Offering a low minimum deposit and a wide range of account types, XM.com’s access to over 1000 markets is appealing to almost any Forex trader. Even more attractive are their low spreads and flexible lot sizes.
With tools and account availability suitable for both beginning and experienced traders, XM Global Webtrade is the next generation Forex broker. Whether you’re ready to jump in and start trading real money or you’d like to get your feet wet with a demo account, XM will support you. Demo accounts start with US$100,000 of virtual currency and provide access to auto-trading, fast order executions, multiple order types, and no hidden commissions. (Sign up and log in today!)
What Is XM Forex?
XM.com is part of a much larger organization called the Trading Point of Financial Instruments UK Limited. This organization created the exam group in 2009, which then founded XM.com, which is now one of the best established and well-known investment firms in the world.
With over 1.5 million clients in 196 countries, the XM global company focuses on three core principles:
- Be big;
- Be fair;
- Be human.
This has translated into excellent customer service, individualized support for each client, and global financial influence.
What Trading Platform Does XM Use?
XM.com does not offer a proprietary trading platform. Instead, it allows its clients to use either MetaTrader 4 or MetaTrader 5. Both trading platforms are award-winning and are used by many brokers throughout the world. Both platforms also have iOS and Android apps allowing clients to trade both on the desktop and their mobile devices.
Within the trading platform itself, many tools can be used, such as an economic calendar and advanced charting tools.
What Markets And Assets Can I Trade?
XM offers a wide variety of asset classes that can be traded through their platforms. These asset classes include commodities, stocks, Forex, precious metals, equity indices, cryptocurrencies, and energies.
Forex can be traded through over 55 currency pairs, including GBP, USD, EUR, and JPY.
One notable exception for XM that they do not offer is the ability to trade futures or binary options.
What Kind Of Spreads Or Commissions Do They Charge?
As with most Forex brokers, spreads at XM vary according to the account type (Micro account, Standard account, and Zero account). The minimum spread for any of the three account types offered at XM is 0.1 pips. XM covers all transfer fees, and they also guarantee same-day withdrawals. While there are commissions on the Zero accounts, those commissions are explained up front and thus are not “hidden” like they are with many other brokers.
Can I Use Leverage at XM?
The short answer is, “Yes, you can use leverage at XM.” However, leverage can vary from 2:1 to 30:1 depending on the currency pair and margin requirements for the trade. One benefit of XM is that margin requirements do not change during night or weekend periods (an uncommon practice with most Forex brokers).
EEA restrictions limit leverage and margin available but also provide certain protections for traders (such as negative balance protection). However, For traders located outside of the EEA, many of these restrictions do not apply. This allows traders from Australia and India, for example, to achieve much higher leverage levels than traders in the EU.
Note: increased leverage can magnify your profits AND your losses.
Do They Offer Mobile Apps?
All of the major mobile device platforms provide access to XM. This includes the Apple iPhone, the Apple iPad, Android phones, and Android tablets. The apps are available in their respective app stores. All mobile apps are fully functional and allow for trading and monitoring at all times. Desktop platforms, however, provide a more robust feature set, such as one-click trading.
What Payment Methods Can I Use?
Payments and deposits into the XM trading system can be done using wire transfer, local bank transfer, electronic payment methods, and most major credit cards. Currencies are automatically converted within the account according to the base currency you selected when you open the account. There are no fees to withdraw your money, and all withdraws are completed in under 24 hours.
As the laws regarding Forex trading vary from country to country, XM requires that all new accounts be verified using official documents such as a passport or driver’s license as well as a recent utility bill. These two pieces of evidence serve as proof that you are who you say you are and that you live where you say you live. The minimum deposit amount for Micro and Standard accounts is $5. A minimum deposit of $100 is required to open a Zero account.
What Is The XM Demo Account Like?
In comparison to opening up a real money account, opening up a demo account is quite easy. With some basic personal details, anyone can open up a demo account and receive a virtual balance of US$100,000. One of the main benefits of the XM demo account is that the data provided for your trading is the same as the real market data. There are no limits or changes or restrictions on how long or how you can use your demo account.
Included with this demo account is a virtual private server (VPS). This service increases the speed of your trades and is accessible 24 hours a day from anywhere in the world.
How Are They Regulated?
Since XM.com – and its parent company XM group – are located in the City of London, the United Kingdom, they are regulated by the Financial Conduct Authority (FCA).
What Educational Materials Do They Offer?
Probably the most significant benefit to the XM platform is the available educational materials. This includes an extensive database of trainings, webinars, social instruction, instructors, and their question-answer sessions, as well as published research and technical analysis.
For beginners, there is a large package of training materials designed to get you up to speed and trading as fast as possible.
For more experienced traders, XM also offers high-quality tracking tools and qualified analysis through a multi-lingual interface.
What Are The Account Types?
XM.com offers three different trading account types which are: Micro, Standard, and Zero.
Micro: Micro accounts allow for all major currencies to act as the base currency. These currencies include EUR, CHF, HUF, PLN, GBP, USD, and AUD and start at a minimum of US$5. Trading functions in “lots” and 1 Micro lot is 1,000 units of the base currency.
Standard: Standard accounts can use all of the same currencies that are used in the Micro counts and also or require only a five-dollar deposit. A standard lot is 100,000 units of the base currency.
Zero: Zero accounts are only able to use EUR and USD as the base currency for the account. A minimum deposit of US$100 is also required, but a total standard lot size of 100,000 units is available within the Zero account.
What Are The Negatives Of This Platform?
Even though the customer support at XM is high-quality and well respected, some users are disappointed that help is not available 24/7. Instead, support is only available Monday to Friday.
Some users would also like there to be a more significant distinction between the account offerings. This is because the differences between the Zero, Standard, and Micro accounts are minimal. In addition, as many users use PayPal as their primary payment processor, the fact that XM does not support it can be problematic.
Also, traders from the United States and Canada, as well as a few other countries, are prohibited from opening an account at XM due to licensing laws.
How Do I Contact Customer Support?
Customer support is easily reached through the live chat feature on XM.com. There is also the option to email customer support using the address [email protected] as well as a support telephone line at +44 203-105-1500.
Should YOU Use Them For Your Forex Trading?
Whether you’re a beginning trader or an experienced veteran, XM offers a wide variety of tools for you to increase your profitability with Forex trading. While XM does have a limited range of account types, it is still a solid choice that is simple to navigate and easy to use. You can read the full XM review here.
Which Countries Do They Work In?
XM is available to traders in the following countries:
- Saudi Arabia
- United Arab Emirates
- Hong Kong
- South Africa
- United Kingdom
- And many more…
Where Are They NOT Available?
XM is NOT available in the following countries:
- The United States
You can compare this trading platform with:
- 1 What Is XM Forex?
- 2 What Trading Platform Does XM Use?
- 3 What Markets And Assets Can I Trade?
- 4 What Kind Of Spreads Or Commissions Do They Charge?
- 5 Can I Use Leverage at XM?
- 6 Do They Offer Mobile Apps?
- 7 What Payment Methods Can I Use?
- 8 What Is The XM Demo Account Like?
- 9 How Are They Regulated?
- 10 What Educational Materials Do They Offer?
- 11 What Are The Account Types?
- 12 What Are The Negatives Of This Platform?
- 13 How Do I Contact Customer Support?
- 14 Should YOU Use Them For Your Forex Trading?
- 15 Where Are They NOT Available?