XM Review and Tutorial 2019
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|XM Facts & Figures|
XM.com Offer a range of Account types and a low minimum deposit to appeal to all levels of trader. With 1000+ markets and low spreads they offer a great service.
|Bonus||Free VPN Services|
|Instruments||CFD, Forex, Crypto|
|Min. Deposit||5 $/€/£|
|Min. Trade||Varies by asset|
|Regulated By||FCA, CySec, ASIC|
|Mobile Apps||iOS, Android and Windows|
|FTSE Spread||1.5 pts (var)|
|GBPUSD Spread||0.00021 (var)|
|Oil Spread||0.05 (var)|
|Stocks Spread||0.1% Var|
XM.com deliver ultra low spreads across a huge range of Forex markets. Flexible lot sizes, and Micro and XM Zero accounts accommodate every level of trader.
|GBPUSD Spread||0.00021 (var)|
|EURUSD Spread||0.00016 (var)|
|EURGBP Spread||0.0002 (var)|
XM.com Review; Touted as the next generation broker for online forex and commodity trading, XM is suitable for beginner and seasoned traders alike. Traders can get started with a real account, or test the waters with a demo account with $100,000USD of virtual currency. Highlights of this particular broker service include no hidden fees or commissions and fast order executions, with 99.35% taking place in under 1 second.
XM.com is part of the XM Group, which is part of Trading Point of Financial Instruments UK Limited. The group was founded in 2009 and has since grown to become one of the most well-known and established international investment firms in the word. The platform boasts over 1.5 million clients with traders in 196 countries. The XM.com ethos is all about being big, fair and human. The company prides itself on things like excellent customer service and a personalised approach for every client, no matter their investment goals.
XM offers 2 trading platforms which are accessible from both real and demo accounts. The multi-award winning MetaTrader 4 is predominantly a forex trading platform that supports stop, limit, market and trailing orders. The MetaTrader 5 platform is a multi-asset trading platform which also offers access to stocks, stock indices and precious metals. Both platforms are available on Apple and Android devices, which makes for a smooth and easy-to-use mobile trading experience.
Assets / Markets
The XM broker platforms support the trading of forex, stocks, commodities, equity indices, precious metals, energies and cryptocurrencies.
Spreads & Commission
Spreads vary depending on the kind of account opened. It’s possible to open a Micro Account, Standard Account and XM Zero Account. The minimum spread across all accounts is 0.1 pips, and the average spread for a major pair such as EUR/USD is 0.1 pips. XM operates a strict “no hidden fees or commission” policy. As such, commission is only given for XM Zero accounts. XM covers all transfer fees and same-day withdrawals are guaranteed.
Depending on the instrument, the leverage can range from 2:1 to 30:1. This is completely flexible and XM offers its clients the chance to manage their own leverage risk. Margin requirements remain constant throughout the week and never widen at weekends or at night.
Traders in Non-European markets will be able to access greater levels of leverage and trade with certain EEA restrictions removed (such as negative balance protection). Beware that increased leverage magnifies both potential profits and losses. Traders outside of Europe can see leverage reach 500:1 on certain markets.
XM is available on a number of Android and Apple devices, including Apple iPhone, Apple iPad and Android tablets and Android phones. You can download their apps from the Apple App Store or the Google Play Store. They are both fully functional and allow for monitoring and trading on-the-go. The desktop platforms for PC and Mac both support one-click trading.
In line with conventional KYC regulations, users need to provide a colour copy of an official identification document such as a passport or a driver’s license. They also need to provide a recent utility bill dated within the last three months as proof of address. Once registered, the minimum deposit amount is $5 for Micro and Standard accounts, while Zero accounts require a minimum deposit of $100.
Deposits can be made using most major credit cards, electronic payment methods, wire transfer, local bank transfer and more. Deposits can be made in any currency and it will be automatically converted into the currency you select as your base currency when opening the account. All withdrawals are processed in 24 hours and there are no fees to take your money out of your eWallet.
XM excels in its demo account offering. Users can set up a demo account with just a few details and then get trading with a virtual balance of $100,000USD. The XM demo account is unique in that it offers exactly the same trading conditions as the real thing. There are no time limits on how long you can use your demo account.
Bonus Deals And Promotions
XM also offers a free VPS (virtual private server) service to help increase the speed of trades. This VPS is accessible from anywhere and available 24/7.
Regulation And Licensing
XM.com and its parent company XM Group is regulated by the Financial Conduct Authority. The company is based in the City of London, United Kingdom, and therefore subject to local regulations and licensing.
One of the biggest perks available on the XM platform is the wealth of training and educational materials available. The platform hosts regular webinars aimed at newcomers and seasoned professionals alike. The platform is inherently social, encouraging users to learn from their team of instructors. The company also published research and technical analysis.
There are three levels of trading account, Micro, Standard and Zero. All accounts allow up to 200 open/pending positions per client.
- Micro Accounts: Micro accounts can use USD, EUR, GBP, CHF, AUD, HUF and PLN as the base currency and can get started with a minimum deposit of $5USD. 1 micro lot is 1,000 units of the base currency.
- Standard: Standard accounts can use USD, EUR, GBP, CHF, AUD, HUF and PLN as the base currency and traders can get started with just $5USD. 1 standard lot is 100,000 units of the chosen base currency.
- Zero Accounts: Zero accounts can use USD and EUR as the base currency and traders will require a minimum deposit of $10USD. Like the Standard account, 1 standard lot is 100,000 units of the chosen base currency.
XM offers a full-service education package, ideal for those making their first steps into trading. However, this isn’t at the expense of the more seasoned professional, who also have access to expert analysis and unparalleled tracking tools. As a company that prides itself on solid customer service, their users are well-served with support available in many different languages.
While the support may be strong, some users dislike that customer support is only available Monday to Friday. Another disadvantage is the lack of diversity between the different account types makes for a less personalised feel. Other brokers offer more a distinct offering in their accounts, but the Micro, Standard and Zero accounts are almost identical. And finally, PayPal deposits are not currently supported, which can be problematic for some.
In line with worldwide Forex market hours, XM is available 24 hours a day. For phone trading, the XM trading hours are Sunday 22:05 GMT through to Friday at 21:50 GMT.
Contact Details / Customer Support
The easiest way to contact XM is through their live chat feature found on the contact page of their website. You can also email support on email@example.com or call on +44 2031501500.
Safety And Security
XM offers a comprehensive broker service to traders of all levels. Whether you are just starting out and learning the ropes, or if you’re a seasoned trader looking for a reliable and efficient platform, XM is a solid choice. Despite the shortcomings with the different account options, the platform is easy to use and simple to navigate.
XM accepts traders from Australia, Thailand, United Kingdom, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar and most other countries.
Traders can not use XM from United States, Canada, Israel, Iran, Belgium.
|XM.com Offer a range of Account types and a low minimum deposit to appeal to all levels of trader. With 1000+ markets and low spreads they offer a great service.|