XM Review
Overview
- Deposit options: Visa, Mastercard, Bank Transfer, Electronic Wallet (Skrill...)
- The spreads: Depends on your country of residence
- Free demo accounts: Not available
- Minimum deposit: 5 USD/GBP/EUR
XM is a trading platform owned by the XM group and has been in operation ever since its launch in 2009. It has its administrative offices in both Belize City in Belize and Nicosia in Cyprus. In the few years which XM has been operating, it has grown in strides having traders in 196 countries with a client base exceeding the 2.5 million mark. You can also find our XM Promo Code for 2020.
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Is XM A Trustable Broker?
XM is a trustable broker that you can opt for when venturing into trading. XM is regulated by the relevant financial regulatory authorities in all the jurisdictions it has set up shop. The regulatory authorities have rules and regulations that XM adheres to and promotes your goodwill as a trader.
The large clientele base is enough proof of the legitimacy of this broker the same as its strong worldwide presence.
Regulations And Trustworthiness Of XM
As stated earlier, XM has received a clean bill of operation in the various countries it runs its operations. Among the updated licenses that XM has in its possession as proof of regulations are as follows.
- A license from the financial conduct authority (FCA) which is the United Kingdom’s financial regulatory body. This license allows XM to operate in the UK.
- An updated license from the Australian securities and investment commission (ASIC) that permits XM to run in Australia.
- XM capital runs its operations in Cyprus after authorization by the Cyprus Securities and Exchange Commission (CySEC).
- The international financial services commission (IFSC) has given XM a permit to operate in Belize.
Security Of Funds
The regulatory bodies dictate that any broker should come up with measures that ensure your funds as a client are safe. XM, in being compliant with the set rules and regulations has the following implementation to ensure the safety of your funds.
- Segregation of clients’ funds from the broker’s funds.
- Using the services of credible banks to keep clients’ funds.
- Annual audit of the company to ascertain that I can stay afloat and support its expenses.
- Capital stabilization to prevent insolvency.
Registration And Promo Codes
To start trading on XM’s trading platform, you need to have an account. Registration for an account is easy and you can opt for the demo account or real account.
The demo account is a training and testing account that is suitable for you if you are new to the trading concept. You can also use the demo account as a refresher tool if you have taken long without trading.
Under the real account, there are five account types that you can pick depending on lot size. There is the standard with one lot equaling 100000 units of the base currency, the micro account with one lot being equal to 1000 units. Additionally, there is the XM ultra low micro with one lot at 1000 units and XM ultra-low standard where one lot is equal to 100000 units. Finally, there is the shares account for shares trading and requires a minimum $10000 deposit.
There is also the Islamic swap-free account if you want one and it operates according to the Islamic sharia law hence it has no interest.
Available Promotions
In a bid to improve your experience as a client, XM occasionally runs promotions on its platform. At the moment the following are the featured promotions.
- The XM deposit bonus program where you get a 50% deposit bonus on deposits above $5.
- The XM loyalty program where you get some trading points that are redeemable for trading bonuses. The bonuses are in four tiers which are the executive, gold, diamond and elite statuses.
- 0% fees on both withdrawals and deposits covering 100% of both credit card and e-wallet payments. It also covers wire transfers above $200.
Additional Features
The following are some of the additional features that you can get on XM’s trading platform.
- Islamic Trading Account
As earlier indicated, there is the Islamic trading account that is a swap free trading account. The account attracts no interest making it compliant with the sharia law observed by Muslim clients.
- Research Tools
There are plenty of research tools on this brokerage platform that gives you an insight into the current market conditions. The research tools are not limited to the market review, forex previews, and stock market news.
- Learning Center
The learning center allows you to learn more about trading and has many learning resources present. The learning resources include the live education, educational videos, forex webinars and seminars and also platform tutorials.
XM On Mobile
XM has a trading platform that is compatible with mobile devices for convenience while trading. XM has two platforms for mobile phones, Meta Trader 4 and Meta Trader 5 which support both Android and IOS operating systems.
Trading Platforms
Apart from the mobile trading platform, XM also has other trading platforms that you can use for a smooth trading stint.
Below are the platforms that XM has.
- Meta Trader 4
The Meta Trader 4 is a platform provided by Metaquotes that is compatible with both pc and mobile phone devices. The Meta Trader 4 platform is easy to use owing to its user-friendly interface and has a mac, window, multiterminal and web trader versions.
- Meta Trader 5
The Meta Trader 5 is a newer trading platform version from Metaquotes and comes with advanced features such as drawing tools, charts and also support for automated trading.
The Meta Trader 5 trading platform has the pc, mac and web trader versions just like its predecessor the Meta Trader 4 platform.
The Company
The XM group manages XM’s trading platform and has been offering trading services from 2009. The decade-long stay in the trading business has made XM a force to reckon with as it has managed to grow tremendously over the years becoming a notable brand in the trading sector. XM has invested in a professional workforce that is over 450 strong and dedicated to serving its many clients.
Its good mode of operation has had it receive several accolades in the trading sector further boosting its prestige. The downside is that XM is not present in some countries such as the United States of America and Iran hence you cannot access its services while in these countries.
Frequently Asked Questions
Question: What are the transaction charges at XM?
Answer:There are no transaction charges at XM for both e-wallet and credit card transactions. Wire transfers above $200 also have no charges.
Question: What is the minimum initial deposit?
Answer: The minimum initial deposit at XM is $5.
Conclusion
XM is a great broker that you can sign up with if you are seeking a flexible trading platform. You have a guarantee of security of your funds in addition to access to various resources such as research and educational tools. The sign-up process is also simple and convenient making XM a good option especially if you are new to trading.