XM is celebrated as a next-generation broker, excelling in online forex and commodity trading. It caters to both novice and experienced traders, offering a seamless entry with either a real account or a demo account loaded with $100,000 in virtual currency for practice.
Key features of XM’s services include automated trading, transparent fee structures with no hidden costs or commissions, and rapid order execution, with an impressive 99.35% of orders completed in under one second.
Company Details
The XM Group comprises a collection of regulated online brokers dedicated to providing exceptional trading services. Founded in 2009, Trading Point of Financial Instruments Ltd is regulated by the Cyprus Securities and Exchange Commission (CySec 120/10).
In 2015, Trading Point of Financial Instruments Pty Ltd was established and is regulated by the Australian Securities and Investments Commission (ASIC 443670).
XM Global was launched in 2017, operating under the regulation of the International Financial Services Commission (000261/158).
In 2019, Trading Point MENA Limited was introduced and is regulated by the Dubai Financial Services Authority (F003484).
With a client base exceeding 1.5 million across 196 countries, XM is renowned for its commitment to being large-scale, equitable, and approachable. The company emphasizes exceptional customer service and offers a tailored approach to meet the individual investment goals of each client.
XM Trading Platform
XM provides traders with access to two robust trading platforms, both available for real and demo accounts. The widely acclaimed MetaTrader 4 (MT4) platform primarily caters to forex trading, offering comprehensive support for various order types including stop, limit, market, and trailing orders. Known for its user-friendly interface and powerful analytical tools, MT4 has become a favorite among forex traders for executing trades efficiently and effectively.
On the other hand, the MetaTrader 5 (MT5) platform expands the trading horizon by accommodating multiple asset classes. MT5 not only supports forex trading but also extends its capabilities to include stocks, stock indices, and precious metals. This multi-asset platform is designed to provide traders with a more diversified trading portfolio, enhancing their ability to manage risk and explore various market opportunities.
Both MT4 and MT5 platforms are accessible on Apple and Android devices, ensuring that traders can enjoy a seamless and convenient mobile trading experience. Whether on the go or from the comfort of their homes, traders can execute trades, monitor markets, and analyze data with ease using these mobile applications.
Additionally, XM's trading area is equipped with a range of optional tools designed to enhance the trading experience. These tools include an economic calendar, which helps traders stay informed about important financial events that could impact market movements. Trade volume statistics are also available, providing valuable insights into market liquidity and helping traders make more informed decisions.
In summary, XM's trading platforms are designed to cater to the diverse needs of both novice and experienced traders, offering a combination of advanced features, user-friendly interfaces, and essential trading tools to facilitate successful trading in various financial markets.
Assets / Markets
XM offers an extensive range of over 1,000 financial instruments available for trading on their advanced MT4 and MT5 platforms. These instruments span multiple asset classes, ensuring that traders have ample opportunities to diversify their portfolios and explore various market segments.
Forex Trading: XM provides access to over 55 currency pairs, including all major pairs such as USD, GBP, EUR, and JPY. This broad selection allows traders to capitalize on the dynamic forex market, which is known for its liquidity and volatility.
Stocks CFDs: Traders can engage in Contracts for Difference (CFDs) on a wide array of stocks from global markets. This allows for speculative trading on the price movements of individual stocks without owning the underlying asset.
Commodities CFDs: XM offers CFDs on various commodities, enabling traders to take positions on the price changes of essential goods like agricultural products and raw materials.
Equity Indices CFDs: With XM, traders can access CFDs on major equity indices. This includes indices from prominent financial markets, allowing traders to speculate on the overall market performance of different regions.
Precious Metals CFDs: For those interested in the value of precious metals, XM provides CFDs on metals such as gold and silver. These instruments can serve as a hedge against inflation and currency fluctuations.
Energies CFDs: Traders can also explore the energy sector through CFDs on key energy commodities like oil and natural gas. This offers exposure to the energy market's price dynamics.
It’s important to note that XM does not offer binary options or cryptocurrencies, maintaining a focus on more traditional and widely-regulated financial instruments. This approach ensures that traders have access to reliable and transparent markets.
Spreads & Commissions
XM offers different account types, each with its own spread and commission structure. Traders can choose from three main types of accounts: Micro, Standard, and XM Zero Account.
For the Micro and Standard Accounts, the minimum spread starts at 0.1 pips, making it an attractive option for traders looking for cost-effective trading. The average spread for major currency pairs, such as EUR/USD, is also remarkably low at 0.1 pips. This ensures that traders can execute trades with minimal cost, maximizing their potential returns.
The XM Zero Account, however, is structured differently. While it also offers competitive spreads starting at 0.1 pips, it operates with a commission-based structure. This account type is ideal for traders who prefer tight spreads and are comfortable with a per-trade commission.
XM is committed to transparency and fairness, operating a strict “no hidden fees or commissions” policy. This means that apart from the XM Zero Account, traders do not have to worry about unexpected charges. Furthermore, XM goes the extra mile by covering all transfer fees associated with deposits and withdrawals, ensuring that traders do not incur additional costs when moving their money. Same-day withdrawals are also guaranteed, providing traders with quick access to their funds.
Leverage
XM provides flexible leverage options tailored to suit various trading instruments. Depending on the specific instrument being traded, the leverage can range from 2:1 to 30:1. This flexibility allows clients to manage their leverage risk according to their individual trading strategies and risk tolerance.
One of the notable features of XM’s leverage policy is the consistency of margin requirements. These requirements remain constant throughout the week, ensuring that traders are not affected by widened margins during weekends or night-time trading. This stability provides traders with a predictable and transparent trading environment.
XM Mobile Apps
XM provides robust mobile trading apps compatible with a wide range of Android and Apple devices, including the Apple iPhone, Apple iPad, and Android tablets and phones. The apps offer a seamless login experience with the convenience of fingerprint authentication.
Users can download the XM apps from both the Apple App Store and the Google Play Store. These apps are fully functional, allowing traders to monitor the markets and execute trades while on the move. The mobile platforms ensure that traders have access to all essential features and functionalities needed for efficient trading.
Additionally, XM’s desktop platforms for PC and Mac complement the mobile apps by supporting one-click trading, ensuring a consistent and powerful trading experience across all devices.
Payment Methods
To comply with standard KYC regulations, users are required to provide a color copy of an official identification document, such as a passport or driver’s license. Additionally, a recent utility bill dated within the last three months must be provided as proof of address.
Once registration is complete, the minimum deposit amount for Micro, Standard, and Zero accounts is $5. Deposits can be made using various methods, including major credit cards, electronic payment systems, wire transfers, local bank transfers, and more.
Deposits can be made in any currency, which will be automatically converted into the base currency chosen when opening the account. XM ensures that all withdrawals are processed within 24 hours, with no fees for withdrawing funds from your eWallet.
Demo Account
XM stands out with its impressive demo account offering. Setting up a demo account is quick and easy, requiring just a few personal details. Users receive a virtual balance of $100,000 USD to practice trading. What makes the XM demo account exceptional is that it mirrors real trading conditions, providing an authentic experience.
Moreover, there are no time limits on how long you can use your demo account, allowing users to practice and refine their strategies at their own pace.
Bonus Deals and Promotions
XM provides a free Virtual Private Server (VPS) service, enhancing trading speed and reliability. The VPS is available 24/7 from any location, ensuring global accessibility and minimizing downtime. Details on eligibility and how to request the XM VPS can be found on the VPS page at XM.
Additionally, XM offers commission-free and fee-free withdrawals and deposits, making transactions cost-effective for traders.
As an EU-regulated brand, XM complies with the ESMA ban on bonuses, which means the $30 deposit bonus is no longer available to EU traders. However, non-EU traders can still explore various promotional offers on the XM platform.
Regulation and Licensing
XM Group operates under several regulatory authorities, ensuring compliance and trustworthiness across its various brands. Established in 2009, Trading Point of Financial Instruments is regulated by the Cyprus Securities and Exchange Commission (CySEC) under license number 120/10.
Trading Point of Financial Instruments Pty Ltd, founded in 2015, is overseen by the Australian Securities and Investments Commission (ASIC) with license number 443670.
In 2017, XM Global was launched and is regulated by the International Financial Services Commission (IFSC) under license number 000261/158.
These regulatory bodies ensure that XM adheres to strict standards, providing traders with a secure and reliable trading environment.
Additional Features
XM stands out by offering an extensive range of training and educational resources. The platform regularly hosts webinars designed for both beginners and experienced traders, providing valuable insights and knowledge.
The social aspect of the platform is emphasized, as users are encouraged to learn from XM's team of instructors. Additionally, the company publishes detailed research and technical analysis, aiding traders in making informed decisions.
XM Account Types
XM offers four levels of trading accounts to cater to different trading needs: Micro, Ultra Low, Standard, and Zero. Each account type allows up to 200 open/pending positions per client, providing flexibility for various trading strategies.
|
Account Type |
Base Currencies |
Minimum Deposit |
Lot Size |
Notes |
|
Micro |
USD, EUR, GBP, CHF, AUD, JPY, HUF, PLN |
$5 USD |
1 micro lot = 1,000 units of base currency |
– |
|
Ultra Low |
EUR, USD, GBP, AUD, ZAR, SGD |
$5 USD |
1 Standard Ultra lot = 100,000 units of base currency; 1 Micro Ultra lot = 1,000 units of base currency |
Not available to all entities within the group |
|
Standard |
USD, EUR, GBP, CHF, AUD, JPY, HUF, PLN |
$5 USD |
1 standard lot = 100,000 units of base currency |
– |
|
Zero |
USD, JPY, EUR |
$5 USD |
1 standard lot = 100,000 units of base currency |
Not available to all entities within the XM Group |
Each account type is designed to meet the specific needs of traders, whether they are just starting or are more experienced.
Benefits
XM provides a comprehensive educational package tailored for those new to forex trading. This includes a variety of resources designed to help beginners understand the fundamentals of trading and make informed decisions.
For experienced traders, XM offers access to expert analysis and advanced tracking tools, ensuring they have the necessary resources to refine their strategies and stay ahead in the market.
The company's commitment to excellent customer service is evident, with support available in multiple languages to cater to a diverse user base. This dedication ensures that all traders, regardless of their experience level, have the support they need to succeed.
Drawbacks
While XM provides robust support, it is limited to Monday through Friday, which some users may find inconvenient. Additionally, the similarity between the different account types—Micro, Standard, and Zero—results in a less personalized experience compared to brokers that offer more distinct account features.
Another drawback is the lack of support for PayPal deposits, which can be a limitation for some traders who prefer this payment method.
Furthermore, traders from certain regions, including Canada and the United States, are prohibited from opening an account due to licensing restrictions, limiting the accessibility of XM's services.
Trading Hours
XM operates in accordance with global Forex market hours, making their services available 24 hours a day. For those interested in phone trading, XM's trading hours extend from Sunday at 22:05 GMT to Friday at 21:50 GMT.
Contact Details / Customer Support
The most convenient way to reach XM is through their live chat feature, accessible on the contact page of their website. Additionally, you can reach out to their support team via email or phone:
- Email: support@xm.com
- Phone: +357 25029933
Safety and Security
XM prioritizes user security, requiring email confirmation for demo account registration and identification documents for trading account setup. The company adheres to strict organizational procedures to ensure the protection of personal data, as outlined in their privacy policy. This approach helps maintain a secure trading environment for all users.
Overall Verdict
XM provides a well-rounded broker service suitable for traders of all experience levels. New traders can benefit from the platform's user-friendly design and educational resources, while seasoned traders will appreciate the reliability and efficiency of XM's services. Despite some limitations in account options, the platform remains straightforward and easy to navigate, making it a solid choice for anyone looking to trade.
Summary
XM ensures a secure and user-friendly experience for both new and experienced traders. With robust security measures and a clear privacy policy, XM stands as a reliable and efficient trading platform.
Accepted Countries
XM welcomes traders from a wide range of countries, including Australia, Thailand, the United Kingdom, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, the United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, and Qatar, among others.
Restricted Countries
However, XM does not provide services to residents of certain countries. Traders from the United States, Canada, Israel, Iran, and Argentina are not permitted to use XM's services.