XM Forex is a Best-in-Class broker offering a complete MetaTrader suite coupled with upgrades to enhance both the trading experience and use of custom indicators. Through its various brands, XM offers traders a total of 1,230 CFDs across multiple asset classes, including forex, along with 100 exchange-traded securities (non-CFDs).
|Broker Name||XM Group|
|Regulation||CySEC, ASIC, IFSC|
|Countries of regulation||Cyprus, Australia, Belize, United Arab Emirates|
|Tradable Assets||Forex, CFD, Real stocks|
|Deposits||Bank transfer, credit/debit cards, Electronic wallets|
Here are our top findings on XM Forex:
- XM Forex Global Web-trade is a next generation Forex broker. XM Group is well-regulated making them a safe broker (average-risk) for trading forex and CFDs. They are Best in Class in Social Trading and their research offers rich depth and variety.
- Their tools and accounts are suitable for both beginning and experienced traders. XM Forex supports whether you’re ready to jump in and trade real money or simply sample their platform with a Demo account.
- XM Forex provides traders access to auto-trading, fast order executions, multiple order types, and no hidden commissions.
XM Forex offers low minimum deposits and wide range of account types. Traders have access to more than 1000 different markets including forex and 100 exchange-traded securities (non-CFDs) . XM Forex offers low spreads and flexible lot sizes and is considered an average-risk trader. They are privately owned and do not operate a bank. XM is regulated and authorized by the Australian Securities & Investment Commission (ASIC) and the UK’s Financial Conduct Authority (FCA).
1. Commissions and Fees
XM Forex is not a low-cost trader. Pricing and spreads vary according to account type. The commission-free Micro and Standard accounts are expensive. The commission-based XM Zero account is more competitive. Traders can use leverage that can vary from 2:1 to 30:1 depending on the currency pair and margin requirements for the trade. Margin requirements do not change during night or weekend periods (an uncommon practice with most Forex brokers). There are no fees to withdraw your money, and all withdraws are completed in under 24 hours.
XM Zero Account: The minimum deposit is $100. This account pays commissions, and the spread minimum is as low as 0 Pips. Average spreads on EUR/USD trades stands at 0.1 pips. This makes the effective spread 0.8 pips after including the $7 per round-trip commission. This account only allows trades in USD, EUR and JPY. Traders who need instant execution will appreciate no requotes or rejections with the Zero account compared to market execution from agency-only brokers.
XM Micro Account: The deposit minimum is $5. This account does NOT pay commissions. The spread on all minimums is as low as 1 Pip. Trades are restricted to 50 lots per ticket to a maximum 200 position pending orders per client. This account allows trades in 10 currencies. XM requires all new accounts be verified using official documents to serve as proof you are who you say you are.
XM Standard Account: The minimum deposit is $5. This account does NOT pay commissions, and the spread minimum is as low as 1 Pip. Trades are restricted to 50 lots per ticket to a maximum 200 position pending orders per client. This account allows trades in 10 currencies.
XM Demo Account: Anyone can open a demo account and receive a virtual balance of US $100,000. One of the main benefits of their Demo account is the data provided for your trading is real market data. There are no limits or restrictions on how long or how you can use your demo account. It comes with a virtual private server (VPS) to increase the speed of your trades and is accessible 24-hours a day from anywhere in the world.
XM Fees, Spreads and Commissions: XM covers all transfer fees and guarantees same-day withdrawals. The Standard and Micro accounts have average spreads of 1.6 to 1.7 pips for the same pair and are comparably less attractive options at XM Group.
EEA restrictions: limit leverage and margins available. They provide traders protections (including negative balance protection). However, traders located outside of the EEA will find many of these restrictions do not apply. This allows traders from Australia and India for example, to achieve much higher leverage levels than those in the EU. Too, traders from the USA and Canada, as well as a few other countries, are prohibited from opening an account at XM Forex due to licensing laws.
Payments and deposits: into XM can be done via 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 select when you open the account.
2. XM Forex Platforms & Tools
XM Forex does not offer a proprietary trading platform. Instead, they allow clients to use either MetaTrader 4 or MetaTrader 5. Both platforms are award-winning and used by brokers throughout the world. Offering the full MetaTrader suite (MT4, MT5) with additional platform add-ons is a crucial distinction among the best MetaTrader brokers. XM Group checks all of these boxes, offering the full MT suite alongside multiple proprietary indicators, such as the Rivers indicator developed by its in-house staff.
Professional Tools: Within the trading platform sit many tools such as an economic calendar and advanced charting tools.
Drawbacks: XM still trails the best forex brokers when it comes to budget pricing for active traders.
XM Forex offers a comprehensive and quality research package that will satisfy most traders. Since their trading platforms are segmented from research, they are at a slight disadvantage compared to the best forex brokers for research. Saxo Bank, IG and CMC Markets integrate research into their platforms.
XM TV: XM Group has done a great job creating daily forex in-house market commentary news videos with market analysis explained in a TV interview-style format. The audio from these videos is uploaded as a podcast to syndicate the content across several media formats.
Articles: Video aside, the News section on the XM Group’s website allows filtering content by asset classes, making it easier to find articles about forex, indices, stocks, and cryptocurrencies. It is easy to appreciate the scope of research content with XM Group, thanks to quality daily market recaps alongside technical and fundamental analysis articles.
Trading signals: XM Group offers its Trade Ideas and Technical Summaries hub to live account holders, with signals streaming from Autochartist and Analyzzer. The broker also provides trading ideas (shares only) from Trading Central. In addition to the MetaTrader signals market, which allows automated trade copying, XM Group supports social copy trading from compatible expert advisors developed by Analyzzer.
4. Customer Support
XM Forex customer service group is highly rated. 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. Even though customer support is high-quality and respected, some users are disappointed help is not available 24/7. Support is only available M-F.
5. Mobile Trading
Since XM Forex is a MetaTrader-only broker, the iOS and Android versions of the MT4 and MT5 mobile apps come standard. Both are available for download from the iTunes and Google Play. With no proprietary mobile app, XM Group trails industry leaders in this category. The iOS and Android apps allowing clients to trade both on the desktop and their mobile devices.
All major mobile device platforms provide access to XM Forex. This includes the iPhone, iPad and Android phones and tablets. All mobile apps are fully functional and allow trading and monitoring 24-7. XM’s Desktop platforms provide more robust feature set, including one-click trading.
6. Investment Offerings
XM offers over 1300 instruments, including 57 currency pairs including GBP, USD, EUR, and JPY. They trail behind the best forex brokers who offer many thousands of tradeable symbols. XM offers a wide variety of asset classes through their platform including: commodities, stocks, Forex, precious metals, equity indices, cryptocurrencies, and energies. One notable exception is XM does not offer is the ability to trade futures or binary options.
XM users would like there to be more significant distinction between their account offerings. The differences between Zero, Standard, and Micro accounts are minimal. In addition, many users use PayPal as their primary payment processor. That XM does not support it can be problematic.
Shares trading: Forex and CFDs aside, XM provides a Shares account that requires a $10,000 deposit and is for investors who want to trade shares directly (non-CFD) with no leverage. This account is not available from all entities in the Group.
XM Forex offers high quality, diverse educational content. Their in-house video collection Tradepedia, is a great place for beginners to reference. XM Group holds its own against trading educational leaders.
Tradepedia: XM Forex offers Tradepedia, an in-house video course providing Forex and CFD content. The series has 39 videos across seven chapters with good quality coverage for beginner and advanced video content.
For example, the course instructor demonstrates how to use some of the firm’s proprietary indicators, such as the Avramis River indicator. The video had multiple examples to help users interpret this particular study in different market conditions.
Webinars: XM has 49 webinar instructors in 19 languages presenting material weekly. They have extensive coverage across time-zones and provide a detailed subscription schedule organized by experience level for traders.
Articles: XM has a series of 53 articles organized in a progressive format across six-chapter areas. They cover 13 lessons on foreign exchange from the basics through advanced subjects. XM Group should consider adding education for CFDs and other asset classes to further enhance its educational coverage.
8. About XM-Forex
XM Forex is part of Trading Point of Financial Instruments UK Limited. This organization created the Exam Group in 2009 which then founded XM.com. It is one of the best established and well-known investment firms in the world. XM Forex has multiple entities using the XM brand. It holds regulatory status in several jurisdictions. Their first entity Trading Point of Financial Instruments Ltd was founded in 2009 in Cyprus. In 2015, the Group established entities in Sydney and London. And in 2017 XM Global Limited was founded in Belize.
XM Forex is available to traders in:
- Saudi Arabia
- United Arab Emirates
- Hong Kong
- South Africa
- United Kingdom
Whether you’re a beginning trader or experienced veteran, XM forex a wide variety of tools for you to increase your profitability through Forex trading. While XM Forex has a limited range of account types, it is still a solid choice that is simple to navigate and easy to use. 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. Drawbacks aside, XM Group provides traders with excellent research and education, making it a strong choice for beginners and experienced traders who appreciate quality market research.
All trading involves risk. More than 80% of investors lose in Forex and CFD trading. As these complex instruments allow for the use of leverage, there is a high risk of losing more money than you have deposited. Before attempting to participate in spread bets and CFDs, consider how well you understand them and if you can afford to lose your money.