XM Review

XM is an online broker that started in 2009. XM provides 10+ trading platforms with over 1000+ instruments to choose from. Traders get to choose from assets like, forex, crypto CFDs, commodities and stocks, precious metals, energies, equity indices in the financial markets. With more than five million clients from over 190 countries, it stands as a well known broker amongst others. Now,let’s look at some of its features

Security

XM offers total transparency to all clients round-the-clock.

Accounts

There are four types of accounts available to choose from ;

Micro Account

• Base currency options – USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, SGD, ZAR.
• Contract size of 1 lot = 1000 units
• Leverage here is up to 1:1000
• Low spread of 1 pip on all major pairs
• Clients get to open 300 positions, per ticket 100 lots is allowed.
• Hedging
• There is an option of an Islamic account
• Minimum deposit is $5
• No commission

Standard Account

• Base currency options – USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, SGD, ZAR.
• Contract size of 1 lot = 100,000 units
• Hedging is allowed
• Maximum number of open and pending orders per client – 300.
• Leverage and spread is similar to the micro account
• Lot restriction per ticket is 50 lots.
• The option of opening an islamic account
• Minimum deposit here is $5.
• No commission

XM Ultra Low Account

• Base currency options include – EUR, USD, GBP, AUD, ZAR, SGD.
• Contract size – standard ultra ( 100,000 units) and micro ultra (1 lot =1000 units)
• Leverage offered is up to 1:1000
• Spread is as low as 0.6 pips
• Maximum number of open and pending orders per client – 300.
• The lot restriction per ticket again, ranges in standard ultra (50 lots) and micro ultra lots (100 lots).
• Hedging allowed.
• Islamic account optional.
• No commission
• Minimum deposit $5.

Shares Account

• Currency pair offered here – USD
• Contract size of 1 share
• No leverage allowed
• Spreads – as per underlying exchange
• Lot restriction per ticket depends on each share.
• Minimum trade volume is 1 lot.
• No hedging allowed
• Minimum deposit is $10,000.

Note – Negative balance protection is available on all the above mentioned accounts.

XM promises to create custom tailored forex account solutions for their clients. It is truly up to the clients how they wish to execute their plans with XM.

Cost

There is no commission fee on a micro, standard and XM ultra low account but the shares account does charge a small fee.

Trading

Traders get to choose between 50 + currency pairs – majors, crosses and exotics. There are no hidden charges, and it’s open for 24 hours a day, 5 days a week. With XM, traders get to leverage up to 1000:1 with tight spreads and no re-quotes. Traders also get to practise on a demo account if they wish to.

Trading Platforms

XM offers MT4 and MT5 platforms on iOS and Android and web trader platforms on different devices.

Licence and Regulation

XM is a licensed and regulated broker which has received a string of awards for their performance and excellence in the financial industry. XM Global Limited is licensed by FSC under licence number 000261/309. It has a group licence that includes CySec, ASIC and DFSA.

Education and Skills

This platform helps individuals to gain access to educating themselves and increase their vocation skills.

Customer Service

XM has 24/5 customer care available in the form of live chat, email and a call back.

Conclusion

XM is a regulated and licensed broker that is widely known across the globe for transparency and quick service. Traders get to choose from over 1000 + tools to expand their trading journeys. With over 25 languages to translate, XM is focused on the client’s needs, which makes them one of the best trading platforms.