XM was formerly known as XEMarkets, is the official trading name of the Trading Point Holdings Ltd. Its headquarters are situated in Cyprus and the broker itself is licensed by the following regulatory bodies: CySEC in Europe, ASIC in Australia, FCA in the UK, FSP in New Zealand.
In general, you have a possibility of choosing between the two accounts when joining XM. They are called Micro and Standard.
- The Micro Account – Aimed for newbies who are just starting out and want to trade and make profits having as little risk as possible. This account type has a contract size of 1000. Its leverage is 1:1 to 1:888 (or $5 – $20,000).
- Standard Account – Aimed at more experienced and professional traders with a more in-depth knowledge of the financial markets. Its contract size is 100,000. The exact same leverage applies as for the Micro account – 1:1 to 1:888.
Both of these accounts have the same amount of minimum deposit: $5, which is one of the lowest on the market. However, traders who have a minimum amount of USD 5,000 (or equivalent of this in any other currency) on their account are able to request a free VPS for themselves from the member’s area anytime assuming that they trade minimum of five round turn lots every month.
A free demo account is also available both with Micro and Standard accounts. All trading accounts provide users with the the access to MetaTrader4 platform. There is no time limit for demo accounts as such, but if users don’t open them for longer than 120 days from the date of the last login, it is automatically closed. But no worries, if it happens, you can open a new one with no penalties.
Apart from these two traditional accounts, this broker also offers the Islamic account. That also means that it’s a swap-free account, and it doesn’t have any swap or rollover interest on overnight positions.
The remarkable thing about XM Forex Broker is that it has a wide range of MetraTrader 4 trading platforms and it’s possible to access them all by using just a single account. From your desktop computer, it’s easy to install and run them for Windows as well as Mac computers.
XM Forex Broker platform’s interface looks very inviting and user-friendly right from the first glance. This is mostly because of its layout that appears to be organized but trendy at the same time.
The layout itself includes the list of instruments, graphs, and configuration sections as well as an All News section that shows traders all the important updates that have happened on the financial markets to help them build their strategy.
There are two themes available to choose from, dark and light. This is not very common with other broker platform interfaces and shows just how much they care about their traders. Whether you use a desktop, mobile or a web-based platform, it’s easy and fast to login and trade with absolutely no delays or unreasonably long waiting time.
XM Forex Broker has some unique features to offer to its users, which set it apart from many other brokers on the market. XM website is clear, visually appealing and very easy to navigate. On the platform, there are over 100 investment instruments to choose from for your trading. It also has very low spreads and no commissions for traders.
What really stands out id the sections of education and community involvement that XM offers. They often host seminars (in fact, they hosted more than 100 of them) to educate traders, enable them to make the best decisions on their trading strategies.
XM team has visited more than 120 cities around the world in order to communicate with their traders and partners meet them face to face. This has helped the broker to reach one of the highest levels of user retention on the market.
The management of XM should be quite proud of their accomplishments. The chart Milestones in our Corporate History’ shows the company’s history from as far as 2011 and makes clear just how much the company has worked to reach this level of trustworthiness and interaction with its clients.
There are more than 300,000 accounts from as many as 196 countries opened through the platforms of this broker and over 150,000,000 trades executed up to date. Truly, an impressive result for any broker! Which is understandable, considering the quality of service and the complete absence of any commissions or hidden fees.
XM Learning Center presents a trader with an incredible set of instruments. All users can benefit from regular weekly webinars. They are held in 13 different languages such as French, Arabic, Polish, Indonesian and many others others given. There are 18 expert instructors and you can see their profile on the broker’s website.
The video tutorials provided in this section are very helpful as well. The list of topics is truly impressive and cover everything you need to know: from as basic as how to open an account to something very advanced and specific, e.g. how to use a MT4 on the Mobile app for traders.
All the XM workshops and seminars that are planned for the future can be found here as well the archive of those that have already been held in the past. This way, you don’t have to miss out on anything and can also plan your event attendance month in advance.
Also, there are many economic calendar posts about the relevant upcoming events to be held around the world by other organizations. So you really can see everything you need from just one page.
As usual with quality broker, market reviews, news report, and technical analysis are updated daily. There is also an FAQ section that answers all types of questions that both new and experience traders might have. The answers are very informative and thought-through.
Bonuses and Promotions
XM offers various bonuses and promotions for its clients. For instance, while writing this review we noticed that a bonus of 100% and up to $5000 is being awarded to all traders making a new deposit.
This is a temporary limited offer as a part of XM Loyalty Program, but it seems that this kind of promotions occurs quite often. It also included free VPS services such as the use of EA’s, greater trade execution time, access from any location 24/7 and optic fiber connectivity.
A few times a year there are also special seasonal bonuses offered by XM. We were also informed that there are highly exclusive bonuses on an invitation only basis for the most loyal clients.
Any trader should remember about the importance of trading with a broker that always provides accurate market prices. That’s because this is on what your trading decisions will be mainly based on for your trading strategy.
So, of course, we have made a few tests to see how it works with XM. Fortunately for the broker and its traders, it showed us no signs of any delays or manipulation on the. The exact same price was shown for pre and post deals, which is really important.
XM has a strong international reputation on the Forex trading market. It is licensed and regulated by the following authorities:
- Cyprus Securities and Exchange Commission in Europe;
- Financial Conduct Authority in the UK,
- Australian Securities and Investments Commission in Australia.
These abundance of regulatory bodies monitoring its activities basically means that they are abiding by all the necessary rules and regulations by these financial authorities. So our traders can trade with it without worrying about some misconduct on their part.
Apart from being a highly regulated online broker, it is also popular and well-respected by many experienced traders in the online trading community. The reviews and comments that we found are praising this broker for its trading platforms and flexible conditions for traders.
Deposits and Withdrawals
Technically, XM has no minimum deposit requirement. Nevertheless, the system limits the minimum deposit amount to as little $5 because it’s the minimum that can be made through electronic payment systems.
Payments such as Moneybookers, Skrill, Neteller, Moneygram, Western Union, credit cards, and bank wire transfers are widely acceptable and popular.
A trader can withdraw their earnings by using the same methods. The deposit and withdrawal methods are listed together on the website. So a trader only needs to click on “make a deposit” or “request a withdrawal” and proceed with a transaction.
XM broker has a customer support desk that’s available for clients to contact 24/5, only Saturday and Sundays being says off. The languages available are as follows: English, French, Spanish, Italian, Portuguese, German, Greek, Japanese, Chinese, Bahasa Malay, Bahasa Indonesia, Hungarian, Russian, Polish, Hindi, Arabic, Korean, Czech, Slovakian, Bulgarian, Romanian and Dutch.
Its is possible to contact a representative of different departments and international locations via email, live chat of simply by calling.
XM broker is one of the leaders on the online trading market. It demonstrates commitment to its traders and dedication to providing an excellent service for each of them.
Investors in People, The UK based organization, has recently awarded XM broker for the efforts the team puts into helping traders to achieve their goals. And we can back them up by our review! After seeing the platform and conducting a thorough analysis of its abilities, we can definitely recommend this broker to our readers.
- Licensed and regulated by CySEC, FCA, and ASIC
- Islamic accounts available on any account type
- 20+ deposit and withdrawal methods
- A free demo account for an unlimited period of time
- Very love minimum deposit ($5 for all accounts)
- No PayPal transactions are not accepted by this broker
7 Binary Options review: XM: 4,5 stars