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XM Review: Is XM.com A SCAM Forex Brokerage Firm?

XM Review: Is XM.com A SCAM Forex Brokerage Firm?

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Estimated reading time: 6 minutes

XM Forex broker has been praised for their quick and responsive customer support, trading conditions, wide range of trading instruments and generous bonuses (up to $5,000).

Secondly, XM Forex broker has put a huge mark in the trading community as a whole because they have been offering low spreads from 0 pips onward and are not restrictive in terms of minimum deposit needed to test their trading conditions.

With a minimum deposit requirement of 5USD only, XM Forex broker has managed to open its doors to all types of traders, both novice and experts.

The leverage offered by this broker is also quite high, and is a good thing for traders working with different strategies to make profits from the markets.

XM Forex Broker Review

History and background

The broker is registered under the umbrella company name of Trading Point of Financial Instruments Ltd.

The company is CySEC-regulated and is registered with FCA (UK). XM Forex broker operates as an international FX broker, although it currently does not support clients from the US.

The broker’s main office is situated in Limassol, Cyprus and has been running business since 2009 when they set up shop in this region.

Their corporate reputation is build out of their core mission which is to conduct business in a transparent and professional manner.

This broker strives to offer excellent trading conditions for all its clients. It appears that they are doing really well in this area of service delivery.

XM Forex broker also prides itself in operating its financial services under the full approval of EU authorization.

The company subscribes to rules and regulations spelt out by FI, FIN, BaFin, AFM and CNMV. And one of the requirements that XM Forex broker has always implemented is speedy execution of orders in the market. This gives their clients a fair advantage.

Overview of features offered by XM Forex Broker

XM works round the clock to ensuring that its features are always innovative and progressive with respect to time.

The company prides itself in offering over 300 trading instruments which include Forex and commodity trading.

What is more, XM offers precious metals, indices, stock and energies for your trading.

The broker also ensures that their platform is free from re-quotes. It does not reject orders whatsoever.

And to make sure that clients are more satisfied than ever, the company decided that they were not going to include any commission or hidden fees.

XM also alleges that 99.35% of orders placed by their customers are executed in less than a second, which is really good because it gives traders the advantage of entering positions at favorable prices.

XM says that leverage can be adjusted up to 888:1, although we are not quite sure why this number has been 888:1 as opposed to something like 800:1 or 900:1.

Over 300 trading instruments can be transacted both on the desktop and mobile phone as well.

The company offers the popular MT4 and MT5 platforms. However, they also have a unique platform called XM Web Trader.

Besides this, the company does not restrict its users on the amount of money they can deposit. This means traders have the freedom to deposit any amount they wish to trade with.

As if this is not enough, the company has even gone a notch higher to ensure that all users, whether novices or seasoned traders will always get superior services regardless of whether they use a demo or live account.

This is why they have always ensured that trading conditions are fair for those trading in the demo and live accounts respectively.

The company supports 18 languages and has up to 28 instructors who serve on various capacities.

The minimum amount required for live account trading is $5 only. This can be traded on multiple Forex accounts. Otherwise, traders can start practicing with a virtual account worth $100,000.

Major currency pairs on XM Forex broker platform can be traded with a minimum spread of 0 pip.

There are 3 types of accounts offered here with varied features.The accounts are named as follows:

xm broker account features

  • Micro account

Base currency options can be in USD, EUR, CHF, JPY, and many more. Contract size is 1 lot, although minimum trade volume is 0.01. Spreads are as low as 1 pip. Hedging is allowed too. You can trade this account with a minimum investment of $1.

  • Standard account

Base currency for this account can be customized accordingly (same as in micro account).

Contract size is 1 lot with a minimum trade volume of 0.01 being accepted. Hedging is allowed, plus Islamic account options are accepted as well. Still, the minimum investment is $5.

  • XM Zero account

You got $100 to invest? No problem, just open this account. Base account currency can be in USD, EUR or JPY.

Spread are as low as 0 pip, and users can trade a minimum volume of 0.01. Hedging is allowed, and so is Islamic account options.

We have also come to realize that XM Forex broker offers fractional pip pricing.

This enables them to provide tight spreads, thus clients can enjoy the most favorable quotes while trading on the platform.

A word on spreads and leverage

Spreads are tight as mentioned above. Also, the company has set the highest leverage at 888:1, although this can be adjusted to fit your needs. It seems the minimum leverage that traders can get is 1:1 to 1:100 which is still fair considering that different traders have different needs and financial capacities.

These can be applied on over 55 global currency pairs and 100 financial instruments. In addition to this, the broker does not have an upper-limit deposit requirement. It’s a free world.

Trading platforms

You can trade on a variety of platforms regardless of whether you’re using a demo or live account.

These platforms have to support the market, trailing stops and limit orders. Besides MT4 and MT5 platforms, XM Forex broker offers their web trader platform which speeds up trading by ensuring that users can trade everywhere with great ease.

xm mt4 options

Since they support MT4, you already know that EAs are welcomed too. So if you’re looking to trade on MT4, the available platforms are Web Trader, Mobile Trader, MT4 for Mac, iPad and Android.

Besides this, the broker offers XM MAM Trader options for those who want their assets managed by an experienced fund manager. The choice is up to you to make.

Deposits & withdrawals

This broker is very flexible in terms of deposit and withdrawal options. The company thrives on the no-requote, no commission and hidden fees policy.

xm

The safety of funds is assured by storing them in a segregated Barclays accounts.

The process of funding an account is 100% automatic, and these transactions are processed 24/7. Withdrawals are processed the same day.

They support a wide range of modern payment methods which include Visa, MasterCard, E-wallets, Bank Wire, Western Union, you name it.

Customer support

XM Forex broker employs several account managers who man both demo and live accounts for their clients.

These are multi-lingual individuals who offer support to clients round the clock, i.e 24 hours during the 5 days of trading in a week.

Video tutorials, weekly webinars, economic calendars and many other features are offered on this platform as well.

Our Best Advice for You

XM is a very decent Forex broker. Apart from a few customer complaints which are usually addressed in time, we can’t figure out any other thing that would knock out a star rating on this broker. Bottom line is that XM Forex broker is good.

Summary
Review Date
Product Name
XM (XEMarkets)
Author Rating
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