to get fulfilled.
The conditions are before withdrawing the reward bonus 500 lots must be traded and that too before 30 days, which is quite difficult.
The broker also offers a VPS account service which has several other benefits also including short execution time, optic fiber connectivity and many.
XM global is a multinational trading website and has received much recognition for their services too. Some of the awards are ‘Best Forex Broker Europe’, ‘Most Trusted Broker’, ‘Best Forex Execution Broker 2017, etc.
The broker is safe and secure to deal with. But the improvement areas are customer service and trading assets. Further, the above-average areas are regulations, low fees & charges, high leverage, and deposit and withdrawal methods.
Now, the article has presented you with both sides. The decision is in the customer’s hands. Remember, the choice should be logical, rational, and must match your requirements.
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