|Official website: www.xm.com||Found in: 2009|
|Headquarters: Cyprus and offices in UK, Australia||Regulation: CySEC, ASIC, IFSC|
|Demo account: Yes||Min. Deposit: $5|
XM is a famous international broker chosen by over 3,500,000 clients. It offers a wide range of instruments, software, and account types. The brand provides education to Forex traders around the globe. Since 2009, it has hosted hundreds of seminars. Here are the key competitive advantages of the company today.
Geography and Regulation of XM broker
XM is a popular global broker that operates in 196 countries. Since its establishment in 2009, it has executed over 2,4 billion trades with zero requotes or rejections. The management has met clients and partners face-to-face in over 120 cities. The staff includes 450+ people.
This broker is headquartered in Belize, and it is authorized by three major regulators. These are IFSC in Belize, CySec in Cyprus, and ASIC in Australia. Overall, it is a large and prominent firm with wide geographic coverage.
Range of Instruments
Overall, the XM broker gives access to 55 XM Forex pairs, stocks (Adidas, BMW, and other giants), and CFDs on the following assets:
- precious metals (gold and silver);
- stocks (Amazon, Citi Group, Facebook, and more);
- energies (Brent and WTI crude oil, natural gas, and more);
- equity indices (GER30, EU50, and more);
- commodities (cocoa, coffee, corn, cotton, sugar, etc.).
Overview of Trading Technology
The broker offers a choice between MetaTrader 4, MetaTrader 5, and XM Webtrader. The first option is best for Forex and those who are only learning to trade online. Its interface is relatively simple, as there are fewer features.
Usually, this is the default option for any rookie with a demo account. Still, the platform gives access to over 1,000 instruments. There are no requotes and no rejections. Clients may also trade micro-lots.
MetaTrader 5 is more complex. The platform gives access to six classes of assets and over 1,000 instruments in total. These include CFDs on a broad spectrum of underlying assets: currencies, shares, indices, commodities, cryptocurrencies, metals, and energies. This is the best choice for clients who want to manage and expand diversified portfolios.
Mobile access is also available. Clients may download MT4 and MT5 apps from Google Play and App Store. Those who wish to switch from one version of MetaTrader to another need to open an additional account through the Members Area. Finally, both platforms are available in the form of web-based terminals. These do not require any downloads as they work directly in browsers.
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The company offers four types of accounts that suit the needs of neophytes and professional traders. These come with flexible conditions and leverage that reaches 1:888. Both micro and standard lots may be traded, and expert advisors may be used. All accounts come with negative balance protection, so holders may never lose more than their balance.
1. Micro Account
Clients may open this account with only $5 and choose from 11 base currencies. Each lot equals 1,000, and leverage ranges between 1:1 and 1:888 depending on the volume. The minimum volume depends on the platform: 0.01 Lots for MT4 and 0.1 Lots for MT5.
Spread on all Major pairs starts from 1 pip. As pricing belongs to the market-maker type, no commission is charged. At any one time, you may have up to 200 open positions.
2. Standard Account
Here, the minimum deposit requirement, range of leverage, base currencies, and spread on Majors are the same. Each lot equals 100,000. No commission is charged. At any one time, you may have up to 200 open positions. The minimum volume is 0.01 Lots per trade.
3. XM broker Ultra-Low Account
This account may be opened with $50, and it offers just 6 base currencies. Each Standard Ultra lot equals 100,000, and Micro Ultra – 1,000. The range of leverage is the same, but the spread on Majors is tighter – it begins from 0.6 pips. Another difference is the minimum trade size: 0.01 lots on Standard Ultra and 0.1 lots on Micro Ultra.
4. Shares Account
This type may only be opened in USD, and the minimum deposit is $10,000. It is unleveraged, and the contract size is 1 share. Clients pay a commission per trade. They may have up to 50 open positions at once.
5. Islamic Accounts
XM Forex Islamic accounts are also known as swap-free accounts as they imply no swap or rollover interest on overnight positions, which is against Islamic faith. The XM forex Islamic accounts differ greatly from those generally offered by other forex brokers. The difference lies in the fact that unlike most forex companies who substitute additional fees by widening the spread on Islamic accounts, XM broker imposes no additional charges. You can open an Islamic account on this page
Leverage conditions depend on the type of account, and traders may request a decrease or increase of the ratio. The general range is between 1:1 and 1:888. All clients are provided with negative balance protection, and there are no margin changes overnight or on weekends.
Clients may contact the broker via live chat or call the office during working hours (24/5). Queries are also accepted by email. The website includes a comprehensive FAQ section. Support is multilingual – it is provided in over 30 languages.
The brokerage website features a list of awards received since 2013. These reflect recognition of XM’s services and educational solutions. Some of the most recent additions are:
- “Top FX Service Provider for 2020” from the City of Wealth Management Awards 2020,
- “Best Customer Service Global 2019” from Capital Finance International Magazine (CFI.co), and
- “Best Market Research and Education Global 2019” from Capital Finance International Magazine (CFI.co).
The geography of awards ranges from the UK to Saudi Arabia. The brand has also received other accolades like “Excellence in the financial industry” from World Finance 100 and “Gold Accreditation” from We Invest in People.
Conclusion of XM Forex Review
XM is a well-established brand that offers a broad array of instruments. Its variety of platforms and account types meet the needs of any Forex and CFD trader. Newbies may practice with a demo account and trade micro-lots with minimum investment. Professionals manage diverse portfolios that cover different markets.
Flexible leverage, tight spreads, Islamic accounts, and multilingual support are some of the biggest strengths. The company is officially registered and approved by three industry regulators. All these benefits make it a broker worth considering. It is clear why the brand prides itself on impressive client retention.
Conclusion Summary table
|Headquarters:||Cyprus and offices in UK, Australia|
|Regulation:||ESMA, CySEC, ASIC, FCA, etc.|
|Leverage:||1:30 to 1:888|
|Platforms:||MT4 and MT5 platforms|
|Instruments:||Stocks, CFDs, Forex, Commodities, Portfolios, Metals, Cryptocurrencies|
|Base currencies:||Various currencies|
|Education:||Professional Education with webinars.|