Min. Deposit: $5
EUR/USD Spread: 1.9 pip
Regulation: FCA, CySEC, ASIC
Accepts US Clients: No
Platforms: MT4, MT5
Web trading: Yes
Mobile trading: Yes
Live chat: No
Currencies accepted: USD, EUR, GBP,
JPY, CHF, AUD, HUF, PLN, RUB, SGD, ZAR
XM.Com Review REVIEW
XM.com is a popular and award-winning forex trading broker that prides itself on running a human company. The management strives to meet clients and partners all over the globe and encourage human interaction. XM provides a refreshing approach to forex trading in a situation where the traders don’t actually get to meet their brokers in person. XM provides a multitude of trading instruments such as forex, commodities, stocks, equity indices, precious metals, and energies. 99.35% of the orders are executed by XM in less than 1 second to take advantage of the current market conditions. Investors in People of UK has recognized XM for its continuous efforts to help people achieve their goals. In 2016, XM has received best forex broker and best gold broker award from Cnforex.com. In 2017, the City of London Wealth Management Awards has recognized XM as the best FX service provider. Whenever you invest your money to trade in the forex market, your investment is always at risk.
LICENSING AND REGULATION
XM.com stands out as one of the best licensed and regulated brokers in the industry. It has operating license from Financial Conduct Authority (FCA) in UK, Cyprus Securities and Exchange Commission (CySEC) in Cyprus and Australian Securities and Investments Commission (ASIC) in Australia. XM is also registered as a member with various financial institutions such as FCA, BaFin, CNMV, MNB, CONSOB, ACP, FIN, KNF, AFM and FI.
When you decide to become a forex trader, you should always trust a firm that doesn’t conceal its licensing and regulation information. This ensures that the forex broker is monitored by the leading authorities in the forex market. XM is a pioneer in the industry organizing seminars all over the world to help the traders to become better at trading. You can also talk to their brokers on the phone if you are not comfortable with online trading. Talking to real people gives you reassurance that your money is invested with the right broker.
Money protection policies of the forex broker are one of the important things for forex traders. XM is a licensed and regulated broker, which means that the clients’ funds must be protected according to the license standards. XM conducts banking operations with popular investment banks such as Barclays Bank Plc. It is also associated with Moneynet, Skrill, and Ecommpay which are all regulated by FCA in the UK. XM has also partnered with Wirecard, Neteller, Global Collect, P24 Powercash21, Safecharge, PaySec, and Credorax all of which are regulated by authoritative bodies. Moreover, the clients’ funds are stored in segregated bank accounts in tier 1 banking institutions. This ensures that your money will never be used by XM or its liquidity providers. Retail clients of XM are also protected through the investor compensation fund. Funds and transactions are protected with no negative balance to ensure that you don’t lose anything bigger than your actual investment. Protection measures recommended by the Markets in Financial Instruments Directives (MiFID) are also adopted by XM. XM.com has a strict no re-quotes and no additional commissions policy which makes forex trading fairly transparent.
XM provides three different types of accounts to suit different traders – Micro account, standard account, and XM Zero accounts. Each account has different privileges and they are customized according to traders’ needs. The contract size begins with 1,000 and advanced traders can use large contracts as big as 100,000. The maximum leverage provided on the account types is 1:888. When you use the highest leverage option, you should understand that your investment is at maximum risk. You can open a demo account with $100,000 virtual money and trade in real time trading conditions. Once you are comfortable, you can deposit your money and start trading real money.
BONUS AND OFFERS
XM.com provides a myriad of trading platforms. The MT4 platform is the industry standard. XM also provides the advanced MT5 platform with 6 asset classes. The MT4 and MT5 platforms are available for both PC and Mac. The web trader platform is useful when you want to trade without having to download any software. The mobile trading platform is great for traders who wish to trade on the go. The mobile trading platform is available for both iOS and android devices. All the platforms are equipped with no-requotes and no rejection policies which helps traders to trade without any difficulty. As most of the trades are executed in less than 1 second, you can easily prevent slippage when you use XM forex broker.
DEPOSIT AND WITHDRAWAL OPTIONS
XM.com charges zero fees on all deposits and withdrawals. The e-wallets and major credit cards are covered 100%. Instant account funding is one of the prominent features of XM broker. There are no hidden fees or commissions.
COMMISSIONS AND SPREADS
The XM broker trades on no extra commissions policy which means that the profit you make can be withdrawn. One of the biggest features of the forex broker is its lowest pip in the market. For most major instruments, the spread is as low as 1 pip. Micro and standard account traders need not pay any commission. XM Zero account holders must pay a negligible commission based on the instrument traded. Hedging is allowed on all account types and XM also provides optional Islamic account.
XM provides multi-lingual customer support in more than 30 languages. You can reach the customer support team through email or phone. However, XM doesn’t provide live chat feature which may be required when you need answers to your queries instantly. The emails are replied by real people so that you get the exact answer you want. You can also contact your personal account manager for customized support. You can reach the support desk team 24 x 7 on all 5 days of the week.
XM is one of the hugely popular brokers which is associated with the infamous Usain Bolt. Apart from the absence of Live Chat feature, there is not really a negative point for XM broker. XM allows you to hold as many as 8 trading accounts. XM provides the same execution quality for all accounts, allowing both beginner and professional traders to enjoy the same trading quality. When you trade leveraged products, you should be careful with your trading decision.
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