XM Review; XM Global Webtrade has been selected as the next generation broker for online forex and commodities trading and is suitable for both beginners and seasoned traders. Traders can start with a trading software real account or test the waters with a demo account platform with $100,000USD of virtual currency. Key features of this broker service include car trades, no hidden fees or commissions, fast order execution, and 99.35% in 1 second.
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Company Details
XM Group (XM) is a group of regulated online brokers. The Financial Instruments Trading Branch was established in 2009 and is regulated by the Cyprus Securities and Exchange Commission (CySec 120/10).
Pty Ltd was incorporated 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 has over 1.5 million customers in 196 countries. The XM ethos is to be big, fair and human. The company boasts exceptional customer service and a personalized approach to all clients, regardless of their investment goals.
XM trading platform
XM offers 2 trading platforms that can be accessed on both real and demo accounts. The award-winning MetaTrader 4 is a forex trading platform that primarily supports stop, limit, market and lagging orders.
The MetaTrader 5 platform is a multi-asset trading platform that provides access to stocks, stock indices and precious metals. Both platforms are available for 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 its MT4/MT5 platform, including forex trading, stock CFDs, commodity CFDs, stock indices CFDs, precious metals CFDs and energy CFDs.
Forex trading is available on over 55 pairs including the major USD, GBP, EUR and JPY pairs.
XM does not offer binary options or futures.
Spreads and Commissions
Spreads depend on the type of account opened. You can open micro account, standard account and XM zero account. The minimum spread for all accounts is 0.1 pips, and the average spread for major pairs such as EUR/USD is 0.1 pips.
XM operates a strict “no hidden fees or fees” policy. Therefore, commissions are only offered for XM Zero accounts. XM guarantees all transfer fees and same-day withdrawals.
Benefit
Depending on the equipment, leverage ranges from 2:1 to 30:1. This is very flexible and XM offers clients the opportunity to manage their own leverage risk. Margin requirements remain constant throughout the week and never widen over weekends or nights.
This leverage applies to clients registered with the group’s EU regulators.
XM Mobile Apps
XM is available for several Android and Apple devices, including Apple iPhone, Apple iPad, and Android tablets and Android phones. Login is very easy and can be done via fingerprint. You can download the app from the Apple App Store or Google Play Store.
They work perfectly and allow monitoring and trading on the go. Both desktop platforms for PC and Mac support one-click trading.
Payment methods
Under existing KYC regulations, users are required to provide color copies of official identification documents such as passports or driver’s licenses. You must also provide a recent utility bill issued within the last 3 months for proof of address.
Once registered, the minimum deposit amount is $5 for Micro and Standard accounts and Zero accounts require a minimum deposit of $100.
You can deposit using most major credit cards, electronic payment methods, bank transfers, local bank transfers, and more.
Deposits can be made in any currency and will be automatically converted to the currency you choose as your base currency when you open your account.
All withdrawals are processed within 24 hours and there are no fees for withdrawing money from eWallet.
Demo account
XM is excellent at offering demo accounts. Users can set up a demo account with just a few details and then trade with a virtual balance of $100,000USD. The XM demo account is unique in that it offers the same trading conditions as real trading.
There is no time limit for how long you can use the demo account.
Bonus deals and promotions
XM also offers a free Virtual Private Server (VPS) service to speed up your transactions. This VPS can be accessed from anywhere and is available 24/7. It claims to eliminate downtime and is available worldwide.
XM also offers commission and fee 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.
Regulation and licensing
As mentioned above, XM Group has a number of different brands subject to different regulatory bodies.
XM Group (XM) is a group of regulated online brokers. The Financial Instruments Trading Branch was established in 2009 and is regulated by the Cyprus Securities and Exchange Commission (CySec 120/10).
Pty Ltd was incorporated 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).
Additional features
One of the greatest perks available on the XM platform is the abundance of educational and educational materials. The platform hosts regular webinars for both newcomers and seasoned professionals. The platform is social in nature and encourages users to learn from a team of instructors. The company has also published research and technical analysis.
XM account types
There are 4 levels of trading accounts: Micro, Standard and Zero. All accounts allow up to 200 open/pending positions per customer.
- Micro Accounts: Micro accounts can use USD, EUR, GBP, CHF, AUD, JPY, HUF and PLN as their base currency and can start with a minimum deposit of $5USD. 1 micro lot is 1,000 units of the base currency.
- Ultra Low Account: The XM Ultra Low Account accepts EUR, USD, GBP, AUD, ZAR, SGD as the base currency and requires traders to deposit a minimum of $50 USD. 1 Standard Ultra Lot equals 100,000 units of your chosen base currency, and 1 Micro Ultra Lot equals 1,000 units of your base currency. XM Ultra Low accounts do not apply to any entity in the group.
- Standard: Standard accounts can use USD, EUR, GBP, CHF, AUD, JPY, HUF and PLN as base currencies, and traders can start with $5USD. 1 standard lot is 100,000 units of the chosen base currency.
- Zero Account: The Zero Account accepts USD, JPY and EUR as its base currency and requires traders to deposit a minimum of $10USD. As with standard accounts, one standard lot is 100,000 units of your chosen base currency.
Benefits
XM offers a full-service education package on forex trading and is ideal for those new to trading.
But it doesn’t come at a cost of an experienced professional with access to expert analysis and unparalleled tracking tools. As a company that prides itself on solid customer service, users can receive support in multiple languages.
Cons
Support can be strong, but some users hate that customer support is only available Monday through Friday. The other downside is the lack of variety per account type, which makes it feel unpersonalized.
Micro, Standard and Zero accounts are almost identical, although other brokers offer more distinct offerings in their accounts. Finally, PayPal deposits are not currently supported, which may be an issue for some.
Traders from certain regions cannot open accounts due to licensing laws. This includes Canada and the United States.
Trading hours
Coinciding with worldwide Forex market hours, XM is available 24 hours a day. For phone trading, XM trading hours are from Sunday 22:05 GMT to Friday 21:50 GMT.
Contact / Customer Support
The easiest way to contact XM is through the live chat feature on the contact page of their website.
You can also email support at [email protected].
Or call +357 25029933.
Safety and security
The website has no obvious security issues. Users must verify their email address to open a demo account, but they are not required to sign up for email updates. You will need proof of identity to open a trading account. According to the company privacy policy, XM has organizational procedures in place to keep personal data safe.
overall verdict
XM offers comprehensive broker services to traders of all levels. Whether you are just starting out and learning the ropes, or a seasoned trader looking for a reliable and efficient platform, XM is a solid choice. Despite the downsides of other account options, the platform is easy to use and simple to navigate.
Accepted countries
XM accepts traders from Australia, Thailand, UK, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, UAE, Saudi Arabia, Kuwait, Luxembourg, Qatar and many other countries .
Traders cannot use XM from USA, Canada, Israel and Iran.
