XM Global
XM Global is an exceptional trading platform that stands out for its low spreads, range of account types, and diverse range of financial instruments available for trading. The platform's commitment to providing its clients with top-notch trading tools and educational resources is evident through the daily market analysis, economic calendars, and trading signals available. With multiple regulatory bodies overseeing its operations and an array of awards under its belt, XM Global is a reliable and trustworthy platform that caters to the needs of traders of all levels. Overall, XM Global is an excellent choice for anyone looking for a comprehensive trading experience.
Overall, XM Global appears to be a reputable trading platform offering its clients various financial instruments and trading tools. Multiple financial authorities regulate the platform, including CySEC, ASIC, and the FCA. Additionally, the platform has won multiple awards for its services, including the Best Forex Execution Broker in 2020 and the Best Forex Trading Platform in 2019.
What is XM Trading?
XM is a large Forex Broker that started its activity in 2009 and operates with clients from over 196 countries with support staff in 30 languages. It is among the most trusted Regulated Brokers with good trading conditions and overall offering.
The main branch located in Cyprus is regulated by CySEC, yet offices cover global needs and serve through Australia, UK, Belize, and Greece and are authorized in Dubai and MENA region.
Is XM a good broker?
There are about 1.5 Million Traders and investors at XM that selected broker proposals and services, there are many advanced trading solutions, yet suitable for beginning traders. So yes, we can conclude XM is a good broker with good trading conditions and a reputation since XM aims to provide one of the best user experiences in the industry to its clients.
Generally, all procedures from account opening, managing, depositing/ withdrawing, and trading are straightforward, simple, and transparent, which we will see in detail further within the XM review.
XM Pros and Cons
XM is a broker with a great reputation and numerous regulations and a very wide range of trading instruments which we mark as its main benefits. Besides, the offering is user-friendly and XM has one of the lowest deposit requirements in the industry, CFD costs we found average and platforms are very friendly to all types of traders.
At XM the account can be opened regardless of a net of capital with only 5$ or trading experience, also with its global approach and discovery of new markets, XM supports webinars and research materials, allowing one to engage and start a trading career.
On the other hand, as we noticed XM has a limited portfolio for EU clients, and outside EU clients there is no good investor protection.
XM Review Summary in 10 Points
Headquarters
Regulation
Platforms
Instruments
EUR/USD Spread
Demo Account
Minimum deposit
Education
Customer SupportXM Trading Alternative Brokers
Yet, XM does not offer a very wide range of trading instruments for European clients, mainly all are offered on CFD basis, while the range is larger for international traders along with various trading offerings too. Also, Spreads are within the average, some Brokers may have slightly lower spreads, based on our findings.
Awards
XM achieved a great focus on the Client’s needs while offering very competitive conditions and a range of services that attract global traders. Over time, we see great development of the company and its awards too, the company received awards from time to time, and now they are regularly. Apart from its highly good results and reputation among the trading community, XM received truly global recognition with many reputable awards for industry achievements including Best Forex Broker for Europe, Most Trusted Broker, etc.
Is XM safe or a scam?
No, XM is not a scam. We consider XM a safe broker to trade Forex and CFDs, since XM is regulated and licensed by several top-tier financial authorities including FCA, ASIC, CySEC. Therefore, it is secure and low-risk to trade.
Is XM Broker regulated?
XM Group is a group of regulated online brokers, which serves as Trading Point of Financial Instruments Ltd established in 2009 and regulated by the Cyprus Securities and Exchange Commission (CySEC). Another entity Trading Point of Financial Instruments was established in 2015 in Australia and is regulated by Australian Securities and Investments Commission (ASIC) (Also like FP Markets). Read more, about why trade with Australian Brokers by the link so the regulatory obligations are covered at a sustainable level as we see through our XM Review.
- However, the point to consider is that – global operation enabled by XM Global Limited established in 2017 is regulated by the Financial Services Commission, allowing it to offer its services across the globe. Despite the fact that IFSC is an offshore license, that does not actually implement strict overseeing of the trading processes, additional heavy regulation of the XM makes it an acceptable choice.
Is XM a reliable broker?
The main idea of the regulation is that the trader can trade securely, knowing that clients' funds collaborate according to the strictest rules with minimized risks of fraud or unfair use. XM operates its trading environment according to the regulatory measures making it a reliable broker.
Also, Client funds are kept in investment-grade banks and use segregated accounts, falling under the Investor Compensation Fund that ensures recovery of funds up to €20,000 in case the broker goes insolvent (note that the coverage scheme depends on the particular entity). Besides, one of the advantages you will get as a trader is Negative Balance Protection, so there is no risk to lose more than the available balance.
Leverage
Depending on the account type and the entity under which the XM follows regulatory obligations, you can use leverage on a scale from 1:1 to 1000:1. So important to understand which leverage level you are entitled to use, therefore always refer to the conditions of your residency. This leverage is not available to all the entities of the Group. The maximum leverage for clients registered under the EU and AU-regulated entities of the Group is 30:1.
As various XM entities apply different conditions due to regulatory obligations here is the leverage offered according to entity rules, also note, Leverage depends on the financial instrument traded:
- XM offers leverage up to 30:1 applied to the EU-regulated entity, yet they are not available to all Entities of the Group
- XM Australian entity and its regulation allows up to 30:1
- And International entity offers high leverage of 1000:1
However, always choose your leverage smartly, as well as the entity under which you would like to trade, which you may learn more about through the XM education center, see the snapshot for EU clients below.
Account Types
XM offers various account types and made it simple as you may choose a preferred trading strategy like pattern trading through various accounts, either with smaller sizes via Micro Lots or to trade regular size with a Standard account based on spread only basis. Lastly, Zero Accounts will offer you another fee strategy where the spread is an interbank spread starting from 0 pips with charges based on a commission per lot.
See our snapshot of the XM Account offering below, yet note the availability of the account types depends on each entity of XM so good to verify conditions applicable to you fully.
XM Account Base currencies
As for the account base currencies, by choosing XM Account you may select the base currency of your preference from the great supported selection. This range includes even the South African Rand (ZAR) or Singapore Dollar (SGD), besides other global currencies.
So all in all registering with XM allows you transparency of money transactions, while you will avoid conversion fees for both deposits and withdrawals while selecting your preferred base rate.
Trading Instruments
XM offers a huge variety of products so you can enjoy a great choice that meets expectations and preferences. besides, we see dramatic growth in instrument offerings compared to previous years, adding more Cryptocurrencies and CFDs to the list.
A range of trading markets is available from a single multi-asset account that offers 6 Asses Classes and includes about 55 currency pairs with a total of over 1000+ trading markets. And so you are able to trade Forex or CFDs on stock indices, commodities, stocks, metals, energies, and Cryptocurrencies at XM all available from the same trading account.
Is XM a stock broker?
XM offers Stocks for trading too, actually, a quite good range with popular and minor Stocks too, however mainly based on CFDs, so you not trading or investing in Real Stocks. Also, conditions and offering are different based on the XM entity as we found by research.
- XM Trading Markets Range Score is 8 out 0f 10 for good trading instrument selection, yet the only gap is that the European entity offers mainly CFDs and Forex Instruments, and a much wider range is only available for International Clients
Fees
XM operates with variable spreads, just like the interbank forex market, and imposes no restrictions on trading during news releases. XM fixed spreads are higher than a variable ones, as well are more flexible to different trading strategies. That means all trading costs are calculated into a spread with no hidden fees and the tightest spread offering.
Also, while selecting the broker it is advisable to check not only the spread but also consider non-trading fees, withdrawal fees, or other charges applicable so that you will see the full picture, compare some fees below based on our find.
- XM Fees are ranked average, low with an overall rating 8 out of 10 based on our testing and compared to over 500 other brokers. Fees might be different based on entity, also majority of currency pairs are on an average level for spreads, additional fees like funding fees, rollover
Spreads
XM pricing and costs are based on a spread, in case you will open a Micro or Standard account. Also, XM spread is a fractional pip price that gets the best prices from XM’s various liquidity providers. Meaning, instead of regular 4-digit quoting prices you can benefit from the smallest price movements by adding a 5th digit, known as a fraction.
Below you may see the average spread reference calculated throughout the day on a Standard account presented for the most popular products. Even though some spreads might be higher than its industry competitors, the overall fee structure is rather average for Forex products and low cost for CFDs.
- XM Spreads are ranked average/ low with an overall rating of 8 out of 10 based on our testing comparison to other brokers. We found Forex spread closer to the industry average of 1.2 pips for EURUSD, while other accounts based on commission might be a good choice for professional traders
Deposits and Withdrawals
The fund's transactions at XM are managed in a customer-oriented way too, with traders having a choice of multiple payment methods supported in all countries. Various payment options including commonly used, also XM introduced a local bank transfer option, which is definitely a plus for many countries since enables one to fund the account through local banks and currency with no conversion charges.
- XM Funding Methods we ranked Excellent with an overall rating of 10 out of 10. The minimum deposit is among the lowest in the industry, also Fees are either none or very small, besides a range of supported funding methods is good, yet based on the entity you trade with.
Here are some good and negative points on XM funding methods found:
Deposit Options
XM Trading supports many Deposit Options, see the below snapshot from our account opening.
- Credit cards
- Bank wire and Local Bank Transfer (available in some regions)
- E-wallets including Neteller, Moneybookers Skrill, Western Union, etc.
XM minimum deposit
XM Minimum Deposit amount is 5$ only for Micro Account or a Standard Account, in case you wish to trade with Zero Account minimum deposit is competitive also, demanding 100$ as a start. However, the amount varies according to the chosen payment method and trading account validation status. Yet, you can read and find all the necessary info in the Members Area.
XM Withdrawal
XM withdrawal options are the same as the deposit ones, including Bank Wire transfers, e-wallets and Credit Debit cards. XM applied 0% Withdrawal Fee and offers zero fees on both deposits & withdrawals. Very pleasant addition indeed, as the XM company got all the transfer fees covered including e-wallets, major credit cards, instant account funding, and wire transfers with no hidden fees or commissions.
Moreover, while the majority of brokers still charge for wire withdrawals, XM deposits and withdrawals above 200 USD processed by wire transfer are also included in the Company’s zero fees policy.
How do I withdraw from XM Account?
To withdraw funds from the XM trading account you should simply follow the next steps, also good to contact customer service in case of any questions or terms, since they were responsive enough to us too.
Withdraw money step by step
1. Login to your account
2. Select Withdraw Funds’ at the menu tab
3. Enter the withdrawn amount
4. Choose the withdrawal method
5. Complete the electronic request with the necessary requirements
6. Confirm withdrawal information and Submit
7. Check the current status of withdrawal through your Dashboard
How long does XM Withdrawal take?
While the XM Accounting team processes withdrawal requests quite quickly within 24 business hours it depends on the country the money is sent to, as various rules and policies apply. The standard bank within the EU will take around 1-3 working hours for the money to be available on your account, yet some methods or institutions may process almost instantly or take longer, depending on the payment method you use.
XM Trading Platforms
In terms of trading software, XM clients have access to make transactions and trades through well-known and perfectly-developed trading platforms MetaTrader4 and MetaTrader5 and its own one too.
Web Trading
Directly accessible just from one account and available in various versions all platforms are integrated with a full site of technical analysis, indicators, and comprehensive tools, stop or trailing orders. So you may access XM trading just by the use of the browser and log in to Web Trading, see below our recommendation and evaluation of the Pros and Cons of the XM Web Platform.
Desktop Trading Platform
Though XM made the software even more advanced and suitable through 16 Trading platforms, which cater to just any device including web, mobile, and even multiple accounts trading. So you get full account functionality and make the trading process at ease and comfortable if you select the Desktop platform or other versions to trade.
Since XM uses MT4 or its newer version MT5 you are able to use its powerful capabilities along with automated trading or trading robots. EAs are available with unlimited use of charts for those that prefer technological trading, also great manual trading tools will assist in your strategy as well. So overall all demands and trading needs are covered and are at a very sustainable level and might be a good match for various types of traders.
Platform trading tools
In addition, we found numerous XM add-ones allowing you to enjoy extra benefits that the platform offers. This includes also XM VPS, Rapid Trade Execution, and remote connection to a Virtual Private Server(VPS). The XM VPS brings non-stop work without your monitoring or even having the computer on. Clients that maintain a minimum amount of $5,000 or equivalent, are eligible to request a Free VPS, for the ones that can’t meet the requirement, still can request a tool with a monthly cost – of $28.
Look and Feel
MetaTrader is known for its clean and good feel while trading, also its Charting is among the most powerful offerings in the industry. So, the same as we do, you will enjoy its look and the functions offered.
Mobile Trading Platform
Of course, you are able to use your mobile for trading as well, XM MT4 Android and iOS apps, along with XM MT5 apps will give you access to a trading account with full account functionality. MT4 and MT5 apps also offer great charting with 3 Chart Types, over 30 technical indicators in their package, and a full trading history journal. So
How to place orders with XM?
Placing an order is a quite seamless process, as MT4 or MT5 also allows a one-click trading option. So you may choose between pending orders or market orders available on all platforms. There are risk tools available as well, which you should never skip and stick to your strategy. So to place an order you should follow the next steps
- Through Market Watch select the product you wish to trade
- Right-click on the symbol “New Order”
- Select the order either Pending Order or Market Order under the “Type”
- Set Risk, Reward, and Expectancy levels through a set of Volume, Stop Loss, Take Profit
- Select Place
- Once done you may adjust or cancel your order at any time, as well as close it manually once executed
XM Customer Support
As for customer support and service, as we see XM globally covers trading needs while the customer service team is available in international locations and speaks more than 25 languages including Chinese, Russian, Hindi, Arabic, Portuguese, Thai, Tagalog, and more languages.
You can reach out to the customer support team on 24/5. The broker is available through email, phone, or live chat. Also, we found that the service is of good quality with reliable answers, which confirms again XM’s client-oriented policy.
- Customer Support in XM is ranked Good with an overall rating of 8 out of 10 based on our testing. Support is knowledgeable, fast answers are received on Live Chat, and also quite easy to reach during the working days
See our find and Ranking on Customer Service Quality:
Education
Along with good customer service, every client can access numerous educational materials through the XM Learning Center, full of trading data and other necessary information that brings trading to a better level. In this regard, XM went also far and developed truly wide education support throughout various regions with the purpose to educate traders, which is a great plus for all traders.
With XM you may count on quality learning, as we found based on our tests, defined also by your level, which includes Live Education offerings, Educational Videos, Forex Webinars, and regularly held Forex Seminars in various destinations. In addition, there are very well-organized tutorials, videos, and tools at your disposal.
- XM Education ranked with an overall rating 10 out of 10 based on our research. XM provides great Education Materials, and quality research and runs its Academy with Webinars, Excellent Trading videos, and more.
Research
In terms of research tools and Market materials, it is in good order at XM too. Along with News Feed, Technical Summaries, and Technical Analysis, XM provides Fundamental Analysis and Trade Ideas suitable for beginning or advanced traders.
We do really like the way XM organizes its research tools, as you will find in one place everything that is required for your smarter trading decisions along with Forex Calculators, MQL5, and more. Also, exclusive technical indicators compatible with both platforms are available for subscribers also making it possible to perform algorithmic trading.
XM Review Conclusion
In conclusion XM Review, it is a well-regulated broker with numerous highly respected licenses that delivers truly transparent conditions and is an extremely customer-friendly broker. No re-requotes and no hidden fees or commissions policy, as well as Negative balance protection definitely a plus. So all in all, we had very comfortable as well the good real-time market execution, making XM very welcomed among trading offerings and suitable for various types of traders, including beginners and small accounts.
So overall we conclude XM has one of the most Comfortable proposals in terms of costs, trading conditions, and opportunities overall before broker has much lower trading instruments in its range, but now it is one of the strongest points due to the wide range offered.
Based on Our findings and Financial Expert Opinion XM is Good for:
- Beginning Traders
- Traders who prefer MT4 and MT5 platform
- Currency Trading and CFD Trading
- Trading Investors
- Suitable for a Variety of Trading Strategies
- Long-term Trading
- Professional Trading
- Forex Education
- Trading with Low Deposit Requirement
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