XM.com is under the XM Group which is an online broker and trading website founded in the year 2009. It has grown into a large and stable international investment firm with over 2,500,000 clients and counting today. XM Group is a part of Trading Point of Financial Instruments UK Limited, and the platform has been catering traders in 196 different countries.
The company has a strong spirit of becoming big, being fair, and human. The company claims to have a top of the line customer service, personalized approach for all their clients, whatever investment goal they have.
The Trading Platform of XM
While you can choose from a broad spectrum of trading platforms, XM recommends the use of MetaTrader 4 and MetaTrader 5. The main features of this trading platform are that it works with expert advisors, and it comes with built-in and custom indicators.
What sets it apart from other trading platform is its one-click trading. It also comes with a complete technical analysis with charting tools and more than 50 indicators. The best advantage of this platform is its ability to handle a large number of orders. It also has a history database management as well as a historic data import and export.
MT4/MT5 is available for both Apple and Android devices, making it an on-the-go software.
Markets and Assets
XM broker platforms allow forex trading, commodities, stocks, indices, equity, metals, precious, cryptocurrencies, and energies.
The leverage of XM is in between 2:1 to 30:1, depending on the instrument. It can change in time, and XM offers its clients the opportunity to control their own leverage risk.
The margin requirement stays in control in the entire week, and it never widens during the weekend or at night. Other traders in non-European markets can access a higher level of leverage and trade while particular EEA restrictions are not active like negative balance protection, for example. But be careful that increased leverage can enlarge both losses and profits. All non-European traders can see leverage hitting 500:1 on particular markets.
Spreads and Commission
XM provides tight spreads to all its clients regardless of what account types and trade sizes they have. The spreads vary according to the type of account opened like Micro Account, XM Zero Account, and Standard Account. In all account type, the lowest spread is 0.1 pips. On the other hand, the average spread intended for a major pair like EUR/USD reaches 0.1 pips.
One of the best things about XM is that it strictly operates with no hidden fees or commission policy. It is because only XM Zero accounts are given a commission. XM also includes all transfer fees as well as sure same-day withdrawals.
The Payment Method Of XM
Following the current KYC regulations, all XM traders need to send a coloured copy of an official ID or identification document like a driver’s license or passport. XM also require a recent utility bill that is dated within the past three months as proof of the trader’s address. Afterwards, the trader can start making a minimum deposit of $5 for Standard and Micro accounts and $100 for Zero accounts.
Traders can deposit using primary credit cards, local bank transfer, electronic payment methods, and wire transfer, among others. The deposits can be made using any currency given that it will automatically convert to the currency type you chose as a default upon opening your account. Moreover, all withdrawal transactions are processed within 24 hours, and XM won’t charge you for withdrawing money from your eWallet.
Bonus & Promotions
One of the best offers of Forex brokers are bonuses and promotions. XM provides several promotions including a $30 trading bonus that allows traders to test the quality of XM’s execution before trading for real. The broker also offers 50% deposit bonus that can reach up to $500 as well as a 20% deposit bonus of about $4.500.
Starting the month of September until December, XM also provides BER MONTHS promotion that may include a trade to win trip for two, going to a picture perfect place like Cebu, Philippines. Aside from that, XM also has its XM loyalty program where certain events and occasions are marked for special seasonal bonuses along with highly exclusive bonuses that are only available for those who are invited to participate.
XM also gives free VPS or virtual private server for its clients to make their trades faster. Traders can access the VPS anytime and anywhere and the service claims to eradicate downtime. XM also offer fee-free withdrawals, deposits, and commission for all its clients.
XM Mobile Applications
XM comes with Apple and Android versions, which you can use for iPhone, iPad, Android tablets, as well as Android phones. XM mobile app is up on the App Store and Google Play Store. XM mobile app is fully functional, allowing traders to monitor and trade even on-the-go. Desktop platforms are also available including for Mac and PC with a one-click trading feature.
Pros And Cons Of XM
The best advantages of XM is its low trading fees. It also has a non withdrawal fee feature, allowing traders to keep their money. XM’s disadvantage, on the other hand, is the inactivity fee it imposes. Its different account types also lack diversity which makes them almost the same.
Safety & Security Of Using XM
Traders from Thailand, Australia, South Africa, United Kingdom, Singapore, India, Hong Kong, Norway, France, Germany, Sweden, Denmark, Italy, Saudi Arabia, United Arab Emirates, Qatar, Luxembourg, Kuwait, and most other countries are allowed to join XM. Countries like Canada, United States, Belgium, Israel, and Iran are exempted.
For all traders and aspiring traders, XM is the right place to start. It provides complete broker service for all levels of traders. Despite its lack of diversity on its account types, its ease of use and other advantages can satisfy your trading needs.