XM is the well-known broker on the online trading scene. They are famous for providing their clients with low spreads, attractive bonuses and nice trading platforms. However, in the recent years more and more traders say that XM has lost its credibility and the quality of services has deteriorated substantially. Is it true? You will definitely answer this question after reading our XM Forex review.
XM FX Trading Broker Overview
XM was founded in 2009. The broker’s website is operated by Trading Point of Financial Instruments Ltd. XM headquarters is located in Cyprus with international representative offices in Greece and Hungary. Since 2009 they have significantly expanded their customer base – more than 400,000 real accounts were opened by traders coming from 196 countries. It is licensed by CySec under license number 120/10. Additionally, XM Forex is registered by FCA, BaFin, ACP, KNF, FIN, FI, MNB, CONSOB, AFM and CNMV. Even though XM is licensed and registered in many countries around the world, this broker does not accept clients from the United States.
XM is a market maker, although the broker firmly sticks to the STP execution policy meaning no requotes and no rejections.
XM Broker: Trading accounts
XM offers its clients 2 types of accounts – Micro and Standard. The broker claims to offer the following features for both accounts:
- Trading accounts with good trading conditions
- Possibility to trade with micro or standard lots
- Same execution quality for trading accounts
- Access to MT4 and EA trading
- Free regular intraday market updates and technical analysis
- Multilingual support and personal account manager
One of the strongest sides of XM is very low spreads – just 1 pip on all majors. As XM claims to be the STP broker it only charges a spread. No extra commissions to show up. Additionally, the minimum deposit requirement is only $5. The leverage offered at both accounts can be up to 1:888.
You can observe all the characteristics of Standard and Micro accounts below:
As you might noticed, there are no visible distinctions between Micro and Standard accounts as such.
For those clients who follow the Muslim faith, XM has introduced the solution represented by Islamic Accounts. They are also known as swap-free accounts. This means that there is no swap or rollover interest on overnight positions. Moreover, there is no spread widening or extra charges.
XM offers a demo account as well. There you will be able to trade with virtual money and test your trading skills.
XM Forex Broker: Trading Platforms
XM offers MetaTrader 4 trading platform. With it you can access financial instruments like Forex, Commodities, Equity Indices, Precious Metals and Energies.
- MT4 is available in the following versions:
- MT4 for PC
- MT4 for Mac
- MT4 Multiterminal
- MT4 WebTrader
- MT4 Mobile (iPhone, Android, iPad, Android Tablet)
MetaTrader 4 for PC or Mac is version where you can enjoy all the basic features of this platform. EAs are supported as well.
XM MT4 Multiterminal it is a bit different. Here you can handle multiple MT4 account from 1 single terminal. Traders can make use of the features such as Multiple Order Types, 3 allocation methods, management and execution in real time. Furthermore, up to 128 trading accounts are supported.
With MT4 WebTrader you do not need to download any software. You can also check out the WebTrader advantages: One-click trading, selection of periods on the History tab, active orders visible on the chart, editable properties of graphical objects and also Close By and Multiple Close By trade requests.
If you are always on the run and want to keep on active trading wherever you are, mobile MT4 can come handy. It is compatible both with IOS and Android.
Using only one account, a trader can access all eight trading platforms.
This broker has also one exclusive platform for XM clients – XM FX Arena. With this Forex contest platform traders can compete by trading Forex, Stocks and CFDs with other traders around the world. XM FX Arena is supposed to have the following features:
- Free Contests – no deposit required
- Weekly $5,000 Forex contests
- Traders can start with $15 contest credit on their accounts
- All winnings said to be withdrawable
- No download for this platform is required
XM Forex: Educational Features and Promotions
XM Forex has created useful Research & Education center. Here traders can watch different videos dedicated to the latest Forex news, market reviews and technical analysis. In the learning center, you are given the access to Forex webinars, video tutorials and Forex seminars.
Beside all this, XM can also offer some tools to utilize. You can enjoy free XM Forex trading signals and also MQL5 signals. As an auxiliary tool, Economic Calendar is available too.
XM has many promotions that might be interesting for traders. You can see some of them below:
XM FX Broker: Deposits and Withdrawals
In order to make deposits at XM, one can use the following methods: Credit Cards, Electronic Payment Systems, Bank Wire Transfer, Local Bank Transfer and Other Payment Methods (MoneyGram and Western Union).
To make withdrawals, you still can use credit cards, wire transfer and some electronic payment systems. Other means of withdrawing funds are not available.
Frankly speaking, problems with withdrawals are one of the things which XM was accused of multiple times. Most issues are connected with excessively long waiting time for the withdrawal and that XM even rejects withdrawal requests. Whether truth or myth, such reputation will not pay off XM in the future.
XM Forex: Customer Support
Customer support is quite decent at XM broker. It is multilingual, the staff speaks 17 languages. You can contact customer support via email, telephone, live chat and also fax.
XM Forex Review Conclusion
XM is an innovative broker, bringing changes to the trading experience. It renders a good choice of financial instruments, reliable trading platforms and professional client support.