XM Broker Review in Forex Trading 2023 | Is XM Broker a legit?
- up to 888:1 Leverage.
- MT4,5 and webtrader
- Deposit Bonus
- Minimum deposit $5
- Tight spreads
|Headquarters||12 Richard & Verengaria Street, Araouzos Castle Court, 3rd Floor, 3042 Limassol, Cyprus|
|Support Number||+357 25029900|
|Support Types||telephone , email , chat|
|Languages||Arabic , Chinese , English , French , German , Greek , Indonesian , Italian , Japanese , Korean , Portuguese , Russian , Spanish , Turkish , Hungarian , Polish , Swedish , Malay , Thai , Vietnamese|
|Trading Platform||MT4, MT5, XM Webtrader|
|Minimum 1st Deposit||$5|
|Minimum Trade Amount||0.01|
|Maximum Trade Amount||100 Lots|
|Leverage||888:1 “*This leverage does not apply to all the entities of XM group.”|
|Spread||From 0 Pips|
|Free Demo Account||Open Demo|
|Regulation||ASIC, CySEC, IFSC|
|Account Types||Micro , Standard , XM Zero Accounts|
|Deposit Methods||Credit Card , Neteller , Skrill , Webmoney , Western Union , Bank wire transfer|
|Withdrawal Methods||Credit Card , Neteller , Skrill , Webmoney , Western Union , Bank wire transfer|
|Trading Methods||Forex Trading , Stocks CFDs , Commodities CFDs , Equity Indices CFDs , Precious Metals CFDs and Energies CFDs|
|Trading Currency||EUR , USD , GBP , JPY , CHF , HUF , PLN , RUB , SGD , ZAR|
|Account Currency||EUR , USD , GBP , JPY , CHF , HUF , PLN , RUB , SGD , ZAR|
|US Traders Allowed|
- up to 888:1 Leverage.
- MT4,5 and webtrader
- Deposit Bonus
- Minimum deposit $5
- Tight spreads
- Clients registered under the EU regulated entity of the Group are not eligible for the bonus
XM Broker Review in Forex Trading :
With a wide range of financial instruments available to Traders Across The Globe, XM broker review is a popular forex and CFD broker. With over 2 million clients, this broker has become one of the world’s largest forex brokers.
Through its user-friendly trading platforms, XM trading broker provides a range of trading products, such as forex, stocks, commodities, and indices.
To help you determine whether XM trading is the best forex broker for your trading needs, below is an XM broker review article explaining its features, services, and performance.
Our discussion will cover the scope of this global trading platform, the account types on the forum, customer support, cash withdrawal methods, XM trading review, and much more.
What is XM Broker?
XM broker is the project of a leading company named Trading Point of Financial Instruments Ltd. This company has been serving since 2009 in the forex trading market, and XM broker is one of the most notable brokers of this company.
This broker is considered one of the most effective brokers in the world just because of a project of such an outstandingly popular company with vast global expansion, as its members are from XM Austrailia, XM Cyprus, and XM Global. Take into account that this broker is registered with the Cyprus Securities and Exchange Commission.
Moreover, there are around about 19 languages available to use this broker, including 35 native instructors as an education source to educate new users and other professionals to use this broker fantastically or more productively.
XM Broker Education Sources
Compared to industry titans such as IG, Saxo Bank, and FXCM, the XM offers a wide range of high-quality educational materials.
An excellent reference resource for newcomers is Tradepedia, the company’s in-house video course. The site offers educational material about Forex and CFDs. It is certainly helpful, as it contains 39 videos spread over seven chapters and covers both beginner and advanced topics well. Avramis River indicator is one of the indicators that the course instructor demonstrates how to use.
The total number of written articles is 53, grouped progressively throughout 6 chapters—the articles cover 13 lessons on forex, beginning with the fundamentals and progressing to the more advanced ones.
Moreover, XM offers 49 webinar instructors covering 19 languages weekly, different time zones, and a detailed schedule arranged by experience level.
Pros of XM Forex Broker :
- Outstanding tool packages & loyalty rewards
- Cost-effective trading cost
- Strengthened rules and regulations
- Protecting the balance positively
- Over 25 languages of customer support
- Education & research in one place
- An excellent return on investment
- An affordable XM minimum deposit
Cons of XM Forex Broker :
- US-based clients cannot access
- Accounts with no fixed spreads
- Fine for inactivity
Trading Account Types of XM
While working with any broker, one must need to know his trading accounts to get an idea of how all trading can be done using any broker account. So, to provide you with a deep analysis of XM Broker, we will share the types of trading accounts available on this platform to give you an in-depth analysis for your convenience.
There are fundamentally three types of accounts available in this XM broker. Also, a swap-free Islamic account is also available as an additional one to facilitate Muslims all over the world.
Let’s get into the details of the types of accounts one by one:
The micro account of XM offers an initial trading investment of $5 with a trading leverage of 0.1 lots. One can use the incredible features of a micro account, including placing pending orders, one-click trading, automatic trading options, and trail orders stoppage.
Additionally, micro account in XM broker comes with many new strategies, such as Expert advisors, scalping and hedging, etc., that can stand out best among all other brokers in the forex trade market.
To create a standard account on XM broker, you need to invest $5 with a minimum trade size of 01lots, which is very suitable and affording to start for any beginner on this account. Along with the standard account creation, one can enjoy the diverse range of spreads on this account and boost his trading with this feature.
But users have to pay the swap fees to access this feature. The standard account has many exciting features like one-click trading, mobile trading, and automated trading that can facilitate the smoothness of trading using this standard account of XM.
XM Islamic Account
Deposits must be made with a minimum of $5. There is a possibility of variable spreads with an Islamic account. Many trading methods are available to users, including scalping, hedging, expert advisors, trailing stops, pending orders, one-click trading, mobile trading, and automated trading.
XM Ultra Low Account
To participate, you need to pay a minimum of $50 and trade a minimum of 0.01 lots. You can choose from various spreads across significant currency pairs with Ultra Low. With this account, you can deal via mobile device, be automated, switch with one click, use trailing stops, and place pending orders.
By using Expert Advisors, traders can analyze market dynamics and price movements. There is also the possibility of hedging and scalping. Swap charges will apply if a position is carried over to the next day.
Trading Fees of XM Trading Broker :
There is transparency in XM’s fees. We are going to discuss every type of fee charged in XM here:
Forex Trading Fees
The Ultra-Low Standard Account spreads start as low as 0.6 pips for EUR/USD and USD/JPY, while other currency pairs have higher markups, which range between 1.5 and 2.0 pips for the most traded currency pairs and well above that for minor and exotic ones. The commission-free Standard account offers spreads between 1.6 pips and 1.7 pips or $17.00 per 1.0 standard lot for EUR/USD.
Stock Trading Fees
A commission of $0.04 per share is charged for US stocks; the commission on better-priced options are twice as high, but the minimum transaction fee of $1 ranks among the lowest. Share orders for UK and German shares require a minimum fee of $9 and $5, respectively.
CFD Trading Fees
Are you looking for a broker that offers low-cost trading options? Look no further than XM! The company offers some of the most competitive spreads in the market, starting with the S&P 500 at just 0.7 pips. Gold and silver are also listed with spreads of approximately $0.30 and $0.03, respectively.
There are no internal costs with deposits or withdrawals, but third-party fees may apply. XM covers all bank wire charges and deposit costs from XM banks for deposits over $200.
However, their banks may still charge fees from traders. XM’s terms and conditions also mention currency conversion fees, although they do not specify them. Upon dormancy of twelve months, a one-time fee of $15 is deducted with a monthly fee of $5.
Payment Methods XM Trading Offers :
XM does not charge any deposit fees. The deposits made through electronic wallets, including Moneybookers, Skrill, and Neteller, credit cards, and bank wire transfers incur a $5 fee. There is also an option to pay with Moneygram or Western Union.
There are the same methods for making withdrawals as well. Trading options for deposits and withdrawals are listed side by side on the website, and traders can choose either “make a deposit” or “request a withdrawal.” For withdrawals under $200, there is a $15 administration fee on bank wires.
With XM, traders can fund their trading accounts through several different options:
- CashU XM Payment Method :
Middle East residents can make online payments with CashU, one of the most popular payment services. The CashU digital wallet provides users with their pre-paid MasterCard without additional fees and enables them to make payments or instantly transfer money online.
- Wire Transfer XM Payment Method
There are several payment methods, but wire transfers are the most common. This method is available on the services of virtually all brokers worldwide. In a nutshell, wire transfers are traditional methods for transferring funds between banks throughout the world. Due to its safety, this method is guaranteed. This is an excellent feature for traders who cannot use a credit card or avoid third-party payments.
- Web Money XM Payment Method
WebMoney is one of the most popular online wallet services people use to transfer money worldwide. Consequently, many forex brokers today accept WebMoney. Mobile applications support WebMoney, as well as other online payment services.
- Skrill XM Payment Method
If you’re a forex trader, then you’re likely familiar with Skrill as a payment option. This online service is a go-to for many traders, as it provides fast, easy, and safe transactions. In fact, it’s a popular choice among forex brokers and is offered by most.
Traders have the flexibility to fund their trading accounts through various methods with Skrill, including payment cards, bank wire transfers, or even directly from their Skrill e-wallet account. With so many options, it’s no wonder why Skrill is a preferred method for traders looking to manage their funds.
- QIWI XM Payment Method
Qiwi is a Russian electronic wallet or payment service provider introduced in 2007. Most service users are from Russia, Ukraine, Kazakhstan, Moldova, Belarus, Romania, the United States, and the United Arab Emirates.
- Neteller XM Payment Method
PayPal is one of the most popular online payment services today, along with Neteller. As a result of its popularity, nearly all forex brokers accept Neteller for the deposit and withdrawal of client funds. Although Neteller is available almost everywhere, it remains prevalent in Europe.
- FasaPay XM Payment Method
The FasaPay e-payment system for retail traders does not have a high fee, giving it a competitive edge against other e-payment systems. As an additional advantage, it offers instant processing.
Additionally, XM accepts payments via Paysafecard, iDEAL, giropay, Western Union, UnionPay, SOFORT, Moneta.Ru, and credit cards.
Trading Platforms of XM Broker :
MetaTrader4 and MetaTrader5 are well-known platforms that XM clients can use for trading. To support traders, XM uses the most widely used industry platforms (MT4 and MT5), as these platforms are well-developed, provide countless extensions, and offer training on how to use them. Brokers are always pleased with the platforms because of their excellent reputation.
The platforms are integrated with a site containing stop orders, indicators, technical analysis, and other comprehensive tools. The client can access all these from only one account, and several versions are available. Log in to Web Trading through your browser to access XM.
In addition to its powerful and influential software, XM offers multi-account trading through the web, mobile, and desktop platforms. You’ll get full account capabilities and a simple trading process.
XM offers advanced features like automated trading and trading bots because it uses MT4 and MT5. If you prefer technology trading, EAs with unlimited chart usage can be used as well as manual trading tools if you prefer.
There is almost nothing forex XM can’t handle regarding trading in this area!
Final Thoughts :
As a forex broker, XM Group provides around 1300 instruments to its clients, including 57 currency pairs. XM trading review provides exceptional research and education for novices and seasoned traders who value quality market research.
Additionally, it offers a variety of account types to suit clients’ needs. As an added benefit, it’s a well-regulated, standard MT4 broker, which is a good option for clients who don’t want to lose their money suddenly.
As you can see in our detailed XM broker review, we have covered many aspects of the broker. Now, it’s your choice whether to overlook XM’s shortcomings and exploit its many good points or avoid dealing with its shortcomings altogether.
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