XM

Editor's Score 4.2
Pros
  • Wide range of instruments
  • Trusted broker
  • 3 different account types
Cons
  • Basic MetaTrader platform
  • No ETFs
  • Micro and Standard accounts have higher spreads
Min Deposit
$5
Max Leverage
1:30
Mini Account
Bonus
100
Platforms
  • MT4
  • MT5
Withdrawal Options
  • Credit Card
  • Bank Transfer
  • Skrill, Neteller

Review

Introduction

XM was first started back in 2009 in London and now they have an offering of more than 400 different instruments.

This includes over 350 CFDs, as well as 57 currency pairs and 5 cryptocurrency CFDs. XM is regulated by the FCA in the United Kingdom and they have European passports with the MiFID, as well as being regulated by the CySEC in Cyprus, as well as being regulated in Australia as an ASIC entity.

They offer more than 30 language options for their users and they cater for any and all levels of trader. One of the recent awards they have received is being named as the best FX broker in Europe in 2018 by the World Finance Magazine.

  • Over 30 supported languages
  • Numerous esteemed awards
  • Regulated by well-respected authorities

Trading Conditions

XM offer three different types of account for their users. The Micro account is best suited to beginners, with the standard account being ideal for flexible traders. The XM Zero account generally is best suited for regular traders or those who place significant trades.

Depending on the specific instrument, for each of the account types you will be dealing with leverage ranging from 1:1 up to 30:1. While there are seven base currency options available with micro and standard accounts, you can only deal with USD and EUR when you have a XM Zero account.

You have two accounts which are free from commissions – Standard and Micro accounts, while the XM Zero account is based on commission. Looking at the XM Zero account, the average spread for EUR/USD is 0.1 pips excluding the commission. For the same pair on the other two accounts, the average spread for this currency pair is 1.7 pips.

The commission is $5 per side, so you are looking at competitive pricing as a whole.

XM always have a range of promotions they are running at any given time. They have a 100% deposit bonus up to $5,000, they have free VPS services and there are no fees on both deposits and withdrawals.

  • Wide ranging promotions
  • Commission free account options
  • 3 different account types

Products

In total, there are 356 different CFDs offered by XM, with five of these being cryptocurrency CFDs. There are 57 currency pairs on offer and they don’t offer any ETF products.

  • 356 CFD options
  • No ETF products
  • 57 currency pairs

Regulation

Having been around since 2009, XM are regulated by a number of trusted authorities. They are authorised in the European Union, as well as being regulated by the FCA in the United Kingdom. They have the necessary approval from the CySEC in Cyprus as well as being a ASIC regulated entity in Australia.

Platforms

The only platform that is offered by XM is MetaTrader, which is an industry standard trading platform. They offer both MetaTrader 4 and MetaTrader 5 and they have tweaked them slightly to suit the specific needs of their users.

You have access to virtual trading, but those using mac desktop computers will not be able to run this trading platform optimally. There are 51 different trading indicators available to you and there are 31 charting tools you can utilise.

  • MetaTrader is the only trading platform available
  • 51 trading indicators

Mobile Trading

As a result of being a MetaTrader only platform, you will able to utilise the platforms on iOS and Android devices, whether it is through the MT4 or Mt5 apps which can be downloaded straight away from either the App Store or the Android Play store.

There are 30 trading charting indicators available on the mobile apps and you have the full range of trading instruments to choose from with these apps.

Pricing

With XM the amount of fees and commission that you have to pay will be dependent on what sort of account you have with them. There are three different account types in total. You have two accounts which are free from commissions – Standard and Micro accounts, while the XM Zero account is based on commission.

Looking at the XM Zero account, the average spread for EUR/USD is 0.1 pips excluding the commission. For the same pair on the other two accounts, the average spread for this currency pair is 1.7 pips.

The commission is $5 per side, so you are looking at competitive pricing as a whole.

Lower overall spreads can be achieved by XM as they are the sole dealer in every single trade.

  • Competitive spreads thanks to XM being the sole dealer
  • Varying commissions and fee levels depending on account type

Deposits & Withdrawals

With the micro and standard account types, you are not subject to a minimum deposit, but usually you will have to deposit at least $5 due to system requirements. There is a minimum required deposit of $100 for the XM Zero account type.

All of the usual forms of deposit and withdrawal are available with XM, such as Neteller Moneybookers, debit and credit cards and Skrill. Most of the deposit options will allow you to have your deposit processed instantly. Bank transfers will take between 2 and 5 business days to process though.

When it comes to withdrawing from XM, most options will have your withdrawal processed within 24 hours without having a minimum required withdrawal. If you are withdrawing via a bank transfer, then you will have to wait between 2 and 5 business days for it to be processed and there is a minimum withdrawal of $200 in place.

  • Variety of banking options
  • Quick processing times

Customer Support

More than 14 languages are catered for through the customer support service at XM. You can reach them no matter what time of day it may be through their live chat feature.

You can also give them a call or send them an email, with the team working on weekdays only.

  • 14 languages catered for
  • 24/5 customer support

Research & Education

There is a library of free educational materials for XM users including the likes of week interactive webinars and video tutorials. They always have the latest news from the world of forex as well as providing regular market analysis from the team of experts at the platform. They also have a range of tools and calculators that provide everything a trader needs when making certain calculations.

Noteworthy Points

As a whole XM is a trusted broker that has a solid and unspectacular offering for their users. They look after the needs of their clients through quality customer support and they have regular promotions such as a free VPS service.

As they are completely reliant on MetaTrader platforms, those familiar with the sector can easily utilize the broker as it is similar to a lot of other offerings out there.

Catering for 30 languages and having received numerous awards in recent years, including being named as the best FX broker in Europe in 2018 by the World Finance Magazine, they hold a reputable place in the sector.

  • 30 languages catered for
  • Free VPS service
  • Best Broker in Europe 2018 – World Finance Magazine

Conclusion

XM is a broker that has been around since 2009 and now employs more than 300 people. They have a diverse offering of instruments, which caters for the needs of their users in an adequate manner.

As they are reliant on MetaTrader for the trading software, you are not going to be surprised by anything on this front. They have a decent welcome bonus, matching your first deposit 100% up to a max bonus of $5,000.

They have a wide ranging section for education, including free weekly webinars that are interactive. It is an ideal learning ground for beginner traders and with three different account types, they cater for all kinds of traders depending on what their specific needs may be.

If you are looking for a platform that is easy and straightforward to use and that looks after their users, XM could be the right option for you.

Comparison

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