|Low minimum deposit||Difficult to contact tech support|
|Super- tight bid-offer spreads||No Crypto|
|Impressive trading platforms|
The XM experience is very much about trading and trade execution. The market-leading platforms on offer are the most popular retail trading platforms in the world. They combine user-friendly functionality, with powerful software tools. Even more impressive are the razor-thin spreads that XM offers its clients.
XM Group backs this up by being a broker with the intention of meeting the highest regulatory standards. Its activities are carried out under license from a variety of internationally recognised authorities including CySec, ASIC and the International Financial Services Commission of Belize (IFSC). T&Cs such as leverage terms on accounts are determined by the domicile of the account holder.
All the global client base can trade over 60 currency pairs and more than 1,000 other financial markets. Trading is in CFD form which caters to more active traders looking to sell short as well as to buy-and-hold and apply leverage to their trading.
The popularity of XM Group is mainly attributed to its strict no re-quotes, no rejection of orders and no hidden fees or commissions policy, This is backed up by real-time prices on trade execution, with 99.35% of all orders being executed in less than one second. Moreover, 24/5 multilingual Personal Account Managers ensure smooth client communications and professional support for both demo and real account holders.
Setting up an account at XM is easy and the minimum balance required to open an account is a super-low $5. Being subject to the rules and regulations of high-level regulators requires XM to follow a range of Know Your Client (KYC) protocols. They are intended to protect clients and reflect that clients are opening an account with a trusted broker.
ABOUT XM GROUP
XM Group is a unit of regulated online brokers: Financial Instruments Ltd was established in 2009 with headquarters in Limassol, Cyprus,
TO WHOM DOES XM GROUP APPEAL?
The broker offers CFD markets in more than 1,200 financial instruments including Forex Trading, Stock, Commodities, Equity Indices, Precious Metals and Energies. The MetaTrader 4 platform provides cutting-edge conditions for both demo and real trading operations on PC/Mac OS, iPhone, iPad and Android. The advanced features of the mobile trading platforms are a significant plus point for XM.
Apart from free and unlimited demo accounts with a virtual currency of $100,000 for beginner traders, XM Group offers three types of live trading accounts with custom-tailored conditions and base currency options of USD, EUR, GBP, CHF, AUD, HUF, JPY, AUD, RUB, SGD, ZAR and PLN:
The provision of a relatively high number of base currency options helps clients by removing the frictional costs associated with trading on a platform with a base currency which is not the same as that of the client. Trading is hard enough without taking on unnecessary operational costs.
With generally tight spreads on over 50 currency pairs and the same spreads offered for all trading account types, XM Group also provides fractional pip pricing. That means clients can trade with tighter spreads and benefit from the most accurate quoting available.
XM will appeal to those who are looking to use a trusted broker. The firm has a global client base so exact T&Cs vary from region to region but clients in EU countries benefit from their accounts being operated in line with ESMA rules. In that region XM Group offers maximum leverage of 1:30 and clients are also covered by Negative Balance Protection (NBP) and client account segregation rules.
Funds transfer processing time is quick and in line with standard banking practices. XM doesn’t apply any charges on money transfers.
The different account types have broadly the same terms and conditions. As a result, beginner traders and seasoned investors benefit equally. There is full access to the real-time market prices, 100% execution guaranteed with no rejection of orders and no re-quotes.
Client support is a central theme. Personal Account Managers are provided and available 24/5. Uniquely developed free tutorials on how to get the best out of the trading platform and free live webinars are available to those who want to perfect their trading skills.
MARKETS AND TERRITORIES
With over 1,200 markets on offer, XM provides a comprehensive service. It’s possible to get exposure to the far corners of the global financial markets. Whichever market you are trading, you can rely on the XM platform to be supporting you through state-of-the-art trade execution services.
INSTRUMENTS & SPREADS
XM offers clients the opportunity to trade in more than 1,200 markets. That is a healthy number and means even the most discerning trader will be likely to find the market they want to trade.
There are 57 currencies to trade, which means Major, Minor and Exotic pairs are all covered.
Shares, metals, soft commodities, and equity indices are all there. One market which isn’t currently covered is cryptocurrencies.
There are some neat additional extras available at XM. The Volatility 75 index offers a way to trade the VIX index. The VIX, otherwise known as the ‘Fear Index’ reflects market appetite for risk. Trading it can offer a ‘hedge’ against other positions in a portfolio.
Trading spreads on all major currency pairs are as low as 0pips. XM also offers fractional pip pricing to get the best prices from its various liquidity providers. Instead of 4-digit quoting prices, clients can benefit from even the smallest price movements by adding a 5th digit (fraction).
The XM experience is very much about trading. The competitive pricing is also backed up by clients being offered a free VPS and the behind the scenes infrastructure ensures the execution is fast and reliable. 99.35% of all trades are executed in less than one second and there is a strict ‘no re-quotes’ policy and no virtual dealer plug-ins.
FEES & COMMISSIONS
As is often the way with brokers who feel their pricing is a major selling point, XM’s site contains an easy to read and super-transparent breakdown of all costs. Their tables include spread rates but also detail if any other commissions might apply and what financing rates on trades might be. This all adds up to traders being able to easily establish the risk-return on trades and go into the markets with increased confidence.
XM clients on both demo and live accounts can trade on a range of high-quality trading platforms. Each provides the full range of trading tools such as market, limit, stop and trailing orders, all are directly accessible from one account.
The seamless cross over between platforms speeds up trading operations and gives traders the flexibility to trade from locations and at times that suit them from anywhere and at any time with ease.
The MetaTrader MT4 platform is the most popular retail trading platform in the world. Millions of traders are drawn to the trading edge offered by being able to apply powerful software tools to their strategies.
The free trade indicators and razor-sharp graphics help MT4 stand out. It is also very reliable.
MT4’s sister platform MetaTrader MT5 is also on offer and offers a slightly different take on the trading experience. Both MT platforms are compatible with PC, Mac, iPhone and Android devices.
The XM WebTrader platform is accessible via any web browser ensuring access to the markets can be gained from anywhere with an internet connection.
The MetaTrader mobile app provides an experience similar to the high-quality desktop version. Clients can access all the services necessary to support their trading.
There are a handful of tools and indicators which do not transfer over to the smaller screen but those that do ensure the mobile package is still of the highest quality. The application supports 30 technical “indicators” and 24 analytical “objects”, such as Gann and Fibonacci levels.
SOCIAL TRADING & COPY TRADING
The MT4 and MT5 platforms are much loved by the trading community. They established their impressive reputation by offering manual and automated trading but those looking for a more passive way to gain exposure can also use the MT services relating to Copy and Social trading.
XM clients who access the MQL5 and Expert Advisors networks can set up their account to take on trading signals from 1,000s of other MT traders. It’s possible to analyse and evaluate the profiles of traders who are looking to be copied and the connection to copy trades can be broken at the copying trader’s discretion. Alternatively algorithmic trading models can be downloaded, some for no charge and accounts ran using the code within those models.
With MetaTrader’s platforms being the most popular in the world there is also the option to tap into the online chat rooms where other MT traders share ideas on the markets or ways to get the best out of the platform.
XM do not currently offer markets in cryptocurrencies. It did used to offer markets in Bitcoin but has positioned itself as more of an expert service for trading in other markets.
Charting & Tools
The charting and tools found on the MT4 and MT5 platforms are still widely considered to be the industry benchmark.
MT4’s razor sharp graphics are supported by a default offering of more than 50 indicators and charting tools. The MT5 platform has a slightly greater number of indicators set up as default than MT4. The 80+ indicators can be applied to a charts which can be set to a wide range of time frames and the ‘last market price’ monitor allows clients to see into the heart of the market they are trading.
Both platforms can be adapted to suit personal preference and there are 1,000s of additional tools available from third-parties.
Whether you are new to online trading or trying out a new broker the educational materials found at XM are worth checking out. The cover topics ranging from bare essentials of forex to research on the fundamentals of commodities trading.
Each of the six chapters of XM’s specially designed ‘Learn Trading’ course covers one of the key areas of trading and investing. Put together the free course offers a chance for traders to develop a winning mindset and learn how to get the most out of the tools on offer.
The multimedia research offering includes videos on trading strategies, Q&A with experienced traders and live debates and webinars.
Trader Protections by Territory
CySEC regulates the EU located branch of XM which has license 120/10 (Cyprus Securities and Exchange Commission). Financial Instruments Pty Ltd was established in 2015 with headquarters in Sydney and is regulated by ASIC with license No. 443670 (Australian Securities and Investments Commission). Australia and XM Global Limited were established in 2017 with headquarters in Belize and is regulated by the International Financial Services Commission (000261/106”).
How to Open An Account
Customers can choose from various modern payment methods with comprehensive geographical coverage. They include bank cards (VISA, VISA Electron, MasterCard, Switch, Solo), bank transfer, Neteller, Moneybookers and Skrill. The recently introduced option of local bank transfer allows investors to replenish their accounts through their local banks (in 58 countries) and in local currency. There are no hidden fees or transfer fees – XM covers all transfer fees.
XM Group’s top priority is client funds. They partner with investment-grade banks and use segregated accounts to ensure security. Meanwhile, all clients benefit from Negative Balance Protection, so they are never at risk of losing more than their account balance.
XM Group also accepts the most commonly used Local Payment methods, including Credit/Debit card, Neteller, Skrill, Bank Wire Transfer, etc. Their coverage is quite extensive and adds more flexibility on adding funds into the account.
Islamic accounts are available but US citizens are restricted from opening an account.
CUSTOMER SUPPORT FROM XM GROUP
Multilingual Personal Account Managers are at clients’ disposal via live chat, telephone, and email. The multilingual service operates on a 24/5 basis and during our testing, we found the staff to be responsive, knowledgeable, and professional.
For those looking to invest in building their skills, there is an extensive research and learning section on the XM site. There are ‘how to’ style videos to help traders obtain a better understanding of the powerful software tools offered by MT4 and MT5. Videos and free live webinars are trading focused, in that they focus on idea generation, trade entry, and exit points and how to be a successful trader.
The Bottom Line
XM Group is committed to offering its services to a large global client base by setting high standards and by maintaining the following core values: business transparency, unified business principles and outstanding customer communications.
From the first moment of signing up with XM and throughout trading operations, clients can experience the benefits of trading with a leading forex broker.
XM offers its clients everything they need to trade and a chance to improve their chances of success.
*Clients registered under the EU regulated entity of the Group are not eligible for the bonus.
How Can I Open A Demo Account With XM?
The Open An Account section of the site is where to head if you want to try out the XM trading experience using a Demo account. They are free to use and take moments to set up and clients get $100,000 in virtual funds to practise with.
Does XM Offer An Islamic Account?
Yes. XM offers three types of account, Micro, Standard and Zero. Each one of these three can be set up for swap-free trading which complies with Shariah law.
What Are The Deposit Options For XM?
Clients of XM can set up their accounts to be in the following base currencies – USD, EUR, GBP, CHF, AUD, HUF, JPY, AUD, RUB, SGD, ZAR and PLN. Funds can be paid in using debit card, credit card, bank transfer or ePayment agents.
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