$30 No Deposit Bonus
|Support Types||Email, Live Chat and Phone & Fax|
|Languages||English, German, French, Spanish, Dutch,|
|Trading Platform||XM MT4, XM Mac MT4, XM Webtrader 4, XM Multiterminal, XM iPhone Trader, XM iPad Trader, XM Droid Trader, XM MAM|
|Minimum 1st Deposit||$5|
|Minimum Account Size||$5|
|Minimum Trade Amount||$1|
|Bonus||$30 No Deposit Bonus|
|Payout||within 24 hours|
|Leverage||1:1 up to 1:30|
|Spread||from 0.0 pips|
|Free Demo Account||Open Demo|
|Account Types||Demo,Real,MT4,Mirror Trader|
|Deposit Methods||Wire transfer, credit cards, Neteller, Skrill/Moneybookers, Paypal, Paysafecrad, CashU, FasaPay, giropay, webmoney, qiwi, sofort, iDeal, unionpay, Przelewy24|
|Withdrawal Methods||Wire transfer, credit cards, Neteller, Skrill/Moneybookers, Paypal, Paysafecrad, CashU, FasaPay, giropay, webmoney, qiwi, sofort, iDeal, unionpay, Przelewy24|
|Trading Methods||Social trading, Meta trader, mobile trading|
|Number of Assets||1,000+|
|Types of Assets||Trade more than 1,000 different financial assets at XM|
|Trading Currency||On XM one can trade all major and minor currencypairs including exotic ones like USD/BTC, Dollar versus Bitcoin.|
|Account Currency||You can fund you account in almost any currency, this deposit will then be converted into the currency set as account currency in personal account settings.|
|US Traders Allowed|
In this XM review I am going to discuss the pros, cons and features of trading at XM.
At XM you can trade the financial markets in more than 1,000 different financial instruments and currencies. Marketprices are shown in real-time and are offered with low spreads. At XM it is possible to trade with anywhere between 1:1 and 1:30 leverage. XM is owned by Trading Point Technologies Ltd.
Trading efficiency is where XM focuses on the most. To be reliable and transparant XM keeps investing in state of the art user interface technology so that all traders, new and existing, can understand the software. Order execution goes smooth and fast without delays. At XM loyalty is rewarded with their unique loyalty program.
How reliable is XM as Broker?
Trust, is in my opinion, the most important factor when choosing a broker to trade with. Sadly, there are some fraudulent and even scam brokers active in the industry. Here you can see a list of black listed brokers.
Here on ChooseBroker.com, I try to keep a large independent database of brokers and brokerage firm reviews. With the use of 24 different variables, each broker gets a score of between 1 and 10 (the closer to 10 the better). This is the so called Trust Score. My Trust Score rating of XM is a 9.5, which can be considered very high.
This is because of different reasons. The first reason is that XM is founded in 2009. So, XM is already 10 years in business. The second reason is that XM is regulated in major financials hubs, for example in the European Union by the FCA (Financial Conduct Authority).
XM Commissions & Fees
There are four different account types available on XM:
All these account types can be used on either MT4 or MT5 platforms or XM’s WebTrader.
The difference between Micro and Standard accounts is that the default lot size on Micro accounts is 1,000 units ( 1 micro contract) whilst on Standard accounts the default lot size is 100,000 units or 1 standard lot. Both these accounts can be funded in over 14 currencies and opened with as little as $5.
There are no hidden fees or commissions on Micro and Standard accounts. On these accounts XM just charges spread. On XM Zero accounts the per-trade commission is as explained below:
XM charges $5 per side on XM Zero accounts ($10 round-turn) per 100k unites (1 standard lot). The XM Zero account can be funded with EUR, USD or JPY from as little as $100. Please note that the forex pair USD/CNH is not available on XM Zero accounts.
XM Assets and Investment Products
At XM one can trade in 57 different forex pairs and in 356 different CFDs. It is not possible to trade US or International Exchange Traded Securities. Cryptocurrencies aren’t traded as actual but as CFD. In total there are over 1,000 different assets available to invest in at XM.
XM Customer Service
The customer service of XM is accessible by Live Chat, Email and Phone. I have asked them some questions to test their professionalism and response times. They replied quite quickly and nicely. In my opinion they are helpful and friendly.
XM Research & Analysis
If you have a Micro or Standard account at XM you will have access to XM’s in-house team of analysts. In the research section of your membership area you have access to the latest stock market news, cryptocurrency updates and technical analysis.
When you want to do your own research and search for trading ideas, there are some calculators available on the firm’s website and even an economic calendar powered by Investing.com. Live account holders can access trading signals across ten different instruments generated twice daily.
Automatic signals are only available on the MetaTrader platform and not on the WebTrader platform. This is because XM quit its social copy-trading offering on it’s MirrorTrader platform and ZuluTrade.
Compared to my XM review two years ago, XM has really improved it’s platforms features and analysis videos and articles.
XM Platforms & Tools
XM is mostly a MetaTrader broker. All the trading platforms from the MetaQuotes Software Corporation, developer of the popular MT4 and MT5 platforms for desktop and mobile are available. Although many brokers offer the standard MetaTrader 4 and MetaTrader 5 packages, with little difference in functionality from broker to broker, there can be huge differences in how the platform is set up. Think about different spreads, commissions, execution, tools and features.
Although XM is a MetaTrader-only broker, the broker also offers iOS and Android versions of it’s trading platform. These apps can be downloaded from the Apple iTunes store and Google Play Store.
At the XM trading platform, traders can have up to 200 positions open at any given time, including pending orders. You can also fill up to 50 standard lots at a time. These orders can be limit orders, stop-loss or stop-limit orders. Trading over the phone or phone broking is available for traders wanting to trade by phone.
It is completely possible to trade cryptocurrencies on XM. You can trade cryptocurrencies versus each other or traditional ‘fait’ currencies. Margin is capped at 1:3 on crypto at XM and maximum trade size at 1 bitcoin.
XM Review Conclusion
Existing forex traders or beginning traders looking for a reliable broker, are at the right place at XM. The retail brokerage firm offering competitive pricing, low spreads and excellent customer service surely can be seen as one of the choices as top broker.
With over 1,000 instruments, including more than 50 forex pairs and cryptocurrencies available, XM offers way more instruments than most online brokers. At the moment XM is one of our top 5 brokers worldwide.
- Low minimum deposit of only $5
- Very high leverage of up to 1:888 possible
- Wide range of banking options
- Fast withdrawal within 24 hours
There is no review.