Our trust rating takes into account a range of factors that influence a brokers reliability and reputation, These factors include how the broker is regulated, whether they use segregated bank accounts, their years in business, banking tiers, customer support offered, and much more.
XM is an online broker that allow traders to access the forex, stock index and commodity markets. They are known for their fast execution, tight spreads and trading competitions. XM was established in 2009 and is licensed by CySEC and ASIC. XM are also registered by the major regulators included the Financial Conduct Authority (UK) and BaFin. Thus, traders can rest assured about the reliability and reputation of XM. XM like many other popular forex brokers are located in Cyprus.
XM offer two main types of trading platforms, they are the popular Meta Trader 4 Platform and their FX Arena platform to compete in trading competitions. The MT4 platform is available for Mac, PC as a download or through WebTrader. WebTrader is excellent due to the fact that a client can access real-time market information directly through the website without having the need to download any software. This is ideal for those with limited hard disk space or who wish to access their account through a smartphone.
Meta Trader 4 is one of the most popular systems currently in place. Not only are all prices and movements clear, but its user-friendly nature will vastly increase the performance of any trader. It should be noted that both manual and automatic trading options are available through Meta Trader 4.
XM offer three levels of accounts including a micro, standard and executive account.
The first level of trading account is known as their Micro trading account. This is the preferred method for those who are learning the Forex markets or who wish to embrace an extremely low-risk approach. One is able to open up a profile for as low as five dollars.
Their Standard trading account represents the next level up. As the name suggests, this is the type that is primarily used by seasoned traders who are willing to expose themselves to a moderate amount of risk. One of the primary differences with this account is that larger contract sizes are available.
The Executive account requires a minimum deposit of $100,000 dollars to become activated. While there are larger risks (naturally), the capability to enjoy massive gains is likewise increased. Those who trade in high volumes may be interested in this type of account.
Demonstration accounts are also available. These are intended for those who wish to try out the platform before making an ultimate decision. They provide users with $100,000 dollars in virtual funds to refine their trading strategies. It should be mentioned that XM also offers Islamic accounts for those who wish to trade under the principles set forth by Sharia law.
There are no commissions charged by XM. Instead, the company makes a profit on the spreads of the trades themselves. There are therefore no hidden fees and the gains (or losses) which a trader makes are quite real.
There are several different instruments that can be traded through XM. Some of the most popular are:
XM.com is considered by many to be one of the most reliable platforms available for those who wish to execute real-time trades (99.35% per cent are completed in less than one second). There will be no re-quotes and all figures are as they stand upon the execution of a position. Due to the use of the previously mentioned trading platforms, there is little lag times between the observed prices and their actual market equivalents. However, this will partially rely upon the processing power of one’s computer and its connection speed.
Forex & CFDs
Forex, Indices, Oil and Gold
US, North Korea, Iran, Myanmar, Cuba, Sudan and Syria
MT4 for PC, MT4 for Mac, FX Arena, MT4 Multiterminal, MT4 WebTrader, MT4 Mobile
iPhone, iPad & Android
One of the main strengths of XM is their high reliability of trade executions, easily manageable platforms, no order rejection and amenable leverages of up to 1:888. XM state they execute 99.35% of all trades in under 1 second (2016). XM also is a five digit broker and offer fractional pricing. XM offer both fixed and variable spreads can be chosen by the trader to suit your own preference.
XM boasts appreciable levels of client engagement and support. A live chat widget, email and telephone number are offered as standard to clients of all account levels.
Being an international broker, XM provides customer service in no less than 20 different languages. Facsimiles are also able to be sent to four different numbers depending upon one’s physical location. These support services are only available from Monday through Friday. Any requests put forth during the weekend will be addressed on the next business day.XM accept a wide range of payment and withdrawal methods and offer $0 fees on deposits and withdrawals.
Although XM offer a wide range of funding methods, the use of PayPal for money transfers is currently not supported. They do not offer the widest range of instruments and for those looking to trade ETFs and shares will have to look elsewhere. There is little difference (besides the risk and trading volume) of the three account types. A minimum deposit of $100,000 dollars has enabled the upper-level account to cater to only the wealthiest of individuals.
Finally, the fact that customer support is only available from Monday until Friday may slightly aggravate some traders who wish to execute positions during the weekend. XM.com is nonetheless a powerful online Forex broker which should not be overlooked.