XM Review

$5MIN. DEPOSIT
Up to 888:1
Up to 100%
$30NO DEP. BONUS
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XM
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Overview

Company Information XM, an official sponsor of Usain Bolt, was inaugurated in 2009 with a mission to keep up with the fastidious demands of global markets and approach all investment… more

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Details

BrokerXM
Website URLhttps://www.xm.com/
Founded2009
Headquarters Limassol, Cyprus
Support Number ‎+357 25029933
Support Emailsupport@xm.com
Support TypesPhone, Live Chat, E-mail
LanguagesEnglish, Japanese, Malay, Chinese, Taiwanese, Hungarian, Russian, Greek, Indonesian, French, Italian, Swedish, German, Polish, Arabic, Spanish, Korean, Portuguese, Turkish, Vietnamese, Thai, Tagalog, Dutch, Czech, Farsi, Bengali
Minimum 1st Deposit$5
Minimum Trade Amount0.01 Lots
Maximum Trade Amount100 lots
BonusUp to 100%
PayoutUp to 888:1
Free Demo AccountYes
Regulated Yes
RegulationCyprus Securities and Exchange Commission (CySEC)
Account TypesMicro, Standard, XM Zero, Islamic
Deposit MethodsVisa, Visa Electron, MasterCard, Maestro, Diners Club, China UnionPay, Neteller, WebMoney, Skrill, Sofort, iDeal, Paysafe Card, Qiwi, cashU, Giropay, Przelewy24, FasaPay, Bank Wire, Local Bank Transfer
Withdrawal MethodsVisa, Visa Electron, MasterCard, Maestro, Diners Club, China UnionPay, Neteller, WebMoney, Skrill, Sofort, iDeal, Paysafe Card, Qiwi, cashU, Giropay, Przelewy24, FasaPay, Bank Wire, Local Bank Transfer
Types of AssetsForex, Commodities, Precious Metals, Equite Indices, Energies
Account CurrencyUSD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, RUB, SGD, ZAR
ECN Broker No
Scalping Allowed Yes
Managed No
Lowspread No
Forex Demo Contests Yes
Forex Live Contests No
US Traders Allowed No

Full Review

Company Information

XM, an official sponsor of Usain Bolt, was inaugurated in 2009 with a mission to keep up with the fastidious demands of global markets and approach all investment goals of their clients with an open mind.

Punching above other rivals’ weights, XM prides itself on more than 700,000 customers, bringing it among the industry pace-setters. The Forex enterprise is a well-known international firm for investments, finding its headquarters on Cyprus and having other operation facilities in Greece and Hungary.

At the moment, over 180 professional experts with enviable financial expertise and knowledge work for XM.

Another thing which makes XM quite proud is the resources that it has at its disposal, permitting it to live up to the expectations of everybody’s investment priorities and goals. This is further confirmed by the amazing support for more than 20 world languages and the extensive experience which lurks in the pockets of the Forex corporation.

It may sound unbelievable, but around 99.35% of all trading orders at XM are executed in less than a second, and there are no rejections or re-quotes.

Trading Information

XM’s choice of three (3) trading account types includes the Micro account, the Standard account, and the XM Zero account. All accounts at XM have a minimum trade volume of 0.01 lots, can choose to turn it into an Islamic account in line with Sharia laws, and allow hedging.

The spread on all majors for the Micro and Standard accounts is 1 pip and they do not have commissions, while for the XM Zero account, that spread is as low as 0 pips and there are commissions.

Micro account’s minimum deposit is $5; the per ticket lot restriction is set to 100 lots; the 1 lot = 1,000 is its contract size; and the maximum leverage is up to 888:1 (from $5 to $20,000), up to 200:1 (from $20,000 to $100,000), and 100:1 (for more than $100,000).

Standard account’s minimum deposit sum is also $5; 50 lots is the per ticket lot restriction; 1 lot = 100,000 is the contract size; and the leverage is the same as that for Micro account.

XM Zero’s minimum sum for deposits is $100; the lot restriction per ticket is set to 50 lots; its contract size is 1 lot which equals 100,000; while the leverage is up to 500:1 (from $100 to $20,000), up to 200:1 (from $20,000 to $100,000), and up to 100:1 (over $100,000).

XM’s Trading Platforms

XM provides its clients with a wonderful range of MT4 platforms, working both for Windows and Mac. Creating just one (1) account lets you have an unrestricted access to all XM platforms. Besides, the great array of MT4 mobile apps for both Android and iOS seamlessly permits traders to gain access to their accounts with complete functionality from anywhere in the world – granted there is an internet access.

XM’s MT4 platform is better than others because the company had in mind the quality of trade execution when creating it. For this reason, there aren’t any rejections nor re-quotes, and the leverage varies between 1:1 and 888:1. XM’s MT4 is equipped with a complete EA functionality, 1-click trading, hedging, optional micro lots, as well as VPS functionality and tools both for technical and chart analysis. What is even greater is that there is 1 single login for all 8 platforms at XM.

In an effort to benefit from managing multiple MT4 accounts (possible with XM), the company has crafted the MT4 Multiterminal. It is armed with three allocation methods, support for 128 trading accounts, multiple order types, and allows for execution and management in real time.

Security and Customer Services at XM

For stern security reasons, XM does not allow depositing from any third parties. Payments can solely be executed from an account, bearing the same name as the one the trader is using for his/her trading account at XM.

The XM Group is strictly regulated by a huge number of oversight authorities, including the Australian ASIC, CySEC in Cyprus, and the FCA in the U.K. In addition, it is also registered by the financial authorities in Germany, Finland, the Netherlands, France, Hungary, Spain, Poland, Italy, and Sweden. These registrations and regulations guarantee a sound and healthy trading environment.

However, in addition to that, XM bestows its clients with extra protection by shielding them against company insolvency through the Investor Compensation Fund; embraces the measures for investor protection enlisted in MiFID; for the sake of managing risk, it adopts clear-cut procedures for categorising customers and assessing their suitability for investments; adheres to a no extra commissions and no re-quotes policy which could have a negative impact on clients’ investments; and as regards withdrawals and deposits, it applies multiple methods for transactions ensuring the clients’ transfer security and privacy through an SSL technology.

The customer service of XM is accessible through five (5) fixed telephone lines, various e-mails, and it comes in more than 20 languages, including English, Japanese, Taiwanese, Bengali, French, Korean, Greek, Hungarian, Indonesian, Malay, Italian, German, Russian, Arabic, Spanish, Hindi, Turkish, Chinese, Tagalog, Czech, Portuguese, Polish, Vietnamese, Thai, and Farsi.

Deposits and Withdrawals

For the Micro and Standard trading accounts at XM, there is no prerequisite for a minimum deposit. Nevertheless, due to some system restrictions, this amount is set to $5 for funding accounts through electronic means, including credit/debit cards, Skrill, and NETELLER.

The payment options of XM comprise of VISA, Maestro, Diners Club, MasterCard, VISA Electron, and China UnionPay. With the exception of the last one, all other transactions are instant. Traders can also use Bank Wire Transfer (processing time of 2-5 working days and a minimum deposit of $200), and electronic wallets, including Skrill, WebMoney, Sofort, NETELLER, Paysafe Card, Giropay, cashU, Qiwi, OXXO, Boleto, Perfect Money, Przelewy24, and FasaPay.

Submitting an address proof and an ID is a prerequisite before any payments can be executed.

The base currencies for the different payment methods vary greatly, but for credit and debit cards they are USD, JPY, EUR, RUB, GBP, PLN, CHF, AUD, ZAR, HUF, and SGD.

Deposit Bonus and Loyalty Programmes

XM is jam-packed with deposit bonuses and loyalty programmes.

For new-fangled clients, there is a $30 bonus for which there are no hidden terms, no deposit requirements, and all profits can be easily withdrawn.

For a limited period of time, XM is offering a 100% bonus (up to $5,000) that is instantaneous and automatic. It is a part of the XM Loyalty Programme.

XM does not charge any fees nor commissions on withdrawals & deposits. What it does is offering free VPS services that eliminate downtime, greatly increase the trades’ speeds, are accessible from any point in the world, and are idyllic for EAs.

And last but not least, every month, XM hosts a $1,000,000 Forex championship in 12 rounds. All XM prizes are withdrawable – no risk and no fee for entering.

 

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