XM Forex (XM Global) Review

XM Broker was founded in 2009. Initially, the company covered a narrow niche of the trader market, specializing exclusively in intermediary services at the foreign exchange market. It has since experienced considerable success and growth. It has diversified and is now an international broker operating in almost 190 countries around the world. For over a decade XM Broker has attracted 3,5 million traders, offering unique technological solutions. The company is now being recognised as the Fastest Growing Broker, the Best Forex Service Provider and various other contributing achievements. The team at XM Broker is committed to continually working hard to improve the quality of the services provided every year as they are committed to continually providing the best service to their traders.

 

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XM Account Types

There are four levels of trading account, Micro, Standard and Zero. All accounts allow up to 200 open/pending positions per client.

Micro Accounts: Micro accounts can use USD, EUR, GBP, CHF, AUD, JPY, HUF and PLN as the base currency and can get started with a minimum deposit of $5USD. 1 micro lot is 1,000 units of the base currency.

Ultra Low Accounts: XM Ultra Low Accounts, can use EUR, USD, GBP, AUD, ZAR, SGD as the base currency and traders will require a minimum deposit of $50 USD. 1 Standard Ultra lot is 100,000 units of the chosen base currency, whereas, 1 Micro Ultra lot is 1,000 units of the base currency. XM Ultra Low Accounts are not applicable to all entities of the group.

Standard: Standard accounts can use USD, EUR, GBP, CHF, AUD, JPY, HUF and PLN as the base currency and traders can get started with just $5USD. 1 standard lot is 100,000 units of the chosen base currency.

Zero Accounts: Zero accounts can use USD, JPY and EUR as the base currency and traders will require a minimum deposit of $10USD. Like the Standard account, 1 standard lot is 100,000 units of the chosen base currency.

Trading Platforms

XM offers all its trader clients a choice between the use of the two most popular retail Forex / CFD trading platforms globally. Clients with any account type may choose to use either MetaTrader 4 or MetaTrader 5. Both platforms are well-known, intuitive, and easy to understand, and have been around for many years. Both platforms are also very popular with the retail trading community. Some traders may wish for a deeper choice of platform that is given here, yet a big majority of traders who find themselves considering becoming customers of XM will find the choice on offer adequate.

XM offers a range of MT4 and MT5 platforms for both Windows and Mac Operating Systems which gives traders unrestricted access to all platforms.

In addition, a range of MT4 and MT5 Mobile applications for both Apple and Android Operating Systems seamlessly allow access to an account with full account functionality from a smartphone or tablet.

Trading Instruments

Besides to its good features, XM makes trading more pleasant by a huge variety of products so you will enjoy a great choice that meets expectations and preferences.

A range of trading markets available from a single multi-asset account that offers 6 Asses Classes and includes about 55 currency pairs with a total over 1000+ trading markets. And so you are able to trade Forex or CFDs on stock indices, commodities, stocks, metals, energies and Cryptocurrencies at XM all available from the same trading account.

Leverage

Depending on the account type and the entity under which the XM follows regulatory obligations, you are entitled to the leverage on a scale from 1:1 to 1000:1. So to understand which leverage level you entitled to use, always refer to the conditions of your residency as various XM entities apply different conditions again due to regulatory obligations.

• XM offers leverage up to 30:1. This Leverage applies to the EU regulated entity of the Group.
  Also, Leverage depends on the financial instrument traded
• XM Australian entity and its regulation allows up to 500:1
• And International entity offers high leverage of 1:1000

However, always choose your leverage smartly, as well as the entity under which you would like to trade, which you may learn more through the XM education center.

Besides, leverage always depending on the financial product you use, alike European clients of Trading Point Cyprus may express a ratio of 1:5 for Cryptocurrencies and even a maximum of 1:2 for some products.

Spreads

XM pricing and costs are based on a spread, in case you will open Micro or Standard account. Also, XM spread is a fractional pip price that gets the best prices from XM’s various liquidity providers. Meaning, instead of regular 4-digit quoting prices you can benefit from the smallest price movements by adding a 5th digit, known as a fraction.

Below you may see average spread reference calculated throughout the day on a Standard account presented for most popular products. Even though some spreads might be higher than its industry competitors, the overall fee structure is rather average for Forex products and low cost for CFDs.

Deposits and Withdrawals

At XM there is no minimum deposit required. However, system restrictions limit the minimum deposit amount to $5 for electronic funding such as Moneybookers, Skrill and Neteller as well as credit cards and bank wire transfers. Moneygrams and Western Union payments are also accepted.

Withdrawals can be made using the same methods. In fact, the deposit and withdrawal options are listed side by side on the website and a trader needs only click on “make a deposit” or “request a withdrawal” in order to make a transaction.

XM Bonuses and Promotions

• Free VPS for clients who maintain a balance (Equity-Credit) USD 5,000 or currency equivalent.
• $30 Non-Deposit Trading Bonus for new clients only.
• The two-tier deposit bonus offers 50% deposit bonus up to $500 and 20% deposit bonus up to $5,000.
• The XM Loyalty Program offers the clients XM Points (XMP) per lot traded. These XMP can be redeemed at any time for credit bonus which can be used for trading purposes only.

*Trading Bonuses and Loyalty Program are not eligible for clients registered under the EU regulated entity of the Group

Regulation And Licensing

As noted above, XM Group has a range of brands covered by different regulators.

XM Group (XM) is a group of regulated online brokers. Trading Point of Financial Instruments was established in 2009 and is regulated by the Cyprus Securities and Exchange Commission (CySec 120/10).

Trading Point of Financial Instruments Pty Ltd was established in 2015 and is regulated by the Australian Securities and Investments Commission (ASIC 443670).

XM Global was established in 2017 and is regulated by the International Financial Services Commission (000261/158).

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Final Thoughts