XM brokers has earned a top position in the forex brokerage list by providing top-notch service. XM trading platforms are available for all level traders. XM review are a reliable source to know about the broker if you research them before trading. We will be reviewing the XM broker and will let you know the benefit and drawbacks of trading with the XM broker.
The forex market is a very sensitive place. You should pick the best forex broker to gain profit from the trade. The forex brokers vary in providing services like forex instruments, forex trading platforms, pricing, resources, etc. We have prepared the top forex broker list to know about the top brokerages. We provided sufficient resources so that you can compare them before choosing the one for you. We present forex broker reviews too to help you in selecting the best fit.
Trading Point Holding parallelly runs XM and Trading.com. Unlike Trading.com, XM broker is globally available. We will present to you the XM review.
Let us have a look at what makes the XM trading a beneficial one.
- Three regulators from different countries supervise the XM market, so no chance of scam.
- Organized website
- The minimum deposit amount ($5) is affordable for the newbies with little money.
- Apart from the market fluctuation, offers high leverage on trade
- XM global platform asks for a low fee on CFD and doesn’t charge for money withdrawal.
- Offers negative balance protection.
- It takes one day to open the XM online trading account
- Large variety in withdrawal and deposit method (Bank Wire, VISA, MasterCard, Neteller, Skrill)
- XM forex broker is enriched with educational resources.
We found the following downsides of XM in the XM reviews.
- XM forex broker doesn’t serve in several countries like the US, Canada, New Zealand, Israel, Sudan, Cuba, North Korea, Japan, Myanmar, etc.
- XM account available on the limited trading platform (MT4, MT5, and Webtrader)
- Will charge for account inactivity
- Comparatively less suited for the professionals compared with beginners.
- Don’t provide investors protection to non- EU clients.
XM brokers serve over 3,500,000 clients of around 196 countries. Professionals lead the brokerage and always emphasize customer satisfaction. XM group serves the customers in 30 different languages; it is relatively easy to trade in a multilingual platform.
XM markets run on the no rejection, and no requotes policy. XM online executes around 99.35% of the total trading order. So you see how fast the forex trading platform works!
The XM review apprises the broker prefers human interaction in trade. The management visit different cities, arrange the seminar. Direct interaction with traders is a good trading policy to enlighten the traders and to work with them.
XM Trading Account
XM Group offers multiple accounts like micro, standard, ultra-low account, and share account. The accounts provide excellent quality trading with multilingual customer support. We noticed much similarity in the services of micro, standard, ultra-low account. Open the account with a minimum of $5(micro & standard account) and $50 (ultra-low account)as an initial deposit. The share account’s minimum deposit amount is $10,000.
You can open the multi-asset trading account in the micro, standard, ultra-low account. But keep in mind such an account is available on the MT5 platform only. An XM client can use eight active trading account and one share account. So it’s an excellent opportunity to increase your trade volume.
The opening of an account is a relatively painless and completely digital procedure. Like the other brokerages of the top forex brokers list, XM offers the demo account. Using a demo account is a privilege to practice and make your trading plan. Open the live account once you are prepared.
XM Trading Platform
In experts’ opinion, the best forex broker should offer MetaTrader as the trading platform. Like the other top brokerages, XM has MT4 and MT5 platforms.
The two third-party platforms are available on the web, desktop, and mobile. Users mostly use the mobile platform. MT4 and MT5 work on windows, mac, android, and iOS uninterruptedly.
The platforms are customizable, generate clear fee reports. Both perform the almost identical task with little difference. Like, you can trade stock CFD only on MT5.
The basic order placing procedure is similar in the platforms. But you cant place sophisticated order like one-cancels-the-other.
The web trader doesn’t have two-way authentication. The alert and notification feature is only available on desktop.
The mobile trading platform is user friendly, gives price alert, unlike the web trader. The features are well organized. Mobile trading, too, doesn’t have two-way authentication.
You can change the language of the web and mobile trading platform.
XM Brokers Pricing
The price of XM varies with variation in trading instruments and XM account.
The trading price varies with the account category. For example,
- Minimum deposit- you need to deposit a minimum of $10,000 while trading through a share account. The ultra-low account, standard, and micro account ask to deposit a minimum of $5 and $50, i.e., much less than the ultra-low one.
- Commission – Standard, micro, and XM ultra-low accounts don’t charge commission. On the contrary, there is a commission in the XM share account.
- Spread – The micro and standard account offer spread as low as one pip on all major. The spread value is much small in ultra-low account 0.6 pip.
- Leverage – The micro, standard, and XM ultra-low account offers similar leverage, i.e., 1:1 to 1:888 on $5 to $20,000. The share account doesn’t provide leverage.
- Minimum trade volume – The minimum trade volume in the share account is one lot, whereas you can trade .01 lot in the other three accounts.
So the XM review portrays, Xm share account pricing and offerings mostly vary with micro, standard, and XM ultra-low account. You need to have more initial funds in trading through an XM share account. And you will get no leverage and comparatively low spread with the commission on trading large volume compared with the three accounts.
The trading price varies with trading instruments (like CFD, share, etc.) as well.
XM broker doesn’t have an account charge. You need to pay $15 if you keep the account for one year.
Withdrawal and Deposit
Forex broker reviews say that the more a broker offers the withdrawal and deposit method, the more convenient it is for the client to trade with the broker.
The XM Group has around 25 secure payment methods. The broker offers credit/ debit card, bank transfer, Neteller, Skrill, etc., for fund transfer. XM always ensures a fast transaction. The bank transfer takes one day, but credit/ debit card transaction takes place immediately. There is no deposit and withdrawal charge.
To let you know, XM brokers offer 11 different base currencies depending on the account. And the base currency is related to transaction charges through conversion fee. You need to pay a conversion fee if you trade asset/ forex in a different currency from your bank account base currency. So to avoid the conversion fee, it is wise you open a multi-currency bank account. The digital bank offers several currencies with an attractive currency exchange rate and cheap bank transfer rate through such an account.
Education and Research
While preparing the XM review, we found the broker is well riched with research tools and educational materials. You will realize how much effort the XM global broker has given to educate and help the client once you visit the website.
What will you get on the website?
- Trading tools
- Charting tool and indicators
- Trade ideas
- Forex calculator
- Economic calendar
- XM news
- Educational videos
- Forex seminar
- Platform tutorials
Fundamental data is not available on the XM website. One more shortcoming is, you cannot access several features using a non-English platform.
XM brokers provide customer service in around 30 languages. They serve 24 hours during the five trading days. You can get access to the service via phone, live chat, and email. They respond fast to the customer. Live chat takes time to answer more than one query. The answer over the phone call is not always clear. XM email service is the best to get a relevant response in the shortest possible time.
Is the XM broker Safe for the Transaction?
Yes. The XM reviews reveal, trading with the XM group is relatively safe. Because
- The top tier regulators supervise the broker’s activity.
- XM forex broker has a negative balance protection policy.
- Available investor protection policy (amount varies on the country, regulator, and entity)
We always encourage you to trade with the best forex broker. With this view, we have prepared the forex broker list of top brokers around the world. We presented the forex broker review concisely to help you choose the brokerage. Choose the broker that best suits your deposit, forex trading platform, transaction procedure, and trading strategy.
In our XM review, we noted both the advantage and shortcomings of the XM group. XM broker is one reputed brokerage. XM monthly trade around 415 billion dollars. They indeed have few flaws; still, XM trading is working relentlessly to meet customer satisfaction. We suggest you trade with XM Group and experience trading with enormous resources.