Broker Review: XM

Xm is one of the leading forex brokers. It was founded in 2009 and is headquartered in Cyprus. It’s one of the few brokers that are regulated by four different authorities which include ASIC, CySEC, FCA and IFSC. As such its one of the few truly global online brokers that legally provides their services to traders from different parts of the globe.

Tradable instruments

This online forex broker boasts over 300 different tradable instruments. Investors can choose among 55 plus currency pairs, CFDs, stocks, indices, precious metals, energies, cryptocurrencies and commodities.

Trading platforms supported

Xm supports both Metatrader 4 and Metatrader 5 trading platforms. Both platforms are popular among traders and each gives you access to over 300 different instruments to trade. Support for these platforms makes it easy to access your trading account from different internet enabled devices. These include desktop, IOS and Android devices.

Account types

This broker offers 5 different account types.

Like most online brokers, Xm offers a free demo account that’s credited with $100000 virtual cash. This account comes in handy when you want to try out the platform without investing real cash.

There are 4 different cash based accounts to choose from.

The first is the micro account which supports over 10 base currency options. This account type has a minimum deposit amount of $5 and contract sizes are 1000. No commission is charged on this account while leverage is offered between 1:1 and 1:888.

The second account type is the standard account. Its features are similar to those of the micro account except the contract size is 100000.

The third account type is the XM zero account. It only offers three base currency options and contract sizes of 100000. The minimum deposit amount is $100 and commissions are charged on transactions.

The final account type is the Islamic (swap free) account. These accounts do not attract rollover interests on overnight positions held. Other features you’ll find in Islamic account types include no upfront commissions and no spread widening.

Account funding and earnings withdrawal

This broker accepts up to 25 different payment methods. This makes it easy to choose the payment method that’s most convenient for you. Some of the accepted ways to fund your trading account or withdraw your earnings include credit card, electronic payments like Neteller and wire transfer.

Deposits made via credit or debit card and, electronic means will usually reflect in your account almost instantly up to 24 hours. Withdrawals are usually processes within 24 hours. The minimum deposit and withdrawal amount using these methods is $5.

If you prefer using bank transfer, your deposit or withdrawal amount will take between 2 and 5 days to reflect in your account. The minimum deposit or withdrawal amount via bank transfer is $200.

Additional features offered by Xm

Xm regularly runs promotions to attract new traders. At the time of writing, the broker is offering a $30 bonus for new traders. You don’t have to deposit your own money to start trading on the platform. Bonuses offered on new accounts can go as high as $5000.

This broker offers their service to traders from over 196 countries. The trading platform supports over 30 different languages making it even more accessible to traders from all over the globe.

Xm boasts as one of the trader friendly brokers. They’ve invested in a number of resources which increase a trader’s chance of success. These include personal account managers, access to trading signals, free daily technical analysis and free access to forex market research among others.

Pros

- A heavily regulated forex broker allowing it to legally operate in over 196 countries

- Easily accessible through different devices allows you to trade from anywhere on the globe

- You can start trading with as little as $5

- Over 300 different instruments to choose from doesn’t limit you to trading a particular instrument only

Cons

- Bonuses offered come with strict conditions which must be met before you can withdraw profits earned

- Deposits and withdrawals via bank transfer take as long as 5 business days. However, this is common across most forex brokers.

Conclusion

Xm is one of the few online forex brokers that have built a reputation for being pro-trader and offering excellent features. Since 2009, this broker has attracted over 1 million traders from across the globe. Their free demo account and an additional 4 different account types makes it a good choice for both beginner and experienced traders.