XM Forex Broker Review
Last Updated: October, 2019.
XM Group is a group of regulated online brokers. Trading point of financial instruments Ltd was established in 2009 and it is regulated by the Cyprus securities and exchange commission (CYSEC 120/10), Trading point of financial instruments Pty Ltd was established in 2015 and it is regulated by the Australia securities and investments commission (ASIC 443670) and Trading point of financial conduct authority (FCA 705428).
XM is the next-generation broker for online forex and commodity trading, offering a wide array of progressive features for trading Forex, Stocks CFDs, Commodities CFDs, Equity indices CFDs, Precious metals CFDs, Energies CFDs and Cryptocurrencies CFDs. What makes XM outstanding is that there are no re-quotes or rejections of trading orders, no hidden fees or commissions, and 99.35% of orders get executed in less than 1 second.
XM Group offers 1:30 leverage in the industry. Over 60 currency pairs and over 100 financial instruments can be traded both online and by phone on 8 advanced trading platforms. Besides, there are no upper limits to deposits.
Beginner and seasoned traders can equally benefit from superior services and from exactly the same trading conditions, whether they open a real or a demo account. Registration is currently available in 17 languages, and trading can be started with a min. deposit of USD5 on multiple forex accounts, or on non-expiring demo accounts funded with USD100,000 virtual currency. Clients can benefit from tight spreads as low as 0 pip on the major currency pairs.
Clients can choose from three forex account types with custom-tailored conditions and base currency options for USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, RUB, SGD, ZAR: MICRO account (1 micro lot = 1,000 units of the base currency), STANDARD account (1 standard lot is 100,000 units of the base currency), and XM ZERO account (1 standard lot is 100,000 unites of the base currency).
With generally tight spreads on over 60 currency pairs and spread as low as 1 for Micro and Standard account types and spread as low as 0 for XM Zero account type
, XM also provides fractional pip pricing so that clients can trade with tighter spreads and benefit from the most accurate quoting possible.
Spreads and Leverage
The 1:30 leverage offered by XM is unique in the industry. Over 60 currency pairs and over 100 financial instruments can be traded both online and by phone on 8 advanced trading platforms. Besides, there are no upper limits to deposits.
Both demo and real account XM clients can trade on as many as 8 trading platforms that support market, limit, stop and trailing orders, and directly accessible from 1 account. This speeds up trading operations and gives traders great flexibility to trade from anywhere and at anytime with ease. At XM the multi-award winning platform Metatrader 4 works with an unlimited number of demo and real accounts, and Expert Advisors (EAs) are also supported.
The available trading software is as follows: MT4 Terminal;MT5; MT4 for Mac; Web Trader; iPhone Trader; iPad Trader; Droid Trader; Mobile Trader. XM Group has multiple account holders with an unlimited use of charts and EAs.
Deposits and Withdrawals
Negative balance protection, the no re-requotes and no hidden fees or commissions policy, together with the strict and real-time market execution policy rank XM among the most sought-after forex brokers.
Account funding is 100% automatic and processed 24/7, while same day withdrawals are guaranteed. Clients can choose from various modern payment options, with a wide geographical coverage: credit cards (VISA, VISA Electron, MasterCard, Switch, Solo) bank wire, Neteller, Moneybookers Skrill, etc. The recently introduced local bank transfer option enables investors to fund their accounts through their own local banks (in 58 countries worldwide) and in their local currencies. There are no hidden fees or commissions for funds transfers, and all transfer fees are covered by XM.
Beginners’ and Customer Support
Multilingual Personal Account Managers are at both demo and real account clients’ disposal via live chat, by telephone or email in over 14 languages, assisting them with professional support 24 hours on 5 business days.
Rich forex educational material is at clients’ disposal, with free weekly interactive webinars, as well as with free, uniquely developed MT4, MT5 video tutorials. The multilingual economic calendar, along with forex news and market analysis provided by XM financial experts help clients follow market changes and adapt their trading decisions accordingly
The staff at XM (TradingPoint) is committed to satisfying your every need with integrity, transparency, and the determination to serve you well. The firm has quickly passed through its early development stage, as evidenced by the preponderance of favorable reviews, falling into the “7 out of 10” region of the scale, from satisfied customers on Internet review sites. The benefits of choosing this broker are clearly stated on the Home page of their website:
- Licensed in the EU
- Tight Spreads from 0 Pip
- Flexible Leverage up to 1:30
- Commission given only for XM Zero account types
- $30 non-deposit Bonus up to $5,000(t&c apply)
- 24 Hour Support
- No Re-quotes
- Fast and Easy Withdrawals
- Personal Account Managers
- Phone Trading