XM Review – Online Platforms, Commission, Leverage, Account Types, Features & more
Take a look at this article which features end to end details about XM Review.
One of the trading platforms that is touted as the next-generation broker for both online forex and commodity trading is XM The best part about trading at XM is that you can trade on this platform even if you are just a beginner.
As a trader, you can get started with the trading software featuring a real account. If you want to check the waters of the platform, you can start trading with the demo account with $100,000 USD of virtual currency.
Some of the highlights of this platform that are worth noting are auto trading, no hidden fees or commissions, and quick order executions.
About XM and Accepted Countries
XM group is ideally a group of brokers that is regulated by the Cyprus Securities and Exchange Commission. Back in 2009, the Trading Point of Financial Instruments was incorporated.
Later on, in 2015, the Trading Point of Financial Instruments Pty Ltd was incorporated and is currently regulated by the Australian Securities and Investments Commission.
XM global was incorporated in 2017 and is now controlled by the International Financial Services Commission. The platform takes pride in serving 1.5 million clients in 196 countries.
Additionally, the company is all about being fair and human. The company 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 from the United States, Canada, Israel, Iran cannot trade on this platform.
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XM Mobile App
XM is available on a plethora of Android and Apple devices. It can be used on different phones like Apple iPhone, Apple iPad, and Android tablet. The best part is that the trading platform is easy to log in to and can be even done through fingerprint.
All you need to do is download their apps from either Apple App Store or the Google Play Store. These both are entirely functional and also for monitoring and trading on-the-go. One-click trading is also supported on both desktop platforms for P.C. and Mac.
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XM Commission or Brokerage or Fees
With XM’s zero accounts, traders who wish to have instant execution won’t appreciate any rejections.
When it comes to its pricing and budget, it is said that the XM group is still the best forex brokers. Mainly, the commissions and fees at the XM trading platform depend on the account type you choose.
Even though there are three accounts, two accounts, including commission-free Micro and Standard accounts, are quite expensive, while the commission-based XM Zero account tends to be more competitive.
The commission-based XM zero account spreads on average at 0.1 pips. In all trades, the XM group is most likely to act as a sole trader.
XM Exposure or Leverage
A trader is most likely to be entitled to the leverage on a scale of 1:1 to 888:1. The amount of the leverage most likely depends upon the type of the account and the entity under which regulations are followed.
It would be best if you always referred to the resident’s conditions so you can understand the level of leverage you are entitled to.
Due to the obligations formed under regulatory norms, XM provides different leverages. But you can always choose the entity you want to trade with and leverage smartly.
Additionally, leverage also depends upon the financial product you are most likely to buy.
Payment methods offered by XM
As per the KYC guidelines, all traders have to submit a color copy of official documents, including a passport or a driver’s license.
Additionally, traders also need to provide the last three months’ utility bill as it serves as the address proof.
After the trader is registered, they have to pay a deposit of $5 for Micro and Standard accounts and $100 for Zero accounts.
Traders can use credit cards, electronic payment methods, wire transfer, local bank transfer to make deposits.
Additionally, deposits can be in any currency. Almost all withdrawals are processed within a day, and you don’t have to pay anything extra to money out of your eWallet.
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Investment in Asset Classes or Market
The broker offers at least 1000 financial instruments that a trader can trade on MT4/MT5 platforms.
Mainly it includes everything from Forex Trading, Stocks CFDs, Commodities CFDs, Equity Indices CFDs, Precious Metals CFDs to Energies CFDs.
On more than 55 pairs, Forex trading is available. These pairs also include major USD, GBP, EUR, and JPY pairs.
Binary options and futures are not available on the XM trading platform.
Virtual Trading Account or Demo Account by XM
When it comes to the demo account offering, it is said that XM is most likely to excel in it. With just a few details, users can set up a demo account with XM To start with trading, XM offers a virtual balance of $100,000USD.
The best part is that XM’s demo account is unique as it provides the same trading conditions as that of the real trading account with the XM demo account.
Additionally, there is no time restriction on how long you can trade on this virtual trading account.
XM Offer or Deals
XM is known to offer a free virtual private server that helps in boosting the trading speed for traders. The best part is that you can access the virtual private server from anywhere as it is available 24*7.
Additionally, the virtual private server claims to reduce downtime and is accessible worldwide. XM also offers commission and free fee deposits and withdrawals.
XM also complies with the ESMA ban on bonuses as it is an E.U. regulated brand. The $30 bonus is no longer available to the traders in E.U.
XM Regulations or Licensing
As compared to other trading platforms, XM is said to have a relatively high and robust level of regulation.
Trading Point of Financial Instruments U.K. Ltd, a U.K. company, owns XM, but you should also know that XM is formally based in Cyprus and Australia.
Clients who are located outside Australia are allowed to open accounts. Formally XM is regulated in Cyprus and Australia.
The Cypriot Regulator CySEC licenses the trading point in Cyprus under license number 120/10.
While on the other hand, the trading point in Australia is regulated by the Australian Financial Services License.
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The unique features of XM are known to be in two folds. Firstly, the trading platform is quite famous for the robust regulatory regime in Australia and Cyprus, and both of them are known by major industrial centers.
Additionally, the trading platform is a quite offering of various individuals entities that are listed in European countries and other major developed countries.
The style account also seems to feature a competitive fee structure at an exceptionally low minimum required deposit.
The trading platform also takes pride in its history and accomplishments. Back in 2011, one can learn about its Milestones in Corporate History.
The company’s management has visited at least 120 cities globally to connect with both the partners and clients so they can interact with them directly.
The company has also organized at least 100 seminars in order to educate the traders so that they can make better trading decisions.
XM Account Types
A trader is given a choice of four accounts. The micro and standard accounts are said to be quite similar to open any of the accounts.
The traders have to pay only $5 as a deposit, which is not only relatively low but also competitive at the same time.
The only difference between the two is the default sizing of the standardized lot offered under each account.
Both the accounts can be used under a broad base of currencies USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, and RUB.
Then there is the third type, known as the ultra-low account; under this type, traders have to pay $50 as a minimum deposit.
The last type is the zero account, and they require a minimum deposit of $10.
- XM is said to be multiple regulated brokers that have a strong establishment.
- It offers a complete -service education package on forex, and it is perfect for beginners.
- The company also takes pride in offering exceptional customer service.
- Traders can also avail of a wide range of trading opportunities.
- Some of the globals expands include ASIA, MENA, Africa regions
- There are also a few competitive trading conditions.
XM Cons or Drawbacks
Even though it has strong customer support, but a few users are not happy with their service as it is available only from Monday to Friday.
Another drawback of this trading platform is that there is no diversity in accounts, as the traders don’t feel that they get any personalized account.
Other brokers in the industry offer a diverse offering in their accounts. But you need to know PayPal accounts are not supported currently as they are problematic for a few.
Additionally, traders from some regions, including Canada and the United States of America, are not allowed to trade on this platform.
Lastly, traders from Europe are allowed to trade only in CFDs, Forex, and Crypto products.
XM Trading Hours
In line with the global Forex Market hours, XM is said to be available for trading 24 hours in a day. XM trading hours are Sunday 22:05 GMT through to Friday at 21:50 GMT for phone trading.
XM Customer Care or Contact Details
The majority of the traders are not likely to use their broker’s support service, which is beyond the general query clarification for the trading terms offered.
But you need to know you will be dealt with both promptly and helpfully if you need to access the help desk anytime.
Additionally, the help desk from XM has a good reputation for customer care mainly because it is offered in a plethora of languages with committed native speakers that provide support to clients in their respective languages.
Additionally, from Monday to Friday, the XM support desk is available, and during the same time period, the markets are also most likely to be open.
The representatives are most likely to speak in languages including English, Greek, Japanese, Chinese, Bahasa Malay, Bahasa Indonesia, Hungarian, Russian, French, Spanish, Italian, German, Polish, Hindi, Arabic, Korean, Portuguese, Czech, Slovakian, Bulgarian, Romanian and Dutch.
Customers can connect with several representatives through email or telephone. Additionally, a live chat option is also available.
XM Safety and Security
XM is said to be regulated by three financial authorities worldwide, and it also includes the top-tier ASIC. Even though XM is well -established but it is not listed on any exchange as such.
Additionally, with the website, there are not any significant concerns as such. Users also need to confirm their email address if they want to start trading with the demo account, but it is not mandatory to sign up for any email updates.
If you’re going to open any trading account, then the identification of documents is required. XM has organizational procedures to ensure that the personal data of clients are kept safe.
XM Account Opening Process
The accounting opening process at XM is ideally quick and hassle-free. Traders can expect that their accounts will be ready to begin trading the same day.
All the traders need to do is scan through some tabs where they need to provide some details and select the type of account they want to start trading in.
Additionally, new traders also have to provide their I.D. proof.
XM Verdict or Conclusion
XM is a well-regulated trading platform which is regulated by several authorities worldwide. At all levels, the trading platform offers a comprehensive broker service to traders. The platform is not only reliable but also an efficient platform.
It is suitable for both well- seasoned as well as beginner traders. Even though there are some shortcomings, the platform is both simple and easy to navigate. Traders can be assured of one thing that XM will satisfy all their requirements.
For trading, traders can expect a good diverse range of assets. Furthermore, XM’s reputation in the industry is also high, and it has an excellent regulatory standing in Australia and Cyprus. Lastly, we can say we end the review on a positive note.
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