XM Review; Touted as the next generation broker for online forex and commodities trading, XM Global Webtrade is suitable for both beginners and seasoned traders. Traders can start with a real account of the trading software or test the waters with a demo account platform with $100,000 in virtual funds. Highlights of this exceptional brokerage service include automated trading, no hidden fees or commissions, and fast order fulfillment, with 99.35% happening in under 1 second.

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Company details

XM Group (XM) is a group of regulated online brokers. The trading point of financial instruments was established in 2009 and is regulated by the Cyprus Securities and Exchange Commission (CySec 120/10).

The trading site of financial instruments Pty Ltd was established in 2015 and is regulated by the Australian Securities and Investments Commission (ASIC 443670).

XM Global was founded in 2017 and is regulated by the International Financial Services Commission (IFSC/60/354/TS/19).

The platform boasts over 1.5 million customers with merchants in 196 countries. The XM ethos is all about big, fair and people. The company prides itself on things like excellent customer service and a personalized approach to every client, regardless of their investment goals.

Exchange XM

XM offers 2 trading platforms accessible from both real and demo accounts. The multi-award winning MetaTrader 4 is primarily a forex trading platform that supports stop, limit, market and trail orders.

The MetaTrader 5 platform is a multi-asset trading platform that also provides access to stocks, stock indices and precious metals. Both platforms are available on Apple and Android devices, providing a smooth and easy-to-use mobile trading experience.

The trading area offers additional optional tools, such as an economic calendar or trading volume statistics.

Assets / Markets

This broker has over 1000 financial instruments that can be traded on the MT4/MT5 platform and includes Forex Trading, Stock CFDs, Commodity CFDs, Equity Index CFDs, Precious Metals CFDs and Energy CFDs .

Forex trading is available on 55 pairs, including the major USD, GBP, EUR and JPY pairs.

XM does not offer binary options or futures.

Spreads & Commissions

Spreads vary depending on the type of account opened. Micro Accounts, Standard Accounts and XM Zero Accounts can be opened. The minimum spread on all accounts is 0.1 pips and the average spread for a major pair like EUR/USD is 0.1 pips.

XM operates a strict policy with no hidden fees or policy commissions. As such, commissions are only awarded to XM Zero accounts. XM includes all guaranteed same-day transfer and withdrawal fees.

Use

Depending on the instrument, leverage can range from 2:1 to 30:1. This is completely flexible and XM offers its clients the opportunity to manage their own leverage risk. Margin requirements stay the same throughout the week and never expand on weekends or at night.

This leverage applies to clients registered under the EU regulatory entity in the group.

 

 

XM Mobile Application

XM is available on a number of Android and Apple devices, including Apple iPhone, Apple iPad and Android tablets and Android phones. Login is super easy and can be done via fingerprint. You can download their apps from the Apple App Store or Google Play Store.

They are all fully functional and allow tracking and trading on the go. The desktop platforms for PC and Mac both support one-click trading.

 

Payment methods

Under normal KYC regulations, users need to provide a color copy of an official identification document such as a passport or driver’s license. They also need to provide a recent utility bill dated within the past three months as proof of address.

After registration, the minimum deposit 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 transfers, local bank transfers and more.

Deposits can be made in any currency and it will be automatically converted to the currency of your choice as the base currency when opening the account.

All withdrawals are processed in 24 hours and there is no fee to withdraw money from your eWallet.

Demo account

XM excels in offering demo accounts. Users can set up a demo account with just a few details and then receive trades 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 is no time limit on how long you can use your demo account.

Offers and promotions

XM also offers a free VPS (virtual private server) service to help speed up transactions. This VPS is accessible from anywhere and is available 24/7. They claim to eliminate downtime and be available globally.

XM also offers commissions and fees for free withdrawals and deposits.

As an EU regulated brand, XM complies with the ESMA ban on bonuses and the $30 deposit bonus is no longer available to EU traders.

Regulations and Licensing

As noted above, XM Group has a wide range of trademarks protected by different regulatory bodies.

XM Group (XM) is a group of regulated online brokers. The trading point of financial instruments was established in 2009 and is regulated by the Cyprus Securities and Exchange Commission (CySec 120/10).

The trading point of financial instruments Pty Ltd was established in 2015 and is regulated by the Australian Securities and Investments Commission (ASIC 443670).

XM Global was founded in 2017 and is regulated by the International Financial Services Commission (IFSC/60/354/TS/19).

 

 

Extra Features

One of the greatest perks available on the XM platform is the wealth of training and educational materials available. The platform hosts regular webinars aimed at novices and seasoned professionals alike. The platform is inherently social, encouraging users to learn from their faculty. The company has also published technical research and analysis.

Types of XM . Accounts

There are four levels of trading accounts, Micro, Standard and Zero. All accounts allow up to 200 open/pending positions per client.

  • Micro Account : account Micro can use USD, EUR, GBP, CHF, AUD, JPY, HUF and PLN as base currency and can start with a minimum deposit of $5USD. 1 mini lot is 1,000 units of the base currency.
  • Ultra Low Account : Account XM Ultra Low, EUR, USD, GBP, AUD, ZAR, SGD can be used as base currency and traders will require a minimum deposit of 50 USD. 1 lot of Ultra Ultra is 100,000 units of the base currency selected, while 1 lot of Ultra Ultra is 1,000 units of the base currency. XM Ultra Low accounts do not apply to all team entities.
  • Standard : Standard accounts can use USD, EUR, GBP, CHF, AUD, JPY, HUF and PLN as base currency and traders can start with as little as 5USD. 1 standard lot is 100,000 units of the selected base currency.
  • No account : Account cannot use USD, JPY and EUR as base currency and traders will require a minimum deposit of 10USD. Like the Standard account, 1 standard lot is 100,000 units of the selected base currency.

Benefits

XM offers a full-service education package on forex, ideal for those taking the first step into trading.

However, this is not at the expense of the more seasoned professional, who also has access to expert analysis and excellent tracking tools. As a company that prides itself on solid customer service, their users are well served with support available in a variety of languages.

Limit

While support can be strong, some users don’t like customer support that is only available Monday through Friday. Another downside is the lack of variety between different account types which feels less personalized.

Other brokers offer different offers in their accounts, but the Micro, Standard and Zero accounts are almost identical. And finally, PayPal deposits are currently not supported, which could be problematic for some.

Traders from certain regions are also prohibited from opening accounts due to licensing laws, including Canada and the United States.

Trading hours

In line with worldwide Forex market hours, XM is available 24 hours a day. For telemarketing, XM trading hours are Sunday 22:05 GMT to Friday 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 protected]

or call +357 25029933.

Safe and secure

There are no obvious security concerns with the site. Users are required to confirm their email address to open a demo account but signing up for email updates is not a requirement. To open a trading account, identification is required. In accordance with the company’s privacy policy, XM has organizational procedures in place to ensure that personal data is kept safe.

General Judgment

XM offers a comprehensive brokerage service to traders of all levels. Whether you are just getting started and learning the ropes, or if you are a seasoned trader looking for a reliable and efficient platform, XM is a solid choice. Despite its shortcomings with various account options, the platform is easy to use and simple to navigate.

Accepted countries

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 cannot use XM from USA, Canada, Israel, Iran.