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XM review – Should you sign up or not? – Broker test for traders
- MetaTrader 4 & 5 platforms
- Raw and competitive spreads
- Regulated by the CySEC, ASIC, DFSA, FCA & IFSC
- Excellent education section
- Free demo account available
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Last updated: September 21, 2023
Many online brokerage companies exist, and they all promise the best investment and trading services. Their trading conditions and execution methods differ. Reputable licensed brokers provide the same standard service. But a few try to beat the competition through lower fees, faster processing time, and better trade executions.
In this review, we offer our findings on XM Group, one of the reputable licensed brokers with highly competitive offerings. We have included key information to help you decide if the broker is right for you. Find comprehensive details about the broker’s platforms, execution methods, fees, and more below.
What is XM? – Quick facts about the company
XM (XM Group) is an online forex and CFD broker known for its strict zero-requotes policy. The company was founded in 2009 in Cyprus and is now internationally recognized.
XM has 5 million+ active customers spread across 196 countries. Its other global offices are located in Australia and the United Kingdom. XM provides access to trade over 1000 financial instruments, including forex, indices, commodities, stocks, and metals.
So far, the broker has been honored with over 30 industry awards. These include the COLWMA’s (City of London’s Wealth Management Awards) award for the Best Forex Service Provider. XM has been the consecutive winner of this award from 2017 to date.
Facts about XM:
- Created in 2009
- Based in international branches like Australia, Greece, or Cyprus
- 30+ industry recognition and awards
- More than 5 million active accounts
- 100% trade executions with no rejections and zero requotes
- Estimated yearly revenue of $540 million+
- Offers negative balance protection
Is XM regulated? – Regulation overview:
Trading Point Holdings is XM’s parent company, and they are registered with several global financial entities in Europe, the Middle East, the United Kingdom, Africa, and North America.
In Europe, the broker is an investment company registered with CySEC as Trading Point of Financial Instruments Ltd. A license that allows the company to “passport” its financial services to other EU and EEA regions. XM also operates in Sidney, Australia, under an ASIC license.
The broker holds licenses from other strategic financial jurisdictions, such as Dubai. As such, XM is a safe broker for people in the Middle East and North Africa (MENA). These financial bodies require registration with specific Insurance companies or compensation schemes. They are responsible for the safety of customers’ funds.
These bodies supervise the broker’s financial activities to ensure fair business practices. They conduct necessary audits at specific intervals, making certain that the broker adheres strictly to the required quality service standards. These licenses recommend the broker as one of the trusted and legit ones in the industry.
List of the XM regulators:
- Cyprus Securities and Exchange Commission CySEC, license #120/10
- Financial Conduct Authority FCA, reg. # 09436004
- Dubai Financial Service Authority DFSA, ref. no F003484
- Australia Securities and Investment Commission ASIC, license – AFSL #443670
- International Financial Service Commission of Belize, IFSC #000261/106
Security measures for traders and your money
XM operates under the supervision of globally acclaimed financial bodies. These regulations require the broker to separate customers’ money from its own. In the unlikely event of business failure, clients’ funds will remain unaffected.
XM complies with this rule by keeping customers’ funds in the most reliable banks in its regulated jurisdictions. The company is also one of those offering negative balance protection. This feature protects users’ accounts during high volatility, ensuring you do not go into debt by losing more than your capital.
In addition, the broker’s licenses strictly require contributions to specific compensation funds. In case of a dispute that entitles you to a claim, the compensation scheme ensures the broker can afford to pay up to €20000. Note that this compensation scheme only applies in some jurisdictions.
These licenses also carry stringent data protection laws, requiring the broker to use top-rate encryption software on its website and platforms. That means your personal information is safe. For these reasons, we can safely say that XM offers a secure environment to trade and invest in the financial market.
Review of the offers and XM trading conditions
Customers can access more than 1000 market instruments on XM platforms. These include the most profitable markets, such as currencies, hard and soft commodities, indices, stocks, and cryptocurrencies. Customers can access these markets through online CFD trading. Here’s what to expect with each product:
Forex
Traders can access 55+ forex pairs on XM’s platform, including the most commonly traded ones in the market. Various profitable minors and exotics are also available to speculate on.
Apart from the major crosses, expect pairs like EURCAD, GBPNZD, NZDJPY, USDHUF, and many more profitable markets in all the currency categories.
The forex market is accessible on all its accounts and platforms. The average spread on major pairs depends on the account type. But for the Standard account, expect a typical spread of 1.7 pips during peak market hours. The accessible leverage depends on the customer’s jurisdiction. But on forex, the broker may offer up to 1:1000.
| Forex pairs: | 55+ |
| Leverage: | Up to 1:000 |
| Spreads: | A typical spread of 1.7 pips during peak market hours |
| Execution: | Instant |
| Availability: | During trading hours |
Cryptocurrencies
XM offers 30+ cryptocurrency pairs on CFD trading. Customers can trade virtual currencies, such as Bitcoins, Ripple, Litecoin, Ethereum, and more. The most liquid crypto markets are all on the list, and you access these on all its account types.
Customers can trade these crypto markets alongside the major currencies, such as EUR, GBP, and USD. Expect to see pairs like BTCEUR, ETHGBP, XRPUSD, etc. The spreads on virtual currencies are generally much higher. And the lowest on XM ranges between 0.0015 pips to 0.085 pips. Leverage is available and depends on the jurisdiction.
| Cryptocurrency assets: | 30+ |
| Leverage: | Up to 1:250 |
| Spreads: | Starting from 0.0015 pips |
| Execution: | Instant |
| Availability: | 24/7 |
Index CFDs
Indices comprise groups of companies’ stocks or specific stock markets. Through XM’s index offerings, you gain access to 20+ popular indices in the financial markets. Which allows you to trade a basket of various companies’ stocks as one instrument.
You will find major equity and futures indices on the broker’s platform, such as US500cash, HK50cash, UK100, FRA40, and more. The lowest spreads range between 0.04 pips and 16.0 pips, depending on the asset.
| Index assets: | 20+ |
| Leverage: | Up to 1:1000 |
| Spreads: | Starting from 0.04 pips |
| Execution: | Instant |
| Availability: | During trading hours |
Commodity CFDs
Commodity CFDs are a great investment option to widen your portfolio. They are especially profitable in these harsh global economic times. XM provides access to both hard and soft commodity CFDs, including cocoa, wheat, sugar, gold, silver, and many more.
Leverage is available up to 1:1000 for these assets.
| Commodity assets: | 8+ |
| Leverage: | Up to 1:1000 |
| Spreads: | Starting from 0.0047 pips |
| Execution: | Instant |
| Availability: | During trading hours |
Stocks CFDs
Stocks are among the most popular investments in the financial market. Trading through CFD provides the opportunity to benefit from these markets even in these harsh times of falling stock prices.
There are over 600+ companies’ stocks listed on XM’s trading platforms. You can trade popular brands, such as Apple, Alibaba, AT&T, Coca-Cola, Burberry, Adidas, and many more.
XM provides stocks CFD trading at competitive spreads, and customers can earn dividends on some stocks. The broker also offers leverage, which varies according to jurisdiction.
| Stock assets: | 600+ |
| Leverage: | Up to 1:1000 |
| Spreads: | Starting from 0.1 pips |
| Execution: | Instant |
| Availability: | During trading hours |
Energy CFDs
Energies are included in the broker’s products line-up and are available on CFD trading. XM offers the popular markets in this category, such as Brent oil, London gas, natural gas, West Texas Intermediate (WTI), and others.
| Energy assets: | 5+ |
| Leverage: | Up to 1:1000 |
| Spreads: | Starting from 0.03 pips |
| Execution: | Instant |
| Availability: | During trading hours |
Trading fees – How much does it cost to trade on XM?
Trading fees on XM vary according to the account type. The broker uses a commission-based and commission-free structure in its pricing. Variable spreads apply to all accounts, allowing the fees to drop as low as possible during times of high market activities.
The micro and standard accounts are commission-free, with a minimum spread of 1.0 pip. The commission fee is built into the mark-up, so the trading costs are all in the spread.
The ultra-low account is also a zero commission type but spreads start from 0.6 pips on all majors. The spreads on the shares account depend on the underlying exchange. A commission fee of $3.5 applies for one lot traded per side. This fee is a little above the $3 average in the market.
XM also offers a Zero account where spreads start from 0.0 pips. This account type is only accessible in specific regions, such as FCA and CySEC-regulated jurisdictions. Commission fees apply.
XM also charges swap fees, which vary according to asset and interest rates.
Here is an overview of other fees on XM:
| Fee: | Information: |
|---|---|
| Swap fees for overnight open trades: | Rollover fees are applied for cash instruments. Futures products have an expiry date instead, for them, there are no overnight fees charges. |
| Maintenance fee: | $15 one-time maintenance fee charged after 90 days of inactivity. |
| Inactivity fee: | $5 per month after 90 days of inactivity. If the free balance is at zero, there will be no inactivity fee charged. |
| Deposit fee: | No deposit fees. |
| Withdrawal fee: | No withdrawal fees. |
| Market data fee: | No market data fees. |
Test and review of the XM trading platforms
XM operates a dealing desk business model, ensuring execution for all trades. Traders are guaranteed liquidity for all their trades due to the broker’s zero requotes and no rejection policies.
XM provides these services on its proprietary web platform and the MetaTraders 4 and 5. These are available in different versions and operating systems. Below, we share the results of our tests of XM’s trading platforms:
MetaTrader 4
XM’s MetaTrader 4 offers the standard tools available in the trading software. More than 50 charting tools and indicators are included. The platform allows you to design your indicators. Expert Advisors are enabled in XM’s MT4.
XM retains MT4’s user-friendly interface. Users can easily find key features on the dashboard. Market updates and statistics are viewable at the top, making it easily accessible for trading.
You can view and manage your trading history. Email notifications are also displayed on the bottom, showing important messages from the broker about the market conditions. However, stock CFD trading is not available on the MT4.
MetaTrader 5
Traders can access all the features on the MT4 and more on this platform. An additional 300 stock CFDs are tradeable on XM’s MT5.
The MT5 offers more than 80 technical analysis tools and several order types, including trailing stops and pending orders.
XM WebTrader
The WebTrader 4 is accessible on Windows or Mac. Traders can access all the broker’s product lines with spreads starting from 1.0 pip.
The market news feature is also included together with almost all the tools on the MetaTrader 4 and 5. The only missing features are the Expert Advisors (EAs) and social trading functionalities.
MetaTrader 4 Multiterminal
The XM multiterminal platforms allow you to manage several accounts on one trading terminal. That means logging into these accounts is easier with a single username and password.
The multiterminal supports over 120 accounts with all the useful tools, including several order types, indicators, etc. You can manage all your trading accounts on a single platform, and trades get executed within a second.
Indicators & charting availability on XM
Traders can use over 80 technical indicators and 40+ analytical objects, including drawing tools. The platforms, especially the MT5, let you view several charts simultaneously.
XM also offers its in-house trend indicators, including rivers, analyzer, ADX, and PSAR indicators.
These are advanced tools with the following features:
- Provide deep insight into the market’s direction
- Show consolidation points
- Suggests the best tradeable instruments at specific times.
Mobile trading via the XM app
XM does not have a proprietary app but offers mobile trading on MT4 and MT5. This app can be downloaded from Apple or Google Android stores.
Trading on mobile apps is not limited since all the essential features and tools are available. The design is standard and simplistic, making it easy to use.
Traders can access up to 30 technical indicators and three charts. Market analysis reports are also viewable; users can open, close, and monitor trades on the go. The only limitation is the display size due to the smaller screen.
Mobile trading overview:
- Simple and user-friendly design
- Three chart types and 30 technical indicators
- Includes market analysis tools
- Available on Google and Apple stores
How to trade on the XM platform (Tutorial)
As mentioned, XM offers several trading platforms. If you can use the MT4 or MT5, then trading on the others will be easy enough since they contain only slight differences.
Therefore, the first thing to do before trading is to get educated on any MetaTraders, preferably MT5. Learn about the basic tools for successful trading and research XM’s different asset classes to determine the best one.
Fortunately, XM has video tutorials and articles that offer valuable information about the platforms, indicators, and how to use them. Take advantage of these resources and get enlightened about the trading environment before you begin.
After educating yourself, the next thing is getting the app. If you prefer trading on the web, that is good too. Mobile trading requires downloading the desired app and signing into your trading account.
Once logged in, click on the menu icon and select QUOTE to show the assets list and the ask-bid prices. If your chosen market is not on the list, you can add it by clicking the ADD or plus sign. Select the asset class and choose the market to add it to the quote list.
Open a new trade by clicking on the market, e.g., EURUSD. Click on New Order and choose your position. Fill in the details, such as contract size and leverage. Don’t forget to set the limit orders; that is, stop loss. Click on OK, confirm the details, and place the trade.
How to trade forex on XM
Forex is a commonly traded market, especially for new investors. Volatility and high liquidity make it the top choice for most investors. XM offers access to trade more than 50 pairs in this market. So you will have a viable option between major, minor, and exotic currency pairs.
The most important thing to do before trading forex is to select your preferred currency pairs. Some markets are more liquid and easier to trade than others. Therefore choosing the appropriate pair is essential for profitable trading.
Once you have chosen your markets, follow these steps to trade forex:
- Education and market analysis
As mentioned, educating yourself on your desired market is key to profitable trading. Interest rates, inflation, and the political and economic situation usually affect currency exchange rates. Learning the state of these elements can help you properly predict if an exchange rate will rise or fall. The various analysis tools on the trading platforms are beneficial for this purpose. Basic knowledge of the market is extremely important to successful trading.
- Choose a trading strategy
The trading strategy should involve setting your trading goals and rules. Decide on how and when you would enter and exit the trade. Determine your risk levels and where to place your limit orders. There are numerous trading strategies and guides on the internet. But devising a personal plan based on your goals and chosen market allows you to trade more confidently.
- Practice in a virtual environment
Take advantage of the broker’s free demo offering to test your approach and practice trading. You can adjust your style based on the results. Practicing on a demo will help you build confidence to enter the market.
- Log in and place a trade
After practice comes actual trading on a live account. Once you sign in, select your chosen forex pair from the list. Choose the trade you wish to enter, buy or sell. Type the details, including lot size and leverage, and add a comment if necessary. Enter your stop loss or take profit orders. Review the details and place the trade.
How to trade cryptocurrencies on XM
Cryptocurrencies can be traded in two different ways. You can trade the actual asset by buying on an exchange platform and reselling once the price gains. This form requires a digital wallet, which the broker may provide.
The other way is to trade through Contract For Differences (CFD). With this method, you do not own the asset and therefore, can not hold it in a wallet. You are merely betting on the price’s rise and fall.
XM offers crypto trading through CFD, allowing you to trade more than 30 pairs. The same recommendations for forex apply here. Researching the market is even more important because virtual currencies experience more volatility than other assets.
The basic elements influencing cryptocurrency price movements are:
- Media coverage
- Market sentiments
- Government regulations
- Adoption or acceptance rate
Therefore, it is worth paying attention to these areas once you choose the crypto assets to trade. Cryptocurrency prices can move between two extreme points within a short period. So volatility is high, and so is the potential for great profit or loss. A strict trading plan and careful strategy are essential if you wish to profit.
To trade the crypto market, after logging in, follow these steps:
- Select assets on your dashboard. Click on the market watch tab and select symbols.
- Choose crypto and select your chosen pairs to add them to the quotes.
- Click on the pair you wish to trade on the quote lists, e.g., BTCEUR, and choose BUY or SELL.
- Enter the order details, including limit and market orders if applicable. Add a comment if you wish to keep detailed trading records.
- Review the order and place the trade.
How to trade stocks on XM
Trading or investing in stocks allows you to own shares in companies. There is an opportunity to earn through dividends and price increase or decrease. Like cryptocurrencies, you can buy and hold them. Or you can speculate on their prices through CFDs.
XM offers CFD stocks trading, with over 600 individual company stocks to trade. Or you can choose to trade indices, which comprise a group of stocks. Stocks are among the most popularly traded markets due to their opportunities. Research and analysis may help you decide which type of company shares are best to start with.
Like other asset classes, basic knowledge about this market is essential if you must succeed. Stock prices are influenced by various factors, including the company’s financial state and its performance in the market.
The general industry’s performance also affects a company’s stock prices. For example, if the tech industry is not doing so well due to an economic crisis, it would be reflected in tech companies’ stock prices. Market sentiment and customer ratings can also cause prices to move differently. Basically, analyzing the company you wish to invest in is an essential part of trading stocks.
Through research, you can choose the best entry and exit points and make a profit.
Follow these steps to place a stock trade:
- On the trading platform’s dashboard, click on assets and choose stocks
- From the list, select the stock symbol to add them to the quote list. For example, BABA is the symbol for Alibaba.
- On the quote list, choose the asset and select Buy or Sell.
- Enter the transaction details and set the necessary limits
- Review the details and place the trade
How to open your XM trading account
It takes 2 minutes or less to open a trading account with XM. Simply visit the broker’s website and click on Open An Account, displayed boldly on the homepage.
Once the registration form loads, follow the instructions and type in the required details. These include full name, phone number, email, country, and account type.
Select MT5 if you plan to trade stocks with the broker. The asset is not available on MT4. Click on proceed to move to the next page. The broker would request more personal details and trading goals on this form.
You will need to type in your date of birth and house address and answer questions about your employment status, income, and trading experience. Note that the details you provide should match the information on your IDs and other required documents.
Once you fill in the necessary information, choose a strong account password. Confirm your agreement to the broker’s terms of service by clicking the check box, then click on Open a Real Account.
You will have to confirm the email address. The broker will also request some documents to verify your identity. Check your email for the confirmation link and further instructions on sending the verification documents.
Account types of XM
XM offers five account types, which let you choose the appropriate one based on your trading goals and budget. They include micro, standard, ultra-low, XM zero, and shares accounts. Below, we share an overview of each type:
Micro account
The micro account is suitable for testing the live market. It requires a minimum deposit of $5 and is available in all the regions in which XM operates. The account allows you to trade minimal lot sizes. That is why it is a great substitute for a free demo if you prefer to do your tests and practice on a live account. A 1:30 leverage is available on this account if you’re within the EU. Those outside ASIC and EU regulatory regions can access leverage up to 1:500.
Standard account
The standard account is a zero-commission type and is available in all regions. The account is ideal for beginners and offers all XM’s tradeable assets. The spreads on this account are floating and start from 1.0 pip. Traders can access up to 1:500 leverage, depending on the region’s regulations. The recommended minimum deposit for the standard account is $100.
Ultra-low account
The XM ultra-low account is like the micro but only available to Australian customers. The minimum deposit is also $5, but the floating spreads start from 0.6 pips, lower than the micro, which starts at 1.0 pip. It is a commission-free account like the micro, and the maximum leverage is 1:30.
XM zero account
The zero accounts are only available in FCA and CySEC-regulated jurisdictions. It is a zero spreads account with a $3.5 commission fee per side traded. The account comes with a free VPS, and leverage up to 1:30 is accessible. The minimum deposit for a zero account is $100.
Shares account
As the name implies, the shares account is specific to stocks/shares CFD trading. Customers trading under the XM Global markets, EU, and ASIC-regulated regions can use this account. The spreads and commission fees vary according to the asset and underlying exchange. Bonuses do not apply to this account, and hedging is not allowed. The account is only accessible on MT5.
These accounts have Islamic variants for those wishing to trade according to Muslim laws. A free demo is also provided.
Using any of these accounts except the demo requires funding. You must add at least the minimum deposit before trading live.
Can you use a demo account on XM?
Yes. XM offers a free demo account for visitors to test its services or practice trading.
The broker allows customers access to this free account for an unlimited period. You can have multiple demo accounts using one email address, and each account type has a demo version, except the shares account.
So customers can test all the account types before trading live. This virtual account is a carbon copy of the real market environment. It is an opportunity to test all techniques and trading styles beforehand. It lets you see the broker’s services before signing up.
How to login into your XM trading account
Customers can log in to trade on the mobile app or desktop. Both versions are the same, requiring a user ID and password.
Enter your email on the user ID column and type in the password on the next line. Click on login to launch your trading account page.
If you have password issues, click on the forgot password button and follow the instructions to reset the password.
If you added a 2-step authentication, entering your ID and password will redirect you to the page to reconfirm your login.
Follow the instructions to complete, entering the necessary code to launch the account page.
Verification: What do you need, and how long does it take?
The requirements for identity verification on XM are:
- A national ID
- Proof of address POA.
The national ID is any type issued by your country’s government. A driver’s license may also suffice. The proof of address is any recent utility bill bearing your residential address. A bank account or credit card statement is also acceptable.
The broker usually sends instructions on how to upload these documents. The upload documents tab is visible on the trading platform’s dashboard.
Verification can take between one to three working days. The broker notifies you once it is complete.
Available payment methods for deposit and withdrawals
XM provides various options through which customers can deposit and withdraw from their accounts.
These methods include:
- Bank transfers
- Credit cards and debit cards, including Visa, Maestro, MasterCard, Visa Electron, and UnionPay.
- Electronic wallets, such as Neteller, Sticpay, Skrill, Moneybookers, and WebMoney.
Some payment methods are instant, while others may take a few hours to days to reflect. Deposits are generally instant if you use the major cards or e-wallet options.
The bank transfer method is the slowest and can take up to 5 business days for funds to reach the other end. This applies to whether you’re depositing or withdrawing from the trading account.
Using some debit cards, such as UnionPay, may take a few hours to days. But it is much faster than bank transfers.
How to deposit money – The minimum deposit explained
Follow these steps to deposit money into your trading account:
- On the top page of the dashboard, click on the deposit tab
- Choose the payment option you wish to use, e.g., Visa, Skrill, etc.
- Fill out the account details you wish to debit
- Review the information you entered and type in the account password
- Click on Ok to initiate the transfer
As mentioned, the deposit is instant using most of the available methods. XM does not charge for the service, but the payment company or bank may deduct a minimal amount as their fee. If you choose bank transfer, it may take days for the deposit to reflect in your trading account.
Ensure you have transferred at least the required minimum deposit. Trading on XM’s platforms needs a $5 minimum amount. So the transfer has to be $5 and above.
A $100 minimum deposit is recommended for the Standard and Zero accounts. But below this sum, not less than $5, is acceptable.
Deposit bonuses on XM
XM does not offer deposit bonuses but gives newly registered customers a $30 bonus. This credit is meant for testing the REAL account before funding it for trading. Terms and conditions apply, and withdrawing this bonus is not allowed. (This bonus is not available for EAA traders)
Withdrawal – How to withdraw your money on XM
Follow the steps below to move your profits out of the trading account:
- On the dashboard, click on the withdrawal tab from the funds’ menu option
- Select the payment option you prefer
- Fill out the necessary account information on the request form
- Confirm the details are correct and click on submit
The broker starts processing the withdrawal to credit the receiving account. But this may take longer than deposits, no matter the payment method used. However, some take longer than others.
In this case, the method with the longest time is card payment options. Withdrawals may take up to one week or longer using this option. The best payment method for withdrawing is e-wallets, which can take 24 hours to 3 days to process.
Customer support for traders
XM provides customer support services in multiple languages, and you can reach them via phone, live chat, or email.
Support is available all day, every day (24/7), and the phone support number depends on your location. For IFSC-regulated regions, the phone support is +501 223-6696
Other jurisdictions have different helpline numbers. They are reachable by email via [email protected].
| Customer care number: | Email: | Live chat: | Availability: |
|---|---|---|---|
| +501 223-6696 | [email protected] | Yes, available | 24/7 |
Education material – How to learn trading with XM
XM educational resources are better than those of the average brokers in the industry. For one, its free demo is offered in all account types versions. It allows the user to practice trading on its different account offerings.
The broker also provides tutorials for beginners, webinars, YouTube videos, and live courses for traders of all levels. Website visitors and existing customers can access these educational resources.
Additionally, its videos feature valuable information on trading strategies, money management, technical and fundamental analysis training, and forex trading.
Additional fees
XM does not charge any other non-trading fees. Deposits and withdrawals attract zero fees, and dormant accounts are not penalized.
Available countries and forbidden countries
XM is available in almost all countries and regions, except in restricted areas like Iran and North Korea. Due to regulations, XM also can not offer its services to customers based in the US, New Zealand, Canada, Israel, and China.
Conclusion – XM is a reliable broker that offers good conditions
Our findings show that XM is a comparably great choice for traders of any level. Beginners can easily gain trading knowledge and skills from its educational resources. Experienced traders can also sharpen their knowledge.
However, the broker’s asset offerings fall below its competitors, and the commission fee can be lower. But considering zero non-trading fees, popular asset offerings, and rich platform features, we can recommend XM to multi-asset traders worldwide.
Frequently Asked Questions (FAQs) of XM:
Is XM a scam?
No. XM is a well-regulated broker operating with multiple licenses from top financial entities. XM is regulated by FCA, ASIC, CySEC, and DFSA. These licenses prove that the broker is legit and offers standard quality service.
Can you make money on XM platforms?
Trading is risky and requires basic knowledge of the financial market. You can make money on XM’s platform if you properly educate yourself on the asset you wish to trade. Profitable trading requires good market analyses and the best trading strategies.
Can XM be trusted?
Yes. XM started operations in 2009 and now has over 5 million active customers globally. That means the company is reliable, and its platforms are safe. They operate with top-tier licenses, which mandate customers’ protection. Insurance and negative balance protection are also offered.
What is XM’s minimum deposit?
XM minimum deposit is $5. But a $100 minimum deposit is recommended for the Standard and Zero account.
How much does XM charge for withdrawal?
Free. XM does not charge for withdrawals. Any fee deducted for this service comes from the payment service provider.
What are XM’s trading fees?
The average spread on XM’s platform is 1.7 pips on its Standard account. There are no commission fees on this account. The typical spread on its Zero account is 0.6 pips, with a commission charge of $3.5.
What type of broker is XM?
XM is an online MetaTrader broker that offers ECN and STP trade executions. The broker is well-regulated by top-tier global entities and promises strict non-requotes and non-rejection trading on all its account types. XM’s account types let you trade according to your preferred fee and execution type. You can also trade micro lots on low spreads and zero commission.
How do I put money in my XM account?
Login to the trading account and click on the Deposit on your dashboard. XM offers varied payment methods from which you can move funds in and out of the platforms. Select your preferred one and follow the instructions. Fill out the necessary details and submit by clicking Done. If you encounter any problems, contact support via live chat, email, or phone.
Which XM account is the best?
The best XM account depends on your objectives and trading plan. XM offers commission-free and commission-based accounts. The spreads are much lower on the commission-based account, but a $3.5 commission per side accrues. A micro account is also available if you trade small contract sizes.